Vision Lithium Inc. — Management Reports 2021

Dec 14, 2021

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MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE YEAR ENDED

AUGUST 31, 2021

Vision Lithium Inc. MD&A for the year ended August 31, 2021

SCOPE OF MANAGEMENT’S FINANCIAL ANALYSIS

The following Management’s Discussion & Analysis (“MD&A”) dated December 14, 2021, is to be read in conjunction with the consolidated audited financial statements of Vision Lithium Inc. (the “Company” or “VLI”) for the years ended August 31, 2021 and 2020 as well as with the accompanying notes. The consolidated financial statements are prepared under the International Financial Reporting Standards (IFRS). Unless otherwise indicated, all amounts are expressed in Canadian dollars. The objective of this MD&A is to allow the reader to assess our operating and exploration results as well as our financial position for the year ended August 31, 2021 compared to the previous year.

The Company discloses, on a regular basis, additional information on its operations, which is recorded on the System for Electronic Document Analysis and Retrieval (SEDAR) in Canada at: www.sedar.com.

FORWARD-LOOKING STATEMENTS

This document may contain forward-looking statements that reflect management’s current expectations with regards to future events. Such forward-looking statements are subject to certain factors and involve a number of risks and uncertainties. Actual results may differ from expected results. Factors that could cause our results, our operations and future events to change materially compared to expectations expressed or implied by the forward-looking statements include, but are not limited to, volatility in the metal prices, risks inherent to the mining industry, uncertainty regarding the mineral resource estimation and additional funding requirements and the Company’s ability to obtain such funding.

INCORPORATION, NATURE OF OPERATIONS AND ONGOING EXPLORATION AND COVID-19

Vision Lithium Inc., incorporated under the Canada Business Corporation Act , is a mineral resources exploration company, and the head office is based in Val-d’Or, Québec. The exploration sites are located mainly in the provinces of Québec, Manitoba and New Brunswick in Canada. During the period, the Company turned to focus its efforts on furthering its newly acquired New Brunswick assets, in particular the Red Brook polymetallic property located in the same geographic area as the Company’s Dôme Lemieux copper-zinc project.

The Company does not have any producing property. Recovery of the cost of mining assets is subject to the discovery of economically recoverable reserves, the Company’s ability to obtain the financing required to pursue exploration and development of its properties, and profitable future production or the proceeds from the sale of its properties. The Company must periodically obtain new funds in order to pursue its activities. While it has always succeeded in doing so to date, there can be no assurance that it will continue to do so in the future.

The shares of the Company are listed on the TSX Venture Exchange and traded under the symbol VLI.

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Vision Lithium Inc. MD&A for the year ended August 31, 2021

HIGHLIGHTS OF 2021

Summary of Exploration

The Company incurred expenses totaling $892,187 before tax credits and credits on refundable exploration duties for the year ending August 31, 2021 ($104,678 for the year 2020). In the consolidated financial statements, those exploration costs are presented net of exploration tax credits.

The Company engaged exploration expenses for other properties for an amount of $37,039 less $48 in refundable tax credit for a total of $36,991 for the properties for the year 2021. and were accounted directly to the consolidated statement of net loss and comprehensive income compared to an expense of $22,664 less $8,217 in refundable tax credit for a total of $14,447 for the properties for the year 2020.

Financial results

Since the Company focuses on the development of its exploration and evaluation assets, its revenues, mainly finance income, are not sufficient to cover its operational costs. Without any other available sources of revenue, the Company is unprofitable . During the year, the Company maintained a tight control of its other expenses.

The loss for the period of $692,559 reflects the current activities of the Company.

MINING PROPERTIES

The technical information in the following section was reviewed by Yves Rougerie, geologist and President & CEO of Vision Lithium Inc. Mr. Rougerie is a Qualified Person within the meaning of the term as defined in of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

The Company has an interest or option to acquire an interest in the following properties:

Name	Status	Notes	Royalties
Cadillac. QC	Wholly owned	NEW Lithium project	2% on 215 claims
Godslith, MB	Wholly owned	Lithium project	3%
Sirmac, QC	Wholly owned	Lithium project	1% on 24 claims
Red Brook, NB	Wholly owned	Zn-Cu-Pb-Ag-Au project	2%
Benjamin, NB	Wholly owned	Zn-Cu-Pb-Ag-Au project	2%
DômeLemieux, QC	Wholly owned	Cu-Znporphyry/skarnproject	Nil
St. Stephen, NB	50%Interest	Ni-Cu-Co project	Nil
Epsilon, QC	Wholly owned	Au-U project	2%

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MD&A for the year ended August 31, 2021

Vision Lithium Inc.

– Figure 1 Vision Lithium Property Portfolio

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Cadillac Lithium Property

On December 1, 2021, the Company announced the signing of definitive property purchase agreements (the “ Purchase Agreements ”) for the arm’s length acquisition (the “ Transaction ”) of a 100% undivided interest in 215 contiguous mining claims in the province of Quebec, Canada from four different vendor groups, which, together with an additional 105 claims staked by the Company, will be collectively referred to as the Cadillac lithium property (the “ Property ”). Pursuant to the Purchase Agreements, Vision Lithium will pay to the vendors aggregate cash consideration of $102,427.92, issue a total of 4,300,000 common shares of the Company (the “ Shares ”), and will grant each vendor group a 2% net smelter return royalty on the claims comprising the Property to be acquired from such vendor group (each, an “ NSR Royalty ”). The Transaction was completed on December 3rd, 2021.

