Imagine Lithium : Q1 MD&A April 30, 2022

Management Discussion and Analysis

For The Period Ended April 30, 2022

The following Management's Discussion and Analysis ("MD&A"), should be read in conjunction with the unaudited condensed interim consolidated financial statements for the three months ended April 30, 2022 and 2021 and audited consolidated financial statements of Imagine Lithium Inc. (formerly Infinite Ore Corp). ("Imagine" or the "Company") for the year ended January 31, 2022 and 2021 and related notes thereto, which have been prepared in accordance with International Financial Reporting Standards ("IFRS"). All amounts are stated in Canadian dollars unless otherwise indicated. Additional regulatory filings for the Company can be found on the SEDAR website at www.sedar.com. The Company's website can be found at www.imaginelithium.com. This MD&A has been prepared as of June 29, 2022.

Forward-Looking Statements

In making and providing the forward‐looking information included in this MD&A the Company's assumptions may include among other things: (i) assumptions about the price of metals; (ii) that there are no material delays in the optimization of operations at the exploration and evaluation assets; (iii) assumptions about operating costs and expenditures; (iv) assumptions about future production and recovery; (v) that there is no unanticipated fluctuation in foreign exchange rates; and (vi) that there is no material deterioration in general economic conditions. Although management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward‐looking information will prove to be accurate. By its nature, forward‐ looking information is based on assumptions and involves known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or results, to be materially different from future results, performance or achievements expressed or implied by such forward‐looking information. Such risks, uncertainties and other factors include among other things the following: (i) decreases in the price of base metals; (ii) the risk that the Company will continue to have negative operating cash flow; (iii) the risk that additional financing will not be obtained as and when required; (iv) material increases in operating costs; (v) adverse fluctuations in foreign exchange rates; and (vi) environmental risks and changes in environmental legislation.

This MD&A (See "Risks and Uncertainties") and the Company's annual information form contain information on risks, uncertainties and other factors relating to the forward‐looking information. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward‐looking information, there may be other factors that cause actual results, performances, achievements or events not to be anticipated, estimated or intended. Also, many of the factors are beyond the Company's control. Accordingly, readers should not place undue reliance on forward‐looking information. The Company undertakes no obligation to reissue or update forward looking information as a result of new information or events after the date of this MD&A except as may be required by law. All forward‐looking information disclosed in this document is qualified by this cautionary statement.

Risks and Uncertainties

The Company is subject to a number of risks and uncertainties due to the nature of its business. The Company's exploration and development activities expose the Company to various financial and operational risks that could have a significant impact on its level of operating cash flows in the future. Readers are advised to study and consider risk factors stressed below.

The following are identified as main risk factors that could cause actual results to differ materially from those stated in any forward-looking statements made by, or on behalf of, the Company.

Financing

The Company's future financial success depends on the ability to raise additional capital from the issue of shares or the discovery of properties which could be economically justifiable to develop. Such development could take years to complete and resulting income and cash flow, if any, is difficult to determine. The sales value of any mineralization potentially discovered by the Company is largely dependent upon factors beyond the Company's control, such as the market value of the products produced.

General Resource Exploration Risks and Competitive Conditions

The resource exploration industry is an inherently risky business with large capital expenditures and volatile metals markets. The marketability of any minerals discovered may be affected by numerous factors that are beyond the Company's control and which cannot be predicted, such as market fluctuations, mineral markets and processing equipment, and changes to government regulations, including those relating to royalties, allowable production, importing and exporting of minerals, and environmental protection. This industry is intensely competitive and there is no guarantee that, even if commercial quantities are discovered, a profitable market will exist for their sale. The Company competes with other junior exploration companies for the acquisition of mineral claims as well for the engagement of qualified contractors. Metal prices have fluctuated widely in recent years, and they are determined in international markets over which the Company has no influence.

Governmental Regulation

Regulatory standards continue to change, making the review process longer, more complex and therefore more expensive. Exploration and development on the Company's properties is affected by government regulations relating to such matters as environmental protection, health, safety and labour, mining law reform, restrictions on production, price control, tax increases, maintenance of claims and tenure. There is no assurance that future changes in such regulations couldn't result in additional expenses and capital expenditures, decreasing availability of capital, competition, reserve uncertainty, title risks, and delays in operations. The Company relies on the expertise and commitment of its management team, advisors, employees and contractors to ensure compliance with current laws.

