LithiumBank Resources : Q3 2022 Management Discussion and Analysis

LITHIUMBANK RESOURCES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the nine months ended June 30, 2022

As of August 17, 2022

This Management's Discussion and Analysis ("MD&A") of LithiumBank Resources Corp. (the "Company" or "LBNK") is for the nine months ended June 30, 2022 and is prepared by management using information available as of August 17, 2022. We have prepared this MD&A with reference to National Instrument ("NI") 51-102Continuous Disclosure Obligations of the Canadian Securities Administrators. This MD&A should be read in conjunction with the unaudited condensed consolidated interim financial statements for the nine months ended June 30, 2022 and the audited consolidated financial statements of the Company for the year ended September 30, 2021, and the respective notes thereto, which are prepared in accordance with International Financial Reporting Standards ("IFRS") and International Accounting Standard 34 Interim Financial Reporting, as issued by the International Accounting Standards Board. All amounts are expressed in Canadian dollars, unless otherwise indicated.

For the purposes of preparing this MD&A, management considers the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of LBNK'S common shares; or (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. Management evaluates materiality with reference to all relevant circumstances, including potential market sensitivity.

This MD&A contains forward-looking statements. Statements regarding the adequacy of cash resources to carry out the Company's exploration programs or the need for future financing are forward-looking statements. All forward-looking statements, including those not specifically identified herein, are made subject to cautionary language on page 26. Readers are advised to refer to the cautionary language when reading any forward-looking statements.

HIGHLIGHTS

• On July 19, 2022, the Company announced the commencement of direct lithium extraction ("DLE") mineral processing test work on brines from the Company's Boardwalk Project, located 80 kilometres
  ("km") east of Grande Prairie, Alberta.
• On June 28, 2022, the Company announced that Boardwalk (formerly Sturgeon Lake) well sampling program returned higher average lithium grades than current inferred mineral resource estimates.
• On June 8, 2022, the TSX Venture Exchange (the "TSX-V") approved the listing of 2,282,994 common share purchase warrants issued by the Company upon the automatic conversion of the 4,565,989 special warrants previously issued by the Company pursuant to a private placement that closed in two tranches on September 27, 2021 and October 15, 2021. The warrants are posted for trading on TSXV under the symbol "LBNK.WT".
• On May 31, 2022, the Company provided a corporate update and summary to the NI 43-101Standards of Disclosure for Mineral Projects Inferred Mineral Resource Estimate of 5,973,000 tonnes of lithium carbonate equivalent ("LCE") at its 100% owned Boardwalk Lithium Brine Project.
  The Boardwalk Leduc formation Li-brine inferred resource is globally estimated at 1,122,000 tonnes of elemental Li at an average lithium concentration of 67.1 milligrams per litre ("mg/L") Li in 16.7 km3 of formation brine volume. The global (total) LCE for the inferred mineral resource is 5,973,000 tonnes LCE at an average grade of 67.1 mg/L Li.

LITHIUMBANK RESOURCES CORP.

Management Discussion & Analysis

• On May 20,2022, the Company's common shares were made eligible to facilitate electronic clearing and settlement in the United States. The Depository Trust Company ("DTC") manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered DTC eligible.
• On March 2, 2022, the Company received a receipt from the British Columbia Securities Commission and the Ontario Securities Commission for a Long Form Prospectus. The Company then applied for and commenced trading on the TSXV on April 1, 2022.
• On May 18, 2022, 1,507,116 common share purchase warrants with an exercise price of $2.00 and an expiry date of January 28, 2025 were extended to February 16, 2025.
• On February 16, 2022, 1,551,756 special warrants were automatically converted, for no additional consideration, into 1,551,756 common shares and 775,878 warrants.
• On January 20, 2022, Paul Matysek joined the Board of Directors (or "Board"). Mr. Matysek is a serial entrepreneur and company builder. He is a geochemist and geologist with over 40 years of experience in the mining industry. Mr. Matysek has held senior executive and director positions and currently holds such positions with several natural resource exploration and development companies. Since 2004, as either CEO or Executive Chairman, Mr. Matysek has sold six publicly listed exploration and development companies, in aggregate worth over $2 billion. Most recently, he was CEO of Gold X Mining Corp., which was sold to Gran Columbia Gold Corp. for a share deal valued at $315 million. Of particular note, two of the companies he sold were Lithium One to Galaxy Resources in 2012 for $112 million and Lithium X to Nextview New Energy Lion Hong Kong Limited in 2017 for $265 million.
• On January 28, 2022, 3,014,233 special warrants were automatically converted, for no additional consideration, into 3,014,233 common shares and 1,507,116 common share purchase warrants.
• On January 31, 2022, 3,863,125 common share purchase warrants with an exercise price of $1.20 and expiry dates of April 16, 2022, April 28, 2022 and May 3, 2022 were extended by six months.
• On December 17, 2021, the Company acquired subsurface mineral rights in the province of Saskatchewan for $2,447,723. These subsurface mineral rights are in line with the Company's regional acquisition strategy.
• On December 10, 2021, 15 permits previously acquired in British Columbia (the Clarke Lake Claims) were cancelled. The Company was able to negotiate a refund of the related staking fees.
• On October 15, 2021, the Company completed a private placement of 1,551,756 special warrants of the
  Company (each, a "Special Warrant") at a price of $1.50 per Special Warrant for gross proceeds of $2,327,634. In connection with the offering, the Company paid a total of $190,789 in issuance costs and issued a total of 124,140 compensation warrants. Each compensation warrant entitles the holder to acquire one common share in the capital of the Company at an exercise price of $1.50 for a period of four months from the closing of the offering.

