Murchison Minerals : Annual Management Discussion and Analysis December 31, 2020

MURCHISON MINERALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE YEAR ENDED DECEMBER 31, 2020

This Management's Discussion and Analysis ("MD&A") is intended to supplement the consolidated financial statements and notes of Murchison Minerals Ltd. (the "Company" or "Murchison") for the year ended December 31, 2020 with comparatives for the same period a year earlier. The consolidated financial statements including comparative figures have been prepared by the Company in accordance with International Financial Reporting Standards ("IFRS") applicable to preparation of financial statements. This MD&A should be read in conjunction with the Company's audited consolidated financial statements and accompanying notes for the year ended December 31, 2020, which are available on the Company's website (www.murchisonminerals.com). This MD&A covers the most recently completed financial year end and the subsequent period up to March 17, 2021. The information is presented in Canadian dollars unless stated otherwise.

OVERALL PERFORMANCE

Description of Business

Murchison is a Canadian based exploration company with a focus on its Brabant Lake property (the "Property") which includes the high-gradeBrabant-McKenzie VMS zinc-copper-silver deposit (the "Deposit") in north-central Saskatchewan. The Company also owns 100% of the HPM nickel-copper-cobalt project in Quebec. The Company expects to acquire additional properties as attractive opportunities are identified. The Company does not have any projects that generate revenue at this time. The Company's ability to carry out its business plan in the future rests entirely on its ability to secure equity and other financings or realize cash from the sale of assets.

Trends

The financing, exploration and development of any properties the Company holds or may acquire in the future will be subject to a number of factors including the commodity prices for minerals, applicable laws and regulations, political conditions, currency fluctuations, the hiring of qualified people, and obtaining necessary services in jurisdictions where the Company operates. The current trends relating to these factors could change at any time and negatively affect the Company's operations and business. Apart from these, the risk factors noted under the heading "Uncertainties and Risk Factors" and "Forward Looking Statement" included in this MD&A, management is not aware of any other trends, commitments, events or uncertainties that would have a material effect on the Company's business, financial condition or results of operations.

Following the declaration on March 11, 2020 of a global pandemic related to COVID-19 by the World Health Organization, the restrictions imposed by governments around the world have had a significant impact on the global economy and commodity prices. While the extent of the impact is unknown, we anticipate this outbreak will continue to cause investment market volatility, supply chain disruptions, and increased government regulations, all of which may negatively impact the Company's operations and ability to finance its operations. Following these events, the Company has taken and will continue to take action to ensure the safety of its workers and minimize the financial impact.

OUTLOOK

On March 5, 2021, the Company completed a $800,000 private placement. Combined with the flow- through private placement during 2020, Murchison is well funded to complete its planned 2021 exploration activities and meet its administrative obligations for 2021 and beyond.

The Company is currently drilling at its flagship Brabant McKenzie property in Saskatchewan where 4,000 metres of drilling (weather permitting) should be completed by the end of March 2021.

MURCHISON MINERALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS - DECEMBER 2020

The Company has retained Geotech Ltd. to complete a VTEM and magnetic surveys at it HPM project in Quebec. These surveys should be flown by the end of April 2021. The data generated will be integrated with a remote sensing study of the property in preparation for detailed field prospecting this coming summer.

There are no known legal, political, environmental or other risks that could materially affect the potential development of Company's exploration projects. Management is of the opinion that it will be able to maintain the status of its current exploration obligations and to keep its properties in good standing. Advancing exploration at the mineral properties will require substantially more financial resources. In the past, the Corporation has been able to rely on its ability to raise financing via equity private placements.

Management's main objective is to advance its current projects and maximize their potential via the use of different exploration techniques available. The long-term goal remains to develop the Company's properties and achieve commercial production. The Company may enter into partnerships in order to fully exploit the production potential of its exploration assets.

