Galore Resources : Q1 MD&A - June 30, 2021

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED JUNE 30, 2022

Date of Report: August 29, 2022

This Management's Discussion and Analysis ("MD&A") should be read in conjunction with the unaudited condensed consolidated interim financial statements of Galore Resources Inc. (the "Company"), as at June 30, 2021, and the related notes which were prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"), and interpretations issued by the International Financial Reporting Interpretations Committee. In the opinion of management, all adjustments, which consist only of normal recurring adjustments, considered necessary for a fair presentation have been included. The results for the three months ended June 30, 2022 presented are not necessarily indicative of the results that may be expected for any future period. All dollar amounts in this MD&A are reported in Canadian dollars, unless otherwise stated.

Management is responsible for the preparation and integrity of the financial statements including the maintenance of appropriate information systems, procedures and internal controls. Management also ensures that information used internally or disclosed externally, including the financial statements and MD&A, is complete and accurate.

The Company's board of directors follows recommended corporate governance guidelines for public companies to ensure transparency and accountability to shareholders. Disclosure controls and procedures are designed to provide reasonable assurance that material information is gathered and reported to senior management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to permit timely decisions regarding public disclosure.

Additional information relating to the Company is available at www.sedar.com.

Caution Regarding Forward Looking Information:

Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward looking statements are usually identified by our use of certain terminology, including "will", "believes", "may", "expects", "should", "seeks", "anticipates" , or "intends" or by discussions of strategy or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results or achievements to be materially different from any future results or achievements expressed or implied by such forward-looking statements. Forward- looking statements are statements that are not historical facts, and include but not limited to, estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to the effectiveness of the Company's business model; future operations, products and services; the impact of regulatory initiatives on the Company's operations; the size of and opportunities related to the market for the Company's products; general industry and macroeconomic growth rates; expectations related to possible joint and/or strategic ventures and statements regarding future performance.

Forward-looking statements used in this discussion are subject to various risks and uncertainties, most of which are difficult to predict and generally beyond the control of the Company. If risks or uncertainties materialize, or if underlying assumptions prove incorrect, our actual results may vary materially from those expected, estimated or projected. Forward-looking statements in this document are not a prediction of future events or circumstances, and those future events or circumstances may not occur. Given these uncertainties, users of the information included herein, including investors and prospective investors are cautioned not to place undue reliance on such forward-looking statements.

All statements in this discussion that address the Company's expectations about future exploration and/or development are forward-looking statements.

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Overview

The Company was incorporated in British Columbia on November 12, 2004 and began trading on the TSX-V under the symbol "GRI" on March 19, 2007 and on the OTCQB under the symbol "GALOF" on March 23, 2022. The Company is in the process of exploring its exploration and evaluation assets and has not as yet determined whether these properties contain reserves that are economically recoverable.

The Company's exploration property is the Dos Santos gold property in Zacatecas State, Mexico.

Highlights for the three months ended June 30, 2022 and to date (and the year ended March 31, 2021):

