North Atlantic Resources Ltd. 'NAC:TSX' Management's Discussion and Analysis and Financial Statements for the Year Ended December 31, 2005 Filed on SEDAR

Abstract

NAC has increased its portfolio in west Africa to having six gold exploration projects in Mali with a total combined area of 1,428 square kilometers (352,866 acres) and a 2,000 square kilometre (494,210 acres) uranium property exploration permit in neighbouring Niger.

North Atlantic Resources Ltd. is very pleased to expand its business interests into uranium exploration in Niger and strongly believes in the people and geology of the region. The intention is to operate this new business venture in the same way that the Company operate in Mali - with a minimum of expatriate employees and with optimal resources devoted to exploration.