Blue Lagoon Resources Inc. — AGM Information 2021

Nov 30, 2021

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NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS

TAKE NOTICE that the annual general meeting (the “ Meeting ”) of shareholders of Blue Lagoon Resources Inc. (the “ Company ”) will be held at Suite 1200 – 750 West Pender Street, Vancouver, British Columbia on December 22, 2021 at 10:00 a.m. (Vancouver Time) for the following purposes:

1. to receive the annual financial statements of the Company for its fiscal year ended March 31, 2021 with the report of the auditors thereon;

2. to appoint Davidson & Company LLP, as auditor for the Company for the ensuing year and to authorize the directors to fix the remuneration to be paid to the auditor;

3. to fix the number of directors at three;

4. to elect directors for the ensuing year;

5. to authorize and approve the continuation of the Company’s stock option plan, as more particularly set forth in the accompanying Information Circular;

6. to transact any other business which may properly come before the Meeting, or any adjournment or postponement thereof.

- This year, as part of our corporate social responsibility in response to COVID 19, and in order to mitigate potential risks to the health and safety of our shareholders, employees, communities and other stakeholders, the Company will not be permitting in person voting at the Meeting, and shareholders must vote by proxy in advance of the Meeting in order to have their votes counted.

The Meeting will be deemed to be held at the offices of Morton Law LLP, Suite 1200 – 750 West Pender Street, Vancouver, British Columbia, Canada; however, the Meeting will be held in virtual only format. You will not be able to attend the Meeting in person. Registered shareholders and validly appointed proxyholders may attend the Meeting by contacting Rana Vig at info@bluelagoonresources.com to obtain a video conference invite.

Accompanying this Notice of Meeting is an Information Circular, a form of Proxy, and a financial statement request card whereby shareholders can request to be added to the Company’s supplemental mailing list. The Information Circular includes more detailed information relating to the matters to be addressed at the Meeting, and forms part of this Notice.

The Board of Directors has fixed the close of business on November 18, 2021 as the record date for determining shareholders entitled to receive notice of, and to vote at, the Meeting or any adjournment or postponement of the Meeting. A shareholder entitled to vote at the Meeting is entitled to appoint a proxyholder to vote in his/her stead. If you are a registered shareholder of the Company, please read, date and sign the accompanying Proxy and deliver it in accordance with the instructions provided therein. If you are a non-registered holder of Company shares and have received this Notice of Meeting and accompanying materials through an intermediary, such as an investment dealer, broker, custodian, administrator or other nominee, or a clearing agency in which the intermediary participates, please complete and return the form of voting instruction form provided to you in accordance with the instructions provided therein.

Please submit the accompanying Proxy or Voting Instruction Form by 10:00 a.m. (Vancouver time) on Monday, December 20, 2021 and no later than 48 hours (excluding Saturdays, Sundays and holidays) prior to the time to which the Meeting may be adjourned or postponed. In person voting will not be permitted at the Meeting due to the COVID-19 pandemic. The accompanying Information Circular provides further information respecting proxies and the matters to be considered at the Meeting and is deemed to form part of this Notice of Meeting.

DATED at Vancouver, British Columbia, this 18[th] day of November, 2021.

ON BEHALF OF THE BOARD OF DIRECTORS

By: “ Rana Vig ”

President and Chief Executive Officer

These securityholder materials are being sent to both registered and non-registered owners of the securities. If you are a non-registered owner, and the Company or its agent has sent these materials directly to you, your name and address and information about your holdings of securities have been obtained in accordance with applicable securities regulatory requirements from the intermediary holding on your behalf. By choosing to send these materials to you directly, the Company (and not the intermediary holding on your behalf) has assumed responsibility for (i) delivering these materials to you, and (ii) executing your proper voting instructions. Please return your voting instructions as specified in the request for voting instructions.