Discovery Harbour Resources : MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE SIX MONTHS ENDED MARCH 31, 2022

250 - 750 West Pender Street, Vancouver, BC, Canada V6C 2T7 T [phone], F [phone], [e-mail] www.discoveryharbour.com

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE SIX MONTHS ENDED MARCH 31, 2022

This document constitutes Management's Discussion and Analysis ("MD&A") of the financial and operational results of Discovery Harbour Resources Corp. ("Discovery Harbour" or the "Company") for the six months ended March 31, 2022. This MD&A supplements but does not form part of the condensed consolidated interim financial statements of the Company, and should be read in conjunction with the condensed consolidated interim financial statements for the six months ended March 31, 2022 and the audited consolidated financial statements for the year ended September 30, 2021.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks set out in this MD&A.

This MD&A has been prepared as of May 26, 2022 ("Report Date").

Additional information relating to the Company may be found on SEDAR at www.sedar.com.

1. CORE BUSINESS

Discovery Harbour is a junior resource company engaged in the acquisition, exploration and evaluation of mineral properties in the United States hosting gold and base metals.

The Company was incorporated under the Business Corporations Act of British Columbia on March 11, 2009. The Company was classified as a Capital Pool Company as defined in Policy 2.4 of the TSXV and completed its Qualifying Transaction pursuant to the policies of the TSXV on November 22, 2010. The Company is listed on the TSXV as a Tier 2 Venture Issuer having the symbol DHR-V. The Company completed a reverse takeover transaction with CVC Cayman Ventures Corp. on April 2, 2013. The Company is also listed on the OTC Pink Market under the symbol "DCHRF" and the Frankfurt Stock Exchange under the symbol "4GW".

The condensed consolidated interim financial statements include the accounts of the Company and its wholly-owned subsidiaries, 0845837 B.C. Ltd. and Discovery Harbour (USA) LLC. Inter-company balances and transactions are eliminated on consolidation.

DISCOVERY HARBOUR RESOURCES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE SIX MONTHS ENDED MARCH 31, 2022

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The Company holds interests in the following mineral resource property in the United States:

Caldera Gold Property (Nye County, Nevada, USA)

The Caldera gold property has been acquired through various agreements and staking. The Company has

1. an option to earn a 100% interest, subject to advance minimum royalty payments and a 2% retained net smelter return royalty ("NSR"), and (ii) a 100% interest, subject to nil or a 2% retained NSR, on certain other mineral claims comprising the Caldera gold property. Additional detail is set out in Section 6 "Operating Milestones" below.

The Company commenced the drill permitting process in late 2019 to undertake a drill program at Caldera. Since then, it has selected the specific drill sites, submitted the Exploration Plan of Operations (the "Plan") to the United States Forest Service ("USFS") and engaged Nevada contractors which have completed the baseline studies required for the environmental impact analyses of the Plan.

The USFS concluded its review of the Plan with a positive decision for the Company's drill program and issued the appropriate permits. The drill program on the Caldera gold property commenced in the beginning of August and concluded in early October, 2021. The Company tested five drill targets. The drill holes were 100 to 300 metres deeper than any previous drilling on Caldera in order to target the potentially high grade portion of the low sulphidation epithermal gold system.

Drill results were reported on October 25 and November 22, 2021. Gold was intersected in a number of drillholes and the results are detailed in Section 6 "Operating Milestones" below.

Any additional drilling by the Company at the Caldera property will be subject to the Company's detailed geological review, USFS and other regulatory approvals, and future financing.

Fortuity 89 Property (Nye County, Nevada, USA)

On March 9, 2021, as amended October 27, 2021, the Company entered into an option and earn-in agreement (the "Agreement") with Newcrest Resources, Inc., a wholly owned subsidiary of Newcrest Mining Limited, on the Fortuity 89 property located in Nye County, Nevada, USA.

