Silver Sands Resources Corp. — Interim / Quarterly Report 2021

Dec 29, 2021

==> picture [177 x 48] intentionally omitted <==

SILVER SANDS RESOURCES CORP. Management’s Discussion and Analysis For the nine months ended October 31, 2021

1.1 Date of Report: December 29, 2021

The following Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with the unaudited condensed interim financial statements and notes thereto for Silver Sands Resources Corp. (the “Company”) for the nine months ended October 31, 2021 which were prepared in Canadian dollars and in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The financial statements and related notes are available at www.sedar.com.

Management is responsible for the preparation and integrity of the Company’s financial statements, including the maintenance of appropriate information systems, procedures and internal controls. Management is also responsible for ensuring that information disclosed externally, including that within the Company’s audited financial statements and MD&A, is complete and reliable.

Caution regarding forward looking statements

This MD&A may contain certain statements that may be deemed “forward-looking statements”. All statements in this document, other than statements of historical fact, which address events or developments that the Company expects to occur, are 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 events or conditions that “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements in this document include statements regarding future exploration programs, liquidity and effects of accounting policy changes.

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploration success, continued availability of capital and financing, inability to obtain required regulatory or governmental approvals and general economic, market or business conditions. Readers are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates, opinions or other factors should change except as required by law.

These statements are based on a number of assumptions including, among others, assumptions regarding general business and economic conditions, the timing of the receipt of regulatory and governmental approvals for the transactions described herein, the ability of the Company and other relevant parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for the Company’s proposed transactions and exploration and development programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause results to differ materially.

Page | 1

==> picture [177 x 48] intentionally omitted <==

1.2 Overall performance

The Company was incorporated on January 31, 2018 under the laws of British Columbia, Canada. The address of the Company’s corporate office and its principal place of business is 830-1100 Melville Street, Vancouver, British Columbia, Canada. On, November 27, 2019, the Company’s common shares commenced trading on the Canadian Securities Exchange (the “Exchange”). On June 8, 2020, the Company changed its name to Silver Sands Resources Corp. and changed its symbol to “SAND”.

The Company’s principal business activities include the acquisition and exploration of mineral property assets. As at October 31, 2021, the Company had not yet determined whether the Company’s mineral property asset contains ore reserves that are economically recoverable. The recoverability of amounts shown for exploration and evaluation asset is dependent upon the discovery of economically recoverable reserves, confirmation of the Company’s interest in the underlying mineral claims, the ability of the Company to obtain the necessary financing to complete the development of and the future profitable production from the property or realizing proceeds from its disposition. The outcome of these matters cannot be predicted at this time and the uncertainties cast significant doubt upon the Company’s ability to continue as a going concern.

Exploration and evaluation assets

Virginia Silver Project, Santa Cruz, Argentina

On May 20, 2020, the Company closed the Virginia Silver acquisition with Mirasol Resources Ltd. (“Mirasol”), allowing the Company to earn a 100% interest, subject to a 3% Net Smelter Return Royalty (NSR), by making a combination of cash payments, share issuances, and exploration expenditures as follows:

Cash payments

• US$25,000 payment on execution of the original Letter of Intent (paid)

• US$25,000 payment on signing the Definitive Option Agreement with Mirasol (paid)

Share issuances:

• 9.9% of the issued and outstanding shares of the Company (“I/O”) upon signing of the definitive agreement: (3,745,269 shares have been issued with a deemed value of $823,959);

• the number of shares equivalent to 5% of the I/O on first anniversary date (2,805,212 shares issued on May 20, 2021);

• the number of shares equivalent to 5% of the I/O on second anniversary date;

• the number of shares required such that Mirasol’s holdings are 19.9% of the I/O on the third anniversary date following the issuance of the shares.

Exploration expenditures:

• complete $1-million (U.S.) * of exploration expenditures on the property within year one;

• complete $2-million (U.S.) * of exploration expenditures on the property within year two;

• complete $3-million (U.S.) * of exploration expenditures on the property within year three;

* Excess expenditures in previous years may be applied to subsequent years.

The Company will utilize the expertise of the Mirasol technical team during the option period to undertake the US$6 million exploration programs and as such will pay a management fee to Mirasol. This fee will be inclusive of the required exploration expenditures.

The road accessible Virginia Silver Project lies in Santa Cruz province, Argentina in the region known generally as Patagonia. The original 32,730 hectare property was increased to 59,747 hectares in 2016 as a result of discovery on new mineralization to the south of the known silver vein. Included in the property package are two large ranches (Estancias) totaling almost 36,000 hectares.

Page | 2

==> picture [177 x 48] intentionally omitted <==

Virginia lies within the Deasado Massif, a large regional complex consisting mainly Jurassic volcanic and other older rocks surrounded by younger Cretaceous and Tertiary sedimentary rock which form basins and lap onto the older units. The Massif is dominated by middle Jurassic Rocks of the Bahia Laura Group, which are mainly volcanic in origin. The Bahia group is sub-divided into the Chon Aike Formation, mainly felsic volcanic rocks, and the Bajo Pobre Formation, mainly intermediate or mafic volcanic rocks. Both units appear to be of middle to upper Jurassic age and both are known to host important precious metal deposits believed to be upper Jurassic in age. Bahia Laura is overlain, and probably in part interbedded with, the Matilde Formation comprised of fine grained tuffaceous and sedimentary rocks of upper Jurassic age. These are the units which contain most of the known precious metals in the massif.

Initial Mirasol exploration in the early 2000’s focused on the Santa Rita zones in the north of the original claim block and resulted in an agreement with Hochschild Mining Corporation through 2008, during which time surface programs and drilling were completed. After Hochschild terminated the option, Mirasol focussed exploration to the south and located the Julia and other silver veins in the Virginia Window, an erosional window through the thin overlying post-mineralization tuffs. The silver veins are hosted by a Jurassic-age volcanic sequence consisting of local, generally felsic lava flows and pyroclastic tuffs and volcanic breccias overlain by a distinctly different post-mineral ash-flow ignimbrite.

