Lucky Minerals : MD&A April 30, 2022

LUCKY MINERALS INC.

FORM 51-102F1

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE SIX MONTHS ENDED APRIL 30, 2022

LUCKY MINERALS INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE SIX MONTHS ENDED APRIL 30, 2022

CONTENTS
GENERAL	3
FORWARD-LOOKING STATEMENTS	3
OVERALL PERFORMANCE	4
RESULTS OF OPERATIONS	10
SUMMARY OF QUARTERLY RESULTS	12
LIQUIDITY, FINANCIAL CONDITION AND GOING CONCERN	12
OUTSTANDING SHARE CAPITAL AT THE REPORT DATE	13
OFF BALANCE SHEET ARRANGEMENTS	14
SUBSEQUENT EVENTS	14
COMPENSATION OF KEY MANAGEMENT PERSONNEL	14
PROPOSED TRANSACTIONS	14
CHANGES IN ACCOUNTING POLICIES	15
FINANCIAL INSTRUMENTS	15
RISK FACTORS AND UNCERTAINTIES	15

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LUCKY MINERALS INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE SIX MONTHS ENDED APRIL 30, 2022

GENERAL

This Management's Discussion and Analysis ("MD&A" or "Report") of the financial condition of Lucky Minerals Inc. (an exploration stage company) ("Lucky" or the "Company") and results of operations of the Company for the period ended April 30, 2022 (the "Period") has been prepared by management in accordance with the requirements under National Instrument 51-102 as at June 27, 2022 (the "Report Date"). The Report should be read in conjunction with the condensed interim consolidated financial statements including the notes thereto for the period ended April 30, 2022 and the audited consolidated financial statements including the notes thereto for the year ended October 31, 2021 (collectively, the "Financial Statements"). The Financial Statements are presented in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"), and Lucky's accounting policies are described in the notes to the Financial Statements. All dollar amounts in the Report are in Canadian dollars unless otherwise noted.

The Financial Statements, together with the MD&A, are intended to provide investors with a reasonable basis for assessing the performance and potential future performance of the Company and are not necessarily indicative of the results that may be expected in future periods. The information in the MD&A may contain forward-looking statements, and the Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, as they are subject to significant risks and uncertainties that may cause projected results or events to differ materially from actual results or events. Please refer to the risks and cautionary notices of this MD&A.

FORWARD-LOOKING STATEMENTS

The Company's Financial Statements, and this accompanying MD&A, contain statements that constitute "forward-looking statements" within the meaning of National Instrument 51-102, Continuous Disclosure Obligations of the Canadian Securities Administrators. Forward-looking statements often, but not always, are identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and other similar expressions. Forward-looking statements in this MD&A include statements regarding the Company's future exploration plans and expenditures, the satisfaction of rights and performance of obligations under agreements to which the Company is a part, the ability of the Company to hire and retain employees and consultants and estimated administrative assessment and other expenses. The forward-looking statements that are contained in this MD&A involve a number of risks and uncertainties. As a consequence, actual results might differ materially from results forecast or suggested in these forward-looking statements. Some of these risks and uncertainties are identified under the heading "Risks and uncertainties" in this MD&A. Additional information regarding these factors and other important factors that could cause results to differ materially may be referred to as part of particular forward-looking statements. The forward-looking statements are qualified in their entirety by reference to the important factors discussed under the heading "Risks and uncertainties" and to those that may be discussed as part of particular forward- looking statements. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of

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LUCKY MINERALS INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE SIX MONTHS ENDED APRIL 30, 2022

the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause the actual results to differ include market prices, exploration success, continued availability of capital and financing, inability to obtain required regulatory approvals and general market conditions. These statements are based on a number of assumptions, including assumptions regarding general market conditions, the timing and receipt of regulatory approvals, the ability of the Company and other relevant parties to satisfy regulatory requirements, the availability of financing for proposed transactions and programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner. Forward-looking statements contained herein are made as of the date of this MD&A and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Additional information relating to the Company and its operations can be obtained from the offices of the Company, on the Company's website: www.luckyminerals.com and on SEDAR at www.sedar.com.

OVERALL PERFORMANCE

Description of Business

Lucky is a Canadian-based mineral exploration company which owns, through its subsidiary, a 100% interest in the Fortuna Project in Ecuador. The Fortuna Project is a royalty-free 550km2 (55,000 Ha, or 136,000 Acres) exploration concession, and is located in the highly prospective gold belt of southern Ecuador. Lucky may also acquire and explore additional mineral properties, as such opportunities arise.

The Company is registered in British Columbia under the Business Corporations Act and is engaged in acquiring and exploring mineral property interests. The Company's head office and principal business address is Suite 1010, 789 West Pender Street, Vancouver, British Columbia V6C 1H2. The Company's common shares are listed for trading on the TSX Venture Exchange ("TSX-V") under the symbol "LKY", and it is a reporting issuer in the provinces of British Columbia, Alberta and Manitoba. The Company also trades on the Frankfurt Stock Exchange under symbol "8LM", and in the United States on the OTCQB under the symbol "LKMNF".

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LUCKY MINERALS INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE SIX MONTHS ENDED APRIL 30, 2022

Highlights During the Period

Securities Transactions During the Period

• The Company closed a Private Placement, pursuant to which it issued units "Units" comprised of common shares ("Shares"), transferable warrants ("Warrants"), and paid finders' fees in cash and non-transferable warrants ("Finders' Warrants") as follows:

Private Placement January 2022

Closing Date	January 24, 2022
Gross Proceeds	$2,011,795
Shares Issued	22,353,278
Warrants Issued	22,353,278
Warrant Exercise Price	$0.200
Warrant Expiry Date	January 24, 2024
Finders' Fees
Cash	$35,000
Finders' Warrants	388,888
Exercise Prices	$0.150
Expiry Date	January 24, 2023

• On February 7, 2022, the Company issued 1,500,000 common shares of the Company in respect of services received by the Company, which shares were valued at $150,000 in total.

2022 Exploration Update

The 100% owned Fortuna Property comprises approximately 55,000 hectares in a prolific mineralized zone in southern Ecuador. The Fortuna Property is host to the Wayka high sulphidation epithermal gold zone.

The Wayka Zone

This zone was discovered last year. It is a high sulphidation epithermal gold system in which assay results from surface trenching channel samples have returned up to 26.5 g/t gold across 1.0 metre.

Wayka lies within a topographic high (ridge) that trends approximately NNE and is bound to the east by the El Buitre Porphyry Prospect and to the west by the Emma Porphyry Prospect. It consists of a large mineralized elongated area within a surface expression presently estimated at 3.5 km long by approximately 1.5 km wide. It is characterized by outcrops of altered Metagranite, shists and volcanics with vuggy silica, breccias, alunite and jarosite, which are all typical of high sulphidation epithermal gold systems.

A review of geophysical data from a mag survey completed by our former JV partner has improved our understanding of Wayka. The mag survey shows an anomalous elongated mag low that appears to coincide with the alteration zones at Wayka.

The mag low anomaly trends northeast for approximately 3 km, of which 1.5 km appears to coincide with the surface alteration and mineralization identified to date at Wayka. Our exploration team continues to extend the surface alteration along the interpreted fault both to the north and the south. The interpretation of the mag low extends to the limit of the current geophysical data both

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