Ivanhoe Mines : Management’s Discussion and Analysis for the period ended September 30, 2022

PALLADIUM ONE MINING INC.

Management's Discussion and Analysis

For the nine months ended September 30, 2022 and 2021

Page 1 of 14

Palladium One Mining Inc.

Management Discussion and Analysis

For the nine months ended September 30, 2022

INTRODUCTION

The management discussion and analysis ("MD&A") of financial condition and results of operations focuses upon the activities, results of operations, liquidity and capital resources of Palladium One Mining Inc. (the "Company" or "Palladium One") for the nine months ended September 30, 2022. In order to better understand the MD&A, it should be read in conjunction with the audited financial statements for the year ended December 31, 2021 as well as the condensed interim consolidated financial statements for the three and nine months ended September 30, 2022 and related notes. The Company's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS") and filed with appropriate regulatory authorities in Canada. This MD&A is current to November 8, 2022 and expressed in Canadian dollars unless otherwise stated.

FORWARD LOOKING STATEMENTS

Information set forth in this MD&A may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the size and timing of future exploration on and the development of the Company's properties are forward- looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the volatility of our common share price and volume and other reports and filings with the TSX Venture Exchange ("TSX-V") and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. There can be no assurance that such statements will prove to be accurate, and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company's documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies the Company is bound. Investors are cautioned against attributing undue certainty to forward-looking statements.

The users of this information, including but not limited to investors and prospective investors, should read it in conjunction with all other disclosure documents provided including but not limited to all documents filed on SEDAR (www.SEDAR.com).

This MD&A has been prepared in accordance with the requirements of National Instrument 43-101, "Standards of Disclosure for Mineral Projects", and National Instrument 51-102, "Continuous Disclosure Obligations."

Qualified Person

Mr. Neil Pettigrew, P.Geo,. is the Qualified Person as defined by National Instrument 43-101, is the Vice President of Exploration and a director of the Company and has reviewed and approved the technical information in this document.

OVERVIEW

Palladium One Mining Inc. ("Palladium" or the "Company") is a mineral exploration and development company listed on the TSX Venture Exchange ("TSX-V") under the symbol "PDM" and is engaged in the exploration of mineral properties. Its assets consist of the Lantinen Koillismaa ("LK") PGE-Cu-Ni and Kostonjarvi ("KS") Cu-Ni-PGE projects, located in North-Central Finland; the Tyko Ni-Cu-PGE and Disraeli PGE-Ni-Cu projects, near Thunder Bay, Ontario, Canada; and the Canalask project, located in Yukon, Canada.

Page 2 of 14

Palladium One Mining Inc.

Management Discussion and Analysis

For the nine months ended September 30, 2022

HIGHLIGHTS DURING AND SUBSEQUENT TO THE NINE MONTHS ENDED SEPTEMBER 30, 2022

Exploration

Lantinen Koillismaa PGE-Cu-Ni Project ("LK Project"), Finland

• On April 25, 2022, the Company announced an updated Indicated and Inferred Mineral Resource Estimate disclosed in accordance with NI43-101 which increased the Kaukua Area's indicated resources tonnes by approximately 250%. The below tables summarize the updated Mineral Resource Estimate (Table 1a) and the Mineral Resource Estimate in-situ contained metal (Table 1b):

Table 1a - LK Project Mineral Resource Estimate - April 2022

MINERAL RESOURCE ESTIMATE - April 2022
Tonnes & Grade - US$1,700 Pd per oz
	Pd	Pt	Au	TPM	Cu	Ni	Co
Tonnes (Mt)	(g/t)	(g/t)	(g/t)	(g/t)	(%)	(%)	(g/t)

Indicated

Kaukua Area	38.2	0.61	0.22	0.07		0.89		0.13	0.11	64.56
Inferred
Kaukua Area	30.8					0.80
+Murtolampi	0.52	0.20	0.08			0.14	0.14	86.07
Haukiaho	18.9	0.27	0.11	0.10		0.48		0.18	0.14	54.30
Total Inf.	49.7	0.43	0.17	0.09		0.68		0.16	0.14	73.98