Exploration of the Virginia Veins consisted of geological mapping, rock sampling, geophysics, trenching, and drilling. Initial surface rock chip sampling revealed significant silver grades over impressive widths over potentially interesting strike lengths. Channel sampling and geological mapping at 1:50 scale along saw-cut channels confirmed significant widths and grades of silver mineralization, with the first series of channel samples on the Julia Veins averaging 792 g/t silver over 1.88 metres.

Ground geophysics has proven to be very successful. Magnetic surveys sometimes show distinct magnetic lows or highs associated with fault structures; and almost always show distinct breaks in the magnetic textures marking the fault structures. Ground Induced Polarization (IP) surveys often very clearly mark chargeability highs that coincide with the limits of ore shoots where the mineralization is eroded. In some areas more subtle anomalies are interpreted to lie above possible ore shoots.

Four programs of diamond drilling between 2010 and 2012 totalled 23,318 metres in 227 holes (including holes which were redrilled to improve the core recovery). Seven distinct segments of four of the known veins were drilled, with highlight drill intersections shown in the following table:

		Drill Intersection Highlights	Drill Intersection Highlights	Drill Intersection Highlights	Drill Intersection Highlights
hole	intercept from(m)	intercep t to(m)	core length (m)	interce pt angle( °)	true width (m)	Ag (g/t)	Comments
			JULIA NORTH
VG-036	15.40	53.00	37.60	76	36.48	312
included	21.35	26.85	5.50	76	5.34	1,843
VG-006A	13.00	39.00	26.00	69	24.27	326	twin hole
included	18.65	24.52	5.87	69	5.48	1,038	twin hole
VG-017A	27.00	106.90	79.90	51	62.09	125	twin hole
included	37.90	44.75	6.85	51	5.32	912	twin hole
			JULIA CENTRAL
VG-068	64.00	105.45	41.45	60	35.90	200
included	72.19	78.80	6.61	60	5.72	669
VG-050A	37.69	71.00	33.31	58	28.25	220	twin hole
included	37.69	59.05	21.36	58	18.11	303	twin hole
VG-043A	44.00	95.00	51.00	63	45.44	129	twin hole
included	54.94	75.02	20.08	63	17.89	255	twin hole
			JULIA SOUTH
VG-012	27.00	40.00	13.00	48	9.66	215

Page | 3

==> picture [177 x 48] intentionally omitted <==

hole	intercept from(m)	intercep t to(m)	core length (m)	interce pt angle( °)	true width (m)	Ag (g/t)	Comments
included	34.10	35.40	1.30	48	0.97	742
VG-023	24.50	36.70	12.20	45	8.63	221
included	33.00	36.70	3.70	45	2.62	560
VG-003	39.50	47.70	8.20	40	5.27	328
included	39.50	41.65	2.15	40	1.38	672
			NATY
VG-053	46.70	75.00	28.30	70	26.59	230
included	50.40	54.10	3.70	70	3.48	1,402
VG-041A	47.50	98.00	50.50	68	46.82	123	twin hole
included	71.40	78.15	6.75	68	6.26	532	twin hole
VG-040A	15.00	66.00	51.00	68	47.29	86	twin hole
included	41.00	48.70	7.70	68	7.14	205	twin hole
			ELY SOUTH
VG-138	105.00	133.00	28.00	41	18.37	195
included	110.90	115.50	4.60	41	3.02	493
VG-127	124.60	151.50	26.90	34	15.04	135
included	144.48	145.67	1.19	34	0.67	1,760
VG-113	63.00	97.00	34.00	40	21.85	79
included	87.80	90.75	2.95	40	1.90	495
			ELY NORTH
VG-184	75.94	172.08	96.14	56	79.70	55
included	160.65	163.40	2.75	56	2.28	419
VG-161	92.00	164.70	72.70	56	60.27	47
included	155.80	163.47	7.67	63	6.83	129
VG-105	68.00	119.00	51.00	30	25.50	88
included	77.74	82.90	5.16	30	2.58	142
included	102.50	116.00	13.50	30	6.75	137
			MARTINA
VG-089A	31.00	46.00	15.00	43	10.23	245
included	32.80	38.06	5.26	43	3.59	530
VG-119B	27.00	65.65	38.65	41	25.36	61	twin hole
included	42.75	48.50	5.75	41	3.77	155	twin hole
VG-094A	24.37	44.20	19.83	41	13.01	61	twin hole
included	26.94	30.53	3.59	41	2.36	119	twin hole

The drilling was successful in the definition of preliminary indicated and inferred resources in 2014. The resources was disclosed in “Amended Technical Report, Virginia Project, Santa Cruz Province, Argentina - Initial Silver Mineral Resource Estimate” by Earnest, D.F. and Lechner, M.J. dated February 29, 2016 with an effective date of October 24, 2014. The Mineral Resource is contained in seven outcropping silverbearing epithermal-type veins that demonstrate reasonable continuity along strike and at depth beneath the surface. These Mineral Resources were estimated using silver assay data from a total of 191 surface trench channel samples and samples from 223 diamond drill holes. The Mineral Resources for each individual vein were based on rotated three-dimensional block models consisting of 2-meter by 2-meter by 2-meter blocks. Estimations of block grades were derived from 2-meter-long down-hole/along-trench assay composites constructed from individual high-grade outlier-capped raw silver assays, using a three-pass inverse distance cubed (1/d3) estimation method. Block tonnes were estimated based on density factors of 2.52

Page | 4

==> picture [177 x 48] intentionally omitted <==

g/cm3 for vein/breccia material and 2.11 g/cm3 for halo/wallrock material. All of the mineral resources are contained within conceptual open pits that were generated using the following parameters:

Silver Price: $US20/Oz Processing Cost: $US28.00/tonne Silver Recovery: 80% General & Administrative Cost; $US1.50/tonne Mining Cost: $US2.85/tonne Pit Slope Angle: 45°

The Indicated Mineral Resources is 1,197,000 Tonnes @ 310 g/t Ag (11,927,000 Ag Ounces) and the Inferred Mineral Resource is 460,000 Tonnes @ 207 g/t Ag (3,062,000 Ag Ounces). The details are shown in the following tables:

