Gold Port : MD&A

GOLD PORT CORPORATION

(formerly Corsurex Resource Corp.)

Management's Discussion and Analysis

For the Nine Months Ended September 30, 2021

General

This management discussion and analysis of financial position and results of operations ("MD&A) is prepared as at November 29, 2021 and should be read in conjunction with the unaudited interim consolidated financial statements for the nine months ended September 30, 2021 and the audited consolidated financial statements for the year ended December 31, 2020. These financial statements, including comparatives, have been prepared in accordance with International Financial Reporting Standards ("IFRS').

Management is responsible for the preparation and integrity of the consolidated financial statements, including the maintenance of appropriate information systems, procedures and internal controls.

All dollar amounts included therein and in the following MD&A are expressed in Canadian dollars except where noted. This discussion contains forward‐looking statements that involve risks and uncertainties. Such information, although considered to be reasonable by the Company's management at the time of preparation, may prove to be inaccurate and actual results may differ materially from those anticipated in the statements made. Additional information on the Company is available for viewing on SEDAR at www.sedar.com.

Description of Business

Gold Port Corporation (formerly Corsurex Resource Corp.) was incorporated on November 18, 2016 under the laws of the province of British Columbia, Canada. The Company is an exploration stage junior mining company engaged in the identification, acquisition and exploration of mineral properties in Canada and Guyana. The Company is a reporting issuer in the provinces of British Columbia and Alberta. During the year ended December 31, 2020, the Company changed its name from Corsurex Resource Corp. to Gold Port Corporation and completed a 2 for 1 share consolidation. All references to number of shares and per share amounts have been retroactively restated to reflect the consolidation.

During March 2020, the World Health Organization declared COVID‐19 a global pandemic. The contagious disease outbreak and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, leading to

an economic downturn. The impact on the Company is not currently determinable, but management continues to monitor the situation.

Share Transactions

In November and December 2017, post consolidation, the Company issued 11,291,750 units in relation to multiple tranches of a private placement at a price of $0.20 per unit for total proceeds of $2,258,350. Each unit is comprised of one common share and one transferable common share purchase warrant exercisable for a period of 3 years at an exercise price of $0.40. The Company paid a finder's fee of $37,507 and issued 220,040 finders warrants, with the same terms as the warrants attached to the units. The Company has estimated the fair value of the finder's warrants to be $38,998 based on the Black‐Scholes option pricing model. The assumptions used for the Black‐Scholes valuation of the finder's warrants were as follows: a risk‐free interest rate of 1.43%, an expected life of three years, a dividend rate of 0%, forfeiture rate of 0%, and an annualized volatility of 200%.

During January and April 2018, Company issued 2,125,000 units in relation to multiple tranches of a private placement at a price of $0.20 per unit for total proceeds of $425,000. Each unit is comprised of one common share and one transferable common share purchase warrant exercisable for a period of 3 years at an exercise price of $0.40. The Company paid a finder's fee of $4900 and issued 28,000 finders warrants, with the same terms as the warrants attached to the units. The Company has estimated the fair value of the finder's warrants to be $10,292 based on the Black‐Scholes option pricing model. The assumptions used for the Black‐Scholes valuation of the finder's warrants were as follows: a risk‐free interest rate of 1.79%, an expected life of three years, a dividend rate of 0%, forfeiture rate of 0%, and an annualized volatility of 200%.

On September 29, 2020, the Company completed a private placement and issued 26,681,999 units at $0.12 for gross proceeds of $3,201,840. Each unit is comprised of one common share and one share purchase warrant. Each warrant allows the holder to purchase one common share of the Company at a price of $0.16 per share for a period of five years from the date of closing of the private placement. The Company paid commissions of $135,942 and issued 1,124,853 agent warrants on the same terms.

During the year ended December 31, 2020, the Company issued 4,00,000 common shares to settle trade payables of $400,000.

During year ended December 31, 2020, the Company completed a private placement and issued 1,893,833 units at $0.12 for gross proceeds of $227,260. Each unit is comprised of one common share and one share purchase warrant. Each warrant allows the holder to purchase one common share of the Company at a price of $0.16 per share for a period of five years from the date of closing of the private placement. The Company paid commissions of $15,781 and issued 131,507 agent warrants on the same terms.

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Marketable Securities

During the year ended December 31, 2017, the Company received 500,000 common shares of Graphite Energy Corp. ("GRE") valued at $250,000 as payment on the terms of the sale of the Lac Aux Bouleaux property. Marketable securities are measured at fair value by reference to quoted stock prices on established exchanges. During the year ended December 31, 2019 the Company recorded an unrealized gain of $107,500 and as at December 31, 2019 the GRE common shares had a fair value of $232,500. During the year ended December 31, 2020, the Company sold 425,000 GRE common shares for $149,528 resulting in a gain of $48,117 during fiscal 2020. As at September 30, 2021 the remaining 75,000 GRE common shares had a fair value of $15,000 resulting in an unrealized loss of $6,000 (13,875 during fiscal 2020).