• On April 11, 2022, the Company announced that it had entered into an Exploitation Agreement between Oztoc Metal Corporation S. de R.L. de C.V. ("OZTOC") and Galore's wholly owned subsidiary Minerales Galore S.A. De CV. ("Minerales Galore"). The Exploitation Agreement is an agreement for mining operation services to "reengage" the mining activities that the previous tenant, URBYASA, was conducting. The Company entered into a 5-year contract with OZTOC to extract available gold at Galore's 100% owned Duraznillo Ranch, which includes the mining concessions Los Gemelos I and Duende 7 ("Mineral Claims") and jointly with Duraznillo Ranch, (collectively referred to as the "Duraznillo Mine"). Highlights to the terms of the Exploitation Agreement include: (a) Galore will maintain 100% legal interest and title in the Duraznillo Mine; (b) This is a service agreement, whereunder OZTOC provides mining and operational services to Minerals Galore; (c) There will be 30% split of the Gross Revenues in favour of Galore after payment of government duties and taxes, with the balance of 70% going to OZTOC for (i) its expenses related to the development and production of the and (ii) profit from the production of the Duraznillo Mine; (d) All equipment, maintenance, personnel, permits, fees, expenditures and any and all cost associated with the mining activities covering the Duraznillo Mine are the responsibility of OZTOC (e) Galore retains the right to conduct any and all exploration activities in the Mineral Claims to further Galore's technical data base, which may be used by OZTOC to aid in understanding of the local geology in its operation; (f) All proceeds from the sale of concentrated material will be handled by an independent third-party fiduciary to ensure the integrity. Galore's decision to proceed with OZTOC is not based on a feasibility study of mineral reserves demonstrating the economic or technical feasibility of the project. Oztoc is in the process of evaluating and remediating the mine site to prepare for renewed mining activities.
• On March 30, 2022, the Company provided an update on drilling at San Jose and Los Gemelos claims. Three diamond core drilled holes have been completed at San Jose for a total of 664.2 meters. On March 21, 2022, the Company began its first diamond core drilling at Los Gemelos, to understand the tectonic and economic environment of the area. Management has presently suspended its drill programs until the Company has arranged for additional funding.
• On March 23, 2022, the Company announced it had commenced active trading on the OTCQB® Venture Marketplace (the "OTCQB") effective March 23, 2022.
• On March 14, 2022, the Company announced that it had regained control of the Los Gemelos Mine and Duraznillo ranch Property. On December 8, 2021, the Mexican Courts officially granted Minerales Galore the judicial resolution ordering URBYASA to return the possession of the Duraznillo Ranch and Mining Properties. On March 8, 2022, in conjunction with Minerales Galore's attorneys and a representative team, using the judicial resolution and joined by the Zacatecas State´s Public Force, the Duraznillo Ranch and the Mining Properties were legally repossessed. The repossession was peaceful and smooth. Mike McMillan, President and CEO of Galore, was on location and a part of the team overseeing the repossession of the Duraznillo Ranch and Mining Properties.
• On February 16, 2022, the Company announced that it had begun drilling at the San Jose prospect and introduced a new geological team in Mexico lead by Gustavo Narvaez, and two consulting geologist Dr. Macario Rocha-Rocha and Dr. Julio Pinto.

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• On January 19, 2022, the Company announced it had received acceptance for its Drill Permit application and mobilized its crews to begin a 4,000-meter diamond drill program at El Alamo and San Jose. In addition, the Company provided an update to its application for listing on the OTCQB.
• On November 22, 2021, the Company announced the repayment of a cash loan ("Loan") made to the Company by a current shareholder under a Loan Agreement entered into in July, 2018. The Loan was for USD $30,000.00, and was paid in full, plus interest, which was accruing at a rate of 10% per annum compounded monthly.
• On October 6, 2021, also the Company announced a non brokered private placement financing of common shares ("Shares") at a price of $0.035 per share to raise up to CDN $800,000 (the "Financing"). Funds raised from the Financing would be used for further exploration, permitting, and commencement of a drill program at the San Jose claim, as well as further exploration on other claims at Galore's Dos Santos project, and general operating purposes. The Company received conditional acceptance to the Financing from the TSX Venture Exchange on October 22, 2021 and on November 19, 2021 the Company closed the Financing issuing a total of 23,385,752 Shares, raising gross proceeds of CAD $818,501.36. The Shares issued in the Financing were subject to a four-month statutory hold period, which expired March 20, 2022.
• On October 6, 2021, the Company announced it entered into an agreement with an arm's length third party for the payment of a bonus ("Bonus Agreement") for the issuance of 500,000 common shares ("Bonus Shares") in consideration for assisting the Company in establishing new business contacts and aiding in various negotiations in Mexico relating to ongoing administration of the Company's projects. The Company received TSX Venture Exchange acceptance on November 26, 2021 to the issuance of the Bonus Shares, which occurred December 3, 2021. The Bonus Shares were subject to a 4-month statutory hold period which expired April 4, 2022.
• On September 29, 2021, the Company issued 2,200,000 common shares at a price of CAD$0.025 per share with respect to a Shares for Debt settlement to diminish a portion of outstanding management fees due to the CEO and CFO of the Company. These shares were subject to a 4-month statutory hold period which expired January 30, 2022.
• On August 29, 2021, 11,419,184 warrants exercisable at $0.09, expired unexercised.
• On August 26, 2021, the Company received TSX Venture Exchange acceptance to extend by a further three (3) years, the expiry date of a total of 5,596,319 share purchase warrants ("Warrants"), issued in connection with a non-brokered private placement completed in three tranches in September through November, 2019. These Warrants are exercisable into 5,596,319 common shares at an exercise price of $0.10 per share. The Warrants will continue to be subject to accelerated exercise provisions such that, at the discretion of the Company, if the closing price equals or exceeds $0.15 per share for 10 consecutive trading days, then the Company will provide notice to the Warrant holders that the exercise period of the Warrants shall be reduced to 30 days, with the reduced period commencing seven calendar days following the tenth consecutive trading day.
• On May 26, 2021, the Company granted 8,325,000 options to officers of the Company, exercisable at a price of $0.10 for a period of 5 years from the date of grant. Such grant of options was ratified by shareholders of the Company's at its annual general meeting held November 16, 2021 to allow the insider optionees to individually hold options in excess of 10%, of the Company's current issued share capital.
• On March 3, 2021, the Company announced encouraging assay results from the El Alamo drill program and confirmed the continuity of a normal mineralized fault structure.
• On December 22, 2020, the Company held its annual and Special General Meeting of Shareholders. At the Meeting, Shareholders approved all resolutions by a majority, including a resolution where the Company's Board of Directors may implement, if they deem it appropriate, a consolidation of the common shares of the Company, on the basis of up to a maximum of ten (10) pre-consolidated

