Go Metals Corp. — Management Reports 2022

Nov 22, 2022

GO METALS CORP. 810 – 789 West Pender Street Vancouver, BC V6C 1H2 Tel.: (604) 687-2038 Fax.: (604) 687-3141

FORM 51-102F

MANAGEMENT DISCUSSION AND ANALYSIS (MD&A) AS OF NOVEMBER 18, 2022 TO ACCOMPANY THE CONSOLIDATED FINANCIAL STATEMENTS OF GO METALS CORP. (THE “COMPANY” or “GO METALS “) FOR THE YEAR ENDED JULY 31, 2022

This management's discussion and analysis (“MD&A”) provides an analysis of our financial situation which will enable the reader to evaluate important variations in our financial situation for the year ended July 31, 2022, compared to the year ended July 31, 2021. This report prepared as at November 18, 2022 intends to complement and supplement our audited consolidated financial statements (the “financial statements”) as at July 31, 2022 which have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). This report should be read in conjunction with the Company’s the financial statements and accompanying notes for the year ended July 31, 2022.

Our financial statements and the management's discussion and analysis are intended to provide a reasonable base for the investor to evaluate our financial situation.

Our financial statements have been prepared using accounting policies consistent with IFRS. All dollar amounts contained in this MD&A are expressed in Canadian dollars, unless otherwise specified.

Where we say “we”, “us”, “our”, the “Company”, we mean Go Metals Corp., as it may apply.

This management discussion and analysis may contain forward-looking statements in respect of various matters including upcoming events and include without limitation, statements regarding discussions of the Company’s business strategy, future plans, projections, objectives, estimates and forecasts and statements as to management's expectations with respect to, among other things, the development of the Company’s project. These forward-looking statements involve numerous risks and uncertainties and actual results may vary. Important factors that may cause actual results to vary include without limitation, certain transactions, certain approvals, changes in commodity prices, risks inherent in exploration results, timing and success, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and mineral resources), delays in the receipt of government approvals, and changes in general economic conditions or conditions in the financial markets. In making the forward-looking statements in this MD&A, the Company has applied several material assumptions, including without limitation, the assumption that any additional financing needed will be available on reasonable terms.

Additional factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, among other factors: (1) weak commodity prices and general metal price volatility; (2) the state of the global economy and economic and political events, including the deterioration of the global capital markets, affecting supply and demand and economic and political events affecting supply and demand; and (3) securing and the nature of regulatory permits and approvals and the costs of complying with environmental, health and safety laws and regulations.

The Company cannot assure you that any of these assumptions will prove to be correct.

The words “expect,” “anticipate,” “estimate,” “may,” “will,” “should,” “intend,” “believe,” “target,” “budget,” “plan,” “projection” and similar expressions are intended to identify forward-looking statements. Information concerning mineral reserve and mineral resource estimates also may be considered forward-looking statements, as such information constitutes a prediction of what mineralization might be found to be present during operations or if and when an undeveloped project is actually developed.

These factors should be considered carefully, and readers should not place undue reliance on the Company’s forward-looking statements. The Company believes that the expectations reflected in the forward-looking statements, including future-oriented financial information, contained in this MD&A and any documents incorporated by reference are reasonable, but no assurance can be given that these expectations will prove to

GO METALS CORP. Management discussion and analysis For the year ended July 31, 2022

be correct. In addition, although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, including future-oriented financial information, there may be other factors that cause actions, events, or results not to be as anticipated, estimated, or intended. The Company undertakes no obligation to disclose publicly any future revisions to forward-looking statements, including future-oriented financial information, to reflect events or circumstances after the date of this MD&A or to reflect the occurrence of unanticipated events, except as expressly required by law.

Additionally, the forward-looking statements, including future-oriented financial information, contained herein are presented solely for the purpose of conveying our reasonable belief of the direction of the Company and may not be appropriate for other purposes.

The results or events predicted in these forward-looking statements may differ materially from the actual results or events. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Overall performance

On September 26, 2022, the Company announced increased regional land position to 396 square kilometres. The Company added by staking, the 98-property covering 97 square kilometres and the Clyde property covering 171 square kilometres, to the Nickel Palladium Platinum Property project (“HSP project”).

On September 13, 2022, the Company reported, intersects wide intervals of Nickel and Copper Sulphides. Program Initial Highlights

• 5 targets with confirmed visual nickel-copper mineralization all beginning near surface

• Drilling intersected wide intervals of mineralization in 5 zones and all remain open to depth

• Massive and semi-massive mineralization total of 21 metres in HSP-DDH-22-02

• Disseminated mineralization intercept of 175 metres in HSP-DDH-22-04

• Established consistent preliminary structural orientation of mineralized zones

On August 10, 2022, the Company announced the 2022 diamond drilling program has started at the HSP Nickel-Copper PGE Project, Quebec, Canada. Highlight included:

• First-ever drilling on the HSP Nickel-Copper PGE project now underway

• All 6 priority targets have confirmed nickel-copper mineralization at surface

• Initial drill testing on multiple targets is planned to include approximately 2,000 metres

• Nickel and copper sulphides occur with Platinum Group Elements (“PGE”)

On May 9, 2022, the Company closed a non-brokered private placement and issued a total of 2,000,003 Quebec flow-through shares at a price of $0.30 per FT Share for gross proceeds of $600,000. The Company paid finder's fees of $42,000 and issued 140,000 finder warrants. Each warrant will entitle the holder thereof to acquire one common share at a price of $0.30 for a period of 24 months from closing.The gross proceeds from the private placement are earmarked for the Company’s HSP project in Quebec.

On April 7, 2022 the Company announced a planned 2,400 metres summer diamond drill campaign at the flagship Quebec nickel-copper sulphide project “HSP” or “Project”. The maiden drill program at HSP will test up to seven surface-proven targets. These targets range in size from 200m X 200m up to 500m X 700m and were originally identified in a 2019 AirTEM geophysical survey flown by Precision GeoSurveys. The Company has permitting underway to allow up to 20 diamond drill holes. The goal of the 2022 summer exploration program is to identify near-surface nickel, copper, cobalt and PGE mineralization.

