Jayden Resources : MD&A Year End - Dec 31, 2021

JAYDEN RESOURCES INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND

RESULTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

The following Management's Discussion and Analysis ("MD&A") is intended to assist the reader to assess material changes in financial condition and results of operations of Jayden Resources Inc. ("Jayden" or the "Company") as at December 31, 2021 and 2020 and for the years then ended.

This MD&A should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021 and supporting notes. These consolidated financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

All monetary amounts are in Canadian dollars unless otherwise specified. The effective date of this MD&A is April 28, 2022. Additional information relating to the Company is available on SEDAR at www.sedar.com.

Contents of the MD&A

1. Overview
2. Overall performance for the year ended December 31, 2021
3. Selected annual information
4. Results of operations for the year ended December 31, 2021
5. Summary of quarterly results
6. Exploration and evaluation assets
7. Liquidity and capital resources
8. Disclosure of outstanding share data
9. Related party transactions

1. Commitments
2. Additional disclosure for junior issuers
3. Adoption of accounting standards and pronouncements under IFRS
4. Financial instruments
5. Capital risk management
6. Proposed transactions
7. Off balance sheet transactions
8. Internal control over financial reporting
9. Critical accounting estimates and judgements
10. Cautionary statement on forward-looking information
11. Subsequent event

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JAYDEN RESOURCES INC.

Management's Discussion and Analysis

For the year ended December 31, 2021

1. Overview

The Company is principally engaged in the business of acquiring, exploring and developing interests in mining projects. To date, the Company has not generated revenues from its principal activities and is considered to be in the exploration stage.

On September 4, 2020, Jayden announced that it had entered into a property option agreement with Teuton Resources Corp. (TSXV:TUO) to acquire up to a 75% interest in the Harry and Outland Silver Bar properties (the "Property") which are located in the Skeena Mining Division approximately 30km northwest of Stewart, BC.

The Property consists of 3 contiguous claims that cover a gross area of approximately 1,333 hectares. As per an April 2019 National Instrument 43-101 Technical Report on the property, the majority of the Property including the Outlander claim lies along the NW portion of a geological corridor prospective for gold-silver mineralization that is up to 3 kilometers wide. It is at least 15 kilometers long extending from south of the Premier Mine, possibly in the US, north to the Scottie Gold Mine and beyond. Within this mineralized corridor, there are a number of gold/silver deposits as well as numerous prospects. Deposits within this corridor include the Premier, Big Missouri, Silver Coin, Martha Ellen and Mt Dilworth.

On December 9, 2020, Teuton announced that it had discovered a new zone of mineralization on the Harry Property containing 7.86 ozs/ton over 2 metres

On September 2, 2021, the Company completed the continuation from the Companies Law (2021 Revision) of the Cayman Islands into the jurisdiction of British Columbia under the Business Corporations Act (British Columbia) with the intention to increase flexibility, and to reduce administrative costs.

On September 13, 2021, the Company entered into a termination agreement with Teuton and a quitclaim agreement (the "Quitclaim Agreement") with Optimum Ventures Ltd. ("Optimum") whereby the Company agreed with Teuton to terminate its Harry Property option agreement dated September 4, 2020, and simultaneously enter into the Quitclaim Agreement with Optimum allowing Teuton and Optimum to enter into a new option/sale agreement on the property. Under the terms of the Quitclaim Agreement, Optimum issued the Company 750,000 Optimum common shares and paid the Company's existing costs on the project which were $27,000. On November 10, 2021, the transaction was closed.

On February 17, 2021, the Company entered into a property option agreement with three arm's length vendors (the "Optionors") to acquire a 100% interest in the Storm Lake Gold Property located in the Frotet-Evans Greenstone Belt in central Quebec. Under the terms of the agreement, the Company can acquire a 100% interest in the Storm Lake Gold Property by making cash and share payments to the Optionors totaling $750,000 and 6,600,000 post-consolidation common shares respectively. On July 5, 2021, the Company paid $200,000 and issued 2,200,000 shares to the Optionors.

As per the recommendations contained in a 43-101F1 Technical Report written for the Company on the Storm Lake property dated August 25, 2021, the Company completed its 2021 phase one exploration program which included sampling/trenching and IP surveys to prepare for the drill program and based on the findings advanced the phase two drill program from 5,000 to 6,000 meters.

2. Overall performance for the year ended December 31, 2021

The Company's performance for the year ended December 31, 2021 was a net loss of $353,064 compared to a net loss of $218,964 in 2020. The change is primarily due to the increase in administration expenses related to the active drilling campaign in Storm Lake property in 2021 offset by the realized gain of $341,050 on disposal of the Company's Harry and Outland Silver Bar properties.

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JAYDEN RESOURCES INC.

Management's Discussion and Analysis

For the year ended December 31, 2021

3. Selected annual information

For the years ended December 31, 2021, 2020, and 2019, the consolidated financial statements have been prepared in accordance with IFRS.

