Murchison Minerals : Annual Management Discussion and Analysis December 31, 2019

MURCHISON MINERALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE YEAR ENDED DECEMBER 31, 2019

This Management's Discussion and Analysis ("MD&A") is intended to supplement the consolidated financial statements and notes of Murchison Minerals Ltd. (the "Company" or "Murchison") for the year ended December 31, 2019 with comparatives for the same period a year earlier. The consolidated financial statements including comparative figures have been prepared by the Company in accordance with International Financial Reporting Standards ("IFRS") applicable to preparation of financial statements. This MD&A should be read in conjunction with the Company's audited consolidated financial statements and accompanying notes for the year ended December 31, 2019, which are available on the Company's website (www.murchisonminerals.com). This MD&A covers the most recently completed financial year end and the subsequent period up to March 4, 2020. The information is presented in Canadian dollars unless stated otherwise.

OVERALL PERFORMANCE

Description of Business

Murchison is a Canadian based exploration company with a focus on its Brabant Lake property which includes the high-gradeBrabant-McKenzie VMS zinc-copper-silver deposit (the "Deposit") in north-central Saskatchewan. The Company also owns 100% of the HPM nickel-copper-cobalt project in Quebec. The Company expects to acquire additional properties as attractive opportunities are identified. The Company does not have any projects that generate revenue at this time. The Company's ability to carry out its business plan in the future rests entirely on its ability to secure equity and other financings or realize cash from the sale of assets.

Trends

The financing, exploration and development of any properties the Company holds or may acquire in the future will be subject to a number of factors including the commodity prices for minerals, applicable laws and regulations, political conditions, currency fluctuations, the hiring of qualified people, and obtaining necessary services in jurisdictions where the Company operates. The current trends relating to these factors could change at any time and negatively affect the Company's operations and business. Apart from these, the risk factors noted under the heading "Uncertainties and Risk Factors" and "Forward Looking Statement" included in this MD&A, management is not aware of any other trends, commitments, events or uncertainties that would have a material effect on the Company's business, financial condition or results of operations.

OUTLOOK

The Company completed a systematic follow up field prospecting program at its Brabant Lake project (the "Property") during this past summer where several highly prospective exploration targets have been identified for drill testing. In January 2020, the Company initiated a drill program and drilled 11 holes in 5 of the prospective targets. The drill program was completed on March 3, 2020 and assays results will be announced when all data have been received and collated by Murchison.

The Company also acquired new claims at the Property in November, December and early February which are mostly contiguous to the existing property holdings, increasing its land position in the Brabant Lake area by 231 km2 to 565 km2. The Company is planning a 900-line kilometre helicopter-borne versatile time- domain electromagnetic (VTEM™ Max) geophysical survey with the purpose of investigating the mineral potential over its newly acquired claims which is scheduled to start in the latter part of March 2020.

MURCHISON MINERALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS - DECEMBER 2019

There are no known legal, political, environmental or other risks that could materially affect the potential development of Company's exploration projects. Management is of the opinion that it will be able to maintain the status of its current exploration obligations and to keep its properties in good standing. Advancing exploration at the mineral properties will require substantially more financial resources. In the past, the Corporation has been able to rely on its ability to raise financing via equity private placements.

Management's main objective is to advance its current projects and maximize their potential via the use of different exploration techniques available. The long-term goal remains to develop the Company's properties and achieve commercial production. The Company may enter into partnerships in order to fully exploit the production potential of its exploration assets.

MINERAL PROPERTIES - EXPLORATION ACTIVITIES

Brabant Property - Saskatchewan

The Property is owned 100% by Murchison, has no royalties and is strategically located along Highway 102 approximately 175 kilometres northeast of the town of La Ronge and near major infrastructure, including grid power. The Property consists of the Brabant-McKenzie VMS Deposit and multiple known mineralized showings and identified geophysical conductors over approximately 57 kilometre strike length of favourable geological horizon, all of which remain under-explored and mostly untested. The 565 km2 Property shares geological characteristics, including similar age, with the Flin Flon and Lynn Lake volcanogenic massive sulphide (VMS) mining camps in Manitoba.

GEOPHYSICAL INTERPRETATION AND MODELLING

In January 2019, the Company completed a VTEM-Max and magnetic airborne survey over the Property which identified some 30 EM conductors with coincident magnetic signatures. These conductors were subjected to additional ground prospecting, and geophysical follow-up during the summer 2019 field exploration program.

SUMMER 2019 FIELD PROGRAM

The Company started a field prospecting program at the end of May 2019. The goal of this program was to locate any surface expression of sulphide mineralization spatially linked to the electromagnetic ("EM") conductors and magnetic ("Mag") high responses identified during the January 2019 VTEM-Max and Mag airborne survey. The whole district is covered by a moderate to shallow glacial till cover masking the underlying rock formation creating a challenge to prospecting and geological mapping. The field teams relied heavily on GDD Instrumentation Inc.'s "Beep Mat" technology in order to detect magnetic and/or electromagnetic mineralization either in bedrock or boulders down to a depth of several metres.