The claims acquired from the vendors cover 12,331 hectares (123 km[2] ) and, together with the claims recently staked by the Company, the Property comprises a total of 320 claims covering 18,378 hectares (184 km[2] ). The Property is located approximately 10 km south of the historic mining town of Cadillac and approximately halfway between the major mining centres of Rouyn-Noranda and Val-d’Or, in the province of Quebec, Canada ( Figure 1 ). The Property is easily accessible by year-round, well-maintained roads and a regional powerline runs parallel to the road through the Property. The Property hosts at least 4 pegmatite dikes which are spaced approximately 100 metres apart and traced for at least 300 metres along strike ( Figure 2 ). Lithium crystals have been observed in all 4 dikes on the Property, with large lithium crystals visible in some areas ( Figure 3&4 ). In 2016, two high grade grab samples were taken from the Property that returned 2.67% and 7.34% Li2O.

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MD&A for the year ended August 31, 2021

Vision Lithium Inc.

Figure 2 – Cadillac Lithium Project location 10 km South of Cadillac, QC

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The new Cadillac lithium project is an exciting addition to our growing portfolio of lithium properties. The Property is located 10 km south of the Trans-Canada highway and only metres from the secondary road, ensuring easy access for logistics, materials and qualified manpower. The Property hosts a cluster of close-spaced parallel lithium-bearing dikes. Spodumene has been observed in the outcropping dikes and we believe there are likely more dikes in the cluster. The dikes have seen surprisingly little historical exploration with only a handful of samples and no drilling to date. We believe the potential for additional lithium discoveries within the main cluster area is excellent and the larger property also has tremendous upside potential for discovery. The entire area acquired and staked is very large at almost 200 square kilometres. We plan to aggressively explore the Property over the winter by drilling the main cluster of dikes and to plan and complete field work next summer over the large tract of land.

Figure 3 – Cadillac lithium property spodumene bearing dike

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Vision Lithium Inc. MD&A for the year ended August 31, 2021

Figure 4 – Large lithium crystals at surface of Cadillac Lithium Property (Scale: card in the photo is 8 cm wide)

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In December 2021, the Company engaged an airborne geophysical contractor to complete an approx. 2,000 line-km high resolution MAG survey over part of the property in December. This will complete high resolution close-spaced MAG coverage of the entire 184 sq. km property. We also completed a review and re-interpretation of existing government sponsored LIDAR surveys. We also submitted several outcrop samples of dikes across the property, some from mineralized occurrences. Finally, we expected to receive permits to drill priority targets before the end of December 2021.

Godslith Property

On March 19, 2021, Vision Lithium Inc. announced the closing of its acquisition (the “ Transaction ”) of a 100% undivided interest in the non-surveyed, unpatented mining claim known as the Godslith claim from Messrs. James C. Campbell and Peter C. Dunlop (the “ Vendors ”) pursuant to the terms and conditions of a property purchase agreement entered into between the parties, dated March 19, 2021 (the “ Purchase Agreement ”). In connection with the Transaction, Vision Lithium has applied for a mineral exploration licence, which together with the Godslith claim, covers a total area of approximately 5,560 hectares (the “ Property ”). The Property is located less than 1 km Northwest of Gods River, Manitoba, within and surrounding the traditional territory of the Manto Sipi Cree Nation (the “ MSCN ”), in the God’s Lake area of the province of Manitoba.

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Vision Lithium Inc. MD&A for the year ended August 31, 2021

The historical exploration information presented herein is sourced from an independent technical report on the Property (the “ Technical Report ”), dated August 26, 2009, that was prepared for First Lithium Resources Inc. by qualified person Mark Fedikow Ph.D., P.Eng., P.Geo., C.P.G. in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“ NI 43-101 ”).

The Godslith pegmatite dike is classified as a rare metal spodumene pegmatite. The lithium-bearing mineralization has an approximate 2.3 km drill-indicated strike-length and dips 70 degrees North. The Technical Report details the geological setting of the Property’s lithium-bearing pegmatite and reviews the historical exploration results. Between 1958-1961, INCO completed 25 wide-spaced drill holes for a total of 9,421 ft (2,871.5 m). In 1986, W.C. Hood Geological Consulting completed an internal report wherein they reported the following resource estimate:

Zone	Resource Classification	Cut-off Grade **% Li2O **	Short Tons*	Grade **% Li2O **	Weighted Average True Width (Metres)
Upper Zone	Historic Indicated	0.70	4,800,000	1.27	11.04
Lower Zone	Historic Probable	0.70	4,600,000	1.14

*1 short ton = 0.9072 metric tonnes.

While the Company considers these historical estimates to be relevant to investors, as they may indicate the presence of mineralization, a qualified person has not done sufficient work for Vision Lithium to classify the historical estimates as current “mineral resources” or “mineral reserves” (as defined in NI 43-101). The foregoing historical estimates were calculated prior to the implementation of NI 43-101 and the Company is not treating these historical estimates as current “mineral resources” or “mineral reserves”.

The Technical Report provides recommendations for future exploration work and includes an initial program of prospecting and geological mapping followed by soil geochemical surveys designed to assess the area for additional pegmatite dikes and base and precious metals. A diamond drill program has also been recommended for the purpose of extending the lithium-bearing pegmatite on the Property to depths below those indicated by the historic Inco drilling.

At this time, the Company is actively in discussions with the MSCN to reach an agreement which will allow the Company to initiate an exploration program on the Godslith property as soon as feasible. Planned exploration is focused mainly on systematic drilling of the deposit leading to a maiden resource calculation in 2022. The Company is very excited about this project as it believes the Godslith deposit is a very high-quality asset with significant upside and can become our flagship property and company driver for years to come.

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Vision Lithium Inc. MD&A for the year ended August 31, 2021

Sirmac Property

The Sirmac Lithium Property, acquired in 2018, consisted of 24 mining claims (cells) located approximately 180 kilometres by road northwest of Chibougamau, in the province of Québec. Since then, the Company has added 131 new claims in 2019 and 2020 to adjoin and protect the East zone occurrence and extend eastward from the original claims. A review of the project and its numerous LCT intrusives has been awarded to a renown expert and consultant.