Indicated Mineral Resource

Deposit	Vein/Breccia	Vein/Breccia				Dilutant		Diluted Indicated Resource	Diluted Indicated Resource	Diluted Indicated Resource
	Tonnes (000)	Ag (g/t)	Ag Ozs (000)	Tonnes (000)	Ag (g/t)	Ag Ozs (000)	Percent Dilution	Tonnes (000)	Ag (g/t)	Ag Ozs (000)
Julia North	542	415	7,232	19	44	27	3%	561	402	7,251
Julia Central	242	248	1,930	10	32	10	4%	252	239	1,936
Ely South	162	193	1,005	9	22	6	5%	171	184	1,012
Julia South	102	312	1,023	8	21	5	7%	110	291	1,029
Naty	44	290	410	1	48	2	2%	45	285	412
Ely North	57	156	286	1	44	1	2%	58	154	287
Martina	0	0	0	0	0	0	0%	0	0	0
Total	1,149	322	11,886	48	34	52	4%	1,197	310	11,927

Inferred Mineral Resource

Deposit	Vein/Breccia	Vein/Breccia			Dilutant	Dilutant		Diluted Inferred Resource	Diluted Inferred Resource	Diluted Inferred Resource
	Tonnes (000)	Ag (g/t)	Ag Ozs (000)	Tonnes (000)	Ag (g/t)	Ag Ozs (000)	Percent Dilution	Tonnes (000)	Ag (g/t)	Ag Ozs (000)
Julia North	5	344	55	0	0	0	0%	5	344	55
Julia Central	87	202	565	7	21	5	7%	94	189	571
Ely South	69	204	453	7	17	4	9%	76	187	457
Julia South	54	196	340	7	15	3	11%	61	175	343
Naty	138	278	1,233	6	33	6	4%	144	268	1,241
Ely North	52	140	234	1	34	1	2%	53	138	235
Martina	25	195	157	2	45	3	0%	27	184	160
Total	430	220	3,037	30	23	22	7%	460	207	3,062

In 2016 through 2018, Mirasol extended exploration further to the south of the known veins and discovered new high-grade silver mineralization, including:

• The strike length of the undrilled Margarita vein located 300 m west of the Virginia resource area was extended to 450 metres, currently defined by 65 trench and rock chip samples which have an overall average of 366.0 g/t Ag.

• The new Julia South Dome Trend, consisting of intermittent vein and vein-breccia subcrop and float samples, and extending 2.15 km south from the limits of the previous drilling, is defined by 144 rock chip samples with assays ranging from BDL to a peak assay of 6,586.3 g/t Ag, averaging 186.8 g/t Ag.

• The new East Zone target, covering a 1.2 km x 600 m area of sub-cropping epithermal vein-breccia and aligned float blocks, returned high-grade silver assays defining multiple NW and NE oriented, interpreted structural trends which are individually up to 1 km in length. Rock chip assays range from BDL to a peak of 2,609.7 g/t Ag, with 15 samples exceeding 500 g/t Ag. The average of the of 150 rock chip samples collected to date average of 176.2 g/t Ag. The angular shape of the vein

Page | 5

==> picture [177 x 48] intentionally omitted <==

block float in this area indicates that they have not been transported far from source, suggesting the potential for undiscovered, high-grade veins, under thin soil cover.

Silver Sands completed two phases of drilling in 2020/2021 along with ground geophysics and mechanical trenching. The results from the Phase I program can be found in the MDA for the Quarter ended April 30, 2021. The results from the Phase II program are detailed below:

Virginia exploration completed during the Quarter ended October 31, 2021.

On October 5 , 2021, the Company recapped its successful 2020/2021 Phase I and Phase II exploration programs in advance of Phase III start up.

Pre- Silver Sands exploration of the Virginia vein field discovered more than 15 veins, including: Julia South, Julia Central, Julia North, Ely South, Ely North, Margarita, Roxane, Naty, Martina, Magi, Priscilla, Daniela, Patricia, Maos, Mercedes and Naty Extension. Mineralized vein outcrop widths ranged from one to five metres. Vein outcrops, subcrop and vein float could be traced for hundreds of metres of strike length in some instances. Subsequent drilling of these vein structures was successful in the definition of a preliminary indicated and inferred resource.

Highlights from last season's Silver Sands exploration program:

• Phase I exploration tested the potential for new high-grade silver zones to expand on the existing NI 43-101 resource and comprised a total of 2,831 metres in 18 diamond drill holes. A total of 80.5 line kilometres of PDP IP (induced polarization) surveying was completed to further define the historic gradient array chargeability anomalies for drill targeting;

• Phase II exploration program comprised 20 drill holes for a total of 3,104 metres. The phase II program focused on following up on the results of phase I and testing several new prospective zones. A further 37.5 line kilometres of PDP IP surveying defined a new area to the northeast of the main vein field and will be worked up for drill targeting;

• New discoveries were made in areas of lower IP chargeability, opening up the potential for strike extensions of known veins, as well as new discoveries within previously untested linear trends of lower intensity;

• Drilling led to the discovery of a new high-grade zone at Ely Central, where drilling intersected strong and continuous Ag grades in four drill holes over a 200-metre strike length. Drilling also intercepted high-grade silver mineralization at the Ely North, Martina Northwest and Julia South targets;

• Phase I and II drilling confirmed the Ely structure can be traced over 1.7 kilometres in strike length from north to south and it is still open on strike to the north and south and also at depth. The ElyJulia structure now extends to over three kilometres in strike length and is still open to the north and south and at depth;

• At Ely Central, drilling discovered a 200-metre open-ended strike length of strong silver mineralization that lies within a 580-metre "gap" left untested from the original drilling at Virginia by Mirasol in 2012.