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common shares then issued and outstanding, for one (1) post consolidated common share, or such lesser number of pre-consolidated common shares as may be approved by the Board in its sole discretion.

DOS SANTOS, MEXICO

The Dos Santos project in Zacatecas State, Mexico is the Company's primary exploration focus. The property mineral tenures cover a gold exploration project located within the historic Concepcion del Oro mining district in northern Zacatecas State, Mexico. It is located in a sparsely populated, mining friendly area of Mexico with a 500-year long mining history and in one of the most prospective areas in Mexico for large mineral deposits. The property is located 35 kilometres southeast of Goldcorp's world-class Peñasquito gold-silver-lead-zinc mine and lies adjacent to the northern property boundary of the Camino Rojo gold deposit. The Camino Rojo project was acquired by Goldcorp in February 2010, through an acquisition of Canplats Resources. Subsequently (2017), Orla Mining purchased Comino Rojo through an agreement with Goldcorp. Orla Mining's 18,000 tonne per day open pit mine, with indicated 9.5 Moz gold deposit, is in full operation.

Dos Santos was assembled over a number of years, starting in 2007 with an option agreement on 658 hectares covering artisanal mining activity dating back to the mid-19th century. A 100% interest in these claims was earned in 2011. Additional claims were acquired by staking and through the Mexican mineral title lottery system from 2007 to 2010.

In 2012, the Company entered into a purchase agreement to acquire the surface rights to certain privately- owned lands known as Rancho Duraznillo that cover a portion of the Dos Santos project. The terms of the agreement required payments of $350,000 Pesos on signing and further monthly payments over 18 months totalled approximately $1,050,000 Pesos. The purchase of Rancho Duraznillo was completed in full in October 2018.

La Palma target

Prior to 2009, Galore explored known gold showings at San Jose and Los Gemelos in the northern area of the property. In 2009 and 2010 the Company began exploring for a Camino Rojo-stylesilver-gold deposit in areas underlain by the same host rocks. Exposure is limited in these areas, so a soil pH survey was used to outline initial targets, which were then explored by Induced Polarization (IP) and magnetometer surveys.

The best results were obtained on the North Grid at La Palma, where a 160-hectare area, coincident chargeability and magnetic anomalies were defined on seven lines. The chargeability anomaly is up to 1,400 metres wide, delineated over a 1,200-metre length and appears to be open to the west.

The North Grid anomaly was tested in October to December 2010 with twelve diamond drill holes, totalling 4,973 metres. The drill holes were spaced from 280 to 860 metres apart and tested targets within and outside the anomalies.

The La Palma area is underlain by a calcareous and carbonaceous clastic sedimentary rock unit, which grades into an impure limestone at depth. The clastic unit is an argillite having interbeds of siltstone-sized fragments at higher levels. Centimetre-scale pyritic beds to millimeter-scale very fine-grained pyrite laminations occur in this unit in all holes and increase in frequency with depth. These pyritic layers do not carry significant metal values. Deposition of the pyrite bands in the clastic unit is interpreted as syn-sedimentary, caused by an influx of iron into a starved basin environment. However, drilling also encountered a three to four-metre-thick marker horizon in all holes, with a unique geochemical signature, suggesting a short pulse of metals associated with hydrothermal fluids were discharged on the sea floor during sedimentation. Much younger, polymictic breccias (mixed angular rock types) were also encountered in all drill holes. These breccias occur in thicknesses from centimetres to several metres, parallel to and crosscutting bedding. More importantly, breccias contain altered felsic intrusive and feldspar porphyry fragments, common to diatreme related deposits. These breccias are evidence of a high-energy explosive intrusion-related event.