The Company is planning field work on the property in search of additional lithium occurrences next calendar year.

New Brunswick Properties

On June 3[rd] , 2020, Vision Lithium announced the signing of a definitive purchase agreement for the arm’s length acquisition of a 100% undivided interest in the Red Brook, (Red Brook)-Epithermal and Benjamin mineral exploration properties. The three contiguous Properties comprise 17 mineral claims covering 4,760 hectares (47.6 km[2] ) located approximately 60 km West of the mining centre of Bathurst in Northern New Brunswick. The Properties are easily accessible by year-round, well-maintained forestry road infrastructure. An additional 30 claimunits were added to the Epithermal group in the summer of 2020. The Company has recently grouped several claim blocks together such that only two groups remain, the Red Brook and Benjamin claim groups.

The New Brunswick Properties are located west of the Bathurst VMS District. A sequence of Ordovician and Silurian supracrustal rocks is intruded by Middle Devonian Granodiorite as well as other Siluro-Devonian felsic intrusions with which porphyry, skarn and other mineralization is genetically and spatially related. Similar Cu porphyry-base metal skarn related mineralization occurs at Gaspé-Needle Mountain porphyry copper deposit and at the Company’s Dôme Lemieux property associated with Devonian intrusives in the Gaspésie region of Quebec. Work on these properties was delayed due to COVID related access restrictions but significant work was completed in 2021.

Red Brook Property

Following the discovery by prospectors of rocks with a high zinc content of up to 13%, a large stripping program was completed by previous operators on two highly altered zones (A and B). Zone “A” returned values of up to 15% Zn as well as gold and copper values up to 2.62 g/t Au and 0.5% Cu.

The stripping and sampling of Zone “B” also returned anomalous values of up to 0.33 g/t Au and 0.48% Cu. Subsequent to this work, Rio Tinto (“RTZ”) optioned the Red Brook property and adjacent claims to evaluate the near surface Copper Porphyry and related Cu-Zn skarn type potential. They completed a large IP survey on the property itself and adjacent claims. The results of the IP survey indicated the presence of high chargeability IP anomalies. The high chargeability anomalies appear to be related to pyrrhotite mineralization, which is ubiquitous in the high-grade lens from zone “A”. The altered areas from zone “A” with values up to 2.62 g/t Au, 0.55% Cu, 15% Zn, all contain massive pyrrhotite.

The high-grade Zone “A” lens on the Red Brook property has never been tested by drilling. The strong chargeability anomalies which extend over more than 4 km have also not been drill tested. Both represent high priority drill targets.

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Vision Lithium Inc. MD&A for the year ended August 31, 2021

Over the past period, the Company was active on the Red Brook copper asset, completing a ~900 km helicopterborne magnetic and electromagnetic survey (MAG-EM) at 50-metre spacings over the property. The survey was flown at low altitude and collected high resolution data. The survey located several areas of multiple strong EM conductors ( see attached figure 1) which appear to follow the outer contact of a large magnetic anomaly which reflects the Red Brook intrusive, a variably magnetic granitoid intrusion likely related to and responsible for the mineralizing events. Most of the EM anomalies were either untested or else poorly tested by historic drilling, and in many cases not sampled. They represent multiple priority drill targets for follow-up exploration. The IP anomalies from the RTZ survey appear to be adjacent to and laterally continuous with the EM anomalies, likely indicating different percentages of mineralization in each. The IP anomalies are also poorly or not tested by drilling. Of interest, most of the historical drilling, even on the Red Brook zone, was done outside the EM anomaly zones, indicating the most conductive and likely best targets have not been tested. Historical exploration results also suggest higher conductivity, partially caused by increased pyrrhotite mineralization, is also associated with higher Cu and/or Zn grades.

Figure 1. Red Brook MAG-EM survey results and proposed DDH areas

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MD&A for the year ended August 31, 2021

Vision Lithium Inc.

A 1,341-metre drill program was undertaken in the summer of 2021. The program planned to test the two areas with strong airborne EM anomalies with six holes (Figure 1). A seventh hole was drilled to target a linear MAG anomaly in the Eastern part of the property. The Company received a NBJMAP program grant from the Government of New Brunswick in support of the Red Brook program for which we are grateful.

Figure 2. Red Brook actual DDH locations

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Table 1. Red Brook DDH locations

Drill Hole #	UTM East	UTM North	Elevation metres
PO-21-T1A	678380	5293575	428
PO-21-T2	678 380	5 293 665	422
PO-21-T3	678 355	5 293 500	419
PO-21-T4A	678 365	5 293 840	411
PO-21-T5	683 660	5 292 850	364
PO-21-T6	680 110	5 292 750	396
PO-21-T7	680 060	5 292 655	407

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Vision Lithium Inc.

MD&A for the year ended August 31, 2021

Table 2. Red Brook DDH Statistics

Drill Hole #	Az	Dip	Length metres
PO-21-T1A	188	-60	236
PO-21-T2	188	-60	227
PO-21-T3	188	-60	248
PO-21-T4A	192	-60	164
PO-21-T5	135	-45	173
PO-21-T6	225	-45	161
PO-21-T7	225	-45	206

NB. Hole PO-21-T1 and T4 were abandoned for technical reasons and replaced by #T1A and #T4A

• The first four holes T1A to T4A were drilled on the main EM anomalies located at the Western end of the property. Significant copper and zinc mineralization occurs at surface in this area where previous operators completed stripping, trenching and sampling but no drilling. Holes T1A to T4A all intersected significant very fine grained pyrrhotite mineralization within skarns at the contacts between the Red Brook Intrusive and altered sediments. Copper is present in all the mineralized intervals, including 1633 ppm over 51.70 metres in PO-21-T3. These 4 holes demonstrate the presence of thick skarn and associated mineralization in the Western area and the potential significant thicknesses of the mineralized zones. Additional work is warranted to target higher grade zones in this area.

