Financial Reporting Document

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE NINE MONTHS ENDED

SEPTEMBER 30, 2021 AND 2020

INTRODUCTION

Treasury Metals Inc. (TSX: TML) ("Treasury Metals" or "Treasury" or the "Company") is a Canadian gold exploration and development company focused on its 100% owned Goliath Gold Complex ("GGC" or the "Complex"), which includes the district-scale Goliath, Goldlund and Miller projects. The Goliath Gold Complex benefits from access to first-rate infrastructure at its location spanning from the Dryden area to Sioux Lookout, northwestern Ontario, within the Kenora Mining Division. Treasury Metals is advancing the Complex through the Canadian permitting process to begin mining production for an open-pit gold mine and subsequent underground operations to be developed in the latter years of mine life. The Company was granted Canadian Environmental Assessment Act, 2012 (CEAA) approval for the Goliath Gold Project. Key programs during 2021 and 2020 include diamond drilling and field exploration, updated engineering studies, and continuation of the permitting process towards the Company's stated goals of completing a feasibility study and mine permits.

Treasury Metals is listed on the Toronto Stock Exchange under the trading symbol "TML", and on the OTCQX® Best Market under the symbol "TSRMF". Treasury Metals operates its corporate headquarters in Toronto, Ontario, and a Project Office at the Goliath Gold Project. The Goldlund Gold Project is operated from the Goliath Gold Project office, approximately 35 kilometres by road from Goldlund. Additional corporate information can be found on Treasury Metals Inc.'s website at www.treasurymetals.com.

This Management Discussion and Analysis ("MD&A") of the financial condition and results of operations of Treasury Metals should be read in conjunction with the Company's interim condensed consolidated financial statements for the periods ended September 30, 2021 and 2020, including the related notes thereto. These interim condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"). This MD&A is presented as of November 11, 2021. Unless otherwise noted, the currency used is Canadian dollars. This MD&A contains "forward-looking" statements that are subject to risk factors set out in a cautionary note contained herein.

HIGHLIGHTS

Highlights for the quarter and subsequent events up to the date of this MD&A include:

• On November 3, 2021, the Company released additional drill results from its ongoing drill program at Goldlund, including 66.56 g/t Au over 5.50 m, 12.70 g/t Au over 4.60 m and 7.07 g/t Au over 6.90 m.
• On October 21, 2021, the Company announced its intention to complete a flow-through financing by way of a non-brokered private placement for aggregate proceeds of approximately $6 million. On November 5, 2021, the Company completed the previously announced private placement, raising $6.5 million through the issuance of 7.6 million flow-through shares.
• On October 13, 2021, the Company released additional drill results from its ongoing drill program at Goliath, including 871 g/t Au over 0.84 m in a larger interval of 52.60 g/t Au over 15.00 m.

• On September 16, 2021, the Company released additional drill results from its ongoing drill program at the Goldlund Gold Project including 0.89 g/t Au over 40.05 metres and confirmed the presence of silver within mineralized zones within and outside of the existing PEA pits.
• On August 12, 2021, the Company announced changes to the management team including the additions of Mr. Steven Woolfenden as Vice President Environment and Regulatory Affairs and Mr. Eben Visser as Director, Projects effective September 7, 2021, the appointment of Mark Wheeler to the newly created role of Director, Indigenous Affairs and the departure of Clinton Swemmer, Vice President, Projects, effective September 30, 2021.
• On July 22, 2021, the Company released additional drill results from its ongoing drill program at the Goldlund Gold Project, including 5.48 g/t Au over 25.9 m and 2.94 g/t Au over 26.0 m.
• On July 14, 2021, the Company announced that the TSX Exchange conditionally accepted for listing the common share purchase warrants issued to First Mining Gold Corp. in connection with the acquisition of Tamaka Gold. The warrants commenced trading under the symbol TML.WT on July 15, 2021.

OUTLOOK

Following the acquisition of Tamaka Gold Corporation from First Mining Gold Corp., the fundamental business objective of the Company has expanded to incorporate the advancement of the Goliath Gold Complex, which includes the Goliath, Goldlund and Miller projects, to a construction decision. In the first quarter of 2021, the Company advanced and completed the PEA for the Goliath Gold Complex that included the newly released initial resource and mine plan on the Miller Project located within the Goldlund property area. Following the release of the PEA, the Company put contracts out to bid for the completion of Pre- Feasibility level study work as recommended within the PEA. Ausenco Engineering Canada Inc. was selected as the overall PFS lead with SRK (Canada) assisting in the areas of resource estimation and mine design, with SLR appointed to oversee tailings storage design and geotechnical investigations. Engineering study work is currently advancing towards the PFS level goal with several trade-off studies, metallurgical test work and geotechnical investigations in progress. The Company intends to continue to advance this study, including several supporting works that will position the business for long-term success.

