Murchison Minerals : Interim Management Discussion and Analysis March 31, 2021

MURCHISON MINERALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED MARCH 31, 2021

This Management's Discussion and Analysis ("MD&A") is intended to supplement the condensed interim consolidated financial statements and notes of Murchison Minerals Ltd. (the "Company" or "Murchison") for the three months ended March 31, 2021. The unaudited condensed interim consolidated financial statements including comparative figures have been prepared by the Company in accordance with International Financial Reporting Standards ("IFRS") applicable to preparation of interim 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 have been prepared in accordance with IFRS and available on the Company's website (www.murchisonminerals.com). This MD&A covers the most recently completed financial quarter and the subsequent period up to April 26, 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 MD&A for the year ended December 31, 2020, 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.

The Company's operations could be significantly adversely affected by the effects of the global spread of the contagious coronavirus causing the outbreak of COVID-19 respiratory disease, which was declared a pandemic by the World Health Organization in March 2020. The Company has followed the instructions and advice of Federal and Provincial health authorities, as well as industry-wide best practice guidelines, and has limited travel and field activities to help control the spread of COVID-19 and protect local communities. The Company cannot accurately predict the impact the COVID-19 pandemic will have on its operations, including uncertainties relating to the duration of the pandemic, the ultimate severity of the disease, the duration of travel and quarantine restrictions imposed by governmental authorities, and the impact on schedules and timelines for planned operations or exploration programs. In addition, this widespread health crisis and related business lockdowns have adversely affected the economies and financial markets of many countries, resulting in an economic downturn that could affect the Company's operations and ability to finance its planned operations.

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.

MURCHISON MINERALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS - MARCH 2021

The 2021 drill program included 4 holes on the Brabant McKenzie deposit along the outside perimeter of the known mineralization. A fifth hole, BM21-004, confirmed the continuity of the high-grade mineralization within the deposit with 15.35 metres of continuous sulphide mineralization at 13.16% Zn Eqat the peripheral edge of Indicated Mineral Resources. The intersection consisted of 9.07% Zn, 0.81% Cu, 0.26% Pb, 0.11 g/t Au and 35.11 g/t Ag from 341.20 to 356.55 metres. Samples have been sent for metallurgical testing. Two holes were completed on the recently acquired Betty zone both of which intersected narrow VMS mineralization grading up to 9.22% Zn Eq over 0.92 metre (4.40% Zn, 1.33% Cu, 12.95 g/t Ag from

280.73 to 281.65 metres). Given these positive signs, a downhole EM survey was completed identifying a large off hole Maxwell Plate conductor extending over a strike length of 700 m X 200m wide. The Company is currently applying for drilling permits to test the potential of the Betty target in September when a drill will become available.

Three holes were completed at the Main Lake target and one hole was drilled at the Pete's Point South target and two holes at the McIvor target. Assays are currently pending.

At the date of this MD&A, Geotech Ltd. had almost completed the VTEM airborne survey at the HPM project in Quebec. The data generated will be integrated with a remote sensing study of the property in preparation for detailed field prospecting this coming summer.

The Company is also in advanced negotiation to acquire a 100% interest in certain claims with drill ready targets, located near a mining camp area in Québec targeting new zinc-silver-gold deposits. These properties were identified based on a new interpretation from detailed compilation and recent regional geophysical data processing.

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 LAKE 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, the Company initiated a drilling program targeting various targets identified during previous geophysical surveys and field exploration programs where a total of 3,925 metres (14 holes) were drilled. 1,938 metres (6 holes) were in drilled in the Brabant-McKenzie Deposit area, 771 metres (2 holes) in the Zn-Cu Betty Showing, 925 metres (3 holes) in the Main Lake target and 351 metres (3 holes) in three high-priority regional drill targets. The drill program was completed in the last week of March 2021.

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MURCHISON MINERALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS - MARCH 2021

On March 22, 2021, the Company announced the assay results for the first three drills holes which were designed to test the northern extents of the Deposit (holes BM21-002 and BM21-003), and BM21-004 was designed to convert Inferred Mineral Resources to Indicated Mineral Resources while simultaneously collecting material for metallurgical analysis and testing. (See press release March 22, 2021 for details and maps). The hole BM21-001 was designed to test the rock mass directly south of the Deposit to assess growth potential and the drill hole intersected two narrow intervals of sulphide mineralization from 222.15 to 222.92 metres and from 409.81 to 410.16 metres, indicating the area is prospective for potential resource growth. Hole BM21-005 was designed to test the southern near-surface extents of the Deposit's lower domain and assess the viability of expanding the reported Inferred Mineral Resources within the upper domain and the hole successfully intersected 1.31 metres of 6.82% Zn Eq. BME21-001 was designed to test a small shallow isolated conductor directly east of the Deposit. The hole intersected an interval of graphite and pyrrhotite mineralization, but no notable economic mineralization was encountered.

