Global Battery Metals : FY2022 Management's Discussion and Analysis

GLOBAL BATTERY METALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE YEARS ENDED APRIL 30, 2022 AND 2021

The information contained in this Management's Discussion and Analysis of Financial Condition and Results of Operations for the year ended April 30, 2021 ("MD&A") has been prepared as of July 28, 2022. It should be read in conjunction with the audited consolidated financial statements of Global Battery Metals Ltd. (the "Company") for the year ended April 30, 2022.

The referenced audited consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). All amounts are expressed in the Company's presentational currency of Canadian dollars unless otherwise indicated.

CORPORATE HIGHLIGHTS

Business description

The Company's principal business activities include the acquisition and exploration of mineral properties, with its head office located in Vancouver, British Columbia, Canada. The Company holds a 55% controlling interest in the Lara Property in southern Peru through Minas Dixon S.A ("Minas Dixon"). It holds an option to acquire up to 90% interest in the North West Leinster Property in the Republic of Ireland, an option to acquire up to 100% interest in the Lapoile Lithium project in Newfoundland, Canada, an option to lease the Sawyer Camp prospect in Michigan, United States, and owns 100% of the Lithium King property in Utah, United States and the Central project in Michigan, United States. The Company is a reporting issuer in British Columbia, Alberta and Ontario and its common shares trade on the TSX Venture Exchange under the symbol GBML and on the OTCQB under the symbol of REZZF and the Frankfurt Stock Exchange under the symbol "REZ".

Recent highlights

On July 14, 2022, the Company announced a non-brokered private placement financing of up to 5,000,000 units at a price of $0.10 per unit. Each unit shall consist of one common share and one share purchase warrant, whereby each share purchase warrant shall be exercisable at a price of $0.14 for a period of two years from the closing date.

On June 30, 2022, the Company announced that a combination of fixed-loop time domain electromagnetic and borehole electromagnetic surveying work has commenced on its Sawyer Camp project.

On June 22, 2022, the Company announced it has received the drill permit for its Lithium King property.

On May 24, 2022, the Company announced it has been granted four Surface and Mineral leases covering 1,609 acres in the State of Michigan.

On March 28, 2022, the Company announced that it has received a Right-of Entry land access permit for the Lithium King property and that the Drill Permit is pending.

On February 9, 2022, the Company announced it has completed an option to lease agreement on the Sawyer Camp Nickel-Copper project in Michigan.

On November 17, 2021, announced that it has entered into an option agreement to acquire up to 100% interest in the Lapoile Lithium Project in Newfoundland, Canada.

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GLOBAL BATTERY METALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE YEARS ENDED APRIL 30, 2022 AND 2021

MINERAL PROPERTY INTERESTS

Lara Property

On July 28, 2020, the Company entered into an Option and Royalty Agreement ("the Option Agreement"), together with Lara Exploration through Minas Dixon, for the sale of the Lara Property to Minsur S.A. The Company will retain a 0.75% Net Smelter Return ("NSR") royalty. Under the terms of the Option Agreement the Company and Lara Exploration have granted Minsur S.A an exclusive option to acquire a 100% interest in the Lara Property by making staged cash payments of US$5,759,000 based on the satisfaction of the following various milestones:

	Option Payments (US$)
Payments received
Upon Registration of the Agreement before Public Notary	59,000
One year from Registration of the Agreement	200,000
Milestone of potential future payments
Approval of Environmental Study and Start of Work ("DIA-IA")	200,000
One year from approval of the DIA-IA	300,000
Approval of Semi-Detailed Environmental Study ("EIA-SD")	500,000
One year from approval of the EIA-SD	1,500,000
Upon transfer of Title	3,000,000
Total (US$)	5,759,000

The Lara Property is made up of a porphyry center known as Lara. It has been delineated with a corridor of hydrothermal alteration extending over several kilometers. Preliminary metallurgical test work, completed in the late 1990's, indicates that the enriched zone of the Lara Property is amenable to low-cost solvent extraction and electro-winning processing.

North West Leinster ("NWL") Lithium Property

On April 21, 2020, the Company entered into an amended Letter of Intent (the "LOI") with LRH Resources Ltd (LRHR), an arm's length private company. The LOI re-defines the option agreement as previously announced on October 28, 2018, in which the Company has the option to acquire up to 90% of the North West Leinster Lithium Property in the Republic of Ireland.

