Laramide Resources : MD&A

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

For the years ended December 31, 2020 and 2019

As at March 31, 2021

This Management's Discussion and Analysis ("MD&A") provides a discussion and analysis of the financial condition and results of operations to a reader to assess material changes in the financial condition and results of operations as at and for the years ended December 31, 2020 and 2019. The MD&A is intended to supplement the consolidated financial statements and notes thereto ("Statements") of Laramide Resources Ltd. ("Laramide" or the "Company") as at and for the years ended December 31, 2020 and 2019. You are encouraged to review the Statements in conjunction with this document.

All amounts included in the MD&A are in Canadian dollars, unless otherwise specified. This report is dated March 31, 2021, and the Company's filings, including its most recent Annual Information Form, can be reviewed on the SEDAR website at www.sedar.com.

OVERVIEW

Laramide is a publicly listed company engaged in the exploration and development of high-quality uranium assets based in the United States and Australia. The Company is listed on the Toronto Stock Exchange ("TSX") and the Australian Securities Exchange ("ASX"), both under the symbol "LAM", with 170,773,230 shares issued and outstanding, as at the date of this MD&A. Laramide provides investors exposure to high-quality uranium assets through its portfolio of uranium projects chosen for their production potential, including the advanced Churchrock in-situ recovery ("ISR") Project in the United States, Westmoreland in Australia and two development-stage assets, La Sal and La Jara Mesa, in the United States. Laramide also owns a large greenfield exploration opportunity ("the Murphy Uranium Project") in the Northern Territory of Australia.

While management believes that the development of low-cost uranium properties is one of the more attractive opportunities in resource development globally, particularly over the long-term, the nuclear power and uranium sectors have endured a protracted period of underperformance and investor indifference since the Fukushima event in 2011. This event created a material demand shock due to the essential overnight shutdown of the Japanese nuclear fleet, as regulators there sought to introduce new safety and operating protocols before resuming electricity production. The slower than anticipated restart of Japanese nuclear power production (which previously represented 10% of global uranium demand) combined with the de facto supply shock of excess uranium production from the ramp-up of relatively low cost ISR production from Kazakhstan resulted in a bear market in uranium and uranium equities of unusually long duration - a bear market which now appears to be ending.

Several factors have contributed to the improved near-term outlook for the sector, and these include developments on both the supply and demand side of the equation as well as, unexpectedly, the impact of the COVID-19 virus, whose emergence in 2020 as a globally declared pandemic has also quickly become the most consequential economic event in decades.

On the demand side, long-term growth in nuclear continues and is projected to continue with China being the largest source of new demand as they have 12 reactors currently under construction in addition to the 47 reactors now operating. On the supply side, the overhang created by excess Kazakh production as well as various sources of above ground inventories has been steadily whittled down - principally by supplier discipline and curtailments - as various mines globally have reduced production or gone into care and maintenance mode. The most significant of these curtailments was made by industry leader Cameco, which in November

_________________________________________________________________________________

Laramide Resources Ltd.	Management Discussion & Analysis	Page 1 of 29
	Years ended December 31, 2020 and 2019

2017, announced a temporary 10-month suspension of production at its flagship McArthur River mine and Key Lake milling operations in Saskatchewan, Canada. On July 25, 2018, Cameco updated the status of McArthur River and has suspended production indefinitely until mine production can be underpinned commercially by the certainty of new long-term contracts with utilities. Given that McArthur River accounts for 11% of global annual uranium production, this action played a key role in the market rebalancing that was already underway when the COVID-19 event emerged.

COVID-19 had an almost immediate impact on the supply side of the uranium sector as mining operations around the globe were forced sequentially into involuntary shutdowns. These shutdowns include all of the operations in Kazakhstan, in the world's largest producer, as well as all Namibian operations and Cameco's very large Cigar Lake Mine in Saskatchewan. The positive impact on the spot price was almost immediate and the spot price rose from below US$24/lb in early March 2020, to as high as US$34/lb in Q2 2020 before settling back to around US$30/lb where it is trading at the date of this report. Operations in Kazakhstan and at Cigar Lake subsequently resumed, with Cigar Lake shutting again late 2020, and supply guidance from the world's two largest producers remains lower through 2021 than before the emergence of the pandemic.