Overview

The Company is incorporated under the Business Corporation Act of British Columbia.

On February 1, 2022, the Company changed its name from Infinite Ore Corp. to Imagine Lithium Inc. to reflect the Company's focus on lithium exploration in the safe, environmentally conscious mining jurisdiction of Ontario, Canada.

As a junior mineral exploration company, the Company's core assets are the exploration rights to its exploration and evaluation assets. The Company currently has no producing properties, and consequently no operating income or cash flow. The Company is dependent on the equities markets to finance all of its activities and it is anticipated that it will continue to rely on this source of funding for its exploration expenditures and to meet its ongoing working capital requirements.

Overall Performance

For the period ended April 30, 2022, the Company had cash outflows relating to operating activities of $217,209 (2021

• $89,181) relating to general and administration expenditures during the period. The Company also had cash outflows in investing activities of $689,199 (2021 - $858,974), primarily due to exploration and evaluation asset expenditures and advances in the current period. The Company received cash from financing activities of $138,400 (2021 - $357,187) mainly due to amounts from proceeds from warrants exercised.

Exploration and Evaluation Assets

Sale of Red Lake Properties

The Company completed the sale of all of its holdings in the Red Lake area to Trillium Gold Mines Inc. ("Trillium") and Pegasus Resources Inc. ("Pegasus").

Trillium acquired a majority of Imagines' property holdings known as Eastern Vision Project. Under the terms of the transaction, Trillium acquired an interest in 13,958 hectares between Fredart, Confederation North, and Confederation South properties for a consideration of 2,800,000 common shares of Trillium and $175,000 in cash.

In addition, Imagine has closed an Amending, Settlement and Termination Agreement with Pegasus (the "Pegasus Agreement") with respect to the February 3, 2020 agreements relating to the Garnet Lake Property and portions of Fredart Property (the Option Agreements"). Under the Pegasus Agreement, Pegasus has issued to the Company 5,000,000 common shares of Pegasus in exchange for delivery of certain payment obligations under the Option Agreements.

The above transactions remain subject to TSX Venture Exchange approval,

Jackpot Lithium Property, Ontario

The Company acquired the Jackpot project in April 2016. The Jackpot Lithium property is located about 140 km NNE of Thunder Bay, Ontario.

The Jackpot lithium deposits was described by E.G. Pye in a 1965 report published by the Ontario Depart. of Mines on the Georgia Lake Area. The deposits were tested by a total of 32 holes drilled in 1955 by Ontario Lithium Company Limited and its associated company Conwest Exploration Co. Ltd. The drilling confirmed the presence of at least two spodumene-bearing pegmatite bodies, one at the surface (No. 1) and the other (No. 2) lying directly beneath the No. 1 deposit. Historical resources at Jackpot, comprising only the No. 2 Dyke pegmatite zone, was reported as 2Mt @

1.09 Li2O estimated in 1956 by Ontario Lithium Company Limited*. The No. 2 pegmatite dyke, which was discovered by diamond-drilling, was intersected at 30 to 100 meters intervals over a strike length of 215 meters and at 30-60 meters intervals over a distance of 365 meters across strike. Dyke No. 2 is 4 to 20 meters thick, averaging 11 meters.

*The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by the Company. These historical mineral resources do not refer to any category of sections 1.2 and 1.3 of the NI-43-101 Instrument such as mineral resources or mineral reserves as stated in the 2010 CIM Definition Standards on Mineral Resources and Mineral Reserves. The explanation lies in the inability by the Company to verify the data acquired by the various historical drilling campaigns. The Company has not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves.

In March 2017, the considerations in the option agreement was amended as follows:

1. issuance of 300,000 shares (issued at a value of $156,000);
2. issuance of 375,000 shares by March 28, 2017 (issued at a value of $75,000); and
3. incurring exploration expenditures of $350,000 will no longer be required.