During March 2022, the Company granted incentive stock options to directors, officers and consultants to purchase an aggregate of 575,000 common shares at an exercise price of $0.26 per common share for up to five years.

2

GO METALS CORP. Management discussion and analysis For the year ended July 31, 2022

Overall performance (continued)

On March 10, 2022, the Company closed a non-brokered private placement of 12,700,000 units issued at a price of $0.125 per unit for gross proceeds of $1,587,500 and issued 100,000 flow-through shares, issued at a price of $0.16 per flow-through Share for gross proceeds of $16,000.

The Company decided not to continue pursuing the Ashuanipi property and determined that indicators of impairment existed. As a result, the Company terminated the option agreement with Flow Metals Corp. A test of the recoverable amount of the Ashuanipi property resulted in an impairment loss of $30,000 during the year ended July 31, 2022. Management determined the value in use of the property in accordance with level 3 in the fair value hierarchy was $nil as the option agreement was terminated.

On August 31, 2021, the Company provided updates from the HSP project. Highlights include:

• 4 New nickel-copper showings discovered

• Grab samples with up to 1.78% Ni and 3.97% Cu

• Program showcases accuracy of the GeoDL artificial intelligence engine

• Anomalous to enriched cobalt, gold, silver, platinum, palladium

• 50 new HSP claims staked to increase total land package to 8,250 Hectares

On August 19, 2021, the Company completed a non-brokered private placement of unsecured convertible promissory notes with an aggregate value of $150,000. The promissory notes are unsecured and bear interest at a rate of 8% per annum with a maturity date of August 19, 2023. Each holder shall have the right at its option to convert all or a portion of the principal amount of the promissory notes and the accrued and unpaid interest on the principal amount outstanding under the promissory notes into units at a conversion price of $0.25 per unit. Each unit is comprised of one common share and one common share purchase warrant. Each Warrant will entitle the holder thereof to acquire one additional share at a price of $0.30 for a period of two years from the date the warrant is issued. On March 9, 2022, the Company repaid the principal of $150,000, and interest of $6,608.

On August 19, 2021, the Company also announced that it has entered into a debt settlement agreement to settle outstanding fees owed to a consultant of the Company for fees totaling $21,000. Pursuant to the settlement agreement, the Company has issued an aggregate of 84,000 shares to the consultant at a deemed price of $0.25 per share.

On June 24, 2021, the Company announced updates on exploration progress from the HSP polymetallic battery metals project in eastern Quebec.

Highlights

• Five new massive to semi-massive sulphide showings uncovered

• All geophysical anomalies associated with sulphides mineralization at surface

• New 150m x 25m mineralization uncovered at surface

• Showings are surrounded by disseminated sulphide mineralization

• Ultramafic dykes uncovered and potentially associated with PGE mineralization

• Successful field-test of artificial intelligence augmented bedrock mapping tools

On January 5, 2021, the Company announced exploration updates on its Monster, Yukon and HSP Quebec claims.

On the Monster project in the Yukon,

• Reconnaissance RC drilling confirms increasing copper and alteration intensity near Bloom target

• Class 3 permit application submitted for expanded diamond drill program

• Artificial intelligence targeting study in progress with Windfall Geotek

3

GO METALS CORP. Management discussion and analysis For the year ended July 31, 2022

Overall performance (continued)

On the Nickel Palladium Platinum Property project in Quebec,

• 3km long area prospective for Ni-PGE mineralization on HSP discovered

• Drill targeting in progress using the recent 55 km2 TDEM survey

On November 24, 2020, the Company completed a non-brokered private placement and has issued a total of 78,431 “National” flow-through shares (each a “National FT Share”) at a price of $1.275 per National FT Share for gross aggregate proceeds of $100,000. The Company has also issued 407,407 “Quebec” flow-through shares (each a “Quebec FT Share”) at a price of $1.35 per Quebec FT Share for gross aggregate proceeds of $550,000. Finder's fees of $37,000 cash have been paid to qualified parties.

On September 9, 2020, the Company announced the de-mobilization of drilling from the Monster Project. The RC drilling program identified disseminated copper mineralization and verified the gravity data. The Company drilled 530 meters over 5 holes.

On August 13, 2020, the Company completed a non-brokered private placement consisting of 1,042,333 units at $0.75 per unit for gross proceeds of $781,750. Each unit consists of one share and one transferable share purchase warrant with one whole share purchase warrant exercisable at a price of $1.05 per share for a period of 36 months from the date of issuance. In connection with the private placement, the Company paid a finder’s fee of $53,883 cash and issued 71,843 finder’s warrants with the same terms and conditions as the financing.

On August 17, 2020, the Company issued 23,333 Options, in terms of the Company’s Stock Option plan, to a consultant exercisable at $0.75 for three years.

Discussion of operations

The Company is an exploration stage company and is in the process of exploring its mineral properties in Canada and has not yet determined whether its properties contain ore reserves that are economically recoverable. The recoverability of amounts spent for mineral properties is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the exploration and development of its property, and upon future profitable production or proceeds from disposition of the properties. The operations of the Company will require various licences and permits from various governmental authorities which are or may be granted subject to various conditions and may be subject to renewal from time to time. There can be no assurance that the Company will be able to comply with such conditions and obtain or retain all necessary licences and permits that may be required to carry out exploration, development, and mining operations at its projects. Failure to comply with these conditions may render the licences liable to forfeiture

On September 13, 2022, the Company reported, intersects wide intervals of Nickel and Copper Sulphides. Program Initial Highlights

• 5 targets with confirmed visual nickel-copper mineralization all beginning near surface

• Drilling intersected wide intervals of mineralization in 5 zones and all remain open to depth

• Massive and semi-massive mineralization total of 21 metres in HSP-DDH-22-02

• Disseminated mineralization intercept of 175 metres in HSP-DDH-22-04

• Established consistent preliminary structural orientation of mineralized zones

On April 7, 2022, the Company announced a planned 2,400 metres summer diamond drill campaign at the flagship Quebec nickel-copper sulphide project “HSP” or “Project”. The maiden drill program at HSP will test up to seven surface-proven targets. These targets range in size from 200m X 200m up to 500m X 700m and were originally identified in a 2019 AirTEM geophysical survey flown by Precision GeoSurveys. The company has permitting underway to allow up to 20 diamond drill holes. The goal of the 2022 summer exploration program is to identify near-surface nickel, copper, cobalt and PGE mineralization.