Highlights:

• Hole BM21-004 confirms the continuity of the high-grade mineralization within the deposit with 15.35 metres of continuous sulphide mineralization at 13.16% Zn Eq at the peripheral edge of Indicated Mineral Resources. The intersection consisted of:
  o 9.07% Zn, 0.81% Cu, 0.26% Pb, 0.11 g/t Au and 35.11 g/t Ag from 341.20 to 356.55 metres
• Hole BM21-003 proves the continuation of the near-surface mineralization north of reported Mineral Resources with a broad zone of sulphide mineralization, including:
  o 107 g/t Ag from 171.50 to 173.00 metres (1.50 m)
  o 3.78% Zn, 0.30% Cu, and 8.15 g/t Ag from 175.21 to 176.83 metres (1.62 m)
• Hole BM21-002, designed to test the northernmost extent of the Brabant-McKenzie deposit at depth, intersected sulphide mineralization consisting of:
  o 0.26% Zn, 0.38% Cu, and 5.80 g/t Ag from 325.40 to 326.56 metres (1.16 m) o 0.47% Zn, 0.34% Cu, and 3.49 g/t Ag from 331.47 to 338.9 metres (7.43 m)

Significant Drill Intercepts from BM21-002,BM21-003 and BM21-004

Drill Hole	From	To	Length (m)	Zn (%)	Cu	Pb	Au	Ag (g/t)	Zn Eq*
(m)	(m)	(%)	(%)	(g/t)	(%)
BM21-002	325.40	326.56	1.16	0.26	0.38	0.01	0.02	5.80	1.73
and	331.47	338.90	7.43	0.47	0.34	0.02	0.03	3.49	1.76
including	331.47	334.41	2.94	0.45	0.45	0.01	0.04	4.55	2.15
including	335.41	338.90	3.49	0.58	0.28	0.02	0.02	2.68	1.62
BM21-003	171.50	173.00	1.50	0.01	0.01	0.00	0.01	107.00	3.32
and	175.21	176.83	1.62	3.78	0.30	0.01	0.01	8.15	5.04
and	179.93	181.16	1.23	0.04	0.09	0.01	0.00	29.30	1.22
and	186.59	189.09	2.50	0.97	0.33	0.00	0.01	3.27	2.18
and	190.92	193.49	2.57	0.77	0.84	0.00	0.06	8.18	3.87
BM21-004	337.09	337.90	0.81	0.04	0.55	0.01	0.03	19.30	2.47
and	338.60	339.50	0.90	0.07	0.28	0.02	0.17	11.90	1.70
and	341.20	356.55	15.35	9.07	0.81	0.26	0.11	35.11	13.16
including	341.20	344.70	3.50	9.92	0.81	0.02	0.06	41.26	13.91
including	345.20	346.20	1.00	5.22	2.00	0.02	0.25	72.40	14.38
including	346.70	348.70	2.00	13.89	0.44	0.02	0.06	17.35	15.99

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MURCHISON MINERALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS - MARCH 2021

including	352.00	356.55	4.55	14.39	0.87	0.04	0.10	29.70	18.34
and	360.50	361.52	1.02	0.04	0.31	0.08	0.05	13.40	1.62

Notes (1)(2)

1. Zinc Equivalent (Zn Eq) values are based on the following metal prices: US$1.26/lb Zn, US$4.07/lb Cu, US$0.90/lb Pb, US$1,740/Oz. Au and US$26.27/Oz. Ag
2. True widths are 80-95% of interval lengths.

On April 13, 2021, the Company announced that a large, highly prospective, off-hole borehole geophysical anomaly was located at its newly acquired Betty Zone target located approximately one kilometre northeast of the Deposit. Two holes, BZ21-001 and BZ21-002, were drilled during the 2021 winter drill program at the Betty Zone and were later surveyed by a borehole electromagnetic survey subsequent to the end of the 2021 winter drill program. The resulting data indicates that the holes narrowly missed a large conductive body located immediately down dip and is approximately 100 to 300 metres below surface. Initial modelling suggests the anomaly has the potential of a 700 m long strike length, that is also supported by airborne VTEM data. The anomaly is directly on strike with the Deposit with similar conductivity values. (See press release April 13, 2021 for details, figures and maps).

BZ21-001 (381 metres) and BZ21-002 (330 metres) both intersected VMS mineralization similar to what is observed at the Deposit. The observed mineralization consists of an interval of abundant sphalerite and chalcopyrite and is located proximal to the observed off-hole borehole geophysical anomaly.