In addition, the Company has planned an exploration program that will evaluate certain attractive near-mine targets, including the Miller Project, a potential satellite deposit that is located to the northeast of the Main Zone of the Goldlund Gold Project.

On August 19, 2019, the Federal Minister of the Environment and Climate Change issued a positive decision statement for the proposed Goliath Gold Project pursuant to the Canadian Environmental Assessment Act, 2012 review process. The Company is now proceeding with provincial and federal approval processes required to be obtained prior to the commencement of construction and operation of the Goliath Gold Project. At the Goldlund Gold Project, collection of environmental baseline work will be ongoing throughout 2021 with the objective to use this data to support permitting activities. Treasury will continue engagement with local First Nations, Métis, and community groups throughout each phase of the development of the projects.

Since early 2020, the outbreak of the novel strain of coronavirus, specifically identified as "COVID-19", has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social

________________________________________________________________________________

Treasury Metals Inc.	Management Discussion & Analysis	Page 2 of 26
	Nine months ended September 30, 2021 and 2020

distancing, have caused material disruption to businesses globally resulting in an economic slowdown. Global equity markets have experienced significant volatility and weakness. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The duration and impact of the COVID-19 outbreak is unknown at this time, as is the efficacy of the government and central bank interventions. It is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and condition of the Company and its operating subsidiaries in future periods. By undertaking a thorough review of operating expenses and the scheduling of some expenditures, the Company is focused on prudently managing the Company's financial resources and planned activities pending a resolution of the COVID-19 pandemic.

MINERAL EXPLORATION PROPERTIES

Goliath Gold Project

The Goliath Gold Project ("Goliath" or "the Project") is located in the Kenora Mining Division in northwestern Ontario, about 20 kilometres east of the City of Dryden and 325 kilometres northwest of the port city Thunder Bay, Ontario, Canada. The Goliath Gold Project, which is within the greater Goliath Gold Complex, consists of approximately 7,601 hectares (approximately 76 km2) and covers portions of Hartman, Zealand, Echo and Pickerel townships. Goliath is comprised of two historic properties that consists of: the larger Thunder Lake Property, purchased from Teck Resources and Corona Gold Corp.; and, the Goliath Property, transferred to the Company from Laramide Resources Ltd. The Goliath Gold Project has been expanded from its original size through the staking of mining claims, land purchases and option agreements. The Project is held 100% by the Company, subject to certain underlying royalties and payment obligations on certain patented land parcels, totalling approximately $105,000 per year. Recently, the Company has staked claims that connect to the Goldlund property to form one contiguous land package.

Goldlund Gold Project

On August 7, 2020, the Company closed a definitive share purchase agreement with First Mining Gold Corp. ("First Mining") pursuant to which Treasury acquired all of the issued and outstanding shares of Tamaka Gold Corporation, a wholly owned subsidiary of First Mining that owns a 100% interest in the Goldlund Gold Project ("Goldlund"), which includes the past producing Goldlund Gold Mine, located adjacent to Goliath Gold Project.

The $91,016,596 purchase price of the transaction was determined as per the fair value of the financial instruments and other non-financial assets and liabilities provided by the Company. In exchange for all of the issued and outstanding common shares of Tamaka, First Mining received from the Company 43,333,333 common shares and 11,666,667 warrants with an exercise price of $1.50 for a period of 36 months, a 1.5% net smelter returns royalty ("Goldlund Royalty") with the option for the Company to buy-back 0.5% of the Goldlund Royalty for $5.0 million, and a milestone cash payment of $5.0 million, with 50% payable upon receipt of a final and binding mining lease under the Mining Act (Ontario) to extract ore from an open pit mine at Goldlund, and the remaining 50% payable upon the extraction of 300,000 tonnes of ore from a mine at Goldlund. In addition, the Company incurred $1,850,094 in consulting and legal costs related to the acquisition.

________________________________________________________________________________

Treasury Metals Inc.	Management Discussion & Analysis	Page 3 of 26
	Nine months ended September 30, 2021 and 2020

Within 12 months of closing of the Transaction, First Mining, pursuant to the Investor Rights Agreement between Treasury and First Mining, First Mining was to reduce its ownership stake in Treasury Metals to no greater than 19.9%. On July 15, 2021, First Mining distributed to 23.3 million of the Treasury Metals common shares and 11.7 million Treasury Metals Warrants to its shareholders, retaining approximately 20 million Treasury Metals shares following the distribution. As per the agreement with First Mining, the Company listed the warrants issued to First Mining as part of the consideration for the purchase of Tamaka Gold Corporation. on the TSX Exchange under the symbol TML.WT. Upon completion of the distribution of 23,333,333 shares and 11,666,666 warrants, and at the date of this MD&A, First Mining held 20 million shares, representing 15.36% of Treasury Metals' common shares.