The Company discovered the Main Lake West zone which consists of a massive sulphide-type copper mineralization spatially related to seven EM conductors located approximately 700 metres west of the historic Main Lake showing. Multiple zones of sulfide mineralization were identified at the Main Lake West zone. These zones were exposed and sampled using a channel saw and a small backpack drill. The mineralization consists of semi-massive to massive pyrrhotite and disseminated chalcopyrite with assay values up to 0.42% Cu over 1.7 metres and 0.69% Cu over 0.7 metre in backpack drill core, and sampling of nine trenches with assay values up to 0.58% Cu. The mineralization correlates well with the geophysical modelling that indicates several bodies. At this time the full extent of the mineralization remains to be defined.

2

MURCHISON MINERALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS - DECEMBER 2019

The prospecting team also collected a 0.89 metre backpack drill core sample from the rock face of the Main Lake showing which assayed 6.17% Cu, 8.31% Zn, 140 g/t Ag and 0.2 g/t Au. The historic Main Lake showing received limited near surface drilling in 1964, reporting an intercept of 0.7 metre at 5% Zn. This showing correlates well with a 530 metre long modelled conductive unit from the January 2019 VTEM- Max and Mag airborne survey. Limited historic exploration paired with the high-grade nature of the showing makes this area a high-priority exploration target for Murchison, as it has strong potential for hosting economic VMS type mineralization.

The Main Lake showing and the Main Lake West zone are located ten kilometres southwest of Murchison's Brabant-McKenzie Deposit.

The Company also discovered a surface showing of massive sulphide-type zinc mineralization on strike and about 300 metres south of the Deposit.

The Company also confirmed anomalous zinc, silver and gold mineralization at the historic MIN showing during the summer prospecting program. The MIN showing is located south of the large Min Showing North conductive body measuring 1,080 by 888 metres, and approximately four and a half kilometres southwest of, and on strike with, the Brabant-McKenzie VMS deposit and the recently discovered Brabant-McKenzie South mineralization. Multiple channels were cut perpendicular to strike on the exposed mineralization using a diamond saw on the shore of Brabant Lake, with notable assays of 0.32% Zn and 5.3 g/t Ag over

1.2 metres, and 0.39% Zn and 7.8 g/t Ag over 0.35 metre. Anomalous gold-silver values were also noted in a sample with 0.449 g/t Au, 11.4 g/t Ag and 0.15% Zn over 0.50 metre. The mineralization is relatively low grade, however its proximity to nearby conductive bodies is encouraging.

Table 2 - MIN Showing 2019 Channel Sample Results

Channel ID	From (m)	To (m)	Zn (%)	Ag (g/t)	Au (g/t)
MIN001	0.00	0.50	0.15	11.4	0.449
MIN002	0.00	1.20	0.32	5.3	0.026
MIN002	1.20	1.45	0.30	6.6	0.023
MIN006	0.00	0.35	0.39	7.8	0.029
MIN006	0.35	0.95	0.12	13.2	0.028

The MIN Showing was first located in 1959 during regional geologic mapping and was followed up by prospecting in 1983 and 1991 with the most notable assay returned from a grab sample completed in 1983 of 0.17% Zn and 14.4 g/t Ag. This zinc-silver mineralization further indicates the strong VMS potential of the Brabant-McKenzie host geologic unit elsewhere in the project area. Recent geophysical modelling of Murchison's surface TDEM (Time Domain Electromagnetic), ground Mag data, VTEM (Versatile Time Domain Electromagnetic) airborne data shows the presence of a conductor with moderate conductivity and coincident high magnetic susceptibility that is located under and immediately to the west of the channel samples, suggesting that semi-massive to massive mineralization may be present.

A second conductive unit called Min Showing North which southern boundary lies approximately 350 metres to the north of the Min Showing has been modelled as a large low to moderate conductivity plate measuring 1,080 by 888 metres. Historical drill hole BL-12-04 which is located a short distance east of the plate intersected anomalous silver grading 1.5 g/t Ag over 0.5 metre. Min Showing North represents an encouraging high priority exploration target along the interpreted Brabant-McKenzie VMS trend.

For the year ended December 31, 2019, the Company incurred $768,740 (2018 - $2,389,764) in exploration expenses at the Property.

3

MURCHISON MINERALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS - DECEMBER 2019

MINERAL RESOURCE ESTIMATE

In September, 2018, the Company provided the results of a new mineral resource estimate (the "2018 Mineral Resource Estimate"). The 2018 Mineral Resource Estimate included the addition of 19 diamond drill holes totaling 9,004 metres which were completed during the 2018 winter drilling program as well as a comprehensive re-interpretation of the geology of the Deposit using current and historical drilling data and reports. Please refer to the press release dated September 13, 2018 for full details.

The 2018 Mineral Resource Estimate has been prepared by independent qualified person ("QP") Finley Bakker, P.Geo., and was calculated using Minesight/Hexagon 3D modeling software to define the mineralized limits of the Deposit.