Highlights:

• Hole BZ21-002 intersected 4.40% Zn, 1.33% Cu, 12.95 g/t Ag from 280.73 to 281.65 metres (0.92
• 1. including 0.42 m at 3.76% Zn, 2.40% Cu, 21.70 g/t Ag and 0.12 g/t Au (12.41% Zn Eq).
• Hole BZ21-001 intersected 3.59% Zn, 0.21% Cu, 5.30 g/t Ag from 327.25 to 327.54 metres (0.29
• 1. .
• Downhole EM indicates the presence of a significant off-hole conductor down dip from the intersections.

Significant Drill Intercepts from BM21-001,BM21-005,BZ21-001, and BZ21-002.

	From	To	Length	Zn	Cu	Pb	Au	Ag	Zn Eq*
Drill Hole	(m)	(m)	(m)	(%)	(%)	(%)	(g/t)	(g/t)	(%)
BM21-001	222.15	222.92	0.77	0.09	0.26	0.01	0.01	2.87	1.05
and	409.81	410.16	0.35	0.26	0.06	1.13	0.06	58.80	3.16
BM21-005	61.83	62.18	0.35	0.02	0.31	0.00	0.08	7.90	1.42
and	199.75	201.06	1.31	3.49	0.80	0.02	0.08	18.55	6.82
including	200.28	200.56	0.28	11.90	2.80	0.01	0.29	57.60	23.29
BZ21-001	327.25	327.54	0.29	3.59	0.21	0.02	0.05	5.30	4.56
BZ21-002	280.73	281.65	0.92	4.40	1.33	0.00	0.07	12.95	9.22
including	280.73	281.15	0.42	3.76	2.40	0.00	0.12	21.70	12.41

*Zinc Equivalent (Zn Eq) values are based on the following metal prices: $1.26/lb Zn, $4.07/lb Cu, $0.90/lb Pb, $1,740/Oz. Au and $26.27/Oz. Ag Note that BME21-001 did not intersect grades over 1.0% Zn Eq and was not composited. True widths are currently unknown.

Assays are pending on the drill results from Main Lake and 3 regional exploration targets.

Qualifying Statement

The foregoing scientific and technical disclosures have been reviewed by John Shmyr, P. Geo., and Martin St-Pierre, P. Geo., 'Qualified Persons' as defined by National Instrument 43-101 (NI 43-101). Mr. Shmyr and Mr. St-Pierre are independent consultants to Murchison and the Brabant-McKenzie Project.

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MURCHISON MINERALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS - MARCH 2021

HPM PROPERTY - QUEBEC

At HPM, a VTEM airborne geophysical survey started on April 14, 2020 to follow up on promising prospecting results (see November 19, 2020 release) on its 100% owned HPM Ni-Cu-Co ("HPM") project in Quebec.

The Geotech VTEM 655-line kilometre survey over the HPM property will be flown with a 100-line spacing.

Murchison has also commissioned a satellite remote sensing study to detect alteration signatures on the property which, when completed, will integrate all pertinent data including the airborne survey to identify the most prospective drill targets in this coming summer field program.

The HPM project continues to show tremendous promise with its numerous gossanous nickel-copper-cobalt-bearing outcrops spatially linked to historical airborne EM anomalies. It is well-known that the prolific Voisey's Bay Mine, some 620 km from our HPM project, was originally prospected and mapped as a pyritic gossan. There, leaching of metals from the deeply-weathered surficial cap yielded little or no anomalous metal concentrations in the first sampling yet Voisey's Bay is one of world's most spectacular nickel- copper-cobalt mines."

Historically, exploration and drilling on the HPM property focused on the immediate area around the Barre de Fer showing. The anomalous Ni-Cu-Co results from mafic intrusions 0.5-2.5 km outside of that area, obtained from the recent reconnaissance prospecting program, demonstrate the potential for a mineralization system that is larger than previously thought.

The 58 km2 HPM property lies within the Grenville Province's Allochthonous Belt and is host to numerous Ni-Cu-Co showings associated with mafic to ultramafic intrusions, including the high-grade Barre de Fer magmatic nickel sulphide occurrence. The Barre de Fer occurrence returned up to 1.74% Ni, 0.90% Cu, and 0.09% Co over 43.18 m in historic diamond drilling. Results from this short reconnaissance- prospecting program in conjunction with other historic results provide additional encouragement for a follow-up program at HPM.

Access to Properties

The Company's access to its properties is dependent on climate and weather conditions. The Brabant property in Saskatchewan is accessible all year round. The HPM project can also be accessed all year round but weather conditions may limit access at certain times of the year.

ADDITIONAL DISCLOSURE FOR VENTURE ISSUERS

The following table sets out the exploration expenses for the last two quarters.

			March 31,		March 31,
			2021		2020
	Brabant Lake
	Amortization	$	4,113	$	3,824
	Drilling		1,064,745		911,641
	General Administrative		2,084		-
	Geology		38,517		6,055
	Geophysics		32,400		349,963
	Mineral Property and Staking		300		694
	Total Brabant Lake	$	1,142,159	$	1,272,177

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