4

GO METALS CORP. Management discussion and analysis For the year ended July 31, 2022

Discussion of operations (continued)

The Company is developing GeoDL, a machine learning application in house to aid with exploration. The AI programs enhance geological and geophysical maps to identify prospective targets on both project and regional scales.

The Company announced on May 14, 2021, that crews were mobilized to Havre-Saint-Pierre, Quebec in preparation for two early-season programs. The first ground program on the HSP project showed correlation with mineralization and geophysics targets identified in 2019. On completion, crews traveled to the Ashuanipi gold project.

On November 26, 2019, the Company contracted Precision Geoscience to fly a TDEM survey over the HSP project.

Numerous new conductors were identified, indicative of massive sulphides

• Good correlation between historical surface mineralization and conductors

• 100m spaced time domain-EM survey flown by Precision Geosurveys

• Survey covers the entire 55 km2 area of the HSP Ni-Cu-PGE claim

On September 19, 2019, the Company updated progress from a ground gravity survey on the Yukon Monster Property in combination with a high resolution 15 cm Digital Elevation Model (DEM). • Gravity can be processed to error of less than 0.03 mgal

• First high-resolution gravity used to explore a Yukon IOCG target

• Data supports drilling on all 3 targets: Bloom, Beast, and Arena

During the year ended July 31, 2018, the Company acquired a 100% interest in the Monster Property, a cobalt property, located in the Yukon.

A Reverse Circulation (RC) shallow drilling program on the Monster property during August 2020 was successful in identifying disseminated copper mineralization and verifying the gravity data as part of the phase one targeting program. Samples were sent to MS analytical for analysis. The Company drilled 530m over 5 holes.

The Company has initiated an AI targeting study with Windfall Geotek for its Monster project using geophysical, geological and geochemical data.

Project Summaries and Activities

Nickel Palladium Platinum Property , Quebec, Canada

In February 2019, the Company staked the nickel sulphide project located about 100km north of Havre-SaintPierre in Quebec, Canada in the Nitassinan of the Innu of Ekuanitshit.

On September 26, 2022, the Company announced increased regional land position to 396 square kilometres. The Company added by staking, the 98-property covering 97 square kilometres and the Clyde property covering 171 square kilometres, to the HSP Project.

On September 13, 2022, the Company reported, intersects wide intervals of Nickel and Copper Sulphides. Program Initial Highlights

• 5 targets with confirmed visual nickel-copper mineralization all beginning near surface

• Drilling intersected wide intervals of mineralization in 5 zones and all remain open to depth

• Massive and semi-massive mineralization total of 21 metres in HSP-DDH-22-02

• Disseminated mineralization intercept of 175 metres in HSP-DDH-22-04

• Established consistent preliminary structural orientation of mineralized zones

5

GO METALS CORP. Management discussion and analysis For the year ended July 31, 2022

Project Summaries and Activities (continued)

Nickel Palladium Platinum Property , Quebec, Canada (continued)

On August 10, 2022, the Company announced the 2022 diamond drilling program has started at the HSP Nickel-Copper PGE Project, Quebec, Canada.

Highlight included:

• First-ever drilling on the HSP Nickel-Copper PGE project now underway

• All 6 priority targets have confirmed nickel-copper mineralization at surface

• Initial drill testing on multiple targets is planned to include approximately 2,000 metres

• Nickel and copper sulphides occur with Platinum Group Elements (“PGE”)

On August 10, 2022, the Company announced the 2022 diamond drilling program has started at the HSP Nickel-Copper PGE Project, Quebec, Canada.

Highlight included:

• First-ever drilling on the HSP Nickel-Copper PGE project now underway

• All 6 priority targets have confirmed nickel-copper mineralization at surface

• Initial drill testing on multiple targets is planned to include approximately 2,000 metres

• Nickel and copper sulphides occur with Platinum Group Elements (“PGE”)

The 2022 drilling program will target six zones concentrated along regional geological contacts between the Havre-Saint-Pierre anorthosite and adjacent ferro-diorite/gneiss units. Targets include:

• Chamber South Large Electromagnetic (“EM”) anomaly and relatively high-grade nickel and copper bearing massive sulphides at surface.

• Chamber North Significant 1.2 kilometre by 900 metre conductive anomaly, with a highly conductive core measuring 550 metres by 450 metres.

• Red Mountain High-grade nickel and copper (up to 1.78% Nickel and 3.97% Copper – see release dated August 30, 2021) sampled in test pits directly on top of a 450 metre by 140 metre EM anomaly.

• PGE Central and North Significant platinum group elements, gold, and cobalt occur in with the nickel and copper sulphide mineralization. PGE Central yielded the highest, most consistent sulphide grades of the PGE targets.

• Catalytic High-grade Copper, Nickel, and PGE mineralization along both east and west margins of potential intrusion identified in magnetic survey.

On April 7, 2022, the Company announced a planned 2,400 metres summer diamond drill campaign at the flagship Quebec nickel-copper sulphide project “HSP” or “Project”. The maiden drill program at HSP will test up to seven surface-proven targets. These targets range in size from 200m X 200m up to 500m X 700m and were originally identified in a 2019 AirTEM geophysical survey flown by Precision GeoSurveys. The company has permitting underway to allow up to 20 diamond drill holes. The goal of the 2022 summer exploration program is to identify near-surface nickel, copper, cobalt and PGE mineralization.

The Company provided exploration updates during the six-month period ended January 31 2022:

• 3km long area prospective for Ni-PGE mineralization on Nickel Palladium Property discovered

• Drill targeting using a 55 km2 TDEM survey flown in 2019 by Precision Geoscience

• 15km north of the Romaine IV hydro project and near Quebec Hydro Road system

The HSP project contains several mineral occurrences with elevated nickel, copper, cobalt, gold and PGE. The HSP project is the definition of a potential low carbon Nickel project with the new Hydro- Quebec Romaine hydropower generating station close in proximity to the project site.