MINERAL PROPERTIES - EXPLORATION ACTIVITIES

Brabant Property - Saskatchewan

The Property is owned 100% by Murchison is strategically located along Highway 102 approximately 175 kilometres northeast of the town of La Ronge and near major infrastructure, including grid power. The Property consists of the Brabant-McKenzie VMS Deposit and multiple known mineralized showings and identified geophysical conductors over approximately 57 kilometre strike length of favourable geological horizon, all of which remain under-explored and mostly untested. The 627 km2 Property shares geological characteristics, including similar age, with the Flin Flon and Lynn Lake volcanogenic massive sulphide (VMS) mining camps in Manitoba.

Drilling

In January 2021, a 4,000 metre (16 holes) drilling program was initiated targeting various targets identified during previous geophysical surveys and field exploration programs.

On March 31, 2020, the Company announced that exploration drilling on the Brabant Lake property has intersected high grade copper-zinc mineralization at the Main Lake target located approximately 10 km southwest of the Deposit. The Main Lake target is on the same geological horizon as the Brabant- McKenzie VMS Deposit.

The copper-zinc mineralization intercepted in drill hole ML-20-004 consisted of a copper rich upper zone and a zinc rich lower zone. The upper zone was intersected over an interval of 3.59 metres with 0.83% Cu, 0.61% Zn and 11.8 g/t Ag. The lower zone intersected 6.62 metres of 0.09% Cu, 1.62% Zn and 41 g/t Ag over the entire interval, including 1.02 metres at 5.08% Zn and 0.22 metre at 9.77% Zn. There are several high silver intercepts in this zone as well, the highest of which was 81.2 g/t Ag over 0.82 metre (169.80-170.62 metres).

Drill Hole ID	From (m)	To (m)	Length (m)	Cu (%)	Zn (%)	Ag (g/t)	Au (g/t)
ML-20-004 Upper	139.65	143.24	3.59	0.83	0.61	11.80	0.025
ML-20-004 Lower	169.80	176.42	6.62	0.09	1.62	41.10	0.056
including	169.80	170.62	0.82	0.02	0.65	81.20	0.094
including	170.62	171.64	1.02	0.15	5.08	26.90	0.081
including	176.20	176.42	0.22	0.03	9.77	56.50	0.050

Intercepts are reported as drill widths. True thickness is currently unknown.

Two holes were drilled at Brabant McKenzie South and significant zinc mineralization was noted in drill hole BMS-20-002 (1.49% Zn over 1.43 metres). The TOM2 and T2T targets were each tested by 1 drill

2

MURCHISON MINERALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS - DECEMBER 2020

hole which did not intersect any economically significant mineralization. Graphite and pyrrhotite were present in both TOM2 and T2T but do not adequately explain the strong geophysical signature and both areas require further work. The Main Lake West target was tested by 3 drill holes with copper mineralization noted in drill holes MLW-20-001,MLW-20-002 and MLW-20-003 (0.23% Cu over 6.0 metres, 0.08% Cu over 5.53 metres and 0.26% Cu over 2.03 metres, respectively). Drill results at Main Lake West are encouraging and will require future investigation.

Drill Hole ID	From (m)	To (m)	Length (m)	Cu (%)	Zn (%)	Ag (g/t)	Au (g/t)
BMS-20-002	72.62	73.04	0.42	0.06	1.49	8.37	0.032
ML-20-001	135.43	142.79	7.36	0.06	0.03	2.31	0.018
MLW-20-001	60.98	70.48	9.50	0.23	0.01	0.22	0.038
MLW-20-002	71.37	76.90	5.53	0.08	0.01	0.17	n/a
MLW-20-003	18.84	20.87	2.03	0.26	0.01	1.86	n/a

Intercepts are reported as drill widths. True thickness is currently unknown.

The winter 2020 drill program was originally designed to test 12 high priority drill targets but due to an unseasonably warm winter and inadequate ice conditions, the decision was made to forego drilling any targets requiring ice road access. Of the 12 targets originally planned to be tested, only 5 were ultimately tested with 11 drill holes totalling 2,618 metres.

Please refer to the Company's press release dated March 31, 2020 for full results on the winter 2020 drill program at the Property.