The Company now has the right to exercise the following options:

• By spending €85,000 on exploration expenditures and up to €6,500 in license charges, fees and rents to keep the property in good standing by October 12th, 2022 an initial 17.5% interest can be acquired by providing notice to LRHR ("1st Option Notice"). To date €160,500 (CAD $269,859) of exploration expenditures have been incurred. The Company has not given the 1st Option Notice.
• The Company can exercise the second option by spending €500,000 on expenditures within two years following receipt by LRHR of the 1st Option Notice and paying LRHR €50,000 in either cash or a combination of cash and common shares of the Company, at the option of the Company, with at least €5,000 is payable in cash. Upon the above, a further 37.5% interest can be acquired by providing notice to LRHR ("2nd Option Notice").
• The Company can exercise the third option upon spending a further €1,000,000 on expenditures within two years following receipt by LRHR of the 2nd Option Notice and paying LRHR €200,00 in either cash or a combination of cash and commons shares of the Company, at the option of the Company, of which at least €20,000 is payable in cash. Upon this, an additional 35% interest will be acquired by the Company.

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GLOBAL BATTERY METALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE YEARS ENDED APRIL 30, 2022 AND 2021

Lithium King

The Company acquired through staking the Lithium King Property. It is located on the west side of the Great Salt Lake Basin in western Utah, adjacent to the community of Wendover, Utah. The Property has the potential to host a lithium, and magnesium brine deposit in an existing mineral producing location in a mining-friendly State.

Lapoile Lithium Project

On November 8, 2021, The Company entered into an option agreement to acquire up to 100% interest in the Lapoile Lithium Project in Newfoundland, Canada.

Pursuant to the option agreement, in order to acquire the initial 51% interest, the Company will need to complete the following requirements:

• Pay $30,800 due within five business day of execution of the option agreement (paid);
• Pay $20,000 and issue $25,000 in common shares on or before the first anniversary of the agreement;
• Pay $30,000 and issue $87,500 in common shares on or before the second anniversary of the agreement; and
• Pay $40,000 on or before the third anniversary of the agreement.

In order to acquire an additional 24%, for a total of 75%, the Company must incur $2,000,000 in exploration costs as defined in the agreement. The last 25% interest can be earned by paying $50,000 and issuing $425,000 in common shares within 30 days of delivery of an economic technical report.

Sawyer Camp prospect

On February 8, 2022, the Company signed an option agreement and lease agreement on certain mineral rights for the Sawyer Camp in the Upper Peninsula region of the State of Michigan.

Under the option agreement, the Company has the right to explore the project initially for four years with the following exploration and rental payments requirements:

• An exploration commitment of US $150,000 (US$130,000 has been incurred up to April 30,

2022) and rental payment of US $10,000 (paid subsequent	to year end) on or before the first
anniversary of the agreement

• An exploration commitment of US $500,000 and rental payment of US $15/ acre on or before the second anniversary of the agreement
• An exploration commitment of US $1,500,000 and rental payment of US $25/acre on or before the third anniversary of the agreement
• An exploration commitment of US $2,000,000 and rental payment of US $35/acre on or before the fourth anniversary of the agreement

Upon completion of the option agreement, the Company may elect to enter the lease agreement that has a primary 15-year term followed by a 15- year extension term. A 3.0% NSR royalty is payable on production from their privately held mineral rights. A 0.5% NSR buy back is available at the Company's option by paying the greater of USD $1 million or the Net Present Value of the 0.5% royalty using consensus metal prices and a 10% discount rate.

Central Project

On April 1, 2022 the Company was granted four surface and mineral leases covering 1,609 acres in the State of Michigan.

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GLOBAL BATTERY METALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE YEARS ENDED APRIL 30, 2022 AND 2021

EXPLORATION OUTLOOK

Discussions with potential drill contractors for the Lithium King Project in Utah took place and a contractor has been selected. A drill test to determine if Li-rich brines are present in deeper (>100 m) targeted host rocks of the basin is planned to start in late-July/early August. The drilling will be followed by wireline conductivity and brine sampling surveys.

An eight line-kmfixed-loop time domain electromagnetic survey ground survey combined with a borehole electromagnetic survey on two 300 m scout holes is in progress at the Sawyer Camp Nickel-Copper Project in Michigan. This survey will determine if follow-up drill testing is warranted.

