VR Resources : MD&A - June 30 and at August 24, 2022

VR RESOURCES LTD.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE PERIOD ENDED JUNE 30, 2022

REPORT DATE:

AUGUST 24, 2022

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 period ended June 30, 2022.

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, 2022.

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 Companies principal head office in downtown Vancouver is Suite 1500 - 409 Granville Street Vancouver, BC, V6C 1T2. The Company's Corporate registered address and records office is located at Suite 2300 - 550 Burrard Street, Vancouver, BC, V6C 2B5.

OVERALL PERFORMANCE

SUMMARY

• 83.7 m shares issued and outstanding as of June 30, 2022.
• Completed the third reconnaissance drill program at the Hecla-Kilmer project in northern Ontario in June, 2022. Eight holes were completed for a total of 2,751 m. To build upon the 299 m intersection of Critical Metals (REE + Nb: rare earth elements + niobium) in Hole 5 from 2021, the Company announced five material intersections in the new drilling which confirm the critical metal signature of the polymetallic breccia system at H-K, first intersected at surface in Hole 4 in the maiden drill program in 2020:
• • Hole HK22-013 243 m @ 1.01 % TREO, of which 19% are PMREO*;
  • Hole HK22-010 80 m @ 0.67% TREO within 131 m @ 0.41% TREO;
  • Hole HK22-011 13 m @ 0.94% TREO within 88 m @ 0.50% TREO;
  • Hole HK22-15 25.5 m @ 1.10% TREO, within 55 m @ 0.70% TREO;
  • Hole HK22-017 287 m @ 0.38% TREO & 0.11 % Nb2O5, including 45 m at 0.65% TREO.

• % Magnet REO: is PMREO divided by TREO (total rare earth oxide) and expressed as a percent. PMREO is the sum of the high- value rare earth oxides Pr2O3 + Nd203 + Tb2O3 + Dy2O3 used in permanent magnets for wind turbines and electric vehicles.

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June 30, 2022, Management Discussion and

Analysis

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Pending the integration and interpretation of all geochemical data into the Company's project data base, follow-up drilling is anticipated for the upcoming fall season to evaluate the volume of critical metal mineralization discovered to date at H-K. Details are provided in the next section.

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The Company has five mineral properties in Nevada, USA, as shown in Figure 1 below, and four properties in northern Ontario, as shown in Figure 2. The reader is referred to the Company's website at www.vrr.cafor an up-to- date description of the geology and mineral potential of all of its mineral properties, including bulleted summaries of exploration work completed by VR and illustrated with up-to-date maps, figures, cross-sections and rock photos.

Mineral properties located in Nevada are held by 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 exploration activities.

For the purposes of this quarterly report, a brief summary is provided on the following pages for the Hecla-Kilmercopper-gold-REE property in Ontario. The reader is referred to previous reporting quarter, and NR-22-05 on June 1, 2022, for a summary of exploration drilling completed at the Company's Amsel epithermal gold-silver property in Nevada in March, 2022.

The Company continued its normal course of business in mineral exploration in Q1 Fiscal 2023 (April - June, 2022) within the framework of modified field programs and office staffing in response to the COVID-19 pandemic and the directive towards ensuring the health and safety of staff and project personnel. The global pandemic of the COVID- 19 virus presents a real and ongoing health threat across Canada and around the world. Since the onset of the pandemic in March 2020, most office work for both corporate administration and geological work has been conducted from home, augmented by part-timein-person work at the Head Office in Vancouver by the CEO and Corporate Compliance Officer. Overall, the pandemic has not adversely impacted the Company's ability to execute the day-today running of its exploration programs.

The Company remains committed to its early-stage mineral exploration strategy in Critical Metals in northern Ontario, and copper and precious metals (gold and silver) in Nevada, 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, joint venture, direct acquisition of a property from a third party, or by a corporate transaction such as a merger.

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 located in Vancouver, British Columbia.