Further processing on the HSP claim in Quebec has highlighted a fault-controlled corridor of conductors in an area with historical nickel, platinum and palladium mineralization. The fault-controlled corridor is 3km in strike length. Historic data implies mineralization over a 500m strike length which remains open.

6

GO METALS CORP. Management discussion and analysis For the year ended July 31, 2022

Project Summaries and Activities (continued)

Monster Property , Yukon Territory, Canada

On February 13, 2018, the Company acquired a 100% interest in a cobalt exploration property located in the Yukon by paying $45,000 cash (paid) and issuing 106,667 common shares valued at $192,000 (issued). The Copper Cobalt Monster Property consists of one block of 212 mineral claims totaling a surface area of 43.3 km[2] . The property is in the Dawson Mining District within the traditional territory of the Tr’ondëk Hwëch’in First Nation.

In May 2021, the Company reported that the Company recently collaborated with industry leading AI mining group Windfall Geotek to develop an advanced target model to expand the property prospectively. The project represented the first time an IOCG prospect was targeted using advanced artificial intelligence in Canada. The AI targeting study highlighted several important features of the altered zones which will be the focus of follow up programs. An advanced exploration permit has gone through initial public consultations and is currently pending a decision from YESAB and Mining Lands.

Qualified Person

Adrian Smith, P.Geo., is the qualified person for the Company as defined in the National Instrument 43-101 and has reviewed the technical information from the Monster property.

Hugues Longuépée, P.Geo. Ph.D., is the qualified person for the Company as defined in the National Instrument 43-101 and has reviewed the technical information from the HSP property.

New Opportunities

The Company continues to evaluate mineral properties and is focused on deposits in Canada with economic merit and good logistics will be considered for acquisition.

Selected Annual Information

Year Ended:		July 31, 2022		July 31, 2021		July 31, 2020
Financial Results:
Exploration expenses	$	196,935	$	820,344	$	354,221
Net loss for the year		(642,163)		(1,075,727)		(608,083)
Basic and diluted loss per share		(0.06)		(0.20)		(0.15)
Balance Sheet Data:
Cash	$	1,560,339	$	348,084	$	39,518
Total assets		2,195,947		652,022		296,130
Accounts payable and accrued liabilities		57,933		86,178		86,660
Lease Liabilities		852		10,290		-
Shareholders’ equity	$	1,777,072	$	356,598	$	103,137
Cash Flow Data:
Increase (decrease) in cash for the year	$	1,212,255	$	308,566	$	(467,994)

The Company did not have any sales, discontinued operations, extraordinary items, and cash dividends during the years. Material factors affecting operations and mineral property expenditures are described elsewhere in the MD&A.

7

GO METALS CORP. Management discussion and analysis For the year ended July 31, 2022

Cash flow analysis

Operating Activities

During the year ended July 31, 2022, cash used in operating activities was $771,487 (2021 - $999,714) for the activities as described above, including the exploration expenses.

Investing activities

During the year ended July 31, 2022, the Company paid $18,269 in claim staking and $10,350 in lease payments. During the year ended July 31, 2021, the Company paid $30,000 in option payments and $2,588 in lease payments.

Financing activities

During the year ended July 31, 2022, the Company received $100,000 as proceeds from convertible debentures and converted $50,000 in payables into convertible debentures, which was repaid during the year , including $6,608 in interest for a total of $156,608. The Company also received $2,203,501 (2021 - $1,431,750) from private placements and incurred $134,532 (2021 - $90,882) in share issuance costs.

Results of Operations – For the year ended July 31, 2022

For the year ended July 31, 2022, the Company incurred a net loss of $642,163 compared to the year ended July 31, 2021 spending $1,075,727. The current year includes $195,935 spending on exploration expenses compared to $820,344 for the same period during the prior year. The overall administration expenses increased to $496,460 compared to $404,196 for prior year. The net loss for the year ending July 31, 2022 also included a non-cash stock-based compensation of $266,794 (2021 - $164,627).

Some of the significant charges to operations are as follows:

• Exploration expenses of $195,935 (2021: $820,344) as the Company expends exploration expenses as they are incurred, and were mainly incurred on the Nickel Palladium and Ashuanipi, Quebec properties; The decrease was mainly as management spent less on exploration activities during the year. There were quite some uncertainties due to Covid 19.

• General and administrative expenses of $496,460 (2021: $404,196); increased of $92,264 mainly due to a non-cash stock-based compensation of $266,794 (2021: $164,627);

• Management fees of $81,000 (2021: $112,000) The decrease was mainly because management made a recovery of $51,000 for their fees that was charged to a related party company.

• Audit and accounting of $66,169 (2021: $52,677) was expensed in the process to maintain accounting records and financial statements up to date. The increase was mainly due to an increase in accrual for audit fees;

• Marketing expenses of $5,296 (2021: $16,124) due mainly to public relations to create public awareness of the Company’s exploration activities and general administrative activities; The Company allocated less money to marketing activities.

• In addition, the Company recognized a non-cash stock-based compensation of $266,794 (2021: $164,627) related to stock options granted and vesting during the current and prior period;

• Transfer agent, filing and stock exchange fees of $18,798 (2021: $13,656) in order to comply with regulatory requirements.

8

GO METALS CORP. Management discussion and analysis For the year ended July 31, 2022

Summary of Quarterly Results

2022 Quarterly Results: Revenue $ Loss and comprehensive loss Basic and diluted loss per share Total assets Working capital 2021 Quarterly Results: Revenue $ Loss and comprehensive loss Basic and diluted loss per share Total assets Working capital	4th Quarter 3rd Quarter 2nd Quarter - $ - $ - $ (181,653) (252,724) (97,372) (0.01) (0.02) (0.02) 2,195,947 1,791,497 627,696 1,521,025 1,346,386 85,500 4th Quarter 3rd Quarter 2nd Quarter - $ - $ - $ (441,694) (36,196) (99,310) (0.08) (0.01) (0.01) 652,022 1,029,105 1,041,901 80,344 409,464 445,660	1st Quarter
		- (110,414) (0.02) 658,566 144,107 1st Quarter
		- (498,527) (0.10) 714,992 108,277

• No exercise or conversion is assumed during the quarters in which a net loss is incurred, as the effect is anti-dilutive.

