Global Energy Metals : MDA for first quarter of fiscal year 2022

GLOBAL ENERGY METALS CORPORATION

MANAGEMENT'S DISCUSSION AND

ANALYSIS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021 AND

2020

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This Management's Discussion and Analysis contains "forward-looking statements" within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this Management's Discussion and Analysis.

In certain cases, forward-looking statements can be identified by the use of words such as "believe", "intend", "may", "will", "should", "plans", "anticipates", "believes", "potential", "intends", "expects" and other similar expressions. Forward-looking statements reflect our current expectations and assumptions and are subject to a number of known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements, the actual results of exploration activities, the estimation or realization of mineral reserves and resources, capital expenditures, costs and timing of the development of new mineral deposits, requirements for additional capital, future prices of precious and base metals, possible variations in ore grade or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, road blocks and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation and the timing or magnitude of such events are inherently risky and uncertain.

Key assumptions upon which the Company's forward-looking statements are based include the following:

• the prices for based metals will not fall significantly;
• the Company will be able to secure new financing to continue its exploration, development and operational activities;
• there being no significant adverse changes in currency exchange rates;
• there being no significant changes in the ability of the Company to comply with environmental, safety and other regulatory requirements;
• the Company is able to obtain regulatory approvals (including licenses and permits) in a timely manner;
• the absence of any material adverse effects arising as a result of political instability, terrorism, sabotage, natural disasters, equipment failures or adverse changes in government legislation or the socio-economic conditions in the surrounding area to the Company's operations;
• the Company's ability to achieve its growth strategy;
• the Company's operating costs will not increase significantly; and

These assumptions should be considered carefully by investors. Investors are cautioned not to place undue reliance on the forward-looking statements or the assumptions on which the Company's forward-looking statements are based.

Investors are advised to carefully review and consider the risk factors identified in this Management's Discussion and Analysis under the heading "Risk Factors" for a discussion of the factors that could cause the Company's actual results, performance and achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking statements. Investors are further cautioned that the foregoing list of assumptions is not exhaustive and it is recommended that prospective investors consult the more complete discussion of the Company's business, financial condition and prospects that is included in this Management's Discussion and Analysis. The forward-looking statements contained in this Management's Discussion and Analysis are made as of the date hereof and, accordingly, are subject to change after such date.

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Although the Company believes that the assumptions on which the forward-looking statements are made are reasonable, based on the information available to the Company on the date such statements were made, no assurances can be given as to whether these assumptions will prove to be correct. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except as, and to the extent, required by applicable securities laws. The forward- looking statements contained in this Management's Discussion and Analysis are expressly qualified by this cautionary statement.

1.1 Date

The following management's discussion and analysis ("MD&A"), which is dated of November 23, 2021, provides a review of the activities, results of operations and financial condition of Global Energy Metals Corp ("Global Energy", "GEMC" or "Company") as at September 30, 2021 and for the three months ended on September 30, 2021 as well as future prospects of the Company. This MD&A should be read in conjunction with the unaudited condensed interim consolidated financial statements as at and for the three months ended September 30, 2021(the "condensed interim financial statements"), as well as with the audited consolidated financial statements as at and for the fiscal year ended June 30, 2021 (the "audited financial statements"). All dollar amounts in this MD&A are expressed in Canadian dollars unless otherwise specified (the Company's financial statements are prepared in Canadian dollars).

1.2 Overall Performance

1.2.1 General

The Company was incorporated under the provisions of the British Columbia Business Corporations Act on April 27, 2015.

The Company is a reporting issuer under the Securities Act (British Columbia) and thereunder is required to make filings on a continuous basis. All disclosure filings as required under applicable securities laws are available for review under the Company's SEDAR profile at www.sedar.com.

The Company's head office is located at Suite 1501-128 West Pender Street, Vancouver, British Columbia, V6B 1R8, and its registered and records office is located at suite 530-355 Burrard Street, Vancouver, BC. V6C 0B2.

