Sierra Grande Minerals : 2021 Q3 MD & A

Sierra Grande Minerals Inc.

(Formerly Sierra Growth Corp.)

Management Discussion and Analysis

Nine months ended September 30, 2021

SIERRA GRANDE MINERALS INC. (FORMERLY SIERRA GROWTH CORP.) MANAGEMENT DISCUSSION AND ANALYSIS

Nine months ended September 30, 2021

Background

Sierra Grande Minerals Inc. (formerly Sierra Growth Corp. (the "Company" ore "Sierra") was incorporated under the laws of the province of Ontario on November 17, 1994. On June 19, 2009, the Company completed a continuance of business from Ontario to British Columbia. The Company changed its name to Sierra Grande Minerals Inc. on June 22, 2021.

The Company is listed on the Canadian Securities Exchange ("CSE") under the symbol "GVG" as well as on the Berlin and Frankfurt stock exchanges in Germany under the symbol "F91Q". Commencing June 18, 2021, the Company's shares began to trade on the OTCQB Venture Market ("OTCQB") in the United States under the symbol "SIERF".

The Company's principal business is acquisition and development of resource properties with merits.

The head office, registered address, principal address and records office of the Company are located at Suite 210, 9648 128 Street, Surrey, B.C. Canada V3T 2X9.

The following discussion and analysis should be read in conjunction with the audited consolidated financial statements and notes of Sierra for the recent year ended December 31, 2020 and the unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2021. All monetary amounts, unless otherwise indicated, are expressed in Canadian dollars. Additional information relating to the Company and other regulatory filings can be found on the SEDAR website at www.sedar.com.

This MD&A is dated November 29, 2021.

Forward-Looking Statements

Forward looking statements are statements that are not historical facts and are generally, but not always identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "interprets" and similar expressions, or that events or conditions "will", "may", "could" or "should" occur. The information contained herein may contain forward-looking statements including expectations of future production, cash flows or earnings. These statements are based on current expectations that involve a number of risks and uncertainties which could cause actual results to differ from those anticipated. Factors that could cause the actual results to differ materially from those in forward- looking statements, but are not limited to: risk associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserves estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

Although management believes that the expectations represented by such forward-looking statements are reasonable, there is significant risk that the forward-looking statements may not be achieved, and the underlying assumptions thereto will not prove to be accurate.

SIERRA GRANDE MINERALS INC. (FORMERLY SIERRA GROWTH CORP.) MANAGEMENT DISCUSSION AND ANALYSIS

Nine months ended September 30, 2021

Forward-looking statements made in this management discussion include, but not limited to:

1. Statements concerning Sierra Growth's primary business activities;
2. Sierra's intention to seek and acquire additional mineral properties with merits.

Corporate update

In February, 2021, the Company completed a private placement and issued 12,519,000 units for gross proceeds of $751,140. Each unit consists of one common share and one warrant, exercisable at $0.08 for two years after closing, subject to an accelerated 30-day expiry date in the event the Company's shares trade at or above $0.25 for 10 consecutive days.

On April 13, 2021, the Company granted 1,570,000 stock options to directors, officers, employees and consultants. The options are exercisable at $0.25 per share and expire two years from the date of grant.

The Company changed its name to Sierra Grande Minerals Inc. on June 22, 2021.

The Company's shares began to trade on the OTCQB Venture Market ("OTCQB") in the United States under the symbol "SIERF" commencing June 18, 2021.

Mineral properties

Primus Properties

During the first quarter ended March 31, 2021, the Company entered into definitive agreements with Primus Resources ("Primus"), a Nevada-based privately held company, whereby Sierra has secured the rights to earn an 100% interest in 3 epithermal gold-silver projects (Giltra/Sat; B&C Springs/Mildred; Betty East) in the State of Nevada, U.S.A., one of which also has porphyry and/or skarn copper-silver-molybdenum potential (collectively the "Projects").

Over a 6 year period from the closing date, the Giltra/Sat project requires USD $675,000 in cash payments (including USD $40,000 at closing), USD $800,000 in work commitments, and the issuance of 400,000 common shares of the Company.

Over a 6 year period from the closing date, the B&C Springs/Mildred project requires USD $500,000 in cash payments (including USD $15,000 at closing), USD $500,000 in work commitments, and the issuance of 400,000 common shares of the Company.

