Foran Mining : Earnings Document

Management's Discussion and Analysis

For three months ended March 31, 2022 and 2021

TABLE OF CONTENTS
NATURE OF BUSINESS...................................................................................................................................	3
OUTLOOK ......................................................................................................................................................	3
RECENT EVENTS AND DEVELOPMENTS.........................................................................................................	4
MINERAL PROPERTIES...................................................................................................................................	4
OVERALL PERFORMANCE..............................................................................................................................	8
SELECTED FINANCIAL INFORMATION .......................................................................................................	8
RESULTS OF OPERATIONS .........................................................................................................................	9
SUMMARY OF QUARTERLY RESULTS ......................................................................................................	10
CASH FLOWS ...........................................................................................................................................	11
LIQUIDITY AND CAPITAL RESOURCES..........................................................................................................	11
OFF-BALANCE SHEET ARRANGEMENTS ......................................................................................................	12
RELATED PARTY TRANSACTIONS.................................................................................................................	12
SHARE CAPITAL ...........................................................................................................................................	12
PROPOSED TRANSACTIONS.........................................................................................................................	12
CRITICAL ACCOUNTING POLICIES AND ESTIMATES ....................................................................................	13
FINANCIAL INSTRUMENTS ..........................................................................................................................	13
RISKS AND UNCERTAINTIES ........................................................................................................................	13
GOING CONCERN RISK ............................................................................................................................	13
FINANCIAL INSTRUMENTS RISK ..............................................................................................................	13
ENVIRONMENTAL AND PERMITTING RISK..............................................................................................	14
EXPLORATION RISK .................................................................................................................................	14
COMMODITY PRICE RISK.........................................................................................................................	15
LIQUIDITY OF COMMON SHARES............................................................................................................	15
GLOBAL PANDEMIC RISK (COVID-19)......................................................................................................	15
NON-GAAP MEASURES ...........................................................................................................................	15
QUALIFIED PERSON.....................................................................................................................................	16

FORAN MINING CORPORATION | MANAGEMENT'S DISCUSSION AND ANALYSIS	Page 2 of 16

This Management's Discussion and Analysis ("MD&A") of the financial position and results of operations for Foran Mining Corporation (the "Company" or "Foran") should be read in conjunction with the audited consolidated financial statements of the Company as at and for the year ended December 31, 2021 and unaudited condensed consolidated interim financial statements for the three months ended March 31, 2022 and the related notes thereto, which have been prepared using accounting policies consistent with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). For further information on the Company, reference should be made to its public filings on SEDAR at www.sedar.comor the Company's website at www.foranmining.com.

This MD&A is prepared by management and approved by the Board of Directors as of May 26, 2022. The discussion covers the three months ended March 31, 2022 ("Q1 2022" or the "Quarter") and the subsequent period up to the date of issuance of this MD&A. All amounts are stated in Canadian dollars unless otherwise indicated.

This MD&A may contain forward-looking statements that reflect management's current expectations with regards to future events. By their nature, these statements involve risk and uncertainties, many of which are beyond the Company's control. Actual results may differ materially from those expressed in such forward-looking statements. Readers are cautioned not to place undue reliance on these statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

NATURE OF BUSINESS

The Company was originally incorporated under the laws of British Columbia ("BC") on June 21, 1989. The Company is a reporting issuer in BC, Alberta, Ontario, New Brunswick, Nova Scotia and Newfoundland and Labrador. The Company's common shares are traded on the TSX Venture Exchange under the symbol "FOM". The Company's principal business activity is the acquisition, exploration and development of mineral properties with the objective of discovering mineral reserves and the development of an operating mine. The Company's flagship property is its 100% owned McIlvenna Bay property in Saskatchewan, Canada, 65 kilometres ("km") west of Flin Flon, Manitoba.

To date the Company has not generated any revenues.

OUTLOOK

Foran is presently in the pre-development stage after recently announcing the results from a Feasibility Study for the McIlvenna Bay project ("McIlvenna Bay"). McIlvenna Bay is a copper ("Cu") - zinc ("Zn") - gold ("Au") - silver ("Ag") rich volcanic hosted massive sulphide deposit intended to be the center of a new mining camp in a prolific district that has already been producing for 100 years.