The other macro development of note is the recent response in the United States by former President Trump to the Department of Commerce's (DOC) investigation into the national security implications of reliance on imported uranium. This investigation resulted from a request by two industry petitioners and initiated in January 2018 under the Section 232 Trade Expansion Act. The petitioners requested 25-per-cent domestic quotas as the preferred remedy to their perceived U.S. security of supply concerns; however, the Trump Administration, which earlier added uranium to the critical minerals list, concluded imported uranium was not a specific national security threat and declined to grant relief. As an alternative, the Administration established the United States Nuclear Fuel Working Group ("NFWG") comprised of high profile cabinet secretaries and other government officials to "address the concerns identified by the Commerce Secretary regarding domestic uranium production and to ensure a comprehensive review of the entire domestic nuclear supply chain." On April 23, 2020, the NFWG released their report which contained many strong recommendations to ensure a healthy domestic supply chain, and most importantly recommended U.S. government purchases for a strategic national stockpile of 17-19 million pounds of U3O8, beginning in 2020 from domestic producers based on a competitive bidding process. This initiative is ongoing and is included in budget and appropriations proposals for 2021 but details as to the implementation of this legislation is still awaited. With Laramide's large U.S. domiciled resource in late-stage development projects like Church Rock, La Sal, and La Jara Mesa, Laramide stands to be a beneficiary of these actions should they eventuate.

Prior to these recent improvements on the macro front and on the improvement in investor sentiment towards uranium equities, Laramide had been proceeding cautiously in the development of its asset base awaiting a commercially viable environment in which to proceed more rapidly towards production. Notwithstanding this conservative operating stance, the Company did complete the acquisition of two major assets during this time, (Churchrock in New Mexico and Murphy in Australia from Rio Tinto), with the Churchrock acquisition finally concluding in early January 2020 when the final USD$2 million milestone payment was made. In October, Laramide completed the acquisition of the Murphy Project from Rio Tinto Exploration Pty Ltd. (RTX) by issuing RTX 608,520 shares and now holds a 100-per-cent interest in the Murphy uranium tenements in the Northern Territory of Australia.

This payment was facilitated by the CAD$4.5 million equity financing that closed contemporaneously in January 2020. An amendment and extension of Laramide's convertible loan facility with Extract Capital was also completed in Q1 2020 and provided further certainty regarding medium term balance sheet considerations given the maturity date of the loan was extended to March 2023; this should allow the Company to see an improved cost going forward.

COVID-19 has caused delays in planned programs for 2020 and 2021 due to either government mandated curtailments on business activities or protracted turnaround times on permitting and access issues in

_________________________________________________________________________________

Laramide Resources Ltd.	Management Discussion & Analysis	Page 2 of 29
	Years ended December 31, 2020 and 2019

comparison with prior years. This is true both in the United States and, especially in Australia, where inbound travel is currently prohibited and travel with Australian states and territories has also been periodically subject to travel bans for lengthy periods of time. At the time of this report, there is not absolute visibility on when COVID-related delays will cease to be a factor in both planning and carrying out exploration and development activities.

SUMMARY OF PROPERTIES AND INVESTMENTS

The Company operates through its wholly owned U.S. subsidiaries Laramide Resources (USA) Inc., Laramide La Sal, Inc., NuFuels, Inc., and wholly owned Australian subsidiaries Lagoon Creek Resources Pty Ltd., Westmoreland Resources Pty Ltd., and Tackle Resources Pty Ltd. The organization chart contained in the Annual Information Form depicts the intercorporate relationships.