On January 18, 2018, the Company acquired an additional 100% interest in certain claims surrounding its Jackpot Property by issuing 600,000 shares to the vendors plus the granting of a 2% NSR of which the Company may purchase back 1% for $1,000,000.

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In 2018, the Company completed a diamond drilling program aimed at confirming and expanding on the historical drilling (1955) at the Jackpot Property. A total of 53 holes were drilled (9,496 metres) in its long-hole program and 8 drill holes (298 metres) in its short-hole program. The long-hole program is aimed at surface, near-surface, and deeper Main Zone Dike spodumene (lithium) bearing pegmatites, whereas the short-hole program is focused exclusively on delineating surface and near-surfacespodumene-rich pegmatites.

In addition, during 2018, the Company completed a prospecting and grab sampling program (96 grab samples) over most of the Jackpot Main area, identifying six (6) new areas of evolved surface pegmatite dikes and extending the historically known central Jackpot dikes to the east (+500 metres) and to the west (+400 metres).

The Company's 2018 channel sampling program generated a total of 26 channel cuts (essentially surface drill holes) from spodumene-bearing pegmatite outcrops (cleared mechanically and washed) over nine cleared areas, comprising 372 individual channel samples (355.40 metres).

During the year ended January 31, 2021, the Company paid $10,000 cash and issued 300,000 shares valued at $25,500 to acquire nine additional claims on the Jackpot Property. The vendor retains a royalty of 1.0% on revenue generated from non-smelter elements from the additional claims and a 1.0% NSR. The Company has the option to purchase back 1% of the NSR royalty for $500,000.

During the year ended January 31, 2021, the Company paid $10,000 cash and subsequently issued 300,000 shares to acquire four additional claims on the Jackpot Property. The vendor retains a royalty of 1.0% on revenue generated from non-smelter elements from the additional claims and a 1.0% NSR. The Company has the option to purchase back 1% of the NSR royalty for $500,000.

On July 22, 2021, the Company announced that it has identified several new targets of interest from a high resolution geophysical survey on the Jackpot lithium property. The survey, conducted by Novatem Airborne Geophysics, identified several east-west trending structural features oriented parallel to several lithium-rich pegmatite dykes within the Jackpot lithium deposit itself. The Company will mobilize a ground crew to site as soon as possible to investigate these structures with overburden stripping and rock and channel sampling.

The Company's 100% owned Jackpot project is located in close proximity to the Georgia Lake lithium deposit, for which Rock Tech Lithium Inc. recently announced its intent to develop a lithium sulphate production facility in Thunder Bay, Ontario. The Jackpot property contains known pegmatite showings, including two that contain historical resources of 2 million tons at 1.09% Li2O and 750,000 tons at 1.38% Li2O.

On December 12, 2021, the Company entered into an option agreement to expand the Jackpot Lithium Project by acquiring a 100% interest in additional claims for a consideration of cash payment of $225,000 and issuance of 5,000,000 common shares.

In addition, the Company will issue an additional 5,000,000 common shares in the event that it is confirmed that the claims are demonstrated to contain a NI43-1010 compliant inferred resource in excess of 5,000,000 tons of Li2O.

The vendor retains a 2.5% NSR royalty. The Company has an option to purchase 1% NRS royalty for $1,000,000 at any time.

On January 17, 2022, the Company announced a 3,000-metre drilling program that was expected to begin in February.

On May 11, 2022, the Company announced assay results from previously unsampled core that were drilled in 2018. The drillholes tested lithium-bearing granitic pegmatite dikes within the main dike swarm of the Jackpot project. Results include 8 m grading 1.28% lithium oxide (Li2O) (Hole J-18-M-04) and 8.8 m grading 1.02% Li2O (Hole J- 18-M-03).

Results of Operations

The results of operations reflect the overhead costs incurred for exploration and evaluation assets acquisitions and exploration expenses incurred by the Company to maintain good standing with the various regulatory authorities and to provide an administrative infrastructure to manage the acquisition, exploration, and financing activities of the Company. General and administrative costs can be expected to increase or decrease in relation to the changes in activity required as property acquisitions and exploration continues. As at January 31, 2022, the Company had not generated any revenues from its exploration and evaluation assets.