Traction Uranium : FY2022 Q1 Management's Discussion and Analysis

TRACTION URANIUM CORP.

(Formerly Traction Exploration Inc.)

Management's Discussion and Analysis

For the Three Months Ended December 31, 2021

Prepared as of February 28, 2022

Management's Discussion and Analysis

For the Three Months Ended December 31, 2021 Prepared as of February 28, 2022

The following management's discussion and analysis ("MD&A") has been prepared by management. The following discussion of performance, financial condition and future prospects should be read in conjunction with the audited financial statements for the year ended September 30, 2021 and the unaudited condensed interim financial statements for the three months ended December 31, 2021 of Traction Uranium Corp. (formerly Traction Exploration Inc) ("Traction" or the "Company") and notes thereto. The information provided herein supplements but does not form part of the financial statements. This discussion covers the three months ended December 31, 2021 and the subsequent period up to the date of issue of this MD&A. Unless otherwise noted, all dollar amounts are stated in Canadian dollars.

Additional information on the Company can be found on SEDAR at www.sedar.com.

The Company's audited financial statements for the year ended September 30, 2021 have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The condensed interim financial statements for the three months ended December 31, 2021 were prepared in accordance with International Accounting Standards ("IAS") 34 Interim Financial Reporting using accounting policies consistent with IFRS.

For the purposes of preparing this MD&A, management, in conjunction with the Board of Directors, 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 the Company'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) if it would significantly alter the total mix of information available to investors. Management, in conjunction with the Board of Directors, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity.

This MD&A is intended to help the reader understand Traction, its operations, financial performance, current and future business environment and opportunities and risks facing the Company. Certain statements in this report incorporate forward looking information and readers are advised to review the cautionary note regarding such statements in Appendix 1 of this MD&A.

Description of Business and Overview

Traction Uranium Corp was incorporated under the BC Business Corporations Act as "Traction Exploration Inc." on July 20, 2020. On November 4, 2021, the Company changed its name to "Traction Uranium Corp." to highlight the Company's intention to focus on uranium exploration and the acquisition. The principal business of the Company is the acquisition, exploration and evaluation of resource properties.

The Company has not commenced commercial operations. At present, the Company has no current operating income. Without additional financing, the Company may not be able to fund its ongoing operations and complete its development activities. The Company intends to finance its future requirements through a combination of debt and/or equity issuance. There is no assurance that the Company will be able to obtain such financings or obtain them on favourable terms. These uncertainties may cast significant doubt on the Company's ability to continue as a going concern. The Company will need to raise sufficient working capital to maintain operations.

General Development of the Business

On March 19, 2021 Mohan Vulimiri resigned as a Director of the Company and Afzaal Pirzada was appointed as a Director of the Company.

2 | P a g e

On April 9, 2021, the Company filed its preliminary prospectus with the Canadian Securities Exchange

("CSE"). On August 10, 2021, the Company filed its amended and restated prospectus with the CSE.

On August 12, 2021, the Company received conditional approval from the CSE for the listing of its common shares on the CSE. On August 17, 2021, the Company obtained a receipt for its final long form prospectus

(the "Prospectus") from the British Columbia Securities Commission, Alberta Securities Commission,

Manitoba Securities Commission and Ontario Securities Commission. The Prospectus qualified the distribution of 5,710,000 common shares and 5,710,000 common share purchase warrants of the Company.

On September 1, 2021, the Company's common shares began trading on the CSE under the symbol "TRAC" and the Company's special warrants were converted into 5,710,000 common shares and 5,710,000

common share purchase warrants.

On November 4, 2021 David Bowen resigned as a Director of the Company and Blair Way was appointed as a Director of the Company.

On November 4, 2021, the Company changed its name to "Traction Uranium Corp." The name change highlights the Company's intention to focus on uranium exploration and the acquisition of such projects over the coming months.

On December 29, 2021, the Company issued $6,046,952 common shares to Fission 3.0 Corp at $0.91 per share as part of the Hearty Bay and Lazy Edwards option agreement.

On January 28, 2022, the Company enter into an agreement with Financial Star News Inc. ("Financial Star") pursuant to which Financial Star will provide the Company with certain marketing services in consideration for an aggregate payment of USD$500,000 by the Company.

On January 28, 2022, the Company entered into an agreement with MIC Market Information & Content Publishing GmbH ("MIC") pursuant to which MIC will provide the Company with certain marketing services in consideration for an aggregate payment of €300,000 by the Company.

On February 28, 2022, the Company entered into an agreement with TD Media LLC pursuant to which TD Media LLC will provide the Company with certain marketing services in consideration for an aggregate payment of USD$200,000 by the Company.

At the time this MD&A was prepared the COVID-19 pandemic has caused significant disruptions to the global economy and increased volatility in the global financial markets. The extent to which COVID-19 may adversely impact the Company's business and financing opportunities will depend on future developments such as the geographic spread of the disease, the duration of the outbreak, travel restrictions and social distancing, business closures or business disruptions, and the effectiveness of actions taken in Canada, and other countries to contain and treat the disease. Although it is not possible to reliably estimate the length or severity of these developments and their financial impact to the date of this MD&A, there may be further significantly adverse impacts on the Company's financial position and results of operations for future periods if the pandemic is not successfully contained or the effects of which are not mitigated.