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June 30, 2022, Management Discussion and

Analysis

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

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Analysis

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Figure 2. Location of VR's critical breccia projects in northern Ontario, Canada.

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Analysis

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EXPLORATION PROJECTS

Hecla-Kilmer Property, Ontario

A full description of the Hecla-Kilmer property ("H-K") and its potential, including a bulleted summary of work done to date, field video's, drill core photos, and geological and geophysical maps and cross-sections are available at the Company's website at www.vrr.ca.

Background

The Hecla-Kilmer property is a direct extension of the Company's exploration strategy towards blue-sky discoveries in copper, gold and critical metals within large-footprint, hydrothermal breccia systems in northern Ontario using new exploration technologies and modern mineral deposit models on previously untested targets.

As shown in Figure 2 above, Hecla-Kilmer and related properties are completely covered by overburden, and previously unexplored for hydrothermal breccia deposits, yet they are proximal to regional infrastructure including rail, power and highway which enable cost-effective exploration and efficient development.

Context for Recent Drill Program

There has been no modern, systematic exploration or drilling of the large and multiphase alkaline intrusive complex with carbonatite at H-K. The opportunity for VR is to be the first to utilize new exploration technologies and apply modern IOCG and IOA carbonatite mineral deposit models in the search for critical metals, copper and gold.

VR completed a high-resolution airborne EM survey over the H-K complex in 2020 using the state-of-the-art VTEM+ system of Geotech Ltd. The Company had an independent, arm's length party complete a LEI inversion of the EM data in order to refine targets for conductivity within the large and complexly zoned magnetic anomaly at H-K. The Company also completed a 3D MVI inversion of a pre-existing, high resolution, fixed wing airborne magnetic survey completed in 1993 by High Sense Ltd. as part of a regional diamond exploration program.

The Company completed four drill holes in November 2020, on the northern MVI magnetic inversion anomaly for a total of 1,971m. As announced on December 17th, 2020, VR intersected a fluorite-carbonate hydrothermal breccia and high temperature, potassic alteration system with sulfide at Hecla-Kilmer which comes to the bedrock surface and has more than 600 m of continuous vertical extent in two drill holes, HK20-002 and 004. New data from the re- assay of sample pulps from drill hole HK20-002 using a sodium peroxide fusion designed to optimize the analytical detection for all rare earth elements was announced in the news release dated July 22, 2021, and similarly, new data were released for drill hole HK20-004 in NR-21-20 dated October 26, 2021.

The Company completed a follow-up drill program in November, 2021, targeting the 3.5mGal gravity anomaly located on the western flank of the MVI magnetic anomaly targeted in 2020. Zones in the hydrothermal breccia with critical metals have high density profiles in XRF scans, and thus provide a direct link between the gravity anomaly and prospective mineralization.

Five holes were completed for a total of 2,604m. A 299 m intersection of rare earth elements and niobium (REE + Nb) in Hole 5 was reported in NR-21-22 dated November 17th. Mineralization in the nine holes completed in the first two drill programs spans more than 1,000 m of strike along the controlling north-south structure, as illustrated in NR- 21-25 dated December 8th, 2021.

The ultra- high-resolution drone magnetic survey completed over the northwestern part of the H-K complex in the fall of 2021 was expanded in the winter season of 2022. The grid now covers an area of approximately 3.4 x 4.5 km and comprises 121 survey lines at both 25 and 50 m line-spacing for a total of 410 line-km. The survey produces a very high resolution of data because of the tight line spacing, a low "tree-top" flight altitude of just 30 metres above ground, and a computerized flight control paired with a new, very high sensitivity potassium-vapour magnetometer.

A third drill program was completed at Hecla-Kilmer in April and May of 2022. By using the results of the expanded drone magnetic survey, the objective was to follow up on the broad, polymetallic intersections of critical metals in 2020 and 2021 by using the analytic signal ("AS") magnetic anomalies derived from the new drone airborne survey as an indication of higher concentrations of hydrothermal magnetite.

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June 30, 2022, Management Discussion and

Analysis

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