Patriot Battery Metals : MD&A 30 September 2021

PATRIOT BATTERY METALS INC. (FORMERLY GAIA METALS CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

As at and for the Period Ended September 30, 2021

Suite 700-838 West Hastings Street

Vancouver, BC V6C 0A6

TELEPHONE: [phone]

PATRIOT BATTERY METALS INC. (Formerly Gaia Metals Corp.)

Management's Discussion and Analysis

As at and for the period ended September 30, 2021

November 24, 2021

OVERVIEW

The following is a management's discussion and analysis ("MD&A") of Patriot Battery Metals Inc. (the "Company" or "Patriot Metals"), prepared as of November 24, 2021. This MD&A should be read together with the consolidated financial statements (the "Financial Statements") for the period ended September 30, 2021 and related notes which are prepared in accordance with International Financial Reporting Standards ("IFRS") and the audited consolidated financial statements for the year ended March 31, 2021, and related notes which are prepared in accordance with IFRS, copies of which are filed on the SEDAR website: www.sedar.com.

FORWARD-LOOKING STATEMENTS

Certain information included in this MD&A may constitute forward-looking statements. Statements in this report that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties, which could cause actual results to vary considerably from these statements.

Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company may differ materially from those reflected in forward-looking statements due to a variety of risks, uncertainties, and other factors. The Company's forward-looking statements are based on the beliefs, expectations, and opinions of management on the date the statements are made, and the Company does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

It is the Company's policies that all forward-looking statements are based on the Company's beliefs and assumptions that are based on information available at the time these assumptions are made. The forward-looking statements contained herein are as of November 24, 2021and are subject to change after this date, and the Company assumes no obligation to publicly update or revise the statements to reflect new events or circumstances, except as may be required pursuant to applicable laws. Although management believes that the expectations represented by such forward-looking information or statements are reasonable, there is significant risk that the forward-looking information or statements may not be achieved, and the underlying assumptions thereto will not prove to be accurate.

Actual results or events could differ materially from the plans, intentions and expectations expressed or implied in any forward-looking information or statements, including the underlying assumptions thereto, as a result of numerous risks, uncertainties and other factors such as those described above and in "Risks and Uncertainties" below. The Company has no policy for updating forward looking information beyond the procedures required under applicable securities laws.

All of the Company's public disclosure filings, including its most recent management information circular, material change reports, press releases and other information, may be accessed via www.sedar.com or the Company's website at www.patriotbatterymetals.comand readers are urged to review these materials, including the technical report filed with respect to the Company's mineral property.

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PATRIOT BATTERY METALS INC. (Formerly Gaia Metals Corp.)

Management's Discussion and Analysis

As at and for the period ended September 30, 2021

The global outbreak of a novel coronavirus pandemic identified as "COVID-19", has had a significant impact on businesses through the restrictions put in place by the Canadian, provincial, and municipal governments regarding travel, business operations and isolation/quarantine orders. At this time, it is unknown the extent of the impact the COVID-19 outbreak may have on the Company as this will depend on future developments that are highly uncertain and that cannot be predicted with confidence. These uncertainties arise from the inability to predict the ultimate geographic spread of the disease and the duration of the outbreak, including the duration of travel restrictions, business closures or disruptions, and quarantine/isolation measures that are currently, or may be put in place by Canada and other countries in which the Company may conduct future mineral interests or business acquisitions to fight the virus.

NATURE OF BUSINESS

The Company was incorporated on May 10, 2007, under the British Columbia Business Corporations Act. Subsequent to this, there were several name changes and on October 17, 2019, the Company changed its name to Gaia Metals Corp. On the same date, the shares of the Company commenced trading on TSXV on a consolidated basis under the stock symbol "GMC".

On June 7, 2021, the Company's common shares were consolidated on a three old for one new share basis, and the Company's name was changed from Gaia Metals corp. to Patriot Battery Metals Inc. On June 10, 2021, the shares of the Company commenced trading on CSE on a consolidated basis under the stock symbol "PMET".

The Company is domiciled in Canada and is a reporting issuer in British Columbia and Alberta. See section on Liquidity and Capital Resources. The address of its head office and records office is Suite 700-838 W Hastings Street Vancouver, BC V6C 0A6.