There are no general trends regarding the Company’s quarterly results and the Company’s business is not seasonal, as it can develop and progress on a year-round basis, funding permitting. Quarterly results may vary significantly depending mainly on whether the Company has engaged in new activities or abandoned any projects and these factors which may account for material variations in the Company’s quarterly losses are not predictable. See also the results of operations discussion above.

During the fourth quarter of 2022, the net loss decreased from $441,694 to $181,653, mainly due to the fact that exploration expenses decreased from $364,639 in the fourth quarter of 2021 to $27,123 in the fourth quarter of 2022. The total assets of $2,195,947, compared to the $652,022 of the fourth quarter of 2021 was mainly due to the large increase in cash of $1,212,255 due to the proceeds from share issuances during the year ending July 31, 2022.

During the third quarter ended April 30, 2022, the Company incurred a loss of $252,724 compared to a loss of $36,196 during the April 30 2021, mainly due to a noncash stock-based compensation of $158,680. Total assets of $1,791,497 increased from $627,696 the prior quarter, and working capital increased to $1,346,386 from $85,500 during the previous quarter ending January 31 2022, as the Company successfully raised $1,603,500 cash including the first $16,000 flow through cash for the upcoming 2022 exploration program.

During the second quarter of 2022, the Company incurred a loss of $97,372 compared to $99,310 for the same quarter during the prior year. The loss includes $74,056 (2021 - $43,257) in exploration expenses and $30,000 relating to the write off of the Ashuanipi property as the Company is no longer pursuing the project.

During the first quarter ended October 31, 2021, the Company incurred a loss of $110,414 compared to $498,527 during the same quarter the prior year. The decrease in losses is mainly as the Company spending less on exploration activities in an attempt to preserve cash. The increase in working capital to $144,107 during the first quarter of 2021 from $80,344 at year end July 31 2021 is mainly due to the issuance of convertible debentures.

Liquidity and Capital Resources

The financial statements have been prepared on a going-concern basis, which assumes the realization of assets and liquidation of liabilities in the normal course of business. Continuing operations, as intended, are dependent on management’s ability to raise required funding through future equity issuances, its ability to acquire resource property or business interests and develop profitable operations or a combination thereof,

9

GO METALS CORP. Management discussion and analysis For the year ended July 31, 2022

Liquidity and Capital Resources (continued)

which is not assured, given today’s volatile and uncertain financial markets. The Company may revise programs depending on its working capital position.

As at July 31, 2022 the Company had a working capital of $1,521,025 (2021 - $80,344) which primarily consisted of cash of $1,560,339 (2021 - $348,084), GST and other receivables of $6,088 (2021 - $19,689), prepaid expenses of $300,849 (2021 - $6,253) and due from related parties $72,624 (2021 - $890). Current liabilities of $418,875 (2021 - $294,572), mainly consisting of accounts payable and accrued liabilities of $57,933 (2021 - $86,178), due to related parties of $28,741 (2021 - $98,617), loans of $38,141 (2021- $37,136) and flow-through premium liability of $293,208 (2021 - $63,203). As at July 31, 2022 the Company had total assets of $2,195,947 (2021 - $652,022).

On May 9, 2022, the Company closed a non-brokered private placement and issued a total of 2,000,003 Quebec flow-through shares at a price of $0.30 per flow-through share for gross proceeds of $600,000. The Company paid finder's fees of $42,000 and issued 140,000 finder warrants. Each warrant will entitle the holder thereof to acquire one common share at a price of $0.30 for a period of 24 months from closing. The Company intends to use these proceeds for its summer exploration program.

On March 10, 2022, the Company closed a non-brokered private placement of 12,700,000 units issued at a price of $0.125 per unit for gross proceeds of $1,587,500 and it has issued 100,000 flow-through shares, issued at a price of $0.16 per flow-through share for gross proceeds of $16,000.

On March 9, 2022, the Company paid the convertible debentures back, being the capital $150,000 and interest at 8% $6,608. The accretion recorded was also written back, and this liability ceased to exist.

On August 19, 2021, the Company has entered into a debt settlement agreement to settle outstanding fees owed to a consultant of the Company for fees totaling $21,000. Pursuant to the settlement agreement, the Company has issued an aggregate of 84,000 shares to the consultant at a deemed price of $0.25 per share.

On August 19, 2021, the Company completed a non-brokered private placement of unsecured convertible promissory notes with an aggregate value of $150,000. The promissory notes are unsecured and bear interest at a rate of 8% per annum with a maturity date of August 19, 2023. Each holder shall have the right at its option to convert all or a portion of the principal amount of the promissory notes and the accrued and unpaid interest on the principal amount outstanding under the promissory notes into units at a conversion price of $0.25 per unit. Each unit is comprised of one common share and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional share at a price of $0.30 for a period of two years from the date the warrant is issued. Two insiders of the Company participated in the private placement and have purchased promissory notes with an aggregate value of $100,000.

Other than the above-mentioned current liabilities, the Company has an obligation to incur $627,323 in flowthrough spending obligations and maintaining its mineral properties as discussed in Note 4 to the financial statements. The Company has no short-term capital spending requirements and future plans and expectations are based on the assumption that the Company will realize its assets and discharge its liabilities in the normal course of business rather than through a process of forced liquidation. There can be no assurance that the Company will be able to obtain adequate financing in the future or if available that such financing will be on acceptable terms. If adequate financing is not available when required, the Company may be required to delay, scale back or eliminate various programs and may be unable to continue in operation. The Company may seek such additional financing through debt or equity offerings. Any equity offering will result in dilution to the ownership interests of the Company’s shareholders and may result in dilution to the value of such interests.

Historically, the Company's sole source of funding has been loans from related parties, private placements and debt financings. The Company’s access to financing is always uncertain. There can be no assurance of continued access to significant equity funding. Management and the Board of Directors are actively involved in the review, planning and approval of significant expenditures and commitments. The Company’s liabilities are

10

GO METALS CORP. Management discussion and analysis For the year ended July 31, 2022

Liquidity and Capital Resources (continued)

predominantly due within 90 days of July 31, 2022 and lease liabilities of $852 (2021 - $9,438) due within 12 months, and $Nil (2021 - $852) beyond 12 months.

