VR RESOURCES LTD.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE YEAR ENDED MARCH 31, 2022

REPORT DATE:

JULY 14, 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 year ended March 31, 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 March 31, 2022 and working capital of $1.7 m.
  • Completed the third reconnaissance drill program on the hydrothermal breccia target at the Hecla-Kilmer carbonatite complex in northern Ontario. Eight holes were completed in April and May, 2022, 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 88 and 131 m intersections respectively in the first two holes of the 2022 program, 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.

Pending receipt of all data from the remaining six drill holes, follow-up drilling is anticipated for the upcoming fall season to evaluate the volume of critical metal mineralization discovered to date at H-K.

  • Completed the first leg of the planned two-phase reconnaissance drill program at its Amsel epithermal gold- silver property located in west-central Nevada. Three reverse circulation ("RC") holes were completed on the northern IP anomaly to depths of 774 - 823 ft each (236 - 251 m), for 2,402 ft in total (732 m). Each hole

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successfully intersected continuous silica-sulphide alteration through its entirety. Gold and silver mineralization was intersected in altered tuff in the upper parts of Holes 1 and 2 and in the lower part of Hole 1, spanning about 200 vertical metres overall in the uppermost part of the epithermal system at Amsel.

  • e.g. 62.5m @ 15.9 g/t Ag & 0.10 g/t Au in Hole 1, incl. 12.2m @ 32.6 g/t Ag & 0.12 g/t Au, starting at 211.8 m

The second leg of the program is planned for the upcoming fall season, to test the southern structural block at Amsel, and what is believed to be the principal pathway of the high temperature epithermal fluids proximal to the source of the overall mineral system responsible for the 2 x 3 km alteration footprint on surface.

The Company continued its normal course of business in mineral exploration in Q4 Fiscal 2022 (October - December 2021), 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 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, joint venture or 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 83,701,942 shares issued, with 7,485,000 Stock Options and 3,522,049 warrants outstanding for a fully diluted share capital of 94,708,991.

Working capital as of March 31, 2022, of $1.7 m is sufficient for its general corporate and administrative costs ("G&A") into 2023. The Company will purse specific financing strategies to provide funds for new exploration drill programs in the second half of 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 located in Vancouver, British Columbia.

Development of the Company's capital markets program is ongoing, including but not limited to:

  • 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, to perform timely dissemination of market-related information, and to keep social media pages 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 is actively covered by four Newsletter writers in the junior mineral exploration venture capital sector, mineral resources sector, and by Intrynsyc Capital Corp. and Agentis Capital Corp.

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 continuously updated.

There was active exploration in Q4 at the Company's Hecla-Kilmer property and carbonatite-hosted breccia target located in Northern Ontario, and the Amsel epithermal gold-silver property located in Nevada. Details are provided in the next section.

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. Since the onset 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 did not adversely impact the Company's day to day functioning,

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nor its overall strategy for fiscal year 2022, 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, as shown in Figure 1 below, and two properties in northern Ontario, shown in Figure 3.

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 Amsel silver- copper project in Nevada, and the Hecla-Kilmercopper-gold-REE property in Ontario.

Amsel gold-silver property, Nevada

The Amsel property is located within the Walker Lane gold-silver epithermal mineral belt located in western and central Nevada (Figure 2). The belt has a 140-year history of active mine production that continues to this day.

The Company received its drill permit for its Amsel gold-silver property in Nevada in Q3. The property is on land administered by the United States Forest Service (USFS). A Decision Letter dated November 4th, 2021, was followed by the final, approved and signed Plan of Operations dated November 18th. In follow-up to the Decision, the Company posted an environmental bond in the amount of USD $44,400, a standard procedure for such a permit in the United States. The first leg of a planned two-stage reconnaissance drill program was completed in March, 2022.

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 the Amsel property on the Big Ten project page, including a summary of work completed by VR since 2016, and illustrated with up-to-date maps, figures, cross-sections and rock photos. Importantly, there is a link to a live recording of the Q&A webinar held in November 2021, following receipt of the drill permit which is posted on the project landing page and provides a walk-through of the exploration target.

Property Description

The Big Ten project is in Nye County in west-central Nevada. It is in the southern part of the Monitor Range, approximately 50 kilometres northeast of Tonopah. Cost effective exploration is afforded by road access to the property on Nevada State Highway 82 leading north and east from Tonopah, with historic but still actively used roads and trails to and within the project area.

There are currently seven properties within the project along the 20 km length of the Big Ten Caldera mineral trend. Amsel is the current focus of exploration. The properties are owned 100% by VR. There are no underlying annual lease payments on any of the properties in the Big Ten project, nor are there any joint venture interests, carried interests or back-in rights on the various properties. There is a 2% net smelter returns royalty on the Amsel property which consists of 66 claims covering 1,363 acres (552 ha).

The Round Mountain gold deposit located 45 km to the northwest of Big Ten surpassed 20 million ounces of gold production in 2020 (Kinross Mining Corporation). Artisanal mining began in 1906. Large-scale mining by modern pit and heap leach methods commenced in 1977 and continues to this day. The Big Ten volcanic caldera which hosts Amsel is the same age as the host volcanic caldera at Round Mtn., and the respective epithermal mineralizing systems at Round Mountain and Amsel are also the same age (see data in the news release dated November 9, 2022).

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

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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).

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VR Resources Ltd. published this content on 14 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 July 2022 21:53:01 UTC.