October 5, 2021 – Figure 1. Key Zones

Page | 6

==> picture [177 x 48] intentionally omitted <==

==> picture [499 x 341] intentionally omitted <==

New discoveries and drill results

Drilling defined the new mineralized shoot with significant silver intercepts between the Ely South and Ely North conceptual pits. In addition, 400 metres between Ely Central and North remains to be drill tested. Highlights include:

• 639 grams per tonne Ag over 9.60 metres (EC-DDH-004);

• 625 grams per tonne Ag over 10.80 metres, including 1,110 grams per tonne Ag over 5.70 metres (EC-DDH-005);

• 560 grams per tonne Ag over 9.98 metres, including 1,578 grams per tonne Ag over 2.87 metres (EC-DDH-003);

• 233.54 grams per tonne Ag over 9.25 metres, including 441.71 grams per tonne Ag over 4.5 metres (EC-DDH-001).

Page | 7

==> picture [177 x 48] intentionally omitted <==

October 5, 2021 - Figure 2. Highlighted New Zones from Phase I and Phase II Programs

==> picture [469 x 264] intentionally omitted <==

Drilling of lower intensity chargeability anomalies at the Ely North extension is defining a new mineralized shoot with significant silver intercepts 70 metres and 400 metres north of the existing Ely North conceptual pit, suggesting a 350-metre strike length. These intercepts included:

• 476 grams per tonne Ag over four metres, including 929 grams per tonne Ag over 1.85 metres (ENDDH-002);

• 91 grams per tonne Ag over 7.5 metres (EN-DDH-001).

A potential 200-metre-long mineralized shoot is also developing at Martina Northwest, with silver intersections of:

• 198.51 grams per tonne Ag over 33.5 metres, including 316 grams per tonne Ag over 17.7 metres (MSE-DDH-001);

• 70.8 grams per tonne Ag over 13.05 metres, including 149.54 grams per tonne Ag over 3.13 metres at and 596.54 grams per tonne Ag over 0.3 metre at (MSE-DDH-003).

At Julia South, phase I and phase II drilling indicates a strong potential for significant silver mineralization along the Julia South structural trend that exists farther to the south of the current Julia South conceptual resource pit. A potential 400-metre-long mineralized shoot is developing at the Julia South extension, defined by drill holes spaced 70 metres to 370 metres south of the Julia South conceptual pit. The intercepts include:

• 360 grams per tonne silver over 0.4 metre (JSE-DDH-003);

• 259 grams per tonne silver over 0.7 metre (JSE-DDH-002);

• 192 grams per tonne silver over 5.5 metres, including 372 grams per tonne silver over 1.6 metres (JS-DDH-003);

• 140.27 grams per tonne silver over 4.2 metres, including 483 grams per tonne silver over 0.35 metre (JSE-DDH-001);

• 123.43 grams per tonne silver over 8.5 metres, including 168.34 grams per tonne silver over 3.9

Page | 8

==> picture [177 x 48] intentionally omitted <==

metres (JS-DDH-001).

The success at Ely North and Ely Central suggests lower intensity chargeability anomalies may also indicate silver-bearing veins. Mirasol only drilled the highest chargeability anomalies during its 2010 to 2012 programs, meaning the lower-intensity chargeability anomalies within the main vein field need to be reevaluated for potential silver-bearing veins.

IP survey identifies 17 similar targets

An IP survey to the northeast of the existing vein field has identified 17 targets with chargeability responses similar to known veins in the main vein field.

On October 12 , 2021, the Company announced the commencement of its fully financed $900,000 (U.S.) phase III exploration program at Virginia.

Following up on a highly successful phase I and phase II program, phase III comprises a total of 2,685 metres in 16 holes targeting seven different silver vein structures, plus the Santa Rita silver-gold prospect. Phase III drilling will continue to focus on gaps and extensions of principal veins and also includes testing some deeper vein extensions. Previous drilling has tested mineralization at depths from surface to only 150 metres deep. Phase I and phase II drilling completed in 2020/2021 demonstrated the existence of significant silver mineralization that has not outcropped on the surface especially in the south and the southeast areas of the property.

Drilling will focus on expanding high-grade silver mineralization open along strike, and at depth, within the Ely, Martina and Julia vein structures that currently host conceptual open pits at Ely North, Ely Central, Martina and Julia South. The program will also include testing vein structures or mineralization at four other targets plus the Santa Rita silver-gold prospect 15 kilometres to the north of the Virginia discovery. Santa Rita was previously explored by Mirasol in 2005 to 2007 including 2,048 m of drilling. Surface sampling highlights included 340 grams per tonne silver and 1.23 g/t gold and channel sample highlights included 309 g/t silver and 0.63 g/t gold over four m. New drill targets have been developed at Santa Rita based on a reinterpretation of the exploration and drilling data and structure.

In addition, the next block to the northeast of the Virginia vein field will be the focus of the extremely successful pole dipole induced polarization (PDP IP) survey. The PDP IP follows up the earlier gradient array IP to define and sharpen the linear chargeability anomalies that are yielding responses similar to the known vein structures within the Virginia vein field.

Phase III Virginia vein field drill plan

Ely Central hosts a 580-metre gap between the Ely South and Ely North conceptual pits. Drilling along a 200 m section of this vein during phase I and phase II delivered silver mineralization in all four holes. Two holes will be directed at testing the mineralization: one to depth and one along strike. Highlights of previous drilling include:

• 639 grams per tonne silver over 9.60 m;

• 625 g/t Ag over 10.80 m, including 1,110 g/t Ag over 5.70 m;

• 560 g/t Ag over 9.98 m, including 1,578 g/t Ag over 2.87 m;

• • 233.54 g/t Ag over 9.25 m, including 441.71 g/t Ag over 4.5 m.

Page | 9

==> picture [177 x 48] intentionally omitted <==

October 12, 2021 - Figure 1. Key Zones

==> picture [499 x 295] intentionally omitted <==

Ely North Extension hosts a 400 m gap to the north of the Ely North conceptual pit. Widely spaced drilling in phase I and phase II hit silver mineralization in two holes 350 m apart. The discovery of strong veining and silver mineralization in previously untested lower intensity IP chargeability at Ely North Extension opens numerous possibilities within the current mineral resource area. Two holes will test the mineralization at depth and beneath the phase I and phase II holes. Previous drill intercepts included:

• 476 g/t Ag over 4.0 m, including 929 g/t Ag over 1.85 m;

• 91 g/t Ag over 7.5 m.