• Holes PO-21-T6 and T7 were drilled on the second priority EM area of the property. A copper grade of 7.57% was returned from a spectacular semi-massive Copper-rich vein in sediments. Thearea was otherwise poorly to not mineralized. This is a puzzle as strong EM anomalies were recorded in the airborne survey. More work is required to explain the numerous EM anomalies.

• Hole PO-21-T5 was drilled in the eastern half of the property to test an unexplained strong linear magnetic anomaly. The linear MAG was explained by a major contact between intrusive and sedimentary units. Unfortunately, no mineralization was associated with this zone.

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MD&A for the year ended August 31, 2021

Vision Lithium Inc.

Table 3. Red Brook DDH Results

Drill Hole #	From m	To m	Length m	Cu ppm	Zn ppm
PO-21-T1A	82.80	92.50	9.70	881	113
	82.80	88.00	5.20	1159
PO-21-T2	98.20	102.50	4.30	752	110
	213.55	216.20	2.65	739	74
PO-21-T3	3.80	55.50	51.70	1633
	23.00	34.20	11.20	2422
	37.60	55.50	17.90	2291
PO-21-T4A	43.50	47.60	4.10	1049
	54.20	55.00	0.80	1285
	56.20	63.75	7.55	2635
PO-21-5	NSA
PO-21-T6	155.50	155.90	0.40	7.57%*
PO-21-7	NSA

“*” Copper grade reported in %. True widths cannot be determined at this time based on insufficient data

The Company believes the Red Brook-Benjamin property package in Northern New Brunswick represents a significant copper exploration target. Historical work on both Red Brook and Benjamin, as well as the recent Red Brook drilling clearly support the copper exploration upside of these properties.

Quality assurance/quality control (QA/QC)

The drilling campaign and the quality control program were planned and supervised by Yves Rougerie. The quality assurance and control protocol involves the insertion of control or normalized samples on average every 10 samples, in addition to the regular insertion in the process of analysis of sterile, duplicate and standardized samples, accredited by ALS Canada Ltd. Drill core was transported from the Red Brook project to a secure facility in Bathurst, NB where core was logged and sampled. The core was later moved to a secure core shack facility owned by the provincial government. 167 half drill core samples were sawed, bagged, sealed and transported to the facility of ALS Chemex in Moncton, N.B., where each sample was dried, crushed and pulped (Prep-31). The samples were crushed to 70 per cent less than two millimetres (CRU-31), riffle split off one kilogram, pulverize split to better than 85 per cent passing 75 microns (PUL-31). Samples were assayed for 33 element four acid ICP-AES (MEICP61).

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Vision Lithium Inc. MD&A for the year ended August 31, 2021

Benjamin Property

The Benjamin property is located east of the Red Brook property. The property covers approximately 15 sq. km. and is host to a historic copper-molybdenum porphyry type deposit in intensely altered and fractured granodiorite porphyry, part of a Devonian intrusive complex. Best historical intersections include 218 m @ 0.22% Cu, 312 m @ 0.12% Cu, 52 m @ 0.20% Cu, 10 m @ 0.39% Cu and 10 m @ 0.30% Cu. This information comes from government files and reports. The Company has not reviewed or completed any work on this property and cannot confirm the validity of the historical data.

Stratmat first explored the area in 1954, followed by Soquem-Temex in the 1970’s. In the summer of 2019, the Vendors located two old trenches using a Lidar map, and resampled the old trench of hole 7014, as well as the old trench in the South C zone. The trenches exhibit altered and mineralized rocks. The trench along hole 7014 returned values of up to 1.14 g/t Au. The description of the drill hole in the Soquem report describes a 200 m hole with mineralized rhyolite, which appears to coincide with the surface rocks found in the trench. Drill holes were not assayed for gold at the time of drilling. The core for several of the historic drill holes is preserved and may be available for resampling and assaying for gold.

The Benjamin property has been recognized as a porphyry copper-moly type. It is near a large granite intrusive. Only a relatively small area near the intrusive has been tested. A thorough prospecting program is recommended along with trenching and sampling and ground IP surveys. In addition, a review of the porphyry deposit is warranted to model the deposit, evaluate its potential at depth and its gold potential. The property warrants a further evaluation for porphyry deposits and contact related skarn deposits and their gold potential.

The Company is planning exploration programs for these Properties in 2022.

Dôme Lemieux Property

The Dôme Lemieux property comprises 243 claims and covers 12,881 ha (120.6 km2) in Eastern Québec in the Gaspésie region, approximately 32 km south-southeast of the town of Sainte-Anne-des-Monts, Québec. Access is facilitated by way of the main provincial road that cuts across the Gaspé peninsula and the National Park of the same name. The property is in a geological and structural corridor that hosts the past producing copper mines of Gaspé Copper Mine in Murdochville, which produced 141,655,000T @ 0.85% Cu from 1955 to 1999 and the Madeleine Mine, which produced 8,134,000T @ 1.08% Cu and 9.0 g/t Ag prior to 1982. These mines are outside the Dôme Lemieux property boundaries but along the same geological structure. The historical results obtained at the Gaspé Copper Mine and the Madeleine Mine are not an indication of the mineralization present on the Dôme Lemieux property.

The Dôme Lemieux Property is characterized by a large buried intrusive that pushed up into the surrounding sedimentary formations forming a dome structure, like the past producing Gaspé Copper mine located 50 km eastward in the same geological environment. The Property has been explored by several different companies following the original discovery of the Federal Pb-Zn mine in 1909 and over 20 significant mineral occurrences have since been discovered. Historical resources were calculated in the past for at least two deposits and some minor unreported production was presumed from the Federal Pb-Zn deposit during WWII, as evidenced by shafts and adits present in this area.