Geophysics

Murchison's winter 2020 program included fixed loop surface TDEM geophysical survey focused on the Brabant South area, which contains a complex package of conductors defined by the 2011 VTEM (Versatile Time Domain Electromagnetic) Plus survey. The survey results defined five high conductance targets that are high priority and ready for the Company next drill program.

On April 6, 2020, the Company announced that it had completed a 949-line kilometre EM VTEM-Max airborne survey covering approximately 3,353 hectares at the Property. A total of 58 new conductors were identified of which, 35 are located on the Deposit's horizon.

The 35 new EM conductors to the south-west of the Brabant-McKenzie VMS Deposit and the recent Main Lake drill discovery. An additional 23 EM conductors have also been defined on the M-Block group of claims located on the eastern side of the Property.

Property Holdings Extended

In February 2020, the Company acquired 11 mineral claims (123.91 km2) located southwest and contiguous to the Property. These claims were acquired from MAS Gold Corp. ("MAS") in exchange for a 1% NSR royalty.

The new claims which hosted 6 mineral showings, covered the same prospective geological unit that hosts the Deposit. The area covered by these claims has seen limited historic exploration and represents a promising exploration opportunity to employ modern geophysical and other exploration techniques.

Also in February 2020, the Company acquired, by map designation, an additional 11.56 km2 of claims contiguous to the Property. The new claims covered prospective geological units that hosts 14 conductors identified from a 1968 government sponsored airborne EM survey.

In August 2020, the Company acquired two additional claim blocks totaling 6,187 hectares in Saskatchewan. The new May Lake claim is located 29 km north of Murchison's Brabant-McKenzie copper- zinc-silver deposit. The claim covers a historic Geological Survey of Canada (GSC) regional lake sediment sample collected from a small lake (Jones Lake) which assayed 780 ppm zinc, which is highly anomalous,

3

MURCHISON MINERALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS - DECEMBER 2020

16 ppb Au, 81 ppm copper. Limited historic drilling done on the property in 1969 and 1974 encountered strong pyrite and pyrrhotite mineralization which may indicate VMS potential.

The Cunning Lake claim is located 29 km northeast of the Brabant-McKenzie VMS deposit. The claim overlies the Cunning or Halfway Lake lead occurrence where notable lead sulphide (galena) and copper iron sulphide (chalcopyrite) have been historically identified in outcrop. The mineralization was noted as occurring within a silicified migmatite zone. Galena and chalcopyrite are often associated with volcanogenic massive sulphide (VMS) deposits or orogenic gold deposits and represent a prospective target for exploration. This area has seen limited exploration in 1962 and 1967 with no historic diamond drilling reported.

As at March 17, 2021, the Brabant Lake property was approximately 627 km2.

New Mineralized Area

On November 13, 2020, the Company announced the discovery of new zinc mineralization at its recently acquired May Lake claim in Saskatchewan. The zinc mineralization consisted of a grab sample assaying 0.91% zinc, 0.12% copper, 0.08% nickel, and 2.6 g/t silver. The sample was collected as part of the summer prospecting program on the claims acquired to investigate a historic zinc-rich lake sediment sample in Jones Lake as described above. The newly discovered mineralization was found in shallowly buried pyritic quartz rich bedrock. The subcropping zinc mineralization is an indication that the historic lake sediment zinc is locally sourced and signifies that the area is prospective for VMS mineralization. Murchison considers the area highly prospective and plans to conduct additional prospecting and to cover the area with electromagnetic geophysical surveys in the future.

The Company has also recently acquired additional new claims via staking directly adjacent to the Brabant- McKenzie Deposit covering an area of 2.45 km2. This area was formerly precluded from staking being held as provincial crown reserve CR-918, which lapsed on January 13, 2021. This new mineral claim block is projected to contain the northernmost extent of the Brabant-McKenzie Deposit as well as the highly prospective historic Betty Zn-Cu showing.

