Annual and Transition Report (foreign Private Issuer) (20-f)

Share Name	Share Symbol	Market	Type
Global Crossing Airlines Group Inc (QB)	USOTC:JETMF	OTCMarkets	Common Stock

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.00	0.00%	0.5376	0.5376	0.5376				0.00	01:00:00

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

(Mark One)

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended April 30, 2014

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to __________

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report ____________

Commission file number 001-33439

JET METAL CORP.

(Exact name of Registrant as specified in its charter)

British Columbia, Canada

(Jurisdiction of incorporation or organization)

Suite 1240, 1140 West Pender Street, Vancouver, B.C. Canada V6E 4G1

(Address of principal executive offices)

Jim Crawford, Phone: (604) 681-8030, jcrawford@kingandbay.com

Suite 1240, 1140 West Pender Street, Vancouver, B.C. Canada V6E 4G1

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of Exchange on which registered
Common Shares, without par value	OTCQB

Securities registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

(Title of Class)

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: 6,578,035

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

¨ Yes þ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

¨ Yes þ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

þ Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

¨ Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ¨ Accelerated filer ¨ Non-accelerated filer þ

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ¨

International Financial Reporting Standards as issued

by the International Accounting Standards Board þ

Other ¨

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

¨ Item 17 ¨ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

¨ Yes þ No

Index to Exhibits on Page 99

JET METAL CORP.

(the “Company” or “Jet Metal”)

FORM 20-F ANNUAL REPORT

TABLE OF CONTENTS

Part I		Page
Item 1.	Identity of Directors, Senior Management and Advisers	4
Item 2.	Offer Statistics and Expected Timetable	4
Item 3.	Key Information	4
Item 4.	Information on the Company	14
Item 4A.	Unresolved Staff Comments	32
Item 5.	Operating and Financial Review and Prospects	32
Item 6.	Directors, Senior Management and Employees	40
Item 7.	Major Shareholders and Related Party Transactions	57
Item 8.	Financial Information	58
Item 9.	The Offer and Listing	58
Item 10.	Additional Information	60
Item 11.	Quantitative and Qualitative Disclosures About Market Risk	66
Item 12.	Description of Securities Other Than Equity Securities	67
Part II
Item 13.	Defaults, Dividend Arrearages and Delinquencies	68
Item 14.	Material Modifications to the Rights of Security Holders and Use of Proceeds	68
Item 15.	Controls and Procedures	68
Item 16A.	Audit Committee Financial Expert	69
Item 16B.	Code of Ethics	69
Item 16C.	Principal Accountant Fees and Services	69
Item 16D.	Exemptions from the Listing Standards for Audit Committees	70
Item 16E.	Purchases of Equity Securities by the Issuer and Affiliated Purchasers	70
Item 16F.	Changes in Registrant’s Certifying Accountant	70
Item 16G	Corporate Governance	70
Part III
Item 17.	Financial Statements	71
Item 18.	Financial Statements	71
Item 19.	Exhibits	99
	Glossary of Geological Terms	102

RESOURCE AND RESERVE ESTIMATES

The terms “mineral reserve,” “proven mineral reserve” and “probable mineral reserve” used in our disclosure are Canadian mining terms that are defined in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Best Practice Guidelines for the Estimation of Mineral Resource and Mineral Reserves (the “CIM Standards”), adopted by the CIM Council on December 11, 2005. These definitions differ from the definitions in the United States Securities and Exchange Commission (the “SEC” or the “Commission”) Industry Guide 7 under the U.S. Securities Act of 1933, as amended (the “Securities Act”). Under Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority.

Canadian standards, including NI 43-101, differ significantly from the requirements of the Commission, and reserve and resource information contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the term “resource” does not equate to the term “reserves”. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. The Commission’s disclosure standards normally do not permit the inclusion of information concerning “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by U.S. standards in documents filed with the Commission. U.S. investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Under Canadian rules, estimated “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies. Investors are cautioned not to assume that all or any part of an “inferred mineral resource” exists or is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the Commission normally only permits issuers to report mineralization that does not constitute “reserves” by the Commission’s standards as in place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification of “reserves” are also not the same as those of the Commission. Accordingly, information concerning descriptions of mineralization and resources contained in this Annual Report on Form 20-F or in the documents incorporated by reference may not be comparable to information made public by U.S. companies subject to the reporting and disclosure requirements of the Commission.

FORWARD-LOOKING STATEMENTS

Certain statements in this document constitute “forward-looking statements” under applicable securities laws. Forward-looking statements can be identified by the use of terminology such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” and “intend,” and statements that an action or event “may,” “might,” “could,” or “should,” be taken or occur, or other similar expressions. Forward looking statements contained in this document include, but are not limited to, statements with respect to: (i) the estimation of inferred and indicated mineral resources; (ii) details and goals of exploration activities; (iii) estimations of future costs and expenditures; (iv) currency fluctuations; (v) requirements for additional capital and the sufficiency of working capital; (vi) government regulation of mining operations; (vii) environmental risks; (viii) unanticipated reclamation expenses; and (ix) increases in mineral resource estimates. These forward-looking statements are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control and which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks:

the risks associated with outstanding litigation, if any;

risks associated with project development;

the need for additional financing;

operational risks associated with mining and mineral processing, including risks related to accidents, equipment breakdowns, labor disputes or other unanticipated difficulties with or interruptions in operations which may or may not be insured;

fluctuations in metal prices;

title matters;

environmental liability claims and insurance;

reliance on key personnel;

the receipt of necessary regulatory approvals;

the potential for conflicts of interest among certain officers, directors or promoters with certain other projects;

the absence of dividends;

currency fluctuations;

competition;

dilution;

the volatility of our common share price and volume;

tax consequences to U.S. shareholders;

risks related to our being subject to the penny stock rules;

risks related to our being a foreign private issuer; and

risks related to our possibly being a passive foreign investment company.

Forward-looking information and forward-looking statements are in addition based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of commodities; that the Company can access financing, appropriate equipment and sufficient labour availability and that the political environment will continue to support the development and operation of mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further in “Item 3. Key Information—D. Risk Factors.” Accordingly, readers are advised not to place undue reliance on forward-looking statements. The Company does not intend to update forward-looking statements or information, except as may be required by applicable law. Except as required by applicable regulations or by law, we do not undertake any obligation to publicly update or review any forward-looking statements whether as a result of new information, future events or otherwise.

FINANCIAL AND OTHER INFORMATION

In this Annual Report, unless otherwise specified, all dollar amounts are expressed in Canadian Dollars (“CDN$” or “$”). The Government of Canada permits a floating exchange rate to determine the value of the Canadian Dollar against the U.S. Dollar (US$).

PART I

ITEM 1.

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not applicable

ITEM 2.

OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable

ITEM 3.

KEY INFORMATION

3.A. Selected Financial Data

Our selected financial data for the fiscal years ended April 30, 2014, 2013, 2012, 2011 and 2010 was derived from our financial statements that have been audited by Davidson & Company LLP, independent Chartered Accountants, as indicated in their audit reports. Davidson & Company LLP is a member of the Canadian Institute of Chartered Accountants.

The selected financial data should be read in conjunction with and is qualified in its entirety by reference to the financial statements and notes thereto included elsewhere in this Annual Report.

To date, we have not generated sufficient cash flow from operations to fund ongoing operational requirements and cash commitments. We have financed our operations principally through the sale of our equity securities. While we believe we have sufficient capital and liquidity to finance current operations, nevertheless, our ability to continue operations is dependent on our ability to obtain additional financing. See “Item 3. Key Information—D. Risk Factors.”

The information for years ended April 30, 2014, 2013, 2012 and 2011 in the following table is derived from our financial statements, which have been prepared in accordance with the International Financial Reporting Standards (“IFRS”).

	For the Year Ended April 30,
	2014			2013			2012			2011
	IFRS 1			IFRS 1			IFRS 1			IFRS 1
Revenue		--			--			--			--
Income (Loss) for the Period	$	(3,967,283	)	$	(11,674,061	)	$	(11,977,829	)	$	(4,077,470	)
Basic and Diluted Income (Loss) Per Share2 3	$	(0.60	)	$	(0.18	)	$	(0.24	)	$	(0.10	)
Dividends Per Share		--			--			--			--
Weighted Average Shares (#)2 3		6,578,035			65,782,178			50,377,698			41,193,45
Period-end Shares (#)2 3		6,578,035			65,782,178			65,782,178			47,477,151
Working Capital (Deficit)	$	(716,619	)	$	94,253		$	5,466,961		$	10,815,170
Exploration and Evaluation Assets	$	2,509,791		$	5,670,409		$	11,592,105		$	10,180,650
Long-Term Debt	$	19,267		$	37,161		$	558,742		$	1,146,879
Capital Stock	$	87,411,032		$	87,411,032		$	87,457,513		$	81,021,668
Shareholders’ Equity	$	1,893,190		$	5,905,723		$	16,999,901		$	20,048,338
Total Assets	$	2,801,407		$	6,635,616		$	17,997,243		$	21,545,974

1	The financial information for years ended April 30, 2014, 2013, 2012 and 2011 are prepared using the International Financial Reporting Standards (“IFRS”). The Company’s transition date was May 1, 2010. The cumulative net loss under IFRS at April 30, 2014 is approximately $107 million.

2	Under IFRS, basic loss per share is calculated using the weighted average number of common shares outstanding during the year.

On October 28, 2010, the common shares of the Company were consolidated on the basis of four pre-consolidation shares for one post-consolidation share. The numbers presented for fiscal 2013, 2012 and 2011 are presented on the four to one post-consolidated basis. On September 17, 2013, the common shares of the Company were further consolidated on a ten pre-consolidation shares for one post-consolidation share. The numbers presented for fiscal 2014 are presented on the ten to one post-consolidation basis.

Exchange Rates

The following table sets forth the high and low rates of exchange for the Canadian Dollar for each month during the previous six months. The table also sets forth the average exchange rates for the Canadian Dollar for the five most recent fiscal years ended April 30th. The yearly average rate means the average of the exchange rates based on the daily rates during each fiscal period.

For purposes of this table, the rates of exchange are those quoted by the Bank of Canada. The table sets forth the number of Canadian Dollars required under that formula to buy one U.S. Dollar.

Period		High (1)	Low (1)

July 2014		1.0930	1.0620
June 2014		1.0962	1.0646
May 2014		1.1007	1.0814
April 2014		1.1055	1.0858
March 2014		1.1279	1.0955
February 2014		1.1196	1.0940

	Average (2)
Fiscal year ended April 30, 2014	1.0602
Fiscal year ended April 30, 2013	1.0054
Fiscal year ended April 30, 2012	0.9928
Fiscal year ended April 30, 2011	1.0138
Fiscal year ended April 30, 2010	1.0721

The exchange rate was 1.0889 on August 18, 2014.

(1)

Means the intra-day high/low rate during the period.

(2) Means the average of the noon day rates on the last day of each month during the period.

3.B.	Capitalization and Indebtedness

Not applicable

3.C.	Reasons for the Offer and Use of Proceeds

Not applicable

3.D.	Risk Factors

We are subject to a number of risks due to the nature of our business, including our present exploration state. The following describes the material risks that could affect us.

There has been significant economic uncertainty since the second half of 2008 and it has affected the Company’s operations.

The recent unprecedented events in global financial markets have had a profound impact on the global economy. Many industries, including the mining industry, are impacted by these market conditions. Some of the key impacts of the current financial market turmoil include contraction in credit markets resulting in a widening of credit risk, devaluations and high volatility in global equity, commodity, foreign exchange and precious metal markets, and a lack of market liquidity. A continued or worsened slowdown in the financial markets or other economic conditions, including but not limited to, consumer spending, employment rates, business conditions, inflation, fuel and energy costs, consumer debt levels, lack of available credit, the state of the financial markets, interest rates, and tax rates may adversely affect the Company’s growth and profitability. Specifically:

• the global credit/liquidity crisis could impact the cost and availability of financing and the Company’s overall liquidity;

• the volatility of mineral prices would impact the Company’s revenues, profits, losses and cash flow potential;

• volatile energy prices, commodity and consumables prices and currency exchange rates would impact the Company’s production costs; and

• the devaluation and volatility of global stock markets would impact the valuation of the Company’s equity and other securities.

These factors could have a material adverse effect on the Company’s financial condition and results of operations. As a result, the Company will consider its plans and options carefully in fiscal 2014.

No known reserves

Our properties are in the exploration stage and are without a known body of mineral reserves.

We have no mineral producing properties at this time. Only those mineral deposits that we can economically and legally extract or produce, based on a comprehensive evaluation of cost, grade, recovery and other factors, are considered “reserves”. We have not defined or delineated any proven or probable reserves on any of our properties. Although the mineralized material and mineralized deposit estimates included herein have been carefully prepared by us, or, in some instances have been prepared, reviewed or verified by independent mining experts, these amounts are estimates only and no assurance can be given that any particular level of recovery of uranium, vanadium, copper, gold, base metals and other minerals from mineralized material will in fact be realized or that an identified mineralized deposit will ever qualify as a commercially mineable (or viable) reserve.

Our planned exploration programs may not result in profitable commercial mining operations

Our operations involve exploration, and there is no guarantee that any of our activities will result in commercial production of any mineral deposits. The exploration for and development of mineral deposits involves significant financial and other risks which even a combination of careful evaluation, experience and knowledge may not eliminate. Most exploration projects do not result in the discovery of commercially mineable deposits. Major expenses are required to locate and establish mineral reserves, to develop metallurgical processes, and to construct mining and processing facilities at a particular site. Our planned exploration programs may not result in a profitable commercial mining operation. Whether a mineral deposit will be commercially viable depends on a number of factors, some of which are: the particular attributes of the deposit, such as quantity and quality of the minerals,

costs and efficiency of the recovery methods that can be employed; proximity to infrastructure; financing costs; mineral prices, which are highly cyclical; and government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals, and environmental protection. The exact effect of these factors cannot be accurately predicted but could have a material adverse effect upon our operations and/or our ability to receive an adequate return on our invested capital. There is no certainty that our expenditures made towards the search and evaluation of uranium, vanadium, copper, gold, base metals and other minerals result in discoveries of mineral resources, mineral reserves or any other mineral occurrences, or in profitable commercial mining operations.

Mining operations generally involve a high degree of risk

Our operations are subject to all the hazards and risks normally encountered in the exploration, development and production of uranium and other minerals, including environmental pollution, accidents or spills, industrial accidents, labor disputes, changes in the regulatory environment, natural phenomena, unusual and unexpected geologic formations, seismic activity, rock bursts, cave-ins, flooding and other conditions involved in the drilling and removal of material, any of which could result in damage to, or destruction of, mines and other producing facilities, damage to life or property, environmental damage, delays in or cessation of production, exploration or development, monetary losses and cost increases which could make us uncompetitive, and could lead to possible legal liability. Although adequate precautions to minimize risk will be taken, mining operations are subject to hazards such as equipment failure or failure of retaining dams around tailings disposal areas which may result in environmental pollution and consequent liability. In addition, due to the radioactive nature of the materials handled in uranium mining, applicable regulatory requirements result in additional costs that must be incurred.

Our resource estimates may not be reliable

There is no certainty that any of our mineral resources will be economically mineable. Until a deposit is actually mined and processed the quantity of mineral resources and grades must be considered as estimates only. Valid estimates made at a given time may significantly change when new information becomes available. In addition, the quantity of mineral resources may vary depending on, among other things, metal prices. Any material change in quantity of mineral resources, grade or stripping ratio may affect the economic viability of our properties or any project we undertake. In addition, there can be no assurance that mineral or other metal recoveries in small scale laboratory tests will be duplicated in a larger scale test under on-site conditions or during production.

Fluctuations in prices of uranium, vanadium, copper, gold, base metals and other minerals, results of drilling, metallurgical testing and production and the evaluation of studies, reports and plans subsequent to the date of any estimate may require revision of such estimate. Any material reductions in estimates of mineral resources could have a material adverse effect on our results of operations and financial condition.

We rely on a limited number of properties

Our only properties of interest are currently the Central Mineral Belt properties in Labrador, and the Bootheel property in Wyoming, USA. As a result, unless we acquire additional property interests, any adverse developments affecting these properties could have a material adverse effect upon our business and would materially and adversely affect our potential mineral resource production, profitability, financial performance and results of operations.

Competition from other energy sources and public acceptance of nuclear energy may affect the demand for uranium

Nuclear energy competes with other sources of energy, including oil, natural gas, coal and hydro-electricity. These other energy sources are to some extent interchangeable with nuclear energy, particularly over the longer term. Lower prices of oil, natural gas, coal and hydro-electricity may result in lower demand for uranium concentrate and uranium conversion services. Furthermore, the growth of the uranium and nuclear power industry beyond its current level will depend upon continued and increased acceptance of nuclear technology as a means of generating electricity. Because of unique political, technological and environmental factors that affect the nuclear industry, the

industry is subject to public opinion risks which could have an adverse impact on the demand for nuclear power and increase the regulation of the nuclear power industry.

We face strong competition for the acquisition of mining properties

The mining industry is competitive in all of its phases. We face strong competition from other mining companies in connection with the acquisition of properties producing, or capable of producing, uranium and precious metals. Many of these companies have greater financial resources, operational experience and technical capabilities than we do. As a result of this competition, we may be unable to maintain or acquire attractive mining properties on terms we consider acceptable, if at all. Consequently, our revenues, operations and financial condition could be materially adversely affected.

We do not have a history of mineral production or operations

There is no assurance that commercial quantities of minerals will be discovered at our current properties or any future properties, nor is there any assurance that our exploration programs thereon will yield any positive results. Even if commercial quantities of minerals are discovered, there can be no assurance that any of our properties will ever be brought to a stage where mineral resources can profitably be produced thereon. Factors which may limit our ability to produce mineral resources from our properties include, but are not limited to, the price of the mineral resources which are being explored for, availability of additional capital and financing and the nature of any mineral deposits.

We do not have an extensive operating history and there can be no assurance of our ability to operate our projects profitably in the future.

Our insurance will not cover all the potential risks associated with our operations

Our business is subject to a number of risks and hazards generally, including adverse environmental conditions, industrial accidents, labor disputes, unusual or unexpected geological conditions, ground or slope failures, cave-ins, changes in the regulatory environment and natural phenomena such as inclement weather conditions, floods and earthquakes. Such occurrences could result in damage to mineral properties or production facilities, personal injury or death, environmental damage to our properties or other properties, delays in mining, monetary losses and possible legal liability.

Our insurance will not cover all the potential risks associated with a mining company’s operations. We may also be unable to maintain insurance to cover these risks at economically feasible premiums. Insurance coverage may not be available or may not be adequate to cover any resulting liability. Moreover, there are risks against which we cannot insure or against which we may elect not to insure. Insurance against risks such as environmental pollution or other hazards as a result of exploration and production is not generally available to us or to other companies in the uranium mining industry. We might also become subject to liability for pollution or other hazards which we may not be insured against or which we may elect not to insure against because of premium costs or other reasons. Losses from these events may cause substantial delays and require us to incur significant costs that could have a material adverse effect upon our financial condition, results of operations, competitive position and potentially our financial viability.

Our operations are subject to environmental regulation

All phases of our operations are subject to environmental regulation in the various jurisdictions in which we operate or may operate in the future. These regulations mandate, among other things, the maintenance of air and water quality standards and land reclamation. They also set forth limitations on the generation, transportation, storage and disposal of solid and hazardous waste. Environmental legislation is evolving in a manner that will require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects, and a heightened degree of responsibility for companies and their officers, directors and employees. There is no assurance that future changes in environmental regulation, if any, will not adversely affect our operations. Environmental hazards may exist on the properties on which we hold interests

which are unknown to us at present and which have been caused by previous or existing owners or operators of the properties.

Failure to comply with applicable laws, regulations and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. Parties engaged in mining operations or in the exploration or development of mineral properties may be required to compensate those suffering loss or damage by reason of the mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations.

Our operations are dependent on adequate infrastructure

Mining, processing, development and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important determinants, which affect capital and operating costs. Unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect our operations, financial condition and results of operations.

Our properties may be subject to undetected title defects

It is possible there may still be undetected title defects affecting our properties. Title insurance generally is not available, and our ability to ensure that we have obtained secure claim to individual mineral properties or mining concessions may be severely constrained. Furthermore, we have not conducted surveys of the claims in which we hold interests and, therefore, the precise area and location of such claims may be in doubt. Accordingly, our properties may be subject to prior unregistered liens, agreements, transfers or claims, and title may be affected by, among other things, undetected defects which could have a material adverse impact on our operations. In addition, we may be unable to operate our properties as permitted or to enforce our rights with respect to our properties.

We may be subject to additional costs for land reclamation

It is difficult to determine the exact amounts which will be required to complete all land reclamation activities in connection with our properties. Reclamation bonds and other forms of financial assurance represent only a portion of the total amount of money that will be spent on reclamation activities over the life of a mine. Accordingly, it may be necessary to revise planned expenditures and operating plans in order to fund reclamation activities. Such costs may have a material adverse impact upon our financial condition and results of operations.

The inability to obtain necessary permits would adversely affect our ability to operate our business

We may not receive the necessary permits or receive them on acceptable terms, if at all, in order to conduct further exploration and to develop our properties. The failure to obtain such permits, or delays in obtaining such permits, could adversely affect our operations.

Government approvals, approval of aboriginal people and permits are currently and may in the future be required in connection with our operations. To the extent such approvals are required and not obtained; we may be curtailed or prohibited from continuing our mining operations or from proceeding with planned exploration or development of mineral properties.

We will require additional capital for our operations

The development and exploration of our properties will require substantial additional financing. Failure to obtain sufficient financing may result in the delay or indefinite postponement of exploration, development or production on our properties or even a loss of property interest. There can be no assurance that additional capital will be available when needed or that, if available, the terms of financing such capital will be acceptable to us. In addition, any future financing may be dilutive to our existing shareholders.

Future production from our mining properties, if any, is dependent upon the prices of uranium, vanadium, copper, gold, base metals and other minerals being adequate to make these properties economically viable

Mineral and base metals prices received, if any, could be such that our properties cannot be mined at a profit. The price of our common shares, and our financial results and exploration, development and mining activities may in the future be significantly and adversely affected by declines in the price of uranium, vanadium, copper, gold, base metals and other minerals. The price of uranium, vanadium, copper, gold, base metals and other minerals fluctuates widely and is affected by numerous factors beyond our control such as the sale or purchase of commodities by various central banks and financial institutions, interest rates, exchange rates, inflation or deflation, fluctuation in the value of the United States dollar and foreign currencies, global and regional supply and demand, the political and economic conditions and production costs of major mineral-producing countries throughout the world, and the cost of substitutes, inventory levels and carrying charges. With respect to uranium, such factors include the demand for nuclear power, political and economic conditions in uranium producing and consuming countries, uranium supply from secondary sources, uranium production levels and costs of production. Future serious price declines in the market value of uranium, vanadium, copper, gold, base metals and other minerals could cause development of and commercial production from our properties to be impracticable. Depending on the price of uranium, vanadium, copper, gold, base metals and other minerals, cash flow from mining operations may not be sufficient and we could be forced to discontinue production and may lose our interest in, or may be forced to sell, some of our properties. Future production from our mining properties, if any, is dependent upon the prices of uranium, vanadium, copper, gold, base metals and other minerals being adequate to make these properties economically viable.

In addition to adversely affecting our reserve estimates, if any, and our financial condition, declining commodity prices can impact operations by requiring a reassessment of the feasibility of a particular project. Such a reassessment may be the result of a management decision or may be required under financing arrangements related to a particular project. Even if a project is ultimately determined to be economically viable, the need to conduct such a reassessment may cause substantial delays or may interrupt operations until the reassessment can be completed.

Exchange rate fluctuations may effectively increase our costs of exploration and production

Exchange rate fluctuations may affect the costs that we incur in our operations. Uranium, vanadium, copper, gold, base metals and other minerals are generally sold in U.S. dollars and our costs are incurred principally in Canadian dollars. We also maintain a mineral exploration project in the United States that require payments to be made in U.S. dollars. The appreciation of non-U.S. dollar currencies against the U.S. dollar can increase the cost of exploration and production in U.S. dollar terms, which could materially and adversely affect our profitability, results of operations and financial condition.

Our operations are subject to extensive governmental regulation that may adversely affect our operating costs

Our mining, processing, development and mineral exploration activities are subject to various laws governing prospecting, development, production, taxes, labor standards and occupational health, mine safety, toxic substances, land use, water use, land claims of local people, and other matters. Although our exploration and development activities are currently carried out in accordance with all applicable rules and regulations, new rules and regulations may be enacted or existing rules and regulations may be applied in a manner which could limit or curtail production or development. Amendments to current laws and regulations governing operations and activities of mining and milling or more stringent implementation thereof could have a substantial adverse impact on our operations. Worldwide demand for uranium is directly tied to the demand for energy produced by the nuclear electric industry, which is also subject to extensive government regulations and policies.

Amendments to current laws, regulations and permits governing operations and activities of mining and exploration companies, or more stringent implementation thereof, could have a material adverse impact on our operations and cause increases in exploration expenses, capital expenditures or production costs, or reduction in levels of production at producing properties, or require abandonment or delays in development of new mining properties.

The market price of our common shares may experience substantial volatility

In recent years, the securities markets in the United States and Canada have experienced a high level of price and volume volatility, and the market price of securities of many mineral exploration companies have experienced wide fluctuations in price which have not necessarily been related to the operating performance, underlying asset values or prospects of such companies. The price of our common shares is also likely to be significantly affected by short-term changes in prices of uranium, vanadium, copper, gold, base metals and other minerals, or in our financial condition or results of operations as reflected in our quarterly earnings reports. Other factors unrelated to our performance that may have an effect on the price of our common shares include the following: the extent of analytical coverage available to investors concerning our business may be limited if investment banks with research capabilities do not follow our securities; lessening in trading volume and general market interest in our securities may affect an investor’s ability to trade significant numbers of our common shares; the size of our public float may limit the ability of some institutions to invest in our securities; and a substantial decline in the price of our common shares that persists for a significant period of time could cause our securities to be delisted from such exchange, further reducing market liquidity.

We have not paid dividends in the past and do not expect to pay dividends in the foreseeable future

No dividends on our common shares have been paid to date as we have no earnings. We currently plan to retain all future earnings and other cash resources, if any, for the future operation and development of our business. Payment of future dividends, if any, will be at the discretion of our Board of Directors after taking into account many factors, including our operating results, financial condition, and current and anticipated cash needs.

Future sales of common shares by existing shareholders could adversely affect the trading price of our common shares

Sales of a large number of our common shares in the public markets, or the potential for such sales, could decrease the trading price of the common shares and could impair our ability to raise capital through future sales of common shares.

We are dependent upon the services of our key executives

We are dependent upon the services of key executives, including our directors and a small number of highly skilled and experienced executives and personnel. Due to our relatively small size, the unanticipated and/or unplanned loss of our Chief Executive Officer or our Chairman or our inability to attract and retain additional highly-skilled employees may adversely affect our future operations.

Our directors and officers have certain conflicts of interest

Certain of our directors and officers also serve as directors and/or officers of other companies involved in natural resource exploration and development and, consequently, there exists the possibility for such directors and officers to be in a position of conflict.

We have no positive cash flow and no recent history of earnings and we are dependent upon public and private contributions of equity to obtain capital in order to sustain our operations

None of our properties have advanced to the commercial production stage and we have no history of earnings or positive cash flow from operations. Our cumulative loss, as of the year ended April 30, 2014 determined in accordance with IFRS is approximately $107 million. We do not know if we will ever generate material revenue from mining operations or if we will ever achieve self-sustaining commercial mining operations. Historically, the only source of funds available to us has been through the sale of our equity securities. Any future additional equity financing would cause dilution to current shareholders.

Dilution through employee, director and consultant stock options and warrants could adversely affect our shareholders by decreasing shareholder value

Because our success is highly dependent upon our employees, we have granted to some or all of our key employees, directors and consultants options to purchase common shares as non-cash incentives. In addition we have also issued share purchase units and warrants to investors and brokers in connection with equity financings. To the extent that significant numbers of such options, warrants and share purchase units may be granted and exercised, the interests of our other shareholders may be diluted.

As of August 18, 2014 we had 274,588 purchase options, and no share purchase warrants outstanding. If all of these securities were exercised, the number of common shares issued and outstanding would increase from 6,578,035 to 6,852,623. This represents an increase of 4.18% in the number of shares issued and outstanding and would result in some dilution to current shareholders.

The Company is subject to the SEC’s penny stock rules, and the risks associated with penny stock classification could affect the marketability of our equity securities and shareholders could find it difficult to sell their common shares

Given that the trading price of our common shares on OTC Market Group’s OTCQB Marketplace is less than US $5.00 per share, our common stock is subject to the SEC’s “penny stock” rules as defined in Rule 3a51-1 under the Securities Exchange Act of 1934 (“Exchange Act”). The SEC has adopted the penny stock rules to regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks generally are equity securities with a price of less than US $5.00, other than securities registered on certain national securities exchanges, provided that current price and volume information with respect to transactions in such securities is provided by the exchange.

Transaction costs associated with purchases and sales of penny stocks are likely to be higher than those for other securities. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document that provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer must also provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction, and monthly account statements showing the market value of each penny stock held in the customer’s account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer’s confirmation.

In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from such rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written agreement to the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for our equity securities in the United States and shareholders may find it more difficult to sell their shares.

U.S. investors may not be able to enforce their civil liabilities against us or our directors, controlling persons and officers

It may be difficult to bring and enforce suits against us. We are incorporated in the province of British Columbia under the Business Corporations Act (British Columbia). The majority of our directors and officers are residents of Canada, and all or substantial portions of their assets are located outside of the United States, predominately in Canada. As a result, it may be difficult for U.S. holders of our common shares to effect service of process on these persons within the United States or to realize in the United States upon judgments rendered against them. In addition, a shareholder should not assume that the courts of Canada (i) would enforce judgments of U.S. courts obtained in actions against us or such persons predicated upon the civil liability provisions of the U.S. federal securities laws or other laws of the United States, or (ii) would enforce, in original actions, liabilities against us or such persons predicated upon the U.S. federal securities laws or other laws of the United States.

However, U.S. laws would generally be enforced by a Canadian court provided that those laws are not contrary to Canadian public policy, are not foreign penal laws or laws that deal with taxation or the taking of property by a foreign government and provided that they are in compliance with applicable Canadian legislation regarding the limitation of actions. Also, a Canadian court would generally recognize a judgment obtained in a U.S. Court except, for example, where:

a)	the U.S. court that rendered the judgment had no jurisdiction according to applicable Canadian law;

b)	the judgment was subject to ordinary remedy (appeal, judicial review and any other judicial proceeding which renders the judgment not final, conclusive or enforceable under the laws of the applicable state) or not final, conclusive or enforceable under the laws of the applicable state;

c)	the judgment was obtained by fraud or in any manner contrary to natural justice or rendered in contravention of fundamental principles of procedure; or

d)	a dispute between the same parties, based on the same subject matter has given rise to a judgment rendered in a Canadian court or has been decided in a third country and the judgment meets the necessary conditions for recognition in a Canadian court.

As a "foreign private issuer”, we are exempt from the Section 14 proxy rules and Section 16 reporting rules under the Exchange Act which may result in shareholders having less complete and timely data

The submission of proxy and annual shareholder meeting information (prepared to Canadian standards) on Form 6-K may result in shareholders having less complete and timely data than if we were subject to the SEC’s domestic issuer proxy rules under Section 14 of the Exchange Act. The exemption from Section 16 rules under the Exchange Act that require the reporting of acquisitions and disposition of our equity securities by our officers, directors and greater than 10% shareholders also may result in shareholders having less data.

If we are characterized as a passive foreign investment company (“PFIC”), our shareholders may be subject to adverse U.S. federal income tax consequences.

We have not made a determination as to whether we are considered a PFIC as such term is defined in the U.S. Internal Revenue Code of 1986 (the “Code”), for U.S. federal income tax purposes for the current tax year and any prior tax years. A non-U.S. corporation generally will be considered a PFIC of any tax year if either (1) at least 75% of its gross income is passive income or (2) at least 50% of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable to assets that produce or are held for the production of passive income.

In general, if we are or become a PFIC, any gain recognized on the sale of our common stock and any “excess distributions” (as specifically defined in the U.S. Internal Revenue Code of 1986) paid on the common stock must be ratably allocated to each day in a U.S. taxpayer’s holding period for the securities. The amount of any such gain or excess distribution allocated to prior years of such U.S. taxpayer’s holding period for the common stock generally will be subject to U.S. federal income tax at the highest tax applicable to ordinary income in each such prior year, and the U.S. taxpayer will be required to pay interest on the resulting tax liability for each such prior year, calculated as if such tax liability had been due in each such prior year.

Litigation

Due to the nature of our business, we may become subject to regulatory investigations, claims, lawsuits and other proceedings in the ordinary course of its business. The results of these legal proceedings cannot be predicted with certainty due to the uncertainty inherent in litigation, including the effects of discovery of new evidence or advancement of new legal theories, the difficulty of predicting decisions of judges and juries and the possibility that decisions may be reversed on appeal. There can be no assurances that these matters will not have a material adverse effect on our business.

ITEM 4.

INFORMATION ON THE COMPANY

4.A. History and Development of the Company

Introduction

Jet Metal Corp. (formerly Crosshair Energy Corporation) (the “Company” or “Jet Metal”) was incorporated as a specially limited company pursuant to the Company Act (British Columbia) (replaced by the Business Corporations Act (British Columbia) effective March 29, 2004) on September 2, 1966 under the name Shasta Mines & Oil Ltd. (Non-Personal Liability). We converted from a Private Company to a Public Company on February 20, 1967. On February 4, 1975 we changed our name to International Shasta Resources Ltd. (Non-Personal Liability) and consolidated our share capital on the basis of one new share for five old shares and increased our share capital from 600,000 common shares to 3,000,000 common shares. On September 14, 1977 we increased our authorized share capital from 3,000,000 common shares to 5,000,000 common shares. On April 5, 1982, we increased our authorized share capital from 5,000,000 common shares to 10,000,000 common shares by Special Resolution. On March 5, 1986 we converted from a Specially Limited Company into a Limited Company under the name of International Shasta Resources Ltd. and increased our authorized share capital from 10,000,000 common shares to 30,000,000 common shares. On May 20, 1994, we changed our name to Consolidated Shasta Resources Inc. and consolidated our share capital on the basis of one new share for ten old shares and increased our authorized share capital from 3,000,000 common shares to 20,000,000 common shares. On November 23, 1994 we changed our name to Lima Gold Corporation and on September 21, 1999 we changed our name to International Lima Resources Corp. and consolidated our share capital on the basis of one new share for three old shares and increased our authorized share capital from 6,666,667 common shares to 20,000,000 common shares. On November 5, 2003 we increased our authorized share capital from 20,000,000 common shares to 100,000,000 common shares. On March 1, 2004 we changed our name to Crosshair Exploration & Mining Corp. On June 1, 2004 we replaced our Memorandum with a Notice of Articles as required by the Business Corporations Act (British Columbia). On March 11, 2005 we changed our authorized capital to an unlimited number of common shares. On December 15, 2010, we consolidated our share capital on the basis of one new share for four old shares. On October 28, 2011 we changed our name from Crosshair Exploration & Mining Corp. to Crosshair Energy Corporation. On September 17, 2013, we consolidated our share capital on the basis of one new share for ten old shares and changed our name from Crosshair Energy Corporation to Jet Metal Corp.

Our executive office is located at:

Suite 1240 - 1140 West Pender Street

Vancouver, British Columbia, Canada V6E 4G1

Telephone: (604) 681-8030

Facsimile: (604) 681-8039

Website: www.jetmetalcorp.com

Email: jcrawford@kingandbay.com

The contact person is: Mr. Jim Crawford, Chief Executive Officer and President.

Our fiscal year ends April 30th.

Our common shares first began trading on the Vancouver Stock Exchange under the name Shasta Mines & Oil Ltd. on March 14, 1969. Our common shares began trading on the TSX Venture Exchange with the trading symbol “CXX” on March 1, 2004. On February 10, 2006, we graduated to Tier 1 on the TSX Venture Exchange. On May 7, 2007, our common shares began trading on the American Stock Exchange (now NYSE MKT) with the trading symbol “CXZ.” On May 12, 2008, our common shares began trading on the Toronto Stock Exchange with the trading symbol “CXX” and ceased trading on the TSX Venture Exchange. On June 18, 2013 the Company filed a Form 25 – Notice of Removal from Listing and/or Registration under section 12(b) of the Securities Exchange Act of 1934 with the United States Securities and Exchange Commission (“SEC”). Our common shares were voluntarily delisted from NYSE MKT on July 1, 2013 and began trading on the OTC Market Group’s OTCQB Marketplace on July 1, 2013 with the trading symbol “CRHRF”. On October 22, 2013, our trading symbol on

OTCQB was changed to “JETMF” to reflect the Company’s name change to Jet Metal Corp. On January 17, 2014, our common shares were voluntarily delisted from the Toronto Stock Exchange and on January 20, 2014 began trading on the TSX Venture Exchange under the trading symbol “JET”.

On March 29, 2004, the Company Act (British Columbia) (the “Company Act”) was replaced by the Business Corporations Act (British Columbia) (the “BCBCA”). Accordingly, we are now subject to the BCBCA and are no longer governed by the Company Act. There are a number of differences under the BCBCA, which differences are designed to provide greater flexibility and efficiency for British Columbia companies.

