Cortus Metals : MD&A January 31, 2022

Cortus Metals Inc.

Management Discussion and Analysis

For the three months ended January 31, 2022 and 2021

This Management's Discussion and Analysis ("MD&A") supplements, but does not form part of, the consolidated

condensed interim financial statements of Cortus Metals Inc. ("Cortus"or the "Company") and the notes thereto for the three months ended January 31, 2022 and 2021 (the "Financial Statements"). Consequently, the following

discussion and analysis of the results of operations and financial condition for Cortus Metals Inc., should be read in conjunction with the Financial Statements which have been prepared in accordance with International Financial

Reporting Standards ("IFRS"). All amounts are stated in Canadian dollars unless otherwise indicated. The reader

should be aware that historical results are not necessarily indicative of future performance. This MD&A has been prepared based on information known to management as of April 1, 2022.

General

This MD&A was reviewed by the Audit Committee and approved and authorized for issue by the Board of Directors on April 1, 2022.

The Company's critical accounting estimates, significant accounting policies and risk factors have remained substantially unchanged and are still applicable to the Company unless otherwise indicated. All amounts are expressed in Canadian dollars unless noted otherwise.

Additional information relating to the Company, including regulatory filings, can be found on the SEDAR website atwww.sedar.com.

Forward-Looking Statements

Certain statements contained in this MD&A may constitute forward-looking statements. These forward-looking statements can generally be identified as such because of the context of the statements, including such words as "believes", "anticipates", "expects", "plans", "may", "estimates", or words of a similar nature. Such forward-looking

statements involve a number of known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from anticipated future results and/or achievements expressed or implied by such forward-looking statements, which speak only as of the date the statements were made. Readers are therefore advised to consider the risks associated with any such forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks set forth herein.

Description of Business and Overview

Cortus Metals Inc. ("Cortus" or the "Company") was incorporated under the Business Corporations Act (British Columbia) on June 25, 2018. The Company's common shares are listed for trading on the TSX Venture Exchange under the trading symbol "CRTS", on the OTCQB Venture Market under the trading symbol "CRTTF". The Company's

head office is at 250 South Ridge NW, Suite 300, Edmonton, Alberta, T6H 4M9.

The Company's principal business activities include exploration and development of mineral resources in Nevada, USA. All of the Company's projects are considered to be in the exploration stage and the Company has not yet

determined whether these properties contain mineral resources that are economically recoverable. The Company utilizes a modified "Project Generator" business model. Through research and early-stage exploration, the Company

generates new exploration ideas, acquires mineral rights and performs exploration work to clearly identify drilling targets. Earn-in option agreements with third parties will fund drilling and more advanced exploration to earn an interest in the Company's properties.

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Cortus Metals Inc.

Management Discussion and Analysis

For the three months ended January 31, 2022 and 2021

On June 14, 2021, the Company completed a non-brokered financing (the "Financing") raising gross proceeds of $1,275,100 through the sale of 8,500,666 units at a price of $0.15 per unit (each a "Unit"). Each Unit comprised one common share and one half of one share purchase warrant (each a "Warrant") to acquire a further common share

at a price of $0.25 per share until June 14, 2023. The Warrants are subject to an accelerated expiry provision such that if the closing price of the Company's common shares is equal to or greater than $0.30 for a period of five consecutive trading days (at any time at or following the expiry of the four months resale restriction period), the Company may, by notice to the warrant holder in writing or via press release reduce the remaining exercise period applicable to the Warrants to not less than 30 days from the date of such notice.

Aggregate finder's fees of $49,458 in cash and 329,723 in finder's warrants, bearing the same terms as the Warrants, were paid to registered dealers in connection with the Financing.

The Company has entered into debt settlement agreements (the "Settlement Agreements") with two arms-length creditors (the "Creditors") to settle an aggregate of $288,700 in debt (the "Debt"), following the completion of the exercise of the Intermont Acquisition. The Debt comprises $100,000 in services provided to the Company and the settlement of $188,700 in short-term debts of Intermont.

In the settlement and satisfaction of the Debt, the Company has agreed to issue to the Creditor an aggregate of 1,928,668 Units at a deemed issue price of $0.15 per Unit (the "Debt Settlement"). Each whole warrant entitles the holder to acquire an additional common share at a price of $0.25 per share until June 22, 2023.