	Year Ended	Year Ended	Year Ended
Statement of Operations Data	December 31,	December 31,	December 31,
	2021	2020	2019
Total revenue	$Nil	$Nil	$Nil
Net income (loss) from continuing	($353,064)	($218,964)	$817,605
operations
Net income (loss) from continuing
operations per common share outstanding	($0.01)	($0.01)	$0.03
- basic and diluted
Net income (loss)	($353,064)	($218,964)	$817,605
Net income (loss) per common share	($0.01)	($0.01)	$0.03
outstanding - basic and diluted
Dividend per common share outstanding	$Nil	$Nil	$0.51
	Year Ended	Year Ended	Year Ended
	December 31,	December 31,	December 31,
	2021	2020	2019
Balance Sheet Data
Total assets	9,665,079	350,069	57,407
Non-current financial liabilities	$Nil	$Nil	$Nil
Shareholders' equity (deficit)	7,443,208	272,852	(52,384)

Net Income (Loss)

The Company incurred a net loss of $353,064 in the fiscal year ended December 31, 2021, a net loss of $218,964 in the fiscal year ended December 31, 2020, and a net income of $817,605 in the fiscal year ended December 31, 2019. The variance was mainly attributable to realized gain on disposal of marketable securities (2021 - $nil; 2020

• $nil; 2019 - $1,879,737), and realized gain on disposal of mineral properties (2021 - $341,050; 2020 - $nil; 2019
• $nil).

As of December 31, 2021, the company was focusing on the active drilling campaign in the Storm Lake property.

Gain on Disposal of Marketable Securities

For fiscal 2021, a realized gain of $nil was recorded compared to $nil in fiscal 2020 and $1,879,737 in fiscal 2019.

During the year ended December 31, 2021, the Company received 750,000 Optimum common shares as part of the considerations to settle the sale of Harry and Outland Silver Bar properties with a fair value of $360,000 as of December 31, 2021.

During the year ended December 31, 2020, the Company had no marketable securities transactions.

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JAYDEN RESOURCES INC.

Management's Discussion and Analysis

For the year ended December 31, 2021

During the year ended December 31, 2019, the Company distributed 14,797,234 shares of Ascot Resources Ltd. as non-cash dividend and $398,098 cash dividend to its shareholders. The fair value of the non-cash dividends was $15,241,151 at the date of distribution. A realized gain of $1,923,640 was recorded. The distribution was based on 90,995,746 issued and common shares of the Company and each shareholder is entitled to $0.17 non-cash dividend or cash dividend.

During the year ended December 31, 2019, the Company's disposal of 382,263 shares of Ascot Resources Ltd. for gross proceeds of $300,056, these shares had a carrying value of $343,959. A realized loss of $43,903 was recorded.

Gain on Disposal of Mineral Properties

During fiscal 2021, gain on disposal of mineral properties of $341,050 was recorded compared to $nil in both fiscal years 2020 and 2019. The gain on disposal of mineral properties arose from the termination agreement with Teuton and the Quitclaim Agreement with Optimum on September 13, 2021. The Company agreed with Teuton to terminate its Harry Property option agreement dated September 4, 2020, and simultaneously enter into the Quitclaim Agreement with Optimum allowing Teuton and Optimum to enter into a new option/sale agreement on the property. On November 10, 2021, under the terms of the Quitclaim Agreement, Optimum issued the Company 750,000 Optimum common shares and paid the Company's existing costs on the project which were $27,000. A realized gain of $341,050 was recorded.

Total Assets

Total assets increased to $9,665,079 as at December 31, 2021 compared to $350,069 as at December 31, 2020 and $57,407 as at December 31, 2019. Total assets consist mainly of cash and cash equivalents of $4,065,226 and exploration and evaluation assets of $4,831,516 in fiscal year 2021 while only cash and cash equivalents of $344,820 and $51,193 in fiscal years 2020 and 2019, respectively.

Shareholders' Equity

Total shareholder's equity increased to $7,443,208 as at December 31, 2021 from $272,852 as at December 31, 2020 compared to a deficit of $52,384 as at December 31, 2019. Total shareholders' equity consisted mainly of share capital and deficit. Equity increased mainly due to capital raised from private placements during the years ended December 2021 and 2020 compared to an equity deficit in 2019 mainly due to the dividend paid out during the year ended December 31, 2019.

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JAYDEN RESOURCES INC.

Management's Discussion and Analysis

For the year ended December 31, 2021

4. Results of operations for the year ended December 31, 2021

The following table sets forth selected information for the years ended December 31, 2021, and 2020.

	Year Ended December 31,
	2021	2020
Other income	359,800	(13,683)
Administrative expenses	(712,864)	(205,281)
Net income (loss) from continuing operations	(353,064)	(218,964)
Income tax (expense) recovery	-	-
Net income (loss) for the year	(353,064)	(218,964)
Earnings (loss) per share continuing operations
Basic and diluted	(0.01)	(0.01)

As the Company is an exploration company, it has no revenue from mining operations.

During the year ended December 31, 2021, the Company incurred a net loss of $353,064 compared to a net loss of $218,964 for the year ended December 31, 2020. The net loss in the year ended December 31, 2021 relates primarily to the administrative expenses for the year ended December 31, 2021 totalled $712,864 (2019: $205,281) due to the increase in activities in administration and capital fundraising for the drilling campaign in the Storm Lake property. This increase was mainly due to the following:

• Consulting fees of $237,000 (2020 - $126,000) in relation to consultants providing corporate communication, administrative and corporate development services to the Company;
• Corporate administration of $154,186 (2020 - $16,510) in relation to the Company's management fees, general office expenses, meals and entertainment, insurance and travel;
• Professional fees of $135,591 (2020 - $31,514) in relation to the previous year's financial statement audit, tax return services, and legal services requested throughout the year; and
• Regulatory and shareholder services of $185,999 (2020 - $30,622) in relation to the Company's regulatory filing fees, shareholder correspondence and investor relations services.

During the year ended December 31, 2021, the Company had a $360,000 marketable securities balance which was composed of the 750,000 Optimum shares received from the sale of Harry and Outland Silver Bar properties.

During the year ended December 31, 2020, the Company had no marketable securities activities.

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