Following an exhaustive compilation and review of previous work, the Company had planned a field and drilling program in 2020 and had received drilling permits for the program. The program was cancelled due to COVID-19.

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Vision Lithium Inc. MD&A for the year ended August 31, 2021

Funding was in place for this program once again in 2021, and the drill permit was received for two deep holes on the priority copper target in the northern half of the property.

Prior to drilling, a 1,624 line-km airborne magnetic (MAG) survey was carried out over the entire property for the first time. Previous surveys covered only portions of the property which were then patchworked together. The new survey was flown at 100 m line spacings and an average ground clearance of 74 m. The resulting magnetic map (see Figure 2) is by far the best representation to date of the antiformal sub-circular structure interpreted as an upwelling intrusive in the carbonate sedimentary sequence. At least 20 mineral occurrences are known on the property with copper-rich zones in the North half versus zinc-rich zones to the South.

Figure 2. Magnetic Analytical Signal Map of Dôme Lemieux property with proposed 2021 DDH

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The drilling program was initiated later than planned due to limited scheduling availability of drills and drillers industry wide. Local contractors were not available, and the contractor had to travel 1,400 km to transport the drill, ancillary equipment and personnel to the property. Logistics were difficult as materials and expert personnel were also not available locally. Drilling itself was complicated by difficult ground conditions in mountainous terrain, water for drilling that had to be transported, loss of water in fractured rock, and the overall length of the hole which slowed down the drill’s production rate.

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Vision Lithium Inc. MD&A for the year ended August 31, 2021

Table 1. Dôme Lemieux DDH location

Drill Hole #	UTM East	UTM North	Elevation m	Length m	Azimuth	Dip
VLI-21-1	678380	5293575	428	48	177.5	-75
VLI-21-1A	678 380	5 293 665	422	1,185.15	177.5	-75

VLI-21-01 was abandoned at 48 m length where the rods got stuck in a fault zone.

VLI-21-01A was drilled to test the deep porphyry model the Company developed from compilation of previous work and surveys. The goal was to drill into the intrusive at depth and evaluate the environment for skarn and/or porphyry type mineralization. The hole was drilled to a final depth of 1,186 metres where the drill could no longer proceed. This is by far the longest and deepest hole ever drilled on this property. The hole successfully intersected a very thick Epidote-Garnet Skarn zone near the bottom of the hole. The early part of the hole consisted of several hundred metres of variably altered but undeformed bedded siltstones with minor cross-cutting narrow granitic intrusive dikes. The sediments become bleached and strongly silicified halfway down the hole and remain so until the end of the hole. Some narrow metric sections of coloured skarn are observed from time to time. However, at depth, the hole encountered a very significant intense Epidote-Garnet Skarn zone totaling approx. 80 metres (260 feet) from 1,062 m to 1,140 m. The skarn is an intense alteration zone where the rock becomes a soft, scratchable and locally carbonaceous mélange of mostly epidote and garnet, but also chlorite and other, minor accessory minerals. Sulphide mineralization was only rarely observed, if at all. The hole was stopped at 1,185 m length after transitioning from silicified sediments into an apparent magnetic mafic intrusive unit over the last metre.

Figure 3. Dome Lemieux DDH VLI-21-01A location at 750m A.S.L.

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Vision Lithium Inc. MD&A for the year ended August 31, 2021

Figure 4. Dome Lemieux DDH VLI-21-01A: Silicified sediments grading into Epidote-Garnet Skarn

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Results of drill core sampling are still pending. Samples were sent for multi-element assays but also some for whole rock geochemistry. We do not expect any significant results for metal assays. Nonetheless, the hole demonstrates the likely favourable context of intrusive related alteration and possible mineralization at depth on the Dome Lemieux property. More drilling would be required to advance the project. Downhole geophysics is warranted in the deep hole VLI-21-01A at some time in the future ahead of renewed drilling.

The revised drill program was planned for up to six holes. The government had issued a permit for two holes in the spring of 2021. The Company applied for a modified permit for four additional holes. We were issued a partial permit in early fall for only two holes but the difficult logistics and the proximity of both hunting season and winter conditions shut the program down prematurely.

Quality assurance/quality control (QA/QC)

The drilling campaign and the quality control program were planned and supervised by Yves Rougerie. The quality assurance and control protocol involves the insertion of control or normalized samples on average every 10 samples, in addition to the regular insertion in the process of analysis of sterile, duplicate and standardized samples, accredited by ALS Canada Ltd. Drill core was transported from the Dome Lemieux project to a secure facility in Ste-Anne-desMonts, QC where core was logged and sampled and stored for future reference. Samples were transported to Val d’Or where they were dropped off at the ALS-Chemex laboratory for processing and assaying.

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Vision Lithium Inc. MD&A for the year ended August 31, 2021

St-Stephen Property

The St-Stephen Property comprises 189 claims located near the town of St. Stephen in the southwest corner of New Brunswick. VLI staked the property in 2004 and 2005 and there are no underlying royalties. Indiana Resources (“IMX”) has acquired an initial 50% interest in the property following a 4-year, million-dollar expenditure on the claims. Indiana is the operator of the works.

The Property hosts numerous historic zones of magmatic Ni-Cu-Co mineralization, including several significant occurrences. The most significant zones are found at the Roger’s Farm deposit which was the object of underground development and exploration in 1959-1960. IMX drilled several historic and newly discovered zones and has expanded and enhanced their potential.