The following table summarizes the Company’s cash on hand, working capital and cash flow activities:

As at	July 31, 2022	July 31, 2021
Cash	$ 1,560,339	$ 348,084
Working capital	1,521,025	80,344
Year ended	July 31, 2022	July 31, 2021
Cash used in operating activities	$ (771,487)	$ (999,714)
Cash used in investing activities	(28,619)	(32,588)
Cashprovided byfinancingactivities	2,012,361	1,340,868
Change in cash	$1,212,255	$308,566

The Company is dependent on the sale of treasury shares to finance its exploration activities, property acquisition payments and general and administrative costs. The Company will have to raise additional funds in the future to continue its operations. There can be no assurance, however, that the Company will be successful in its efforts. If such funds are not available or other sources of financing cannot be obtained, then the Company will be forced to curtail its activities.

Capital Resources

The Company has no operations that generate cash flow and its long-term financial success is dependent on discovering properties that contain mineral reserves that are economically recoverable. The Company’s primary capital asset is mineral properties. Exploration expenditures are expensed as incurred.

The Company’s resource property agreement is an option agreement and the exercise thereof is at the discretion of the Company. To earn its interest in the properties, the Company must incur certain expenditures in accordance with the agreements (see “Project Summaries and Activities” in this MD&A for more information). Currently, the Company has no further Option payment obligations, as the Ashuanipi property was written-off during the year ending July 31, 2022.

The Company depends on equity sales to finance its exploration programs and to cover general AND administrative expenses.

Off-Balance Sheet Arrangements

The Company does not utilize off-balance sheet transactions.

Outstanding Share Data

The Company has an authorized share capital of an unlimited number of common shares and an unlimited number of Class A Preferred Shares with a par value of $0.015.

As at the date of this report, 23,754,204 common shares and 706,292 Class A preferred shares were issued and outstanding.

The Company has 5,784,510 common share purchase warrants exercisable at $0.125 to $1.05 per common share until August 13, 2023 to May 9, 2024.

11

GO METALS CORP. Management discussion and analysis For the year ended July 31, 2022

Outstanding Share Data (continued)

The Company has 100,000 stock options exercisable at $0.31 per common share until July 20, 2026 and 50,000 stock options exercisable at $0.26 per common share until March 16, 2027 and 750,000 stock options exercisable at $0.15 until June 8, 2025.

Directors and officers

The Directors, Executive Officers, and related companies of the Company are as follows:

Scott Sheldon	-	Director, President and CEO
Robert Murray	-	Director and CFO
Donald Sheldon	-	Director
Adrian Smith	-	Director
Michael Woods	-	Secretary
Flow Metals Corp.	-	Management and directors in common
Surgenia Productions	-	Company owned by Scott Sheldon (Director, President and CEO)
Sayonara Holdings	-	Company owned by Donald Sheldon (Director)
Divitiae Resources Ltd	-	Company owned by Adrian Smith (Director)
Woods & Company	-	Company owned by Michael Woods (Secretary)

Related Party Transactions

During the year ended July 31, 2022 and 2021, the Company incurred the following related party transactions.

			July 31,	July 31,
Name	Relationship	Purpose of Transaction	2022	2021
	Company controlled by
Surgenia	Scott Sheldon CEO /
Productions	Director	*Management fees	$ 51,000	$ 97,000
	A company controlled by
Sayonara	Don Sheldon a Director
Holdings		Interest paid on loan	1,005	1,005
		Interest paid on Convertible
Scott Sheldon	Director CEO / Director	Debenture	2,203	-
		Interest paid on Convertible
Don Sheldon	Director	Debenture	2,203	-
	A company controlled by
Woods &	Michael Woods a
Company	Director	Legal fees	-	1,384
	A company controlled by
Divitiae	Adrian Smith a Director
Resources Ltd		Exploration expenses	25,000		-
		Share Based Compensation	196,267	75,914
			$ 277,678	$ 174,298

*During the year ended July 31, 2022, the Company recovered $51,000 (2021 - $Nil) management fees from a related company, as management delivered certain work to the related company.

12

GO METALS CORP. Management discussion and analysis For the year ended July 31, 2022

Related Party Transactions (continued)

As at July 31, 2022 and July 31, 2021, the Company has the following payables and receivables.

		July 31, 2022	July 31, 2021
Surgenia Productions	Accounts payable	$ 18,242	$ 98,617
Divitiae Resources Ltd	Accounts payable	$ 10,500	$ -
Sayonara Holdings	Loan payable	$ 38,141	$ 37,136
Flow Metals Corp.	Receivable	$ 72,624	$ 890

Accounts payable are non-interest bearing, unsecured and repayable on demand.

The loan payable bears 5% interest and is composed of principal of $20,100 (2021 - $20,100) and various current and arrear interest components totalling $18,041 (2021 - $17,036). Interest expense during the year ended July 31, 2022 was $1,005 (2021 - $1,005).

As at July 31, 2022, the Company had a receivable of $72,624 (July 31, 2021 - $890) from Flow Metals Corp., a company with certain management and directors in common. The receivable from Flow Metals Corp. is noninterest bearing, unsecured and repayable on demand.

The Company had an option agreement to earn a further interest in Ashuanipi Gold Property from Flow Metals Corp., a company controlled by common management. The Ashuanipi property was written-off during the year ending July 31, 2022.

13

GO METALS CORP. Management discussion and analysis For the year ended July 31, 2022

Fourth Quarter Results

For the three-month period ended July 31, 2022, the Company incurred a net loss of $181,653 (2021 - $441,694).

