Vision Lithium : MDA November 30, 2022

MANAGEMENT'S DISCUSSION & ANALYSIS

FOR THE THREE-MONTH PERIOD ENDED

NOVEMBER 30, 2022

Vision Lithium Inc.

MD&A for the three-month period ended November 30, 2022

SCOPE OF MANAGEMENT'S FINANCIAL ANALYSIS

The following Management Discussion & Analysis («MD&A»), dated January 26, 2023, is to be read in conjunction with the interim consolidated condensed unaudited financial statements of Vision Lithium Inc. (the «Company» or «VLI») for the nine-month period ended November 30, 2022 and the consolidated audited financial statements of Vision Lithium Inc. for the year ended August 31, 2022 as well as with the accompanying notes. The interim consolidated condensed unaudited financial statements for the nine-month period ended November 30, 2022 are prepared under the International Financial Reporting Standards (IFRS). Unless otherwise indicated, all amounts are expressed in Canadian dollars. The objective of this Management's Discussion and Analysis Report ("MD&A") released by VLI is to allow the reader to assess our operating and exploration results as well as our financial position for the nine-month period ended November 30, 2022 compared to the same period last year.

The Company discloses, on a regular basis, additional information on its operations, which is recorded on the System for Electronic Document Analysis and Retrieval (SEDAR) in Canada at: www.sedar.com.

FORWARD-LOOKING STATEMENTS

This document may contain forward-looking statements that reflect management's current expectations with regards to future events. Such forward-looking statements are subject to certain factors and involve a number of risks and uncertainties. Actual results may differ from expected results. Factors that could cause our results, our operations and future events to change materially compared to expectations expressed or implied by the forward- looking statements include, but are not limited to, volatility in the metal prices, risks inherent to the mining industry, uncertainty regarding the mineral resource estimation and additional funding requirements and the Company's ability to obtain such funding.

INCORPORATION, NATURE OF OPERATIONS AND ONGOING EXPLORATION AND COVID-19

Vision Lithium Inc., incorporated under the Canada Business Corporation Act, is a mineral resources exploration company, and the head office is based in Val-d'Or, Québec. The exploration sites are located mainly in the provinces of Québec, Manitoba and New Brunswick in Canada. During the period, the Company worked on reviewing and interpreting results of the 2022 exploration campaign on its Cadillac lithium project in Québec, completed a drilling program, initiated a PEA and submitted a bulk sample permitting request on its Sirmac lithium project also in Québec, and completed an airborne MAG-EM survey and started a drilling program on its Redbrook project in New Brunswick.

The Company does not have any producing property. Recovery of the cost of mining assets is subject to the discovery of economically recoverable reserves, the Company's ability to obtain the financing required to pursue exploration and development of its properties, and profitable future production or the proceeds from the sale of its properties. The Company must periodically obtain new funds in order to pursue its activities. While it has always succeeded in doing so to date, there can be no assurance that it will continue to do so in the future.

The shares of the Company are listed on the TSX Venture Exchange and traded under the symbol VLI.

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Vision Lithium Inc.

MD&A for the three-month period ended November 30, 2022

ACTIVITIES OF THE COMPANY

On December 13, 2022, the Company dissolved its subsidiary Pioneer Ressources Inc., following its liquidation on October 26, 2022.

On December 8, 2022, the Company issued 5,250,000 common shares at a price of $0.05 for a total of $262,500, following the exercise of warrants.

HIGHLIGHTS OF THE FIRST QUARTER OF 2023

Summary of Exploration

The Company incurred expenses totaling $632,477 before tax credits and credits on refundable exploration duties and write-off for the third quarter ended November 30, 2022, compared to $215,516 for the same quarter in 2021. In the interim consolidated condensed unaudited financial statements, those exploration costs are presented net of exploration tax credits and write-off.

Financial results

Since the Company focuses on the development of its exploration and evaluation assets, its revenues, mainly finance income, are not sufficient to cover its operational costs. Without any other available sources of revenue, the Company is unprofitable. During the year, the Company maintained a tight control of its other expenses.

The loss for the period of $858,091 reflects the current activities of the Company.

MINING PROPERTIES

The technical information in the following section was reviewed by Yves Rougerie, geologist and President & CEO of Vision Lithium Inc. Mr. Rougerie is a Qualified Person within the meaning of the term as defined in of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

The Company has an interest or option to acquire an interest in the following properties:

Name	Status	Notes	Royalties
Cadillac. QC	Wholly owned	NEW Lithium project	2% on 215 claims
Godslith, MB	Wholly owned	Lithium project	3%
Sirmac, QC	Wholly owned	Lithium project	1% on 24 claims
Red Brook, NB	Wholly owned	Zn-Cu-Pb-Ag-Au project	2%
Dôme Lemieux, QC	Wholly owned	Cu-Zn porphyry/skarn project	Nil
St. Stephen, NB	50% Interest	Ni-Cu-Co project	Nil
Decelles, QC	Wholly owned	NEW Lithium project	2% on 40 claims
Epsilon, QC	Wholly owned	Au-U project	2%
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Vision Lithium Inc.

