Q2 mda 2022.pdf

VR RESOURCES LTD.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2021

REPORT DATE:

OCTOBER 28, 2021

This Management Discussion and Analysis (the "MDA") provides relevant information on the operations of VR Resources Ltd. (the "Company") to the Report Date and the financial condition of the Company for the three and six month periods ended September 30, 2021.

This document contains forward looking statements. Please see section "Forward-LookingStatements".

This MDA should be read in conjunction with the Company's previous MDA and consolidated financial statements and notes thereto for the year ended March 31, 2021 and dated July 9, 2021.

The Company is in the business of mineral exploration. Activities include the evaluation, acquisition and exploration of mineral exploration properties, for the purpose of discovering an economic mineral deposit. The current focus is greenfield exploration on large footprint copper and/or gold systems in North America, and more specifically in Nevada, USA, and Ontario, Canada. The realization of amounts shown for exploration and evaluation assets is dependent upon the discovery of economically recoverable reserves and future profitable production or proceeds from the disposition of these assets. The carrying values of exploration and evaluation assets do not necessarily reflect their present or future values.

All monetary amounts in this MDA and in the interim consolidated financial statements are expressed in Canadian dollars, unless otherwise stated. Financial results are being reported in accordance with International Financial Reporting Standards ("IFRS").

The Company's certifying officers, based on their knowledge, having exercised reasonable diligence, are also responsible to ensure that these filings do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which is it was made, with respect to the period covered by these filings, and these consolidated financial statements together with other financial information included in these filings. The Board of Directors approves the consolidated financial statements and MDA and ensures that management has discharged its financial responsibilities.

The Company is registered in the province of British Columbia. The Company moved its principal head office in downtown Vancouver to Suite 1500 - 409 Granville Street Vancouver, BC, V6C 1T2. The Company's Corporate registered address and records office remains at Suite 2300 - 550 Burrard Street, Vancouver, BC, V6C 2B5.

OVERALL PERFORMANCE

SUMMARY

• $2.0m working capital on 80.5 m shares issued and outstanding at time of writing.
• The second phase of drilling at the Hecla-Kilmer carbonatite complex in northern Ontario commenced on September 12, 2021. As announced in NR-21-20 dated October 26, 2021, five holes were completed for a total of 2,604 m. Final geochemical data are expected before the end of the calendar year.
• Phase II of the first-pass RC drilling at the Reveille property was completed in Q2. Geochemical data were reported on October 6th, 2021. There is anomalous hydrothermal gold over 40 m intervals within pyrite alteration zones spanning more than 140 m in two drills holes at the Kawich IP anomaly and target. The pyrite alteration zones are phyllic in nature, with a strong, high temperature, polymetallic silver-copper-moly-tungsten-antimony signature indicative of a potential porphyry copper center at Kawich serving as the source and driver for the district of high grade but distal showings in the Reveille range to the east.

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Analysis

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The Company continued its normal course of business in mineral exploration in Q2 Fiscal 2022 (July - September 2021), within the framework of modified field programs and office work in response to the COVID-19 pandemic and the directive towards ensuring the health and safety of staff and project personnel.

The Company remains committed to its early-stage mineral exploration strategy in copper, precious metals (gold and silver) and rare earth elements, and its business model for value creation via blue sky discovery at the drill bit. The Company continues to actively explore its wholly owned mineral properties, and to evaluate new mineral exploration opportunities on an ongoing basis, whether by internal generative work and direct staking, by a joint venture or a direct acquisition of a property from a third party, or by a corporate transaction such as a merger.

As of the date of this report the Company has 80,446,863 shares issued, with 7,485,000 Stock Options and 7,564,705 warrants outstanding for a fully diluted share capital of 95,496,568.

A working capital of approximately $2.0m at the time of writing of this report is sufficient for execution of the Company's mineral exploration plans through calendar year 2021, and for its corporate business expenses (general and administrative costs; "G&A") through 2022.

The basic functioning of the Company's legal, audit and corporate compliance work is unchanged from the previous reporting period. The Company employs a tight administrative cost structure, with a focus on translating funds raised directly to mineral exploration work. The Company maintains its day-to-day work out of an exploration office in Vancouver, British Columbia; the Company recently moved its working Head Office to Suite 1500 at 409 Granville St., Vancouver, BC.

Development of the Company's capital markets program is ongoing. The Company continues to work with Peak Marketing Corporation for communication outreach.

• A one-year agreement executed in 2018 was amended and extended on an ongoing basis on a reduced monthly retainer in order to continue the work on dissemination of market-related information to interested shareholders, and to ensure that links to social media hubs are current.
• A one-year Agreement signed in 2018 with Proactive Investors has been renewed through December 31st, 2022, in order to continue the production of timely video interviews to provide updates on the Companies various exploration and corporate activities, and to promote VR within Proactive's own website platform.
• The Company has also engaged O&M Partners, LLC, based in New York, USA, on April 1, 2021, on an ongoing, month-by-month basis to communicate the Company's news releases and market-relevant strategies and potential to a new investor network familiar to O&M.
• Lastly, Management maintains constant communication with four investor Newsletter businesses in the mineral resources sector which actively cover VR, and with Intrynsyc Capital Corp. and Agentis Capital Corp. which actively cover VR for their own clients and audience of investors.

