Laramide Resources : Management Discussion and Analysis Q1 2022

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

For the periods ended March 31, 2022 and 2021

As at April 27, 2022

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 periods ended March 31, 2022 and 2021. The MD&A is intended to supplement the interim condensed consolidated financial statements and notes thereto ("Statements") of Laramide Resources Ltd. ("Laramide" or the "Company") as at and for the periods ended March 31, 2022 and 2021. 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 April 27, 2022, and the Company's filings, including its most recent Annual Information Form, can be reviewed on the SEDAR website atwww.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", and on the OTCQX® Best Market under the symbol "LMRXF", with 207,824,896 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 and Crownpoint 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.

In November 2021, the Company commenced a helicopter supported reconnaissance stream and soil sampling program designed to test for uranium, gold and a suite of other precious and base metals, on ELs 9319 and 9414 in the Northern Territory. These tenements comprise the Murphy Project and this program is the first one undertaken by Laramide since completing the acquisition of Murphy from Rio Tinto Exploration. Results were received in Q1 2022 and are being reviewed. Results indicate multi-element prospectivity that will warrant further stages of exploration. Planning for the next stage of exploration at Murphy is underway with the expectation that a field program will commence in the second half of 2022.

Laramide is included in the Solactive Global Uranium & Nuclear Components Total Return Index (the "Index") composition for the Global X Uranium ETF. Laramide is additionally a part of the index composition for the Sprott Uranium Miners ETF (formerly the North Shore Global Uranium Mining ETF) and the Horizons Global Uranium Index ETF.

Management believes that the development of low-cost uranium properties is one of the more attractive opportunities in resource development globally. 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.

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 19 reactors currently under construction, in addition to the 53 reactors now operating a further 34 are planned and a further 168 have been proposed. In general, most of the demand growth in nuclear power generation (actual and proposed) remains in Asia and the Middle East. Onthe 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. This supplier discipline has resulted in a gradual improvement of the uranium price, which has accelerated in recent quarters due to a growing recognition of the long-term supply and demand imbalance.

However, the most meaningful development in the uranium market - and the likely cause of the dramatic rise of almost 100% in the spot price of uranium between January 1, 2021 and today, is the emergence and growing importance of several well-capitalized financial entities into the market that are buying uranium on the spot market with a stated intention to hold the inventory for the long-term. The most important of these is Sprott Physical Uranium Trust, which has purchased almost 55.4 million pounds from the spot market, as of April 4, 2022. These purchases, in addition to materially tightening the spot market, have had a very positive impact on investor sentiment and consequently, on equity values in the sector. In addition to all of the above, the Russian invasion of Ukraine has raised awareness about the reliance of western utilities on uranium supplied by Russia and its allies and has highlighted the need to increase uranium production in western countries.

Prior to these recent improvements on the macro front, and on the broad-based 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 aggressively towards production. Notwithstanding this prior conservative operating stance, the Company did complete the acquisition of two major assets during the bear market (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 2020, 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.

Laramide's financial position improved as a result of a series of warrant and option exercises that raised $2.5 million in the period ending March 31, 2022. An additional $0.9 million was received subsequent to March 31, 2022, for the exercise of options up to the issuance of this MD&A. One outstanding series of warrants remains of 17,525,000 warrants with an exercise price at $0.30 and an expiry date of January 16, 2023. These warrants have a callable feature that allows the Company to force early redemption of the warrants if the share price trades above $0.60 for 20 consecutive trading days; however, the Company has no present plans to execute on this redemption feature.

In addition, there remains a convertible debenture outstanding owned by Extract Advisors LLC with a conversion price of CDN$0.40 per common share, with a maturity date of March 31, 2023. This has been reduced from an original outstanding balance of USD$6,000,000 due to subsequent exercises. These exercises include USD$1,000,000, exercised during the current period when Extract elected to convert USD$1,000,000 (CAD$1,286,700) of the outstanding convertible debt resulting in a reduction of the outstanding debt and the issuance of 3,216,750 common shares of the Company.

COVID-19 had 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 comparison with prior years. At the time of this report, however, these factors appear to be abating and the Company is carrying out on-ground activities in Australia in 2022.

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-quality In-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.

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 allows Laramide to commence underground exploration and development activities which, if positive, could ultimately lead towards commercial production. Activities have been put on hold pending suitable uranium prices.

• • 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.

• • Further permitting work is ongoing.

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'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

• • 4,000,000 shares of Cypherpunk Holdings Inc. having a market value of $560,000 on March 31, 2022, and $460,000 as at the date of this report.

• • 710,666 shares of Treasury Metals Inc. having a market value of $476,145 on March 31, 2022, and $390,866 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, and.

• • 100,000 shares of Nubian Resources Ltd. having a market value of $12,564 on March 31, 2022, and $11,000 as at the date of this report.

RECENT DEVELOPMENTS

In June 2021, a small surface sampling and reconnaissance program was undertaken on the Queensland tenements to assess prospectivity of some target areas away from the known JORC resource area. A follow up program is planned 2022.

In November 2021, the Company commenced a helicopter supported reconnaissance stream and soil sampling program designed to test for uranium, gold and a suite of other precious and base metals, on ELs 9319 and 9414 in the Northern Territory. These tenements comprise the Murphy Project and this program is the first one undertaken by Laramide since completing the acquisition of Murphy from Rio Tinto Exploration. Results were received in Q1 2022 and are being reviewed. Results indicate multi-element prospectivity that will warrant further stages of exploration. Planning for the next stage of exploration at Murphy is underway with the expectation that a field program will commence in the second half of 2022.

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.