Under the BCBCA, every company incorporated under the Company Act was required to complete a mandatory transition rollover under the BCBCA to substitute a Notice of Articles for its Memorandum within two years of March 29, 2004. On June 1, 2004 we replaced our Memorandum with a Notice of Articles as is required by the BCBCA. The only information contained in the Notice of Articles is the authorized share structure of the Company, the name of the Company, the address of the registered and records office of the Company, and the names and addresses of the directors of the Company.

On March 31, 2009, the Company and Target Exploration and Mining Corp. (“Target”) successfully closed a plan of arrangement whereby the Company acquired all the outstanding common shares of Target and Target has become a wholly owned subsidiary of the Company. Target shareholders received approximately 14.7 million common shares of the Company (1.2 Company shares for each Target common share outstanding) with an estimated market value of approximately $2.6 million. In addition, each outstanding Target warrant and stock option which gave the holder the right to acquire common shares of Target was exchanged for a warrant or stock option which gave the holder the right to acquire common shares of the Company on the exchange ratio of 1.2 Company shares for each Target warrant or stock option exercised, with all other terms of such warrants and options (such as term and expiry) remaining unchanged. As a result of the acquisition of Target, the Company acquired an interest in the Bootheel and Sinbad projects in Wyoming and Utah, USA respectively. During fiscal 2010, we allowed all 62 mineral claims on the Sinbad property located in Emery County, Utah, to lapse, and the State Lease with the State of Utah was not renewed.

Property Acquisitions

Since the beginning of fiscal 2014, we have acquired no additional properties.

Property Terminations

Since the beginning of fiscal 2014, we have dropped a total of 253 mineral claims from the CMB project. In addition, the remaining 70 claims that constituted the Victoria Lake project were dropped as the original vendor did not want the property returned to him. The Company also terminated its Moran Lake Co-ownership agreement and returned a total of 546 mineral claims to the original vendor. With respect to our Wyoming properties, the Company has also dropped the 107 claims and one State lease that constituted the Buck Point property, as well as 86 claims from the Bootheel property. The Company has reviewed and has impaired its exploration and evaluation assets accordingly in its financial statements to reflect the above developments.

Capital Expenditures

Our capital expenditures, excluding property, plant and equipment, for the last three fiscal years were as follows:

Fiscal Year	Expenditures
Fiscal 2012	$1,411,455(1)
Fiscal 2013	$224,816(2)
Fiscal 2014	$-- (3)

(1) These funds were spent as outlined below:

Expense ($)	CMB Moran Lake	CMB Silver Spruce	Bootheel Project	Golden Promise	Juniper Ridge	Other Claims
Acquisition costs	653,574	--	38,589	23,185	696,107	--

(2) These funds were spent as outlined below:

Expense ($)	CMB Moran Lake	CMB Silver Spruce	Bootheel Project	Golden Promise	Juniper Ridge	Other Claims
Acquisition costs	200,000	--	1,283	20,000	3,533	--

(3) These funds were spent as outlined below:

Expense ($)	CMB Moran Lake	CMB Silver Spruce	Bootheel Project	Golden Promise	Juniper Ridge	Other Claims
Acquisition costs	--	--	--	--	--	--

We do not expect to incur any significant capital expenditures with respect to the Company’s existing properties for fiscal year 2015. Our capital expenditures are financed through sales of our common shares.

Exploration and evaluation expenses

The Company recorded the following exploration and evaluation expenses in relation to its mineral properties:

Fiscal Year	Expenditures
Fiscal 2012	$6,630,464(1)
Fiscal 2013	$2,835,066(2)
Fiscal 2014	$34,225(3)

(1)	These funds were spent as outlined below:

Expense ($)	CMB Moran Lake			CMB Silver Spruce			Bootheel Project		Golden Promise		Juniper Ridge		Other Claims
Drilling and trenching	$	1,033,429		$	1,860,522		$	710,552	$	45,295	$	929,475	$	--
Geology		441,464			514,365			466,545		98,445		427,398		--
Geophysics		896			896			47,398		2,500		289,556		--
Geochemistry		8,905			3,305			--		--		--		--
Metallurgy		--			--			--		--		22,987		--
Administration		9,456			6,561			19,300		60		6,951		--
Technical analysis		--			--			--		--		--		--
Future reclamation		(162,239	)		(43,337	)		--		--		--		(7,664	)
Pre-acquisition cost		--			--			--		--		--		153,170

Expense ($)

CMB

Moran

Lake

CMB

Silver

Spruce

Bootheel

Project

Golden

Promise

Juniper

Ridge

Other

Claims

JCEAP refunds	--	(150,000)	--	--	--	--
Recovery	--	(105,727)	--	--	--	--

(2)	These funds were spent as outlined below:

Expense ($)	CMB Moran Lake			CMB Silver Spruce			Bootheel Project			Golden Promise		Juniper Ridge		Other Claims
Drilling and trenching	$	731,850		$	--		$	13,433		$	--	$	328,080	$	--
Geology		1,456,437			--			35,816			24,524		339,683		--
Geophysics		11,591			--			--			--		44,918		--
Geochemistry		--			--			--			--		--		--
Metallurgy		--			--			--			--		15,892		--
Administration		10,434			--			45,981			--		44,902		--
Permitting		--			--			--			--		37,395		--
Hydrology		--			--			271			--		--		--
Technical analysis		--			--			--			--		--		--
Reclamation Costs		--			--			--			22,741		--		--
Pre-acquisition cost		--			--			--			--		--		--
JCEAP refunds		(150,000	)		(150,000	)		--			--		--		--
Recovery		--			--			(28,882	)		--		--		--

(3)	These funds were spent as outlined below:

Expense ($)	CMB Moran Lake		CMB Silver Spruce		Bootheel Project			Golden Promise		Juniper Ridge			Other Claims
Drilling and trenching	$	--	$	--	$	--		$	--	$	--		$	--
Geology		--		--		--			--		--			--
Geophysics		--		--		--			--		--			--
Geochemistry		--		--		--			--		--			--
Metallurgy		--		--		--			--		--			--
Administration		560		--		34,673			--		(392	)		--
Permitting		--		--		--			--		--			376
Hydrology		--		--		--			--		--			--
Technical analysis		--		--		--			--		--			--
Reclamation Costs		--		--		10,921			--		--			--
Pre-acquisition cost		--		--		--			--		--			--
JCEAP refunds		--		--		--			--		--			--
Recovery		--		--		(11,913	)		--		--			--

4.B. Business Overview

Historical Corporate Development

We are a mineral exploration company engaged in the acquisition and exploration of mineral properties (primarily uranium, base and precious metals). We do not have any producing mineral properties at this time. Our business is presently focused on the exploration and evaluation of various mineral deposits in North America.

We are currently focusing our exploration and evaluation activities in the Province of Newfoundland and Labrador and the State of Wyoming on the following properties:

Central Mineral Belt properties located in Labrador, Canada.

The Bootheel Project LLC located in Wyoming, U.S.A.

Material Effects of Government Regulations

Our current and anticipated future operations, including further exploration activities, require permits from various Canadian Federal and Provincial and U.S. Federal and State governmental authorities. Such operations are subject to various laws governing land use, the protection of the environment, production, exports, taxes, labor standards, occupational health, waste disposal, toxic substances, well safety and other matters. Unfavorable amendments to current laws, regulations and permits governing operations and activities of resource exploration companies, or more stringent implementation thereof, could have a materially adverse impact on us and cause increases in capital expenditures which could result in our ceasing operations. We have had no material costs related to compliance and/or permits in recent years, and anticipate no material costs in the next year.

Field work is prohibited on certain parts of the Bootheel Properties due to the presence of sage grouse mating areas during the period March 15th to June 30th.

Seasonality

We can only carry out exploration when weather is favorable. Typically, we cannot carry out any work at a reasonable cost during the months of November and December for winter freeze-up and March and April for spring break-up on our Canadian properties.

Dependency upon Patents/Licenses/Contracts/Processes

Not applicable

Sources/Availability of Raw Materials

Not applicable

4.C.	Organization Structure

The Company is a corporation subject to the BCBCA. Jet Metal owns 100% of the issued and outstanding shares in each of the following subsidiaries:

Target Exploration and Mining Corp. (“Target”), a British Columbia corporation.

Target owns all of the issued and outstanding shares in Crosshair Energy USA, Inc. (formerly 448018 Exploration Inc.), a Nevada Corporation.

Crosshair Energy USA, Inc. holds an 81% interest in The Bootheel Project LLC.

Gemini Metals Corp., a British Columbia corporation.

4.D.	Property, Plants and Equipment

Our properties are in the exploration stage and a substantial amount of capital will have to be spent on each property before we will know if they contain commercially viable mineral deposits. Our material property is located in the Province of Newfoundland and Labrador, Canada. Our properties are without known reserves and the work being done by us is exploratory in nature.

Our executive offices are located in shared office premises of approximately 10,630 square feet at Suite 1240, 1140 West Pender Street, Vancouver, British Columbia Canada. We have occupied these facilities since 2006. Beginning on January 1, 2010 (revised on October 1, 2010), we entered into a management services agreement with King & Bay West Management Corp. (“King & Bay West”) under which King & Bay West provides shared office space for the Company and other companies that King & Bay West provides management services to. As part of this agreement, King & Bay West has assumed the lease for the office facilities occupied by the Company.

National Instrument 43-101 Compliance

Except as otherwise indicated, C. Stewart Wallis, P.Geo., having a business address at 1419 133A Street, Surrey, British Columbia, V4A 6A2, a Director of the Company and a Qualified Person as defined by NI 43-101, has reviewed and is responsible for the technical information contained in this Annual Report on Form 20-F. Stewart Wallis has consented to the inclusion of his name and the statements attributed to him in this Annual Report on Form 20-F. Further information about the Company’s mineral properties can be found in the following technical report which is available on SEDAR at www.sedar.com:

CMB JV Uranium Project: The Technical Report titled “Technical Report on the CMBNW Property, Labrador Canada” dated June 22, 2009 (filed as an exhibit to our Form 6-K on June 24, 2009).

Newfoundland

Golden Promise Property and Agreements

The Company entered into the Golden Promise Option and Joint Venture Agreement dated April 8, 2009 between the Company and Paragon, pursuant to which it acquired a 60% interest in the Golden Promise Gold Project in Central Newfoundland, Canada with an option to acquire up to a 70% interest. Work completed on the property to date confirms the exploration prospectivity of the area, however, the current poor state of the junior resource market renders financing such early stage projects virtually impossible. As a result, the decision was made to drop this ground and expend no additional funds. The property has since been returned to the vendor.

South Golden Promise Property and Agreements

The South Golden Promise Property agreement includes two separate blocks of licenses, these being the South Golden Promise and the Victoria Lake claim blocks, which collectively cover 1,975 hectares in 79 map-staked claims. The South Golden Promise Property consists of 45 claims, each 500 by 500 metres in size.

Under the terms of an agreement dated February 14, 2003 with Paragon, the Company earned a 60% interest in the South Golden Promise Property in consideration for issuing a total of 100,000 common shares and incurring a minimum of $1,750,000 in exploration expenditures.

As was the case with the Golden Promise project, work completed on the South Golden Promise project to date confirms the exploration prospectivity of the area, however, the current poor state of the junior resource market renders financing such early stage projects virtually impossible. As a result, the decision was made, in conjunction with our JV partner to expend no additional funds on this project and to drop the 45 claims that constitute the South Golden Promise Property.

Victoria Lake Property and Agreements

Paragon acquired an option to earn a 100% interest in the South Golden Promise Property pursuant to an underlying option agreement, dated January 8, 2003, with Al Keats, Calvin Keats and Kevin Keats. The vendors are entitled to a 2.5% Net Smelter Return. Paragon can repurchase a 1.5% Net Smelter Return for $1,500,000 and has a right of first refusal with respect to the remaining 1.0%. As of September 2005, Paragon completed its obligations under its option agreement with the vendors and now holds a 100% interest in the South Golden Promise Property subject to the 2.5% Net Smelter Return.

Under the terms of an agreement dated February 14, 2003 with Paragon, we earned a 60% interest in the South Golden Promise Property in consideration for issuing a total of 100,000 common shares and incurring a minimum of $1,750,000 in exploration expenditures.

As was the case for the Golden Promise and South Golden Promise Properties, the current poor state of the junior resource market precludes further expenditure on the Victoria Lake Property. As a result, the decision was made to cease funding this project and the property has since been dropped, as the original vendors did not want the property returned to them.

Labrador—Central Mineral Belt

CMB Property and Agreements

On October 14, 2004, we entered into an agreement (the ‘Original Moran Lake Agreement”) with a private individual, local prospector Lewis Murphy, for an option to acquire a 90% interest (subject to a 2% NSR and a 10% carried interest to the vendor) in the Moran Lake Property, comprising 67 claims in Central Labrador. On March 1, 2005 we acquired another 187 claims from Lewis Murphy entered into an amending agreement with Mr. Murphy (the “Amended and Restated Moran Lake Agreement”). The Amended and Restated Moran Lake Agreement called for exploration expenditures of $3,000,000, the issuance of 400,000 common shares, and cash payments of $575,000, with the balance of the shares and cash payable over a five-year term. The agreement also required completion of a bankable feasibility study for the commencement of commercial production on the property within 24 months of completion of the aforementioned obligations.

We subsequently carried out a detailed digital compilation of all the historic work that has been carried out on the property.

To date, we have issued 400,000 common shares, made cash payments totaling $575,000 and spent more than the required minimum $3,000,000 on project expenditures. On May 21, 2008, we entered into a letter agreement (the “Letter Agreement”) with Mr. Murphy whereby we received a three year extension on the requirement to complete the bankable feasibility study such that the study will be due on or before November 10, 2013. Additionally, the Company was required to make advance royalty payments in the amount of $200,000 per year until the commencement of commercial production.

In December 2011, the Company settled a dispute with Mr. Murphy regarding the timing of the advance royalty payments. See “Item 8. Financial Information – 8.A. Consolidated Statements and Other Financial Information – Legal/Arbitration Proceedings – Litigation with Lewis Murphy.” On December 5, 2011, the Company entered into a co-ownership agreement (the “Moran Lake Co-Ownership Agreement”) with Mr. Murphy which agreement amends, clarifies, confirms and replaces the contractual relationship created between the parties further to the Original Moran Lake Agreement, the Amended and Restated Moran Lake and the Letter Agreement. The Moran Lake Co-Ownership Agreement sets out that ownership of the CMB Property shall be as Tenants in Common in proportions of 90% the Company and 10% Mr. Murphy. Mr. Murphy retained his 10% ownership in the CMB Property until such time as commercial production commences on the property. The Company will be required to make advance royalty payments of $200,000 per year commencing in November 2012. Should the Company choose to bring the Moran Lake Property into production; the advance royalty payments made previously will be deducted against any Net Smelter Royalty owed to the original vendor of the property. In addition, any requirement to complete a bankable feasibility study has been irrevocably waived.

On November 1, 2013, the Company exercised its right under the Moran Lake Co-ownership Agreement to abandon the claims covered under the Agreement. As all the claims subject to the Agreement were abandoned, the Company subsequently terminated the Agreement and was discharged from any further obligations with respect to the Agreement.

The Company retains 100% ownership, subject to certain third party obligations, of 916 mineral claims that currently constitute it CMB Property.

Property Description and Location

The Central Mineral Belt Property is located in the Central Mineral Belt of Labrador, about 140 km north of the town of Happy Valley-Goose Bay and 85 km southwest of the coastal community of Postville on Kaipokok Bay. In a direct line, the property is about 75 km from tidewater to the northeast. The undeveloped Michelin uranium deposit is 60 km east-northeast of the Moran Lake Property. The property area is within the Naskaupi Electoral District of Labrador.

Accessibility

Helicopter and fixed wing service out of Goose Bay are the most efficient means of access to the property. Local infrastructure is confined to the limited facilities of the community of Postville, which has commercial airline service from Goose Bay and commercial ferry service from St John’s, Newfoundland. Coastal boats are available to convey goods and passengers from Happy Valley to Postville. Most necessary goods and services, including charter aircraft, can be obtained in Goose Bay, which has excellent commercial airline connections to St John’s, Halifax and Montreal.

This portion of central Labrador has a sub-Arctic climate, with strong seasonal contrasts marked by short cool summers and long cold winters. Freeze-up typically begins in late October and lasts until early to mid-June. Snow cover is relatively heavy and usually lasts seven to eight months. Daytime temperatures during the winter typically range from -15º Celsius to -30º Celsius, while daytime summer temperatures typically range from 15º Celsius to 25º Celsius.

The topography of the Moran Lake area consists of rolling highlands with maximum relief approaching 300m. The hilltops can be partly barren while the slopes and valleys are covered in vegetation, mostly scrubby black spruce and some deciduous trees with a thick intervening growth of alders. Almost everywhere there is a thick ground cover of moss. The valleys are steep sided at many locations and are often host to boggy ground with small ponds or lakes. Moran Lake, one of the largest lakes on the property, occupies a prominent valley which trends east-northeast.

History

Uranium was first discovered near Moran Lake by British Newfoundland Exploration Limited (“Brinex”), which conducted prospecting, geological mapping and radiometric surveying in the area from 1956 to 1958. In 1964, Mokta Co. Ltd. (“Mokta”) acquired a development license for the Moran Lake area and subsequently discovered uranium mineralization at Lady Lake, the site of the present C zone. In following years, Mokta completed a considerable amount of prospecting, trenching and packsack drilling in the Moran Lake A, B and C zones. In 1969 however, Mokta allowed the development license to expire at which time the license was granted to Brinex, which did no further work on the property.

In 1976, the license was granted to Commodore Mining Company Limited (Commodore) which in turn optioned the property to Shell Canada Resources Limited (Shell). During September of 1976, Shell performed geological, magnetometer and Track Etch surveys over the B Zone near Henry Lake and did preliminary geological mapping on the C zone. This led to a 15 hole, 864 metre drill program to test the B Zone uranium mineralization during the winter of 1977.

In the summer of 1977, a full exploration program was carried out on the C Zone including detailed geological mapping, systematic trench sampling, a scintillometer survey and a small drill program totaling eight holes and 497 metres. Uranium mineralization was discovered in a fault zone over which VLF-EM, magnetometer and Track Etch surveys were performed during September. In the winter of 1978, Shell completed a 17 hole, 1,542 metre drill program to test the uraniferous fault zone and subsequently found high grade uranium mineralization. The following summer’s exploration program consisted of VLF-EM, magnetometer and altimeter surveys over the entire C Zone, with a 15 hole, 1,581 metre drill program to test the uraniferous zones. Low grade uranium mineralization was located in altered sandstones above the Aphebian-Helikian unconformity near Lady Lake. This led to a 1979 winter drill program of 17 drill holes totaling 1,193 metres to explore the unconformity and what became later known as Lower C Zone.

In the summer of 1979, Shell undertook a review of its Moran Lake project. Drill core from the Upper C zone (C-1 to C-35) was re-logged by one person and multiple samples were taken for thin section study and 30 element spectrographic analysis. This work led to the appreciation that the rocks were extensively altered, that the identification of primary lithologies was in many cases dubious, that the uranium mineralization was associated with alteration and that there was a definable geometry to the alteration package. The property was

considered to have good uranium potential and an 8 hole, 1,400 metre drill program was proposed but never carried out as Shell abandoned its interest in the area due to a decline in uranium prices.

Lewis Murphy acquired the Moran Lake claims in 2003 and optioned the ground to us in October of 2004. In 2003, an airborne gravity survey of the area located an interpreted 4 milligal to 8 milligal gravity anomaly, elliptical in shape, about 4 km long and centered between the Moran B and C zones. Considering the spatial association of uranium with brecciated, highly silicified, carbonatized and hematized rocks, plus locally significant concentrations of copper, silver and gold mineralization, we invoked the analogy with Iron Oxide Copper Gold (IOCG) deposit types, as at the Olympic Dam copper-uranium deposit in Australia.

Since acquiring the Moran Lake property in October 2004, we have embarked on an aggressive program including airborne radiometric and magnetic surveys, compilation of previous work including sampling archived drill core from the 1970’s Shell Canada Resources drilling, and commencement of diamond drilling in January of 2006. A more detailed description of the exploration program is included below under “Exploration”.

Property Geology

The Moran Lake Property was staked in a configuration to cover as much mineralized Paleoproterozoic stratigraphy as was available encompassing mostly rocks of the Moran Lake Group and the overlying Heggart Lake, Brown Lake and Sylvia Lake Formations of the Bruce River Group, both groups containing known occurrences of uranium, Cu, Pb, Zn, Ag, F and iron (as pyrite and hematite).

The Moran Lake Group unconformably overlies Archean gneisses and granites of the Nain Province. The basal unit, the Warren Creek Formation was deposited in a low energy, shallow shoreline or shelf environment and consists mainly of black graphitic, grey and green shale and siltstone containing local interbeds of dolostone, chert and black conglomerate with siltstone and shale clasts. The Warren Creek Formation ranges from perhaps 1,200 metres up to 3,000 metres in thickness and is overlain conformably by a 100 metre to 300 metre thickness of the Joe Pond Formation, a sequence of light- to dark-green, fine grained, massive and pillowed basalt and mafic tuff with occasional interbeds of variably colored chert or grey dolostone. Rocks of the Moran Lake Group occupy a northeasterly trending belt which underlies the northern portion of the Moran Lake Property.

The Bruce River Group consists of a basal, polymictic conglomerate and sandstone of the Heggart Lake Formation overlain by polymictic conglomerate and tuffaceous sandstone of the Brown Lake Formation. The uppermost and thickest unit of the Bruce River Group is the Sylvia Lake Formation, a bimodal, potassic calc-alkaline assemblage of predominantly subaerial volcanic rocks which are coeval with the plutons of the Trans Labrador Batholith. Northerly directed compression during the Grenville orogenic event folded the Bruce River Group into a northeast-trending, open, upright syncline.

Exploration

After acquiring the property in October of 2004, we immediately launched a comprehensive review and compilation of all previous exploration carried out in the area. The results of the review confirmed that the property had considerable potential to host several types of uranium deposits including uranium-rich iron oxide copper gold deposits (IOCG).

Exploration work on the property by us has included line cutting, airborne and ground geophysical surveys, lake sediment sampling, till geochemical and alpha track surveys, biogeochemical surveys, prospecting, limited hand trenching, mechanical trenching, geological mapping and diamond drilling. An airborne radiometric and magnetic survey totaling 7,312 line kilometres covering the entire property was carried out by Fugro Airborne Surveys in 2005. A supplemental airborne survey totaling 675 kilometres covering several claims acquired subsequent to the 2005 survey was carried out by Fugro in 2006. In 2007, a helicopter supported electromagnetic and magnetic (HeliGEOTEM) survey totaling approximately 4,500 line kilometres was carried out over two different blocks on the property. The ground geophysical surveys include gravity, induced potential (IP), and horizontal loop EM (Max-Min) surveys. Follow-up of targets identified from interpretation of the various data has resulted in the

discovery of several new showings and target areas, some of which have been drill tested as well as others that are being advanced to the drill ready stage.

Drilling

We launched our first drill program in February 2006, completing approximately 2,750 metres of drilling in 19 holes at the C Zone. Further drilling using two drill rigs and totaling over 18,500 metres was carried out during the summer of 2006, followed by an additional 9,400 metres of drilling during the winter of 2007. The 2007 summer program was our most aggressive program, with over 28,000 metres of drilling using three rigs. This was followed by over 12,000 metres during the 2008 winter program. The drilling programs focused on defining uranium mineralization at the C Zone, which represents the most advanced uranium target on the property, but also tested targets at Area 1, Armstrong, B Zone, Area 51, Moran Heights, Madsen Lake and Croteau Lake.

Our 2006 drill program totaled 21,486 metres and consisted of 137 holes, of which 58 tested the Upper C Zone and 10 tested the Lower C Zone. The remainder of the holes tested seven other anomalies or showings on the property. From late January 2007 to late April 2007, we carried out further drilling at the C Zone as well as limited drilling at Area 1 and the Armstrong and Dominion showings. Total drilling in the winter of 2007 amounted to 9,410 metres in 34 holes. At the C Zone, our 2007 winter drill program consisted of 8,211 metres in 26 holes. Fifteen of the holes tested both the Upper and Lower C Zone, 6 holes (1,042 metres) tested the Upper C Zone only, and 5 holes (1,166 metres) tested the Lower C Zone. The program expanded the C Zone mineralization along strike and to depth. The program also included the intersection of the thickest and highest grades of uranium reported from the Lower C Zone.

The summer 2007 drill program totaled 28,745 metres in 121 holes. Eighty-nine of those holes (15,727 metre) were targeting the C Zone, with the goal of upgrading and expanding the existing NI 43-101 resource. Drilling intercepted the highest and thickest grades to date including 0.202% U3O8 over 22.4 metres as part of a wider zone grading 0.100% U3O8 over 46.3 metres in hole ML-122 and 0.100% U3O8 over 45.7 metres as part of a much wider interval that assayed 0.074% U3O8 over 71.3 metres in ML-87. A total of 26 holes (2,820 metres) were drilled at Area 1 in the 2007 summer program and 6 holes (784 metres) at Croteau Lake.

Our 2008 winter drill program consisted of 55 holes totaling 12,198 metres. Drilling was focused at Armstrong, which is believed to anchor the southern end of the same 4.5 kilometre long trend that hosts the C Zone to the north and Area 1 in the middle. A total of 6,366 metres in 30 holes were drilled in this recently discovered zone, with highlights from ML-AR-26, which returned 0.20% U3O8 over 9.5 metres including 1.10% U3O8 over 1.6 metres.

In 2008 an updated resource estimate for the Upper and Lower C Zones was prepared based on drilling up to May 2008. In addition, resource estimates were prepared for two new zones of uranium mineralization discovered by the Company, these being the Trout Pond (Area 1) and Armstrong zones (the “2008 CMB Report”). The mineral resource estimate included a total indicated resource for the Upper C Zone is 5.19 million pounds of U3O8 (6.92 million tonnes grading 0.034% U3O8). The Upper C Zone also contains additional resources in the inferred category which, when combined with the inferred resources in the Lower C Zone, Trout Pond and Armstrong zones total 5.83 million pounds of U3O8 (8.17 million tonnes grading 0.032% U3O8). With the exception of the Lower C Zone, these estimates are reported at a block cut-off of 0.015% U3O8. The cut-off grades are considered appropriate for the location and cost profile that can be expected for open pit mining. In the case of the Lower C Zone, a cut-off grade of 0.035% U3O8 is used for reporting purposes, reflecting higher costs associated with underground mining.

The summer 2008 drill program consisted of 3,516 metres in 19 holes. Eleven of the holes (2,035 metres) tested the C Zone, while 6 of the holes (1,276 metres) tested targets at Area 1 and two holes (205 metres) were drilled at Madsen Lake in the central portion of the CMB Property.

In December 2008, a previously unidentified zone of uranium mineralization, referred to as the “Apollo Zone” was discovered. During the summer of 2008, follow-up prospecting of several anomalies identified in 2006 revealed significant uranium mineralization over a 500 metre strike length. The Apollo Zone returned grab samples assaying up to 0.50% U3O8 in outcrop and 0.20% U3O8 in local boulders. This new zone appears to lie along strike of the Boiteau Lake Showing (0.79% U3O8) announced by Bayswater Uranium Corp. in November 2008. The Boiteau

Lake Showing lies very close to the Company/Bayswater property boundary and the trend is open along strike for the 7 kilometres between the showing and the Apollo Zone. The Apollo Zone lies approximately 11 kilometres NE from the C Zone uranium resource and approximately 3 kilometres south of previously discovered Blue Star, where sampling by the Company in 2006 returned values of up to 1.37% U3O8 outcrop. To date on the Moran Lake property, we have completed 366 holes totaling over 65,000 metres. One hundred and ninety-three holes have been drilled at the C Zone, 55 at Area 1, and 32 at Armstrong. Several other areas have also been drill tested, including the B Zone, Moran Heights, Area 51, Croteau Lake, and Madsen Lake. All programs have been helicopter supported producing BTW size drill core.

In December 2010, the Company completed a vanadium resource expansion program and outlined an NI 43-101 resource of 42.8 million pounds of vanadium (14.7 million tonnes at 0.15% V2O5) in the indicated category and an additional 93.6 million pounds (28.3 million tonnes at 0.16% V2O5) in the inferred category.

In 2011, a 3,138 metre drill program was completed on the CMB Project. The drilling focused on connecting the C-Zone and Area One deposits, as well as testing the Blue Star prospect. The results confirmed that the vanadium mineralization is continuous between the C-Zone and Area One over a strike length of approximately 1.7 km The mineralization remains open along strike and at depth. Drilling on the Blue Star prospect tested coincident airborne geophysical and rock geochemical anomalies; four out of the ten holes drilled intersected uranium mineralization. The best hole was 3 metres of 0.05% U3O8.

Field crew mobilization to the CMB uranium/vanadium project in central Labrador was delayed during the summer months of 2012 due to forest fire conditions resulting from an unseasonably warm, dry spring. The $2.2 million program focused on the Two Time, Firestone, Blue Star and C zones, with a total of 3,359 metres (11,020 feet) of drilling having been completed. The goal of this program was to expand the existing uranium and vanadium resources, as well as test new uranium targets within the main property.

Two Time Prospect

Drilling on the Two Time prospect in 2012, was aimed at extending the deposit to the south and at depth. Drill hole CMB-12-49 successfully intersected mineralization at the expected depth over a thicker interval, indicating the deposit is continuous to the south along strike and along dip. This hole represents a minimum 50m step out to the south from previous holes into the deposit. Four shallow holes drilled north of the Two Time zone to evaluate radon anomalies did not intersect uranium mineralization.

Firestone Project

Five holes, totalling 740 metres, tested the Ford showing, the northeast extension of the Firestone showing which had returned uranium values in 2011. No significant mineralization was encountered.

C Zone Corridor

Drilling within the C Zone corridor was focused on determining if the vanadium mineralization identified to date represents one continuous body within the corridor. Drill hole ML-12-197 was positioned halfway between the Area 1 prospect and the Trout Pond prospect. Vanadium mineralization was intersected during the drilling program, supporting the interpretation of a single continuous zone of vanadium mineralization within the corridor. Two holes drilled off the trend on other targets failed to encounter mineralization. Additional support for the continuity of the vanadium mineralization was acquired via a resampling of some drill holes previously completed on the property. Vanadium mineralization was identified in three holes, not previously sampled for vanadium.

Blue Star

Four holes, totalling 535 metres, tested newly defined targets and the possible extension of the Bayswater Boiteau mineralization onto the property. None of the holes intersected significant mineralization on the property.

CMB-JV Property and Agreement

In July 2008, we acquired a 60% interest in 4,741 claims in the Central Mineral Belt from Expedition by paying CDN $500,000 and issuing 2,500,000 common shares and 1,875,000 warrants to Expedition. The claims were part of a property agreement between Expedition and Silver Spruce, under which Expedition had earned a 60% interest. The claims are host to the Two Time deposit.

Silver Spruce declined to participate in last summer’s program and has diluted its interest to a 2% Net Smelter Return Royalty. Going forward, the CMB and CMB-JV properties have been consolidated into one property referred to as the CMB Property. However, in order to provide additional information to the interested reader, the detailed summary of the CMB-JV property has been included in this year’s 20-F.

Property Description and Location

The CMB-JV Project comprised 616 map-staked claims in several separate claim blocks located roughly 150 kilometres north of the town of Happy Valley – Goose Bay, Labrador. Approximately half of the claims are contiguous with the Company’s 100% owned claims located near Moran Lake, while most of the remaining claims are situated south and southeast of the coastal community of Postville on Kaipokok Bay.

Property Geology

The CMB-JV Project is situated within the Central Mineral Belt (CMB) of Labrador, a geological province comprising six Proterozoic sequences of volcanic, sedimentary and plutonic rocks ranging in age from about 2.0 to 1.3 billion years and include, from oldest to youngest, the Post Hill, Moran Lake, Aillik, Bruce River, Letitia Lake and Seal Lake Groups. The CMB includes portions of 4 major tectonic provinces, these being the Nain, Makkovik and Grenville provinces, and the Hopedale Block of the Archean Nain Province. The easternmost claims of the CMB-JV Project lie within the Makkovik Province, while the westernmost claims of the CMB-JV Project generally lie along the boundary between the Nain, Churchill and Grenville Province.

Exploration

Exploration by Silver Spruce and Expedition includes an airborne magnetic radiometric survey over all the claims, as well as limited follow-up over most of the claims including geological mapping, prospecting and lake sediment sampling. Exploration to date has focused on the claim blocks hosting the Two Time deposit, where work has been more extensive and includes line cutting, ground scintillometer surveying, soil, till, lake, and stream sediment sampling, ground radon (RadonEx) surveying, prospecting, trenching, geological mapping, and diamond drilling.

The most significant discovery to date on the CMB-JV claims has been the Two Time deposit, which was discovered as a result of follow-up of a high priority airborne radiometric anomaly. The Two Time zone is hosted within brecciated and fractured granitic to dioritic intrusive rocks of the Kanairiktok Intrusive Suite characterized by hematite, carbonate, and chlorite alteration. A number of other showings and prospects have also been discovered on the claim block, including the Firestone Showing, Doucette, HF, J, F, and W occurrences.

Drilling

Past drilling carried out on the CMB-JV Project has been focused on the ‘CMB-NW (Northwest)’ claim block, which is contiguous with the northern portion of the Company’s 100% owned CMB Project. Diamond drilling carried out to date by Silver Spruce and Expedition totals 11,196 metres in 44 holes. Highlights include 0.118% U3O8 over 28.00 metres in hole CMB-07-06, 0.101% U3O8 over 33.00 metres in hole CMB-07-14, and 0.112% U3O8 over 19.00 metres in hole CMB-07-34.

Based on the drilling results, an indicated mineral resource estimate of 2.33 million pounds of U3O8 (1.82 million tonnes grading 0.058% U3O8) and additional inferred mineral resource estimate of 3.73 million pounds of U3O8

(3.16 million tonnes grading 0.053% U3O8) was prepared for the Two Time zone using a cut-off grade of 0.03% U3O8. The Two Time zone remains open to depth and along strike to the south.

During the summers of 2009 and 2010, the Company carried out geological mapping, prospecting and sampling programs to evaluate priority targets generated from the airborne surveys. Several new uranium showings were discovered and were followed up during the 2011 summer drilling program.

Two of the new targets, South Brook and Running Man, were found on the CMB-JV Property, which is located directly to the west of the Jacques Lake Deposit, recently purchased by Paladin Energy from Aurora Energy / Fronteer Development Group. Forty Six (46) samples from the South Brook Showing gave results ranging from 0.03% to 0.46% U3O8, averaging 0.11%. The showing is outlined by anomalous float and bedrock occurrences for approximately 3.5 kilometres (km). The Running Man Showing is located approximately 5.5 km southeast of the South Brook Showing and consists of a 2 km long, linear airborne radiometric anomaly where 21 samples gave values from 0.03% to 0.28% U3O8.

The Big Bear Showing is located on the CMB-NE Property, approximately 20 km northeast of CMB-JL. The showing, in a 1.25 km long corridor of anomalous bedrock radioactivity, is hosted in altered granitic rocks and gave results ranging from 0.02% to 0.1% U3O8, averaging 0.06%.

As noted above, with Silver Spruce declining to participate in the fiscal 2012 exploration activities and their subsequent dilution down to a 2% NSR, the CMB-JV project has been consolidated with the CMB project. The results of the fiscal 2013 exploration activities on this consolidated property have been detailed in the “recent exploration” of the CMB Property section above.

Wyoming – Bootheel and Buck Point Properties

On March 31, 2009, the Company acquired the Bootheel and Buck Point Properties in Wyoming, USA through the acquisition of Target via the Plan of Arrangement.

On June 7, 2007, Target, now a wholly owned subsidiary of the Company, entered into an agreement to form the Bootheel Project, LLC with Ur-Energy, Inc. (“URE”) whereby Target may acquire a 75% participating interest in two uranium properties, the Bootheel and Buck Point properties located in the Shirley Basin, Albany County, Wyoming (the “Bootheel Project”) by completing expenditures totalling US $3 million and issuing 31,250 common shares on or before June 7, 2011. Target earned its 75% interest in the property as all shares have been issued and US $3.1 million had been spent as of April 30, 2010. As URE declined to participate in the fiscal 2012 exploration

program, its participating interest was diluted from 25% to approximately 19%, and Target’s participating interest increased from 75% to approximately 81%.

Under Agreements dated February 5, 2008 between MJ Ranches Inc. (“MJ Ranches”) and Crosshair USA, as manager, The Bootheel Project LLC leased MJ Ranches’ 75% ownership of certain minerals on fee land that adjoins the Bootheel Property. The initial term of the agreement is for five years with provision for two renewals. Payment for the initial five year term is US$252,651 paid in advance, increased for inflation for the renewal periods. The Fee Lands are subject to a sliding scale Royalty tied to the sale price of uranium. Subsequent to the period end (in February, 2013) the private mineral lease and surface use agreements with MJ Ranches for a portion of the Bootheel property expired. Negotiations to reach a new agreement with MJ Ranches, the terms of which would reflect current market conditions, were unsuccessful. Certain portions of the Mineral Resources included in Technical Report on the Bootheel property issued by the Company, dated February 27, 2012, are located on those lands which were subject to the mineral lease with MJ Ranches. While the lines of communication remain open should MJ Ranches choose to reconsider their position, the Bootheel Project LLC has decided to move forward on the assumption that the MJ Ranches ground will not form part of the project.

