Vision Lithium : MANAGEMENTS DISCUSSION & ANALYSIS FOR THE THREE MONTH PERIOD ENDED NOVEMBER 30 2021

MANAGEMENT'S DISCUSSION & ANALYSIS

FOR THE THREE-MONTH PERIOD ENDED

NOVEMBER 30, 2021

Vision Lithium Inc.

MD&A for the three-month period ended November 30, 2021

SCOPE OF MANAGEMENT'S FINANCIAL ANALYSIS

The following Management Discussion & Analysis («MD&A»), dated January 25, 2022, is to be read in conjunction with the interim consolidated condensed unaudited financial statements of Vision Lithium Inc. (the «Company» or «VLI») for the period ended November 30, 2021 and the consolidated audited financial statements of Vision Lithium Inc. for the year ended August 31, 2021 as well as with the accompanying notes. The interim consolidated condensed unaudited financial statements for the period ended November 30, 2021 are prepared under the International Financial Reporting Standards (IFRS). Unless otherwise indicated, all amounts are expressed in Canadian dollars. The objective of this Management's Discussion and Analysis Report ("MD&A") released by VLI is to allow the reader to assess our operating and exploration results as well as our financial position for the three- month period ended November 30, 2021 compared to the same period last 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

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 three-month period ended November 30, 2021

ACTIVITIES OF THE COMPANY

On January 3, 2022 the Company issued a total of 4,200,000 options to administrators, key management, employees and consultant at $0.21 per share, expiring January 3, 2027.

On December 10, 2021, the Company issued 600,000 common shares at $0.05 each, for a total of $30,000, following the exercise of warrants.

HIGHLIGHTS OF THE FIRST QUARTER OF 2022

Summary of Exploration

The Company incurred expenses totaling $215,516 before tax credits and credits on refundable exploration duties for the firs quarter ended November 30, 2021 compared to $25,448 for the same quarter in 2020. In the interim consolidated condensed unaudited financial statements, those exploration costs are presented net of exploration tax credits.

During the first quarter of 2022, the Company has engaged an amount of $149 for exploration expenses for other properties and were accounted directly to the consolidated statement of net loss and comprehensive income (nil for the same quarter of 2021).

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 $120,893 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.

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Vision Lithium Inc.

MD&A for the three-month period ended November 30, 2021

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%
	Dôme Lemieux, QC		Wholly owned		Cu-Zn porphyry/skarn project		Nil
	St. Stephen, NB		50% Interest		Ni-Cu-Co project		Nil
	Epsilon, QC		Wholly owned		Au-U project		2%

Figure 1 - Vision Lithium Property Portfolio

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

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Vision Lithium Inc.

MD&A for the three-month period ended November 30, 2021

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 km2) and, together with the claims recently staked by the Company, the Property comprises a total of 320 claims covering 18,378 hectares (184 km2). 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.

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

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.

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