2

LITHIUMBANK RESOURCES CORP.

Management Discussion & Analysis

OVERVIEW

The Company was incorporated under the laws of the province of British Columbia on May 31, 2019. The registered address and records office of the Company are located at 10th floor, 595 Howe Street, Vancouver, British Columbia, Canada, V6C 2T5. As at the date of this report, the Company's principal business activity is the acquisition and exploration of mineral property interests in Canada.

The Company is currently listed on the TSXV under the trading symbol "LBNK" and on the OTC under the symbol "LBNKF".

The Company is creating an opportunity to participate in the future of clean-tech energy. The Company's strategy is to acquire and develop high quality lithium exploration projects. The Company is formed by an experienced, well qualified and recognized management team. As of the date of this report, LBNK has mineral right claims to 1,465,838 hectares (or "ha") of land.

LBNK has acquired 100% mineral interests in separate lithium-brine properties in west-central Alberta and Saskatchewan: The properties in Alberta consist of Boardwalk (formerly Sturgeon Lake), Fox Creek area, Swan Hills, Kakwa area, Valhalla area, Simonette, Nipisi and Valleyview. The Boardwalk property is situated in an area of west-central Alberta where government and industry hypersaline formation water (or brine) studies have documented anomalous values of lithium in Late Devonian (Frasnian) aquifers associated with carbonate buildups of the Woodbend Group, Leduc Formation. Access to the deep-seated confined Leduc Formation aquifer brine at the Boardwalk property is through existing oil and gas wells that have pumped the brine from depths of more than 2,350 metres ("m") to the earth's surface - essentially as wastewater associated with hydrocarbon products. Once the petroleum is extracted, the brine is pumped, or injected, back down into its original Devonian aquifer. Hence, there is a coproduct opportunity to recovery lithium from the petro-operations brine circuit.

At present and as determined by the petro-operator, the Leduc wells producing from the Boardwalk reservoir are in suspended state (i.e., an oil and gas well that has not been used for production, injection or disposal for a specified amount of time). However, LBNK has formed an access agreement (on May 14, 2021) with the petro- operator to reopen and obtain brine from four wells. The four wells were reopened by the operator in August 2021, and samples were taken and are being processed.

As at June 30, 2022, the Company had a working capital of $5,345,835 compared to working capital of $8,687,170 as of September 30, 2021. During the nine months ended June 30, 2022, the Company incurred a net loss of $2,428,500. The Company has not achieved profitable operations and has an accumulated deficit of $8,741,183 since inception. The Company currently has no producing properties and consequently no operating income. The recovery of the amounts comprising exploration and evaluation assets are dependent upon: (i) the ability of the Company to obtain necessary financing to successfully complete the exploration and development of those reserves; and (ii) upon future profitable production or on selling of exploration assets. It is the intention of the Company to obtain financing through access to public equity markets, and debts as sources of funding for its exploration expenditures and to meet ongoing working capital requirements. Although the Company has been successful in the past in raising funds to continue operations, there is no assurance it will be able to do so in the future. These material uncertainties may cast significant doubt upon the Company's ability to continue as a going concern.

Strategic approach for acquisition and development of Lithium Properties :

• Advance and de-risk flagship project(s) by working with and testing a selected variety of Direct Lithium Extraction (DLE) technology companies

3

LITHIUMBANK RESOURCES CORP.

Management Discussion & Analysis

• Acquire additional claims, giving special consideration to known lithium high grade hot spots with existing oil and gas wells and infrastructure.
• Leverage the existing 500 wells on LBNK's claims to quickly and cost effectively establish large-scale lithium resources.
• Position land holdings in reservoirs that provide a unique combination of scale, grade and exceptional flow rates that are necessary for direct brine lithium production.
• Focus on areas with existing oil infrastructure that can develop lithium resources at a low cost.

EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES

The following table provides a property-by-property breakdown of exploration and evaluation expenditures reported on the condensed consolidated interim statements of loss and comprehensive loss for the nine months ended June 30, 2022:

	Three Months Ended June 30	Nine Months Ended June 30
	2022	2021	Change	2022	2021	Change
	$	$	$	$	$	$
Clarke Lake - BC	-	3,995	(3,995)	7,926	46,620	(38,694)
Boardwalk (formerly Sturgeon
Lake) - AB	186,761	345,806	(159,045)	609,556	511,309	98,247
Fox Creek - AB	7,500	384,825	(377,325)	43,872	410,198	(366,326)
Kakwa - AB	-	14,407	(14,407)	-	19,329	(19,329)
Nipisi - AB	-	600	(600)	-	18,733	(18,733)
Other	3,229	702	2,527	56,670	702	55,968
Simonette - AB	5,544	-	5,544	8,841	-	8,841
Swan Hills - AB	-	450	(450)	4,397	21,673	(17,276)
Valhalla - AB	-	-	-	1,000	-	1,000
Estevan - SK	1,750	-	1,750	3,750	-	3,750
Kindersley - SK	19,405	-	19,405	25,055	-	25,055
South - SK	1,750	-	1,750	9,412	-	9,412
	225,939	750,785	(524,846)	770,479	1,028,564	(258,085)

ALBERTA PROPERTIES

	Balance,		Balance,		Balance,
	September 30		September 30		June 30,
	2020	Acquisition	2021	Acquisition	2022
	$	$	$	$	$
Boardwalk (formerly Sturgeon
Lake) - AB	4,000	9,625	13,625	1,250	14,875
Fox Creek - AB	16,000	-	16,000	625	16,625
Kakwa - AB	-	11,056	11,056	-	11,056
Nipisi - AB	-	9,406	9,406	-	9,406
Peace - AB	-	-	-	2,500	2,500
Simonette - AB	-	1,969	1,969	-	1,969
Swan Hills - AB	-	7,219	7,219	-	7,219
Valhalla - AB	-	7,069	7,069	-	7,069
Valleyview - AB	-	-	-	6,250	6,250
	20,000	46,344	66,344	10,625	76,969

4

LITHIUMBANK RESOURCES CORP.

Management Discussion & Analysis

Boardwalk (formerly Sturgeon Lake)

• Boardwalk consists of 231,576 ha (572,236 ac) of contiguous Metallic and Industrial Mineral Permits acquired directly through the Alberta Government. No Freehold land occurs in the Boardwalk permitted area
• Oil and gas production at Boardwalk has been active since 1955
• Between 2011 - 2018 a total of 65 different wells have sampled brine from the Sturgeon Lake Leduc Formation with an average lithium grade of 67.1 mg/L
• In 2017, the Saskatchewan Research Council reported an average of 71 mg/L lithium from an additional seven wells and a 400 L mini bulk sample taken by Apex Geosciences from the Boardwalk.
• In 2021, LBNK collected 20,000L brine samples from four different wells (80,000 L total) in the southern part of Boardwalk. The samples will be used for due diligence, analysis and mineral processing test work
• On May 18, 2021, an NI 43-101 Technical Report and Mineral Resource Estimate was completed on the Boardwalk Leduc reef formation
• In 2021 LBNK purchased strategically selected seismic lines and re-interpreted the data
• In 2021 LBNK retained Hatch to conduct a comparative study of multiple North American based Direct Lithium Extraction (DLE) technology companies that can deliver high purity lithium chloride (LiCl)
• In 2021 LBNK retained Hatch to design, test and manage all DLE programs for LithiumBank
• In 2021 Hatch was retained to complete the NI 43-101 Preliminary Economic Assessment (PEA) Technical Report
• During the nine months ended June 30, 2022, the Company incurred exploration expenditures of $609,556 (2021 - $511,309)

Fox Creek

• Fox Creek is comprised of 492,352 ha (1,216,627 ac) contiguous of Metallic and Industrial Mineral Permits acquired directly through the Alberta Government. No, Freehold land occurs in the Fox Creek permitted area
• LBNK has continuously increased land position in the Fox Creek area over a 3-year period focusing on the Leduc Formation where historic brine samples assayed between 80-130 mg/L lithium
• A seismic study consisting of strategically selected seismic lines have been purchased and re-interpreted
• A hydrogeological study of the Leduc Formation has been completed
• LBNK is in discussions with Petro-operators in the Fox Creek permit area to conduct a brine sample program that will consist of 20,000 L from multiple wells
• During the nine months ended June 30, 2022, the Company incurred exploration expenditures of $43,872 (2021 - $410,198).

Peace

• Peace consists of four contiguous mineral permits totaling 29,789 hectares. These properties were acquired in April 2022.
• Oil and gas production is active in the Leduc Formation in the permitted area
• Historic brine analysis in the area are anomalous in lithium and as high as 96 mg/L lithium only a few km's east of LBNK's permits
• LBNK is planning an initial sampling program.

Simonette

• Simonette consists of 19,996 hectares. The Company has collected a 20-cubic metre (20,000 L) sample of Leduc brine. The brine will be used for analysis and future mineral processing test work.
• During the nine months ended June 30, 2022, the Company incurred exploration expenditures of $8,841 (2021 - $nil)

5