Forum Energy Metals : MD&A THREE MONTHS FEBRUARY 28 2022

MANAGEMENT'S DISCUSSION AND ANALYSIS

QUARTERLY HIGHLIGHTS

For the three months ended February 28, 2022

Forum Energy Metals Corp.

Management's Discussion and Analysis

For the three months ended February 28, 2022

The following is management's discussion and analysis - quarterly highlights ("MD&A") of the results of operations and financial condition of Forum Energy Metals Corp. (the "Company" or "Forum") for the three months ended February 28, 2022 and up to the date of this MD&A, and has been prepared to provide material updates to the business operations, financial condition, liquidity and capital resources of the Company since its last management's discussion and analysis for the fiscal year ended November 30, 2021 (the "Annual MD&A").

This MD&A should be read in conjunction with the Annual MD&A and the audited consolidated financial statements for the year ended November 30, 2021, together with the notes thereto, and the accompanying unaudited condensed interim consolidated financial statements and related notes thereto for the three months ended February 28, 2022 (the "Financial Report").

All financial information in this MD&A is derived from the Company's financial statements prepared in accordance with International Financial Reporting Standards ("IFRS") and all dollar amounts are expressed in Canadian dollars unless otherwise indicated.

The effective date of this MD&A is April 25, 2022.

Description of Business

Forum is a publicly traded company incorporated under the laws of the Province of British Columbia. The Company's shares are listed on the TSX Venture Exchange ("TSX-V") and trade under the symbol FMC and on the OTCQB Venture Market in the United States under the symbol FDCFF. The head office is located at Suite 615, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6 and the registered and records office of the Company is located at Suite 1500, 1055 West Georgia Street, Vancouver, British Columbia V6E 4N7.

The Company is engaged in the business of evaluating, and if deemed appropriate, acquiring and exploring natural resource properties.

COVID-19

Since March 2020, several governmental measures have been implemented in Canada and the rest of the world in response to the coronavirus (COVID-19) pandemic. While the impact of COVID-19 and these measures are expected to be temporary, the current circumstances are dynamic and the impacts of COVID- 19 on the Company's business operations cannot be reasonably estimated at this time. The Company anticipates this could have an adverse impact on its business, results of operations, financial position and cash flows in fiscal 2021. The Company continues to operate its business, and in response to Canadian Federal and Provincial, and US Federal and State emergency measures, has requested its employees and consultants work remotely wherever possible. These government measures, which could include government mandated closures of the Company or its contractors, could impact the Company's ability to conduct its exploration programs in a timely manner, and the Company is evaluating the best way to move its exploration activities forward when the emergency measures are lifted.

1 | Page

Forum Energy Metals Corp.

Management's Discussion and Analysis

For the three months ended February 28, 2022

Resource Properties

As at February 28, 2022 and the date of this MD&A, the Company had an ownership in the following exploration and evaluation assets:

PROJECT

INTEREST

COMMODITY

LOCATION

Glennie	100%	Gold-Copper	Saskatchewan
Janice Lake	100%	Copper-Silver	Saskatchewan
Love Lake	100%	Palladium-Copper-Nickel	Saskatchewan
Still Nickel	100%	Nickel-Cobalt	Saskatchewan
The Highlands	100%	Palladium-Copper-Nickel	Saskatchewan
Clearwater	75%	Uranium	Saskatchewan
Costigan	65%	Uranium	Saskatchewan
Fir Island	100%	Uranium	Saskatchewan
Grease River	100%	Uranium	Saskatchewan
Henday	40%	Uranium	Saskatchewan
Highrock	100%	Uranium	Saskatchewan
Maurice Point	100%	Uranium	Saskatchewan
NW Athabasca	39.43%	Uranium	Saskatchewan
Wollaston	100%	Uranium	Saskatchewan
Nunavut Uranium	100%	Uranium	Nunavut
Quartz Gulch	100%	Cobalt	Idaho

During the three months ended February 28, 2022, and up to the date of this MD&A, the Company completed work on the following exploration and evaluation assets:

Wollaston

The 100% owned Wollaston property is well located 10km southeast of Cameco's Rabbit Lake mill and 30km southeast of Orano/Denison's McClean Lake mill in the prolific northeastern Athabasca Basin, Saskatchewan where a number of uranium deposits have been discovered and mined.

Forum completed drilling eight holes for 2,062 metres during March and April, 2022. The drill program tested 3 zones of gravity lows. The Gizmo target, measuring 300 metres long and 200 metres wide intersected anomalous radioactivity from weak uranium mineralization with associated bleaching, secondary hematite and minor uranium oxides was intersected in four of five holes on the Gizmo target.

Further drilling is recommended on this target in areas that could not be reached this winter, testing an EM conductor that crosses the northwest part of the gravity low. Forum sent 393 samples of the drill core to the Saskatchewan Research Council for geochemical analysis and results are expected in a month. The Company is reviewing its plans for further exploration of the property, including airborne and ground geophysical surveys as well as drilling of the Gizmo target and other gravity lows on the property.

2 | Page

Forum Energy Metals Corp.