	Three months ended July 31, 2022 $ July 31, 2021 $
Exploration Expenses Administrative Expenses Audit and accounting fees Accretion Consulting fees Depreciation General and administrative Interest Legal Management fees Marketing Stock-based compensation Transfer agent and filing fees Travel	27,123 364,639 23,625 18,500 94 440 1,061 500 2,332 2,332 6,137 2,405 253 254 1,605 2,695 33,000 32,500 - 3,969 108,114 151,828 3,568 3,535 6,998 -
Total administration expenses Other Income Flow-through share premium recovery Write-off of accounts payable	186,787 218,958 15,145 108,279 17,112 33,624
Net loss and comprehensive loss for theperiod	(181,653) (441,694)
Lossper share,basic and diluted	(0.01) (0.08)
Weighted average shares outstanding	20,351,885 5,663,601

The Company incurred a net loss of $181,653 for the current three-months period ending July 31, 2022 compared to $441,694 for the same three-month period during the prior year. The current three-month spending includes a non-cash stock-based compensation of $108,114 (2021 - $151,828).

Significant expenses included:

• Exploration expenses of $27,123 compared to $364,639 in the prior year for the same period.

• • Management fees of $33,000 compared to $32,500 in the prior period. Remained relative constant.

• Audit and accounting fees of $23,625 compared to $18,500 in the same period for the prior year, mainly due to an increase in audit fees

The decrease in these expenses relate mainly to the Company’s decreased exploration, spending of $27,123 (2021 - $364,639). There was no other major item that increased expenses during the current three-month period.

Proposed Transactions

There are no other proposed transactions that will materially affect the performance of the Company.

14

GO METALS CORP. Management discussion and analysis For the year ended July 31, 2022

Exploration Outlook

On August 8, 2022 the Company announced the 2022 diamond drilling program has started at the Nickel Palladium Platinum Property project (“HSP project”), a Nickel Sulphide project in eastern Quebec.

Highlights:

• First-ever drilling on the HSP Nickel-Copper PGE Project now underway

• All 6 priority targets have confirmed nickel-copper mineralization at surface

• Initial drill testing on multiple targets is planned to include approximately 2,000 metres

• Nickel and copper sulphides occur with Platinum Group Elements (“PGE”)

On April 7, 2022, the Company announced a planned 2,400 metres summer diamond drill campaign at the flagship Quebec nickel-copper sulphide project “HSP” or “Project”. The maiden drill program at HSP will test up to seven surface-proven targets. These targets range in size from 200m X 200m up to 500m X 700m and were originally identified in a 2019 AirTEM geophysical survey flown by Precision GeoSurveys. The company has permitting underway to allow up to 20 diamond drill holes.

The goal of the 2022 summer exploration program was to identify near-surface nickel, copper, cobalt and PGE mineralization.

Except as mentioned above, there are no other proposed transactions that will materially affect the performance of the Company.

Accounting Policies

The accounting policies and methods employed by the Company determine how it reports its financial condition and results of operations, and may require management to make judgements or rely on assumptions about matters that are inherently uncertain. The Company’s results of operations are reported using policies and methods in accordance with IFRS. In preparing financial statements in accordance with IFRS, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses for the period. Management reviews its estimates and assumptions on an ongoing basis using the most current information available.

Critical Accounting Estimates

The Company prepares its financial statements in accordance with IFRS, which require management to estimate various matters that are inherently uncertain as of the date of the financial statements. Accounting estimates are deemed critical when a different estimate could have reasonably been used or where changes in the estimate are reasonably likely to occur from period to period, and would materially impact the Company’s financial statements. The Company’s significant accounting policies are discussed in the annual consolidated financial statements. Critical estimates in these accounting policies are discussed below.

Fair value estimates of equity instruments

The fair value of each stock option granted is estimated at the grant date using the Black-Scholes option pricing model. The estimated life of the stock options and conversion at grant date is based on the expected life of the options and assumptions about the expected exercise pattern. Expected volatility of stock options is estimated based on the volatility of companies comparable in size and operations to the Company.

Recoverable value of asset carrying values

The carrying value of mineral properties and the likelihood of future economic recoverability is subject to significant management estimates and judgments. The application of the Company’s accounting policy for and determination of recoverability of capitalized assets is based on assumptions about future events or circumstances. New information may change estimates and assumptions made. If information becomes available indicating that recovery of expenditures is unlikely, the amounts capitalized are impaired and recognized as a loss in the period that the new information becomes available. A change in estimate could result in the carrying amount of capitalized assets being materially different from their presented carrying costs.

15

GO METALS CORP. Management discussion and analysis For the year ended July 31, 2022

Accounting Policies (continued)

Income taxes

In assessing the probability of realizing income tax assets, management makes estimates related to expectations of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified.

Interest rates

The Company estimates a market interest rate in determining the fair value of the liability component of its convertible debentures. The determination of market interest rate is subjective and could materially affect the fair value estimate.

Designation and Valuation of Financial Instruments

The Company’s financial instruments consist of cash, accounts payable and accrued liabilities, due to/from related parties, accounts payable and accrued liabilities, convertible debentures, lease liabilities and loan payable. Receivables are classified as loans and receivables, and accounts payable and accrued liabilities, due to/from related parties, lease liabilities and loans payable are classified as other financial liabilities, and recorded at amortized cost using the effective interest rate method. The Company does not hold any derivative financial instruments.

As at July 31, 2022, the fair values of accounts payable and accrued liabilities, due to/from related parties, loan payable and lease liabilities, approximate their carrying values due to the relatively short-term maturity of these instruments.

Risks

Foreign exchange risk

The Company currently has no significant operations denominated in foreign currencies. Management believes there is no significant foreign currency exchange rate risk.

Credit risk

The Company’s cash is largely held in large Canadian financial institutions. The Company does not have any asset-backed commercial paper. The Company’s receivables consist of GST/HST receivable due from the Federal Government of Canada. The Company maintains cash deposits with Schedule A financial institutions, which from time to time may exceed federally insured limits. The Company has not experienced any significant credit losses and believes it is not exposed to any significant credit risk.

With respect to its due from related parties, the Company assesses the credit rating of all debtors and maintains provisions for potential credit losses, and any such losses to date have been within management’s expectations. The Company’s credit risk with respect to amounts due from related parties and maximum exposure thereto as at July 31, 2022 is $72,624 (July 31, 2021 - $890).