Property Location

The Bootheel and Buck Point properties are located in Albany County on the southeast edge of the Shirley Basin approximately 60 miles southeast of Casper, Wyoming and 25 miles southeast of Medicine Bow.

The Bootheel property is currently comprised of 81 Federal lode mining claims and one 640 acre Wyoming State Mineral Lease, No. 0-040774. The lode mining claims control the subsurface mineral rights and are administered by the U.S. Bureau of Land Management (BLM).

Accessibility

The Shirley Basin property is readily accessible year-round by an extensive system of county gravel and unimproved ranch roads extending east from U.S. Highways 30 and 287 and Wyoming Road 487. The all season maintained gravel County Road Number 61 (Fetterman Road) crosses the Bootheel property.

History

Uranium was discovered in the Shirley Basin in 1955 by Teton Exploration Drilling Co., who found ore-grade material by drilling west of the Little Medicine Bow River in the western part of the Shirley Basin, 30 mi south of Casper. In the summer of 1957, several thousand claims were staked over 150 square mi. By the end of 1959, over 1,000,000 ft of drilling had been completed through the mineralized Wind River Formation, and into underlying pre-Tertiary rocks. In 1959, Utah Mining Corp. later Utah Construction and Mining Co. (Utah) sank a shaft on their property and the first uranium was produced in March 1960, with ore shipped to the Lucky Mc mill in the Gas Hills area west of Casper. Late in 1964, the company stopped underground mining and commenced an in-situ leach operation using sulphuric acid and ion exchange for recovery. Production amounted to approximately 200,000 pounds of U3O8 per year through 1970. In 1970, the ISR operation was replaced by a conventional mine and mill.

In July 1960, Petrotomics Co. commenced an open-pit operation in the same area and in 1962 a solvent extraction facility was built on the property. A second pit commenced operation in 1966. By late 1969, there were three operating mines in the Shirley Basin, those of Petrotomics and Utah, as well as Kerr McGee Corp. (“Kerr-McGee”).

Total production from the Basin amounted to about 34 million lbs of uranium. The last mine closed in 1992 and most of the pits have been reclaimed. Cogema Mining Inc. retains one pit, which is used for the disposal of low-level radioactive waste from the ISR operations in the Powder River Basin.

The Bootheel property was originally staked in 1958 by Kerr McGee Corp. Kerr McGee drilling (283 holes) discovered both shallow oxidized and deeper uranium mineralization in sandstones but dropped the property in 1962. The company re-acquired the property in 1968, and again abandoned it. Rocky Mountain Energy Corporation (Union Pacific Railroad) also conducted limited drilling in the early 1970s. In 1977, Cherokee Exploration Inc. (“Cherokee”) obtained a land package, as well as the Kerr McGee database and formed an exploration and drilling participation agreement with Uranium Resources and Development Company (“URADCO”), a subsidiary of Pennsylvania Power and Light. Drilling from 1978 to 1980 partly delineated both shallow and deep sandstone mineralization. Drilling by Kerr McGee Corporation, Cherokee, URADCO and others intersected significant uranium mineralization in sandstones at depths ranging from 150 to 600 feet. Grades and thickness range from 2 feet at 0.12% U3O8 to 22.5 feet at 0.071% U3O8.

Dames & Moore estimated a historical resource included in a report dated 1980, for parts of the property. Nuclear Assurance Corporation (NAC) completed a study in 1982 reporting the reserves and resources.

In 1995, Cherokee sold the project and database to Cameco Corp. (“Cameco”) who carried out limited drilling and evaluation of the in-situ recovery potential. Although the results were very favorable, Cameco abandoned the property in 1998 due to the low uranium price ($10 per pound). Total drilling on the property is estimated to be over 600,000 feet. The known uranium zone on the property remains open for expansion.

The Bootheel Project LLC acquired a database from Power Resources Inc. that includes reports, gamma logs, drill logs and other data which primarily cover the Federal mining claims but also include some historic data from the surrounding fee land.

On January 15, 2009 the Bootheel Project LLC acquired additional data from Cameco which covers the four fee sections under lease from MJ Ranches. The data includes historical geological and gamma logs covering 660 drill holes totalling approximately 290,000 feet. Compilation to date indicates that there have been approximately 1,900 drill holes totalling in excess of 600,000 ft, completed on the property and the surrounding area.

The Buck Point property was drilled in 1979 and 1980 by Cherokee and Mobil Oil Corp. Mineralization has been found in at least six sandstone units over a 250 ft. interval, with grades up to 0.10% U3O8. No further work has been carried out on the property since then.

Property Geology

The Bootheel Project is located at the south-eastern margin of the Shirley Basin, along the western flank of the Laramie Mountains. Tertiary sediments occupy the entire surface area of the property and unconformably overlie a gently dipping, relatively undisturbed sequence of Paleozoic and Mesozoic sediments. A moderate degree of block faulting and some gentle folding are the main structural features and mostly affect pre-Tertiary rocks.

Uranium mineralization occurs within seven different sandstone beds within the gently dipping Jurassic and Cretaceous stratigraphy and within the overlying Tertiary Wind River Formation. Five horizons host significant mineralization and have the potential to host economic resources: 1) Jurassic Sundance Formation containing the Canyon Springs B and D Beds, 2) Cretaceous Dakota Sandstone, 3) Cretaceous Rusty Beds Sandstone, 4) Cretaceous Muddy Sandstone and 5) Tertiary Wind River Formation. Three other Cretaceous horizons (Lakota Sandstone, Fuson Shale and Wall Sandstone) contain scattered weak mineralization, but are not considered exploration targets at this time.

Two major zones of mineralization are recognized within the Sundance Formation. The main zone in Sections 36 and 1 stretches for over 7,000 ft in length and reaches widths of up to 400 ft and is described as a series of tabular zones. In Sections 6 and 7 the mineralization shows the characteristic roll front shape with the main northeast –trending nose extending approximately 1,900 ft in length. These zones vary from 2 to 60 ft in thickness, averaging from 0.017% to 0.216% eU3O8 occurring at depths of 158 to 585 ft. Length of the individual bodies ranges from 300 to 1,300 ft.

Three Cretaceous sandstone units host uranium mineralization. The Dakota Sandstone ranges from 4 to 47 ft thick and contains abundant pyrite and carbonaceous material. Uranium mineralization ranging from 2 to 14 ft thick,

grades from 0.026% to 0.23% eU3O8 and occurs from 163 to 325 ft below the surface. The main zone is about 300 ft wide and 1,000 ft long. The Rusty Beds range from 5 to 87 ft thick, and contain abundant pyrite and carbonaceous debris. Mineralization is 2 to 18 ft thick, grades from 0.020% to 0.11% eU3O8 and occurs from 232 to 297 ft below the surface. Mineralization occurs in three small zones, 300 to 400 ft in size. The Muddy Sandstone is 18 to 45 ft thick and is the least well mineralized of the Cretaceous units, with only one zone, about 200 ft by 400 ft in dimension, drilled to date. This zone ranges from 2 to 6 ft thick, grades from 0.145% to 0.157% eU3O8 and is relatively shallow at 138 to 149 ft below the surface.

Tertiary Wind River Formation mineralization is typically thin, high grade, meandering and somewhat laterally discontinuous. The Wind River ranges from 25 to 270 ft thick, averaging 150 ft. The mineralized zones are typically 2 to 24 ft thick, averaging 5 ft, from 0.016% to 0.520% eU3O8 and occur from 50 to 215 ft below the surface. The two main zones are up to 700 ft in width and 1,670 ft in length.

Exploration and Development

The 2008 drilling program, designed to further test the mineralized Sundance Formation, consisted of 93 vertical holes averaging 540 feet in depth and totaling 50,163 ft. Of these holes, 12 were spot cored through the Sundance Formation resulting in 708.5 ft of core. Drilling commenced in June and was completed September 20, 2008. Virtually all historic drill hole sites within the main resource zone were resurveyed.

In addition to the drilling program, the historic holes were relocated, limited ground radiometric and water sampling surveys were carried out. On February 5, 2009 Target reported that preliminary bottle roll tests had confirmed historical metallurgical test work indicating uranium recoveries of 87% or better using sodium bicarbonate as a lixiviant.

The final historic drill data set acquired from Cameco in January 2009 was compiled by our geological team and combined with the results from over 50,000 feet of drilling completed by Target at Bootheel in 2008.

Activities in fiscal 2011 included further base line environmental studies. A Sage Grouse and Raptor survey was completed in June. The Nuclear Regulatory Commission was notified in August of the Company`s intention to file a permit application in 2012.

In the summer 2011, the Company carried out an $860,000 exploration program, which consisted of 35,760 feet of drilling in 76 holes. Hydrogeological tests and continued permitting were also completed. A synthesis of all of these data in 2013 have enabled the Company to generate an Indicated Mineral Resource estimate of 1.12 million pounds of U3O8 (1.570M tons @0.036%) and an Inferred Mineral Resource of 1.05 million pounds of U3O8 (1.315M tons @ 0.040%) for the 81 Federal lode claims and single Wyoming State lease that currently comprise the Bootheel property. The above Mineral Resource was estimated by C. Stewart Wallis, P. Geo, with an effective date of July 8, 2013. The Classifications of the Mineral Resources follow the CIM guidelines dated November, 2010. Wind River resources were estimated using the polygonal method at an estimated cut-off grade of 0.02% eU3O8 over a minimum thickness of 4 feet and a minimum grade x thickness (GT) product of 0.15ft% and a long term uranium price of $70 per pound. The Sundance resources were estimated using the contour method at an estimated cut-off grade of 0.015% eU3O8 over a minimum thickness of 4 feet and a minimum grade x thickness (GT) product of 0.15 ft% and a long term uranium price of $70 per pound. A tonnage factor of 16 ft3/ton was used for the Sundance Formation, and 15 ft3/ton was used for the Wind River Formation. There are no known legal, environmental or other risks that could materially affect the development of the mineral resources.

Current Status

In light of the continuing downward pressure on the uranium price, as well as the overall poor state of the junior resource market, the Bootheel Project LLC decided to put the project on care and maintenance, enabling it to keep its expenditures to a minimum, while maintaining the integrity of its data and land package. As a result, mineral claims have been released that do not currently have any mineral resources identified on them, or any significant prospectivity to contain such resources. This action has reduced the total land package from 274 mineral claims and

two State Leases to 81 mineral claims and one State Lease, with a subsequent reduction in the mineral claim filing fee owed of approximately 70%. This land claim reduction included dropping the 107 claims and one State lease which comprised the Buck Point property, as well as 86 claims from the Bootheel property. This action will allow the Bootheel Project LLC to keep the most prospective ground in good standing for the next 12 months. Once a substantial and sustained reversal in the state of the uranium price occurs, the Bootheel Project LLC will re-evaluate its options with respect to the best path forward to maximize the value of the project.

Wyoming – Juniper Ridge Property

On October 29, 2010, we signed a definitive agreement with Strathmore Resources Ltd. (“Strathmore”), a wholly owned subsidiary of Strathmore Minerals Corp. to acquire the Juniper Ridge uranium property in return for stage cash payments and share issuances totalling US$4,450,000 and 2,750,000, respectively.

Since the signing of the agreement to acquire the Juniper Ridge Property, macroeconomic and world events have exerted significant downward pressure on the global uranium market. While the structure of the definitive agreement was appropriate at the time, it was unworkable under current market conditions. The Company and Strathmore engaged in extensive negotiations to attempt to restructure the agreement but a suitable resolution could not be achieved. As a result of this, management decided to terminate the agreement. Notice of this termination was sent to Strathmore on Friday, November 30, 2012. The Company has since completed the transfer of title to the Juniper Ridge Property back to Strathmore.

ITEM 4A.

UNRESOLVED STAFF COMMENTS

Not applicable

ITEM 5.

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The following discussion for the fiscal years ended April 30, 2014, 2013, and 2012 should be read in conjunction with our audited consolidated financial statements for the referenced periods and the notes thereto. Our consolidated financial statements for the year ended April 30, 2014 have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”) and interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”). The functional currency of the Company and its subsidiaries is the Canadian Dollar and therefore our consolidated financial statements are reported in Canadian dollars.

Overview

The Company is a mineral exploration company engaged in acquiring, exploring and developing mineral properties and its focus is primarily uranium, base and precious metals. The Company does not have any producing mineral properties at this time. The Company’s business is presently focused on the exploration and evaluation of various mineral deposits in North America. The Company’s shares trade on TSX Venture Exchange and the OTCQB.

The Company is currently focusing on exploration and evaluation activities in the province of Newfoundland and Labrador, Canada and the State of Wyoming USA on the following properties:

Central Mineral Belt properties located in Labrador, Canada

The Bootheel Project LLC located in Wyoming, U.S.A.

For fiscal year ended April 30, 2014, the Company reported a net loss of $3,967,283 or $0.60 per common share, compared with a net loss of $11,674,061 or $1.77 per common share for the prior fiscal year. While figures have been prepared using IFRS applicable to a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business as they come due, certain conditions and events cast significant doubt on the validity of this assumption. For the year ended April 30, 2014, the Company reported a loss of $3,967,283 and as at that date had an accumulated deficit of $106,993,193. The Company’s ability to continue as a going concern is dependent upon its ability to obtain additional funding from loans or equity financings or through other arrangements. To raise funds for operations, the Company is pursuing merger and acquisition opportunities, in conjunction with private or institutional financing. However, there can be no assurance that these activities will be successful.

Accounting Standards

The Company’s significant accounting policies are detailed in Note 3 to the accompanying annual audited consolidated financial statements for the year ended April 30, 2014.

The following accounting pronouncements have been made, but are not yet effective for the Company as at April 30, 2014. The Company is currently evaluating the impact of these amended standards on its consolidated financial statements.

In November 2009 and October 2010, the IASB issued IFRS 9, Financial Instruments (“IFRS 9”), which represents the completion of the first part of a three-part project to replace IAS 39, Financial Instruments: Recognition and Measurement, with a new standard. Per the new standard, an entity choosing to measure a liability at fair value will present the portion of the change in its fair value due to changes in the entity’s own credit risk in the other comprehensive income or loss section of the entity’s statement of comprehensive loss, rather than within profit or loss. Additionally, IFRS 9 includes revised guidance related to the derecognition of financial instruments. IFRS 9 applies to financial statements for annual periods beginning on or after January 1, 2018, with early adoption permitted.

Amendments to IAS 32, Financial Instruments: Presentation, are effective for annual periods beginning on or after January 1, 2014. This provides for amendments relating to offsetting financial assets and financial liabilities.

5.A. Operating Results

Results of Operations for the fiscal year ended April 30, 2014 compared to the fiscal year ended April 30, 2013

For the year ended April 30, 2014, the Company reported a net loss of $3,967,283 or $0.60 per common share, compared to a net loss of $11,674,061 or $1.77 per common share for the year ended April 30, 2013.

The Company did not issue any common shares during fiscal 2014 and as such, the weighted average number of common shares is the same as the total number of common shares outstanding as of April 30, 2014. During the year ended April 30, 2014, the Company cancelled 183 common shares due to fractional rounding in connection with a share consolidation on the basis of one post-consolidated share for every ten pre-consolidated common share.

Expenses

Total expenses for the year ended April 30, 2014 were $3,898,339, representing a decrease of $8,014,636 compared to the prior year as a direct result of decreased overall Company activity during fiscal 2014. All administrative expenses for the year ended April 30, 2014 decreased compared to the prior year with the exception of transfer agent and filing fees and are discussed below.

Audit and accounting fees of $22,775 (2013 - $124,087) decreased for the year ended April 30, 2014 compared to the prior year due to the Company incurring additional fees in the prior period in relation to Sarbanes-Oxley (“SOX”) compliance and additional tax filings.

Consulting expense of $Nil (2013 - $308,570), management fees of $142,533 (2013 - $411,368) and wages and salaries of $252,999 (2013 - $705,024) total $395,532 for fiscal 2014 (2013 - $1,424,962) which represents a total decrease of $1,029,430 compared to the prior year as a result of decreased Company activities and personnel providing services to the Company. During the year ended April 30, 2014, a consulting agreement between the

Company and the former Chief Executive Officer and a consulting agreement between the Company and the former Executive Chairman were both terminated.

Director fees of $Nil (2013 - $39,467) decreased by $39,467 compared to the prior year as a result of the Company cancelling its director compensation program in light of financial conditions faced by the Company during the prior year.

During the year ended April 30, 2014, the Company spent a total of $34,225 (2013 - $2,835,066) on exploration and evaluation expenditures, including $560 (2013 - $1,910,312) on exploration of the CMB Project, $33,681 (2013 - $66,619) on the Bootheel Project, $Nil (2013 - $47,265) on the Golden Promise Project, recovered $392 (2013 - $810,870 expense) on the Juniper Ridge Project and $376 on other projects (2013 - $Nil). Exploration and evaluation expenses for the year ended April 30, 2014 primarily related to minimal administrative costs and recoveries to maintain claims and insurance policies on the Bootheel Project. In addition, the Company incurred reclamation costs to reclaim the land on which the Bootheel Project sits. The fiscal 2014 decrease in exploration and evaluation expense of $2,800,841 in exploration and evaluation expenditures compared to the prior year is due to the Company no longer pursuing the CMB, Golden Promise and Juniper Ridge projects as well as decreased activities on the Bootheel Project.

During the year ended April 30, 2014, the Company recorded an impairment of exploration and evaluation assets in the amount of $3,160,618 which relates to the CMB Project. During the year ended April 30, 2013, the Company recorded an impairment of exploration and evaluation assets in the amount of $6,043,241 relating to the Bootheel, Golden Promise and Juniper Ridge projects.

Insurance expense decreased from $51,415 for the year ended April 30, 2013 to $33,036 for the year ended April 30, 2014 as a result of the Company adjusting its insurance policy to reflect corporate changes such as property abandonments and the Company’s stock exchange listings as previously discussed.

Interest expense incurred during the year ended April 30, 2014 in the amount of $1,427 (2013 - $10,402) relates to non-cash accretion of the Company’s future reclamation provisions. The decrease in interest expense of $8,975 is a result of the balance of future reclamation provisions decreasing during the year ended April 30, 2014.

Investor relations expense of $11,122 (2013 - $180,786), legal costs of $8,989 (2013 - $35,950), office and administrative expenses of $87,331 (2013 - $167,188), project development costs of $Nil (2013 - $66,471), rent of $40,632 (2013 - $123,066) and travel expenses of $252 (2013 - $48,547) all decreased compared to the prior year as a direct result of decreased overall Company activities, including fewer marketing initiatives, no new project development and closure of the Company’s office in Colorado during fiscal 2014.

During the year ended April 30, 2014, the Company recorded a recovery of $45,250 related to share-based compensation as a result of forfeitures of unvested stock options during the year. During the year ended April 30, 2013, the Company recorded share-based compensation of $626,364 according to vesting schedules of certain grants issued in 2011 and 2012. This expense (recovery) had no effect on the Company’s cash flows.

Transfer agent and filing fees increased to $124,896 for the year ended April 30, 2014 compared to $109,625 for the prior year as a result of the Company voluntarily delisting its common shares from the NYSE MKT, transitioning from the TSX to the TSX Venture Exchange, changing its name and consolidating its common shares on a 10 for 1 basis during fiscal 2014.

Other Income (Expenses)

Other expenses amounted to $68,944 for the year ended April 30, 2014 compared to other income of $238,914 for the year ended April 30, 2013.

During the year ended April 30, 2014, the Company recorded finance income of $314 compared to $22,158 in the prior year which relates to interest earned on excess cash on hand. The decrease in finance income is attributable to the Company’s decreasing cash and cash equivalents balance. The Company also realized a gain on foreign exchange of $1,097 during fiscal 2014 compared to a gain of $465 during the prior year.

The Company recorded an impairment loss in the amount of $41,852 due to collectability concerns in relation to reclamation bonds for properties that have been abandoned. No such impairment loss was recorded during the prior year.

During the year ended April 30, 2014 the Company recorded an unrealized loss on marketable securities of $28,503 (2013 - $173,005) in relation to fair value adjustments for marketable securities the Company holds.

During the year ended April 30, 2013, the Company recorded a flow through premium in the amount of $428,712 in relation to flow through shares issued in prior years and attributable to the qualified exploration expenditures incurred. The Company also recorded a loss on asset disposition of $39,416 during the year ended April 30, 2013. No such transactions occurred during the year ended April 30, 2014.

Exploration and Evaluation Assets

During the year ended April 30, 2014, the Company did not incur any acquisition costs in relation to exploration and evaluation assets. The Company recorded an impairment loss in the amount of $3,160,618 in relation to the CMB Project, as discussed above.

During the year ended April 30, 2013, the Company acquired exploration and evaluation assets of $224,816 representing the acquisition costs related to the various mineral claims held by the Company.

Working Capital

As at April 30, 2014, the Company had a working capital deficit of $716,619 compared to a working capital of $94,253 as at April 30, 2013. The decrease in working capital of $810,872 was mainly due to increased amounts due to related parties and decreased cash and cash equivalents, fair value of marketable securities, amounts receivable and prepaid expenses.

Results of Operations for the fiscal year ended April 30, 2013 compared to the fiscal year ended April 30, 2012

For the year ended April 30, 2013, the Company reported a net loss of $11,674,061 or $0.18 per common share, compared to a net loss of $11,977,829 or $0.24 per common share for the year ended April 30, 2012.

Expenses

Total expenses for the current year were $5,869,734 or $5,882,200 lower than for fiscal 2012 as a direct result of decreases in exploration and evaluation expense, consulting fees, office and administration expenses, investor relation expenses, director fees, legal expenses, management fees, share-based compensation, travel expenses and transfer agent and filing fees. The decrease in these expenses was partially offset by increases in audit and accounting expenses, project development costs, rent, and wages and salaries.

Audit and accounting expenses increased to $124,087 in fiscal 2013 compared to $93,554 in fiscal 2012 due to additional costs attributable to maintaining the Company’s Sarbanes-Oxley (“SOX”) compliance.

Consulting expense of $308,570 (2012 - $612,972), management fees of $411,368 (2012 - $498,890) and salaries and wages of $705,024 (2012 - $556,467) total $1,424,962 for fiscal 2013 (2012 - $1,668,329) which represents a total decrease of $243,367 from the previous year as a result of decreased Company activities and personnel providing services to the Company.

Exploration and evaluation expenses decreased to $2,835,066 in fiscal 2013 compared to $6,630,464 in fiscal 2012 as a direct result of decreased exploration and evaluation activities on all of the Company’s properties. Exploration and evaluation expenses for fiscal 2013 relate primarily to the CMB Uranium/Vanadium Project and the Juniper Ridge Property.

During fiscal 2013, the Company also recorded an impairment of its exploration and evaluation assets of $6,043,241 related to the Bootheel, Golden Promise and Juniper Ridge projects.

Investor relations expense of $180,786 (2012 - $382,206), legal costs of $35,950 (2012 - $58,692), office and administrative expenses of $167,188 (2012 - $293,315), transfer agent and filing fees of $109,625 (2012 - $178,735) and travel expenses of $48,547 (2012 - $125,089) all decreased compared to fiscal 2012 as a direct result of decreased Company activities and fewer marketing initiatives during fiscal 2013

Project development costs increased to $66,471 in fiscal 2013 (2012 - $Nil) which relate to due diligence performed by the Company for its Letter of Intent with Wealth Minerals Ltd. for prospective uranium properties in Argentina. The Letter of Intent with Wealth Minerals Ltd. was terminated in July 2013.

Share-based compensation expense decreased to $626,364 (2012 - $1,974,611) due to a decrease in recognition of share-based compensation expense according to vesting schedules of certain grants issued in 2011 and 2012. This expense had no effect on the Company’s cash flows.

Other Income (Expenses)

During the year ended April 30, 2013, the Company recorded an unrealized loss on marketable securities of $173,005 compared to a loss of $701,327 for the year ended April 30, 2012. The Company also recorded a loss on the disposition of equipment of $39,416 compared to a gain of $1,898 on the disposition of equipment in fiscal 2012. These other expenses were partially offset by the flow through premium in relation to the flow through shares issued in fiscal 2012 and attributable to the qualified exploration expenditures incurred in fiscal 2013. Finance income decreased in fiscal 2013 by $45,971 which relates to interest earned on excess cash on hand.

Exploration and Evaluation Assets

During the year ended April 30, 2013, the Company acquired exploration and evaluation assets of $224,816 compared to acquisitions of $1,411,455 during the year ended April 30, 2012. During the year ended April 30, 2012, the Company was actively exploring various projects whereas the Company began to reduce its exploration operations during the year ended April 30, 2013 to conserve resources.

Working Capital

As of April 30, 2013, the Company had a working capital surplus of $94,253 compared with $5,466,961 as at April 30, 2012. The decrease of $5,372,708 was mainly due to cash used in operating activities of $4,834,152 and cash used in financing activities of $46,481.

Results of Operations for the fiscal year ended April 30, 2012 compared to the fiscal year ended April 30, 2011

For fiscal year ended April 30, 2012, the Company reported a net loss of $11,977,829 or $0.24 per common share, compared with a net loss of $4,077,470 or $0.10 per common share for the prior fiscal year. The weighted average number of common shares for fiscal 2012 increased to 50,377,698 from 41,193,459 for the previous year. The increase in the average number of shares outstanding was primarily due to share issuances related to the following:

Share issuance in relation to acquisition of exploration and evaluation assets (1,925,627 common shares) in the 2nd, 3rd and 4th quarters of fiscal 2012

Various financings (16,379,400 common shares) completed in the 4th quarter of fiscal 2012

Expenses

Expenses for fiscal 2012 were $11,751,934, approximately 152% higher than in fiscal 2011 due primarily to an increase in exploration and evaluation expense, consulting fees, office and administration expenses, investor relation expenses and wages and salaries expense. The increase in these expenses was partially offset by a reduction in legal expenses. Increases in exploration and evaluation expense, consulting fees and wages and salaries caused an 89% increase in the overall loss, which was partially offset by a decrease from legal expense due to the settlement of a dispute involving the Company.

Exploration and evaluation expense for fiscal 2012 was 650% higher than in 2011 due largely to the drilling programs completed on the CMB Uranium/Vanadium Project, the CMB JV Project, and the Bootheel Project, as well as the Mineral Resource estimate completed on the Juniper Ridge Property and the updated Mineral Resource estimate completed on the Bootheel Project.

Consulting and management fees increased by 184%, as a direct result of increased Company activities, reflecting favorable conditions in the markets.

In addition, investor relations expenditures increased by 143% from fiscal 2011 due to increasing investor and public relations activities.

To fuel the Company’s continuous growth, the Company hired additional field workers which caused wages and salaries to increase by 55% in 2012.

Audit and accounting expenditures increased by 22% compared to fiscal 2011 when additional costs attributable to the transition to IFRS were incurred.

Other Income (Expenses)

Other expense increased in fiscal 2012 by $804,941 to an expense of $225,895 compared with recorded income of $579,046 for fiscal 2011. The Company recorded an unrealized loss on marketable securities of $701,327 compared to a gain of $501,961 for the previous year. This loss was partially offset by the flow through premium in relation to the flow through shares issued in fiscal 2012. The Company also realized a gain of $1,898 from the sale of capital assets in the fiscal 2012 compared to a loss of $110,291 in fiscal 2011.

Exploration and Evaluation Assets

During fiscal 2012, the Company acquired exploration and evaluation assets of $1,411,455 compared to $474,183 for fiscal 2011, representing the acquisition costs related to the various mineral claims held by the Company.

Working Capital

Working capital was $5,466,961 as at April 30, 2012 compared with $10,815,170 as at April 30, 2011. The decrease of $5,348,209 was mainly due to cash used in operating activities of $9,649,032, which was then partially offset by financing activities of the Company during fiscal 2012.

5.B. Liquidity and Capital Resources

Liquidity – April 30, 2014, April 30, 2013 and April 30, 2012

As of April 30, 2014, the Company had cash and cash equivalents of $78,541 (April 30, 2013 - $596,450; April 30, 2012 - $5,446,298) and a working capital deficit of $716,619 (April 30, 2013 – working capital of $94,253, April 30, 2012 – working capital of $5,466,961). Both the Company’s cash and cash equivalents balance and working capital have decreased significantly since fiscal 2012. During the year ended April 30, 2012, the Company raised $6.5 million net proceeds from the sale of its common shares; and the funds raised were used to support exploration programs and general and administrative costs to date.

For the year ended April 30, 2014, cash used in operating activities amounted to $502,716 (2013 - $4,834,152; 2012 - $9,649,032). The decrease in the cash used in operating activities for the past three years is reflective of decreased overall exploration activities as well as administrative costs.

Cash used in investing activities for the year ended April 30, 2014 amounted to $15,193 (2013 - $30,785 provided by investing activities; 2012 - $1,378,856 used in investing activities). Investing activities for the year ended April 30, 2014 consisted of reclamation costs on the Bootheel Property, net of proceeds from the sale of marketable securities. Investing activities for the year ended April 30, 2013 consisted of reclamation bonds returned to the Company, proceeds from the sale of equipment, net of exploration and evaluation asset acquisitions and equipment acquisitions. Investing activities for the year ended April 30, 2012 consisted of acquisitions of exploration and evaluation assets, marketable securities, reclamation bonds and other exploration related payments, net of proceeds from the sale of equipment.

The Company did not incur any cash flows from financial activities during the year ended April 30, 2014 (2013 - $46,481 used in financing activities; 2012 – $6,542,601 provided by financing activities). Investing activities for the year ended April 30, 2013 consisted of share issue costs paid in relation to the previous year’s financing. During the year ended April 30, 2012, the Company raised $6,542,601 net proceeds from the sale of its common shares.

Capital Resources

At present the Company has no producing properties and consequently has no current operating income or cash flows. Without additional financing the Company will not be able to fund both its exploration programs and ongoing operations for the next 12 months. The Company intends to finance its future requirements through a combination of debt and/or equity issuance. There is no assurance that the Company will be able to obtain such financings or obtain them on favorable terms. To date, the Company’s operations, exploration and development activities have been almost entirely financed from equity financings. The Company will continue to identify financing opportunities in order to provide additional financial flexibility and to continue the development of its property portfolio, meet land claim expenditure requirements and other commitments. While the Company has been successful raising the necessary funds in the past, there can be no assurance it can do so in the future. The Company currently does not have any material commitments for capital expenditures.

The Company currently is not subject to externally imposed capital requirements.

Financial Instruments

The Company’s financial assets and liabilities are recorded and measured as follows:

Asset or Liability	Category	Measurement
Cash and cash equivalents	Fair value through profit or loss	Fair value
Marketable securities	Fair value through profit or loss	Fair value
Receivables	Loans and receivables	Amortized cost
Reclamation bonds	Held to maturity	Amortized cost
Payables and accrued liabilities	Other liabilities	Amortized cost
Due to related parties	Other liabilities	Amortized cost

The fair value of the Company’s receivables, payables and accrued liabilities, and amounts due to related parties approximate carrying value, due to their short-term nature. The Company’s cash and cash equivalents and marketable securities are measured at fair value under the fair value hierarchy based on level one quoted prices in active markets for identical assets or liabilities. The Company’s other financial instruments, being reclamation bonds, are measured at amortized cost.

The Company’s financial instruments are exposed to certain financial risks, including currency risk, credit risk, liquidity risk, interest rate risk and price risk.

Credit risk

Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations.

The Company is subject to credit risk on its cash and cash equivalents, and receivables. The Company limits its exposure to credit loss by placing its cash and cash equivalents with major financial institutions. The Company has no investments in asset-backed commercial paper. The Company’s receivables consist mainly of Goods and Services Tax receivable due from the Government of Canada. The Company does not believe it is exposed to significant credit risk.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due.

The Company manages liquidity risk through its capital management as outlined in the notes to the accompanying consolidated financial statements. The Company will require additional equity financing to meet its administrative overhead costs and further exploration activities on its exploration and evaluation assets in fiscal 2015.

Market Risk

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, commodity and equity prices, and foreign exchange rates.

(a) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

The risk that the Company will realize a loss as a result of a decline in the fair value of any short-term investments included in cash and cash equivalents is minimal because these investments generally have a fixed yield rate.

(b) Price risk

The Company is exposed to price risk with respect to commodity prices, particularly uranium, and equity prices, since the Company possesses investments in publicly traded securities. The Company closely monitors those prices to determine the appropriate course of action to be taken by the Company. However, there can be no assurance that the Company can exit these positions if required, resulting in proceeds approximating the carrying value of these securities.

The Company’s expenditures are predominantly in Canadian dollars, and any future equity raised is expected to be predominantly in Canadian dollars. As at April 30, 2014, the Company has accounts payable denominated in US dollars of US$57,654, cash of US$1,321 and reclamation bonds of US$25,800. A 10% change in the Canadian dollar versus the US dollar would give rise to a gain/loss of approximately $3,346.

Material Commitments

As of the most recent fiscal year end, the Company does not have any material outstanding commitments.

5.C. Research and Development, Patents and Licenses, etc.

We are a mineral exploration company and do not engage in conventional research and development. We have not incurred research and development expenses or adopted research on development policies within the last three fiscal years.

5.D. Trend Information

We are a mineral exploration company. Consequently, we have no production, sales, or inventory in the conventional sense. Our financial success will be dependent upon the extent to which we can discover mineralization and the economic viability of developing such properties. Such development, if initiated, may take years to complete and the amount of resulting income, if any, is difficult to determine with any certainty. We have no mineral reserves and to date have not produced any revenues. The sales value of any mineralization discovered by us is largely dependent upon factors beyond our control such as the market value of the metals produced.

Other than as disclosed herein, we are not aware of any trends, uncertainties, demands, commitments or events which are reasonably likely to have a material effect upon our net sales or revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition.

The major factors that caused significant variations in net loss were the recording of share-based payments expense for stock option vesting and impairment of exploration and evaluation assets based on a periodic review of such assets, both of which have no identifiable trend.

5.E. Off-Balance Sheet Arrangements

Not applicable

5.F. Tabular Disclosure of Contractual Obligations

Payments due by period

Contractual Obligations

Total

Less than

1 year

1-3 years

3-5 years

more than

5 years

Operating Lease Obligation

Total

ITEM 6.

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

6.A. Directors and Senior Management

Name	Age	Position
Mark J. Morabito 4	48	Executive Chairman
C. Stewart Wallis 1 2 3	70	Director
Jay Sujir1 2 3	56	Director
Chris Collingwood 5	67	Director
Derrick (Rick) Gill 5	68	Director
Sam Yik 6	49	Chief Financial Officer
Mark Ludwig 7	58	Chief Executive Officer and President
Chris Healey 8	67	Director
Jim Crawford 9	53	Chief Executive Officer, President and Director
Kate-Lynn Genzel 10	27	Chief Financial Officer
Mark Lotz 11	50	Director

1 Member of Audit Committee.

2 Member of Compensation Committee.

3 Member of Corporate Governance Committee.

4 Mr. Morabito resigned as Executive Chairman and was not re-elected as a Director, on August 29, 2013.

5 Messrs. Collingwood and Gill were not re-elected as Directors on August 29, 2013.

6 Mr. Yik resigned as CFO on January 13, 2014.

7 Mr. Ludwig resigned as President & CEO on June 7, 2013.

8 Mr. Healey resigned as a Director on March 31, 2014.

9 Mr. Crawford was appointed President & CEO on June 7, 2013 and was elected as a Director on August 29, 2013..

10 Ms. Genzel was appointed CFO on January 13, 2014.

11 Mr. Lotz was appointed a Director on April 1, 2014.

We are an exploration stage junior exploration company. Our needs will be dependent upon our level of exploration programs and financial condition. From 2006 to 2009, we entered into employment agreements with our senior officers and all of our full-time employees. In August 2009, we began entering into consulting agreements with our senior management and currently have no employment agreements in effect with senior management or full-time employees. See Item 6.B. Compensation – Compensation of Executive Officers and Directors – Employment and Consulting Agreements for a description of the current consulting agreements with senior management. On January 1, 2010, we entered into a management services agreement with King & Bay West under which King & Bay West provides shared office, administration and payroll services to the Company and as of January 1, 2010, we do not employ any staff full-time. On October 1, 2010, we entered into a revised management services agreement. See Item 7.B – Related Party Transactions and Exhibit 4.9 for a description of this agreement.

Set forth below are brief descriptions of recent employment and business experience of our directors and senior management.

Mark J. Morabito was been our Executive Chairman from March 1, 2010 until August 29, 2013. Mr. Morabito served as our Non-Executive Chairman from December 18, 2009 until his appointment as Executive Chairman on March 1, 2010. He was also Chief Executive Officer from February 2003 until March 1, 2010 when Stewart Wallis was appointed to that position, and has been a Director since November of 1998. Mr. Morabito also served as our President from February 2003 until February 18, 2008, when Paul Hosford was appointed to that position. Mr. Morabito was re-appointed as President on October 21, 2008 following Mr. Hosford’s resignation from that position. On March 31, 2009, Mr. Morabito ceased to be our President, when Stewart Wallis was appointed to that position in addition to being appointed Chief Executive Officer in 2010.