Concurrent with the Financing, the Company exercised its option (page 2) to acquire 100% ownership of Intermont in consideration of the issuance of 5,000,000 common shares.

On September 1, 2021, the Company completed a private placement raising aggregate gross proceeds of $600,000 through the sale 4,000,000 units at a price of $0.15 per unit. Each unit comprised one common share and one half of one share purchase warrant. Each whole warrant (a "Warrant") entitles the holder to acquire an additional common share at a price of $0.25 per share until August 31, 2022. The Warrants are subject to an accelerated expiry provision such that if the closing price of the Company's common shares is equal to or greater than $0.30 for a period of five consecutive trading days (at any time at or following the expiry of the four months resale restriction period), the Company may, by notice to the warrant holder in writing or via press release reduce the remaining exercise period applicable to the warrants to not less than 30 days from the date of such notice.

Finder's fees of $24,012 in cash and 160,080 in finder's warrants, bearing the same terms as the Warrants, were paid to registered dealers in connection with the Financing.

On March 16, 2022, the Company received TSXV approval to extend the expiry date and amend the exercise price of an aggregate of 24,271,004 outstanding share purchase warrants (the "Historical Warrants"). The Historical

Warrants were originally issued pursuant to private placements completed on August 26, 2020, June 14, 2021 and August 31, 2021 and a debt settlement completed June 22, 2021. The expiry date of the Historical Warrants will be extended to March 16, 2024, two years from the date of approval of the amendments by the TSX Venture Exchange.

The exercise price of the Historical Warrants will be reduced to $0.15, subject to an accelerated expiry provision such that if the closing price of the Company's common shares is equal to or greater than $0.20 for a period of five

consecutive trading days (at any time at or following the expiry of the four months resale restriction period), the Company may, by notice to the warrant holder in writing or via press release reduce the remaining exercise period applicable to the warrants to not less than 30 days from the date of such notice.

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Cortus Metals Inc.

Management Discussion and Analysis

For the three months ended January 31, 2022 and 2021

CORTUS NEVADA PROPERTY SUMMARIES

Company Results and Outlook - Mineral Exploration Projects

Cortus has a portfolio of 16 highly prospective exploration projects located in north-central Nevada, USA. The Cortus portfolio is the product of diligent data compilation and project evaluation. Mineral tenure has been secured to ensure that Cortus holds priority areas of interest. Ongoing fieldwork, including geophysical (gravity and ground magnetics) surveys, as well as rock and soil sampling and geological mapping, aids in delineating drill targets.

Recent exploration activities

Highlights

• - Awaiting lab results for 1,020 soil samples from two separate projects;

• - Newly staked 1,380 claims in the expansion of a current holding and acquisition of a new project area

• - Prospecting and preliminary geological mapping at three different projects; and

• - Assessed existing project data to establish priorities for spring 2022 exploration (outlined below) and refined current targets.

Upcoming Exploration

Cortus plans to spend early spring 2022 following up on structural interpretations drawn from geophysics with geological mapping and prospecting at four different project sites. Furthermore, Cortus continues to delineate areas of interest within currently held projects and will release results in due course.

Properties Available for Option or Sale

Cortus Metals' project portfolio consists of 16 projects located in northern and eastern Nevada available for option, purchase, or joint venture. The projects vary from having no exploration to being drill-ready, as described below:

(a) Cobre

The Cobre project is a Carlin-type gold target consisting of 558 claims, 324 recorded federal lode claims, and 234 newly staked claims, located 34 kilometers east of Wells in Elko County, Nevada. The federal lode claims were filed in 2020 and 2021 and encompass an area of 4,667 hectares under alluvial cover. The property resides 9 km northeast of Nevada Gold Mines' producing Long Canyon Mine.

The Cobre project area lies over pediment covered by alluvium and post-mineral volcanic rocks. Regional gravity suggests that the cover over much of the project area is relatively thin. Carbonate rocks with extensive zones of silicification/jasperoid replacement crop out on the range and project beneath cover on the pediment. Gravity and magnetics suggest buried horsts and grabens within the same pull-apart basin as the Long Canyon deposit.

