Grid Metals : Management Discussion and Analysis for period ending March 31, 2022

GRID METALS CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

March 31, 2022

This Management's Discussion and Analysis ("MD&A") should be read in conjunction with the March 31, 2022 interim unaudited condensed consolidated financial statements of Grid Metals Corp. ("Grid" or the "Company"), which have been prepared in accordance with International Financial Reporting Standards ("IFRS"). This MD&A includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical fact, that address future exploration activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Additional information can be found on SEDAR, www.sedar.com. All amounts are in Canadian dollars, unless otherwise noted.

1. DATE

The date of this MD&A is May 30, 2022

2. SUMMARY

Grid Metals Corp. is focused on mineral exploration and development of properties in Manitoba and Ontario, Canada. The metals focus is on nickel, copper, platinum group metals and lithium which are critical metals used in electric vehicle batteries and emissions reduction. The primary properties that as of the date hereof are currently under active exploration and development are (1) the PEA-stageMakwa-MayvilleNickel Copper PGM Cobalt Project; and (2) the exploration-stageDonner Lake Lithium Property. Both projects are located in the Bird River Greenstone Belt in southeastern Manitoba. Grid commenced an exploration drill program at both properties in January 2022.

Makwa Mayville is the property currently best positioned to be developed into a producing mining asset given its existing mineral resources and positive results from the initial economic studies completed to date. The drilling completed in the first quarter of 2022 will help to define the potential for additional resources at the Makwa part of the property. Exploration drilling is planned for the Mayville part of the property later in the year. In addition, the Company believes that there will be significant synergies between the Makwa- Mayville and Donner Lake properties given their locations and potential to share infrastructure costs. Drilling that was completed at Donner Lake in the first part of 2022 will help determine the potential for a lithium resource there with encouraging results announced to date.

First Quarter 2022 Summary of Activity

Lithium Royalty Corp. Financing - On January 12, 2022 the Company sold a 25% property interest in its Donner Lake and Campus Creek lithium properties as well as a 2% gross overriding royalty and completed a private placement in a financing arrangement with Lithium Royalty Corp ("LRC") which raised a total of C$6.3 million (the "LRC Financing"). Lithium Royalty Corp. is a leading financier involved in lithium projects around the world. For Grid the financing was less dilutive than a straight equity financing and enabled the Company to proceed with a drill program on its Donner Lake Lithium project and other activities.

Donner Lake Lithium Drilling

The Donner Lake drill program consisted of a total of eighteen drill holes which targeted the Northwest Dyke and an adjacent pegmatite dyke cluster. All of these dykes are classified as "LCT" (lithium-cesium-tantalum) type pegmatites. Four historical holes drilled in the 1950s intersected the Northwest Dyke and each returned encouraging lithium grades over several metres.

A total of sixteen drill holes were drilled to test the Northwest Dyke. As of the date hereof a total of 8 drill holes from the program had been released. The dyke was showing good continuity and lithium values along strike for approximately 600 metres and to a maximum vertical depth of ~ 250 metres. The location of the drill holes is shown in plan view and on a long section as follows:

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Above: Plan view of 2022 drilling at the Northwest Dyke, Donner Lake Lithium Property.

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Above: Long section of the Northwest Dyke at the Donner Lake Lithium Property

Above: Location of known pegmatite dykes at the Donner Lake Lithium Property

Two drill holes were drilled to test the West Dykes area as part of the winter 2002 drill program. Some pegmatite bodies were intersected and as of the date hereof the results from those holes are pending.

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Above: Exploration target area (hatched) in the southwest part of the Donner Lake Lithium Property.

The exploration potential of the Donner Lake Lithium Property remains to be fully tested and, accordingly, the Company is planning to complete a property-wide field program that is planned to commence in the 2nd quarter of 2022. The field program will focus on a large, underexplored section of the prospective granite gneiss - greenstone belt contact area that hosts the known LCT-type pegmatites at the Property. Field work will involve geological mapping and lithogechemical surveys. The latter has proven to be highly effective in the past in identifying lithium alteration halos associated with the known LCT-type pegmatites at the Property.

Q1 2022 Activities Makwa Drill Program - The drill program at Makwa commenced during the first quarter of 2022 was targeting geophysical anomalies located close to the current pit-constrained nickel resource at the property. The geophysical targets were outlined by an electromagnetic survey completed by the Company in 2018 by the contractor Abitibi Geophysics. Three primary electromagnetic conductors were targeted during the drill campaign and all three conductors are associated with nickel sulfide mineralization that was intersected in limited previous drilling. By the end of the program a total of eighteen drill holes had been completed. The first assay results were rushed by the lab and returned a nickel-copper sulfide intercept that assayed 15.2m of 0.39% nickel and 0.29% copper from 174.7 metres downhole. This hole was drilled under the former producing Dumbarton Mine workings. Six other holes were drilled in the Dumbarton Mine area as well.

MANAGEMENT'S DISCUSSION AND ANALYSIS	5