Until the time of his resignation as Executive Chairman on August 29, 2013, Mr. Morabito devoted approximately 30% of his time during a typical work week to our business. Mr. Morabito serves on the board of directors of Excelsior Mining Corp. and Alderon Iron Ore Corp. He is also the Executive Chairman of Alderon Iron Ore Corp and the Executive Chairman of Excelsior Mining Corp. Mr. Morabito graduated from Simon Fraser University in Vancouver, British Columbia with a B.A. in 1990 and completed his J.D. at the University of Western Ontario in London, Ontario in 1993. Mr. Morabito resigned as Executive Chairman and was not re-elected as a Director, on August 29, 2013.

C. Stewart Wallis, P.Geo., was a member of our Board of Directors from June 2003 until July 27, 2008. Mr. Wallis was re-appointed to our Board of Directors and was appointed President of the Company on March 31, 2009. On March 1, 2010 Mr. Wallis was appointed as our CEO. Mr. Wallis resigned as President and CEO of the Company on April 30, 2012. Up to the time of his resignation as President and CEO of the Company, Mr. Wallis devoted substantially all of his time during a typical work week to our business. Mr. Wallis is the President of Sundance Geological Ltd., a private entity owned and controlled by him, which provides geological services, including evaluations and prefeasibility studies, for individuals and mining companies based throughout the world. Mr. Wallis also serves on the boards of directors of Logan Resources Ltd. and SG Spirit Gold Inc. He received his Bachelor of Science Degree in Geology from McMaster University, located in Hamilton, Ontario. He is a member of the Association of Professional Engineers and Geoscientists of British Columbia. Mr. Wallis continues to be a Director of the Company.

Jay Sujir has been a member of our Board of Directors since February 2003 and was appointed Non-Executive Chairman on August 29, 2013. Mr. Sujir is currently the Chairman of the Board of Directors of Sunward Resources Ltd. Mr. Sujir also serves on the boards of directors of Cannon Point Resources Ltd., Carlin Gold Corporation, Excelsior Mining Corp., NEMI Northern Energy & Mining Inc., Red Eagle Mining Corporation, Rio Silver Inc., Roughrider Exploration Limited, Slater Mining Corporation and Uracan Resources Ltd. Mr. Sujir is a securities and natural resource lawyer who has experience with advising and assisting public companies. He obtained his B.A. from the University of Victoria, in Victoria, British Columbia, in 1981 and obtained his LL.B. from the University of Victoria in 1985. He has been a lawyer in the law firm of Anfield Sujir Kennedy & Durno LLP and its predecessor firm since August 1986 and has been a partner of that firm since 1991.

Chris Collingwood served as a Director from October 2007 until August 29, 2013. Mr. Collingwood received his BComm. from Memorial University of Newfoundland in 1970. Mr. Collingwood is the Chairman and CEO of Baine Johnston Corp., a privately held Newfoundland firm active in commercial and industrial real estate, Retail operations and Marine Activities, also having investments in a number of other Newfoundland companies. Mr. Collingwood has previously served on the Audit Committee of Barclay's Bank of Canada, is a past Public Director of the Investment Dealers Association and serves on the Audit Committee of the Newfoundland & Labrador Center for Health Information. Mr. Collingwood was not re-elected as a Director at our Annual General Meeting on August 29, 2013.

Derrick (Rick) Gill served as a Director from May 2008 until August 29, 2013. Mr. Gill has more than 30 years’ experience as an executive and director of public and private companies operating throughout North and South America. Mr. Gill is a principal consultant and director of Strategic Concepts Inc. (“SCI”), which provides strategic planning, financial modeling and business development services to numerous resource companies. Mr. Gill co-founded SCI in 1990. He also serves on the board of directors of Brigus Gold Corp. Mr. Gill received his BComm. in Accounting from Memorial University of Newfoundland in 1969. Mr. Gill was not re-elected as a Director at our Annual General Meeting on August 29, 2013.

Sam Yik was appointed our Chief Financial Officer (“CFO”) on December 1, 2011. Mr. Yik has over 20 years’ experience in financial management of public companies, including numerous energy and resource companies. Prior to joining the Company, Mr. Yik was the Chief Financial Officer of Kobex Minerals Inc. from November, 2007 to November 2011, the Vice President, Corporate Finance & Investor Relations of GBS Gold International Inc. from August 2006 to October 2007, the Vice President, Corporate Development and Commercial Operations of Pine Valley Mining Corp. from March 2005 to July 2006, and a Commercial Manager with Methanex Corp. from 1994 to March 2005. Mr. Yik received his Chartered Accountant (CA) designation in March 1992 and is a member of the Institute of Chartered Accountants of British Columbia. Mr. Yik received his Bachelor of Commerce from the University of British Columbia in May 1989. Mr. Yik resigned as our Chief Financial Officer on January 13, 2014.

Mark Ludwig was appointed Chief Executive Officer and President of the Company on April 30, 2012. Prior to his appointment as Chief Executive Officer and President, Mr. Ludwig served as our Vice President and Chief Operating Officer (U.S.) from August 8, 2011 to April 30, 2012. Mr. Ludwig devoted substantially all of his time during a typical work week to our business. Prior to joining the Company, Mr. Ludwig was the Vice President of Operations of Neutron Energy. From 2005 to 2008 Mr. Ludwig was employed by Hecla Mining Company as a Senior Mining Engineer/Project Manager and later as Manager of Corporate Development. From 1984 until 2005 he worked in various positions with BHP Billiton including as a Senior Project and Mining Engineer. Mr. Ludwig earned a Mining Engineering degree from the Colorado School of Mines and an MBA from Regis University. Mr. Ludwig resigned as Chief Executive Officer and President on June 7, 2013.

Chris Healey joined our Board of Directors on April 25, 2012. Mr. Healey is a licensed professional geologist in British Columbia, Saskatchewan and Wyoming with over 40 years’ experience in the natural resources industry, with particular emphasis on uranium exploration and extraction. He has held senior positions with Cameco Corporation, the world's largest uranium producer, where he served for over 20 years and managed its US operations. Mr. Healey has both broad and deep experience in all aspects of resource mining, especially in the uranium sector with hand-on experience at a producing in-situ operation. He has also worked on uranium projects around the world, including Canada, the United States, Paraguay, Kazakhstan, Mongolia, Australia and Malawi. Until February 29, 2012, he was President and CEO of Titan Uranium Corp. He was appointed President and CEO of Galaxy Graphite Corp. (formerly Galaxy Capital Corp.) on March 1, 2012. Mr. Healey graduated with a Bachelor of Science degree in Geology from the University of Wales, Swansea in 1968. He also served as the national president of the Geological Society of Canadian Institute of Mining, Metallurgy and Petroleum. Mr. Healey is also a Director of Galaxy Graphite Corp, Carmax Mining Corp and Ansell Capital Corp. Mr. Healey resigned as a Director on March 31, 2014.

Jim Crawford was appointed President and Chief Executive Officer of the Company on June 7, 2013 and was elected as a Director of the Company on August 29, 2013. He has also served as our Vice President, Corporate Development since September 2012. Mr. Crawford devotes 50% of his time during a typical work week to our business. Mr. Crawford has over 15 years’ experience in international mineral exploration and prior to joining the Company, he held a number of corporate and field-based positions including Manager, Investor Relations for Peregrine Diamonds; Field Manager for Kennecott Canada Exploration’s Western Canadian Coal Project; and Senior Mineralogist for Golden Star Resources in their Georgetown, Guyana office. Mr. Crawford holds an MBA in finance from Pepperdine University and an M.Sc. in geology from Queen’s University.

Kate-Lynn Genzel was appointed our Chief Financial Officer on January 13, 2014. Ms. Genzel began her career at a mid-sized accounting firm where she provided accounting, audit, tax and advisory services to both public and private entities, focussing on junior resource companies publically listed in Canada and the United States. Ms. Genzel is also the Chief Financial Officer of SG Spirit Gold Inc. Ms. Genzel received her Chartered Accountant (CA) designation in November 2012 and is a member of the Institute of Chartered Accountants of British Columbia. Ms. Genzel received her Bachelor of Commerce (Honours) degree from the Sauder School of Business at the University of British Columbia in May 2010.

Mark Lotz joined our Board of Directors on April 1, 2014. Mr. Lotz is a Chartered Accountant with 18 years of experience primarily in the minerals industry and related securities businesses. He has held CFO positions with several well-known mining and exploration companies including African Queen Mines, Sacre-Coeur Minerals, Ltd., and Prophecy Resources Corp. He has also served as a senior executive officer for two Vancouver based securities firms and a financial compliance officer for the Vancouver Stock Exchange, the predecessor to the TSX Venture Exchange. Mr. Lotz received his Chartered Accountant (CA) designation in September 1994 and is a member of the Institute of Chartered Accountants of British Columbia. Mr. Lotz received his Bachelor of Business Administration from Simon Fraser University in June 1989.

There are no family relationships between any of the Directors or senior management. There are no arrangements or understandings with major shareholders, customers, suppliers or others, pursuant to which any person referred to above was selected as a Director or member of senior management.

6.B. Compensation

Compensation of Executive Officers and Directors

The following table sets out the compensation information for the fiscal year ended April 30, 2014, for our directors and executive officers.

Compensation of Executive Officers/Directors in Fiscal 2014

Name and Principal Position	Fiscal Year	Annual Compensation
		Salary ($)	Bonus ($)	Other Annual Compensation ($)
		Salary ($)	Bonus ($)	Other Annual Compensation ($)	Securities Under Options Granted (#)	Option Exercise Price	Option Expiration Date
Mark J. Morabito 1 Executive Chairman and Director	2014	--	--	$100,000	--	--	--
Stewart Wallis Director	2013	--	--	--	--	--	--
Jay Sujir Director	2013	--	--	--	--	--	--
Chris Collingwood 2 Director	2014	--	--	--	--	--	--
Derrick Gill 3 Director	2013	--	--	--	--	--	--
Samuel Yik 4 Chief Financial Officer	2014	--	--	--	--	--	--
Mark Ludwig 5 Chief Executive Officer & President	2014	--	--	US$15,000	--	--	--
Chris Healey 6 Director	2014	--	--	--	--	--	--
Jim Crawford 7 Chief Executive Officer, President and Director	2014	--	--	--	--	--	--
Kate-Lynn Genzel 8 Chief Financial Officer	2014	--	--	--	--	--	--
Mark Lotz 9 Director	2014	--	--	--	--	--	--

1	Mr. Morabito was appointed Executive Chairman on March 1, 2010 and ceased to be Executive Chairman on August 29, 2013.

2	Mr. Collingwood ceased to be a director on August 29, 2013.

3	Mr. Gill ceased to be a director on August 29, 2013.

4	Mr. Yik ceased to be Chief Financial Officer on January 13, 2014.

5	Mr. Ludwig ceased to be Chief Executive Officer and President on June 7, 2013.

6	Mr. Healey ceased to be a director on March 31, 2014.

7	Mr. Crawford was appointed Chief Executive Officer and President on June 7, 2013 and elected a Director on August 29, 2013.

8	Ms. Genzel was appointed Chief Financial Officer on January 13, 2014.

9	Mr. Lotz was appointed a director on April 1, 2014.

Director Compensation

From May 1, 2011 until April 30, 2013, the Company had a formal director compensation program under which non-executive directors of the Company received an annual board retainer of $20,000 and a fee of $1,500 for each Board meeting attended, the Chair of the Audit Committee received an annual fee of $6,000 and each of the Chairs of the Compensation and other Committees of the Board received an annual fee of $2,500. Each of the aforementioned fees was paid quarterly. In light of financial conditions faced by the Company, the Company cancelled its director compensation program for fiscal 2014.

Directors are also entitled to reimbursement for reasonable travel and other out-of-pocket expenses incurred in connection with attendance at meetings of the Board of Directors. The Board of Directors may award special remuneration to any director undertaking any special services on our behalf other than services ordinarily required of a director. Directors are also eligible to receive options to purchase Common Shares pursuant to the terms of the Company’s Stock Option Plan.

Employment and Consulting Agreements

On March 1, 2011, the Company entered into a consulting agreement with MJM Consulting (“MJM”) and Mark J. Morabito (“Morabito”) (the “2011 MJM Consulting Agreement”). Under the terms of the 2011 MJM Consulting Agreement, MJM provided the services of Morabito to act as Executive Chairman of the Company and to provide such general management consulting services as the Company may require from time to time. Under the terms of the 2011 MJM Consulting Agreement, MJM received a monthly fee of $12,500 plus applicable taxes and was eligible to receive an annual cash bonus in an amount to be determined at the discretion of the Board of Directors. In the event of termination of the 2011 MJM Consulting Agreement, MJM was entitled to receive a lump sum payment equivalent to 12 months’ fees. In the event of a change of control, MJM was entitled to receive the equivalent of 36 months’ fees. On September 1, 2011, the Company entered into an Assignment Agreement with MJM as Assignor, MJM Consulting Corp. as Assignee and Morabito pursuant to which MJM assigned, transferred and set over to MJM Consulting Corp. all of the Assignor’s rights, interests, benefits, duties and obligations in and relating to the 2011 MJM Consulting Agreement. The MJM Consulting Agreement was terminated on December 31, 2013.

On July 12, 2011, the Company entered into a consulting agreement with Ludwig and Associates LLC (“L&A”) and Mark Ludwig (“Ludwig”) (the ‘L&A Consulting Agreement”) pursuant to which L&A provided the personal services of Ludwig to act as Vice President and Chief Operating Officer (U.S.) and of a mining, engineering, business and management consultant of the Company. Under the terms of the L&A Consulting Agreement, L&A received a monthly fee of US$16,666 and was eligible to receive an annual cash bonus in the amount of US$70,000, payable at the discretion of the Board of Directors based on the performance of L&A and the overall performance of the Company. In addition L&A received a monthly lump sum cash payment of US$1,666 in lieu of medical benefits. In addition, as consideration for L&A and Ludwig entering into the L&A Consulting Agreement, L&A received a lump sum payment of US$25,000. In the event of termination of the L&A Consulting Agreement, L&A was entitled to receive a lump sum payment equivalent to three (3) months’ fees and benefits. On April 23, 2012, in anticipation of Ludwig being appointed as Chief Executive Officer and President of the Company, the parties to the L&A Consulting Agreement entered into an amendment to consulting agreement (the “Amending Agreement”) pursuant to which the fee was amended to US$20,833.33 per month. All other terms of the L&A Consulting Agreement remained in full force and effect. Upon the resignation of Mr. Ludwig on June 7, 2013, the L&A Consulting Agreement was terminated.

Post-Employment Compensation

No funds were set aside or accrued by us during Fiscal 2014 to provide pension, retirement or similar benefits for Directors, Executive Officers or Senior Management.

Other than as described above, we do not have any plans or arrangements in respect of remuneration received or that may be received by our executive officers to compensate such officers in the event of termination of

employment (as a result of resignation, retirement, change of control) or a change of responsibilities following a change of control, where the value of such compensation would exceed US$60,000 per person.

6.C. Board Practices

The Board of Directors presently consists of four directors, three of whom were elected at our annual general meeting of shareholders held on August 29, 2013 and one of whom was appointed a Director on April 1, 2014. The directors have served in their respective capacities since their election and/or appointment and will serve until the next annual general meeting or until a successor is duly elected, unless the office is vacated in accordance with our Articles. The Board of Directors appoints senior management who serve at the discretion of the Board of Directors.

The following table indicates the date on which each of our directors was appointed a director of our company:

Name of Director	Director since
Stewart Wallis1	March 31, 2009
Jay Sujir	February 19, 2003
Jim Crawford	August 29, 2013
Mark Lotz	April 1, 2014

Mr. Wallis served as a director from June 19, 2003 to July 29, 2008. He was re-appointed as a director on March 31, 2009.

There are no service contracts with the Directors providing for benefits upon termination of employment.

Board of Director Committees

Audit Committee

We have an Audit Committee, which recommends to the Board of Directors the engagement of our independent auditors and reviews with the independent auditors the scope and results of our audits, our internal accounting controls, and the professional services furnished to us by our independent auditors. The following disclosure is required pursuant to National Instrument 52-110 (“NI 52-110”) adopted by the Canadian Securities Administrators.

The Audit Committee's Charter

Following is a copy of the charter of our audit committee:

Purpose

The Audit Committee (the “Committee”) is a committee of and appointed by the Board of Directors (the “Board”) of Jet Metal Corp. (the “Corporation”) to assist the Board in fulfilling its oversight responsibilities relating to financial accounting and reporting process and internal controls for the Corporation. The Committee’s primary duties and responsibilities are to:

conduct such reviews and discussions with management and the external auditors relating to the audit and financial reporting as are deemed appropriate by the Committee;

assess the integrity of internal controls and financial reporting procedures of the Corporation and ensure implementation of such controls and procedures;

ensure that there is an appropriate standard of corporate conduct including, if necessary, adopting a corporate code of ethics for senior financial personnel;

review the quarterly and annual financial statements and management’s discussion and analysis of the Corporation’s financial position and operating results and report thereon to the Board for approval of same;

select and monitor the independence and performance of the Corporation’s external auditors, including attending at private meetings with the external auditors and reviewing and approving all renewals or dismissals of the external auditors and their remuneration;

establish procedures for the receipt of complaints and submissions relating to accounting matters;

except as set forth below, pre-approve all audit and non-audit services provided by the Corporation’s external auditors; and

provide oversight to related party transactions entered into by the Corporation.

The Committee has the authority to conduct or authorize any investigation appropriate to its responsibilities, and it may request the external auditors, as well as any officer of the Corporation, or outside counsel for the Corporation, to attend a meeting of the Committee or to meet with any members of, or advisors to, the Committee to provide pertinent information as necessary. The Committee shall have unrestricted access to the books and records of the Corporation and has the authority to retain, at the expense of the Corporation, special legal, accounting, or other consultants or experts to assist in the performance of the Committee’s duties.

The Committee shall review and assess the adequacy of this Charter annually and submit any proposed revisions to the Board for approval.

In fulfilling its responsibilities, the Committee will carry out the specific duties set out in Part IV of this Charter.

Authority of the Audit Committee

The Committee shall have the authority to:

(a) engage independent counsel and other advisors as it determines necessary to carry out its duties;

(b) set and pay the compensation for advisors employed by the Committee;

Composition and Meetings

The Committee and its membership shall meet all applicable legal, regulatory and listing requirements, including, without limitation, those of the British Columbia Securities Commission, the TSX Venture Exchange, the U.S. Securities and Exchange Commission, OTCQB, the Business Corporations Act (British Columbia) and all applicable securities regulatory authorities.

The Committee shall be composed of three or more directors as shall be designated by the Board from time to time. The members of the Committee shall appoint from among themselves a member who shall serve as Chair.

Each member of the Committee shall be “independent” and “financially literate”, for the purposes of Multilateral Instrument 52-110 (“MI 52-110”), as it may be amended from time to time. MI 52-110 currently provides that a member is independent if the member has no direct or independent material relationship with the Corporation. A “material” relationship is one which could, in the view of the Board, be reasonably expected to interfere with the exercise of a member’s judgment. There are certain relationships that are, however, deemed to be “material” under MI 52-110. In assessing a proposed nominee to the Committee, the Board shall refer to MI 52-110 and any other requirements or guidelines under applicable securities laws and any stock exchanges on which the Corporation’s securities are listed.

The Committee shall meet at least quarterly, at the discretion of the Chair or a majority of its members, as circumstances dictate or as may be required by applicable legal or listing requirements. A minimum of two and at least 50% of the members of the Committee present either in person or by telephone shall constitute a quorum.

If within one hour of the time appointed for a meeting of the Committee, a quorum is not present, the meeting shall stand adjourned to the same hour on the next business day following the date of such meeting at the same place. If at the adjourned meeting a quorum as hereinbefore specified is

not present within one hour of the time appointed for such adjourned meeting, such meeting shall stand adjourned to the same hour on the second business day following the date of such meeting at the same place. If at the second adjourned meeting a quorum as hereinbefore specified is not present, the quorum for the adjourned meeting shall consist of the members then present.

If and whenever a vacancy shall exist, the remaining members of the Committee may exercise all of its powers and responsibilities so long as a quorum remains in office.

The time and place at which meetings of the Committee shall be held, and procedures at such meetings, shall be determined from time to time by, the Committee. A meeting of the Committee may be called by letter, telephone, facsimile, email or other communication equipment, by giving at least 48 hours notice, provided that no notice of a meeting shall be necessary if all of the members are present either in person or by means of conference telephone or if those absent have waived notice or otherwise signified their consent to the holding of such meeting.

Any member of the Committee may participate in the meeting of the Committee by means of conference telephone or other communication equipment, and the member participating in a meeting pursuant to this paragraph shall be deemed, for purposes hereof, to be present in person at the meeting.

The Committee shall keep minutes of its meetings which shall be submitted to the Board. The Committee may, from time to time, appoint any person who need not be a member, to act as a secretary at any meeting.

10.

The Committee may invite such officers, directors and employees of the Corporation and its subsidiaries as the Committee may see fit, from time to time, to attend at meetings of the Committee.

11.

Any matters to be determined by the Committee shall be decided by a majority of votes cast at a meeting of the Committee called for such purpose. Actions of the Committee may be taken by an instrument or instruments in writing signed by all of the members of the Committee, and such actions shall be effective as though they had been decided by a majority of votes cast at a meeting of the Committee called for such purpose. All decisions or recommendations of the Committee shall require the approval of the Board prior to implementation.

The Committee members will be elected annually at the first meeting of the Board following the annual general meeting of shareholders.

Responsibilities

Financial Accounting and Reporting Process and Internal Controls

The Committee shall review the annual audited financial statements and interim financial statements of the Corporation to satisfy itself that they are presented in accordance with applicable generally accepted accounting principles (“IFRS” as required) and report thereon to the Board and recommend to the Board whether or not same should be approved prior to their being filed with the appropriate regulatory authorities. The Committee shall also review the interim financial statements of the Corporation. With respect to the annual audited financial statements, the Committee shall discuss significant issues regarding accounting policies, principles, practices, estimates, reserves and judgments of management with management and the external auditors, as and when the Committee deems it appropriate to do so, and shall satisfy itself that the annual audited financial statements are accurate, complete and represent fairly the Corporation’s financial position and performance and that the audit function has been effectively carried out. If desirable, the Committee may engage the Corporation’s external auditors to carry out a review of the interim financial statements.

The Committee shall review management’s discussion and analysis relating to the Corporation’s annual and interim financial statements (“MD&A”) MD&A and any other public disclosure documents, including annual and interim earnings press releases, required to be reviewed by the

Committee under any applicable laws before the Corporation publicly discloses this information or files this information with securities regulatory authorities.

The Committee shall be satisfied that adequate procedures are in place for the review of the Corporation’s public disclosure of financial information extracted or derived from the Corporation’s annual and interim financial statements, MD&A and annual and interim earnings press releases, and periodically assess the adequacy of these procedures.

The Committee shall review the annual budget.

The Committee shall review any internal control reports prepared by management and the evaluation of such reports by the external auditors, together with management’s response.

The Committee shall evaluate whether management is setting the appropriate “control culture” by communicating the importance of internal control and the management of risk and ensuring that all employees have an understanding of their roles and responsibilities.

The Committee shall consider how management is held to account for security of computer systems and applications, and the contingency plans for processing financial information in the event of a systems breakdown.

The Committee shall review, in consultation with the external auditors, the integrity of the Corporation’s financial reporting processes, both internal and external.

The Committee shall consider the external auditors’ judgments about the quality and appropriateness, not just the acceptability, of the Corporation’s accounting principles and financial disclosure practices, as applied in its financial reporting, particularly about the degree of aggressiveness or conservatism of its accounting principles and underlying estimates and whether those principles are common practices or are minority practices.

10.

The Committee shall meet no less frequently than annually with the external auditors and the Chief Financial Officer or, in the absence of a Chief Financial Officer, with the officer of the Corporation in charge of financial matters, to review accounting practices, internal controls and such other matters as the Committee, Chief Financial Officer or, in the absence of a Chief Financial Officer, the officer of the Corporation in charge of financial matters, deem appropriate.

11.

The Committee shall consider and approve, if appropriate, major changes to the Corporation’s accounting principles and practices as suggested by management with the concurrence of the external auditor and ensure that the management’s reasoning is described in determining the appropriateness of changes in accounting principles and disclosure.

12.

The Committee shall inquire of management and the external auditors about significant risks or exposures, both internal and external, to which the Corporation may be subject and assess the steps management has taken to minimize such risks, including by obtaining the external auditors’ opinion of how effectively such risks are being managed or controlled.

13.

The Committee shall review the post-audit or management letter containing the recommendations of the external auditors and management’s response and subsequent follow-up to any identified weaknesses.

14.

The Committee shall provide oversight to related party transactions entered into by the Corporation.

15.

The Committee shall review policies and procedures with respect to officers’ expense accounts and management perquisites and benefits, including their expenditures related to executive travel and entertainment, and review the results of the procedures performed in these areas by the external auditor, based on terms of reference agreed upon by the external auditor and the Committee.

Independent Auditors

The Committee shall recommend to the Board the external auditors to be nominated, for the purpose of preparing or issuing an auditor’s report or performing other audit, review or attest services for the Corporation, and the compensation of the external auditors.

The Committee shall instruct the external auditors to report directly to the Committee and ensure that significant findings and recommendations made by the external auditors are received and discussed by the Committee on a timely basis.

The Committee shall be directly responsible for overseeing the work of the external auditors, including the resolution of disagreements between management and the external auditors regarding financial reporting, and shall review the performance of the external auditors and approve any proposed discharge of the external auditors when circumstances warrant.

The Committee shall periodically consult the external auditors out of the presence of management about any matters that the Committee or the external auditors believes should be discussed privately, including, without limitation, significant risks or exposures, internal controls and other steps that management has taken to control such risks, and the fullness and accuracy of the Corporation’s financial statements. Particular emphasis should be given to the adequacy of internal controls to expose any payments, transactions or procedures that might be deemed illegal or otherwise improper.

Except as otherwise indicated in this Charter, the Committee shall pre-approve all audit and non-audit services not prohibited by Canadian securities laws and regulations to be provided by the external auditors and delegate, if desirable, to one or more of its members the authority to pre-approve any such audit or permitted non-audit services, provided that any such pre-approval is presented to the Committee at its next scheduled meeting following the pre-approval.

The Committee shall monitor and assess the relationship between management and the external auditors, including reviewing any management letters or other reports of the external auditors and discussing and resolving any material differences of opinion between management and the external auditors.

The Committee shall monitor, review, confirm and discuss with the external auditors, on an annual basis, all significant relationships the external auditors have with the Corporation and the range of services provided to determine the independence and objectivity of the external auditors.

Prior to the audit, the Committee shall review the external auditors’ audit plan, including the scope, procedures, timing and staffing of the audit, and the Committee may authorize the external auditors to perform supplemental reviews or audits as the Committee may deem desirable.

The Committee shall review with the external auditors the results of the annual audit and, if applicable, the results of the quarterly review, including matters related to the conduct of the audit and the review, as the case may be.

10.

The Committee shall obtain timely reports from the external auditors describing critical accounting policies and practices, alternative treatments of information within IFRS that were discussed with management, their ramifications, and the external auditors’ preferred treatment and material written communications between the Corporation and the external auditors.

11.

The Committee shall review fees paid by the Corporation to the external auditors and other professionals in respect of audit and non-audit services on an annual basis.

12.

The Committee shall review and approve the Corporation’s hiring policies regarding partners, employees and former partners and employees of the present and former external auditors of the Corporation.

Process Improvement

The Committee shall establish regular and separate systems of reporting to the Committee by each of management and the external auditors regarding any significant judgments made in management’s preparation of the financial statements and the view of each as to appropriateness of such judgments.

Following completion of the annual audit and quarterly reviews (if applicable), the Committee shall review separately with each of management and the external auditors any significant changes to planned procedures, any difficulties encountered during the course of the audit and reviews, including any restrictions on the scope of work or access to required information and the cooperation that the external auditors received during the course of the audit and reviews.

The Committee shall review and resolve any significant disagreements among management and the external auditors in connection with the preparation of the financial statements and, where there are significant unsettled issues, the Committee shall ensure that there is an agreed course of action for the resolution of such matters.

The Committee shall review with the external auditor and management significant findings during the year and the extent to which changes or improvements in financial or accounting practices, as approved by the Committee, have been implemented. This review should be conducted at an appropriate time subsequent to implementation of changes or improvements, as decided by the Committee.

Ethical and Legal Compliance

The Committee shall establish procedures for the receipt, retention and treatment of complaints received by the Corporation regarding accounting, internal accounting controls or auditing matters, and the confidential, anonymous submission by employees of the Corporation of concerns regarding questionable accounting or auditing matters.

The Committee shall review the effectiveness of the system for monitoring compliance with laws and regulations and the results of management’s investigation and follow-up of any non-compliance.

The Committee shall review management’s monitoring of the Corporation’s system that is in place to ensure that the Corporation’s financial statements, reports and other financial information disseminated to governmental organizations and the public satisfy legal requirements.

The Committee shall ensure that there is an appropriate standard of corporate conduct including, if necessary, adopting a corporate code of ethics for senior financial personnel.

The Committee shall obtain regular updates from management and others, including internal and external auditors and legal counsel, concerning the Corporation’s compliance with financial related laws and regulations such as tax and financial reporting laws and regulations, legal withholding requirements, occupational health and safety laws and personal information and protection of privacy laws.

The Committee shall be satisfied that all regulatory compliance matters have been considered in the preparation of financial statements.

The Committee shall review the findings of any examination by regulatory agencies.

Other Responsibilities

While the Committee has the responsibilities and duties set out in this Charter, it is not the duty of the Committee to plan or conduct audits, to prepare or audit financial statements or to design or implement an effective system of internal controls. Such matters are the responsibility of management and the internal and external auditors of the Corporation, as the case may be. In addition to the responsibilities and duties of the

Committee set out in this Charter, the Committee shall perform any other activities consistent with this Charter and all applicable legal, regulatory and listing requirements (including those of the applicable securities regulatory authorities and the stock exchanges on which the Corporation’s securities are listed), as the Committee or the Board deems necessary or appropriate.

Procedures for Receipt of Complaints and Submissions

Relating to Accounting Matters

The Corporation shall inform employees on the Corporation’s intranet, if there is one, or via a newsletter or e-mail that is disseminated to all employees at least annually, of the individual (the “Complaints Officer”) designated from time to time by the Committee to whom complaints and submissions can be made regarding accounting, internal accounting controls or auditing matters or issues of concern regarding questionable accounting or auditing matters.

The Complaints Officer shall be informed that any complaints or submissions so received must be kept confidential and that the identity of employee(s) making complaints or submissions shall be kept confidential and shall only be communicated to the Committee or the Chair of the Committee.

The Complaints Officer shall be informed that he or she must report to the Committee as frequently as such Complaints Officer deems appropriate, but in any event no less frequently than on a quarterly basis prior to the quarterly meeting of the Committee called to approve interim and annual financial statements of the Corporation.

Upon receipt of a report from the Complaints Officer, the Committee shall discuss the report and take such steps as the Committee may deem appropriate.

The Complaints Officer shall retain a record of a complaint or submission received for a period of six years following resolution of the complaint or submission.

Procedures for Approval of Non-Audit Services

The Corporation’s external auditors shall be prohibited from performing for the Corporation the following categories of non-audit services:

(a)

bookkeeping or other services related to the Corporation’s accounting records or financial statements;

(b)

financial information systems design and implementation;

(c)

appraisal or valuation services, fairness opinion or contributions-in-kind reports;

(d)

actuarial services;

(e)

internal audit outsourcing services;

(f)

management functions;

(g)

human resources;

(h)

broker or dealer, investment advisor or investment banking services;

(i)

legal services;

(j)

expert services unrelated to the audit; and

(k)

any other service that the Canadian Public Accountability Board or any other applicable regulatory authority determines is impermissible.

In the event that the Corporation wishes to retain the services of the Corporation’s external auditors for tax compliance, tax advice or tax planning, the Chief Financial Officer of the Corporation shall consult with the Chair of the Committee, who shall have the authority to approve or disapprove on behalf of the Committee, such non-audit services in accordance. All other non-audit services shall be approved or disapproved by the Committee as a whole as set forth herein.

The Chief Financial Officer of the Corporation shall maintain a record of non-audit services approved by the Chair of the Committee or the Committee for each fiscal year and provide a report to the Committee no less frequently than on a quarterly basis.

Composition of the Audit Committee

The current members of our Audit Committee are Jay Sujir, Stewart Wallis and Mark Lotz. Each of Mr. Sujir and Mr. Lotz is an independent director and financially literate. Mr. Wallis is not considered independent due to his serving as Chief Executive Officer and President of the Company until his resignation on April 30, 2012. Mr. Wallis is financially literate.

Relevant Education and Experience

Stewart Wallis. Mr. Wallis is the President of Sundance Geological Ltd., a private entity owned and controlled by him, which provides geological services, including evaluations and prefeasibility studies, for individuals and mining companies based throughout the world. Mr. Wallis also serves on the boards of directors and audit committees of Logan Resources Ltd. and SG Spirit Gold Inc. He is also the Chair of the audit committee of SG Spirit Gold Inc. He received his Bachelor of Science Degree in Geology from McMaster University, located in Hamilton, Ontario. His is a member of the Association of Professional Engineers and Geoscientists of British Columbia.

Jay Sujir. Mr. Sujir is currently the Chairman of the Board of Directors of Sunward Resources Ltd. Mr. Sujir also serves on the boards of directors of Cannon Point Resources Ltd., Carlin Gold Corporation, Excelsior Mining Corp., NEMI Northern Energy & Mining Inc., Red Eagle Mining Corporation, Rio Silver Inc., Roughrider Exploration Limited, Slater Mining Corporation and Uracan Resources Ltd. Mr. Sujir is a securities and natural resource lawyer who has experience with advising and assisting public companies. He has served on the audit companies of various public companies and is currently the Chair of the audit committee of Excelsior Mining Corp. He obtained his B.A. from the University of Victoria, in Victoria, British Columbia, in 1981 and obtained his LLB. from the University of Victoria in 1985. He has been a lawyer in the law firm of Anfield Sujir Kennedy & Durno LLP and its predecessor firm since August 1986 and has been a partner of that firm since 1991.

Mark Lotz. Mr. Lotz is a Chartered Accountant with 18 years of experience primarily in the minerals industry and related securities businesses. He has held CFO positions with several well-known mining and exploration companies including African Queen Mines, Sacre-Coeur Minerals, Ltd., and Prophecy Resources Corp. He has also served as a senior executive officer for two Vancouver based securities firms and a financial compliance officer for the Vancouver Stock Exchange, the predecessor to the TSX Venture Exchange. Mr. Lotz received his Chartered Accountant (CA) designation in September 1994 and is a member of the Institute of Chartered Accountants of British Columbia. Mr. Lotz received his Bachelor of Business Administration from Simon Fraser University in June 1989.

Reliance on Certain Exemptions

At no time since the commencement of the Company’s most recently completed financial year, has the Company relied on any of the exemptions contained in the followings sections of NI 52-110: section 2.4 (De Minimis Non-audit Services), section 3.2 (Initial Public Offerings), section 3.4 (Events Outside Control of Member), section 3.5 (Death, Disability or Resignation of Audit Committee Member) or an exemption from NI 52-110, in whole or in part, granted under Part 8 (Exemptions) of NI 52-110.

Reliance on Exemption in Subsection 3.3(2) or Section 3.6

Reliance on Section 3.8

At no time since the commencement of the Company’s most recently completed financial year, has the Company relied on section 3.8 (Acquisition of Financial Literacy) of NI 52-110.

Audit Committee Oversight

At no time since the commencement of the Company’s most recently completed financial year, has the Company’s Board of Directors failed to adopt a recommendation of the Audit Committee to nominate or compensate an external auditor.

Pre-Approval Policies and Procedures

All services to be performed by our auditor must be approved in advance by the Audit Committee. The Audit Committee has considered whether the provision of services other than audit services is compatible with maintaining the auditors’ independence and has adopted a policy governing the provision of these services. This policy requires the pre-approval by the Audit Committee of all audit and non-audit services provided by the external auditor, other than any de minimis non-audit services allowed by applicable law or regulation.

Pre-approval from the Audit Committee can be sought for planned engagements based on budgeted or committed fees. No further approval is required to pay pre-approved fees. Additional pre-approval is required for any increase in scope or in final fees.

External Auditor Service Fees

See Item 16.C. Principal Accountant Fees and Services.

Compensation Committee

We have established a Compensation Committee, which currently consists of Jay Sujir, Stewart Wallis and Mark Lotz. The Compensation Committee does not operate pursuant to a written charter.

The mandate established for the Compensation Committee is for the purposes of:

1.	considering appropriate levels of compensation for our directors and officers and making recommendations to the Board as to the remuneration and other compensation to be provided to our Directors, the President and our other officers; and

2.	carrying out periodic performance assessments of the President and CEO.