Epsilon Property

The Epsilon Property consists of 38 claims covering 2,006 hectares and is located approximately 300 km northeast of Chibougamau, Québec. Located in the center of the Otish sedimentary basin, the property hosts economic grade AuU mineralization similar to the nearby Lavoie deposit. The Company added 17 claims covering 900 hectares in 2021. The Company has exploration credits exceeding $1.3M on the property.

SELECTED FINANCIAL INFORMATION

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Year ended Year ended
August 31, 2021 August 31, 2020
$ $
Operating expenses 786,585 424,898
Net loss and comprehensive loss for the year (692,559) (388,528)
Basic and diluted net loss per share (0.00) (0.00)
Weighted average number of shares in circulation 165,109,074 90,087,445
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	Consolidated statement of financial position as at August 31, 2021 $	Consolidated statement of financial position as at August 31, 2020 $
Cash and cash equivalents Exploration and evaluation assets Total assets Current liabilities Working capital Equity	1,235,956 15,152,947 19,234,612 336,936 3,597,152 **18,817,077 **	453,474 13,167,739 13,793,459 436,630 99,039 13,279,787

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Vision Lithium Inc. MD&A for the year ended August 31, 2021

QUARTERLY FINANCIAL INFORMATION SUMMARY

Quarter	Income cost	Financial cost	Operating expenses	Write-off of exploration and evaluation assets	Gain (Loss) for the period	Loss per share
2021-08-31	1,338	928	215,452	32,206	(166,418)	(0.00)
2021-05-31	1,291	503	203,243	7,057	(193,730)	(0.00)
2021-02-28	70	486	186,112	(7,565)	(161,396)	(0.00)
2020-11-30	71	538	181,778	5,500	(171,015)	(0.00)
2020-08-31	123	589	363,628	141,886	(330,857)	(0.00)
2020-05-31	187	641	(207,014)	3,661	208,373	0.00
2020-02-29	185	691	124,965	1,276	(124,098)	(0.00)
2019-11-30	225	742	143,319	296	(141,946)	(0.00)

Results of operations

During the year ended August 31, 2021, the Company reported a net loss and comprehensive loss of $692,559 (or $0.00 per share) compared to a net loss and comprehensive loss of $388,528 (or $0.00 per share) during the year ended August 31, 2020.

Operational expenses increased by $361,687 to settle in $786,585 ($424,898 in 2020).

There is an amount of $26,450 as employee benefit expenses and $2,300 as exploration and evaluation assets, which are included as stock-based compensation ($79,349 as employee benefit expenses and $6,900 as exploration and evaluation assets in 2020).

The Company engaged exploration and evaluation expenses of $37,039 for the year ended August 31, 2021 ($22,664 in 2020) and all expenses were incurred in totality in Canada. Most of the expenses represent geological work-related costs.

Statements of financial position

As at August 31, 2021, Cash and cash equivalents and guaranteed investment certificates includes an amount of $304,996 which has to be expensed as exploration expenses before December 31, 2021 and an amount of $2,622,765 which has to be expensed as exploration expenses before December 31, 2022.

As at August 31, 2021, the Company had total assets of $19,234,612 compared to $13,793,459 as at August 31, 2020. This increase of $5,441,153 is described in the following paragraphs:

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Vision Lithium Inc. MD&A for the year ended August 31, 2021

Current assets

The current assets amount to $3,934,088 as at August 31, 2021 compared to $535,669 as at August 31, 2020. They are mainly composed of the cash and cash equivalents at $1,235,956, the guaranteed investment certificate at $2,577,287, the consumption tax receivable at $101,840 and prepaid expenses at $118,034 compared to respectively $453,474, $51,844, $2,268 and $7,050 as at August 31, 2020. The increase in cash reflects mainly the receipt of the issue of private financings for an amount of $5,230,950.

Exploration and evaluation assets

The exploration and evaluation assets amount to $15,181,877 as at August 31, 2021 compared to $13,167,739 as at August 31, 2020. The increase of $1,985,208 represents mainly the acquisition of a property for an amount of $1,105,271 and the exploration work totaling $892,187 before tax credit and refundable credit on duties and the writeoff of exploration and evaluation assets for $37,198.

The following tables detail the allocation of the exploration expenditures between the properties:

==> picture [580 x 336] intentionally omitted <==

A part of evaluation costs goes to profit or loss when the Company has no agreement or mining rights on those properties. These costs represent $37,039 before tax credit and refundable credit on duties for the year ended August 31, 2021 ($22,664 for 2020)

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Vision Lithium Inc. MD&A for the year ended August 31, 2021

Liabilities

At August 31, 2021, current liabilities were $336,936 compared to $436,630 at August 31, 2020. The decrease of $99,694 mainly reflects to the decrease in trade and other payables and the flow-though shares.

Equity

As at August 31, 2021, shareholders’ equity was $18,817,077 compared to $13,279,787 as at August 31, 2020 for an increase totaling $5,537,290. This positive change mainly includes the issuance of flow-though units and shares for $3,335,450, the issuance of units for $1,889,500, the issuance of shares for the acquisition of mining right for $1,040,000, the exercise of warrants for $398,750 and the share-based payments for $28,750 and a change with a negative impact includes the current activities of the Company for a total of $692,559 and shares issue costs for $462,601.

During the year ending August 31, 2021, 7,975,000 warrants were exercised. An amount of $398,750 that was received and an amount of $74,965 representing the fair value of the warrants at the time of issuance were recorded as an increase in share capital.

On April 20, 2021, the Company closed a non-brokered private placement for gross proceeds of $3,622,949.78. The placement consisted of the issuance of: i) 15,097,499 flow-through units of the Company at a price of $0.22 each; and ii) 1,675,000 common units of the Company at a price of $0.18 each. Each flow-through unit consists of one common share of the Company and one-half warrant, each warrant entitling its holder to purchase one common share of the Company at a price of $0.30 per share over a period of 2 years from the date of issue. Each common unit consists of one common share of the Company and one-half warrant, each warrant conferring on its holder the right to purchase one common share of the Company at a price of $0.25 per share over a period of 2 years from the date of issue. An amount of $474,404 related to warrants issued was recorded as an increase in contributed surplus.