Table 1b - LK Project In-situ contained metal - April 2022

		MINERAL RESOURCE ESTIMATE - April 2022
		Contained Metal - US$1,700 Pd per oz
		Pd	Pt	Au		TPM		Cu		Ni	Co
		(M oz)	(M oz)	(M oz)		(M oz)		(M lbs.)		(M lbs.)	(M lbs.)
	Indicated
	Kaukua Area	0.74	0.26	0.08		1.09		110.7		91.6	5.4
	Inferred
	Kaukua Area					0.79		96.5
	+Murtolampi	0.52	0.20	0.07				93.9	5.8
	Haukiaho	0.16	0.07	0.06		0.29		76.4		57.5	2.3
	Total Inf.	0.68	0.26	0.14		1.08		172.9		151.5	8.1

Notes to table:

• CIM (2014) definitions were followed for Mineral Resources.
• The Mineral Resources have been reported above a preliminary open pit constraining surface using a Net Smelter Return (NSR) pit discard cut-off of US$12.5/t (which for comparison purposes equates to an approximately 0.65 g/t Palladium Equivalent in-situcut-off, based on metal prices
• The NSR used for reporting is based on the following:

• 1. Long term metal prices of US$ 1,700/oz Pd, US$ 1,100/oz Pt, US$ 1,800/oz Au, US$ 4.25/lb Cu, US$ 8.50/lb Ni and US$ 25/lb Co. o Variable metallurgical recoveries for each metal were used at Kaukua and Murtolampi and fixed recoveries of 79.8% Pd, 80.1% Pt, 65%
     Au, 89% Cu, 64% Ni and 0% Co at Haukiaho.
     o Commercial terms for a Cu and Ni concentrate based on indicative quotations from smelters.
• Total Precious Metals (TPM) equals palladium plus platinum plus gold

Page 3 of 14

Palladium One Mining Inc.

Management Discussion and Analysis

For the nine months ended September 30, 2022

• • Bulk densities range between 1.8 and 3.23 t/m3.
  • Numbers may not add up due to rounding.
  • Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
  • The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
• On January 11, 2022, the Company announced that initial down plunge drilling had intersected the widest ore-grade intercept to date. Hole LK21-105 intersected 2.1 g/t Pd_Eq over 33.5 meters, within 1.6 g/t Pd_Eq over 121.1 meters, starting at a true depth of approximately 260 meters.
• On January 20, 2022, the Company announced that infill drilling in the 'Gap Zone' resulted in a better understanding and a new geological model for the area. Gap Zone drill results include 2.2 g/t Pd_Eq over 4.4 meters, within 1.3 g/t Pd_Eq over 21.6 meters, in hole LK21-209 starting at 138 meters down hole.
• On February 7, 2022, the Company announced that final assay results for Kaukua South had been received, with intersection up to 4.4 g/t Pd_Eq over 7.5 meters, within 2.6 g/t Pd_Eq over 49.3 meters in hole LK21-122 starting at 55 meters down hole.
• On March 17, 2022, the Company reported drill assay results for Murtolampi, Finland. Drill hole LK21-137 intersected up to 2.7 g/t Pd_Eq over 5.7 meters, within 2.1 g/t Pd_Eq over 24.2 meters, starting at a true depth of 5 meters.
• On June 8, 2022, the Company announced that it had filed a Mineral Resource Estimate in accordance with National Instrument 43-101 for the LK project. The report has an effective date of April 25, 2022 and is entitled "Technical Report on the Läntinen Koillismaa Project, Finland Report for NI 43-101".
• On July 20, 2022, the Company announced that assaying of historic drill core from the Haukiaho Trend had returned 1.78 g/t Pd_Eq over 15.1 meters, including 2.52 g/t Pd_Eq over 5.0 meters from previously un-assayed drill core and has identified new resource expansion targets at the LK Project, north-east of the Haukiaho Trend (the "Lota Zone").

Tyko Ni-Cu-PGE Property ("Tyko Project"), Canada

• On May 11, 2022, the Company announced that three of five Exploration Permits had been received for the Tyko Project. A 15,000-meter diamond drill program was planned and scheduled to begin in May 2022.
• On June 9, 2022, the Company announced that drilling had begun on the large Bulldozer mafic-ultramafic intrusion at the Tyko Property. The Company also announced that IP results had been processed from the winter geophysical program and had returned four significant chargeability anomalies on the Bulldozer and two on the Smoke Lake grids.
• On August 31, 2022, the Company announced that it had received a new exploration drill permit for the Smoke Lake Zone area of the Tyko Project. The Company also announced that it had added a second helicopter-based drill rig as part of a four-week program to test more remote targets on the property.
• On September 7, 2022, the Company announced the discovery of a new nickel sulphide zone on the Tyko project at the West Pickle target. At a true-depth of approximately 140 meters, the Company intercepted 5.5 meters of nickel-copper sulphide mineralization, including a 1.75 meter massive to semi-massive zone of nickel-copper sulphide.
• On October 4, 2022, the Company reported preliminary assay results from the new West Pickle massive sulphide discovery including up to 9.4% Nickel Equivalent over 0.6 metres (8.2% Ni, 1.6% Cu, 1.62 g/t TPM).