Foran's objective is to build McIlvenna Bay based on the Company's carbon neutrality goals and initiatives, part of a broader mission to create a blueprint for responsible mining that is upheld as leading practice globally. Foran is committed to creating value for all stakeholders, which includes working with and supporting local communities, providing safe employment, ensuring diversity and equality, enhancing biodiversity, and not contributing to climate change. To December 31, 2021, all carbon emissions from exploration have been offset.

FORAN MINING CORPORATION | MANAGEMENT'S DISCUSSION AND ANALYSIS	Page 3 of 16

RECENT EVENTS AND DEVELOPMENTS

• On May 16, 2022, the Company announced the appointment of Gilbert Lamarche as Vice President, Technical Services. Mr. Lamarche has over 20 years of experience in the mining industry in both technical services and operational capacities.
• On February 28, 2022, the Company announced the results from a Feasibility Study on its McIlvenna Bay project. Highlights included an after-tax NPV(7%) of $1.06 billion and IRR of 46%, at spot prices, based on Probable Mineral Reserves of 25.7 million tonnes ("Mt") at 2.51% copper equivalent ("CuEq"), which represents a 66% reserve conversion rate from the existing 39.1Mt of
  Indicated Resources and an initial 18-year reserve life.
• On February 15, 2022, the Company announced it had received initial permits for a proposed exploration decline as part of its pre-development program at its McIlvenna Bay project.
• On January 31, 2022, the Company announced the appointment of Brad Wall to its Advisory Board. Mr. Wall served as the Premier of Saskatchewan from November 2007 to February 2018.
• On January 4, 2022, the Company announced the appointment of David K. Bernier as Chief Operating Officer. Mr. Bernier was previously the Canada Country Manager for Pan American Silver Corp. responsible for managing its multiple operations in the Timmins Region.
• From January 2022 to March 2022, the Company completed a drill program of over 3,500 meters at its regional targets in the McIlvenna Bay area, along with some additional shallow geotechnical drilling at the McIlvenna Bay deposit.

MINERAL PROPERTIES

As of the date of this MD&A, the Company has eight properties in Saskatchewan comprising a total of 96

mining claims covering approximately 147,184 hectares ("ha"), located between 15 and 102 km west of Flin

Flon, Manitoba. All tenements are within 63 km of the McIlvenna Bay deposit where a centralized processing facility is proposed.

Four properties are higher priority, the McIlvenna Bay Property, which contains the McIlvenna Bay deposit, and three adjacent properties Hanson, Balsam and Bigstone, all of which occur at the western limit of the Flin Flon Greenstone Belt. All four properties are underlain by prospective felsic volcanic stratigraphy that

hosts variably significant volcanic-hosted massive sulphide ("VHMS") styles of alteration and mineralization.

The Comeback Bay property, also located in Saskatchewan, is of lower priority but has both precious and base metal VHMS potential within the western limit of the Flin Flon Arc Assemblage (Birch Lake Belt).

FORAN MINING CORPORATION | MANAGEMENT'S DISCUSSION AND ANALYSIS	Page 4 of 16

Further details on the Company's significant properties are as follows:

1. McIlvenna Bay Property

The Company has a 100% interest in the McIlvenna Bay Property in east-central Saskatchewan. The McIlvenna Bay Property consists of 38 claims covering a total of 20,907 ha. The McIlvenna Bay deposit is located on the McIlvenna Bay Property, approximately one km south of Hanson Lake, Saskatchewan, 375km northeast of Saskatoon, Saskatchewan and 65km west south-west of Flin Flon, Manitoba. The McIlvenna Bay deposit is linked to Flin Flon, Manitoba by 85km of highway followed by 18km of unsealed secondary road.

The McIlvenna Bay deposit was discovered in 1988 and includes two distinct styles of VHMS mineralization which include massive to semi-massive sulphides and copper stockwork. Since 2011, the Company has been working to advance the McIlvenna Bay deposit through continued exploration, resource definition and environmental and engineering studies.

Some of the claims that make up the McIlvenna Bay Property are subject to a Net Tonnage Royalty of $0.75 per tonne of ore extracted.

Cameco Corporation and BHP Billiton collectively hold a 1% Net Smelter Return royalty interest on

McIlvenna Bay, which can be repurchased by the Company at any time for $1 million.

FORAN MINING CORPORATION | MANAGEMENT'S DISCUSSION AND ANALYSIS	Page 5 of 16