The terms of the Agreement for Newcrest Resources, Inc. ("Newcrest") to earn an interest in the property are:

Phase	Expenditures by Newcrest	Interest Earned by Newcrest	Total Time for
(US$)	Each Stage
	(%)
Initial	$ 1,500,000	Nil	To August 15,
2022
I	$10,000,000	51	Up to 24 months
II	$20,000,000	65	Up to 24 months
III	Completion of Positive	75	Up to 24 months
Preliminary Economic
	Assessment in accordance

DISCOVERY HARBOUR RESOURCES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE SIX MONTHS ENDED MARCH 31, 2022

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with NI 43-101 (based on minimum of 1M oz gold)

The initial US$1,500,000 is a minimum commitment ("Minimum Commitment"); Phases I, II and III are at Newcrest's election to proceed. Should Newcrest elect to continue to Phase I, it mustalso pay $250,000 to Discovery Harbour. Newcrest can withdraw from the Agreement any time after meeting the Minimum Commitment.

1. The cumulative expenditure through to the end of Phase II is US$31,500,000. Any excess expenditures from a previous phase will be applied to the subsequent phase.
2. Newcrest may extend the Phase III period by 12 months by paying the Company US$500,000.
3. At the end of Stage III, if Newcrest earns a 75% interest it then must acquire the Company's 25% interest at a fair value based upon parameters using standard industry valuation methods.
4. If Newcrest earns a 65% interest in Phase II, but elects to not proceed to completion of Phase III, the respective participating interests in the joint venture will revert to the Company owning 51% and Newcrest owning 49%.
5. The Company will retain a 2% NSR in a designated area of the joint venture area, provided that Newcrest has the right to buy down 0.5% at fair value after completion of Phase III.
6. During the option and earn-in period, Newcrest will reimburse the Company for advance royalty payments that Discovery Harbour must pay under the Option to Purchase Agreement for its Caldera and Fortuity 89 properties.
7. Newcrest Resources, Inc. paid the Company US$25,000 in consideration of receiving an extension to August 15, 2022 to complete the initial phase (see below).

On October 27, 2021, Discovery Harbour and Newcrest entered into an amendment agreement to extend the date that Newcrest must elect to proceed to the next phase of the Fortuity 89 Option/Joint Venture agreement from March 9, 2022 to August 15, 2022. Newcrest paid US$25,000 in consideration of receiving the extension. Newcrest's drill program has been delayed to provide Newcrest with sufficient time to secure a suitable drill rig and effectively carry out the full drill program.

In January 2022 Newcrest commenced a drill program on Fortuity 89 to test a series of low sulphidation epithermal gold targets (see news release dated January 24, 2022). Five reverse circulation drill holes have been completed for 1,663 metres targets (see news release dated April 28, 2022). Samples have been submitted by Newcrest for assay in order to make further decisions on next steps. Newcrest completed a successful initial exploration program in the spring 2021 which included a geophysical program encompassing a 675 line kilometre drone airborne magnetic survey, a 250 station ground gravity survey and a 45 line kilometre audio band magnetotellurics (AMT) resistivity survey as well as geological and alteration mapping and sampling with a soil geochemical program (see news release July 14, 2021). The three geophysical surveys showed anomalies consistent between each different geophysical method and the geological and alteration mapping, establishing promising drill targets. The drill targets are proximal to a very limited outcrop and extend into a large plain overlain by a gravel cover.

Newcrest's program was designed to evaluate the limited outcrop and provide interpreted extrapolations of the geological and structural mineralization controls, which are prospective for concealed low sulphidation epithermal gold mineralization below the shallow unconsolidated alluvial gravels.

DISCOVERY HARBOUR RESOURCES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE SIX MONTHS ENDED MARCH 31, 2022

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The Company's focus is the Caldera and Fortuity 89 properties. It continues to review other projects and would consider expanding its portfolio under the right circumstances. At present, the Company's focus is on gold projects located in the western United States though it may in the future consider other jurisdictions in which to undertake new projects.

1.1 COVID-19 Pandemic

On March 11, 2020, the World Health Organization declared the outbreak and spread of a novel coronavirus, COVID-19, a global pandemic. In response to the outbreak, governmental authorities in Canada and internationally have introduced various recommendations and measures to try to limit the pandemic, including implementing travel restrictions, border closures, non-essential business closures, quarantines, self-isolation and physical distancing.

The outbreak of COVID-19 may cause disruptions to the Company's business and operational plans, which may include: (i) restriction of international travel by management; (ii) unavailability of contractors and subcontractors; (iii) interruption of supplies from third parties upon which the Company relies; (iv) restrictions imposed by governments to address the COVID-19 pandemic; (v) restrictions that the Company and its contractors and subcontractors impose to ensure the safety of employees and others; and

1. upheaval of global financial conditions, including market reaction to COVID-19. It is not currently possible to predict the extent or duration of these potential disruptions, which may have a material adverse effect on the Company's business, financial condition and results of operations.