The principal business of the Company is the identification, evaluation and acquisition of exploration and evaluation properties located in British Columbia, Northwest Territories, Quebec, and Idaho, USA., and exploration of those properties once acquired. At September 30, 2021, the Company had not yet determined whether any properties contain ore reserves that are economically recoverable. The recoverability of amounts shown for exploration and mineral properties is dependent upon the discovery of economically recoverable reserves, confirmation of the Company's interest in the underlying mineral claims, the ability of the Company to obtain the necessary financing to complete the development of and future profitable production from the properties or realizing proceeds from their disposition.

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PATRIOT BATTERY METALS INC. (Formerly Gaia Metals Corp.)

Management's Discussion and Analysis

As at and for the period ended September 30, 2021

MINERAL PROPERTY INTERESTS

The Company's exploration and evaluation properties expenditures for the period ended September 30, 2021, are as follows:

				Hidden			Pontax		Golden					Silver
		Freeman Creek		Lake						Quebec
				Lithium		Silica				Sands		Total
		Property		Lithium				Properties
				Property		Property			Vanadium
				Property
ACQUISITION COSTS
Balance March 31,2021	$ 869,409	$ 177,223	$	417,500	$ 150,000		$	281,580	$12,643	$	1,908,355
Additions	-	-				-	-				-			-		-
Balance, September 30, 2021	$ 869,409	$ 177,223	$	417,500	$ 150,000		$	281,580	$12,643	$	1,908,355
EXPLORATION AND
EVALUATION COSTS
Balance March 31,2021	$ 670,420	$ 551,474	$	188,365	$ 165,364		$	719,964	$	2,133	$	2,297,720
Additions	86,331	-				4,963	-				244			-		91,538
Consulting
Assays and Testing	4,854	-				-	-				-			-		4,854
Reports and admin		2,562		-				5,770		-				41,267			-		49,599
Geology expenditures		11,806		-				-		-				13,264			-		25,070
Travel	-	-				-	-				29,651			-		29,651
Advances	18,595	-				-	-				1,000,000			-		1,018,595
Balance, September 30, 2021	$ 794,568	$ 551,474	$	199,098	$ 165,364		$1,804,390	$	2,133	$	3,517,027
Total, September 30, 2021	$1,663,977	$ 728,697	$	616,598	$ 315,364		$2,085,970	$14,776	$	5,425,382

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PATRIOT BATTERY METALS INC. (Formerly Gaia Metals Corp.)

Management's Discussion and Analysis

As at and for the period ended September 30, 2021

The Company's exploration and evaluation properties expenditures for the year ended March 31, 2021 are as follows:

	Freeman	Hidden Lake		Pontax		Golden		Quebec	Silver Sands
		Creek		Lithium		Lithium		Silica			Total
					Properties	Vanadium
	Property	Property	Property		Property
ACQUISITION COSTS
Balance, March 31, 2020	$	-	$	177,223	$	417,500	$	150,000	$	281,580	$	12,643	$	1,038,946
Additions		869,409		-		-		-		-		-		869,409
Balance, March 31, 2021	$ 869,409	$	177,223	$	417,500	$	150,000	$	281,580	$	12,643	$	1,908,355
EXPLORATION AND
EVALUATION COSTS
Balance, March 31, 2020	$	-	$	551,474	$	188,243	$	165,364	$	719,964	$	2,133	$	1,627,178
Assays and testing		206,051		-		-		-		-		-		206,051
Staking		59,459		-		-		-		-		-		59,459
Excavation		83,070		-		-		-		-		-		83,070
Drilling		228,668		-		-		-		-		-		228,668
Travel		50,393		-		-		-		-		-		50,393
Reports and administration		40,324		-		122		-		-		-		40,446
Advances		2,455		-		-		-		-		-		2,455
Balance, March 31, 2021	$ 670,420	$	551,474	$	188,365	$	165,364	$	719,964	$	2,133	$	2,297,720
Total, March 31, 2021	$1,539,829	$	728,697	$	605,865	$	315,364	$	1,001,544	$	14,776	$	4,206,075

The technical information in this disclosure has been reviewed by Darren L. Smith, M.Sc., P.Geo., Vice President of Exploration for the Company, a Permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101.

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