MD&A for the three-month period ended November 30, 2022

Sirmac Lithium Property

The Sirmac Lithium Property, acquired in 2018, consisted originally of 24 mining claims located approximately 180 kilometres by road northwest of Chibougamau, in the province of Québec. The property is located 40km West of the high-grade Moblan lithium project. Together, they are the only two major lithium occurrences in the Frotet- Evans greenstone Belt. Since acquisition, the Company has added 131 new claims in 2019 and 2020 to adjoin and protect the East zone lithium occurrence and extend eastward from the original 24 claims.

The Sirmac property contains historical resources of 264,000 t of measured and indicated resources at 1.40% Li2O, and 40,000 t of inferred resources at 1.10% Li2O. These resources are based on an NI 43-101 Resource estimate and technical report prepared for Nemaska Lithium Inc. in 2012 by SGS-Geostat. While the Company considers these historical estimates to be relevant to investors, as they may indicate the presence of mineralization, a qualified person has not done sufficient work for Vision Lithium to classify the historical estimates as current "mineral resources" or "mineral reserves" (as defined in NI 43-101).

Direct Shipping Ore project: As a result of the very strong worldwide lithium demand, limited supply and very high prices, several lithium producers and/or brokers have approached the Company and expressed an interest in acquiring direct shipping ore from the Sirmac deposit. In response, the Company has submitted a request with the Quebec government for the extraction of a 50,000 tonne bulk sample in 2023 which could be acquired by several possible clients. The Company has also contracted an independent consulting firm to complete a Preliminary Economic Assessment (PEA) for a DSO scenario which should be completed in early 2023. Negotiation of off-take agreement(s), requests for a mining lease and various permits, along with required technical studies/reports and early preparations for bulk sample extraction will be at the forefront in 2023 for Sirmac.

2022 Exploration: In 2022, the Company acquired the LiDAR data from the Québec government for the entire Sirmac property and has reinterpreted the data in search of structural and linear patterns representative of potential pegmatite dikes. A property-widemagnetic-radiometrichelicopter-supported survey to enhance our geological understanding of the project was also completed during the summer of 2022. A diamond drill was mobilized to the property in August and completed 28 holes for a total of 3,081 metres by the end of September (Table 1). The holes were targeting lateral and depth extensions of the Main mineralized dike on the property as well as two proximal satellite dikes which also carry visible lithium mineralization. Results continue to suggest limited depth extension potential for the Main dike but also uncovered significant results along strike and within the satellite dikes. Four holes were also drilled on a few of the dozen or so pegmatite dikes known on the property. Hole SIR-22-28 intersected over 50 m of continuous pegmatite, supporting our contention that the property hosts great potential for discovery outside the known mineralized dikes. The 2022 program assay results (Table 2) are not yet final for this project at this time.

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Vision Lithium Inc.

MD&A for the three-month period ended November 30, 2022

Table 1. DDH Statistics

DDH	UTM Nad	UTM Nad UTM Nad	Azimuth	Dip	Length
83 - East	83 -	83 -	(m)
	North	Elevation
SIR-22-01	465843	5608062	363	295	-45	51
SIR-22-02	465870	5608050	363	295	-45	78
SIR-22-03	465812	5607967	363	295	-45	75
SIR-22-04	465827	5607958	363	295	-45	75
SIR-22-05	466265	5608192	370	235	-45	78
SIR-22-06	466249	5608195	370	235	-45	101,5
SIR-22-07	466253	5608235	368	235	-45	120
SIR-22-08	466180	5608244	368	240	-45	105
SIR-22-09	466309	5608132	376	235	-45	102
SIR-22-10	466330	5608128	376	235	-45	111
SIR-22-11	466380	5608147	369	265	-45	141
SIR-22-12	466376	5608242	369	265	-45	102
SIR-22-13	466350	5608075	377,5	235	-45	153
SIR-22-14	466496	5607953	385,7	235	-45	150
SIR-22-15	466380	5608147	369	265	-45	108
SIR-22-16	466632	5607816	391,09	235	-45	150
SIR-22-17	466723	5607605	380,89	235	-45	150
SIR-22-18	466223	5608269	368,62	240	-45	102
SIR-22-19	466326	5608237	366,7	265	-45	201
SIR-22-20	466377	5608293	365,6	265	-45	225
SIR-22-21	466372	5608211	368	265	-45	60
SIR-22-22	466374	5608168	370	265	-45	51
SIR-22-23	466426	5608247	367,63	265	-45	225
SIR-22-24	466426	5608247	367,63	315	-45	159
SIR-22-25	466812	5608100	389	260	-45	132
SIR-22-26	466829	5607963	395	250	-45	102
SIR-22-27	467155	5608211	400	60	-45	75
SIR-22-28	467028	5608431	390	110	-45	75
28 Holes				Total:	3 257,50

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