In connection with this placement, the Company paid certain finders acting at arm's length to the Company: i) cash commissions totaling $260,690, representing 8% of the proceeds collected from subscribers introduced to the Company by such finders; and (ii) a total of 1,186,774 non-transferable compensation warrants, representing 8% of the number of flow-through units and common units sold to such subscribers, each exercisable to acquire one common share of the Company over a period of 2 years following the date of issue at the same exercise price of the warrants comprising the flow-through and common units for which the compensation warrants were issued. An amount of $218,375 related to warrants issued was recorded as an increase in contributed surplus.Under this placement, finder's fees totaling $260,690 were paid. In addition, share issue expenses of $285,244 were also applied against the deficit.

On March 19, 2021, the Company finalized the acquisition of the Godslith property for a consideration of 4,000,000 common shares at a price of $0,26 each for a total of $1,040,000.

On January 5, 2021, the Company closed the second and final tranche of its non-intermediary private placement. The second tranche consisted of 40,250,000 common units of the Company at a price of $0.02 for aggregate gross proceeds of $805,000. Each common unit consists of one common share of the company and one warrant. Each warrant entitles its holder to purchase one share at a price of $0.05 per share for a period of 3 years following the closing of the first tranche. An amount of $378,350 related to warrants issued was recorded as an increase in contributed surplus. Under the second tranche, finder's fees totaling $32,775 were paid. In addition, share issue expenses of $25,084 were also applied against the deficit.

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Vision Lithium Inc. MD&A for the year ended August 31, 2021

On December 31, 2020, the Company closed a non-intermediary private placement. The placement consisted of 400,000 flow-through shares of the Company at a price of $0.05 for aggregate gross proceeds of $20,000. Finder's fees totaling $1,400 were paid. In addition, share issue expenses of $713 were also applied against the deficit.

The Company renounced to the tax deduction related to flow-through shares, which reduced share capital by $6,000, and the counterparty is presented as liability related to flow-through shares.

On December 23, 2020, the Company closed the first tranche of its non-intermediary private placement. The first tranche consisted of 39,150,000 common units of the Company at a price of $0.02 per unit for aggregate gross proceeds of $783,000. Each common unit consists of one common share of the company and one warrant. Each warrant entitles its holder to purchase one share at a price of $0.05 per share for a period of 3 years following the closing of the first tranche. An amount of $368,010 related to warrants issued was recorded as an increase in contributed surplus. Under the first tranche, finder's fees totaling $51,932 were paid. In addition, share issue expenses of $23,138 were also applied against the deficit.

During the year of 2021, the Company did not grant any options to directors, officers and employees and the sharebased payments amounted to $28,750. For the year of 2020, the Company granted 2,500,000 options to directors, officers and employees at an exercise price of $0.10 per share and the value accounted for these options totaled $86,249.

Cash Flows

Cash flows used in operating activities were $935,757 and $346,141 respectively, for the years ended August 31, 2021 and 2020. These cash flows represent the net loss of each period adjusted for non-cash items from operating activities. In 2021, non-cash items with a positive impact on the cash flows totaled $142,826. Those items were mainly related to stock-based compensation for $26,450, the depreciation of right-of-use assets for $30,377 and the loss on write-off of right-of-use assets for $43,902. In 2020, they represented $409,481. Those items were mainly related to stock-based compensation for $79,349, the depreciation of right-of-use assets for $29,989, and the changes in working capital items for $147,837 and the write-off of exploration and evaluation assets for $147,119. For 2021, the cash items with negative impact on cash flows totaling $386,024 and were mainly related to gain on write-off of lease obligation provision for $47,834, the deferred income tax for $63,603 and the Changes in working capital items for $274,331. In 2020, the cash items with negative impact on cash flows totaling $367,094 and were mainly related to provision for compensation for $345,768.

Cash flows from (used in) investing activities were ($3,422,403) and $10,178 respectively, for the years ended August 31, 2021 and 2020. For the year ended August 31, 2021, the cash flows were mainly related to the additions to exploration and evaluation assets and cash flows from investing activities totaling $860,211, the acquisition of guaranteed investment certificates $2,577,287 and acquisition of property and equipment for $7,115 and the tax credits cashed for $20,366. For 2020, those cash flows reflect the additions to exploration and evaluation assets used $123,596, the acquisition of guaranteed investment certificate $51,844 and the acquisition of property and equipment for $5,975 and tax credit cashed for $140,428.

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Vision Lithium Inc. MD&A for the year ended August 31, 2021

Cash flows from financing activities were $5,140,642 and $460,267 respectively for the years ended August 31, 2021 and 2020. For the year ended August 31, 2021, the cash flows were related to the issuance of shares and units from private placements for $5,230,950, less shares issue costs of $462,601, a loan for $10,000, the exercise of warrants of $398,750 and the payments on lease obligations for $36,457. For the year ended August 31, 2020, the cash flows were related to the issuance of shares from private placement for $503,000, less shares issue costs of $40,167, a loan for $30,000 and the payments on lease obligations for $32,566.

FINANCIAL CONDITIONS AND LIQUIDITY

The Company is an exploration company. Its capacity to assume the continuity of its operations depends on its ability to obtain new funds. Although the Company has been successful in doing so in the past, there is no guarantee that it will succeed in the future.

The Company’s financing comes mostly from share issuances. The success of these issuances depends on the venture capital markets, the investors' interest to exploration companies, and the price of metals. In order to continue its exploration activities and to support its current activities, the Company has to maintain its exposure within the financial community to realize new financings.