During the year ended December 31, 2020 the Company received 6,074,498 units of Lithium South Development Corporation (formerly NRG Metals Inc.) ("Lithium South") valued at $3,491,271 in settlement of amounts owing. Each unit consists of one common share and one common share purchase warrant entitling the Company to purchase one additional common share at a price of $0.35 for a period of five years. As at December 31, 2020 the 6,074,498 common shares of Lithium South are valued at $2,763,893 and the common shares purchase warrants are valued at $2,167,895 for a total of $4,931,878 resulting in an unrealized gain of $1,440,607 for fiscal 2020. The common shares are measured at fair value by reference to quoted stock prices on established exchanges and the common share purchase warrants are valued using the Black‐Scholes option pricing model using a risk‐free interest rate of $0.34%, term of 5 years, annualized volatility of 110% and dividend rate of nil.

During the period ended March 31, 2020, the Company sold 5,074,498 common shares of Lithium South as well as 5,000,000 warrants for proceeds of $4,057,369. As at September 30, 2021, the Company held 1,000,000 common shares of Lithium South valued at $390,000 as well as 1,074,498 warrants valued at $838,457 using the Black‐ Scholes option pricing model using a risk‐free interest rate of 0.343%, term of 4.5 years, annualized volatility of 110% and dividend rate of nil.

Exploration and Evaluation Assets

Realization of assets

The investment in mineral properties comprise a significant portion of the Company's assets. Realization of the Company's investment in these assets is dependent upon the establishment of legal ownership, the attainment of successful production from the properties or from the proceeds of their disposal.

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Resource exploration and development is highly speculative and involves inherent risks. While the rewards if an ore body is discovered can be substantial, few properties that are explored are ultimately developed into producing mines. There can be no assurance that current exploration programs will result in the discovery of economically viable quantities of ore. The amounts shown for acquisition costs represent costs incurred to date and do not necessarily reflect present or future values.

Environmental

The Company is subject to the laws and regulations relating to environmental matters in all jurisdictions in which it operates, including provisions relating to property reclamation, discharge of hazardous material and other matters. The Company may also be held liable should environmental problems be discovered that were caused by former owners and operators of its properties and properties in which it has previously had an interest. The Company conducts its mineral exploration activities in compliance with applicable environmental protection legislation. The Company is not aware of any existing environmental problems related to any of its current or former properties that may result in material liability to the Company.

Environmental legislation is becoming increasingly stringent and costs and expenses of regulatory compliance are increasing. The impact of new and future environmental legislation on the Company's operations may cause additional expenses and restrictions.

If the restrictions adversely affect the scope of exploration and development on the mineral properties, the potential for production on the properties may be diminished or negated.

Groete Project, Guyana

The Company holds a 100% interest in the Groete Property located in Guyana subject to a 1.5% NSR, which may be purchased for USD$3,000,000. The Company acquired the project as part of the plan of arrangement with NRG.

During the year ended December 31, 2020, the Company incurred $58,058 of field costs.

During the period ended March 31, 2021, the Company incurred $32,655 of field costs.

Lac Aux Bouleaux, Quebec Canada

During the year end December 31, 2017, the Company entered into a Purchase Option Agreement with Graphite Energy Corp ("GRE"), a British Columbia Corporation, whereby GRE could have earned a 100% interest in the L.A.B. Graphite Project, located in Quebec, Canada. The terms of the agreement included a cash payment of $180,000 (of which

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$140,000 has been paid and the balance of $40,000 is owing and the issuance of 5 million shares (received see Note 5).

Selected Quarterly Information

The following selected financial data has been prepared in accordance with IFRS and should be read in conjunction with the Company's financial statements. All dollar amounts are in Canadian dollars.

				Net income		Comprehensive		Income (loss)						Interest
	Quarter Ended			(loss) for the			per Share (Basic			Total Assets
				income (loss) for						Income
				period			& Diluted)
					the period
	September 30, 2021	$(306,723)		$(356,723)	$(0.01)		$7,036,533			$Nil
	June 30, 2021	$(562,470)		$(1,038,470)	$(0.02)		$7,393,851			$Nil
	March 31, 2021	$(1,311,020)		$(437,076)	$(0.01)		$8,630,956			$Nil
	December 31, 2020	$2,744,884		$(1,680,331)	$0.06		$8,367,682			$Nil
	September 30, 2020	$(262,907)		$(140,142)	$(0.01)		$5,361,511			$Nil
	June 30, 2020	$(188,841)		$265,364	$0.01		$2,708,999			$Nil
	March 31, 2020	$(173,823)		$(173,823)	$(0.01)		$2,227,377			$Nil
	December 31, 2019	$(761,711)		$(869,211)	$(0.03)		$2,223,657			$Nil

Results of Operations

For the three months ended September 30, 2021, the Company recorded a net loss of $356,723 compared to a net loss of $140,142 for the three months ended September 30, 2020. The main items of variance in the current period were the unrealized loss on marketable securities of $50,000 compared to a gain on marketable securities in the comparative period of $102,765. Other significant changes during the period ended September 30, 2021 include an increase in consulting fees to $90,000 (2020 ‐ $15,000) for various consultants assisting with business requirements, as well as certain marketing and advertising activities of $25,000 compared to $30,000 in the comparative period.

Financial Condition, Liquidity and Capital Resources

The Company's working capital at September 30, 2021 was $6,211,770 including cash of $4,919,709. The Company does not currently have an active business generating positive cash flows. The Company is sufficiently funded for the next twelve months of operations. As at the date of this report, the Company has announced a private placement to fund operations for the coming year. There can be no assurance that equity financings will be

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