6.D. Employees

The following table sets out the number of full-time employees who worked for us at the end of the last three completed fiscal years as well as the maximum number of temporary workers who worked for us during each fiscal year:

Fiscal year ended	Number of Full Time Employees at the end of the fiscal year	Maximum number of Temporary Workers during the fiscal year
April 30, 2014	0(1)	0(1)
April 30, 2013	0(1)	0(1)
April 30, 2012	0(1)	0(1)

Pursuant to the Management Services Agreement with King & Bay West dated October 1, 2010, King & Bay West provides shared office, administration and payroll services to the Company. See Item 7.B – Related Party Transactions and Exhibit 4.9 for a description of this agreement. As such, the Company no longer employs any full-time staff or temporary staff.

6.E. Share Ownership

The following table presents the beneficial ownership of the directors and those persons named in Item 6.B Compensation above as of April 30, 2014. As of August 18, 2014, we had 6,578,035 common shares issued and outstanding. The number of common shares beneficially owned by the persons listed below includes those securities exercisable into common shares within 60 days of August 18, 2014. On September 17, 2013, the common shares of the Company were consolidated on a ten pre-consolidation shares for one post-consolidation share. The numbers presented are on a post-consolidated basis.

Name	Number of Common Shares	Percent of Outstanding Common Shares
Mark J. Morabito 1	60,558 2	*
Stewart Wallis	53,150 3	*
Jay Sujir	20,850 4	*
Chris Collingwood 5	N/A	N/A
Derrick Gill 6	N/A	N/A
Sam Yik 7	N/A	N/A
Mark Ludwig 8	N/A	N/A
Chris Healey 9	N/A	N/A
Jim Crawford	5,000 10	*
Kate-Lynn Genzel 11	0	*
Mark Lotz 12	0	*
Directors and Executive Officers as a group	139,558	2.12%

* Indicates less than one percent.

1	Mr. Morabito ceased to be Executive Chairman and a director on August 29, 2013.

2	Includes options to purchase 54,338 common shares exercisable within 60 days of August 18, 2014.

3	Includes options to purchase 50,000 common shares exercisable within 60 days of August 18, 2014.

4	Includes options to purchase 10,000 common shares exercisable within 60 days of August 18, 2014.

5	Mr. Collingwood ceased to be a director on August 29, 2013.

6	Mr. Gill ceased to be a director on August 29, 2013.

7	Mr. Yik ceased to be Chief Financial Officer on January 13, 2014.

8	Mr. Ludwig ceased to be Chief Executive Officer and President on June 7, 2013.

9	Mr. Healey ceased to be a director on March 31, 2014.

10 Includes options to purchase 5,000 common shares exercisable within 60 days of July 19, 2013.

11	Ms. Genzel was appointed Chief Financial Officer on January 13, 2014.

12	Mr. Lotz was appointed a director on April 1, 2014.

The following table presents the stock options granted to the aforementioned persons and unexercised as of August 18, 2014. The stock options are for common shares. On September 17, 2013, the common shares of the Company were consolidated on a ten pre-consolidation shares for one post-consolidation share. The numbers presented are on a post-consolidated basis.

Name	Date of Grant	Number of Underlying Common Shares	Vested 1	Exercise Price	Expiration Date
Mark J. Morabito 2	Apr. 24, 2012 Dec. 21, 2010 Nov. 30, 2009	5,000 37,500 11,838	5,000 37,500 11,838	$3.80 $14.40 $8.80	Apr. 24, 2017 Dec. 21, 2015 Nov. 30, 2014

Name

Date of Grant

Number of

Underlying

Common

Vested 1

Exercise

Price

Expiration Date

Stewart Wallis	Apr. 24, 2012 Dec. 21, 2010 Jan. 6, 2010 Nov. 30, 2009	5,000 37,500 5,000 2,500	5,000 37,500 5,000 2,500	$3.80 $14.40 $8.40 $8.80	Apr. 24, 2017 Dec. 21, 2015 Jan. 6, 2015 Nov. 30, 2014
Jay Sujir	Dec. 21, 2010	10,000	10,000	$14.40	Dec. 21, 2015
Chris Collingwood 3	Dec. 21, 2010 Nov. 30, 2009	10,000 5,000	10,000 5,000	$14.40 $8.80	Dec. 21, 2015 Nov. 30, 2014
Derrick Gill 4	Dec. 21, 2010 Nov. 30, 2009	10,000 6,250	10,000 6,250	$14.40 $8.80	Dec. 21, 2015 Nov. 30, 2014
Sam Yik 5		0	0
Mark Ludwig 6		0	0
Chris Healey 7		0	0
Jim Crawford	Apr. 24, 2012	5,000	5,000	$3.80	Apr. 24, 2017
Kate-Lynn Genzel 8		0	0
Mark Lotz 9		0	0

1	Includes those options that are exercisable within 60 days of August 18, 2014.

2	Mr. Morabito ceased to be Executive Chairman and a director on August 29, 2013, however, still holds his options..

3	Mr. Collingwood ceased to be a director on August 29, 2013 and all options held by him will expire on September 28, 2014.

4	Mr. Gill ceased to be a director on August 29, 2013. All options held by him will expire on September 28, 2014.

5	Mr. Yik resigned as Chief Financial Officer on January 13, 2014 and all options held by him were cancelled on February 12, 2014.

6	Mr. Ludwig resigned as Chief Executive Officer and President on June 7, 2013 and all options held by him were cancelled on July 7, 2013.

7	Mr. Healey ceased to be a director on March 31, 2014 and all options held by him were cancelled on April 30, 2014.

8	Ms. Genzel was appointed Chief Financial Officer on January 13, 2014.

9	Mr. Lotz was appointed a director on April 1, 2014.

We do not have any arrangements for involving our employees in our capital. We do not have a share purchase plan or dividend reinvestment plan for our directors, officers and employees. However, we will, from time to time, grant individual stock options to our directors, officers or employees as an incentive pursuant to our stock option plan.

Stock Option Plan

We may grant stock options to directors, senior management and employees pursuant to our stock option plan dated January 2, 2014 (the “Plan”). Under the Plan, we may grant stock options to purchase up to a maximum of 10% of the common shares issued and outstanding from time to time. On September 17, 2013, the common shares of the Company were consolidated on a ten pre-consolidation shares for one post-consolidation share. The numbers presented are on a post-consolidated basis. As at May 1, 2013, the beginning of the fiscal year ended April 30, 2014, there were 60,858 common shares available for grant and 315,591 common shares available for grant under the Plan as at April 30, 2014. During the fiscal year ended April 30, 2014, no stock options were granted. During the fiscal year ended April 30, 2014, no stock options to purchase common shares were exercised and stock options to purchase an aggregate of 254,749 common shares were cancelled or expired.

Target Stock Options

As a term of the plan of arrangement between the Company and Target that was effective on March 31, 2009, all existing holders of options to purchase common shares in Target had their options exchanged for stock options of the Company that entitled the holder to exercise their Target options for common shares of the Company on the basis of 1.2 common shares of the Company for each Target option exercised (the “Target Exchanged Options”). On September 17, 2013, the common shares of the Company were consolidated on a ten pre-consolidation shares for one post-consolidation share. The numbers presented are on a post-consolidated basis. During the fiscal year ended April 30, 2014, a total of 2,500 Target Exchange Options exercisable into a total of 3,000 common shares of the Company expired. As at April 30, 2014, there were no Target Exchanged Options outstanding.

ITEM 7.

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

7.A. Major Shareholders

To the knowledge of management, no person beneficially owns 5% or more of our issued and outstanding common shares.

All of our shares, both, issued and unissued, are common shares of the same class and rank equally as to dividends, voting powers and participation of powers. Accordingly, there are no special voting powers held by our major shareholders.

On August 18, 2014, we had 6,578,035 common shares issued and outstanding to approximately 251 shareholders of record. We believe that the number of beneficial owners is substantially greater than the number of record holders because a large portion of our outstanding common shares are held in broker “street” names for the benefit of individual investors or other nominees. Management believes that there are 71 shareholders of record located in the U.S., who own an aggregate of approximately 44.45% of our outstanding common shares. In addition to these record holders there may be more persons located in the U.S. holding our common shares in “street” name.

We are a publicly owned Canadian corporation, with shareholders in Canada, the United States and other foreign jurisdictions. We are not controlled by any foreign government or other person. We are not aware of any arrangements that would result in a change of control of our company.

7.B. Related Party Transactions

Other than as disclosed below, for the year ended April 30, 2014 and the period from May 1, 2014 to the date of this annual report, we have not entered into any transactions or loans between us and any: (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by, or are under common control with, us; (b) associates; (c) individuals owning, directly or indirectly, an interest in the voting power of us that gives them significant influence over us, and close members of any such individuals' family; (d) key management personnel and close members of such individuals' families; or (e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in (c) or (d) or over which such a person is able to exercise significant influence.

During the year ended April 30, 2014, the Company had the following transactions with related parties:

In January 2010, the Company entered into a contract with a management company (which was amended on October 1, 2010) with a former director and officer (Mark Morabito) in common, whereby the management company will provide shared office and payroll services to the Company. During the year ended April 30, 2014, the Company incurred administrative/office costs of $303,832 included in office and administration, wages and salaries, rent, travel, consulting, and investor relations to this management company for such services. In addition, the Company incurred key management personnel wages and salaries of $61,787 provided by the management company. At April 30, 2014, $540,874 was still owing to this company included in due to related parties.

·	Management fees include $100,000 of fees paid or accrued to a private company owned by a former director and officer (Mark Morabito) of the Company, of which $91,875 was still owing at April 30, 2014.

·	During the year ended April 30, 2014, the amount of $45,936 was paid to a private company owned by a former officer (Mark Ludwig) of the Company included in consulting expense and wages and salaries, of which $Nil was still owing at April 30, 2014.

·	On June 9, 2014, the Company received a loan in the amount of $60,000 from King & Bay West. The loan is non-interest bearing, unsecured and has no fixed terms of repayment.

The amounts due to the related parties are non-interest bearing, with no fixed terms of repayment. The fair values of the amounts due to the related parties cannot be determined as there are no specific terms of repayment.

7.C. Interests of Experts and Counsel

Not applicable

ITEM 8.

FINANCIAL INFORMATION

8.A. Consolidated Statements and Other Financial Information

Financial Statements

Our financial statements are stated in Canadian Dollars and are prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the Company on May 1, 2011.

See our audited financial statements for the fiscal years ended April 30, 2014 and April 30, 2013 included under Item 18 of this annual report.

Dividend Policy

We have not declared or paid any cash dividends on our capital stock. We do not currently expect to pay cash dividends in the foreseeable future as we anticipate that all available funds will be invested to finance the growth of our business. The Board of Directors will determine if and when dividends should be declared and paid in the future based upon our financial position at the relevant time.

Legal/Arbitration Proceedings

The Company is not subject to any legal or arbitration proceedings, which may have, or have had in the recent past, significant effects on the Company’s financial position or profitability.

8.B. Significant Changes

Since April 30, 2014, the date of our most recent financial statements, no significant changes have occurred.

ITEM 9.

THE OFFER AND LISTING

9.A. Offer and Listing Details

The following table lists the high and low prices for our common shares on the TSX Venture Exchange for the last six months, fiscal quarters for the last two completed fiscal years, and the last five fiscal year ends. Our common shares have traded on the TSX Venture Exchange since January 20, 2014 and were traded on the Toronto Stock Exchange before that date. There are no differences in the high and low prices for our common shares on the TSX Venture Exchange and the Toronto Stock Exchange for the periods our common shares have traded on each Exchange.

Period	High	Low
August 1-18, 2014	$0.265	$0.175
Month ended July 31, 2014	$0.33	$.225
Month ended June 30, 2014	$0.28	$0.21
Month ended May 31, 2014	$0.37	$0.25
Month ended April 30, 2014	$0.43	$0.315
Month ended March 31, 2014	$0.53	$0.34
Month ended February 28, 2014	$0.60	$0.27

Fiscal quarter ended April 30, 2014	$0.60	$0.27
Fiscal quarter ended January 31, 2014	$0.435	$0.145
Fiscal quarter ended October 31, 2013	$0.285	$0.02
Fiscal quarter ended July 31, 2013	$0.08	$0.02
Fiscal quarter ended April 30, 2013	$0.18	$0.05
Fiscal quarter ended January 31, 2013	$0.185	$0.10
Fiscal quarter ended October 31, 2012	$0.24	$0.12
Fiscal quarter ended July 31, 2012	$0.45	$0.175

Fiscal year ended April 30, 2014 S	$0.60	$0.02
Fiscal year ended April 30, 2013	$0.45	$0.05
Fiscal year ended April 30, 2012	$0.99	$0.35
Fiscal year ended April 30, 2011	$2.80	$0.42
Fiscal year ended April 30, 2010	$1.44	$0.68

Our common shares began trading on the American Stock Exchange (now NYSE MKT) on May 7, 2007. Effective July 1, 2013, our common shares were voluntarily delisted from NYSE MKT and transferred to the OTCQB The following table lists the high and low prices for our common shares on OTCQB and/or NYSE MKT for the last six months, fiscal quarters for the last two completed fiscal years, and the last five fiscal years.

Period	High	Low
August 1-18, 2014	$0.26	$0.15
Month ended July 31, 2014	$0.32	$0.21
Month ended June 30, 2014	$0.35	$0.19
Month ended May 31, 2014	$0.37	$0.23
Month ended April 30, 2014	$0.38	$0.28
Month ended March 31, 2014	$0.49	$0.31
Month ended February 28, 2014	$0.70	$0.26

Fiscal quarter ended April 30, 2014	$0.70	$0.26
Fiscal quarter ended January 31, 2014	$0.24	$0.13
Fiscal quarter ended October 31, 2013	$0.29	$0.02
Fiscal quarter ended July 31, 2013	$0.08	$0.02
Fiscal quarter ended April 30, 2013	$0.17	$0.05
Fiscal quarter ended January 31, 2013	$0.19	$0.10
Fiscal quarter ended October 31, 2012	$0.22	$0.12
Fiscal quarter ended July 31, 2012	$0.46	$0.17

Period

High

Low

Fiscal year ended April 30, 2014	$0.70	$0.02
Fiscal Year ended April 30, 2013	$0.46	$0.05
Fiscal Year ended April 30, 2012	$0.95	$0.33
Fiscal Year ended April 30, 2011	$2.81	$0.40
Fiscal Year ended April 30, 2010	$1.28	$0.56

9.B. Plan of Distribution

Not applicable

9.C. Markets

Our common shares are listed on the TSX Venture Exchange under the trading symbol “JET”. Our common shares also trade on OTCQB under the trading symbol “JETMF”. There are currently no restrictions on the transferability of these shares under Canadian securities laws.

9.D. Selling Shareholders

Not applicable

9.E. Dilution

Not applicable

9.F. Expenses of the Issue

Not applicable

ITEM 10.

ADDITIONAL INFORMATION

10.A. Share Capital

Not applicable

10.B. Memorandum and Articles of Association

This information is incorporated by reference to our Form 20-F Registration Statement, “Item 10. Additional Information—Memorandum and Articles of Association” as filed on April 25, 2006.

10.C. Material Contracts

We have not entered into any material contracts during the two years immediately preceding the date of this annual report and which are currently in effect.

10.D. Exchange Controls

Canada has no system of exchange controls. There are no Canadian restrictions on the repatriation of capital or earnings of a Canadian public company to non-resident investors. There are no laws in Canada or exchange restrictions affecting the remittance of dividends, profits, interest, royalties and other payments to non-resident holders of our securities, except as discussed in “10.E. Taxation” below.

There are no limitations under the laws of Canada or in our organizing documents on the right of foreigners to hold or vote our securities, except that the Investment Canada Act may require review and approval by the Minister of

Industry (Canada) of certain acquisitions of "control" of us by a "non-Canadian". The threshold for acquisitions of control is generally defined as being one-third or more of the voting shares of our company. "Non-Canadian" generally means an individual who is not a Canadian citizen, or a corporation, partnership, trust or joint venture that is ultimately controlled by non-Canadians.

10.E. Taxation

Certain Canadian Federal Income Tax Consequences

The discussion under this heading summarizes the principal Canadian federal income tax consequences of acquiring, holding and disposing of shares of our common stock for a shareholder who at all relevant times, for the purposes of the Income Tax Act (Canada) (the “Canadian Tax Act”) and the Canada-United States Tax Convention (1980), as amended (the "Convention") (i) is not resident or deemed to be resident in Canada nor has not been or deemed to have been a resident in Canada, but is a resident of the U.S., (ii) is a "qualifying person" for the purposes of the Convention, (iii) deals at arm's length and is not affiliated with us, and (iv) will acquire and hold our common shares as capital property for the purposes of the Canadian Tax Act. Generally, our common shares will be considered to be capital property to the shareholder provided the shareholder does not hold the common shares in the course of carrying on a business of trading or dealing in securities and has not acquired them in one or more transactions considered to be an adventure or concern in the nature of trade.

This summary does not apply to a shareholder who uses or holds, or is deemed to use or hold, its shares in our Company in connection with carrying on a business in Canada, or to a shareholder that is either an insurer carrying on business in Canada and elsewhere or an “authorized foreign bank” as defined in the Canadian Tax Act. This summary is based on the current provisions of the Canadian Tax Act, the regulations thereunder in force as of the date hereof (the “Regulations”), all proposals to amend the Canadian Tax Act or the Regulations publicly announced by the federal Minister of Finance (Canada) prior to the date hereof (the “Tax Proposals”), and an understanding of the current published administrative practices of the Canada Revenue Agency.

This summary is not exhaustive of all Canadian federal income tax considerations applicable to a shareholder of our company and, except for the Tax Proposals, this summary does not take into account or anticipate any changes in the Canadian Tax Act, the Regulations or the administrative or assessing policies of the Canada Revenue Agency, whether by legislative, governmental or judicial decisions or action, nor does this summary take into account provincial, territorial or other foreign tax legislation or considerations, which may differ significantly from those discussed herein. There can be no assurance that the Tax Proposals will be enacted in the form proposed, or at all.

This summary is of a general nature only and is not intended to be, nor should it be considered to be, legal or tax advice to any particular shareholder. The tax consequences to any particular shareholder will depend on a variety of factors including the shareholder’s own particular circumstances. Therefore, all shareholders should consult their own tax advisors with respect to their own particular circumstances.

The provisions of the Canadian Tax Act are subject to income tax treaties to which Canada is a party, including the Convention.

Dividends on Common Shares

Under the Canadian Tax Act, a non-resident of Canada is generally subject to Canadian withholding tax at the rate of 25% on dividends paid (including dividends deemed to have been paid) or credited to him or her by a corporation resident in Canada. We are responsible for withholding this tax at the source. The Convention generally limits the rate of withholding tax on dividends to 15% of the gross amount of such dividends paid to shareholders or, if the shareholder is a company that beneficially owns at least 10% of the voting stock of the payor corporation, 5% of the gross amount of the dividends.

The Convention generally exempts from Canadian income tax dividends paid to a religious, scientific, literary, educational or charitable organization or to an organization constituted and operated exclusively to administer a

pension, retirement or employee benefit fund or plan, if the organization is a resident of the U.S. and is exempt from income tax under the laws of the U.S.

Dispositions of Common Shares

Under the Canadian Tax Act, a taxpayer’s capital gain or capital loss from a disposition of a share of our common shares is the amount, if any, by which his or her proceeds of disposition exceed (or are exceeded by, respectively) the aggregate of his or her adjusted cost base of the share and reasonable expenses of disposition. The capital gain or loss must be computed in Canadian currency using a weighted average adjusted cost base for identical properties. One half of capital gains net of one half of any capital losses are included in income. The amount by which a shareholder’s capital loss exceeds the capital gain in a year may be deducted from a capital gain realized by the shareholder in the three previous years or any subsequent year, subject to certain restrictions in the case of a corporate shareholder.

Under the Canadian Tax Act, a non-resident of Canada is subject to Canadian tax on taxable capital gains, and may deduct allowable capital losses, realized on a disposition of “taxable Canadian property”. Shares of our common stock will constitute taxable Canadian property of a shareholder at a particular time the common shares listed on a “designated stock exchange” (which includes the TSX-V and OTCQB) and if at any time in the five years immediately preceding the disposition (i) 25% or more of the issued shares of any class or series in our capital stock were owned by a shareholder, persons with whom the shareholder did not deal at arm's length or the shareholder together with all such persons and (ii) more than 50% of the fair market value of the common shares was derived, directly or indirectly, from one or any combination of real or immovable property situated in Canada, Canadian resource properties, timber resource properties or options in respect of, or interests in, or for civil law rights in, such properties. Common shares used in carrying on business in Canada and acquired in certain circumstances will also constitute taxable Canadian property.

The Convention generally relieves U.S. residents who qualify for benefit thereunder from liability for Canadian tax on capital gains derived on a disposition of shares unless the value of the shares is derived principally from real property situated in Canada, including the right to explore for or exploit natural resources and rights to amounts computed by reference to production.

Shareholders should consult their own advisors with respect to the application of the Convention.

Material U.S. Federal Income Tax Consequences

U.S. Federal Income Tax Consequences

The following is a discussion of material U.S. federal income tax consequences generally applicable to a U.S. Holder (as hereinafter defined) of our common shares under current law. This discussion does not address all potentially relevant federal income tax matters and it does not address consequences peculiar to persons subject to special provisions of federal income tax law, such as those described below as excluded from the definition of a U.S. Holder. In addition, this discussion does not cover any state, local or foreign tax consequences. Accordingly, holders and prospective holders of our common shares are urged to consult their own tax advisors about the specific federal, state, local, and foreign tax consequences to them of purchasing, owning and disposing of our common shares, based upon their individual circumstances.

The following discussion is based upon the Code, Treasury Regulations, published Internal Revenue Service (“IRS”) rulings, published administrative positions of the IRS and court decisions that are currently applicable, any or all of which could be materially and adversely changed, possibly on a retroactive basis, at any time and which are subject to differing interpretations. This discussion does not consider the potential effects, both adverse and beneficial, of any proposed legislation which, if enacted, could be applied, possibly on a retroactive basis, at any time.

U.S. Holders

As used in this annual report, a “U.S. Holder” means a holder of our common shares who is a citizen or individual resident of the United States, a corporation created or organized in or under the laws of the United States or of any political subdivision thereof or an entity created or organized in or under the laws of the United States or of any political subdivision thereof which has elected to be treated as a corporation for U.S. federal income tax purposes (under Treasury Regulation Section 301.7701-3), an estate whose income is taxable in the U.S. irrespective of source or a trust subject to the primary supervision of a court within the U.S. and control of a U.S. fiduciary as described in Section 7701(a)(30) of the Code. This summary does not address the tax consequences to, and the term U.S. Holder does not include, persons subject to specific provisions of federal income tax law, such as tax-exempt organizations, qualified retirement plans, individual retirement accounts and other tax-deferred accounts, financial institutions, insurance companies, real estate investment trusts, regulated investment companies, broker-dealers, non-resident alien individuals, persons or entities that have a “functional currency” other than the U.S. dollar, shareholders subject to the alternative minimum tax, shareholders who hold common shares as part of a straddle, hedging or conversion transaction, and shareholders who acquired their common shares through the exercise of employee stock options or otherwise as compensation for services. This summary is limited to U.S. Holders who own common shares as capital assets, within the meaning of Section 1221 of the Code, and who own (directly and indirectly, pursuant to applicable rules of constructive ownership) no more than 5% of the value of our total outstanding stock. This summary does not address the consequences to a person or entity holding an interest in a shareholder or the consequences to a person of the ownership, exercise or disposition of any options, warrants or other rights to acquire common shares. In addition, this summary does not address special rules applicable to U.S. persons (as defined in Section 7701(a)(30) of the Code) holding common shares through a foreign partnership or to foreign persons holding common shares through a domestic partnership.

Distributions on Our Common Shares

Subject to the PFIC and CFC rules discussed below, in general U.S. Holders receiving dividend distributions (including constructive dividends) with respect to our common shares are required to include in gross income for U.S. federal income tax purposes the gross amount of such distributions (without reduction of any Canadian income or other tax withheld from such distributions), equal to the U.S. dollar value of such distributions on the date of receipt (based on the exchange rate on such date), to the extent that we have current or accumulated earnings and profits. To the extent that distributions exceed our current or accumulated earnings and profits, they will be treated first as a return of capital up to the U.S. Holder’s adjusted tax basis in the common shares and thereafter as gain from the sale or exchange of property. Any Canadian or other non-U.S. tax withheld may be credited, subject to certain limitations, against the U.S. Holder’s federal income tax liability or, alternatively, may be deducted in computing the U.S. Holder’s federal taxable income by those who itemize deductions (See more detailed discussion at “Foreign Tax Credit” below). If we are not a PFIC, dividends received from us by a non-corporate U.S. Holder during taxable years beginning before January 1, 2013, generally will be taxed at a maximum rate of 15% provided that such U.S. Holder has held the shares for more than 60 days during the 120-day period beginning 60 days before the ex-dividend date and that certain other conditions are met (“qualified dividend income”). For this purpose, dividends will include any distribution paid by us with respect to our common shares but only to the extent such distribution is not in excess of our current and accumulated earnings and profits, as determined under U.S. Federal income tax principles. “Qualified dividend income” generally includes dividends paid on stock in U.S. corporations as well as dividends paid on stock in certain non-U.S. corporations that are not classified as PFICs if, among other things, (i) the shares of the non-U.S. corporation (including ADRs backed by such shares) are readily tradable on an established securities market in the U.S., or (ii) the non-U.S. corporation is eligible with respect to substantially all of its income for the benefits of a comprehensive income tax treaty with the U.S. which contains an exchange of information program. We currently anticipate that if we were to pay any dividends with respect to our shares when we have current or accumulated earnings and profits and if we are not a PFIC for such tax year, then to the extent of such earnings and profits the dividends should constitute “qualified dividend income” for U.S. federal income tax purposes and that non-corporate U.S. Holders should be entitled to the reduced rates of tax, as applicable.

In the case of foreign currency received as a dividend that is not converted by the recipient into U.S. dollars on the date of receipt, a U.S. Holder will have a tax basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Generally any gain or loss recognized upon a subsequent sale or other disposition of the foreign currency, including the exchange for U.S. dollars, will be ordinary income or loss.

Dividends paid on our common shares will not generally be eligible for the dividends received deduction provided to corporations receiving dividends from certain United States corporations. The availability of this deduction is subject to several complex limitations that are beyond the scope of this discussion.

Disposition of Our Common Shares

Subject to the PFIC and CFC rules described below in general U.S. Holders will recognize gain or loss upon the sale of our common shares equal to the difference, if any, between (i) the amount of cash plus the fair market value of any property received, and (ii) the shareholder’s adjusted tax basis in our common shares. Subject to the PFIC and CFC rules described below, preferential tax rates apply to long-term capital gains of U.S. Holders that are individuals, estates or trusts. In general, gain or loss on the sale of our common shares will be long-term capital gain or loss if our common shares are a capital asset in the hands of the U.S. Holder and are held for more than one year. Deductions for net capital losses are subject to significant limitations.

Passive Foreign Investment Company

We have not determined whether we meet the definition of a PFIC, within the meaning of Sections 1291 through 1298 of the Code, for the current tax year or for any prior tax year. We may or may not be classified as a PFIC in subsequent years due to changes in our assets and business operations. A U.S. Holder who holds stock in a non-U.S. corporation during any year in which such corporation qualifies as a PFIC is subject to numerous special U.S. federal income taxation rules. The following is a general discussion of these special rules as they apply to U.S. Holders of our common shares.

Section 1297 of the Code defines a PFIC as a corporation that is not formed in the U.S. if, for any taxable year, either (i) 75% or more of its gross income is “passive income,” which includes interest, dividends and certain rents and royalties or (ii) the average percentage, of its assets that produce or are held for the production of passive income is 50% or more. The IRS has indicated in published positions that it considers working capital and cash held in reserve to be passive assets that produce passive income.

U.S. Holders owning shares of a PFIC are subject to a special tax and to an interest charge based on the value of deferral of U.S. tax attributable to undistributed earnings of a PFIC for the period during which the shares of the PFIC are owned. This special tax would apply to any gain realized on the disposition of shares of a PFIC. In addition, the gain is subject to U.S. federal income tax as ordinary income and taxed at top marginal rates, rather than as capital gain income. The special tax would also apply on receipt of “excess distributions” (any distributions received in the current year that are in excess of 125% of the average distributions received during the 3 preceding years or, if shorter, the shareholder’s holding period). However, if the U.S. Holder makes a timely election to treat a PFIC as a qualified electing fund (“QEF”) with respect to such shareholder’s interest therein, the above-described rules generally will not apply. Instead, the electing U.S. Holder would include annually in his gross income his pro rata share of the PFIC’s ordinary earnings and any net capital gain regardless of whether such income or gain was actually distributed. Special rules apply to U.S. Holders who own their interests in a PFIC through intermediate entities or persons. Generally, however, a QEF Election is not effective unless shareholders have sufficient information to determine their proportionate share of a corporation’s net capital gain and ordinary earnings and to comply with certain other requirements. We have not calculated these amounts for any shareholder, and do not anticipate making these calculations in the foreseeable future or providing information required under the QEF rules. Therefore, U.S. Holders of our common shares should consult their own financial advisor, legal counsel or accountant regarding the QEF election before making this election.

U.S. Holders who hold, actually or constructively, marketable stock of a foreign corporation that qualifies as a PFIC may elect to mark such stock to the market (a “mark-to-market election”). If such an election is made, such U.S. Holder will not be subject to the PFIC special taxation rules described above for the taxable years for which

the mark-to-market election is made. A U.S. Holder who makes such an election will include in income for the taxable year an amount equal to the excess, if any, of the fair market value of our common shares as of the close of such tax year over such U.S. Holder’s adjusted tax basis in such shares. In addition, the U.S. Holder is allowed a deduction for the lesser of (i) the excess, if any, of such U.S. Holder’s adjusted tax basis in the shares over the fair market value of such shares as of the close of the tax year, or (ii) the excess, if any of (A) the mark-to-market gains included by such U.S. Holder for prior tax years, including any amount which would have been included for any prior year but for the special PFIC rules discussed above with respect to a U.S. Holder who has not made a timely QEF election during the year in which he holds (or is deemed to have held) our common shares and the Company is a PFIC, over (B) the mark-to-market losses that were allowed as deductions for prior tax years. A U.S. Holder’s adjusted tax basis in our common shares will be increased or decreased to reflect the amount included or deducted as a result of the mark-to-market election. A mark-to-market election will apply to the tax year for which the election is made and to all later tax years, unless the PFIC stock ceases to be marketable or the IRS consents to the revocation of the election.

The IRS has issued proposed regulations that, subject to certain exceptions, would impose U.S. federal income tax on certain transfers of PFIC stock by a U.S. Holder that are generally not otherwise subject to income tax, such as gifts, exchanges pursuant to corporate reorganizations, and transfers at death. The transferee’s basis will depend on the manner of the transfer. The specific tax effect to the U.S. Holder and the transferee may vary based on the manner in which the common shares are transferred.

The PFIC rules are very complex and fact-specific. U.S. Holders should consult a tax advisor regarding the potential application of the PFIC rules to his, her or its specific situation.

Controlled Foreign Corporation

If more than 50% of the total combined voting power of all classes of shares entitled to vote or the total value of our common shares is owned, actually or constructively, by citizens or residents of the United States, U.S. domestic partnerships or corporations, or estates or trusts other than foreign estates or trusts (as defined by Code Section 7701(a)(31)), each of which owns, actually or constructively, 10% or more of our total combined voting power of all classes of shares entitled to vote (“U.S. Shareholder”), we would be treated as a controlled foreign corporation (“CFC”) under Subpart F of the Code. This classification would result in numerous complexities and potentially adverse U.S. tax consequences for a U.S. Holder, one of which is the inclusion by the U.S. shareholders of certain income of a CFC which is subject to current U.S. tax. Such U.S. Shareholders are generally treated as having received a current distribution out of the CFC’s Subpart F income (regardless of whether we make an actual distribution) and are also subject to current U.S. tax on their pro rata shares of increases in the CFC’s earnings invested in U.S. property. Because of the complexity of Subpart F, a more detailed review of these rules is outside of the scope of this discussion. We do not believe that we currently are classified as a CFC. However, there can be no assurance that we will not be considered a CFC for the current or any future taxable year.

Foreign Tax Credit.

A U.S. Holder who pays (or has withheld from distributions) Canadian or other foreign income tax with respect to the ownership of our common shares may be entitled, at the option of the U.S. Holder, to either receive a deduction or a tax credit for U.S. federal income tax purposes with respect to such foreign tax paid or withheld. There are significant and complex limitations that apply to the foreign tax credit, among which is the general limitation that the credit cannot exceed the proportionate share of the U.S. Holder’s U.S. income tax liability that the U.S. Holder’s "foreign source" income bears to his, her or its worldwide taxable income. In applying this limitation, the various items of income and deduction must be classified as either "foreign source" or "U.S. source." Complex rules govern this classification process.

In addition, U.S. Holders that are corporations and that own 10% or more of our voting stock may be entitled to an "indirect" foreign tax credit under Section 902 of the Code with respect to the payment of dividends by us under certain circumstances, subject to complex rules and limitations. The availability of the foreign tax credit and the application of the limitations with respect to the foreign tax credit are fact-specific, and each U.S. Holder of

our common shares should consult his, her or its own financial advisor, legal counsel or accountant regarding the foreign tax credit rules.

Information Reporting; Backup Withholding.

Certain information reporting and backup withholding rules may apply with respect to certain payments related to our common shares. In particular, a payor or middleman within the U.S., or in certain cases outside the U.S., will be required to undertake backup withholding at a current rate of 28% (which rate is scheduled for periodic adjustment) of any payments to a U.S. Holder by the Company, if a U.S. Holder fails to furnish its correct taxpayer identification number (generally on Form W-9) or otherwise fails to comply with, or establish an exemption from, the backup withholding tax requirements. Any amounts withheld under the U.S. backup withholding tax rules will be allowed as a refund or a credit against the U.S. Holder’s U.S. federal income tax liability, provided the required information is furnished to the IRS. U.S. Holders should consult their own financial advisor, legal counsel or accountant regarding the information reporting and backup withholding rules applicable to our common shares.

Recent Legislative Developments

Recent U.S. legislation requires certain U.S. Holders that are individuals, estates or trusts to pay up to an additional 3.8% tax on, among other things, dividends and capital gains for taxable years beginning after December 31, 2012. In addition, the Company may require U.S. Holders to provide certain tax and reporting information necessary for the Company to comply with new IRS reporting obligations. If a U.S. Holder does not provide such information, the U.S. Holder will generally be subject to U.S. withholding tax on payments made by the Company after January 1, 2013 in accordance with this new legislation.

10.F. Dividends and Paying Agents

Not applicable

10.G. Statement by Experts

Not applicable

10.H. Documents on Display

Material contracts and publicly available corporate records may be viewed at our registered and records office located at Suite 1240, 1140 West Pender Street, Vancouver, British Columbia, V6E 4G1.

We are a reporting company under the Exchange Act and a “foreign private issuer” as defined in the Exchange Act. A foreign private issuer is exempt from the provisions of the Exchange Act which prescribe the furnishing and content of proxy statements to shareholders and relating to short swing profits reporting and liability. Readers may review a copy of our filings with the SEC, including exhibits and schedules filed with it, at the public reference facilities maintained by the Securities and Exchange Commission at 100 F Street N.E., Washington, D.C. 20549. Copies of such material may also be obtained from the Public Reference Section of the Securities and Exchange Commission at 100 F Street, NE, Washington, D.C. 20549, at prescribed rates. Information may be obtained regarding the Washington D.C. Public Reference Room by calling the Securities and Exchange Commission at 1-800-SEC-0330 or by contacting the Securities and Exchange Commission over the Internet at its website at http://www.sec.gov.

ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Currency Exchange Rate Sensitivity

The results of our operations are subject to currency translation risk and currency transaction risk. Regarding currency translation risk, our operating results and financial position are reported in Canadian dollars in our

consolidated financial statements. We incur certain costs in U.S. dollars. The fluctuation of the U.S. dollar in relation to the Canadian dollar will therefore have an impact upon our profitability and may also affect the value of our assets and the amount of shareholders’ equity.

In regards to transaction risk, our functional currency is the Canadian dollar and our activities are predominantly executed using the Canadian dollar. We incur a relatively small portion of our expenses in U.S. dollars. To date, we have completed all of our equity financing in Canadian dollars. We have not entered into any agreements or purchased any instruments to hedge any possible currency risks at this time due to the small amount of exposure.

Interest Rate Sensitivity

We currently have no short term or long term debt requiring interest payments. As a result, we have not entered into any agreement or purchased any instrument to hedge against possible interest rate risks at this time.

Commodity Price Sensitivity

Our future revenue and profitability will be dependent, to a significant extent, upon prevailing spot market prices for metals. In the past, metal prices have been volatile. Prices are subject to wide fluctuations in response to changes in supply of and demand for metals, market uncertainty and a variety of additional factors that are beyond our control. Our mineral properties are in the exploration phase and accordingly we are not generating any operating revenues and are therefore not subject to any short term volatility in the prices of metals. As we are in the exploration phase, the above factors have had no material impact on operations or income. We have not entered into any futures or forward contracts.

ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

Not applicable

PART II

ITEM 13.

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

Not applicable

ITEM 14.

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

Not applicable

ITEM 15.

CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

At the end of the period covered by this report, an evaluation of the effectiveness of the design and operations of our “disclosure controls and procedures” (as such term is defined in Rule 13a-15(e) of the Exchange Act) was carried out by our principal executive officer and principal financial officer. Based upon that evaluation, our principal executive officer and principal financial officer have concluded as of the end of the period covered by this report that the design and operation of our disclosure controls and procedures are effective at the reasonable assurance level to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and is accumulated and communicated to management, including our principal executive officer and principal financial officer, to allow timely decisions regarding required disclosures.

Notwithstanding the foregoing, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that our disclosure controls and procedures will detect or uncover every situation involving the failure of persons within our company and our subsidiaries to disclose material information otherwise required to be set forth in our periodic reports. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objective of ensuring that information required to be disclosed in the reports that we file or submit under the Exchange Act is communicated to management to allow timely decisions regarding required disclosure.

Management Report on Internal Control Over Financial Reporting

The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting. The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Management conducted an evaluation of the effectiveness of company level internal controls over financial reporting on a risk based approach using elements of the framework in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Based on management’s assessment and those criteria, management believes that the internal control over financial reporting as of April 30, 2014 was effective.

Management’s internal control report was not subject to attestation by the Company’s independent registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management’s report.

Changes in Internal Control Over Financial Reporting

Other than those described elsewhere in this Form 20-F, there was no change in our internal control over financial reporting that occurred during our most recently completed fiscal year ended April 30, 2014 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Nor were there any significant deficiencies or material weaknesses in our internal controls requiring corrective actions.

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT

Our Board of Directors has determined that Mark Lotz, a member of the Company’s Audit Committee, qualifies as an “audit committee financial expert” as defined in Item 16A(b) of Form 20-F. Mr. Lotz’s relevant education and experience is disclosed above in Items 6A and 6C above. The Company’s Board of Directors has determined that Mr. Lotz is an independent director in accordance with the requirements of applicable Canadian securities laws.

ITEM 16B.

CODE OF ETHICS

We have adopted a code of ethics that applies to our chief executive officer, the chief financial officer, and other members of senior management. As adopted, the Code of Ethics sets forth standards that are designed to prevent wrongdoing and to promote:

honesty and integrity, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

full, fair, accurate, timely and understandable disclosure in reports and documents that we file with, or submit to, the SEC and in other public communications made by us;

compliance with applicable governmental laws, rules and regulations;

protection of and respect for the confidentiality of information acquired in the course of work;

responsible use of and control over assets and resources;

the prompt internal reporting of violations of the Code of Ethics to an appropriate person or persons identified in the Code of Ethics; and

accountability for adherence to the Code of Ethics.

ITEM 16C.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

Our Board of Directors appointed Davidson & Company as independent auditors to audit our financial statements for the fiscal year ended April 30, 2014. The aggregate fees billed for professional services rendered by the aforementioned independent auditor in their capacity as our principal accountant during the last two fiscal years is set forth below. Our Audit Committee pre-approved all of the following amounts billed to us prior to incurring the expenses associated therewith.

Financial Year Ending	Audit Fees1	Audit Related Fees2	Tax Fees3	All Other Fees4
2014/04/30	$40,800	$--	$6,500	$--
2013/04/30	$56,100	$23,460	$20,500	$Nil

1The aggregate fees billed for professional services rendered by our principal accountants for the audit of our annual financial statements and other fees that are normally provided by our principal accountant in connection with our audits.

2The aggregate fees billed for assurance and related services by our principal accountant that are reasonably related to the performance of the audit or review of our financial statements.

3The aggregate fees billed for professional services rendered by our principal accountant for tax compliance, tax advice and tax planning.

4Other fees billed by our principal accountant included general review of certain company documentation, such as our Form 20-F registration filing.

Pre-Approval Policies and Procedures:

Of the total aggregate fees paid by the Company to its accountants during the fiscal year ended April 30, 2014, $nil, or 0% of the aggregate fees, were approved by the Audit Committee pursuant to the de minimis exception provided by Section (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

ITEM 16D.

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

Not applicable

ITEM 16E.

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

Not applicable

ITEM 16F.

CHANGES IN REGISTRANT’S CERTIFYING ACCOUNTANT

Not applicable

ITEM 16G.

CORPORATE GOVERNANCE

Not applicable

PART III

ITEM 17.

FINANCIAL STATEMENTS

See “Item 18 – Financial Statements”.

ITEM 18. FINANCIAL STATEMENTS

Our financial statements are stated in Canadian Dollars and are prepared in accordance with International Financial Reporting Standards (“IFRS”).

Auditors’ Report dated August 22, 2014

Consolidated Statements of Financial Position at April 30, 2014 and 2013

Consolidated Statements of Operations and Comprehensive Loss for the years ended

April 30, 2014 and 2013

Consolidated Statements of Cash Flows for the years ended

April 30, 2014 and 2013

Consolidated Statements of Changes in Equity for the years ended

April 30, 2014 and 2013

Notes to the Consolidated Financial Statements for the year ended

April 30, 2014

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED APRIL 30, 2014

(Expressed in Canadian Dollars)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Directors of

Jet Metal Corp.

(formerly Crosshair Energy Corporation)

We have audited the accompanying consolidated financial statements of Jet Metal Corp. (formerly Crosshair Energy Corporation), which comprise the consolidated statements of financial position as of April 30, 2014 and 2013, and the related consolidated statements of operations and comprehensive loss, cash flows and changes in equity, for the years ended April 30, 2014 and 2013 and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion.

1200 - 609 Granville Street, P.O. Box 10372, Pacific Centre, Vancouver, B.C., Canada V7Y 1G6

Telephone (604) 687-0947 Fax (604) 687-6172

Opinion

In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of Jet Metal Corp. (formerly Crosshair Energy Corporation) as at April 30, 2014 and 2013 and its financial performance and its cash flows for the years ended April 30, 2014 and 2013 in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Emphasis of Matter

Without qualifying our opinion, we draw attention to Note 1 in the consolidated financial statements which indicate that Jet Metal Corp. (formerly Crosshair Energy Corporation) has suffered recurring losses from operations and has a net capital deficiency. These matters, along with the other matters set forth in Note 1, indicate the existence of material uncertainties that raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

“DAVIDSON & COMPANY LLP”

Vancouver, Canada	Chartered Accountants

August 22, 2014

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS AT

(Expressed in Canadian Dollars)

	APRIL 30, 2014			APRIL 30, 2013

ASSETS

Current assets
Cash and cash equivalents	$	78,541		$	596,450
Marketable securities (Note 4)		55,159			85,737
Receivables		4,161			20,830
Prepaid expenses		34,470			83,968
		172,331			786,985

Reclamation bonds (Note 6)		28,269			64,452

Equipment (Note 5)		91,016			113,770

Exploration and evaluation assets (Note 6)		2,509,791			5,670,409

	$	2,801,407		$	6,635,616

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities
Payables and accrued liabilities	$	256,201		$	324,898
Due to related parties (Note 11)		632,749			367,834
		888,950			692,732

Future reclamation provisions (Note 7)		19,267			37,161
		908,217			729,893
Equity
Capital stock (Note 9)		87,411,032			87,411,032
Reserves		21,475,351			21,520,601
Deficit		(106,993,193	)		(103,025,910	)
		1,893,190			5,905,723

	$	2,801,407		$	6,635,616

Nature of operations and going concern (Note 1)

Subsequent events (Note 16)

Approved on August 22, 2014 on behalf of the Board of Directors:

"Jay Sujir”	Director	“Stewart Wallis”	Director
Jay Sujir		Stewart Wallis

The accompanying notes are an integral part of these consolidated financial statements.

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE YEARS ENDED APRIL 30,

(Expressed in Canadian Dollars)

	2014			2013

EXPENSES
Audit and accounting	$	22,775		$	124,087
Consulting		-			308,570
Depreciation (Note 5)		22,754			26,338
Director fees		-			39,467
Exploration and evaluation (Note 6)		34,225			2,835,066
Impairment of exploration and evaluation assets (Note 6)		3,160,618			6,043,241
Insurance		33,036			51,415
Interest (Note 7)		1,427			10,402
Investor relations		11,122			180,786
Legal		8,989			35,950
Management fees		142,533			411,368
Office and administration		87,331			167,188
Project development costs		-			66,471
Rent		40,632			123,066
Share-based compensation (recovery) (Note 9)		(45,250	)		626,364
Transfer agent and filing fees		124,896			109,625
Travel		252			48,547
Wages and salaries		252,999			705,024
		(3,898,339	)		(11,912,975	)


Finance income		314			22,158
Gain on foreign exchange		1,097			465
Impairment of reclamation bonds (Note 6)		(41,852	)		-
Loss on asset disposition		-			(39,416	)
Other income - flow through premium (Note 8)		-			428,712
Unrealized loss on marketable securities (Note 4)		(28,503	)		(173,005	)
		(68,944	)		238,914
Loss and comprehensive loss for the year	$	(3,967,283	)	$	(11,674,061	)

Basic and diluted loss per common share	$	(0.60	)	$	(1.77	)

Weighted average number of common shares outstanding		6,578,035			6,578,218

The accompanying notes are an integral part of these consolidated financial statements.

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED APRIL 30,

(Expressed in Canadian Dollars)

	2014			2013

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the year	$	(3,967,283	)	$	(11,674,061	)
Items not affecting cash:
Change in future reclamation estimates		(2,053	)		-
Depreciation		22,754			26,338
Impairment of exploration and evaluation assets		3,160,618			6,043,241
Impairment of reclamation bonds		41,852			-
Interest		1,427			10,402
Loss on asset disposition		-			39,416
Other income – flow through premium		-			(428,712	)
Share-based compensation (recovery)		(45,250	)		626,364
Unrealized gain on foreign exchange		(5,669	)		-
Unrealized loss on marketable securities		28,503			173,005
Non-cash working capital item changes:
Receivables		16,669			80,431
Prepaid expenses		49,498			15,292
Payables and accrued liabilities		(68,697	)		65,947
Due to related parties		264,915			188,185
Net cash used in operating activities		(502,716	)		(4,834,152	)

CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of exploration and evaluation assets		-			(224,816	)
Acquisition of equipment		-			(45,554	)
Proceeds from sale of equipment		-			8,648
Proceeds from sale of marketable securities		2,075			-
Reclamation costs incurred		(17,268	)		-
Refund of reclamation bonds		-			292,507
Net cash provided by (used in) investing activities		(15,193	)		30,785

CASH FLOWS FROM FINANCING ACTIVITIES
Share issue costs		-			(46,481	)

Net change in cash and cash equivalents during the year		(517,909	)		(4,849,848	)

Cash and cash equivalents, beginning of year		596,450			5,446,298
Cash and cash equivalents, end of year	$	78,541		$	596,450
Cash and cash equivalents
Cash	$	55,541		$	556,070
Liquid short term investments		23,000			40,380
	$	78,541		$	596,450
Cash (paid) received for
Interest	$	-		$	-
Taxes	$	-		$	-

Supplemental disclosures with respect to cash flows (Note 10)

The accompanying notes are an integral part of these consolidated financial statements.

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Expressed in Canadian Dollars)

	Capital Stock
	Number of Shares(1)			Amount			Reserves			Deficit			Total

Balance, April 30, 2012		6,578,218		$	87,457,513		$	20,894,237		$	(91,351,849	)	$	16,999,901
Share issuance costs		-			(46,481	)		-			-			(46,481	)
Share-based compensation		-			-			626,364			-			626,364
Loss for the year		-			-			-			(11,674,061	)		(11,674,061	)

Balance, April 30, 2013		6,578,218			87,411,032			21,520,601			(103,025,910	)		5,905,723
Common shares cancelled due to fractional rounding		(183	)		-			-			-			-
Share-based compensation (recovery)		-			-			(45,250	)		-			(45,250	)
Loss for the year		-			-			-			(3,967,283	)		(3,967,283	)

Balance, April 30, 2014		6,578,035		$	87,411,032		$	21,475,351		$	(106,993,193	)	$	1,893,190

(1) During the year ended April 30, 2014, the Company consolidated its common shares on the basis of one post-consolidated share for every ten pre-consolidated common shares held (Note 9). All references to share and per share amounts have been retroactively restated to reflect this share consolidation.

The accompanying notes are an integral part of these consolidated financial statements.

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2014

(Expressed in Canadian Dollars)

1. NATURE OF OPERATIONS AND GOING CONCERN

Jet Metal Corp. (formerly Crosshair Energy Corporation) (the "Company" or “Jet Metal”) is an exploration stage company whose common shares trade on the TSX Venture Exchange and the OTC Markets Group’s OTCQB Marketplace. The Company voluntarily delisted its common shares from the NYSE MKT and its common shares were transferred to and began trading July 1, 2013 on the OTC Markets Group’s OTCQB Marketplace. Subsequently, the Company voluntarily delisted its common shares from the Toronto Stock Exchange and its common shares were transferred to and began trading January 20, 2014 on the TSX Venture Exchange.

During the year ended April 30, 2014, the Company consolidated its common shares on the basis of one post-consolidated share for every ten pre-consolidated common shares held (Note 9). All references to share and per share amounts have been retroactively restated to reflect this share consolidation.

The Company is in the business of acquiring, exploring and evaluating mineral resource properties, and either joint venturing or developing these properties further or disposing of them when the evaluation is completed. The Company is incorporated under the laws of British Columbia. All of the Company’s resource properties are currently located in North America. The address of the Company’s registered office is #1240 – 1140 West Pender Street, Vancouver, British Columbia, Canada V6E 4G1.

The Company is in the process of exploring and evaluating its exploration and evaluation assets and has not yet determined whether the properties contain ore reserves that are economically recoverable. The recoverability of the amounts shown for exploration and evaluation assets are dependent upon the existence of economically recoverable reserves, the ability of the Company to obtain necessary financing to complete the development of those reserves and upon future profitable production.

These consolidated financial statements have been prepared using International Financial Reporting Standards (“IFRS”) on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The continuing operations of the Company are dependent upon its ability to continue to raise adequate financing and to commence profitable operations in the future.

These consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and statement of financial position classifications that would be necessary were the going concern assumption deemed to be inappropriate. These adjustments could be material.

As at April 30, 2014, the Company had a working capital deficit of $716,619 (2013 – working capital of $94,253) and a deficit of $106,993,193 (2013 – $103,025,910). At present the Company has no producing properties and consequently has no current operating income or cash flows. Without additional financing, the Company will not be able to fund both its exploration programs and ongoing operations for the next 12 months. The Company intends to finance its future requirements through a combination of debt and/or equity issuance. There is no assurance that the Company will be able to obtain such financings or obtain them on favorable terms. These material uncertainties raise substantial doubt on the Company’s ability to continue as a going concern.

2. BASIS OF PRESENTATION

a) Significant accounting judgements and estimates

The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, shareholders’ equity, and the disclosure of contingent assets and liabilities, as at the date of the financial statements, and expenses for the years reported.

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2014

(Expressed in Canadian Dollars)

2. BASIS OF PRESENTATION (continued)

a) Significant accounting judgements and estimates (continued)

Critical Judgements

The preparation of these consolidated financial statements requires management to make judgements regarding the going concern of the Company, as previously discussed in Note 1, as well as the determination of functional currency. The functional currency is the currency of the primary economic environment in which an entity operates, and has been determined for each entity within the Company. The functional currency for the Company and its subsidiaries has been determined to be the Canadian dollar.

Key Sources of Estimation Uncertainty

Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates and such differences could be significant.

Significant estimates made by management affecting the consolidated financial statements include:

Share-based Payments

Estimating fair value for granted stock options and compensatory warrants requires determining the most appropriate valuation model which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the option or warrant, volatility, dividend yield, and rate of forfeitures and making assumptions about them.

Deferred Tax Assets & Liabilities

The estimation of income taxes includes evaluating the recoverability of deferred tax assets and liabilities based on an assessment of the Company’s ability to utilize the underlying future tax deductions against future taxable income prior to expiry of those deductions. Management assesses whether it is probable that some or all of the deferred income tax assets and liabilities will not be realized. The ultimate realization of deferred tax assets and liabilities is dependent upon the generation of future taxable income, which in turn is dependent upon the successful discovery, extraction, development and commercialization of mineral reserves. To the extent that management’s assessment of the Company’s ability to utilize future tax deductions changes, the Company would be required to recognize more or fewer deferred tax assets or liabilities, and deferred income tax provisions or recoveries could be affected.

Recoverability of Exploration & Evaluation Assets

The Company is in the process of exploring and evaluating its exploration and evaluation assets and has not yet determined whether the properties contain mineral reserves that are economically recoverable. The recoverability of the amounts shown for exploration and evaluation assets are dependent upon the existence of economically recoverable mineral reserves, the ability of the Company to obtain necessary financing to complete the development of those mineral reserves and upon future production or proceeds from the disposition thereof.

Useful Life of Equipment

Equipment is depreciated over its estimated useful life. Estimated useful lives are determined based on current facts and past experience, and take into consideration the anticipated physical life of the asset, the potential for technological obsolescence, and regulations.

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2014

(Expressed in Canadian Dollars)

2. BASIS OF PRESENTATION (continued)

a) Significant accounting judgements and estimates (continued)

Key Sources of Estimation Uncertainty (continued)

Future Reclamation Provision

The Company assesses its provision for reclamation related to its exploration and evaluation activities at each reporting period or when new material information becomes available. Accounting for reclamation obligations requires management to make estimates of the future costs that will be incurred to complete the reclamation to comply with existing laws and regulations. Actual future costs that will be incurred may differ from those amounts estimated as a result of changes to environmental laws and regulations, timing of future cash flows, changes to future costs, technical advances, and other factors. In addition, the actual work required may prove to be more extensive than estimated because of unexpected geological or other technical factors. The measurement of the present value of the future obligation is dependent on selection of suitable discount rate and the estimate of future cash outflows. Changes to either of these estimates may materially affect the present value calculation of the obligation.

b) Approval of the consolidated financial statements

The consolidated financial statements of the Company for the year ended April 30, 2014 were reviewed by the Audit Committee and approved and authorized for issue by the Board of Directors on August 22, 2014.

c) Basis of presentation

These consolidated financial statements are presented in Canadian dollars, which is the functional currency of the Company and its subsidiaries, and have been prepared on a historical cost basis, except for certain financial instruments classified as fair value through profit or loss, and available-for-sale, which are stated at their fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting, except for certain cash flow information.

d) Statement of compliance

These consolidated financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Boards (“IASB”) and interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”).

e) Basis of consolidation

These consolidated financial statements include the accounts of the Company, and its wholly owned subsidiaries, Target Exploration and Mining Corp. (“Target”), Crosshair Energy USA, Inc. (“Crosshair USA”), Gemini Metals Corp. (“Gemini”) as well as The Bootheel Project LLC (“BHP LLC”) in which the Company has a 81% interest. A wholly owned subsidiary is an entity in which the Company has control, directly or indirectly, where control is defined as the power to govern the financial and operating policies of an enterprise so as to obtain benefits from its activities. All intercompany transactions and balances have been eliminated on consolidation.

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2014

(Expressed in Canadian Dollars)

2. BASIS OF PRESENTATION (continued)

e) Basis of consolidation (continued)

Details of the Company’s subsidiaries are as follows:

Name	Place of incorporation	Interest %	Principal activity
Target Exploration and Mining Corp.	British Columbia, Canada	100% ownership by the Company	Exploration and evaluation of mineral properties
Crosshair Energy USA, Inc.	Nevada, United States	100% ownership by Target	Exploration and evaluation of mineral properties
Bootheel Project LLC	Colorado, United States	81% ownership by Crosshair USA	Exploration and evaluation of mineral properties
Gemini Metals Corp.	British Columbia, Canada	100% ownership by the Company	In-active subsidiary

3. SIGNIFICANT ACCOUNTING POLICIES

Cash and Cash Equivalents

Cash and cash equivalents include cash, demand deposits and highly liquid interest bearing investments that are readily convertible to known amounts of cash and subject to insignificant risk of changes in value.

Financial Instruments

All financial instruments are initially recognized at fair value on the statement of financial position. The Company has classified each financial instrument into one of the following categories: (1) financial assets or liabilities at fair value through profit or loss (“FVTPL”), (2) loans and receivables, (3) financial assets available-for-sale, (4) financial assets held-to maturity, and (5) other financial liabilities. Subsequent measurement of financial instruments is based on their classification.

Financial assets and liabilities at FVTPL are subsequently measured at fair value with changes in those fair values recognized in net earnings. Financial assets “available-for-sale” are subsequently measured at fair value with changes in fair value recognized in other comprehensive income (loss), net of tax.

Financial assets “held-to-maturity”, “loans and receivables”, and “other financial liabilities” are subsequently measured at amortized cost using the effective interest method. The Company’s financial assets and liabilities are recorded and measured as follows:

Asset or Liability	Category	Measurement
Cash and cash equivalents	FVTPL	Fair value
Marketable securities	FVTPL	Fair value
Receivables	Loans and receivables	Amortized cost
Reclamation bonds	Held to maturity	Amortized cost
Payables and accrued liabilities	Other liabilities	Amortized cost
Due to related parties	Other liabilities	Amortized cost

The Company determines the fair value of financial instruments according to the following hierarchy based on the amount of observable inputs used to value the instrument.

Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2014

(Expressed in Canadian Dollars)

3.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Financial Instruments (continued)

Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1. Prices in Level 2 are either directly or indirectly observable as of the reporting date. Level 2 valuations are based on inputs, including quoted forward prices for commodities, time value and volatility factors, which can be substantially observed or corroborated in the marketplace.

Level 3 – Valuations in this level are those with inputs for the asset or liability that are not based on observable market data.

Cash and cash equivalents and marketable securities have been measured at fair value using Level 1 inputs.

Exploration and Evaluation Assets

Costs incurred before the Company has obtained the legal rights to explore an area are expensed. Costs to acquire exploration and evaluation assets are capitalized as incurred. Costs related to the exploration and evaluation of exploration and evaluation assets are expensed as incurred. The Company considers mineral rights to be assets and accordingly, the Company capitalizes certain costs related to the acquisition of mineral rights. The Company considers each exploration and evaluation asset to be a separate cash generating unit.

Any option payments received by the Company from third parties or tax credits refunded to the Company are credited to the capitalized cost of the exploration and evaluation asset or shown as an expense recovery depending on the nature of the activity generating the refund. If payments received exceed the capitalized cost of the exploration and evaluation asset, the excess is recognized as income in the year received. The amounts shown for exploration and evaluation assets do not necessarily represent present or future values. Their recoverability is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the development, and future profitable production or proceeds from the disposition thereof.

Future Reclamation Provisions

The Company recognizes liabilities for statutory, contractual, constructive or legal obligations associated with the retirement of reclamation of mineral interests (exploration and evaluation assets). The net present value of future rehabilitation cost estimates is capitalized to the related assets along with a corresponding increase in the reclamation provision in the period incurred. Discount rates using a pre-tax rate that reflects the time value of money are used to calculate the net present value.

The Company’s estimates of reclamation costs could change as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to the related assets with a corresponding entry to the reclamation provision. The Company’s estimates are reviewed annually for changes in regulatory requirements, discount rates, effects of inflation and changes in estimates.

Changes in the net present value, excluding changes in the Company’s estimates of reclamation costs, are charged to profit or loss for the period.

Equipment

Equipment is carried at cost, less accumulated depreciation and accumulated impairment losses.

The cost of an item of equipment consists of the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use and an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Depreciation is provided at rates calculated to write off the cost of equipment, less its estimated residual value, using the declining balance method at the following rates per annum:

Exploration equipment

20%

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2014

(Expressed in Canadian Dollars)

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

Impairment

At each financial position reporting date the carrying amounts of the Company’s long-lived assets are reviewed to determine whether there is any indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. The recoverable amount is the higher of fair value less costs to sell and value in use, which is the present value of future cash flows expected to be derived from the asset. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in the profit or loss for the period.

For the purposes of impairment testing, exploration and evaluation assets are allocated to cash-generating units to which the exploration activity relates. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.

Flow-Through Shares

Canadian income tax legislation permits an enterprise to issue securities referred to as flow-through shares, whereby the investor can claim the tax deductions arising from the renunciation of the related resource expenditures. The Company accounts for flow-through shares whereby the premium, if any, paid for the flow-through shares in excess of the market value of the shares without flow-through features at the time of issue is initially recorded to other liability and then included in income at the same time the qualifying expenditures are made.

Loss Per Share

Basic loss per share is computed by dividing the loss for the period by the weighted average number of common shares outstanding during the period.

For diluted per share computations, assumptions are made regarding potential common shares outstanding during the period. The weighted average number of common shares is increased to include the number of additional common shares that would be outstanding if, at the beginning of the period, or at time of issuance, if later, all options and warrants are exercised. Proceeds from exercise are used to purchase the Company’s common shares at their average market price during the period, thereby reducing the weighted average number of common shares outstanding. If these computations prove to be anti-dilutive, diluted loss per share is the same as basic loss per share.

Share-Based Payments

The Company grants stock options to buy common shares of the Company to directors, officers, employees and service providers. The Company recognizes share-based compensation expense based on the estimated fair value of the options. A fair value measurement is made for each vesting instalment within each option grant and is determined using the Black-Scholes option-pricing model. The fair value of the options is recognized over the vesting period of the options granted as both share-based compensation expense and reserves. This includes a forfeiture estimate, which is revised for actual forfeitures in subsequent periods. The reserves account is subsequently reduced if the options are exercised and the amount initially recorded is then credited to capital stock.

In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at the fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of the goods or services received.

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2014

(Expressed in Canadian Dollars)

3.	SIGNIFICANT ACCOUNTING POLICIES (continued)

Income Taxes

Income tax on profit or loss for the year comprises of current and deferred tax. Current tax is the expected tax paid or payable on the taxable income for the year, using tax rates enacted or substantively enacted at the statement of financial position date, and any adjustment to tax paid or payable in respect of previous years.

Deferred tax is recorded by providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in the period that includes the date of the enactment or substantive enactment of the change. Deferred tax assets and liabilities are presented separately except where there is a right of set-off within fiscal jurisdictions.

Foreign Currency Translation

The functional currency of the Company and its subsidiaries is the Canadian dollar. The reporting currency of the Company is the Canadian dollar. Transactions denominated in foreign currency are translated into Canadian dollars at the rate of exchange in effect at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies have been translated into Canadian dollars at the rate of exchange in effect at the statement of financial position date, while non-monetary assets and liabilities are translated at historical rates. Revenue and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Any gains or losses resulting from translation have been included in the statement of operations and comprehensive loss.

New Accounting Pronouncements Adopted

The following accounting standards were adopted as of May 1, 2013 and did not have a material impact on the consolidated financial statements of the Company.

Amendments to IFRS 7, Financial Instruments: Disclosures (“IFRS 7”) introduces enhanced disclosure around the transfer of financial assets and associated risks.

In May 2011, the IASB issued IFRS 10, Consolidated Financial Statements (“IFRS 10”), which builds on existing principles by identifying the concept of control as the determining factor in whether an entity should be included within the consolidated financial statements of a parent company. IFRS 10 also provides additional guidance to assist in the determination of control where this is difficult to assess.

In May 2011, the IASB issued IFRS 11, Joint Arrangements (“IFRS 11”), which enhances accounting for joint arrangements, particularly by focusing on the rights and obligations of the arrangement, rather than the arrangement’s legal form. IFRS 11 also addresses inconsistencies in the reporting of joint arrangements by requiring a single method to account for interests in jointly controlled entities and prohibits proportionate consolidation.

In May 2011, the IASB issued IFRS 12, Disclosure of Interests in Other Entities (“IFRS 12”), which is a comprehensive standard on disclosure requirements for all forms of interests in other entities, including joint arrangements, associates, special purpose vehicles and other off-balance sheet vehicles.

In May 2011, the IASB issued IFRS 13, Fair Value Measurement (“IFRS 13”), which defines fair value, sets out in a single IFRS a framework for measuring fair value and requires disclosures about fair value measurements. IFRS 13 does not determine when an asset, a liability or an entity’s own equity instrument is measured at fair value. Rather, the measurement and disclosure requirements of IFRS 13 apply when another IFRS requires or permits the item to be measured at fair value (with limited exceptions).

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2014

(Expressed in Canadian Dollars)

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

New Accounting Pronouncements Adopted (continued)

In June 2011, the IASB amended IAS 1, Presentation of Financial Statements (“IAS 1”), to change the disclosure of items presented in other comprehensive income into two groups, based on whether those items may be recycled to profit or loss in the future.

Amendments to IAS 27, Separate Financial Statements (“IAS 27”), and IAS 28, Investments in Associates and Joint Ventures (“IAS 28”) have been made. IAS 27 addresses accounting for subsidiaries, jointly controlled entities and associates in non-consolidated financial statements. IAS 28 has been amended to include joint ventures in its scope and to address the changes in IFRS 10-13.

New Accounting Pronouncements

Comparative Figures

Certain comparative figures have been reclassified in accordance with the current year’s presentation.

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2014

(Expressed in Canadian Dollars)

4. MARKETABLE SECURITIES

	Canadian Zinc Corp. (CZN)			Australian American Mining Corp. (AIW.A)			Expedition Mining Inc. (EXU.V)			Total


Cost

Balance at April 30, 2012 and 2013	$	2,695,052		$	97,024		$	1,000,000		$	3,792,076
Dispositions		(236,716	)		-			-			(236,716	)
Balance at April 30, 2014		2,458,336			97,024			1,000,000			3,555,360

Adjustments to Fair Value

Balance at April 30, 2012		(2,633,288	)		(77,824	)		(822,222	)		(3,533,334	)
Adjustment for the year		(44,117	)		(6,666	)		(122,222	)		(173,005	)
Balance at April 30, 2013		(2,677,405	)		(84,490	)		(944,444	)		(3,706,339	)
Adjustment for the year		240,895			(12,534	)		(22,223	)		206,138
Balance at April 30, 2014		(2,436,510	)		(97,024	)		(966,667	)		(3,500,201	)

Fair Value

At April 30, 2013	$	17,647		$	12,534		$	55,556		$	85,737
At April 30, 2014	$	21,826		$	-		$	33,333		$	55,159

During the year ended April 30, 2014, the Company exchanged 321,940 common shares of Messina Minerals Inc. for 54,565 common shares of Canadian Zinc Corporation as a result of the acquisition of Messina Minerals Inc. by Canadian Zinc Corporation. Prior to this exchange, the Company sold 31,000 common shares of Messina Minerals Inc. for net proceeds of $2,075.

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2014

(Expressed in Canadian Dollars)

5. EQUIPMENT

	Exploration Equipment

Cost

Balance at April 30, 2012	$	379,293
Additions		45,554
Dispositions		(126,261	)
Balance at April 30, 2013 and 2014	$	298,586

Accumulated Depreciation

Balance at April 30, 2012	$	236,675
Depreciation		26,338
Dispositions		(78,197	)
Balance at April 30, 2013		184,816
Depreciation		22,754
Balance at April 30, 2014	$	207,570

Net Book Value

At April 30, 2013	$	113,770
At April 30, 2014	$	91,016

6. EXPLORATION AND EVALUATION ASSETS

The following table illustrates acquisition costs:

	Central Mineral Belt (“CMB”)
	Moran Lake, Otter / Portage Lake			Silver Spruce			Bootheel Project			Golden Promise			Juniper Ridge			Total

Balance at April 30, 2012	$	3,010,348		$	2,515,422		$	3,726,441		$	1,410,842		$	929,052		$	11,592,105
Acquisition costs		200,000			-			1,283			20,000			3,533			224,816
Change in estimates of future reclamation provisions		(49,730	)		(5,631	)		-			(29,714	)		(18,196	)		(103,271	)
Impairment		-			-			(3,727,724	)		(1,401,128	)		(914,389	)		(6,043,241	)
Balance at April 30, 2013		3,160,618			2,509,791			-			-			-			5,670,409
Impairment		(3,160,618	)		-			-			-			-			(3,160,618	)
Balance at April 30, 2014	$	-		$	2,509,791		$	-		$	-		$	-		$	2,509,791

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2014

(Expressed in Canadian Dollars)

6. EXPLORATION AND EVALUATION ASSETS (continued)

The following table illustrates the exploration and evaluation expenditures incurred during the year ended April 30, 2014:

	CMB		Bootheel Project			Juniper Ridge			Other		Total

Administration (recovery)	$	560	$	34,673		$	(392	)	$	-	$	34,841
Permitting		-		-			-			376		376
Reclamation costs		-		10,921			-			-		10,921
Recovery – JV Partner		-		(11,913	)		-			-		(11,913	)
	$	560	$	33,681		$	(392	)	$	376	$	34,225

The following table illustrates the exploration and evaluation expenditures incurred during the year ended April 30, 2013:

	Central Mineral Belt (“CMB”)
	Moran Lake, Otter / Portage Lake			Silver Spruce			Bootheel Project			Golden Promise		Juniper Ridge		Total

Administration	$	10,434		$	-		$	45,981		$	-	$	44,902	$	101,317
Drilling & trenching		731,850			-			13,433			-		328,080		1,073,363
Geology		1,456,437			-			35,816			24,524		339,683		1,856,460
Geophysics		11,591			-			-			-		44,918		56,509
Hydrology		-			-			271			-		-		271
Metallurgy		-			-			-			-		15,892		15,892
Permitting		-			-			-			-		37,395		37,395
Reclamation costs		-			-			-			22,741		-		22,741
Recovery – JV Partner		-			-			(28,882	)		-		-		(28,882	)
JCEAP(1) grant received		(150,000	)		(150,000	)		-			-		-		(300,000	)
	$	2,060,312		$	(150,000	)	$	66,619		$	47,265	$	810,870	$	2,835,066

(1) Junior Company Exploration Assistance Program

Central Mineral Belt (“CMB”)

Moran Lake Property

Pursuant to an agreement dated October 14, 2004, the Company acquired an option to earn a 90% interest, subject to a 2% net smelter royalty (“NSR”) and a 10% carried interest to the vendor, in the Moran Lake Property, a uranium prospect located in Central Labrador, Newfoundland and Labrador, Canada. The agreement was amended on March 1, 2005 to include additional claims adjacent to the Moran Lake Property, known as Moran Heights.

The Company previously issued 40,000 common shares, made cash payments totaling $575,000 and spent more than the required minimum $3,000,000 on project expenditures. In connection with the option agreement to earn its 90% interest in the Moran Lake Property, the Company was involved in a dispute with the original vendor of the Moran Lake Property, Mr. Murphy, regarding the timing of advance royalty payments. On December 5, 2011, the Company settled the litigation. Under the terms of the settlement, the Company made a cash payment of $600,000 and issued 119,361 common shares. All litigation was discontinued and Mr. Murphy acknowledged that the Company’s 90% interest in the CMB Uranium/Vanadium Project vested and any requirement for a bankable feasibility study was irrevocably waived. The Company was required to make advance royalty payments of $200,000 per year commencing in November 2012. Accordingly, the Company paid an advance royalty payment of $200,000 in November 2012. Had the Company brought the Moran Lake Property into production, the advance royalty payments would have been deducted against any NSR owed to the original vendor of the property.

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2014

(Expressed in Canadian Dollars)

6. EXPLORATION AND EVALUATION ASSETS (continued)

Central Mineral Belt (“CMB”) (continued)

Moran Lake Property (continued)

On November 1, 2013, the Company exercised its right to abandon those mineral claims that form the Moran Lake Property and terminated the related agreement to discharge the Company from any further obligations with respect to the Moran Lake Property. As a result, the Company recorded an impairment of $2,484,868 to operations during the year ended April 30, 2014.

Otter/Portage Lake Property

Pursuant to an agreement dated December 2, 2005, the Company acquired a 100% interest, subject to a 1.5% NSR, in the Otter and Portage Lake Properties located in the Central Mineral Belt of Labrador.

During the year ended April 30, 2014, the Company abandoned these properties and recorded an impairment of $675,750 to operations in relation to the Otter and Portage Lake Properties.

Silver Spruce Property Amalgamation

In July 2008, the Company entered into an agreement with Expedition Mining Inc. ("Expedition"), formally known as Universal Uranium Ltd., and acquired all of Expedition's interest (60%) in its joint venture project with Silver Spruce Resources Inc. in Labrador. Currently the Company has a 100% interest in the property subject to a 2% net smelter royalty payable to Silver Spruce and a 2% net smelter royalty payable to Expedition Mining Inc. on 60% of any production from the Silver Spruce Property.

Bootheel Project

On March 31, 2009, the Company acquired an interest in the Bootheel and Buckpoint Properties in Wyoming, USA through the acquisition of Target. Under a series of agreements between UR-Energy USA Inc. (“URE”), several of its subsidiaries, Target and Crosshair USA, a wholly owned subsidiary of Target, the Company could earn a 75% interest in BHP LLC, subject to certain royalties, by completing expenditures totalling US $3,000,000 on or before June 7, 2011. The Company made these expenditures, and additional expenditures, which increased its holdings to 81%. The Company, through Target, has earned a 81% interest in BHP LLC, representing a 81% interest in the underlying Bootheel and Buckpoint Properties.