On March 20, 2020, the land border between Canada and the United States closed to all non-essential travel in an effort to stem the spread of COVID-19. In August 2021 various border restrictions were relaxed, allowing for management to again consider appropriate visits to the Company's property in Nevada. During the border restrictions the Company's various consultants, who are based in the United States and who, in concert with Company management, continued advancing the Plan permitting process and the planned drill program, on behalf of the Company. The consultants' work for the Company is not affected by the various border restrictions. In addition, the Company believes that its focus on a North American property has benefitted and will benefit the Company in its efforts to manage operating costs and risks in the near term and, possibly, the longer term.

The Company has implemented precautionary measures at its corporate office, including limiting visits to essential personnel and ensuring proper protocols are followed with respect to health, hygiene and physical distancing. The Company's exploration and operational activities in 2021 were conducted and completed in an orderly fashion while ensuring the safety of employees, subject to compliance with existing applicable domestic regulations and guidelines.

2. FINANCIAL CONDITION

The Company has not generated revenue from operations since inception. The Company has accumulated losses of $21,919,175 since inception and expects to incur further losses in the development of its business, all of which may cast significant doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon its ability to raise financing and generate future profitable operations. As the Company is in the exploration stage, the recoverability of costs incurred to date on exploration properties is dependent upon the existence of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the exploration and development of its properties and upon future profitable production or proceeds from the disposition of the properties. The Company will periodically have to raise funds to

DISCOVERY HARBOUR RESOURCES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE SIX MONTHS ENDED MARCH 31, 2022

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continue operations, and although it has been successful in doing so in the past, there is no assurance it will be able to do so in the future.

The Company had working capital of $463,695 and cash of $493,572 at March 31, 2022. The Company's sources and uses of cash are discussed in Section 4 "Cash Flows" below.

3. FINANCIAL PERFORMANCE

The Company's corporate and administrative head office is located in Vancouver, Canada and it is engaged in acquisition, exploration and evaluation activities in the State of Nevada in the United States of America.

Because the Company is in the exploration stage, it did not earn any significant revenue and its expenses relate to the costs of operating a public company of its size and in its line of business. Net loss and comprehensive loss for the six months ended March 31, 2022 was $8,286 (2021 - $220,055) and loss per share was $0.00 (2021 - $0.00).

Total expenses for the six months ended March 31, 2022

Total expenses for the six months ended March 31, 2022 were $198,447 compared to total expenses of $177,696 recorded for the 2021 comparative period.

Significant variances in expenses from the same period in the prior year are as follows:

• Salaries and benefits were $52,160 for the six months ended March 31, 2022 compared to $42,923 for the comparative period and management fees were $30,000 for the six months ended March 31, 2022 compared to $55,000 for the comparative period. The difference is due to the reclassification of the CEO's remuneration in the current period from management fees to salaries and benefits.
• A gain of $2,988 on foreign exchange for the six months ended March 31, 2022 compared to a loss of $44,855 for the six months ended March 31, 2021. The difference is the result of fluctuations in the US$/CAD$ exchange rates on cash held in US$.
• During the period ended March 31, 2022, the Company recorded a recovery of exploration and evaluation assets of $183,933 related to its Fortuity 89 property (2021 - $nil).

Total expenses for the three months ended March 31, 2022

Total expenses for the three months ended March 31, 2022 were $132,302 compared to total expenses of $98,995 recorded for the 2021 comparative period.

Significant variances in expenses from the same period in the prior year are as follows:

• Salaries and benefits were $39,288 for the three months ended March 31, 2022 compared to $17,178 for the comparative period and management fees were $nil for the three months ended March 31, 2022 compared to $25,000 for the comparative period. The difference is due to the reclassification of the CEO's remuneration in the current period from management fees to salaries and benefits.
• A loss of $120 on foreign exchange for the three months ended March 31, 2022 compared to a loss of $4,501 for the three months ended March 31, 2021. The difference is the result of fluctuations in the US$/CAD$ exchange rates on cash held in US$.