Phase I and phase II drilling at Julia South/Julia South Extension has identified a potential 400 m shoot of silver mineralization to the south of the Julia South conceptual pit. One hole will test mineralization to depth. Previous drill intercepts include:

• 360 g/t silver over 0.4 m;

• 259 g/t silver over 0.7 m;

• 192 g/t silver over 5.5 m, including 372 g/t silver over 1.6 m;

• 140.27 g/t silver over 4.2 m, including 483 g/t silver over 0.35 m;

• 123.43 g/t silver over 8.5 m, including 168.34 g/t silver over 3.9 m.

Page | 10

==> picture [177 x 48] intentionally omitted <==

October 12, 2021 – Figure 2. Phase III Targets

==> picture [237 x 199] intentionally omitted <==

==> picture [237 x 199] intentionally omitted <==

==> picture [237 x 208] intentionally omitted <==

----- Start of picture text -----

Ely Central Target
----- End of picture text -----

==> picture [237 x 208] intentionally omitted <==

----- Start of picture text -----

Ely North Target
----- End of picture text -----

Martina NW Target

Martina SW Target

Page | 11

==> picture [177 x 48] intentionally omitted <==

==> picture [235 x 196] intentionally omitted <==

==> picture [121 x 112] intentionally omitted <==

Julia South Extension Target

Three vein segments have been identified at Martina: NW, SE and SW. Martina NW is a 200 m gap to the north of the existing Martina conceptual pit. Phase II drilling returned 190 g/t silver of 5.9 metres. One hole will test below this drill intersection. The geological evidence, as interpreted by the Mirasol team, indicates the Virginia vein field is tilted to the east, meaning the silver mineralized shoots will be deeper on the eastern side of the field.

Martina SE lies in a 450 m gap to the south of the Martina conceptual pit. Shallower phase I drilling returned values of 198 g/t silver over 33.5 m and 63.97 g/t silver over 16.05 m. One hole will test below these drill intersections. Martina SW is a northeast-trending structure, parallel to the Ely vein. Limited phase I and phase II drilling located 30 to 85 g/t silver over narrow widths. One hole will test the vein.

Magi has been traced intermittently for 770 m on the east side of the Virginia vein field. Limited drilling has returned highlights of 40.73 g/t silver over 16.7 m. One hole will test the vein along strike.

Margarita is a 500 m long vein in the south of the Virginia vein field. Historic channel sampling returned highlights of 1,486 g/t silver over 1.4 m with samples ranging from 3,170 g/t silver to 67 g/t silver. A phase I drill hole appears to have been drilled into the footwall of the vein, so one hole will test the vein from the hanging wall side.

Roxanne remains an enigma as drilling to date has been unable to locate the elusive source of a 590 m linear series of surface float samples that averaged 1,039 g/t silver, ranging from 2,880 g/t silver to 103 g/t silver. Corresponding high chargeability suggests a linear structure. One hole will test below a drill intersection of 21.84 g/t silver over 2.6 m.

Maos has been traced intermittently 200 m along strike in the northeast of the vein field. Historic sampling returned anomalous silver values in linear subcrop and angular float. With the vein field dipping to the east, the favourable silver mineralization is expected to lie at depth beneath surface. Two drill holes will trace the vein down dip toward the high-grade silver mineralization.

Phase III Santa Rita silver/gold targets

The gold-rich Santa Rita zones lie 15 km to the north of the Virginia vein field. Early exploration located three zones, Santa Rita Main, Santa Rita Central and Santa Rita East. Exploration largely focused on Santa Rita Main, an open-ended 3,500 m long by 500 m wide NW trend containing mapped veins of multiounce silver epithermal mineralization generally less than 10 m wide. Surface sampling highlights include 340 g/t silver and 1.23 g/t gold and channel sample highlights include 309 g/t silver and 0.63 g/t gold over four m.

Page | 12

==> picture [177 x 48] intentionally omitted <==

Subsequent limited diamond drilling returned highlights of 86.3 g/t silver over 3.4 m, within the upper levels of the epithermal system.

Santa Rita East forms a 2.7 km long zone of intermittently outcropping veins occurring along an eight km northwest-oriented major fault within the same east-west-oriented structural corridor as Santa Rita Main. Santa Rita Central and Santa Rita East show a marked increase in gold results with associated high silver hosted within well-formed epithermal veins. Santa Rita Central highlight values range from 1.77 to 0.12 g/t gold and 158 to 18 g/t silver, while Santa Rita East highlight values range from 5.86 to 2.57 g/t gold and 91 to 21 g/t silver, indicating gold values are increasing to the east.

Reinterpretation of the geophysics and drilling suggests that 40 per cent of the 2,048 m drilled at Santa Rita Main was drilled into the footwall and failed to intersect the main structure. Vein quartz and alteration suggest the drill holes targeted the upper levels of epithermal veining, with the high-grade gold and silver values expected to be deeper within the vein. Three drill holes are planned to cross the vein structure from the hangingwall and test the structure at depth.

Virginia exploration completed subsequent to the Quarter ended October 31, 2021.

On December 7, 2021, the Company provided an update on its phase III drill program at the Virginia. Drill crews report the completion of drilling at the Virginia silver vein field and the commencement of drilling at the Santa Rita gold silver targets 15 km north.

December 7 - Figure 1. Virginia Vein Field Phase III Drilling

==> picture [499 x 282] intentionally omitted <==

Expanding the current silver resource is the Company's primary goal and the fifteen holes totaling 2,520 metres were directed at the gaps between Ely Central and Ely North, the gap to the north of Ely North, and the Martina Vein, where earlier Silver Sand drill programs intersected significant silver mineralization. Exploration holes also tested the Margarita, Maos and Roxanne veins, probing the down dip extensions of surface outcrops/subcrops and floats targeting for suspected mineralized shoots at depth in those veins.