Since March 2020, several measures have been implemented in Canada and the rest of the world in response to the increased impact from novel coronavirus (COVID-19). The Company continues to operate its business at this time. While the impact of COVID-19 is expected to be temporary, the current circumstances are dynamic and the impacts of COVID-19 on 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 2022.

1.2.2 Stated Business Objectives

The Company is engaged in project level investments in the resource sector, with a focus on late stage, near- development and in-production "world class" mining projects globally. The Company's strategy is to co-invest and pre-invest in metals and mining projects, alongside GEMC's select off-take and strategic partners, in long- term accretive projects. GEMC's investment focus is on robust projects, which have been significantly de- risked and are positioned in the lower half of their sector's cost curve, thus increasing the potential for strong capital gains throughout the commodity life cycle.

The company targets high quality metals and mining companies with an emphasis on those metals associated with the rechargeable battery market and energy storage sector. GEMC's strategy is to aggregate cobalt and other battery metals projects positioned to supply accelerating market demand for battery materials, within a diversified portfolio designed to hedge individual commodity and stand-alone project risk.

The Company's continuing operations, as intended are dependent upon its ability to identify, evaluate and

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negotiate an acquisition of or participation in an interest in properties, assets or businesses.

1.2.3 Recent Developments

On October 19, 2021, the Company announced the signing of a letter of intent between Electric Royalties Ltd. ("Electric Royalties" and/or "ELEC") and Scandinavian Resource Holdings ("SRH") to create a new 1% Net Smelter Royalty (the "1% NSR") on four exploration licenses totaling 25 square kilometers in the Råna mafic- ultramafic intrusion in Northern Norway and includes the past producing Bruvann Nickel mine (the "Råna Project" or "Råna").

On September 15, 2021, the Company announced that it has been approved to trade its common shares on the OTCQB® Venture Marketplace (the "OTCQB Venture") under the symbol "GBLEF". Trading will commence today on the OTCQB.

The OTCQB Venture is a U.S. trading platform that is operated by the OTC Markets Group headquartered in New York. The Company's common shares will continue to trade on the TSX Venture Exchange under its symbol "GEMC" as well as on the Frankfurt Exchange, under its symbol "5GE1".

On July 8, 2021 the Company announced its strategic acquisition of a 10% strategic interest in the Råna Nickel-Copper-Cobalt project including the past-producing Bruvann Nickel Mine in the Råna mafic-ultramafic

intrusion in Northern Norway ("The Råna Project"), as announced in the Company's news release of April 6,

2021. As part of the transaction, GEMC will also acquire a 1% royalty on the Net Smelter Returns from the

Property (the "NSR") from Chincherinchee Nominee Pty Ltd. (the "Royalty Holder").

The project portfolio includes three exploration licences including the past producing Bruvann Nickel Mine in the Råna maficultramafic intrusion (Arnes, Bruavatnet and Rånbogen) and a fourth exploration licence

(Krokelva), that lies outside the intrusion, west of the Bruvann Nickel mine (collectively "The Råna Nickel Project").

The Råna Nickel Project licence area totals 25km2 and is located on the south shore of Ofotfjord, which is ice- free year-round, 2km away from a shipping dock, with work force and infrastructure in place and in close proximity to a growing end-user market including FREYR AS, a Norwegian incorporated company that is developing environmentally friendly lithium-ion based battery cell facilities in Mo i Rana, Northern Norway.