U.S. Properties

Churchrock and Crownpoint, New Mexico

• On January 5, 2017, the Company announced it had closed a transaction with Uranium Resources Inc. ("URI") (subsequently renamed Westwater Resources Inc.) pursuant to which Laramide acquired 100% of an advanced stage portfolio of high-qualityIn-Situ Recovery ("ISR") projects in New Mexico through Laramide's acquisition of Hydro Resources Inc. ("HRI") (subsequently renamed NuFuels, Inc.), which is now a wholly owned subsidiary of Laramide. The properties are principally comprised of the Churchrock and Crownpoint projects, in addition to nearby assets;
• NuFuels, Inc. owns mineral interests, mining claims and other assets that comprise the Churchrock and Crownpoint mining projects and the recently consolidated Strathmore/Churchrock assets;
• NuFuels, Inc. also holds a licence from the United States Nuclear Regulatory Commission for production of uranium from Sections 8 and 17 of the Churchrock Project, and the Crownpoint Project;
• In addition, the United States Nuclear Regulatory Commission has approved the construction of a Central Processing Plant at the Crownpoint property. While the permit to build the facility has been granted, a mining study has not been filed to support the technical feasibility or economic viability of the Central Processing Plant;
• On October 10, 2017, the Company announced the results of an independent Mineral Resource
  Estimate (the "Resource Estimate") for the Company's 100% owned Churchrock Uranium Project. The Resource Estimate was prepared to CIM Definition Standards (2014) as incorporated in NI 43-101 and completed by Roscoe Postle Associates Inc. ("RPA") in Denver, USA, with the assistance of Laramide's technical team. The technical report pertaining to the Resource Estimate was filed on SEDAR (www.sedar.com) as of November 22, 2017.
• In December 2018, the Company announced the results of its independent Mineral Resource Estimate
  (the "Resource Estimate") prepared using the CIM Definitions (2014) as incorporated in NI 43-101 for the Company's 100% owned Crownpoint Uranium Project (the "Project" or "Crownpoint"), located in
  New Mexico, United States. The Resource Estimate was completed by Roscoe Postle and Associates
  Inc. ("RPA") in Denver, USA with the assistance of Laramide's technical team. The Resource Estimate also satisfies the requirements of the 2012 JORC code. The Resource Estimate supersedes various "historical estimates" for purposes of NI 43-101 reporting and considers planned in-situ recovery ("ISR") of uranium consolidating the significant work completed by previous operators on the Project.

_________________________________________________________________________________

Laramide Resources Ltd.	Management Discussion & Analysis	Page 3 of 29
	Years ended December 31, 2020 and 2019

La Sal Project, Utah

• United States Bureau of Land Management ("BLM") issued a positive Record of Decision approving the Exploration Plan of Operations in June 2012, and shortly thereafter, in October 2012, a permit approving the Notice of Intention to Commence Small Mine Activities was received from the Utah State Division of Oil, Gas and Mining. The issuance of these documents from the BLM and the State allow Laramide to commence underground exploration and development activities which, if positive, could ultimately lead towards commercial production;
• As a result of the BLM's finding of no significant impact, the preparation of an environmental impact statement will not be required;
• La Sal is located in close proximity to Energy Fuels' White Mesa Mill in Blanding, Utah. In January 2013, the Company entered into a toll milling agreement, whereby Energy Fuels' White Mesa Mill will process all material produced from Laramide's 100% owned and operated La Sal II Uranium Mine
  Project in Utah. This agreement is presently on hold until market conditions warrant.

La Jara Mesa Project, New Mexico

• Located in the prolific Grants Mineral Belt, NM;
• Hosts 10.5 million pounds U3O8 and is currently undergoing permitting (see discussion below in the section entitled "Homestake Uranium Properties");
• On May 18, 2012, the U.S. Forest Service ("USFS") issued a Draft Environmental Impact Statement ("DEIS") for the La Jara Mesa uranium project. The DEIS represents a significant milestone in the mine permit process, which would allow underground development activities and mine production;
• There was a public review of the DEIS, including a 60-day comment period ended July 17, 2012; and
• Progress will continue with the National Environmental Policy Act ("NEPA") review process of La Jara
  Mesa, which will ultimately lead to the completion of the Final Environmental Impact Statement and Record of Decision ("ROD").

