ANNUAL MANAGEMENT DISCUSSION AND ANALYSIS
PACIFIC NORTH WEST CAPITAL CORP.
FOR THE FISCAL YEAR ENDED 30 APRIL 2010
MANAGEMENT DISCUSSION AND ANALYSIS
The following discussion and analysis is Management’s assessment of the results and financial
condition of Pacific North West Capital Corp. (the “Company” or “PFN”) for the year ended 30 April
2010 and should be read in conjunction with the consolidated financial statements and the related
notes. The date of this Management Discussion and Analysis is 26 July 2010. Additional information
on the Company is available on SEDAR at www.sedar.com .
BUSINESS OF PACIFIC NORTH WEST CAPITAL CORP.
PFN is a mineral exploration company focused on the acquisition, exploration and development of
platinum group metals (PGMs), precious and base metals properties. Management's corporate
philosophy is to be a Project Generator, Explorer and Project Operator with the objective of forming
options and/or joint ventures with major mining companies through to production. To that end, PFN
has joint venture agreements with Anglo Platinum Limited and First Nickel Resources. PFN has
begun the evaluation of several potential property acquisitions, including precious and base metal
production opportunities. A wholly-owned Mexican subsidiary, Pacific North West Capital de México,
S.A. de C.V. has been incorporated, and will act as an operating and acquisition company in Mexico.
FORWARD LOOKING STATEMENTS
Certain information included in this discussion may constitute forward-looking statements. Forward-
looking statements are based on current expectations and entail various risks and uncertainties.
These risks and uncertainties could cause or contribute to actual results that are materially different
than those expressed or implied. The Company disclaims any obligation or intention to update or
revise any forward-looking statement, whether as a result of new information, future events, or