Under agreements dated February 5, 2008 between MJ Ranches Inc. and Crosshair USA as manager, BHP LLC leased MJ Ranches Inc.’s 75% ownership of certain minerals on fee land that adjoins the Bootheel Property. The initial term of the agreement was for five years with provision for two renewals. Payment for the initial five year term was US $252,651 paid in advance, increased for inflation for the renewal periods. The acquired mineral rights were subject to a sliding scale royalty tied to the sales price of uranium. The “Uranium Lease and Surface and Damage Agreement” and “Surface Impact Agreement” expired in February 2013. On June 7, 2013, the Company announced that BHP LLC has been unable to reach an agreement with MJ Ranches Inc. on terms which more accurately reflect current market conditions. Certain portions of the mineral resources included in the Technical Report issued by the Company, dated October 27, 2012, are located on those lands which were subject to the mineral lease with MJ Ranches Inc. Accordingly, during the year ended April 30, 2013, the Company recorded an impairment of $3,727,724 to operations.

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2014

(Expressed in Canadian Dollars)

6. EXPLORATION AND EVALUATION ASSETS (continued)

Golden Promise

Golden Promise Property

On April 29, 2009, the Company acquired a 60% interest in the Golden Promise Gold Project in Central Newfoundland, Canada with an option to acquire an additional interest from Paragon Minerals Corp. (“Paragon”).

The Company was to provide Paragon with a $2,000,000 carried interest in initial exploration expenditures to be completed prior to May 2013. The Company could extend the timeframe to complete the initial exploration program by 12 months upon issuing 6,250 common shares to Paragon.

Upon the successful completion of the initial $2,000,000 exploration program, the Company could elect to earn an additional 10% interest (to 70%) in Golden Promise by providing Paragon with an additional $1,000,000 carried interest in additional exploration expenditures within 24 months. The Company could extend the timeframe to complete the additional exploration program by 12 months upon issuing 2,500 common shares to Paragon. In the event that the Company did not complete the additional expenditure program within the required timeframe, the Company could purchase the remaining 10% interest by paying Paragon the difference between actually incurred exploration expenditures and $1,000,000 or just retain the 60% interest.

On May 31, 2013, the Company and Paragon terminated the Golden Promise Option and Joint Venture Agreement and as a result, the Company recorded an impairment of $1,401,128 to operations during the year ended April 30, 2013.

Southern Golden Promise (Victoria Lake)

The Company had earned a 62.02% interest in mineral claims located in the Botwood Basin area of Central Newfoundland known as Southern Golden Promise in consideration for issuing a total of 10,000 common shares and incurring a minimum of $1,750,000 exploration expenditures within specified deadlines.

During the year ended April 30, 2014, the Company abandoned the Southern Golden Promise property.

Juniper Ridge Uranium Property

On October 29, 2010, the Company signed a definitive agreement with Strathmore Resources Ltd., a wholly owned subsidiary of Strathmore Minerals Corp. (“Strathmore”), to acquire the Juniper Ridge Uranium Property. In order to acquire this property, the Company was required to make cash payments totalling US$4,450,000 (US$450,000 has been paid), and issue shares with a total value of US$2,750,000 (US$250,000 in shares has been issued).

Title to the Juniper Ridge Property had been transferred to the Company by Strathmore upon making the initial payments of US$700,000 of which US$250,000 was paid by issuance of 55,251 common shares of the Company. On November 30, 2012, the Company announced that it terminated this agreement and as a result, $914,389 of the capitalized costs were written off to operations during the year ended April 30, 2013. The Company transferred the title to the Juniper Ridge Property back to Strathmore in February 2013.

Reclamation Bonds

As at April 30, 2014, the Company had outstanding reclamation bonds for the Bootheel Property and Juniper Ridge Property of US$25,800 (2013 - US$25,800) and $Nil (2013 - US$36,600), respectively, registered with the Wyoming Department of Environmental Quality and State Office of Lands and Investment.

During the year ended April 30, 2014, the Company recorded an impairment of reclamation bonds in the amount of $41,852 due to collectability concerns in relation to properties that have been abandoned.

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2014

(Expressed in Canadian Dollars)

7. FUTURE RECLAMATION PROVISIONS

	April 30, 2014			April 30, 2013

Beginning balance	$	37,161		$	130,030
Change in estimates1		(2,053	)		(103,271	)
Interest		1,427			10,402
Reclamation expenses incurred		(17,268	)		-
Ending balance	$	19,267		$	37,161

1 The Company revised its prior estimates based on new information regarding potential future reclamation costs, and the estimated dates of abandonment of the interests in exploration and evaluation assets.

As at April 30, 2014, the Company has legal obligations associated with the Moran Lake property for cleanup costs. These costs are anticipated to be incurred through 2015.

The total undiscounted amount of estimated cash flows required to settle the obligations is approximately $20,000, which was adjusted for inflation at the rate of 2%, discounted at 8% and projected out to 2015.

8. OTHER LIABILITY

	April 30, 2014		April 30, 2013

Beginning balance	$	-	$	428,712
Settlement of flow-through share liability on expenditures made		-		(428,712	)
Ending balance	$	-	$	-

The Company periodically issues flow-through shares with any resulting flow-through premium recorded as other liability. The liability is subsequently reduced when the required exploration expenditures are made, and accordingly, a recovery of flow-through premium is recorded as other income.

9. CAPITAL STOCK AND RESERVES

Share and warrant issuances

There were no share or warrant issuances during the years ended April 30, 2014 or 2013.

During the year ended April 30, 2014, the Company consolidated its common shares on the basis of one post-consolidated share for every ten pre-consolidated common shares held. All references to share and per share amounts have been retroactively restated to reflect this share consolidation.

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2014

(Expressed in Canadian Dollars)

9. CAPITAL STOCK AND RESERVES (continued)

Warrants

The following is a summary of warrant activities during the years ended April 30, 2014 and 2013:

	Number of Warrants			Weighted Average Exercise Price

Outstanding, April 30, 2012		2,242,246		$	8.71
Expired		(1,325,000	)	$	10.04
Outstanding, April 30, 2013		917,246		$	6.79
Expired		(917,246	)	$	6.79
Outstanding, April 30, 2014		-			-

As at April 30, 2014, there were no warrants outstanding.

Stock options

The Company’s Stock Option Plan is a 10% rolling plan that allows a maximum 10% of the issued shares to be reserved for issuance under the plan. Options granted under the plan may not have a term exceeding 10 years and vesting provisions are at the discretion of the Board of Directors.

The following is a summary of stock option activities during years ended April 30, 2014 and 2013:

	Number of Stock Options			Weighted Average Exercise Price

Outstanding, April 30, 2012		660,012		$	11.03
Forfeited		(35,000	)	$	7.39
Expired		(25,049	)	$	30.42
Outstanding, April 30, 2013		599,963		$	10.43
Forfeited		(187,250	)	$	6.75
Expired		(70,500	)	$	12.55
Outstanding, April 30, 2014		342,213		$	12.01

At April 30, 2014, the following stock options were outstanding to directors, officers and employees:

Outstanding	Exercisable	Exercise Price	Remaining Life (Years)	Expiry Date

56,625	56,625	$10.80	0.08	May 28, 2014(1)
28,088	28,088	$8.80	0.59	November 30, 2014
1,250	1,250	$8.00	0.64	December 21, 2014
11,250	11,250	$8.40	0.69	January 6, 2015
191,000	191,000	$14.40	1.64	December 21, 2015
10,000	10,000	$19.50	1.69	January 7, 2016
4,750	4,750	$11.20	1.92	April 1, 2016
39,250	39,250	$3.80	2.99	April 24, 2017
342,213	342,213

(1) Expired subsequent to the year ended April 30, 2014 (Note 16).

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2014

(Expressed in Canadian Dollars)

9. CAPITAL STOCK AND RESERVES (continued)

Share-based compensation

The Company recognizes compensation expense for all stock options granted using the fair value based method of accounting. For the year ended April 30, 2014, the Company recognized a recovery of share-based compensation expense of $45,250 (April 30, 2013 – expense of $626,364) for options forfeited or vesting during the year, respectively. No stock options were granted during the years ended April 30, 2014 and 2013.

10. SUPPLEMENTAL DISCLOSURES WITH RESPECT TO CASH FLOWS

There were no significant non-cash transactions affecting cash flows from investing or financing activities during the years ended April 30, 2014 and 2013.

11. RELATED PARTY TRANSACTIONS

Related parties and related party transactions impacting the consolidated financial statements are summarized below and include transactions with the following individuals or entities:

Key management personnel

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consists of members of the Company’s Board of Directors, corporate officers, including the Company’s Chief Executive Officer, Chief Financial Officer, and Vice Presidents.

Remuneration attributed to key management personnel for the years ended April 30, 2014 and 2013 can be summarized as follows:

	April 30, 2014		April 30, 2013

Share-based compensation	$	27,463	$	405,876
Short-term benefits(1)		207,723		933,802
	$	235,186	$	1,339,678

(1)	include base salaries and directors’ fees, pursuant to contractual employment or consultancy arrangements, management and consulting fees

The Company had a consulting agreement with the former Executive Chairman of the Company that provided for a lump sum payment of $150,000 on termination or $450,000 in the event of a change of control of the Company. This agreement was terminated by the former Executive Chairman of the Company as of December 31, 2013.

Other related parties

King & Bay West Management Corp. (“King & Bay West”): King & Bay West is an entity owned by the former Executive Chairman of the Company, who remains an insider of the Company, and provides administrative, management, geological, regulatory, tax, corporate development and investor relations services to the Company.

Transactions entered into with related parties other than key management personnel during the years ended April 30, 2014 and 2013 include the following:

	April 30, 2014		April 30, 2013

King & Bay West	$	303,832	$	1,234,170

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2014

(Expressed in Canadian Dollars)

11. RELATED PARTY TRANSACTIONS (continued)

Other related parties (continued)

Amounts due to related parties as at April 30, 2014 included the following:

·	King & Bay West, controlled by the former Executive Chairman and insider of the Company - $540,874 (April 30, 2013 - $319,312)

·	MJM Consulting Corp., controlled by the former Executive Chairman and insider of the Company - $91,875 (April 30, 2013 - $48,522)

The amounts due to related parties are non-interest bearing.

12. INCOME TAXES

The following is a reconciliation of income taxes attributable to operations computed at the statutory tax rates to income tax recovery.

	April 30, 2014			April 30, 2013

Loss for the year	$	(3,967,283	)	$	(11,674,061	)

Expected income tax recoverable at statutory rate		(1,002,000	)		(2,919,000	)
Permanent differences		(8,000	)		82,000
Share issuance costs		-			(12,000	)
Impact on change in statutory rates and different subsidiary tax rates and other		(555,000	)		(513,000	)
Impact on flow-through shares		-			649,000
Change in unrecognized deductible temporary differences		1,565,000			2,713,000
Total income tax recovery	$	-		$	-

The significant components of the Company’s unrecognized temporary differences and tax losses are as follows:

	April 30, 2014		Expiry Date Range		April 30, 2013

Temporary Differences

Exploration and evaluation assets	$	44,272,000	No expiry date		$	41,191,000
Investment tax credit		1,151,000		2029-2034		1,168,000
Equipment		513,000	No expiry date			544,000
Canadian eligible capital (CEC)		1,000	No expiry date			1,000
Share issue costs		396,000		2035-2038		774,000
Future reclamation provision		19,000	No expiry date			37,000
Marketable securities		3,500,000	No expiry date			3,706,000
Non-capital losses available for future period – Canada		22,576,000		2015-2034		21,476,000
Non-capital losses available for future period – United States		1,559,000		2029-2034		1,130,000

Tax attributes are subject to review and potential adjustment by tax authorities.

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2014

(Expressed in Canadian Dollars)

13. SEGMENTED INFORMATION

The Company operates in one reportable operating segment, being the acquisition, exploration and evaluation of mineral properties in North America.

	April 30, 2014		April 30, 2013

Equipment

United States	$	2,502	$	3,128
Canada		88,514		110,642
	$	91,016	$	113,770

Reclamation bonds

United States	$	28,269	$	62,702
Canada		-		1,750
	$	28,269	$	64,452
Exploration and evaluation assets

Canada	$	2,509,791	$	5,670,409

14. CAPITAL MANAGEMENT

The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue the exploration and evaluation of its exploration and evaluation assets, acquire additional mineral property interests and to maintain a flexible capital structure which optimizes the costs of capital at an acceptable risk. In the management of capital, the Company includes its components of equity.

The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares, issue debt, acquire or dispose of assets.

In order to maximize ongoing development efforts, the Company does not pay out dividends. Management reviews its capital management approach on an ongoing basis and believes that this approach is reasonable given the relative size of the Company.

The Company currently is not subject to externally imposed capital requirements. There were no changes in the Company’s approach to capital management during the year.

15. RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

The fair value of the Company’s receivables, payables and accrued liabilities, and due to related parties approximate carrying value, due to their short-term nature. The Company’s cash and cash equivalents and marketable securities are measured at fair value under the fair value hierarchy based on level one quoted prices in active markets for identical assets or liabilities. The Company’s other financial instruments, being reclamation bonds, are measured at amortized cost.

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2014

(Expressed in Canadian Dollars)

15. RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (continued)

The Company’s financial instruments are exposed to certain financial risks, including currency risk, credit risk, liquidity risk, interest rate risk and price risk.

Credit risk

Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations.

The Company is subject to credit risk on its cash and cash equivalents and receivables. The Company limits its exposure to credit loss by placing its cash and cash equivalents with major financial institutions. The Company has no investments in asset-backed commercial paper. The Company’s receivables consist mainly of Goods and Services Tax receivable due from the Government of Canada. The Company does not believe it is exposed to significant credit risk

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due.

The Company manages liquidity risk through its capital management as outlined in Note 14. The Company will require additional equity financing to meet its administrative overhead costs and further exploration activities on its exploration and evaluation assets in fiscal 2015.

Market Risk

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, commodity and equity prices, and foreign exchange rates.

(a) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

(b) Price risk

JET METAL CORP.

(FORMERLY CROSSHAIR ENERGY CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2014

(Expressed in Canadian Dollars)

16. SUBSEQUENT EVENTS

The following reportable events occurred subsequent to year ended April 30, 2014:

·	On May 5, 2014, 1,000 stock options with an exercise price of $3.80 were forfeited (Note 9).

·	On May 28, 2014, 56,625 stock options with an exercise price of $10.80 expired (Note 9).

·	On June 7, 2014, 2,500 stock options with an exercise price of $8.40 and 7,500 stock options with an exercise price of $14.40 were forfeited (Note 9).

·	On June 9, 2014, the Company received a loan in the amount of $60,000 from King & Bay West, a related party. The loan is non-interest bearing, unsecured and has no fixed terms of repayment.

·	The Company sold 54,565 common shares of Canadian Zinc Corporation for net proceeds of $21,544 (Note 4).

·	The Company sold 2,222,222 common shares of Expedition Mining Inc. for net proceeds of $31,167 (Note 4).

ITEM 19. EXHIBITS

1.1(1)

Certificate of Incorporation dated September 2, 1966

1.2(1)

Memorandum dated August 31, 1966

1.3(1)

Certificate of Conversion to Public Company dated February 20, 1967

1.4(1)

Certificate of Name Change from Shasta Mines & Oil Ltd. (NPL) to International Shasta Resources Ltd dated February 4, 1975

1.5(1)

Certificate of Name Change from International Shasta Resources Ltd. to Consolidated Shasta Resources Inc dated May 20, 1994

1.6(1)

Certificate of Name Change from Consolidated Shasta Resources Inc. to Lima Gold Corporation dated November 23, 1994

1.7(1)

Certificate of Name Change from Lima Gold Corporation to International Lima Resources Corp. dated September 21, 1999

1.8(1)

Certificate of Name Change from International Lima Resources Corp. to Crosshair Exploration & Mining Corp. dated March 1, 2004

1.9(1)

Transition Application and Notice of Articles transitioning from the former Company Act (British Columbia) to the Business Corporations Act (British Columbia) dated June 1, 2004

1.10(1)

Notice of Alteration removing the Pre-Existing Company Provisions filed September 30, 2004

1.11(1)

Notice of Alteration increasing the authorized share capital from 100,000,000 common shares to an unlimited number of common shares filed March 11, 2005

1.12(1)

New Articles – 2004

1.13(11)

Certificate of Name Change from Crosshair Exploration & Mining Corp. to Crosshair Energy Corporation dated October 28, 2011.

1.14	Certificate of Name Change from Crosshair Energy Corporation to Jet Metal Corp. dated September 17, 2013

2.1	Specimen Common Share certificate

2.2(1)

Sample of Warrant Terms and Conditions

3.1(8)

Voting Trust Agreement between Crosshair and Expedition dated April 27, 2010

4.1(1)

Victoria Lake Property Agreement between Rubicon Minerals Corp. and Crosshair dated February 14, 2003. (This agreement is in relation to the South Golden Promise Property)

4.2(1)

1st Amended Agreement with Rubicon Minerals Corp. regarding Victoria Lake Property dated April 29, 2004. (This agreement relates to the South Golden Promise Property)

4.3(1)

2nd Amended Agreement with Rubicon Minerals Corp. regarding Victoria Lake Property dated November 16, 2004. (This agreement relates to the South Golden Promise Property)

4.4(2)

Golden Promise Agreement between Rubicon Minerals Corp. and Crosshair Exploration dated May 1, 2006

4.5(1)

Amended and Restated Moran Lake Agreement between Lewis Murphy and Crosshair dated March 1, 2005

4.6	Stock Option Plan dated as of January 2, 2014

4.7	Sample Stock Option Agreement

4.8(9)

Management Services Agreement with King & Bay West Management Corp. (formerly Forbes West Management Corp.) dated October 1, 2010

4.9(5)

Amended and Restated Shareholder Rights Plan Agreement with Computershare Investor Services Inc. dated as of November 19, 2007, as amended and restated March 31, 2008

4.10(9)

Consulting Agreement with MJM Consulting and Mark J. Morabito dated March 1, 2011

4.11	[Intentionally left blank]

4.12(7)

Purchase and Sale Agreement between Crosshair and Expedition dated July 29, 2008

4.13(7)

Settlement and Release Agreement made among Expedition, Silver Spruce and Crosshair dated July 29, 2008

4.14(6)

Combination Agreement made among Crosshair, 0843540 B.C. Ltd. and Target dated January 28, 2009

4.157)

Golden Promise Option and Joint Venture Agreement between Crosshair and Paragon dated April 8, 2009

4.16(7)

List of Crosshair Subsidiaries

4.17(7)

The Bootheel Project, LLC Exploration, Development & Mine Operating Agreement among 448018 Exploration, Inc., NFUR Bootheel, LLC, Target Exploration and Mining Corp., Ur-Energy USA Inc. and NFU Wyoming LLC dated June 7, 2007

4.18(7)

Amendment No. 1 to The Bootheel Project, LLC Exploration, Development & Mine Operating Agreement dated December 21, 2007

4.19(7)

Uranium Lease and Surface and Damage Agreement between 448018 Exploration, Inc. and M J Ranches dated February 5, 2008

4.20(7)

Assignment of Uranium Lease and Surface and Damage Agreement between 448018 Exploration, Inc. and The Bootheel Project, LLC dated April 11, 2008

4.21(7)

Surface Impact Agreement between 448018 Exploration, Inc. and M J Ranches dated February 5, 2008

4.22(7)

Assignment of Surface Impact Agreement between 448018 Exploration, Inc. and The Bootheel Project, LLC dated April 11, 2008

4.23(9)

Juniper Ridge Agreement between Strathmore Resources (US) Ltd., Strathmore Minerals Corp., the Company and 448018 Exploration, Inc. dated October 29, 2010

4.24(11)

Moran Lake Co-Ownership Agreement between the Company and Lewis Murphy dated December 5, 2011

11.1(4)

Code of Ethics

12.1	Section 302 CEO Certification

12.2	Section 302 CFO Certification

100

13.1	Section 906 CEO Certification

13.2	Section 906 CFO Certification

_________________

(1)

Filed as an exhibit to our Registration Statement on Form 20-F filed April 25, 2006.

(2)

Filed as an exhibit to our Registration Statement on Form 20-F filed July 21, 2006.

(3)

Filed as an exhibit to our Annual Report on Form 20-F filed October 31, 2006.

(4)

Filed as an exhibit to our Form 6-K filed April 8, 2009.

(5)

Filed as an exhibit to our Form 6-K filed April 16, 2008.

(6)

Filed as an exhibit to our Form 6-K filed January 29, 2009.

(7)

Filed as an exhibit to our Annual Report on Form 20-F filed June 25, 2009.

(8)

Filed as an exhibit to our Annual Report on Form 20-F filed July 29, 2010.

(9)

Filed as an exhibit to our Annual Report on Form 20-F filed July 29, 2011.

(10)	Filed as an exhibit to our Form 6-K filed March 5, 2012.

(11)	Filed as an exhibit to our Annual Report on Form 20-F filed July 24, 2012.

101

GLOSSARY OF GEOLOGICAL TERMS

The following is a glossary of certain geological terms used in this Form 20-F Annual Report:

Anomalous means having a geochemical or geophysical character which deviates from regularity.

Anticline means a fold with strata sloping downward on both sides from a common crest.

Archean means of or relating to the oldest known rocks, those of the Precambrian Eon, Basalt means a hard, dense, dark volcanic rock composed chiefly of plagioclase, pyroxene, and olivine, and often having a glassy appearance.

Breccia means fragmental rock whose components are angular and, therefore, as distinguished from conglomerates, are not water worn. May be sedimentary or formed by crushing or grinding along faults.

Chert means variety of silica containing microcrystalline quartz.

Claim means the area that confers mineral exploration/exploitation rights to the registered (mineral/mining) holder under the laws of the governing jurisdiction.

Clastic means a sedimentary rock composed of fragments from pre-existing rock.

Conglomerate means a composite rock made up of particles of varying size.

Contiguous means adjacent.

Diamond Drill means a type of rotary drill in which the cutting is done by abrasion rather than percussion. The cutting bit is set with diamonds and is attached to the end of long hollow rods through which water is pumped to the cutting face. The drill cuts a core of rock which is recovered in long cylindrical sections, an inch or more in diametre.

Dolostone means a sedimentary rock composed primarily of dolomite, a mineral made up of calcium, magnesium, carbon, and oxygen.

eU3O8 means equivalent uranium as determined from a gamma log measured by a downhole probe. Expressing the uranium content in this manner is standard industry practice for uranium exploration in the USA.

Fault means a fracture in a rock along which there has been relative movement between the two sides either vertically or horizontally.

Foliation means the layered structure common to metamorphic rocks.

Fracture means breaks in rocks due to intensive folding or faulting.

Galena means a soft blue-gray mineral; a major source of lead.

Geological means pertaining to geology, the study of the planet earth – the materials of which it is made, the processes that act on these materials, the products formed, and the history of the planet and its life forms since its origin.

Geochemical means the chemistry of the composition and alterations of the solid matter of the earth or a celestial body.

102

Geophysics means the study of the earth by quantitative physical methods.

Gneisses means a banded or foliated metamorphic rock, usually of the same composition as granite.

Granite means plutonic igneous rock having visibly crystalline texture; generally composed of feldspar and mica and quartz.

Graphitic means pertaining to, containing, derived from, or resembling, graphite.

Greywacke means a variety of sandstone generally characterized by its hardness, dark color, and poorly-sorted, angular grains of quartz, feldspar, and small rock fragments set in a compact, clay-fine matrix.

Hematite means an iron ore that is a natural iron oxide that is reddish or brown in colour.

Host means a rock or mineral that is older than rocks or minerals introduced into it.

Indicated Mineral Resource - is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed. This definition is from the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Mineral Reserves adopted on December 11, 2005.

Inferred Mineral Resource - is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. This definition is from the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Mineral Reserves adopted on December 11, 2005.

Intrusion means a rock formed by having moved while in a molten state into pre-existing rocks.

Limestone means a sedimentary rock consisting mainly of calcium that was deposited by the remains of marine animals.

Mafic means relating to or being a dark-coloured igneous group of minerals that have high magnesium and iron content.

Mineral Resource means a concentration or occurrence of natural, solid, inorganic or fossilized organic material in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge.

Mineralization means the concentration of metals and their chemical compounds within a body of rock.

Mudstone means a detrital sedimentary rock composed of clay-sized particles.

Net Smelter Return and NSR means the amount of the excess, if any, of Revenue, less Costs. All or any exploration, development and mine construction costs and interest thereon are not to be charged or deducted from the NSR.

NI 43-101 means National Instrument 43-101 Standards of Disclosure for Mineral Projects, as adopted by the Canadian Securities Administrators effective December 30, 2005.

103

Paleoproterozoic means adjective implying conditions between 1.6 billon years ago and 2.5 billion years ago.

Pyrite means a cubic iron sulfide mineral with a brassy metallic luster that is used as an iron ore, as a source of sulfur, and in the production of sulfuric acid.

Quartz means a mineral composed of silicon dioxide.

Sandstone means a type of sedimentary rock made up of particles of sand, mostly quartz, bound together with a mineral cement, along with some feldspar, mica and rock debris.

Shale means a fine-grained detrital sedimentary rock, formed by the compaction of clay, silt, or mud

Siltstone means a form of fine-grained sandstone consisting of compressed silt.

Soil sampling means the systematic collection of soil samples at a series of different locations in order to study the distribution of soil geochemical values.

Stratigraphy means Cultural remains and natural sediments become buried over time, forming strata.

Striae means grooves on a rock surface caused by the movement of a glacier over the rock. Provides a direction for tracing boulders to their source.

Strike means the direction or trend of a geologic structure.

Syncline means a fold in rocks in which the rock layers dip inward from both sides toward the axis.

Tuff means hard volcanic rock composed of compacted volcanic ash.

UTM grid means Universal Transverse Mercator grid.

Vein means a thin sheet-like intrusion into a fissure or crack, commonly quartz-bearing.

Volcanic means a description of rocks originating from volcanic activity.

104

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

JET METAL CORP.

/s/ Jim Crawford

By: Jim Crawford

Chief Executive Officer

Date: August 25, 2014

105

EXHIBIT 12.1

CERTIFICATION

I, Jim Crawford, Chief Executive Officer, certify that:

1.	I have reviewed this annual report on Form 20-F of Jet Metal Corp.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

The company’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)	Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)	Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and

5.	The company’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design and operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and

(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.

Date: August 25, 2014

“Jim Crawford”

Jim Crawford

Chief Executive Officer

EXHIBIT 12.2

CERTIFICATION

I, Late-Lynn Genzel, Chief Financial Officer, certify that:

1.	I have reviewed this annual report on Form 20-F of Jet Metal Corp.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

(a)

(b)

(c)	Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)	Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and

5.	The company’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design and operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and

(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.

Date: August 25, 2014

“Kate-Lynn Genzel”

Kate-Lynn Genzel

Chief Financial Officer

EXHIBIT 13.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Jim Crawford, Chief Executive Officer of Jet Metal Corp. (the “Company”), hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.	the annual report on Form 20-F of the Company for the year ended April 30, 2014 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 25, 2014

“Jim Crawford”

Jim Crawford

Chief Executive Officer

EXHIBIT 13.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Samuel Yik, Chief Financial Officer of Jet Metal Corp. (the “Company”), hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.	the annual report on Form 20-F of the Company for the year ended April 30, 2014 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 25, 2014

“Kate-Lynn Genzel”

Kate-Lynn Genzel

Chief Financial Officer

EXHIBIT 1.14

EXHIBIT 4.6

JET METAL CORP.

AMENDED INCENTIVE STOCK OPTION PLAN

January 2, 2014

TABLE OF CONTENTS

ARTICLE 1	PURPOSE AND INTERPRETATION	1
1.1	Purpose	1
1.2	Definitions	1
ARTICLE 2	SHARE OPTION PLAN	4
2.1	The Plan	4
2.2	Participants	4
2.3	Maximum Number of Common Shares	4
2.4	Limitations on Stock Option Grants	4
2.5	Price	5
2.6	Vesting	5
2.7	Lapsed Options	5
2.8	Consideration, Option Period and Payment	5
2.9	Termination of Employment and Cessation of Investor Relations Activities	6
2.10	Death of Participant	7
2.11	Adjustment in Shares Subject to the Plan	7
2.12	Effect of Reorganization, Amalgamation or Merger	7
2.13	Take-Over Bids and Changes of Control	8
2.14	Record Keeping	9
2.15	Option Agreements	9
2.16	Tax Withholding	9
ARTICLE 3	GENERAL	10
3.1	Assignability and Transferability	10
3.2	Employment	10
3.3	Delegation to Compensation Committee	10
3.4	Administration of the Plan	10
3.5	Amendment, Modification or Termination of the Plan	10
3.6	No Representation or Warranty	11
3.7	Governing Law	11
3.8	Approval and Effective Date	11
3.9	Compliance with Applicable Law	11
3.10	Rights of Participant	11
3.11	Conflict	11
3.12	Time of Essence	11
3.13	Compliance with U.S. Laws	11
3.14	Entire Agreement	12

ARTICLE 1

PURPOSE AND INTERPRETATION

1.1 Purpose. The purpose of the Plan is to advance the interests of the Corporation by encouraging equity participation in the Corporation through the acquisition of Common Shares of the Corporation by directors, officers, employees and consultants of the Corporation.

1.2 Definitions. In the Plan, the following capitalized words and terms shall have the following meanings:

(a)

“Act” means the Business Corporations Act (British Columbia) or its successor, as amended from time to time.

(b)

“Affiliate” shall have the meaning ascribed thereto in the Securities Act.

(c)

“Associate” shall have the meaning ascribed thereto in the Securities Act.

(d)

“Blackout Period” means a period, formally imposed by the Corporation pursuant to its internal trading policies as a result of the bona fide existence of material undisclosed information, during which Participants are prohibited from exercising options.

(e)

“Board of Directors” means the board of directors of the Corporation as constituted from time to time and any committee of the board of directors.

(f)

“Change in Control” shall be deemed to have occurred if:

(i)

any person, other than the Corporation or an employee benefit plan of the Corporation, acquires directly or indirectly the beneficial ownership (as such term is defined in the Act) of any voting security of the Corporation and immediately after such acquisition such person is, directly or indirectly, the beneficial owner of voting securities representing 50% or more of the total voting power of all of the then outstanding voting securities of the Corporation;

(ii)

the shareholders of the Corporation shall approve a merger, consolidation, recapitalization, or reorganization of the Corporation, a reverse stock split of outstanding voting securities, or consummation of any such transaction if shareholder approval is not sought or obtained, other than any such transaction which would result in at least 50% of the total voting rights represented by the voting securities of the surviving entity outstanding immediately after such transaction being beneficially owned by the holders at least 50% of the outstanding voting securities of the Corporation immediately prior to the transaction, with the voting rights of each such continuing holder relative to other such continuing holders not being substantially altered in the transaction; or

(iii)

the shareholders of the Corporation shall approve a plan of complete liquidation of the Corporation or an agreement for the sale or disposition by the Corporation of all or a substantial portion of the Corporation’s assets (i.e., 50% or more of the total assets of the Corporation).

(g)

“Common Shares” means the common shares of the Corporation as constituted on the date hereof.

(h)

“Consultant” means, in relation to an Issuer, an individual or company, other than an employee or a Director of the Issuer, that:

(i)

is engaged to provide on a ongoing bona fide basis, consulting, technical, management or other services to the Issuer or to an Affiliate of the Issuer, other than services provided in relation to a Distribution;

(ii)

provides the services under a written contract between the Issuer or the Affiliate and the individual or the Consultant Company;

(iii)

in the reasonable opinion of the Issuer, spends or will spend a significant amount of time and attention on the affairs and business of the Issuer or an Affiliate of the Issuer; and

(iv)

has a relationship with the Issuer or an Affiliate of the Issuer that enables the individual to be knowledgeable about the business and affairs of the Issuer.

(i)

“Consultant Company” means a Consultant that is a company.

(j)

“Corporation” means Jet Metal Corp.. a corporation incorporated under the Act, and its successors from time to time.

(k)

“Designated Affiliate” means the Affiliates of the Corporation designated by the Board of Directors for purposes of the Plan from time to time.

(l)

“director” means a director, senior officer or Management Company Employee of the Corporation, or a director, senior officer or Management Company Employee of the Corporation’s subsidiaries.

(m)

“Exchange” means the TSX Venture Exchange or such other stock exchange or quotation system as the Common Shares may from time to time be listed or quoted for trading.

(n)

“employee” means:

(i)

an individual who is considered an employee of the Issuer or its subsidiary under the Income Tax Act (Canada) (i.e. for whom income tax, employment insurance and CPP deductions must be made at source);

(ii)

an individual who works full- time for an Issuer or its subsidiary providing services normally provided by an employee and who is subject to the same control and direction by the Issuer over the details and methods of work as an employee of the Issuer, but for whom income tax deductions are not made at source; or

(iii)

an individual who works for an Issuer or its subsidiary on a continuing and regular basis for a minimum amount of time per week (the number of hours should be disclosed in the submission) providing services normally provided by an employee and who is subject to the same control and direction by the Issuer over the details and methods of work as an employee of the Issuer, but for whom income tax deductions are not made at source.

(o)

“Holding Company” shall have the meaning specified in Section 2.2 hereof.

(p)

“Insider” shall have the meaning ascribed thereto in the Securities Act, other than a person who is an Insider solely by virtue of being a director or senior officer of a subsidiary of the Corporation and any Associate of an Insider.

(q)

“Issuer Bid” shall have the meaning ascribed thereto in the Securities Act.

(r)

“Investor Relations Activities” means any activities, by or on behalf of an Issuer or Shareholder of the Issuer, that promote or reasonably could be expected to promote the purchase or sale of securities of the Issuer, but does not include:

(i)

the dissemination of information provided, or records prepared, in the ordinary course of business of the Issuer

(A)

to promote the sale of products or services of the Issuer, or

(B)

to raise public awareness of the Issuer, that cannot reasonably be considered to promote the purchase or sale of securities of the Issuer;

(ii)

activities or communications necessary to comply with the requirements of

(A)

applicable securities laws,

(B)

Exchange Requirements or the by- laws, rules or other regulatory instruments of any other self regulatory body or exchange having jurisdiction over the Issuer;

(iii)

communications by a publisher of, or writer for, a newspaper, magazine or business or financial publication, that is of general and regular paid circulation, distributed only to subscribers to it for value or to purchasers of it, if

(A)

the communication is only through the newspaper, magazine or publication, and

(B)

the publisher or writer receives no commission or other consideration other than for acting in the capacity of publisher or writer; or

(iv)

activities or communications that may be otherwise specified by the Exchange.

(s)

“Management Company Employee” means an individual employed by a person providing management services to the Corporation, which are required for the ongoing successful operation of the business enterprise of the Corporation, but excluding a person engaged in Investor Relations Activities;

(t)

“Option Agreements” shall have the meaning specified in Section 2.15 hereof.

(u)

“Option Period” means the period of time an option may be exercised as specified in Subsection 2.8(a) hereof.

(v)

“Participant” means a participant under the Plan.

(w)

“Plan” means the share incentive plan provided for herein.

(x)

“RRSP” shall have the meaning specified in Section 2.2 hereof.

(y)

“Securities Act” means the Securities Act (British Columbia) or its successor, as amended from time to time.

(z)

“Share Compensation Arrangement” means a stock option, stock option plan, employee stock purchase plan or any other compensation or incentive mechanism involving the issuance or potential issuance of securities of the Corporation to one or more service providers, including a share purchase from treasury which is financially assisted by the Corporation by way of a loan, guarantee or otherwise.

(aa)

“Take-Over Bid” shall have the meaning ascribed thereto in the Securities Act.

ARTICLE 2

SHARE OPTION PLAN

2.1 The Plan. The Plan is hereby established for certain employees, directors and Consultants of the Corporation and Designated Affiliates.

2.2 Participants. Participants in the Plan shall be bona fide directors, employees and Consultants of the Corporation or any of its Designated Affiliates (including officers thereof, whether or not directors) who, by the nature of their positions or jobs are, in the opinion of the Board of Directors, upon the recommendation of the President of the Corporation, in a position to contribute to the success of the Corporation. At the request of any Participant, options granted to such Participant may be issued to and registered in the name of a personal holding company controlled by such Participant the shares of which are held directly by the Participant (“Holding Company”) or to a registered retirement savings plan established for the sole benefit of such Participant (“RRSP”) and, in such event, the provisions of this Plan shall apply to such options mutatis mutandis as though they were issued to and registered in the name of the Participant.

2.3 Maximum Number of Common Shares. The number of Common Shares issuable pursuant to Options to purchase Common Shares granted pursuant to the Plan shall not in the aggregate exceed 10% of the Common Shares issued and outstanding at the time of any stock option grant, subject to any adjustments made pursuant to section 2.11.

2.4 Limitations on Stock Option Grants

(a)

Unless the Corporation obtains shareholder approval (which must be disinterested shareholder approval if required by the policies of the Exchange) the aggregate number of Common Shares issuable pursuant to options granted under the Plan, together with Common Shares issuable under any other Share Compensation Arrangement of the Corporation, shall not at any time exceed 10% of the number of Common Shares outstanding immediately prior to the grant of any such option.

(b)

The aggregate number of Common Shares issuable to any one Consultant shall not, within a one year period, exceed 2% of the number of Common Shares outstanding immediately prior to the grant of any such option.

(c)

The aggregate number of Common Shares issuable to all individuals and companies retained in Investor Relations Activities shall not, within a one year period, exceed 2% of the number of Common Shares outstanding immediately prior to the grant of any such option.

(d)

Unless the Corporation obtains disinterested shareholder approval, the aggregate number of Common Shares issuable to any one individual (and where permitted, any companies that are wholly owned by that individual) shall not, within a one year period, exceed 5% of the number of Common Shares outstanding immediately prior to the grant of any such option.