Project Highlights:

• The Råna intrusion hosts the Bruvann Nickel (copper and cobalt) mine with 9.15MT remaining resources
  (not including ore-grade pillars) in the underground mine;
• The mine is open-ended in three directions that have been under-explored;
• Bruvann mine was operated from 1989 to 2002 at an average nickel price below USD $4/lb;
• Resemblance to the World Class Voisey's Bay deposit and other major nickel deposits;
• Excellent near-mine potential;
• Geochemistry points to a major nickel extraction from the magma;
• Re-interpretationof geophysical survey data (including newly derived geological model) confirms six new drill targets;
• Strong correlation between modelled conductors and surface mineralisation, including surface samples with up to 2.34% Ni, 0.27% Cu and 0.20% Co (2.98% Ni eq);
• Drill hole intersection of 13.5m at 0.62% Ni, 0.13% Cu and 0.06% Co (0.83% Ni eq) in the margins of large conductor;
• Channel sample with 6.5 m at 0.63% Ni, 0.19% Cu and 0.07% Co (0.90% Ni eq) in the margins of a second large conductor;
• The prospect lies on an ice-free fjord and Norway's main N-S highway; and

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• Much of the mine infrastructure is still in place and maintained (roads, power lines, conveyor belt to the shipping dock just 2 km away).

Recent Exploration:

• Airborne TEM investigations in 2005 and 2006 - Penetration down to 300m;
• 16 drill holes totalling 3,982m during 2006 and 2007, intersecting both disseminated, vein type and massive sulphide mineralization; • Sulphide isotopic study in 2008;
• Airborne EM and aeromagnetic survey conducted by the Geological Survey of Norway in 2015;
• >4,000 soil samples, >400 rock samples creating a geochemical map of Rånbogen;
• Modelling of gravity data;
• 3D computer modelling of the ore body in the mine; and
• A new derived geological model in 2019 has identified 6 new targets in addition to multiple high-priority targets previously identified proximal to anomalous nickel bearing rock samples grading up to 2.34% Ni.

Terms:

In consideration of the 10% interest (the "GEMC interest") and 1% NSR on the Råna Nickel Project, GEMC will issue to the Vendor 3,300,000 common shares, subject to the approval of the TSX Venture Exchange, in the capital of Global (the "Payment Shares"), subject to statutory and voluntary escrow provisions. GEMC shall have a carried interest on the Råna Nickel Project and will not be responsible for any project costs, including without limitation, construction costs, exploration costs, mine costs and operating costs on the property, until the Vendor, or an affiliate of the Vendor, incurs greater than Cdn. $1,500,000 of project expenditures.

Either the Vendor or the Royalty Holder has the right to purchase one-half of the NSR, which is a 0.5% royalty on Net Smelter Returns, for the purchase price of Cdn.$1,000,000 on or before the date on which Commercial Production (as that term will be defined in the Definitive Agreement) commences.

The Payment Shares will be subject to resale restrictions of 4 months plus one day in accordance with applicable securities legislation and will also be subject to a voluntary pooling arrangement, pursuant to which the shares will be endorsed with applicable legends and released as follows:

• 50% of the Payment Shares shall be released on that day that is four months and one day following the date of issuance thereof;
• 25% of the Payment Shares shall be released on the day that is eight months and one day following the date of issuance thereof; and
• 25% of the Payment Shares shall be released on the day that is twelve months and one day following the date of issuance thereof.

Global Energy Metals intends to work alongside the Vendor to attract strategic partners to fund project development at the Råna Nickel Project while leveraging its interest to create shareholder value through exploration success.

As consideration for the acquisition, GEMC issued an aggregate of 3,300,000 common shares of GEMC to Scandinavian Resource Holdings Pty Ltd., (the "Vendor"), all of which are subject to a statutory hold period of 4 months and one day from the date of the issuance. In addition, 850,000 shares are subject to an additional voluntary hold period expiring on March 3, 2022 and a further 850,000 shares are subject to a voluntary hold period expiring on July 3, 2022.

On March 2nd, 2021, the Company entered into a Letter of Intent (the "LOI") with DG Resource Management ("DGRM" and/or the "Vendor") for the acquisition (the "Acquisition") of a fifty percent (50%) interest in a portfolio of battery metal projects, which include:

- Monument Peak, Idaho (Copper, Silver, Gold)

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