Signature Resources : MD&A Q1

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED

JANUARY 31, 2022 AND 2021

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INTRODUCTION

The following discussion and analysis are a review of operations, current financial position and outlook for Signature Resources Ltd. ("Signature" or the "Company") for the three months ended January 31, 2022 and 2021, including other pertinent events subsequent to that date up to and including April 1, 2022. The following information should be read in conjunction with the condensed interim consolidated financial statements for the three months ended January 31, 2022 and notes thereto ("Interim Financial Statements"), and the audited consolidated financial statements for the years ended October 31, 2021 and 2020, and notes thereto, ("Annual Financial Statements"). Amounts are reported in Canadian dollars.

This Management's Discussion and Analysis ("MD&A") provides Management's view of the financial condition of the Company and the results of its operations for the reporting periods indicated. Additional information related to Signature is available on the Company's profile atwww.sedar.com.

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FORWARD-LOOKING INFORMATION

This MD&A contains forward-looking statements. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Management's analysis only as of the date hereof. Readers should be aware that the Company is under no obligation to publicly release the results of any revision to these forward-looking statements, which may not reflect circumstances, or occurrences of unanticipated events after the date of this document.

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DESCRIPTION OF BUSINESS

The Company was incorporated on May 3, 2010 and is a reporting issuer in the provinces of British Columbia and Alberta and is listed on the TSX Venture Exchange ("TSXV") under the symbol "SGU", on the OTCQB under the symbol "SGGTF", and on the FSE under the symbol "3S3". The Company's principal business activity is the identification, evaluation and exploration of mineral resource assets in Canada, with a focus on precious metals. The Company's current focus is the exploration of its Lingman Lake gold property in Northwestern Ontario.

The Lingman Lake gold property consists of 1,434 staked claims, four free hold full patented claims and 14 mineral rights patented claims totaling approximately 27,448 hectares. The property hosts a historical estimate of 234,684 oz of gold* (1,063,904 tonnes grading 6.86 g/t with 2.73 gpt cut-off) and includes what has historically been referred to as the Lingman Lake Gold Mine, an underground substructure consisting of a 126.5-meter shaft, and 3-levels at 46-metres, 84-metres and 122-metres depths. The property is not in production.

The aforementioned historical resource will be superseded with the expedited development of an initial NI 43-101 resource estimate (announced in February 2022 and targeted for completion in Q2/22).

*Cautionary Note. The historical resource estimate is based on prior data and reports obtained and prepared by previous operators, and information provided by governmental authorities. A Qualified Person (as defined) has not done sufficient work to verify the classification of the mineral resource estimates in accordance with current CIM categories. The Company is not treating the historical estimate as a current NI 43-101-compliant mineral resource estimate. Accordingly, the historical estimate should not be relied upon. Additional information regarding historical resource estimates is available in the technical report entitled, "Technical Report on the Lingman Lake Property"

dated January 31, 2020, prepared by John M. Siriunas, P.Eng. and Walter Hanych, P.Geo. available on the Company's SEDAR profile atwww.sedar.com.

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HIGHLIGHTSTECHNICAL

➢ Signature has engaged the services of Wood Canada Limited (formerly Amec Foster Wheeler) to complete an initial NI 43-101 mineral resource estimate ("43-101") for the Lingman Lake Project. Work has commenced and is expected to be completed towards the end of Q2/22.

CORPORATE

➢ On March 9, 2022, the Company closed a non-brokered private placement ("March Offering") of flow-through shares and non-flow-through shares, for aggregate gross proceeds of $2,447,336.

OUTLOOK

On March 9, 2022, the Company announced the engagement of Wood Canada Limited to complete an initial NI 43-101 for the Lingman Lake Project. The work is expected to be completed towards the end of Q2/22. This work will provide guidance for the Lingman Lake mine area, on the expected future drilling and exploration programs targeted to commence within Q3/22.

The Company is continuing with the ongoing compilation and management of its exploration data. This includes, but is not limited to, inputting of all current and historical drill data into a drill software management program which will standardize data output for future drill programs and resources estimate updates.

Additional and parallel work includes advancement of the regional potential of Signature's vast property. This work will further refine the top-ranked regional targets and will include ground-based geophysics and surface data collection to prepare for priority target test-drilling in 2022.

Signature's exploration strategy is focused on safely and responsibly defining and expanding the 100%-owned Lingman Lake Gold project and, within its regional property, the discovery of additional gold deposits with economically profitable potential. Management will continue to be prudent and disciplined in the development and execution of its exploration strategy within the macro environment of changing stock markets and economic conditions related to gold exploration.

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OVERALL PERFORMANCE

The Company ended 2021 with the delivery of additional strong extension-drilling and gold assay results which further extends the high-grade gold mineralization to depth at Lingman Lake. This provides supporting evidence for the Company's model that the Lingman Lake gold system has significant growth potential in all directions.