The Company is currently working on a budget and work plan for the NWL property with the expectation of being back in the field later in the year.

SELECTED ANNUAL INFORMATION

The following is a summary of certain selected audited consolidated financial information of the Company for the years ended April 30, 2022, 2021 and 2020.

	2022	2021	2020
	($)	($)	($)
Total Revenues	-	-	-
Net Loss	(1,420,176)	(2,002,164)	(741,168)
Net Loss Per Share (basic and diluted)(1)	(0.03)	(0.05)	(0.02)
Total Assets	6,437,474	7,516,713	6,595,575

1. The basic and diluted loss per share calculation results in the same amount due to the anti-dilutive effect of outstanding stock options and warrants.

The higher net loss during the year ended April 30, 2021 is due to an increase in business investigation and property investigation costs as the Company incurred due diligence and evaluation costs on potential business

acquisitions. In addition, non-cashshare-based payments of $1,030,689 were recorded arising from the grant of stock options during the year. The increased total assets during the year ended April 30, 2021 is due to the additional cash on hand from private placements completed during the year and proceeds from the exercise of warrants.

QUARTERLY INFORMATION

The following is selected financial data from the Company's unaudited quarterly financial statements for the last eight quarters ending with the most recently completed quarter, being the three months ended April 30, 2022.

Three months ended	April 30,	January 31,	October 31,	July 31,
	2022	2022	2021	2021
	($)	($)	($)	($)
Revenues	-	-	-	-
Net Loss	(291,143)	(254,337)	(518,193)	(356,503)
Loss per share attributable to shareholders(1)	(0.01)	(0.01)	(0.01)	(0.01)

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GLOBAL BATTERY METALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE YEARS ENDED APRIL 30, 2022 AND 2021

Three months ended	April 30,	January 31,	October 31,	July 31,
	2021	2021	2020	2020
	($)	($)	($)	($)
Revenues	-	-	-	-
Net Loss	(1,332,007)	(323,874)	(213,177)	(133,106)
Loss per share attributable to shareholders (1)	(0.03)	(0.01)	(0.01)	(0.00)

1. The basic and diluted loss per share calculation results in the same amount due to the anti-dilutive effect of outstanding stock options and warrants.

The net loss for the three months ended April 30, 2021 includes non-cash share based payments of $971,003 relating to the grant of 2,675,000 stock options.

RESULTS OF OPERATIONS

The loss for the year ended April 30, 2022 was $1,420,176 compared with $2,002,164 for the year ended April 30, 2021. The decrease in loss for the year is primarily due to the following:

a) Share-based compensation $nil (2021 - $1,030,689)

During the year ended April 30, 2022, no new options were granted and vested compared to the prior fiscal year ended April 30, 2021 where 3,335,000 stock options were granted.

b) Business Investigation costs $626,998 (2021 - $150,717)

During the year ended April 30, 2022, there was an increase in business investigation costs as the Company reviewed potential acquisitions.

LIQUIDITY AND CAPITAL RESOURCES

As at April 30, 2022, the Company had a working capital of $1,368,731 compared to $2,641,374 at April 30, 2021. As at April 30, 2022 the Company had cash of $1,418,253 compared with $2,674,570 as at April 30, 2021. The Company received a payment under the Option Agreement for the Lara property of $242,064 (US$200,000) and received $154,411 from the exercise of warrants during the year ended April 30, 2022.

Subsequent to April 30, 2022 the Company announced a private placement financing of up to 5,000,000 units at a price of $0.10 per unit. Each unit shall consist of one common share and on share purchase warrant, whereby each warrant shall be exercisable at a price of $0.14 for a period of two years from the closing date.

The Company is currently in the exploration stage and depends on the junior resource capital markets to raise funds to carry out its exploration programs. The Company's ability to continue as a going concern is dependent upon its ability to obtain the necessary equity financing to develop its mineral property interests, to meet its ongoing corporate overhead requirements and discharge its liabilities as they come due. Currently the Company believes it has enough working capital to discharge its obligations as they come due for the next twelve months.

Capital Expenditures

During the year ended April 30, 2022, the Company incurred mineral property acquisition costs relating to the Lapoile option agreement, Sawyer Camp project and the Central project totaling $52,334. The Company incurred $237,698 of the exploration commitment on the North West Leinster option agreement. The Company received a payment under the Option Agreement for the Lara property of $242,064 (US$200,000).

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