During the year 2021, the Company conducted two flow-through financing totaling $3,642,950 (one flow-through financing of $503,000 in 2020) and three private financings totaling $1,588,000 (nil in 2020).

As at August 31, 2021, the Company had cash and cash equivalents in the amount of $1,235,956 compared to $453,474 last year. The Company has an obligation of $2,927,761 toward flow-through expenditures for the years ended in 2021 ($441,446 in 2020).

Working capital was $3,597,152 as at August 31, 2021 compared to $99,039 as at August 31, 2020. From the management’s point of view, the following elements of the working capital may directly impact the Company’s needs for short term financing to pursue its activities: the cashing of the tax credit is unpredictable in time.

During the years ended August 31, 2021 and 2020, the Company did not sell any part of its investments in marketable securities in a quoted mining exploration company.

NEW STANDARD ADOPTED

At the date of approval of the financial statements, there are no new applicable standards, amendments or interpretations to existing standards to be published or adopted by the Company.

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Vision Lithium Inc. MD&A for the year ended August 31, 2021

RISKS AND UNCERTAINTIES

The Company, like all other mining exploration companies, is exposed to a variety of financial and environmental risks as well as risks related to the very nature of its activities. It is also subject to risks related to other factors, such as the price of metals and market conditions in general.

Permits and Licenses

The Company's operations may require permits and licenses from different governmental authorities. There cannot be any assurance that the Company will obtain all the required permits and licenses in order to continue the exploration, development, and mining operations on its properties.

Metal Prices

Even if the exploration programs of the Company are successful, some factors out of the Company's control may affect the marketing of the minerals found. Historically, metal prices have largely fluctuated and are affected by many factors which are out of the Company's control, including international, economic and political trends, inflation expectations, exchange rate fluctuations, interest rates, global and regional consumption models, speculative activities and worldwide production levels. The effects of these factors cannot be precisely predicted.

Financing

The Company has incurred losses to date and does not currently have the financial resources required to finance its planned exploration. Exploration of the Company’s properties therefore depends on its ability to obtain the additional financing required.

There can be no assurance that the Company will succeed in obtaining the required funding. Failure to do so may lead to substantial dilution of its interest (existing or proposed) in its properties .

Key Personnel

The management of the Company rests on some key managers and mostly on its President / CEO. The loss of this officer could have a negative impact on the development and the success of its operations. The Company's success is linked to its capacity to attract and keep qualified personnel. Competitiveness in the mining industry is high and the success of the Company depends mostly on the senior managers and the qualified geological personnel.

OFF-BALANCE SHEET ARRANGEMENTS

As at August 31, 2021, the Company had not concluded any off-balance sheet arrangements.

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Vision Lithium Inc. MD&A for the year ended August 31, 2021

DISCLOSURE OF OUTSTANDING SHARE DATA

As at December 14, 2021, the share data are:

	Commonsharesissued and outstanding	231,202,485 7,050,000 63,898,024 302,150,509
	Stockoptions (weighted average exercise price of$0.26)
	Warrants (weighted average exercise price of$0.08)
	Total fully diluted

BASIS OF PREPARATION AND GOING CONCERN

These consolidated financial statements have been prepared by the Company’s management in accordance with International Financial Reporting Standards (“IFRS”), and in accordance with IAS 1 “Presentation of consolidated financial statements”. These consolidated financial statements have been prepared in accordance with the accounting policies applicable as at August 31, 2021. The policies are described in Note 4 of the consolidated financial statements for the year ended August 31, 2021.

These consolidated financial statements were prepared on a going concern basis and using the historical cost.

The Company's ability to continue as a going concern depends on its ability to realize its assets and additional financing. While it has been successful in doing so in the past, there can be no assurance it will be able to do so in the future. The Company has not yet determined whether its properties contain ore reserves that are economically recoverable.

The preparation of consolidated financial statements in accordance with IAS 1 requires the use of certain critical accounting estimates. It also requires management to exercise judgment when applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 5.

CAPITAL DISCLOSURES

The Company's objectives in managing capital are to ensure sufficient liquidity to pursue its organic growth strategy and undertake selective acquisitions. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares and acquire or sell mining properties to improve its financial performance and flexibility.

The Company's capital is composed of shareholders' equity. The Company's primary uses of capital are to finance exploration expenditures and property acquisitions. To effectively manage the Company's capital requirements, the Company has in place a budgeting process to help determine the funds required to ensure the Company has appropriate liquidity to meet its operating and growth objectives.

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Vision Lithium Inc. MD&A for the year ended August 31, 2021

The Company is not subject, in regards of external rules, to any requirements regarding its capital, except if the Company completes a flow-through financing of which the cash must be reserved for exploration. As at August 31, 2021 the Company had an amount of $2,927,761 of flow-through obligation regarding cash ($441,446 as at August 31, 2020).

As at August 31, 2021 the shareholder’s equity was $18,817,077 compared to $13,279,787 as at August 31, 2020.

OUTLOOK

The Company is very excited about the upcoming year. We are well financed with almost $3M in flow-through funds applicable to exploration expenses. We also have a suite of high-quality lithium exploration properties with great potential which will be the focus of our work in 2022, within the context of quickly increasing demand for lithium worldwide.

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL INFORMATION

Company’s consolidated financial statements and other financial information contained in this quarterly Management’s Discussion and Analysis report are the responsibility of Company’s management and have been approved by the board of directors.

Val-d’Or, December 14, 2021

(Signed) Yves Rougerie, President and Chief Executive Officer

(Signed) Nancy Lacoursière, Chief Financial Officer

Vision Lithium Inc. 1019 boul. des Pins Val-d’Or (Québec) J9P 4T2 Phone: (819) 874-6200 Fax: (819) 874-6202 E-Mail: info@visionlithium.com

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