VR Resources : Q2 mda 2023

VR RESOURCES LTD.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2022

REPORT DATE:

November 3, 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 September 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, and the condensed consolidated interim financial statements for the period ended September 30, 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 of Business

• 97.2 m shares issued and outstanding as of October 31, 2022.

• Capital raise of approximately C$ 2.26 m program at the Hecla-Kilmer property and to cover G&A costs through 2023.

closed by October 14th, 2022, to secure funds for the fourth drill critical metals discovery in Northern Ontario planned for Q3, and

The details of the afore-mentioned financing closed in the month following Q2 can be found in NR-22-16, dated October 14, 2022. The breakdown for the aggregate gross proceeds of $2,259,810 raised is:

• Flow Through Financing ("FT"), consisting of 5,051,667 units ("FT Units") at a price of $0.18 per FT Unit for total gross proceeds of $909,300.
• Hard dollar Financing, consisting of 8,417,250 units ("Units") at a price of $0.16 per Unit for total gross proceeds of $1,346,760.

VR Resources Ltd. September 30, 2022, Management Discussion and

Analysis

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The Company remains committed to its early-stage mineral exploration strategy for large-footprint hydrothermal breccia systems with critical metals, copper and gold in northern Ontario, and for copper and precious metals (gold and silver) in Nevada. The business is focused on 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, acquisition or joint venture 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.

Development of the Company's capital markets program is unchanged and ongoing. It is summarized in a section that follows this summary. More informally, the Company continues to receive active coverage from four investor Newsletter writers in the mineral resources sector, and institutional coverage also continues from Intrynsyc Capital Corp. and Agentis Capital Corp. based in Vancouver.

The Company continues its normal course of business in mineral exploration 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, while not at the level of concern that it once was, still 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 at VR has been conducted from home, augmented by part-timein-person work at the Head Office in Vancouver by the CEO and Corporate Compliance Officer. Fortunately, the pandemic has not adversely impacted the Company's ability to execute the day-to-day running of its exploration programs in the field.

Description of Properties

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. 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.

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.

VR Resources Ltd. September 30, 2022, Management Discussion and

Analysis

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

VR Resources Ltd. September 30, 2022, Management Discussion and

Analysis

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

VR Resources Ltd. September 30, 2022, Management Discussion and

Analysis

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Current Exploration

There was no active exploration on the ground in Q2.

• The reader is referred to the previous reporting quarter for a detailed summary of the Hecla-Kilmerproperty and critical metal discovery in Northern Ontario, which includes a table of intersections and a map with drill hole locations, and further, news releases NR-22-08 and NR-22-10 dated July 21 and August 18th, respectively, which provide specific details of the critical metal intersections achieved in the drill program completed in June, 2022, during the previous quarter, Q1.
• For the Company's Amsel epithermal gold-silver property in Nevada, the reader is also referred to the previous reporting quarter, and NR-22-05 dated June 1, 2022, for a summary of exploration drilling completed at Amsel in March, 2022.
  In the normal course of business, the Company continues various and ongoing discussions with several different major mining companies regarding opportunities to participate in its Amsel and New Boston

properties in Nevada.

Focus Through End of 2022

Subsequent to the reporting quarter, the Company announced in NR-22-15 drill program at its Hecla-Kilmer property and critical metals discovery in the strongest near-term opportunity for value creation for our shareholders,

on October 15th the start-up of the fourth northern Ontario. Hecla-Kilmer presents for three reasons:

1. The discovery of critical metals at Hecla-Kilmer is relevant to policy statements from governments across North America to support and/or spurn the urgent need for raw material supply to feed domestic, down- stream sustainable technology industries such as EV's and wind turbines in the emerging green economy (see comment below on OJEP award);
2. The polymetallic rare earth element critical metal mineralization at Hecla-Kilmer has scale both laterally and vertically, and also, a high proportion of the very high value rare earth elements required for the manufacture of permanent magnets which are essential in the manufacturing of EV's and wind turbines;
3. The location of Hecla-Kilmer near road, rail and power infrastructure facilitates cost-effective exploration, and is a positive attribute for potential development of the discovery in the future.

Alignment with government policies and incentives towards a domestic critical metals industry is explicit in the second $200,000 award the Company received in September, 2022, for the Hecla-Kilmer project from the two-year Ontario Junior Exploration Program critical metals exploration grant program (OJEP).

Plans for the drill program which is underway at the time of writing of this report include:

• Four to six holes are planned, for a total of approximately 2,000 metres.
• The program is expected to take four to five weeks to complete.
• Geochemical data are expected through year-end and into the first quarter of 2023.

Drilling is again being done from the exploration camp established in 2020 on private land at Otter Rapids located just 23 km southeast of the property. The camp has "green" electrical service, situated at the terminus of Highway 634 which links the hydroelectric facility at Otter Rapids to the towns of Cochrane and Kapuskasing located to the south on the northern Trans-Canada Highway. The Ontario Northern Railway also passes through Otter Rapids to service the communities of Moose Factory and Moosonee located on the tidewaters of James Bay 125 km to the northeast.

The program and approach at Hecla-Kilmer have advanced, from reconnaissance in nature when our exploration began in 2019 to the more advanced-stage delineation drilling in this, our fourth program which is targeting known, high- grade polymetallic mineralization intersected at or near surface in three separate areas spanning 2.5 km of the complex.

VR Resources Ltd. September 30, 2022, Management Discussion and

Analysis

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