2.5 Price. The exercise price per Common Share shall be determined by the Board of Directors at the time the option is granted, but such price shall not be less than the closing price of the Common Shares on the Exchange on the last trading day preceding the date on which the grant of the option is approved by the Board of Directors. In the event that the Common Shares are not listed and posted for trading on any stock exchange or other quotation system, the exercise price shall be the fair market value of the Common Shares as determined by the Board of Directors in its sole discretion.

2.6 Vesting. The issuance of options under the Plan will be subject to the vesting periods, if any, as determined by the Board of Directors in its discretion; provided, however, that any options issued to Consultants performing Investor Relations Activities must vest in stages over a period of not less than 12 months with no more than 1/4 of the options vesting in any three month period, or as otherwise required by the Exchange. No acceleration of vesting provisions will be permitted on any options issued to Consultants performing Investor Relations Activities without the prior approval of the Exchange.

2.7 Lapsed Options. In the event that options granted under the Plan terminate or expire without being exercised in whole or in part in accordance with the terms of the Plan, the Common Shares reserved for issuance but not purchased under such lapsed options shall be available for subsequent options to be granted under the Plan.

2.8 Consideration, Option Period and Payment.

(a)

The period during which options may be exercised shall be determined by the Board of Directors, in its discretion, to a maximum of ten years from the date the option is granted (the “Option Period”), except as the Option Period may be extended with respect to any option that expires within a Blackout Period and except as the Option Period may be reduced with respect to any option as provided in Sections 2.9 and 2.10 hereof respecting termination of employment or death of the Participant or amended from time to time by the Board of Directors, in its discretion, subject to the approval of any stock exchange or regulatory requirements.

(b)

In the event that options granted under the Plan expire within a Blackout Period, the expiration date of the Option Period relating to such options shall automatically be extended to such date that is ten (10) business days after the expiry of the applicable Blackout Period. Notwithstanding the foregoing, the automatic extension of any Option Period shall not be permitted where the Participant or the Corporation is subject to a cease trade order (or similar order under securities laws) in respect of the Corporation’s securities.

(c)

Subject to any other provision of this Plan, and in particular the vesting provisions set forth in Section 2.6 hereof, an option may be exercised from time to time during the Option Period, subject to vesting limitations by delivery to the Corporation at its registered office of a written notice of exercise addressed to the Secretary of the Corporation specifying the number of Common Shares with respect to which the option is being exercised and accompanied by payment in full of the exercise price therefor. Certificates for such Common Shares shall be issued and delivered to the Participant as soon as practicable following receipt of such notice and payment.

(d)

Except as set forth in Sections 2.9 and 2.10 hereof, no option may be exercised unless the Participant is, at the time of such exercise, a director, employee or Consultant of the Corporation or any of its Designated Affiliates and shall have been continuously a director, employee or Consultant since the grant of his or her option. Absence on leave with the approval of the Corporation or a Designated Affiliate shall not be considered an interruption of employment for purposes of the Plan.

(e)

The exercise of any option will be contingent upon receipt by the Corporation of cash payment of the full exercise price of the Common Shares, which are the subject of the exercised option. No Participant or his or her legal representatives, legatees or distributees will be, or will be deemed to be, a holder of any Common Shares with respect to which he or she was granted an option under the Plan, unless and until certificates for such Common Shares are issued to him or her under the terms of the Plan.

(f)

Notwithstanding any other provision of this Plan or in any option granted to a Participant, the Corporation shall not be obligated to issue or deliver Common Shares to a Participant upon the exercise of any option or take other actions under the Plan until the Corporation shall have determined that applicable federal and state laws, rules, and regulations have been complied with and such approvals of any stock exchange, regulatory or governmental agency have been obtained and contractual obligations to which the grant of the option exercisable for such Common Shares may be subject have been satisfied. In particular, the Corporation, in its discretion, may postpone the issuance or delivery of Common Shares under any option until:

(i)

completion of such stock exchange listing or registration or other qualification of such Common Shares or obtaining approval of such regulatory authorities as the Corporation shall determine to be necessary or advisable in connection with the authorization, issuance or sale thereof; and

(ii)

the receipt from the Participant of such information, representations, warranties, agreements and undertakings, including as to future dealings in such Common Shares, as the Corporation or its counsel determines to be necessary or advisable in order to ensure compliance with all applicable securities laws.

(g)

An option may be exercised at any time after the date the option has been granted, subject to any vesting provisions attaching thereto, up to 5:00 p.m. (Vancouver time) on the last day of the Option Period and shall not be exercisable thereafter.

2.9 Termination of Employment and Cessation of Investor Relations Activities. Subject to the next following sentence, if a Participant shall cease to be:

(a)

a director or Consultant of the Corporation or any of its Designated Affiliates (and is not or does not continue to be an employee thereof for any reason other than death); or

(b)

an employee of the Corporation or any of its Designated Affiliates (and is not or does not continue to be a director thereof) for any reason (other than death) or shall receive notice from the Corporation or any of its Designated Affiliates of the termination of his or her employment;

(collectively, “Termination”) he or she or it may, but only within 90 days next succeeding such Termination, exercise his or her or its options to the extent that he or she or it was entitled to exercise such options at the date of such Termination; provided that in no event shall such right extend beyond the Option Period. If a Participant is terminated for cause, his or her options shall expire immediately. This section is subject to any agreement with any Participant with respect to the rights of such Participant upon Termination or Change in Control of the Corporation.

In the case of an employee or Consultant engaged in Investor Relations Activities, he or she or it may, but only within 30 days next succeeding such employee ceasing to be employed to provide Investor Relations Activities (a “Cessation”), exercise his or her or its options to the extent that he or she or it was entitled to exercise such options at the date of such Cessation; provided that in no event shall such right extend beyond the Option Period. If a Participant is terminated for cause, his or her options shall expire immediately. This section is subject to any agreement with any Participant with respect to the rights of such Participant upon Termination or Change in Control of the Corporation.

2.10 Death of Participant. In the event of the death of a Participant who is a director or Consultant of the Corporation or any of its Designated Affiliates or who is an employee having been continuously in the employ of the Corporation or any of its Designated Affiliates, the options theretofore granted to him or her shall be exercisable within the one year next succeeding such death and then only:

(a)

by the person or persons to whom the Participant’s rights under the options shall pass by the Participant’s will or the laws of descent and distribution; and

(b)

to the extent that he or she was entitled to exercise the options at the date of his or her death, provided that in no event shall such right extend beyond the Option Period.

2.11 Adjustment in Shares Subject to the Plan. In the event that:

(a)

there is any change in the Common Shares of the Corporation through subdivisions or consolidations of the share capital of the Corporation, or otherwise;

(b)

the Corporation declares a dividend on Common Shares payable in Common Shares or securities convertible into or exchangeable for Common Shares; or

(c)

the Corporation issues Common Shares, or securities convertible into or exchangeable for Common Shares, in respect of, in lieu of, or in exchange for, existing Common Shares,

the number of Common Shares available for option, the Common Shares subject to any option, and the option price thereof, shall be adjusted appropriately by the Board of Directors in its sole discretion and such adjustment shall be effective and binding for all purposes of the Plan.

2.12 Effect of Reorganization, Amalgamation or Merger. If the Corporation is reorganized, amalgamated or merges with or into another company, any Common Shares receivable on the exercise of an option shall be converted into the securities, property or cash which the holder would have received upon such reorganization, amalgamation or merger if the holder had exercised his option immediately prior to the record date applicable to such reorganization, amalgamation or merger, and the exercise price shall be adjusted appropriately by the Board of Directors and such adjustment shall be effective and binding for all purposes of the Plan; provided however that the Corporation may satisfy any obligations to a holder hereunder by paying to the said holder in cash (net of any withholding taxes) the difference between the exercise price of all unexercised options granted hereunder and the fair market value of the securities to which the holder would be entitled upon exercise of all unexercised options, regardless of whether all conditions of exercise relating to continuous employment have been satisfied. Adjustments under this paragraph or any determinations as to the fair market value of any securities shall be made by the Board of Directors, or any committee thereof specifically designated by the Board of Directors to be responsible therefor, and any reasonable determination made by the said Board of Directors or committee thereof shall be binding and conclusive.

2.13 Take-Over Bids and Changes of Control.

(a)

Effect of a Take-Over Bid. If a bona fide offer (an “Offer”) for Common Shares is made to shareholders of the Corporation generally, which Offer, if accepted in whole or in part, would result in the offeror becoming a control person of the Corporation, within the meaning of subsection 1(1) of the Securities Act, the Corporation shall, immediately upon receipt of notice of the Offer, notify each Participant of full particulars of the Offer, whereupon all options will become fully vested and may be exercised in whole or in part by each Participant so as to permit the Participant to tender the Common Shares received upon such exercise, pursuant to the Offer. However, if:

(i)

the Offer is not completed within the time specified therein; or

(ii)

all of the Common Shares tendered by the Participant pursuant to the Offer are not taken up or paid for by the offeror in respect thereof,

then, with the consent of the Corporation, the Common Shares received upon such exercise, or in the case of clause (ii) above, the Common Shares that are not taken up and paid for, may be returned by the Participant to the Corporation and reinstated as authorized but unissued Common Shares and the options with respect to such returned Common Shares, shall be reinstated as if they had not been exercised and the terms upon which such options were to become vested shall be reinstated. If any Common Shares are returned to the Corporation under this Section 2.13(a), the Corporation shall as soon as reasonably practicable refund the exercise price to the Participant for such Common Shares, net of any tax withholdings the Corporation was obliged to make pursuant to this Plan. If a Participant wishes to exercise options under this Section 2.13(a) it must so notify the Corporation at the time of exercise and in such event, Common Shares issued upon exercise of such options must be tendered to the Offer.

(b)

Acceleration of Expiry Date. If, at any time when an option granted under the Plan remains unexercised, an Offer is made by an offeror, the Board of Directors may in its sole discretion, upon notifying each Participant of full particulars of the Offer, declare all options granted under the Plan, vested, and declare that the expiry date for the exercise of all unexercised options granted under the Plan is accelerated so that all options will either be exercised or will expire prior to the date upon which Common Shares must be tendered pursuant to the Offer, provided such Offer is completed and, if not completed, the respective Expiry Dates of the options shall revert to the original Expiry Date.

(c)

Effect of a Change of Control. Unless otherwise provided for at the time a grant is made pursuant to this Plan and subject to any resolution of the Board of Directors, if there is a Change in Control, all options outstanding under the Plan shall vest immediately prior to such Change of Control to become immediately exercisable, whereupon such options may be exercised in whole or in part by any such Participant.

(d)

Compulsory Acquisition or Going Private Transaction. If and whenever, following a take-over bid or an issuer bid, there shall be a compulsory acquisition of the Corporation's Common Shares pursuant to Division 6 of Part 9 of the Act or any successor or similar legislation, or any amalgamation, merger or arrangement in which securities acquired in a formal take-over bid may be voted under the conditions described in section 8.2 of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, then following the date upon which such compulsory acquisition, amalgamation, merger or arrangement is effective, a Participant shall be entitled to receive, and shall accept, for the same exercise price, in lieu of the number of Common Shares to which such Participant was theretofore entitled to purchase, the aggregate amount of cash, shares, or other securities or other property which such Participant would have been entitled to receive as a result of such bid if he or she had tendered such number of Common Shares to the bid, net of withholding taxes as contemplated by this Plan.

2.14 Record Keeping. The Corporation shall maintain a register in which shall be recorded:

(a)

the name and address of each Participant in the Plan; and

(b)

the number of options granted to a Participant and the aggregate number of options outstanding, the exercise price and the expiry date thereof.

2.15 Option Agreements. All options granted pursuant to the Plan shall be evidenced by written agreements between the Corporation and each Participant to whom options are granted hereunder in the form attached hereto as Appendix “A” and containing such terms and conditions, not inconsistent with the provisions of the Plan, as may be established by the Board of Directors, including the following:

(a)

subject to and in accordance with the provisions of Section 2.4 hereof, the number of options covered by any grant of options and the number of Common Shares which such options shall entitle the Participant the right to purchase;

(b)

subject to and in accordance with the provisions of Section 2.5, the price of the Common Shares covered by any option, stated and payable in Canadian dollars; and

(c)

subject to and in accordance with the provisions of Section 2.8, the Option Period.

2.16 Tax Withholding. The Corporation may withhold from any amount payable to a Participant, either under this Plan or otherwise, such amount as may be necessary to enable the Corporation to comply with the applicable requirements of any federal, provincial, state or local law, or any administrative policy of any applicable tax authority, relating to the withholding of tax or any other required deductions with respect to grants hereunder (“Withholding Obligations”). The Corporation shall also have the right in its discretion to satisfy any liability for any Withholding Obligations by selling, or causing a broker to sell, on behalf of any Participant such number of Shares issued to the Participant sufficient to fund the Withholding Obligations (after deducting commissions payable to the broker), or retaining any amount payable which would otherwise be delivered, provided or paid to the Participant hereunder. The Corporation may require a Participant, as a condition to exercise of an Option, to make such arrangements as the Corporation may require so that the Corporation can satisfy applicable Withholding Obligations, including, without limitation, requiring the Participant to (i) remit the amount of any such Withholding Obligations to the Corporation in advance; (ii) reimburse the Corporation for any such Withholding Obligations; or (iii) cause a broker who sells Shares acquired by the Participant under the Plan on behalf of the Participant to withhold from the proceeds realized from such sale the amount required to satisfy any such Withholding Obligations and to remit such amount directly to the Corporation.

Any Shares of a Participant that are sold by the Corporation, or by a broker engaged by the Corporation (the “Broker”), to fund Withholding Obligations will be sold as soon as practicable in transactions effected on the Exchange. In effecting the sale of any such Shares, the Corporation or the Broker will exercise its sole judgement as to the timing and manner of sale and will not be obligated to seek or obtain a minimum price. Neither the Corporation nor the Broker will be liable for any loss arising out of any sale of such Shares including any loss relating to the manner or timing of such sales, the prices at which the Shares are sold or otherwise. In addition, neither the Corporation nor the Broker will be liable for any loss arising from a delay in transferring any Shares to a Participant. The sale price of Shares sold on behalf of Participants will fluctuate with the market price of the Corporation’s shares and no assurance can be given that any particular price will be received upon any such sale.

ARTICLE 3

GENERAL

3.1 Assignability and Transferability. The benefits, rights and options accruing to any Participant in accordance with the terms and conditions of the Plan shall not be assignable or transferable by the Participant except (i) from the Participant to his or her Holding Company or RRSP or from a Holding Company or RRSP to the Participant and, in either such event, the provisions of this Plan shall apply mutatis mutandis as though they were originally issued to and registered in the name of the Participant, or (ii) as otherwise specifically provided herein. During the lifetime of a Participant, all benefits, rights and options shall only be exercised by the Participant or by his or her guardian or legal representative.

3.2 Employment. Nothing contained in the Plan shall confer upon any Participant any right with respect to employment or continuance of employment with the Corporation or any Affiliate, or interfere in any way with the right of the Corporation or any Affiliate to terminate the Participant’s employment at any time. Participation in the Plan by a Participant shall be voluntary.

3.3 Delegation to Compensation Committee. All of the powers exercisable by the Board of Directors under the Plan may, to the extent permitted by applicable law and authorized by resolution of the Board of Directors of the Corporation, be exercised by a Compensation Committee of not less than three (3) directors. The members of any such Compensation Committee shall not be employees of the Corporation. In addition, if determined appropriate by the Board of Directors of the Corporation, the Board of Directors may delegate any or all of the powers of the Board of Directors of the Corporation under the Plan to an independent consultant.

3.4 Administration of the Plan. The Board of Directors of the Corporation shall administer the Plan. The Board of Directors shall be authorized to interpret and construe the Plan and may, from time to time, establish, amend or rescind rules and regulations required for carrying out the purposes, provisions and administration of the Plan and determine the Participants to be granted options, the number of Common Shares covered thereby, the exercise price therefor and the time or times when they may be exercised. Any such interpretation or construction of the Plan shall be final and conclusive. The Corporation shall pay all administrative costs of the Plan. The senior officers of the Corporation are hereby authorized and directed to do all things and execute and deliver all instruments, undertakings and applications and writings as they, in their absolute discretion, consider necessary for the implementation of the Plan and of the rules and regulations established for administering the Plan.

3.5 Amendment, Modification or Termination of the Plan. Subject to Section 3.3, the Board of Directors reserves the right to amend, modify or terminate the Plan at any time if and when it is advisable in the absolute discretion of the Board of Directors. However, any amendment of the Plan which would materially:

(a)

increase the benefits under the Plan;

(b)

increase the number of Common Shares which may be issued under the Plan;

(c)

modify the requirements as to the eligibility for participation in the Plan;

(d)

modify the limitations on the number of options that may be granted to any one person or category of persons under the Plan;

(e)

modify the method for determining the exercise price of options granted under the Plan;

(f)

increase the maximum Option Period; or

(g)

modify the expiry and termination provisions applicable to options granted under the Plan

shall be effective only upon the approval of the shareholders of the Corporation. Any amendment to any provision of the Plan shall be subject to any necessary approvals by the Exchange or other regulatory body having jurisdiction over the securities of the Corporation.

Disinterested shareholder approval shall be obtained for any reduction in the exercise price per Common Share if the Participant is an Insider of the Corporation at the time of the proposed amendment.

3.6 No Representation or Warranty. The Corporation makes no representation or warranty as to the future market value of any Common Shares issued in accordance with the provisions of the Plan.

3.7 Governing Law. This Plan shall be governed by and construed in accordance with the laws of the Province of British Columbia.

3.8 Approval and Effective Date. This Plan shall be effective as of the date it is approved by the Board of Directors and any regulatory body having jurisdiction over the securities of the Corporation.

3.9 Compliance with Applicable Law. If any provision of the Plan or any Option Agreement contravenes any law or any order policy, by-law or regulation of any regulatory body or Exchange having authority over the Corporation or the Plan, then such provision shall be deemed to be amended to the extent required to bring such provision into compliance therewith.

3.10 Rights of Participant. A Participant shall have no rights whatsoever as a shareholder of the Corporation in respect of any of the unexercised options (including, without limitation, voting gifts or any right to receive dividends, warrants or rights under any rights offering).

3.11 Conflict. In the event of any conflict between the provisions of this Plan and an Option Agreement, the provisions of this Plan shall govern.

3.12 Time of Essence. Time is of the essence of this Plan and each Option Agreement. No extension of time will be determined to be or to operate as a waiver thereof.

3.13 Compliance with U.S. Laws. As a condition to the exercise of an option, the Corporation may require the Participant to represent and warrant in writing at the time of such exercise that the Common Shares are being purchased only for investment and without any then-present intention to sell or distribute such Common Shares. At the option of the Corporation, a stop-transfer order against such Common Shares may be placed on the stock books and records of the Corporation, and a legend indicating that the stock may not be pledged, sold or otherwise transferred unless an opinion of counsel is provided stating that such transfer is not in violation of any applicable law or regulation, may be stamped on the certificates representing such Common Shares in order to assure an exemption from registration. The Corporation may require such other documentation as may from time to time be necessary to comply with United States’ federal and state laws. The Corporation has no obligation to undertake registration of

options or the Common Shares issuable upon the exercise of the options. In order to comply with all applicable federal or state income tax laws or regulations, the Corporation may take such action as it deems appropriate to ensure that all applicable U.S. federal or state payroll, withholding, income or other taxes that are the sole and absolute responsibility of a U.S. Participant are withheld or collected from such U.S. Participant.

3.14 Entire Agreement. This Plan and each Option Agreement set out the entire agreement between the Corporation and the Participant to which any particular Option Agreement relates relative to the subject matter hereof and supercedes all prior agreements, undertakings and understandings, whether oral or written.

APPENDIX “A”

INCENTIVE STOCK OPTION AGREEMENT

THIS INCENTIVE STOCK OPTION AGREEMENT is made effective u.

BETWEEN:

of u

(hereafter referred to as the "Optionee")

AND:

JET METAL CORP., a company duly formed under the laws of British Columbia and having an office at 1240 – 1140 West Pender Street, Vancouver, BC V6E 4G1

(hereafter referred to as the "Issuer")

WHEREAS:

A. The Issuer wishes to grant to the Optionee an option to purchase common shares in the capital of the Issuer;

B. The Optionee is eligible to receive an option by virtue of being, as defined by the TSX Venture Exchange (the "Exchange"), one or more of (i) a Director (which includes a director, senior officer and "Management Company Employee"), (ii) an Employee, or (iii) a Consultant (which includes a "Consultant Company"), of either the Issuer or a subsidiary thereof (any person so being eligible to receive an option being hereafter referred to as an "Eligible Person");

C. The Optionee acknowledges and agrees that the Option is an incentive mechanism and that the Optionee was not induced to participate in the grant and receipt of the Option (as defined below) by expectation of appointment or continued appointment, employment or continued employment, or engagement or continued engagement to provide services, as the case may be, by the Issuer.

NOW THEREFORE this Agreement witness that in consideration of $1.00 given by each party to the other and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

Option Plan Governs. The Optionee acknowledges and agrees that Option (as hereafter defined) is being granted pursuant to the terms of the Issuer's Stock Option Plan in effect from time to time. In the event of an inconsistency between the terms hereof and the terms of the Issuer's Stock Option Plan, the terms of the Issuer's Stock Option Plan shall govern. Capitalized terms used in this Agreement but not defined herein have the meaning given to such terms in the Issuer’s Stock Option Plan.

Option Terms. The Issuer hereby grants to the Optionee an option (the "Option") to purchase, from time to time, a total of u common shares (the "Shares") in the capital of the Issuer, as constituted on the date hereof, at an exercise price of $u per common share, until 5:00 p.m. Vancouver Time (the "Expiry Time") on u (the "Expiry Date").

Vesting. The Options shall vest and accordingly become exercisable by the Optionee every u months, in 4 equal instalments, over a period of u months, with one-fourth of the Option vesting on the day which is u months after the effective date of this Option Agreement, and each additional one-fourth of the Option vesting every u months thereafter.

Transferability; Hold Period. The Option is personal to the Optionee and may not be assigned or otherwise transferred in whole or in part except as set out in the Stock Option Plan. The Optionee acknowledges and agrees that the Shares may be subject to a hold period imposed under applicable securities laws or by the Exchange of four months and a day from the effective date of the grant of the Option, and that certificates representing the Shares will bear a legend to this effect if applicable.

5.	Early Termination. The Option shall terminate in accordance with the terms of the Stock Option Plan.

6.	Exercise Procedure. To exercise the Option in whole or in part, the Optionee shall, prior to the Expiry Time on the Expiry Date (and subject to section 5), give to the Issuer:

(a)

a written notice of exercise addressed to the Corporate Secretary of the Issuer, in the form set out in Schedule “A” hereto, specifying the number of Shares with respect to which the Option is being exercised and making the election with respect to the Withholding Obligations;

(b)

a certified cheque or bank draft made payable to the Issuer for the aggregate exercise price for the number of Shares with respect to which the Option is being exercised, and the Withholding Obligations (if applicable);

(c)

documents containing such representations, warranties, agreements and undertakings, including such as to the Optionee's future dealings in the Shares, as counsel to the Issuer reasonably determines to be necessary or advisable in order to comply with or safeguard against the violation of the laws of any jurisdiction.

7.	Exchange Matters. The Optionee and the Issuer represent and warrant to each other that the Optionee:

(a)

is a director or senior officer of the Issuer;

(b)

is a bona fide Management Company Employee of the Issuer, which is defined as being an individual employed by a person providing management services to the Issuer which are required for the ongoing successful operation of the business enterprise of the Issuer, but excluding a person engaged in Investor Relations Activities; OR

(c)

is a bona fide Employee of the Issuer, which is defined as being:

(i)

an individual who is considered an employee of the Issuer or its subsidiaries under the Income Tax Act (Canada) (i.e. for whom income tax, employment insurance and CPP deductions must be made at source); or

(ii)

an individual who works full-time for the Issuer or its subsidiaries providing services normally provided by an employee and who is subject to the same control and direction by the Issuer over the details and methods of work as an employee of the Issuer, but for whom income tax deductions are not made at source; or

(iii)

an individual who works for the Issuer or its subsidiaries on a continuing and regular basis for a minimum of hours per week providing services normally provided by an employee and who is subject to the same control and direction by the Issuer over the details and methods of work as an employee of the Issuer, but for whom income tax deductions are not made at source; OR

(d)

is a bona fide Consultant of the Issuer, which is defined as being, in relation to the Issuer, an individual or Consultant Company that:

(i)

is engaged to provide on an ongoing bona fide basis, consulting, technical, management or other services to the Issuer or an affiliate thereof, other than services provided in relation to a distribution of securities;

(ii)

provides the services under a written contract between the Issuer or an affiliate thereof and the individual Consultant or Consultant Company;

(iii)

spends or will spend a significant amount of time and attention on the business and affairs of the Issuer or an affiliate thereof; and

(iv)

has a relationship with the Issuer or an affiliate thereof that enables the individual to be knowledgeable about the business and affairs of the Issuer.

8.	Securities Act Matters. The Optionee represents and warrants to the Issuer that the Optionee [tick appropriate box]:

(a)

is a director of the Issuer or a related entity thereof;

(b)

is an executive officer of the Issuer or a related party thereof, which is defined as being, for the Issuer or a related entity thereof, an individual who:

(i)

is a chair, vice-chair or president;

(ii)

is a vice-president in charge of a principal business unit, division or function including sales, finance or production;

(iii)

is an officer of the Issuer or any of its subsidiaries and who performs a policy-making function in respect of the Issuer; or

(iv)

is performing a policy making function in respect of the Issuer; OR

(c)

an employee of the Issuer or a related entity thereof; OR

(d)

a consultant of the Issuer or a related party thereof, which is defined as being, for the Issuer or a related party thereof, a person, other than a director, executive officer or employee of the Issuer or a related entity thereof, that:

(i)

is engaged to provide services to the Issuer or a related entity thereof, other than services provided in relation to a distribution of securities;

(ii)

provides the services under a written contract with the Issuer or a related entity thereof; and

(iii)

spends or will spend a significant amount of time and attention on the business and affairs of the Issuer or a related party thereof,

and includes,

(iv)

for an individual consultant, a corporation of which the individual consultant is an employee or shareholder, and a partnership of which the individual consultant is an employee or partner, and

(v)

for a consultant that is not an individual, an employee, executive officer, or director of the consultant, provided that the individual employee, executive officer, or director spends or will spend a significant amount of time and attention on the affairs and business of the issuer or a related entity of the Issuer; OR

(e)

the Optionee is otherwise qualified (other than pursuant to section 2.24 of NI45-106) or the circumstances are such that the distribution of the Option by the Issuer to the Optionee is exempt from the prospectus and registration requirements of applicable securities laws, and the Optionee further agrees to provide to the Issuer all such certificates, instruments and other documents to evidence such exemption as counsel to the Issuer reasonably determines to be necessary or advisable in order to ensure compliance with or safeguard against the violation of the securities laws of any jurisdiction.

If not an Individual. If the Optionee is not an individual, it is either (i) a Consultant Company or (ii) a company or other form of entity wholly owned by Eligible Persons; and the Optionee hereby agrees to complete and submit to the Issuer for filing with the Exchange a Form 4F: Certification and Undertaking Required from a Company Granted an Incentive Stock Option, and further represents and warrants to the Issuer that the information and certifications in such Form 4F are complete and true and accurate in all respects, and further covenants to the Issuer that it will comply with all covenants, conditions and undertakings is such Form 4F in all respects.

10.

Exchange Approval. The grant of the Option and any amendment hereto shall be subject to the prior approval of the Exchange, including any requirement for shareholder approval. The Optionee acknowledges and agrees that the Option shall not be exercisable, or exercisable on such amended terms, as the case may be, until such approval of the Exchange and, if required, the Issuer's shareholders, is obtained in accordance with the policies of the Exchange. If such approval of the Exchange and, if required, the Issuer's shareholders, is not obtained, then the Option and this Agreement, or the amendment hereof, as the case may be, shall be null and void and of no further force or effect as of the date hereof, or the date of amendment, as the case may be.

11.

Capital Adjustments. In the event that there is any change in the common shares of the Issuer through the declaration of stock dividends, stock splits, consolidations, exchanges of shares, or otherwise, the number of common shares subject to Option and the exercise price of the Option shall be adjusted in accordance with the terms of the Stock Option Plan.

12.

Collection and Use of Personal Information. The Optionee expressly acknowledges, consents and agrees to the Issuer collecting, using and releasing personal information regarding the Optionee and this Agreement for the purpose of completing the transactions contemplated by this Agreement, including but not limited to the Optionee's name, address and principals, the number of Options granted to the Optionee, the status of the Optionee as a Director, senior officer, Management Company Employee, Employee, Consultant, Investor Relations Provider or as otherwise represented herein, and any and all other information necessary or incidental to the transactions contemplated herein, including but not limited to that provided in any Form 4F. The purpose of the collection, use and disclosure of the personal information is to ensure that the Issuer and its advisors will be able to grant the Option to the Optionee in compliance with applicable corporate, securities and other laws, and to obtain the information required to be filed with the Exchange and other authorities under applicable Exchange requirements, securities laws and other laws. In addition, the Optionee expressly acknowledges, consents and agrees to the collection, use and disclosure of all such personal information by the Exchange and other authorities in accordance with their requirements, including the provision of all such personal information to their agents and third party service providers, from time to time. The contact information for the officer of the Issuer who can answer questions about this collection of information by the Issuer is as follows:

Sheila Paine

Corporate Secretary of Jet Metal Corp.

1240 – 1140 West Pender Street, Vancouver, BC V6E 4G1

Tel: (604) 681-8030

Fax: (604) 681-8039

13.

General.

(a)

The Optionee agrees to comply with the provisions of applicable Exchange requirements and securities laws in connection with the exercise, holding and disposition of any Shares or other property or securities acquired pursuant to the exercise of the Option.

(b)

This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof. The parties shall execute and deliver any and all such instruments and other documents and perform any and all such acts and other things as may be necessary or desirable to carry out the intent of this Agreement.

(c)

No modification of this Agreement or waiver of any provision hereof shall be valid unless made in writing and signed by the parties hereto. No waiver of any provision of this Agreement shall operate as a waiver of any other provision hereof or operate as a continuing waiver unless such is expressly provided for in writing.

(d)

This Agreement shall enure to the benefit of and be binding upon the parties hereto and upon their successors or assigns.

(e)

This Agreement shall be construed in accordance with and governed by the laws of British Columbia and the laws of Canada applicable therein, and for the purposes of all legal proceedings, the parties hereby irrevocably agree that the courts of British Columbia shall have exclusive jurisdiction.

(f)

Words importing the singular number shall include the plural and vice versa. Words importing individuals shall include corporations, partnerships, proprietorships, trusts and other forms of legal entities and vice versa. Words importing gender shall include the other gender; words importing gender shall include the neuter and vice versa. Words importing a particular form of legal entity includes all other forms of legal entities interchangeably.

(g)

This Agreement may be executed and delivered in two or more counterparts and by facsimile. Each such counterpart and facsimile shall be deemed to form one and the same and an originally executed instrument, bearing the date set forth on the face page hereof notwithstanding the date of execution or delivery.

IN WITNESS WHEREOF the parties hereto have executed this Agreement effective as of the date first above written.

JET METAL CORP.

Per: ____________________________
Authorized Signatory

WITNESSED BY:

___________________________________________________

Name

___________________________________________________

Address

___________________________________________________

Occupation

)

________________________________________________________

Schedule “A”

NOTICE OF ELECTION TO EXERCISE OPTION

Date: ___________________________

Jet Metal Corp.

Suite 1240, 1140 West Pender Street,

Vancouver, BC V6E 4G1

Attention: Corporate Secretary

Dear Sirs:

Pursuant to the provisions of the Option Agreement dated _______________________, pursuant to which I was granted an option to purchase common shares in the capital of Jet Metal Corp. (the “Corporation”), I elect to exercise my option to purchase ___________________________________of the _________________________________________________________________ common shares covered by such Notice at the Exercise Price specified therein. Attached is the full payment of such price in the amount of CAD _______________________________________ dollars.

(CAD $ ________________________).

Please register the shares as follows:

Name in full and Address

I hereby:

£ (a) direct the Corporation on my behalf to sell all Common Shares issued upon exercise of these options and to deduct from the net proceeds therefrom the aggregate Exercise Price and the amount of the estimated Withholding Obligation (as defined in the Plan) and to remit the balance to me, all in accordance with Section 2.16 of the Plan; or

£ (b) direct the Corporation on my behalf to sell sufficient Common Shares issued upon exercise of these options to satisfy the aggregate Exercise Price and the amount of the estimated Withholding Obligation and to remit to me any net proceeds therefrom in excess of the aggregate Exercise Price and estimated Withholding Obligation together with the balance of the Common Shares issued upon exercise of these options; or

£ (c) enclose a certified cheque payable to Jet Metal Corp. for the aggregate Exercise Price plus the amount of the estimated Withholding Obligation.

[Signature Page Follows]

Yours truly,

________________________________________________________
Signature

________________________________________________________

Name (please print)

________________________________________________________

Address

Social Insurance No. (SIN):___________________________________

EXHIBIT 4.7

INCENTIVE STOCK OPTION AGREEMENT

THIS INCENTIVE STOCK OPTION AGREEMENT is made effective u.

BETWEEN:

of u

(hereafter referred to as the "Optionee")

AND:

JET METAL CORP., a company duly formed under the laws of British Columbia and having an office at 1240 – 1140 West Pender Street, Vancouver, BC V6E 4G1

(hereafter referred to as the "Issuer")

WHEREAS:

A. The Issuer wishes to grant to the Optionee an option to purchase common shares in the capital of the Issuer;

5.	Early Termination. The Option shall terminate in accordance with the terms of the Stock Option Plan.

6.	Exercise Procedure. To exercise the Option in whole or in part, the Optionee shall, prior to the Expiry Time on the Expiry Date (and subject to section 5), give to the Issuer:

(a)

(b)

(c)

7.	Exchange Matters. The Optionee and the Issuer represent and warrant to each other that the Optionee:

(a)

is a director or senior officer of the Issuer;

(b)

(c)

is a bona fide Employee of the Issuer, which is defined as being:

(i)

(ii)

(iii)

(d)

is a bona fide Consultant of the Issuer, which is defined as being, in relation to the Issuer, an individual or Consultant Company that:

(i)

(ii)

provides the services under a written contract between the Issuer or an affiliate thereof and the individual Consultant or Consultant Company;

(iii)

spends or will spend a significant amount of time and attention on the business and affairs of the Issuer or an affiliate thereof; and

(iv)

has a relationship with the Issuer or an affiliate thereof that enables the individual to be knowledgeable about the business and affairs of the Issuer.

8.	Securities Act Matters. The Optionee represents and warrants to the Issuer that the Optionee [tick appropriate box]:

(a)

is a director of the Issuer or a related entity thereof;

(b)

is an executive officer of the Issuer or a related party thereof, which is defined as being, for the Issuer or a related entity thereof, an individual who:

(i)

is a chair, vice-chair or president;

(ii)

is a vice-president in charge of a principal business unit, division or function including sales, finance or production;

(iii)

is an officer of the Issuer or any of its subsidiaries and who performs a policy-making function in respect of the Issuer; or

(iv)

is performing a policy making function in respect of the Issuer; OR

(c)

an employee of the Issuer or a related entity thereof; OR

(d)

(i)

is engaged to provide services to the Issuer or a related entity thereof, other than services provided in relation to a distribution of securities;

(ii)

provides the services under a written contract with the Issuer or a related entity thereof; and

(iii)

spends or will spend a significant amount of time and attention on the business and affairs of the Issuer or a related party thereof,

and includes,

(iv)

for an individual consultant, a corporation of which the individual consultant is an employee or shareholder, and a partnership of which the individual consultant is an employee or partner, and

(v)

(e)

10.

11.

12.

Sheila Paine

Corporate Secretary of Jet Metal Corp.

1240 – 1140 West Pender Street, Vancouver, BC V6E 4G1

Tel: (604) 681-8030

Fax: (604) 681-8039

13.

General.

(a)

(b)

(c)

(d)

This Agreement shall enure to the benefit of and be binding upon the parties hereto and upon their successors or assigns.

(e)

(f)

(g)

IN WITNESS WHEREOF the parties hereto have executed this Agreement effective as of the date first above written.

JET METAL CORP.

Per: ____________________________
Authorized Signatory

WITNESSED BY:

___________________________________________________

Name

___________________________________________________

Address

___________________________________________________

Occupation

)

________________________________________________________

Schedule “A”

NOTICE OF ELECTION TO EXERCISE OPTION

Date: ___________________________

Jet Metal Corp.

Suite 1240, 1140 West Pender Street,

Vancouver, BC V6E 4G1

Attention: Corporate Secretary

Dear Sirs:

(CAD $ ________________________).

Please register the shares as follows:

Name in full and Address

I hereby:

£ (c) enclose a certified cheque payable to Jet Metal Corp. for the aggregate Exercise Price plus the amount of the estimated Withholding Obligation.

[Signature Page Follows]

Yours truly,

________________________________________________________
Signature

________________________________________________________

Name (please print)

________________________________________________________

Address

Social Insurance No. (SIN):___________________________________

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