Over a 6 year period from the closing date, the Betty East project requires USD $500,000 in cash payments (including USD $20,000 at closing), USD $750,000 in work commitments, and the issuance of 400,000 common shares of the Company.

During the nine months ended September 30, 2021, the Company incurred $157,584 for the acquisition of the Primus Property:

• Applied the $12,700 (USD$10,000) deposit previously paid as part of the acquisition cost,

SIERRA GRANDE MINERALS INC. (FORMERLY SIERRA GROWTH CORP.) MANAGEMENT DISCUSSION AND ANALYSIS

Nine months ended September 30, 2021

• paid $94,500 (USD$75,000) to the Primus Optioners due at the closing of the definitive agreements, and
• incurred $50,384 in staking additional claims around the Primus Property.

During the same nine-month period, the company conducted geo-chemistry programs and incurred expenditures totalling $159,163, and paid $30,572 for the maintenance of the permits held by the Company.

Description

Mildred/ B&C Springs

The Mildred claims, the historical Mildred mine, and the nearby B&C Springs property are located in the southern Paradise Range in west-central Nevada, within the Fairplay Mining District, which is readily accessible from nearby Hawthorne or Tonopah via highways and well-maintained gravel roads and off- road trails (Figure 1). Exploration at B&C Springs was previously focused on skarn and vein occurrences hosting molybdenum, copper, and silver, which were interpreted to be genetically associated with Triassic- Jurassic intrusions such as the nearby Buzzard Peak stock. Historical workings are found throughout the property, and on the contiguous Mildred property, where precious metals mineralization within the host sedimentary rocks is associated with calc-silicate horizons, fault zones and dikes of probable Tertiary age. The possibility that a secondary epithermal event has overprinted an earlier porphyry/skarn mineralizing event will be evaluated. The area encompassed by the B&C Springs-Mildred properties total approximately 1,450 acres.

Glitra/Sat

The Glitra/Sat claims are located in Pershing County, western Nevada, in the Seven Troughs Range of the Farrell Mining District, which hosts numerous historical and modern‐day mineral occurrences and deposits (Figure 1). The properties are 45 kilometres northwest of Lovelock, a fully serviced town on Interstate 80, and are accessible via paved and well‐maintained gravel and dirt roads. Both the Glitra and Sat properties have seen historical small‐scale mining and limited amounts of modern‐day exploration, most recently in the 1980's and early 1990's, when trenching and limited shallow RC drilling was undertaken. Several known gold showings with attractive epithermal-style alteration and veining occur on the property. They are commonly associated with felsic dikes and lie along a mineralized trend that links the historical Seven Troughs mining area immediately south (Timberline Resources), with the Wildcat property (Waterton Global Resource Management) immediately north. At Sat, an extensive and high-tenorgold-in-soil geochemical anomaly lies along a sub-parallel trend that was outlined by previous operators and is similarly associated with epithermal-style alteration and local veining. The total area encompassed by the Glitra and Sat properties equals roughly 1,130 acres.

Betty East

The Betty East property is located in west-central Nevada, approximately 40 miles north of the town of Tonopah, in Nye County. The claims, which cover 403 acres, lie at the southern end of the Manhattan Mining District, immediately north of Liberty Gold's Baxter Springs project and less than 20 km south of the world class Round Mountain mine (2020 gold equivalent production of 324,277 ounces, proven and probable reserves as of December 31, 2020 of 2.245M oz Au, and >15 million ounces of total production1). Work on the Betty East property by Nevada Goldfields in the 1990's outlined a north-northwest trending gold-mineralized zone on the core claims that coincides with a number of historical pits, shallow shafts, and adits and this trend will be the initial focus for the Betty East exploration program. The property is

SIERRA GRANDE MINERALS INC. (FORMERLY SIERRA GROWTH CORP.) MANAGEMENT DISCUSSION AND ANALYSIS

Nine months ended September 30, 2021

readily accessible from Tonopah via state highway 376 and a network of well-maintained gravel roads.

Figure 1. Simplified geologic map of Nevada, showing broad mineralized corridors and locations of the Betty East, Glitra-Sat

and Mildred-B&C Springs properties