Australian Properties

Westmoreland Project, in Queensland, Australia

• Located in northwest Queensland, near the Northern Territory border;
• In April 2016, the results of the updated Preliminary Economic Assessment ("PEA")/Scoping Study were reported. The detailed results are presented later in this report;
• As part of the PEA/Scoping Study, the May 2009 Mineral Resource Estimate was reviewed to ensure compliance with JORC 2012 and is restated as the 2016 Mineral Resource and reports an Indicated Mineral Resource totaling 36.0 million pounds of uranium (U3O8) contained in 18.7 million tonnes at an average grade of 0.089% U3O8, and an additional Inferred Mineral Resource totaling 15.9 million pounds of uranium (U3O8) contained in 9.0 million tonnes at an average grade of 0.083% U3O8.

_________________________________________________________________________________

Laramide Resources Ltd.	Management Discussion & Analysis	Page 4 of 29
	Years ended December 31, 2020 and 2019

• Laramide's Westmoreland Project is one of the largest uranium deposits not controlled by a senior producer or utility; and
• The Project is one of a small percentage of known deposits expected to have compelling economics at expected long-term uranium prices.

Consolidation of tenure in Northern Territory, Australia

The Company has consolidated its ownership in the prospective Murphy Inlier region of the McArthur Basin and now owns 100% of the following projects subject to post closure obligations; these projects are now collectively known as the Murphy Project:

• the Verdant Minerals (previously Rum Jungle Resources) - Lagoon Creek, formerly a Joint Venture
• the Gulf Manganese Joint Venture
• the Murphy Uranium Tenements, formerly known as the Rio Tinto - Murphy Farm-In and Joint Venture

See section below entitled "Northern Territory Properties, Northern Territory, Australia".

Equity Holdings

• 7,000,000 shares of Cypherpunk Holdings Inc. (formerly Khan Resources Inc.) having a market value of $1,295,000 on December 31, 2020, and $2,065,000 as at the date of this report; and
• 730,666 shares of Treasury Metals Inc. having a market value of $964,479 on December 31, 2020, and $664,906 as at the date of this report. Most of these shares were retained in connection with the spin-off transaction and distribution by Return of Capital to Laramide shareholders.
• 100,000 shares of Nubian Resources Ltd. having a market value of $51,000 on December 31, 2020, and $44,000 as at the date of this report.

RECENT DEVELOPMENTS

NI 43-101 Resource Estimate on Crownpoint Uranium Project

The Crownpoint Uranium Properties, 100% owned by Laramide, are located approximately 30 miles east of Laramide's Churchrock Uranium Project. Crownpoint (and Churchrock Section 8 and 17) is covered by a licence from the United States Nuclear Regulatory Commission for production of uranium, which includes the construction of a Central Processing Plant at Crownpoint. The Central Processing Plant has an approved production capacity of 3 million pounds U3O8 per annum.

In December 2018, the Company announced the results of its maiden independent Mineral Resource Estimate (the "Resource Estimate") prepared using the CIM Definitions (2014) as incorporated in NI 43-101 for the Company's 100% owned Crownpoint Uranium Project (the "Project" or "Crownpoint"), located in New Mexico, United States. The Resource Estimate was completed by Roscoe Postle and Associates Inc. ("RPA") in Denver, USA with the assistance of Laramide's technical team. The Resource Estimate also satisfies the requirements of the 2012 JORC code.

The Resource Estimate supersedes various "historical estimates" for purposes of NI 43-101 reporting and considers planned In-Situ Recovery ("ISR") of uranium consolidating the significant work completed by previous operators on the Project.

_________________________________________________________________________________

Laramide Resources Ltd.	Management Discussion & Analysis	Page 5 of 29
	Years ended December 31, 2020 and 2019