Page | 13

==> picture [177 x 48] intentionally omitted <==

December 7, 2021 - Table 1. Santa Rita Surface Sampling

**Santa Rita Central **	**Santa Rita Central **
Metal	#-Samples	#->20 g/tAg	% >20g/tAg	Range g/t	Average g/t	Max-Value
Ag	90	9	10%	20-321	88 g/t Ag	321 g/t Ag
		>0.5 g/tAu	% >0.5g/tAg
Au	90	5	5%	0.83-1.77	1.35 g/tAu	1.77g/t Au

Santa Rita East	Santa Rita East
Metal	#-Samples	#->20 g/tAg	% >20g/tAg	Range g/t	Average g/t	Max-Value
Ag	97	12	12%	20-93	46 g/t Ag	93 g/t Ag
		>0.5 g/tAu	% >0.5g/tAg
Au	97	31	32%	0.51-5.86	1.54g/tAu	5.86 g/t Au

December 7, 2021 - Figure 2. Santa Rita Phase III Drill Targets

==> picture [499 x 281] intentionally omitted <==

Page | 14

==> picture [177 x 48] intentionally omitted <==

==> picture [307 x 262] intentionally omitted <==

----- Start of picture text -----

December 7 2021- Figure 3. Santa Rita East
----- End of picture text -----

December 7 2021- Figure 4. Santa Rita Central

==> picture [218 x 245] intentionally omitted <==

The drill has now been mobilized 15km to the north to Santa Rita, where exploration, trenching and previous drilling in 2005-2007 delivered highlight grades of 340 g/t silver and 5 g/t gold. Re-interpretation of historic data in combination with new 2021 trenching and PDP-IP has highlighted several compelling virgin gold silver targets within 2.7kms of intermittently outcropping epithermal quartz veins within an 8km NW trending fault zone as shown in Figure 2. Sampling details from Santa Rita Central and Santa Rita East are shown in Table 1, while highlights of the sampling can be seen in Figures 2, 3 and 4. A total of 500 metres of drilling is planned for the various Santa Rita targets.

Virginia QA/QC

Silver Sands applies industry-standard exploration sampling methodologies and techniques. All geochemical rock and drill samples are collected under the supervision of the company's geologists in accordance with industry practice. Geochemical assays are obtained and reported under a quality assurance and quality control (QA/QC) program. Samples are dispatched to an International Organization for Standardization 9001:2008-accredited laboratory in Argentina for analysis. Assay results from channel, trench and drill core samples may be higher than, lower than or similar to results obtained from surface samples due to surficial oxidation and enrichment processes or due to natural geological grade variations in the primary mineralization.

Detour Lake Property, Ontario

The Company signed an option agreement in February 2020 whereby it could acquire a 100% allowing the Company to earn a 100% interest, subject to a 3% Net Smelter Return Royalty (NSR), by making cash payments, making share issuances and completing exploration expenditures as follows:

• Cash payments (Canadian dollars) o Making a $20,000 payment on closing of a February 2020 financing (paid); o Making a $25,000 payment on first anniversary of the agreement;

• Making a $50,000 payment on the second anniversary of the agreement.

Page | 15

==> picture [177 x 48] intentionally omitted <==

• Share issuances:

• Issuing 1,500,000 shares on signing of the agreement (issued);

• o Issuing 1,500,000 shares on the first anniversary of the agreement;

• Completing $650,000 in exploration expenditures as follows: o $100,000 on or before the first anniversary of the agreement; o $250,000 on or before the second anniversary of the agreement; o $300,000 on or before the third anniversary of the agreement;

Silver Sands can purchase two-thirds of the NSR (2%) for Cdn$1,000,000.

The Detour Property lies in the Detour greenstone belt of northeastern Ontario, 150 kilometres northeast from Cochrane. The Detour Greenstone Belt host a number of important mines and deposits, including: the Kirkland Lake Gold Ltd. Detour Mine Complex, Wallbridge Mining Company Limited’s Fenelon deposit, the past producing Casa-Berardi mine and the past producing Selbaie volcanogenic massive sulphide mine amongst others. In addition, proximal deposits include the Detour Gold Corporation Zone 58N gold deposit and the Aurelius Minerals Inc. Lipton gold zone. The Detour Lake property, though minimally explored historically, is postulated to be underlain by a gabbroic intrusion, a favourable host for gold mineralization.

Silver Sands cautions investors that mineralization on the above mentioned mines and deposits is not necessarily indicative of similar mineralization on the Northbound claim block.

During the year ended January 31, 2021, the geophysical contractor delivered his presentation on his processing of the geophysical data. Nothing of significance was noted, though further processing was recommended. The final report for the mapping and prospecting program was received. The author concluded the property proved challenging due to the topography and severe lack of outcrop exposure. The few samples taken did not contain any significant sulphide mineralization and returned no anomalous results. He also concluded lack of surface rock exposure is seen throughout the region, forcing exploration to rely on geophysics and drilling to identify and define potential mineralized zones.

The Company decided not to proceed with the Detour Lake project during the year ended January 31, 2021, as such, the option agreement was terminated, and the project was written off during the year ended January 31, 2021.

Maple Bay project, Coastal Copper Property

The Company’s Maple Bay property is 60 km south of Stewart, BC on the Portland Canal and lies within the western part of the Anyox Pendant, a 400 square kilometre mineral-rich Paleozoic to Mesozoic volcanic and sedimentary succession preserved as a roof pendant within the Tertiary Coast Plutonic Complex.

The eastern part of the pendant hosts the Anyox massive sulphide deposits, which produced 22 million tonnes of ore averaging 1% copper from the basalt dominated upper part of the Jurassic Hazelton Group volcanics. The western part of the pendant hosts large sulfide bearing quartz veins near Maple Bay in highly deformed Jurassic metavolcanic and metasedimentary rocks that are thought to be correlatable with the Hazelton Group. The veins are up to 1000 metres long, a few hundred metres deep and several metres thick. Historic production from the larger veins include the Outsider Vein, several thousand tons at 2.8% copper and a further 125,000 tons grading 1.8% copper, 10 g/t silver and 0.14 g/t Au.