Management's Discussion and Analysis

For the three months ended February 28, 2022

Highrock

The Highrock uranium project is located just south and on trend of Cameco's Key Lake mine and mill site where over 200 million pounds of uranium was produced at an average grade of 2.3% U3O8 during its mine life. The exploration will focus on the discovery of basement hosted mineralization similar to NexGen's Arrow deposit and Cameco's Eagle Point mine.

On February 7, 2022, the Company entered into an option agreement with Sassy Resources Corporation ("Sassy") whereby Sassy can earn a 100% interest in the Highrock project. This definitive agreement replaced the letter of intent ("LOI") which was singed on January 5, 2022. In consideration, the Company received $50,000 cash on signing of the LOI.

The agreement is a staged earn-in as follows:

• • 20% interest - payment of $50,000 cash on signing of the agreement (received), 250,000 Sassy shares on signing of the agreement (received), and completing $1,000,000 in exploration expenditures by December 31, 2022;

• • 31% interest (51% total) - payment of $50,000 cash and 250,000 Sassy shares on or before January 2, 2023, and completing an additional $1,000,000 in exploration expenditures by December 31, 2023;

• • 19% interest (70% total) - payment of $50,000 cash and 250,000 Sassy shares on or before January 2, 2024, and completing an additional $1,500,000 in exploration expenditures by December 31, 2024; and

• • final 30% interest (100% total) - payment of $150,000 cash and 3,000,000 Sassy shares on or before December 31, 2025.

In addition, Sassy shall pay the Company $1,000,000 on delivery of a feasibility study and a further $3,000,000 on commencement of commercial production.

The Company maintains a 1% net smelter return ("NSR") royalty on the Highrock project, half of which can be purchased by Sassy prior to the commencement of commercial production for the sum of $1,000,000. A 1% NSR royalty on the north claim is shared by third parties, half of which may be purchased by Sassy for the sum of $1,000,000. A 2% NSR royalty on the south claim is held by a third party and at present is not subject to a repurchase clause.

The Company will act as operator until such time as Sassy has earned a 51% interest in the project, after which time Sassy will act as operator.

As announced March 1, 2022, the Company commenced drilling at the Highrock Uranium Project. Drilling focused on the North target immediately south of Cameco's Key Lake mine claim boundary and drill results are pending.

3 | Page

Forum Energy Metals Corp.

Management's Discussion and Analysis

For the three months ended February 28, 2022

Love Lake

On April 7, 2022, the Company announced drill results at its Love Lake project in north-eastern Saskatchewan.

The Love Lake layered mafic complex is located approximately 100 kilometre east of Cameco's Key lake uranium mill along Highway 905 to the Rabbit Lake/ McClean Lake uranium mills. Forum completed twelve holes for a total of 2,844 metres on three targets - Korvin Lake, Korvin Creek and What Lake.

Over 2000 samples of core were taken to examine the geochemistry of this large layered system to determine the geological controls of the nickel, copper, platinum and palladium mineralization encountered at Love Lake. Detailed chemostratigraphic analyses through all the drill holes clearly indicate that these intersections reflect lithologies that are the products of an intrusive complex that has experienced a high degree of differentiation. Such differentiation is a fundamental requirement of intrusions that host Platinum Group Element (PGE) mineralization.

Drill holes 3 to 12 display classic textural examples of layered intrusion features and magmatic sulphides over wide intervals. Anomalous concentrations of PGE only occurred in holes 3 and 4 at What Lake in lithologies that appear to be no different than that seen in holes 5 to 12 at Korvin Lake. Forum is evaluating the data to isolate the controls on PGE mineralization at Love Lake.

Nunavut Uranium

As announced February 1, 2022, the Company acquired by staking 40 claims totalling 53,402 hectares of ground formerly held by Cameco Corporation on trend with the 133 million pound Kiggavik uranium deposit (66.2% Orano, 16.9% Denison 16.9% UEX), one of the largest undeveloped uranium deposits in the world. From 2008 to 2012, Cameco drilled 135 holes for over 36,000 metres of drilling to the west of Kiggavik and discovered two uranium deposits - Tatiggaq and Qavvik and identified the Ayra showing which are now owned 100% by Forum. The Kiggavik deposit and the Cameco discoveries in the northeastern Thelon Basin, Nunavut share many common features as the prolific Athabasca Basin in Saskatchewan.

The Company staked a further four claims bringing its total of new staking to 60,230 hectares. With Forum's legacy claims, the Company holds 104,262 hectares of prime exploration ground approximately 100 km west of the Hamlet of Baker Lake, Kivalliq region in Nunavut. As announced March 22, 2022, Forum assembled a technical team that has submitted applications for exploration permits, commenced plans for community engagement and is conducting logistical planning.

It is Forum's intention in 2022 to:

• • Review the 135 drill holes drilled by Cameco from 2008 to 2012 resulting in the discovery of the Tatiggaq and Qavvik deposits and the Ayra showing.

• • Conduct ground geophysical surveys and a potential airborne geophysical survey.

• • Mobilize drills, fuel, camp and supplies to Baker Lake during the summer barge season in anticipation of a 10,000 metre drill program in 2023.

Qualified Person

Richard J. Mazur, P.Geo., President & CEO of the Company, is the Qualified Person that has reviewed and approved the exploration information and resource disclosures contained in this MD&A.

4 | Page