Betty Zn-Cu showing:

The Betty showing (SMDI 1886 & 0414) is located directly on strike with the Brabant-McKenzie Deposit and is approximately 1.2 km north of the Deposit. The Betty showing has a similar geophysical signature, and limited historic drilling targeting the near-surface extent of the geophysical anomaly intersected significant zinc, copper and lead mineralization. A drill hole discovering the showing location drilled in 1967 by Scurry-Rainbow intersected 1.5 m of 5% lead, additional drilling in 1972 by Canadian Nickel Company intersected 2.3 m grading 0.94% copper and noted significant sphalerite (zinc sulphide), but the reported work lacks zinc assays.

Murchison plans to complete two 250-m drill holes to test the centre of the geophysical anomaly associated with the historic mineralization.

Mineral Resource Estimate

In September, 2018, the Company provided the results of a new mineral resource estimate (the "2018 Mineral Resource Estimate"). The 2018 Mineral Resource Estimate included the addition of 19 diamond drill holes totaling 9,004 metres which were completed during the 2018 winter drilling program as well as a comprehensive re-interpretation of the geology of the Deposit using current and historical drilling data and reports. Please refer to the press release dated September 13, 2018 for full details.

The 2018 Mineral Resource Estimate has been prepared by independent qualified person ("QP") Finley Bakker, P.Geo., and was calculated using Minesight/Hexagon 3D modeling software to define the mineralized limits of the Deposit.

The 2018 Mineral Resource Estimate for the Deposit is as follows:

4

MURCHISON MINERALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS - DECEMBER 2020

Category	Tonnes	Zn%	Cu%	Pb%	Ag (g/t)	Zn Eq%
Indicated	2,100,000	7.08	0.69	0.49	39.6	9.98
Inferred	7,600,000	4.45	0.57	0.19	18.4	6.29

The 2018 Mineral Resource Estimate for the Deposit was determined on the basis of:

• Drilling results to March 24, 2018 and including historical diamond drilling used in the previous NI- 43-101 resource estimate completed in 2008 and 2018;
• US$ metal prices of $1.20/lb Zn, $2.50/lb Cu, $1.00/lb Pb, $16.00/oz Ag and $1,200/oz Au;
• CDN$:US$ exchange rate of $1.20;
• An NSR cut-off of $90/tonne or 3.5% zinc equivalent ("Zn Eq") based on above metal prices;
• Average metallurgical and payable recovery of 75% for all metals;
• Indicated Resource was calculated using a two-hole minimum and a maximum distance of 60 metres from a diamond drill hole;
• Inferred Resource was calculated using a no-hole minimum and a maximum distance of 200 metres from a diamond drill hole;
• As much as possible, a 2 metre intercept minimum was used but not strictly adhere to;
• The resources were also manually reviewed and adjusted to take into consideration drill intercepts from previous operators in the areas of drilling carried out by the Company, and;
• 138 drill holes were used in the calculation and were used to model 2 mineral lenses.

HPM Property - Quebec (100%)

In March 2020, the Company announced the acquisition, by map designation, of an additional 31 km2 of mineral claims at the HPM property, effectively consolidating a 100% interest over 58.3 km2 land position in the area.

This expanded property holding covers the prospective geological unit that hosts significant nickel/copper/cobalt mineralization identified by a total of 32 diamond drill holes (6,479 metres) completed in 2001/2002 and 2008.

To date, only a small portion of the HPM property has been evaluated. Previous exploration has been primarily focused on two areas of Ni-Cu-Co mineralization (PYC & Barre de Fer) which were originally discovered by Falconbridge Nickel. Past diamond drilling at PYC (1 hole) and Barre de Fer (25 holes) has confirmed the Ni-Cu-Co mineralization continues at depth. Generally, mineralization occurs as massive sulfide breccia and as disseminated (5-15% sulfides) to net-textured sulfide in norite intrusion (Barre de Fer area) and in granulitic gabbro (PYC area).

In September 2020, the Company retained Orix Geoscience 2018 Inc. (Orix) for a ground prospecting program on the 58 km2 HPM nickel, copper, cobalt project. The Company also retained Prospectair Geosurveys Inc. to complete a 1,400-line kilometre airborne magnetic (MAG) survey over the entire HPM claim block.

5