All anomalous concentrations of silver-lead-zinc mineralization in drill core are associated with these breccias. Geochemical evidence suggests the brecciation and mineralization are intrusion-related, although not all

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breccia intercepts contain igneous fragments. These features may be associated with diatreme intrusions similar to the geology of Goldcorp's Peñasquito mine. Our exploration model is based on this relationship. Diatreme intrusions at Peñasquito have been shown to have a lower density than their host rocks and are associated with intrusion-related magnetic anomalies. A combined airborne gravity and magnetic survey was chosen in 2012 to explore the favourable geology on the property. A fixed wing airborne survey was initially selected but system availability and various delays resulted in choosing a helicopter-borne gravity survey system, which was working near the Dos Santos property in February 2014.

In April 2014, the Company received the survey results. A total of 1,233 line-kilometres (770 line-miles) Helicopter Airborne Gravity Gradiometer and High Sensitivity Magnetic Survey were flown over approximately 20,000 hectares (49,400 acres) of the Dos Santos Property and the adjacent, optioned, San Onesimo property. An assessment of the survey data by an independent geophysicist revealed encouraging anomalies in three areas of the property, which fit Galore's exploration model. Secondary geophysical anomalies, which may indicate other styles of mineralization, were also outlined by the survey.

El Álamo target

The El Álamo claim was acquired by Galore through a Mexico government claim lottery and is 100% owned by Galore. In September 2010 the Company began a systematic trenching and mapping program. The main trenches ranged in length from 34 to 80 metres. The program included 512 continuous chip and channel rock samples taken from 10 trenches totalling 1,020 in length. Samples were taken in a north-south direction, across steeply dipping, east-west trending, altered limestone beds. Six of the trenches, which ended in gold- bearing mineralization, were extended by 212 metres. The best results include 12 meters of 0.96 g/t gold, adding to more significant intervals in the main trenches. It is now interpreted that the main area of gold mineralization at El Álamo measures over 500 metres long and up to 110 metres wide. The mineralization remains open at depth and in at least two directions.

From December 2011 to January 2012, the Company carried out a shallow percussion drill-sampling program on the claim. Drilling was done at 30-metre spacing using a conventional track-mounted percussion drill to minimize construction of road access in steep terrain. The results demonstrate that mineralization exposed in the trenches extends to depth.

In July 2017 Galore employed the services of an independent geologist, Tony Adkins. Mr. Adkins provided a Property Evaluation Report in August 2017 and deemed the El Alamo claim to be a "high quality target". Mr. Adkins report provided further sampling with assay results ranging from 0.822 ppm to 18.6067 ppm and confirmed the widespread occurrence of anomalous gold values.

Galore began a diamond drill core program in May of 2019. To date the Company has completed five holes totalling 1,667 of core with a 100-170m thick zone of mineralization believed to be a low-lying structure discovered in the first two core holes assayed. Oxidized limestone breccias intersected in holes three, four, and five currently are being added to the geologic model and future drilling could further support the area as proximal to an epithermal system. Low levels of silver mineralization, trace elements, and alteration are indications of an upper-level epithermal system. Drilling was ceased to begin detailed mapping and sampling planned for possible new extension of the discovered mineralization.

On January 16, 2022, the Company announced that it has received acceptance for its Drill Permit applications and mobilized its crews to begin a 4,000-meter to further test various locations in Galore's El Alamo and San Jose prospects. The planned drilling portion for the El Alamo is the continuation of the 2019 program (see NR on March 3, 2021), completing 1,667 meters in five drill holes.

San Jose target

Previous work in the San Jose area included rock sampling of hand-trenches, numerous artisanal pits and several abandoned underground workings. Gold assays range from trace to 208 gm/tonne over 0.5 metres. Gold values are associated with anomalous arsenic, mercury, antimony and thallium concentrations, which are known pathfinder elements associated with high-level epithermal gold mineralization. All samples lie within a