The Company's need to raise sufficient working capital to maintain operations and the uncertainty surrounding COVID-19, casts significant doubt on the Company's ability to continue as a going concern.

3 | P a g e

Mineral Properties

Whitewater Property, British Columbia, Canada

In August 2020, the Company entered into an option agreement with Afzaal Ahmed Pirzad (a related party) to acquire 100% interest in the Whitewater Property, located in British Columbia, by paying consideration of $80,000 in cash and agreeing to incur at least $515,000 in expenditures on the Whitewater Property. This consideration will be paid as follows:

Within three months of the agreement, the Company must incur expenditures of $75,000 (met);

• On or before the first anniversary of the date upon which the Company's shares are listed for trading on any stock exchange in Canada (the "Listing Date"), the Company must incur additional expenditures of $110,000 (met);
• On or before the second anniversary of the Listing Date, the Company will pay $30,000 in cash and incur additional expenditures of $130,000; and
• On or before the third anniversary of the Listing Date, the Company will pay $50,000 in cash and incur additional expenditures of $200,000.

During the three-month period ended for December 31, 2021, the Company has incurred $Nil (2020- $83,363) of expenditures on the property. For the year ended September 30, 2021, the Company has incurred $195,875 (2020 - $Nil) of expenditures on the property.

Hearty Bay Property, Saskatchewan, Canada

The Company entered into an arm's-length letter of intent dated October 30, 2021 with Fission 3.0 Corp. ("Fission") whereby the Company will be granted the right to earn and acquire up to a 70% interest in the Hearty Bay property in Saskatchewan.

The Company will earn an initial 50% interest in the Hearty Bay property by paying consideration as follows:

• Within seven days of the effective date, the Company will pay $100,000 in cash (paid);
• Seven days after the effective date, the Company will pay $200,000 in cash (paid);
• On or before the first anniversary of the effective date, the Company will pay $100,000 in cash;
• On or before the eighteen-months after the effective date, the Company will pay $100,000 in cash; and
• On or before the second anniversary of the effective date, the Company will pay $150,000 in cash.

The Company must also incur exploration expenditures on the Hearty Bay property as follows:

• On or before the first anniversary of the effective date, the Company must incur expenditures of $1,000,000; and
• On or before the second anniversary of the effective date, the Company must incur additional expenditures of $2,000,000.

The Company will also issue to Fission a number of common shares equal to 7.5% of the total issued and outstanding common shares of the Company on or before the date that is ten days after the Company has completed gross equity financing of $2,000,000 (issued).

During the three-month period ended December 31, 2021, the Company issued 3,023,476 common shares to Fission 3.0 Corp. at $0.91 per share as part of the Hearty Bay option agreement.

4 | P a g e

The Company will earn an additional 20% interest in the Hearty Bay property by paying consideration as follows:

• On or before the 30-months after the effective date, the Company will pay $150,000 in cash; and
• On or before the third anniversary of the effective date, the Company will pay $200,000 in cash.

The Company must also incur exploration expenditures on the Hearty Bay property as follows:

• On or before the third anniversary of the effective date, the Company must incur expenditures of $3,000,000.

Lazy Edwards Property, Saskatchewan, Canada

The Company entered into an arm's-length letter of intent dated October 30, 2021 with Fission whereby the Company will be granted the right to earn and acquire up to a 70% interest in the Lazy Edwards property in Saskatchewan.

The Company will earn an initial 50% interest in the Lazy Edwards property by paying consideration as follows:

• Within seven days of the effective date, the Company will pay $100,000 in cash (paid);
• Seven days after the effective date, the Company will pay $200,000 in cash (paid);
• On or before the first anniversary of the effective date, the Company will pay $100,000 in cash;
• On or before the eighteen-months after the effective date, the Company will pay $100,000 in cash; and
• On or before the second anniversary of the effective date, the Company will pay $150,000 in cash.

The Company must also incur exploration expenditures on the Lazy Edwards property as follows:

• On or before the first anniversary of the effective date, the Company must incur expenditures of $1,500,000; and
• On or before the second anniversary of the effective date, the Company must incur additional expenditures of $3,000,000.

The Company will also issue to Fission a number of common shares equal to 7.5% of the total issued and outstanding common shares of the Company on or before the date that is ten days after the Company has completed gross equity financing of $2,000,000 (issued).

During the three-month period ended December 31, 2021, the Company issued 3,023,476 common shares to Fission 3.0 Corp. at $0.91 per share as part of the Lazy Edwards option agreement.

The Company will earn an additional 20% interest in the Lazy Edwards property by paying consideration as follows:

• On or before the 30-months after the effective date, the Company will pay $150,000 in cash; and
• On or before the third anniversary of the effective date, the Company will pay $200,000 in cash.

The Company must also incur exploration expenditures on the Lazy Edwards property as follows:

On or before the third anniversary of the effective date, the Company must incur expenditures of $4,500,000.

5 | P a g e