Interest rate risk

Interest rate risk is the risk the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Financial assets and liabilities with variable interest rates expose the Company to cash flow interest rate risk. The Company has a loan of $20,100 that carries interest at a fixed rate of 5%. The Company does not hold any financial liabilities with variable interest rates. The Company does maintain bank accounts which earn interest at variable rates but it does not believe it is currently subject to any significant interest rate risk.

16

GO METALS CORP. Management discussion and analysis For the year ended July 31, 2022

Risks (continued)

Liquidity risk

The Company’s ability to continue as a going concern is dependent on management’s ability to raise required funding through future equity issuances and through short-term borrowing. The Company manages its liquidity risk by forecasting cash flows from operations and anticipating any investing and financing activities. Management and the Board of Directors are actively involved in the review, planning and approval of significant expenditures and commitments.

Price risk

The Company is exposed to price risk with respect to commodity prices. The Company’s ability to raise capital to fund exploration and development activities is subject to risks associated with fluctuations in the market price of commodities.

Risks and Uncertainties

The Company’s principal activity is mineral exploration and development. Companies in this industry are subject to many and varied kinds of risk, including but not limited to, environmental, metal prices, political and economic.

The mineral exploration business is risky and most exploration projects will not become mines. The Company may offer an opportunity to a mining company to acquire an interest in a property in return for funding all or part of the exploration and development of the property. For the funding of property acquisitions and exploration that the Company conducts, the Company depends on the issue of shares from the treasury to investors. These stock issues depend on numerous factors including a positive mineral exploration environment, positive stock market conditions, a company’s track record and the experience of management.

The Company has no significant source of operating cash flow and no revenues from operations. The Company has not yet determined whether its mineral property contains mineral reserves that are economically recoverable. The Company has limited financial resources. Substantial expenditures are required to be made by the Company to establish reserves.

There is no guarantee that the Company will be able to contribute or obtain all necessary resources and funds for the exploration and exploitation of its permits, and may fail to meet its exploration commitments.

The property that the Company has an option to earn an interest in is in the exploration stages only, are without known bodies of commercial mineralization and have no ongoing mining operations. Mineral exploration involves a high degree of risk and few properties, that are explored, are ultimately developed into producing mines.

Exploration of the Company’s mineral property may not result in any discoveries of commercial bodies of mineralization. If the Company’s efforts do not result in any discovery of commercial mineralization, the Company will be forced to look for other exploration projects or cease operations.

The Company is subject to the laws and regulations relating to environmental matters in all jurisdictions in which it operates, including provisions relating to property reclamation, discharge of hazardous material and other matters.

COVID-19

The outbreak of the corona virus pandemic has impacted the Issuer’s plans and activities. The Issuer may face disruption to operations, travel and trade restrictions and impact on economic activity in affected countries or regions can be expected and can be difficult to quantify. Such pandemics or diseases represent a serious threat to maintaining a skilled workforce industry and could be a major health-care challenge for the Issuer.

17

GO METALS CORP. Management discussion and analysis For the year ended July 31, 2022

COVID-19 (continued)

There can be no assurance that the Issuer’s personnel will not be impacted by these pandemic diseases and ultimately that the Issuer would see its workforce productivity reduced or incur increased medical costs/insurance premiums as a result of these health risks. In addition, the COVID-19 pandemic has created a dramatic slowdown in the global economy. The duration of the COVID-19 outbreak and the resultant travel restrictions, social distancing, Government response actions, business closures and business disruptions, can all have an impact on the Issuer’s operations and access to capital. There can be no assurance that the Issuer will not be impacted by adverse consequences that may be brought about by the COVID-19 pandemic on global financial markets may reduce resource prices, share prices and financial liquidity and thereby that may severely limit the financing capital available.

Trends

Trends in the industry can materially affect how well any junior exploration company is performing and by the capital markets which have made the raising of finance difficult. Under the current economic conditions, the Company is advancing its property as quickly as possible while still remaining prudent when considering large cost items such as drilling and geophysics.

In March 2020, the World Health Organization declared coronavirus (COVID-19) a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. While the extent of the impact is unknown, the Company anticipates this outbreak might increase the difficulty in capital raising which may negatively impact the Company’s business operation and financing condition.

Financial and Disclosure Controls and Procedures

During the year ended July 31, 2022, there has been no significant change in the Company’s internal control over financial reporting since last year.

The Chief Executive Officer and Chief Financial Officer of the Company are responsible for establishing and maintaining appropriate information systems, procedures and controls to ensure that information used internally and disclosed externally is complete, reliable and timely. They are also responsible for establishing adequate internal controls over financial reporting to provide sufficient knowledge to support the representations made in this MD&A and the Company’s financial statements of the Company for the year ended July 31, 2022.

The Chief Executive Officer and Chief Financial Officer of the Company have filed the Venture Issuer Basic Certificate with the Interim and Annual Filings on SEDAR at www.sedar.com.

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (“NI 52-109”), the venture issuer basic certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (“DC&P”) and internal control over financial reporting (“ICFR”), as defined in NI 52-109. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost-effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality,

Financial and Disclosure Controls and Procedures (continued)

reliability, transparency, and timeliness of interim and annual filings and other reports provided under securities legislation.

Other

Additional information relating to the Company’s operations and activities can be found by visiting the Company’s website at www.gometals.ca and www.sedar.com.

18

GO METALS CORP. Management discussion and analysis For the year ended July 31, 2022

Outlook

The outlook for precious metals is good and this is reflected in the Company’s ongoing activity. The capital markets are prospect for financing the Companies are challenging but management believes the Company will continue as a viable entity. The Properties will require significant investment as it transitions into development stage projects.

Cautionary Statement

This document contains “forward-looking statements” within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and our other future plans and objectives are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without limitation, (i) estimates of exploration investment and scope of exploration programs, and (ii) estimates of stock-based compensation expense. There can be no assurance that such statements will prove to be accurate, and future events and actual results could differ materially from those anticipated in such statement. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company’s documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date of statements are made, and the Company endeavours to update corporate information and material facts on a timely basis. Forward-looking statements are subject to risks, uncertainties and other actors, including risks associated with mineral exploration, price volatility in the mineral commodities we seek, and operational and political risks.

19