The 2018 Mineral Resource Estimate for the Deposit is as follows:

Category	Tonnes	Zn%	Cu%	Pb%	Ag (g/t)	Zn Eq%
Indicated	2,100,000	7.08	0.69	0.49	39.6	9.98
Inferred	7,600,000	4.45	0.57	0.19	18.4	6.29

The 2018 Mineral Resource Estimate for the Deposit was determined on the basis of:

• Drilling results to March 24, 2018 and including historical diamond drilling used in the previous NI- 43-101 resource estimate completed in 2008 and 2018;
• US$ metal prices of $1.20/lb Zn, $2.50/lb Cu, $1.00/lb Pb, $16.00/oz Ag and $1,200/oz Au;
• CDN$:US$ exchange rate of $1.20;
• An NSR cut-off of $90/tonne or 3.5% zinc equivalent ("Zn Eq") based on above metal prices;
• Average metallurgical and payable recovery of 75% for all metals;
• Indicated Resource was calculated using a two-hole minimum and a maximum distance of 60 metres from a diamond drill hole;
• Inferred Resource was calculated using a no-hole minimum and a maximum distance of 200 metres from a diamond drill hole;
• As much as possible, a 2 metre intercept minimum was used but not strictly adhere to;
• The resources were also manually reviewed and adjusted to take into consideration drill intercepts from previous operators in the areas of drilling carried out by the Company, and;
• 138 drill holes were used in the calculation and were used to model 2 mineral lenses.

HPM Property - Quebec (100%)

During the first quarter of 2019, the Company announced that it had increased its interest in the HPM property to 100%. As part of the transaction to acquire the remainder 50% interest in the HPM property held by joint venture partner Pure Nickel Inc., the Company paid $50,000 and issued 500,000 common shares valued at $65,000.

For the year ended December 31, 2019, the Company incurred $116,857 (2018 - $1,536) at the HPM property which includes the $115,000 compensation paid to Pure Nickel Inc.

4

MURCHISON MINERALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS - DECEMBER 2019

Pickle Lake Properties - Ontario

In June 2016 (with amendment on February 2, 2017), the Company entered into an agreement with White Metal Resources Corp. ("White Metal") whereby White Metal could acquire all of the Company's interest ("Earned Interest") in its Pickle Lake Gold properties. On July 27, 2017, White Metal assigned its option and right to acquire the Earned Interest to Ardiden Ltd. ("Ardiden"), an Australian exploration company. Under the agreement, Ardiden had to incur $1,200,000 in expenditures and make $45,000 in cash payments within 3 years of the agreement in order to exercise the option and acquire the Earned Interest. Once the Earned Interest was completed, Murchison will be entitled to a 1% net smelter return (the "NSR") of which fifty percent (50%) can be purchased by Ardiden for $1,000,000 and the balance of the other fifty percent (50%) of the said NSR can be purchased for $1,500,000.

On June 24, 2019, Ardiden Ltd. notified the Company of the completion of the option payments and expenditures by delivering a notice to the Company setting out that it has exercised the option, subject to Murchison's NSR.

Qualified Persons

The scientific and technical disclosures included in this MD&A have been reviewed and confirmed by John Shmyr, P. Geo. and Martin St-Pierre, P. Geoph., qualified persons as defined by National Instrument 43- 101. Mr. Shmyr and Mr. St-Pierre are independent consultants to Murchison and the Brabant Lake project.

Access to Properties

The Company's access to its Canadian properties is dependent on climate and weather conditions. The Brabant property in Saskatchewan is accessible all year round. All projects in Québec can be accessed from January to September as weather limits the activities during other times of the year.

RESULTS OF OPERATIONS

For the year ended December 31, 2019, the Company incurred a loss of $1,470,586 (2018 - $2,590,596). The decrease of $1,120,010 is mainly related to the following factors: 1. lower exploration expenses of $1,476,365 (2019 - $894,935 vs 2018 - $2,371,300) as the Company completed a 12,431 metre drill program in 2018 and geophysical surveys and field exploration in 2019 at the Brabant Lake project. Also in 2019, the Company increased its interest in the HPM property to 100% at a cost of $115,000; 2. lower management fees and salaries of $315,379 (2019 - $194,359 vs 2018 - $509,738) related to lower fees paid to the CEO in 2019 compared to the former CEO in 2018 which included a $225,000 termination payment in December 2018 as well as $50,000 paid in bonuses in Q1/18; 3. lower investor relations expense of $68,431 (2019 - $145,561 vs 2018 - $213,992) due to the reduction of conferences attended and the related travel expenses; 4. lower professional fees of $65,502 (2019 - $34,589 vs 2018 - $100,091) directly related to the court case involving a former director in 2018, offset by; 5. higher non- cash flow-through shares premium of $737,513 (2019 - $167,977 vs 2018 - $905,490) as the Company recognized the income based on increased exploration activities in Canada funded by flow-through financing.

For the year ended December 31, 2019, exploration expenses totaled $894,935 (2018 - $1,476,365) with $768,740 (2018 - $2,389,764) at the Brabant project in Saskatchewan, $116,857 (2018 - $1,536) at HPM in Quebec and $9,338 in general exploration (2018 - recovery of $20,000).

5