The Company continues to work with Renmark Communications on an ongoing basis to maintain its website. The Company's website at http://www.vrr.cais fully functioning and updated regularly.

There was active exploration in Q2 at the Company's Reveille silver-copper property in Nevada, and the Hecla- Kilmer IOCG breccia target and property in northern Ontario, as summarized on the following pages.

At the time of writing of this report, the Company's application to the USFS for a Plan of Operations Permit submitted in 2020 for drilling on the Amsel gold property located in Nevada is in the final stage of the permitting process. The USFS continues to voice support for the project; the delays relate to their internal review process. The Company continues to work with its primary drilling service company in Nevada towards a potential drill program at Amsel later this fall, pending the final permit.

The global pandemic of the COVID-19 virus presents a real and ongoing health threat across Canada and around the world. North American governments have imposed numerous and various restrictions at the provincial, state and national level to protect citizens. The Company responded, in order to protect the health and safety of its employees. All corporate travel and active field work stopped in early March 2020. Since that time, most office work for both corporate administration and geological work has been conducted from home, augmented by part-timein-person work

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Analysis

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at the Head Office in Vancouver by the CEO and Corporate Compliance Officer. Overall, the pandemic has not adversely impacted the Company's day to day functioning, nor its overall strategy for calendar year 2021, with measures in place to minimize the risks of the ongoing pandemic for our surface exploration programs.

EXPLORATION PROJECTS

Summary

The Company has five mineral properties in Nevada, USA, and shown in Figure 1 below, and two properties in Ontario, shown in Figure 7. The Reveille and Amsel properties updated in this report are both located within the Walker Lane gold-silver epithermal mineral belt shown in Figure 2. It has a 140-year history of active mine production that continues to this day. The reader is referred to the Company's website at www.vrr.cafor a description of the geology and mineral potential of each property, including up-to-date maps, figures and photos.

Mineral properties located in Nevada are held in the Company's wholly owned subsidiary, Renntiger Resources USA Ltd. registered in Nevada. The Company does not operate a US-based mineral exploration office. Mineral exploration in Nevada is overseen by the Company's Exploration Manager, with mineral exploration service companies and consultants based in Nevada and elsewhere utilized to conduct the Company's various exploration activities.

For the purposes of this quarterly report, a brief summary is provided on the following pages for active exploration programs in Q2 Fiscal 2022 at the Reveille silver-copper project in Nevada and the Hecla-Kilmercopper-gold property in Ontario. The reader is referred to news releases of March 17th and April 15th, 2020, for the Ranoke and Amsel projects respectively, both with new exploration data and illustrations for targeting going forward.

Reveille silver-copper property, Nevada

The Reveille property is located approximately 90 km east of Tonopah in west-central Nevada, and is 75 km to the southeast along trend from the Company's Big Ten epithermal gold project which includes the Amsel property (Figure 2). Road access is from Highway 6 leading east from Tonopah, with local roads and trails within and around the property.

The reader is referred to the previous reporting quarter, and fiscal year-end, for information on the Reveille property. The Acquisition agreement dated June 22, 2020, is described in a news release of the same date. An up-to-date summary and description of the property and its potential are available at the Company's website at www.vrr.ca, including field video's, drill core photos, and geological and geophysical maps and cross-sections

Context

The Reveille property is large. It is 128 claims in one contiguous block approximately 2 x 5.5 km in size, covering the southern part of an historic primary silver camp with artisanal workings that date back to the 1870's, but which lacks a modern, systematic exploration of the district as a whole. VR is focused on the covered valley on the western flank of the range because it was never previously explored or drilled. VR is evaluating the area for the potential source and central driver of the various high grade but distal silver-copper showings exposed in the hills to the east and prospected on-and-off during the past 140 years.

The opportunity for VR is to be the first to apply the modern CRD (carbonate replacement deposit) mineral deposit model and new exploration technologies to the entire mineral system and district at Reveille.

A tabulated summary of the extensive array of geological and geophysical work completed at Reveille by VR during nearly continuous exploration over the past 18 months, beginning in June 2020, is provided at www.vrr.ca.

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Analysis

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Figure 1. Location of the Company's mineral exploration properties in Nevada, USA.

VR Resources Ltd. September 30, 2021 Management Discussion and

Analysis

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Figure 2. Location of VR's Big Ten and Reveille gold and silver projects in the Walker Lane mineral belt in west- central, Nevada. Shown are select gold and silver epithermal deposits and Tertiary felsic volcanic centers (calderas).

VR Resources Ltd. September 30, 2021 Management Discussion and

Analysis

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