National Instrument 43-101 Resource Update

The Company announced in February 2022, based on the exploration data re-evaluation in January 2022, the decision to accelerate its plans to commission the NI 43-101 for Q2/22. The planned resource estimate will provide Signature with several key insights to position the Company's 2022 exploration strategy, including:

• • Establishing a current NI 43-101 compliant resource that is more representative of the existing mineralization;

• • Providing a better understanding of the associated local geology and geologic controls of the 3

mineralization; and

• • Positioning the team to be able to continue to unlock and extend the pending initial resource with improved geological guidance for drilling, as testing and developing new drill targets at Lingman Lake continues.

For technical data and results prior to 2021, see MD&As filed on the Company's profile onwww.SEDAR.com.

2021/2022 Regional Exploration

On November 15, 2021, the Company announced geophysical interpretations of the 2021 High-Resolution Magnetometer, Matrix VLF Airborne survey. Eight new targets were identified, which combined with targets from the 2018 survey, which was flown using the same platform, a total of 15 high interest targets covering the vast land holding were identified for prioritization. Initial target selection was based on:

• • Structurally complex zones defined in magnetic data and historic data compilations;

• • Regional-scale folds and faults interpreted from the data; and

• • Lithological boundaries.

2021/2022 Lingman Lake Area Exploration

On November 3, 2021, the Company announced results of ongoing compilation of historical data and recently completed Ground Magnetometer survey (September 2021) as follows:

• • Past drilling east of Mud Lake, which is located 650 metres east of the Lingman Lake Main zones of the mine area, revealed that the mineralized system continues eastward past Mud Lake for approximately 500 metres;

• • Extension eastward of the North and Central zones 500 metres beyond Mud Lake;

• • A potential new zone located immediately north of the North zone, along the edge of an east-west trending magnetic linear, (Target FNZ-1 and 2). Modelling and compilation work suggest that this linear was intersected in by historical holes drilled northward beyond the North zone;

• • Correlation of the Lingman Lake Gold zones with the edges of magnetic linears provided the basis for initial targeting south of the Lingman Lake Gold Zones, identified as FSZ1,2,3,4, and 5; and

• • GIS (geographic information systems) compilation work in part assisted by high resolution ortho-photogrammetry produced from the 2021 LIDAR survey located the position of an historical surface sample which assayed 6.86 g/t Au. The sample site is located 160 metres south of Base Lake and coincides with two new subparallel magnetic linear targets; the southern target correlating to a Very Low Frequency Electromagnetic ("VLF") linear that is over 1,000 metres in length (Figure 1: targets BL1 and BL2).

Drill Programs in 2021

The 2021 drill campaign commenced in late winter and continued through spring. It was directed at testing the Lingman Lake gold zones west of the diabase dike. 15 holes totaling 3,260 metres were drilled. The West zone (which is the west extension of the North Zone, west of the diabase dike) was consistently intersected in the widely-spaced drill program. Drill results indicated a steeply west plunging corridor of mineralization along a strike length of 200-metres to a depth more than 300 metres. The Central and South zones were also tested west of the diabase dike. The drill results of these zones were inconclusive and further evaluation is pending as the geophysical survey results are incorporated into the data compilation for the area.

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The 2021 Fall drill campaign was directed at the gold mineralized systems around the underground workings of the Lingman Lake Mine, to test for depth extent and zone continuity. 12 holes totaling 2,260-metres were drilled testing vertical depths of 250-metres. Current drill results and geological modelling of the North Zone indicates that the zones plunge steeply to the east. Approximately 150 metres of strike length were tested.

On December 16, 2021, the Company announced the final results of its 2021 Fall drill campaign from drill hole LM21-30.

Highlights from this hole included:

• • 8.24 grams-per-tonne gold ("g/t Au") over 2.0 metres ("m") from 90 to 92 metres downhole; including 10.10 g/t Au over 1.0 m from 90 to 91 m downhole in drill hole in the Central Zone 'A'

• • 7.14 g/t Au over 2.0 m from 99 to 101 m downhole; including 10.50 g/t Au over 1.0 m from 99 to 100 m downhole in drill hole in the Central Zone 'B'.

On December 14, 2021, the Company announced the results from drill holes LM21-27, 28A and 30 (partial) of its 2021 Fall drill campaign.

Highlights from holes LM21-27 and LM21-28A included:

• • 7.07 g/t Au over 4.0 m in LM21-27; including 11.9 g/t Au over 1.0 m

• • 3.54 g/t Au over 2.0 in LM21-28A.

On December 8, 2021, the Company announced the results from drill holes LM21-22,24,25,26 and 29 of its 2021 Fall drill campaign.

Highlights from holes LM21-25 and LM21-26 included:

• • 6.64 g/t Au over 3.0 m in LM21-26; including 18.5 g/t Au over 1.0 m

• • 6.97 g/t Au over 2.0 metres in LM 21-25

Highlights of site activities:

• • Site drilling ended in early December followed by equipment shutdown and temporary camp closure preparations;

• • The planning, scheduling and execution of equipment and supplies via winter road access to Red Sucker Lake staging area commenced early 2022. The winter road has a short window of use (usually mid-February to end March) and provides a significantly cheaper logistical alternative; and

• • Planning for helicopter transport of the equipment and supplies from Red Sucker Lake staging area to Lingman Lake Camp is complete and movement will commence in early Q2/22.

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