Goldlund hosts a large near-surface gold resource estimated to contain 840,000 ounces of gold in the Indicated category, plus 311,000 ounces of gold in the Inferred category and includes 79,000 ounces of gold at the Miller Project in the inferred category all within a 271 km2 property package located directly to the northeast of Goliath. The close proximity of the projects, combined with well-developed infrastructure in the region, is expected to generate co-development synergies as the properties are advanced in tandem.

Lara Polymetallic Project

The Lara Polymetallic Project, located in the southern region of Vancouver Island, lies about 75 kilometres north of Victoria, 15 kilometres northwest of Duncan and about 12 kilometres west of the Village of Chemainus, Victoria Mining Division, British Columbia, Canada. The Lara Property consists of 59 mineral claims.

Goldeye Explorations Limited (a wholly owned subsidiary of Treasury Metals Inc.)

The acquisition of Goldeye Explorations Limited ("Goldeye") was completed on November 24, 2016. Effective upon closing, Goldeye became a wholly owned subsidiary of Treasury and all of the issued and outstanding common shares of Goldeye were acquired by Treasury. The acquisition provides Treasury with a high-quality asset, the Weebigee Project, in northwestern Ontario. The Weebigee Project, Goldeye's principal asset, is a high-grade gold project located near Sandy Lake in northwestern Ontario. The Weebigee Project was subject to an option agreement between Sandy Lake Gold Inc. (renamed G2 Goldfields Inc.) and Goldeye and in 2020 the Optionee fulfilled their expenditure requirement to earn a 50.1% ownership in the Project. A Joint Venture has been executed in November 2020 to reflect the 50.1% ownership by G2 Goldfields and the 49.9% ownership by Treasury Metals. On April 9, 2021, G2 Goldfields announced the spin-out of its Sandy Lake Project, which included its interest in the Weebigee Project, to S2 Minerals Inc.

Goldeye's most recent 2019 exploration program by its then Optionee, reported significant gold results, following an earlier 2014 Goldeye work program consisting of a 2,200 metre shallow drill program.

Three other gold exploration properties were inherited with the Goldeye acquisition: Gold Rock/Thunder Cloud; Shining Tree-Fawcett (subsequently acquired by Platinex Inc. in Q3 2020) and, Van Hise/Larder Lake (subsequently dropped), all of which reside in the Province of Ontario. All of these properties are grassroots with no exploration permits in place for more advanced field work, such as diamond drilling.

________________________________________________________________________________

Treasury Metals Inc.	Management Discussion & Analysis	Page 4 of 26
	Nine months ended September 30, 2021 and 2020

TECHNICAL REPORTS

Preliminary Economic Assessment (March 2021)

On February 2, 2021, the Company announced positive results of the Preliminary Economic Assessment for the Goliath Gold Complex. The 2021 Preliminary Economic Assessment of the Goliath Gold Complex is a NI 43-101 compliant technical report that outlines the proposed plan for mining and development of three separate projects: Goliath Project, Goldlund Project and the Miller Project. The report includes an update of both Goliath and Goldlund resource estimates along with a maiden resource estimate for the Miller Project. Additional details for the mineral processing, mining methods tailings storage and closure methods show proposed design and provide both capital and operating expenses. As laid out in the report the mining plan is proposed to include open pit operations in a phased and staggered approach at Goliath, Goldlund and Miller project areas. In addition, there is also a proposed underground mining operation at the Goliath site. A single gold processing facility is proposed to be located at the Goliath site and includes all associated infrastructure such as tailings and office facilities. The facilities within the Goliath site largely follow the layout that has been previously approved within the Federal Environmental Assessment and are not expected to have a material effect on that decision. Haulage of gold-bearing rock from the Goldlund and Miller projects is proposed to be overland using largely existing road networks.

Highlights for the Goliath Gold Complex PEA include:

• Long-termGold Price of USD$1,600/oz
• Exchange rate of CAD$1.00 = USD$0.75
• After-taxnet present value ("NPV") (discount rate 5%) of $328 million
• After-taxinternal rate of return ("IRR") of 30.2%
• After-taxpayback period 2.2 years
• Initial capital of ("CAPEX") of $233 million
• Life of mine ("LOM") of 13.5 years
• Total production of 24,000 kt of mill feed yielding 1.1 Moz Au
• Average annual gold production of 102,000 oz over first 9 years
• Average recovery of 93.6%
• Measured and indicated mineral resource of 55,417 kt at a 1.10 g/t Au grade
• Cash cost of USD$699/oz, All-in sustaining cost ("AISC") of USD$911/oz

The following table summarizes the NI 43-101 Mineral Resource Estimate in the Measured, Indicated and Inferred Mineral Resource classifications for each specific project area:

________________________________________________________________________________

Treasury Metals Inc.	Management Discussion & Analysis	Page 5 of 26
	Nine months ended September 30, 2021 and 2020