The Company cautions investors it has not verified the historical data and further cautions investors the above described mineralization in the area is not necessarily indicative of similar mineralization on the Maple Bay property.

The Company’s geological consultant feels the Maple Bay property has potential to host both the strike extensions of the sulfide bearing quartz veins and also may possibly host massive sulfide mineralization at

Page | 16

==> picture [177 x 48] intentionally omitted <==

depth. Interested investors are encouraged to read the Company’s 43-101 report under its Silver Sands Resources Corp. profile on SEDAR.

On November 24, 2020, the Company announced the termination of the Agreement and subsequently recorded a mineral property impairment of $115,911 during the year ended January 31, 2021.

The technical content of the MDA was reviewed and approved by R. Tim Henneberry, P.Geo. a Director of the Company.

1.3 Selected annual information

n/a – annual requirement

1.4 Results of operations

Nine months ended October 31, 2021

During the nine months ended October 31, 2021 (the “current period”), the Company reported a net loss of $752,952 compared to a net loss of $1,099,205 during the nine months ended October 31, 2020 (the “comparative period”). The significant variances between the current period and the comparative period are as follows:

• Advertising and promotion increased by $137,006 to $334,118 (2020: $197,112) as the Company continued marketing campaigns and investor relations services that had commenced during of 2021 (see news release dated May 21, 2020).

• Consulting fees increased by $76,277 to $225,197 (2020: $148,920) and management fees increased by $30,000 to $90,000 (2020: $60,000). These increases were due to increased activity within the Company and the engagement of additional consultants working with the Company following the Company’s listing on the CSE.

• Share-based payments decreased by $506,569 to $39,671 (2020: $546,240). There was a comparatively small amount of share-based payments charged during the current period due to the vesting schedules of stock options granted during the comparative period.

Three months ended October 31, 2021

During the three months ended October 31, 2021 (the “current period”), the Company reported a net loss of $199,585 compared to a net loss of $504,552 during the three months ended October 31, 2020 (the “comparative period”). The significant variances between the current period and the comparative period are as follows:

• Advertising and promotion decreased by $80,380 to $44,458 (2020: $124,838) as described above.

• Share based payments decreased by $173,435 to $29,834 (2020: $203,269) as described above.

1.5 Summary of quarterly results

Three months			Loss Per Share
ended	Total Revenues	Net Loss	(basic and diluted)
October 31, 2021	$Nil	$199,585	$0.00
July 31, 2021	$Nil	$185,826	$0.00
April 30, 2021	$Nil	$367,541	$0.01
January 31, 2021	$Nil	$393,403	$0.03

Page | 17

==> picture [177 x 48] intentionally omitted <==

Three months			Loss Per Share
ended	Total Revenues	Net Loss	(basic and diluted)
October 31, 2020	$Nil	$504,552	$0.01
July 31, 2020	$Nil	$524,038	$0.01
April 30, 2020	$Nil	$70,616	$0.00
January 31, 2020	$Nil	$216,338	$0.02

The Company was formed on January 31, 2018, and incurred costs related to sourcing, evaluation, acquisition, and exploration of its qualifying property during the year ended January 31, 2019. The Company engaged a lead broker, accounting firm, and legal firm for the preparation of financial statements, a prospectus, a NI 43-101 technical report, and due diligence necessary to obtain approval from the BCSC and CSE for a public listing. During the quarter ended January 31, 2020, the Company completed the listing process and began trading on the CSE. During the quarter ended April 30, 2020, the Company acquired a project in Ontario and entered into a letter of intent for the Virginia Silver project in Argentina. During the quarter ended July 31, 2020 the Company closed the Virginia Silver project and completed financings totaling $2,351,000. During the quarter ended October 31, 2020, the Company commenced exploration on the Virginia Silver project and completed financings totaling $2,750,000. During the quarter ended January 31, 2021 and the quarter ended April 30, 2021, the Company continued exploration at Virginia Silver project. During the quarter ended July 31, 2021 and October 31, 2021, the Company analyzed the results of its exploration programs and prepared for its phase three exploration at the Virginia Silver project.

1.6 Liquidity and solvency

At October 31, 2021 the Company had working capital of $1,011,233 composed of cash on hand of $1,022,352, prepaid expenses totaling $24,446, receivables of $8,921, and accounts payable and accrued liabilities of $44,486 compared to working capital at January 31, 2021 of $2,445,900 composed of cash on hand of $2,301,533, prepaid expenses totaling $131,051, receivables of $61,129, and accounts payable and accrued liabilities of $47,813.

Cash flow to date has not satisfied the Company’s operational requirements. The development of the Company in the future will depend on the Company’s ability to obtain additional financings. While the Company has been successful in the past in obtaining financing through the sale of equity securities, there can be no assurance that the Company will be able to obtain adequate financing in the future or that the terms of such financing will be favorable.

1.7 Capital resources

As at October 31, 2021, the Company had cash and cash equivalents of $1,022,352 (January 31, 2021 $2,301,533) to settle liabilities of $44,486 (January 31, 2021 $47,813). The Company expects to fund its liabilities, exploration and operational activities over the remainder of the fiscal year with cash on hand and from cash received from the issuance of equity securities, primarily through private placements.

1.8 Off-balance sheet arrangements

The Company has not entered into any off-balance sheet arrangements.

1.9 Transactions with related parties

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

Page | 18

==> picture [177 x 48] intentionally omitted <==

Key management includes key directors and key officers of the Company, including the President & Chief Executive Officer and Chief Financial Officer.

Nine months ended:	Oct 31,	Oct 31,
	2021	2020
Management fees paid to the President & CEO	$ 90,000	$ 60,000
Consulting fees paid to a company owned by the CFO	36,000	32,000
Consulting fees paid to the corporate secretary	36,000	32,000
Consulting fees paid to a company controlled by a director	45,000	37,500
Share based payments to key management	-	368,790
	$ 207,000	$ 530,290

At October 31, 2021, $Nil was outstanding to key management (2020: $16,430) and was included in accounts payable.