Page 4 of 14

Palladium One Mining Inc.

Management Discussion and Analysis

For the nine months ended September 30, 2022

Acquisition of the Canalask property

On June 10, 2022, the Company entered into an Asset Purchase Agreement ("the Agreement") with Victoria Gold Corporation ("the Vendor") to purchase the Canalask Nickel-Copper-PGE Project, in Yukon, Canada. The terms of the agreement include a $25,000 cash payment and $200,000 in common shares of the Company. The Vendor shall retain a 2% Net Smelter Return royalty with the Company retaining a 50% buyback right. Contingent consideration includes $2,000,000 to be paid to the Vendor upon the earlier of (A) the publication of a Feasibility Study, or (B) the Commencement of Commercial Production; and $5,000,000 will be paid to the Vendor upon the commencement of commercial production on the Canalask Property.

In June, 2022, the Company completed the acquisition by paying $25,000 and issuing 1,212,121 common shares with a fair value of $200,000 to the Vendor as per the Agreement.

Corporate and financing

There have been no significant Financing activities during and subsequent to the nine months ended September 30, 2022.

MINERAL PROPERTIES

Lantinen Koillismaa PGE-Cu-Ni Project ("LK Project"), Finland

The LK Project is the Company's flagship project and is located in North-Central Finland approximately 60 km north of the village of Taivalkoski. The Property is situated about 130 km southeast of the town of Rovaniemi and 160 km northeast of the port city of Oulu and is accessed by major paved roads and local access on gravel or dirt roads.

The elements palladium, platinum, gold, copper, cobalt, and nickel are known to be present and have been analysed in drilling and surface sampling in the Property. The deposit type is an open pit style, with disseminated sulphide mineralization along the prospective basal unit of the Koillismaa Complex, with similarities to Platreef type deposits of the Bushveld Igneous Complex. The Kollismaa Complex forms part of the 2.5-2.4 Ga Tornio-Näränkävaara Layered Intrusion Belt that runs roughly east - west across Finland and into neighbouring Russia. The Koillismaa Complex is part of a suite of Paleoproterozoic continental rift-related intrusions which are highly prospective for PGE-Cu-Ni sulphide deposits.

The LK Project area is covered by Exploration Permits and Reservation Notifications. Exploration Permits are divided into two groups; the Kaukua Group consisting of the Kaukua and Murtolampi targets and the Haukiaho Group covering the Lipeävaara and Haukiaho targets. An Exploration Permit is granted for a fixed term of up to 4 years and can be renewed for up to 3 years at time for a total maximum duration of 15 years, excluding renewal review periods, and includes preceding comparable permits, which are referred to as Claims in the old Mining Act (pre‐2011). Reservations are granted for up to 2 years and are not renewable but must either be converted into Exploration Permits or dropped.

In 2021, for the LK project, the Company focused its drilling at the Kaukua South zone in preparation of the NI43-101 resource estimate. In addition to drilling, Induced Polarization ("IP") surveys were carried out in the Greater Kaukua Area, which confirm an IP chargeability anomaly, which is greater than 7 kilometers in strike length.

In April 2022, the Company finalized the LK project Phase II metallurgical testing and announced an updated Mineral Resource Estimate for the LK Project. See "Highlights During and Subsequent to the nine months ended September 30, 2022" section.

Kostonjarvi, Cu-Ni-PGE Project ("KS Project"), Finland

On April 2, 2020, the Company received approval from the Finnish Mining Authority for a ~20,000-hectare Reservation, Kostonjarvi (KS), which is adjacent to the Company's LK Project in Central Finland. On October 15, 2021, the Company applied to the Finnish Mining Authority to convert the KS Reservation to an Exploration Permit.

KS covers a large buried gravity and magnetic anomaly that is interpreted to represent a buried Feeder Dyke to the Koillismaa Complex which hosts the, LK PGE-copper-nickel project. Although the LK and KS projects are contiguous, the targets are very different: The LK project is an open pit style, with disseminated sulphide mineralization along the prospective basal unit of the Koillismaa complex, with similarities to Platreef type deposits. Whereas the KS project target is underground, exploration

Page 5 of 14