1.10 Third quarter

During the three months ended October 31, 2021, the Company continued exploration at the Virginia project in Argentina and continued to explore opportunities to acquire additional mineral exploration projects and raise capital for the Company. Highlights from the exploration programs are outlined in the Exploration and Evaluation assets section above.

COMMITMENTS

The Company is committed to certain cash payments, common share issuances and exploration expenditures as described in Note 4 of the accompanying financial statements.

1.11 Proposed transactions

There are no proposed transactions that will materially affect the performance of the Company other than those disclosed elsewhere in this MD&A and the accompanying financial statements.

1.12 Critical accounting estimates

The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates on the resulting effects of the carrying amounts of the Company’s assets and liabilities are accounted for prospectively.

All of the Company’s significant accounting policies and estimates are included in Notes 2, 3, and 4 of its audited financial statements for the year ended January 31, 2021.

1.13 Future changes in accounting policies

Refer to Note 2 in the notes to the audited financial statements for the year ended January 31, 2021 and 2020.

Page | 19

==> picture [177 x 48] intentionally omitted <==

1.14 Financial instruments and other risks

Financial assets are classified and measured based on the business model in which they are held and the characteristics of their contractual cash flows. IFRS 9 contains three categories of financial assets: Measured at amortization cost after initial recognition, at fair value through other comprehensive income (“FVOCI”) and at fair value through profit or loss (“FVTPL”).

A financial asset is measured at amortized cost if it is held within a business model whose objective is to hold assets to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Equity instruments are generally classified as FVTPL. For equity investment is not held for trading, an entity can make an irrevocable election at initial recognition to measure it at FVOCI with only dividend income recognized in profit or loss.

The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity.

Impairment of financial assets

IFRS 9 uses the expected credit loss (“ECL”) model. The credit loss model groups receivables based on similar credit risk characteristics and days past due in order to estimate bad debts. The ECL model applies to the Company’s receivables.

An ‘expected credit loss’ impairment model requires a loss allowance to be recognized based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined, and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate, either directly or through the use of an allowance account, and the resulting loss is recognized in profit or loss for the period.

In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized.

Financial liabilities

All financial liabilities are designated as either: (i) FVTPL; or (ii) other financial liabilities. All financial liabilities are classified and subsequently measured at amortized cost except for financial liabilities at FVTPL.

Financial liabilities classified as other financial liabilities are initially recognized at fair value less directly attributable transaction costs. After initial recognition, other financial liabilities are subsequently measured at amortized costs using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period. The Company’s accounts payable are classified as other financial liabilities.

Financial liabilities classified as FVTPL include financial liabilities held for trading and financial liabilities designated upon initial recognition as FVTPL. Derivatives, including separated embedded derivatives are also classified as held for trading and recognized at fair value with changes in fair value recognized in earnings unless they are designated as effective hedging instruments. Fair value changes on financial liabilities classified as FVTPL are recognized in earnings.

The Company derecognizes a financial liability when its contractual obligations are discharged or canceled, or expire. The Company also derecognizes a financial liability when the terms of the liability are modified

Page | 20

==> picture [177 x 48] intentionally omitted <==

such that the terms and/or cash flows of the modified instrument are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

Gains and losses on derecognition are generally recognized in profit or loss.

As at October 31, 2021 and January 31, 2021, the Company classified its financial instruments as follows:

Financial asset/ liability	IFRS 9 classification
Cash	Amortized cost
Amounts receivable	Amortized cost
Accounts payable	Amortized cost

The Company is exposed in varying degrees to a variety of financial instrument related risks. The Board of Directors approves and monitors the risk management processes, inclusive of documented investment policies, counterparty limits, and controlling and reporting structures. The type of risk exposure and the way in which such exposure is managed is provided as follows:

Credit risk

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company’s primary exposure to credit risk is on its cash held in bank accounts. The majority of cash is deposited in bank accounts held with major banks in Canada. As most of the Company’s cash is held by one bank there is a concentration of credit risk. This risk is managed by using major banks that are high credit quality financial institutions as determined by rating agencies. The Company’s secondary exposure to risk is with its GST receivable. This risk is considered to be minimal.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company has a planning and budgeting process in place to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis. The Company ensures that there are sufficient funds to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents.

Historically, the Company's sole source of funding has been from the issuance of equity securities for cash, primarily through private placements and from loans advanced by related parties. The Company’s access to financing is always uncertain. There can be no assurance of continued access to significant equity funding.

Foreign exchange risk

Foreign exchange risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currency. The Company is not currently exposed to foreign exchange risk.

Capital Management

The Company's policy is to maintain a strong capital base to maintain investor and creditor confidence and to sustain future development of the business. The capital structure of the Company consists of working capital deficiency and share capital. There were no changes in the Company's approach to capital management during the period. The Company is not subject to any externally imposed capital requirements.

Page | 21

==> picture [177 x 48] intentionally omitted <==

COVID-19 Pandemic

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, customers, economies, and financial markets globally, potentially leading to an economic downturn. It has also disrupted the normal operations of many businesses, including ours. This outbreak could decrease spending, adversely affect demand for natural resources and harm our business and results of operations. It is not possible for us to predict the duration or magnitude of the adverse results of the outbreak and its effects on our business or results of operations at this time.

Contingencies

The Company is not aware of any contingencies or pending legal proceedings as of the date of this MD&A.

1.15 Other MD&A Requirements

Share capital

Issued

The Company had 58,918,253 shares issued and outstanding as at October 31, 2021 and 59,099,249 as at the date of this report.

Share Purchase Options

The Company had 5,133,100 stock options outstanding at October 31, 2021 and 5,133,100 as at the date of this report.

Share Purchase Warrants

The Company had 19,548,030 share purchase warrants outstanding at October 31, 2021 and 18,097,034 as at the date of this report.

Subsequent events

A total of 180,996 warrants were exercised at $0.10 per warrant share for proceeds of $18,096 and 1,268,000 warrants with a strike price of $0.25 per warrant share expired on Nov 26, 2021, unexercised.

Page | 22