Previous fieldwork at Cobre consisted of a 327 line-kilometer detailed high-resolution ground magnetic survey, structural and geological mapping, and interpretation. Faults and possible alteration zones have been interpreted from results of the magnetic survey. A variably developed, thick layer of caliche is present in the upper portions of alluvial cover. Caliche can form through the decalcification of carbonate rocks and may indicate hydrothermal alteration. Analogously, the primary ore hosts at Long Canyon are carbonate rocks. Geochemistry results indicate anomalous abundances of gold, silver, arsenic, mercury, and antimony in soil. Geochemical results will be used in conjunction with geophysical data to delineate drill targets.

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Cortus Metals Inc.

Management Discussion and Analysis

For the three months ended January 31, 2022 and 2021

(b) Goldrun

The Goldrun project is targeting an Eocene gold-copper skarn and Carlin-type gold. It comprises 244 recorded federal lode claims and 36 recently staked claims totaling 280 claims, located 25 kilometers southeast of Winnemucca in Humboldt County, Nevada. At Goldrun, 152 claims are 100% owned by Cortus Metals, while 92 claims are owned 50% by Cortus and 50% by McDowell-Matlack. The project encompasses an area of ~2,195 hectares. It is surrounded by numerous past producing gold and copper mines along an extension of the Getchell Trend, 40 kilometers northwest of the producing Phoenix Mine.

Previous fieldwork on the project included preliminary soil and rock sampling as well as a ground magnetic survey that encompassed most of the project area. Rock chip samples yielded up to >4,000 ppb gold and >29,000 ppb silver in sulfide-rich quartz veins. In-soil gold anomalies in the northeastern portion of the project indicate the potential for Carlin-type mineralization. In the central and northern parts of the project, ground magnetic highs surrounding a magnetic low suggest an intrusive body with an internal hydrothermally altered zone. This body could be associated with Phoenix-style copper-gold skarn deposits. An expansion of the ground magnetic survey grid and additional surface samples and mapping will be conducted to define future drill targets.

(c) Grayson

The Grayson project is an epithermal gold target consisting of 199 recorded federal lode claims and 712 recently staked claims, totaling 911 claims, located 90 kilometers southwest of Winnemucca in Pershing County, Nevada. Initial claims on the project were filed between 2016-2020, and the entire project now encompasses an area of 7,613 hectares. The Grayson project is on an alluvial/volcanic covered shallow pediment. Tertiary-aged, basin-forming, steeply-dipping normal faults intersect Mesozoic-aged Luning-Fencemaker thrust faults, juxtaposing Triassic limestone and shales. Along the thrust faults in the range are antimony, mercury, and fluorite deposits. Such deposits of gold pathfinder elements are commonly peripheral to gold mineralization. At Grayson, jasperoid after limestone with up to 640 ppb gold sampled by Cortus lies at the edge of the pediment inside the halo of peripheral antimony, mercury, and fluorite deposits.

The stratigraphic and structural controls of mineralization at Grayson are similar to those at the Relief Canyon mine, which has a resource of 789,000 oz of gold (measured-indicated) and 45,200 oz of gold (inferred) in 20181, 24 km to the northwest. At Relief Canyon, gold ore is concentrated below the intersection of steep Tertiary feeder faults and Luning-Fencemaker thrust faults, hosted by Triassic limestones and shales, and fluorite is a common hydrothermal accessory mineral in the ore deposit.

Previous work on the Grayson project included mapping, soil sampling, a ground magnetic survey on a portion of the project, and drilling on the east side of the property. Drilling was designed to test geochemical anomalies in soil, but the alluvial/volcanic cover was too thick to reach bedrock, and drill targets were not intersected. The current targets are much closer to the range, where bedrock crops out through alluvium and Tertiary volcanic cover.

The 2020/2021 fieldwork programs included mapping, a soil sample survey, rock chip sampling, a high-resolution, detailed ground magnetic survey, and a gravity survey. A total of 737 infill soil samples were collected at 60 m sample spacing over 44 line km's (ln-km), encompassing an area of 11.7 km2 in the southern portion of the Grayson project. Of those, 369 soil samples were sent in for assay at ALS Global. Geochemical results display zones of elevated gold and important gold pathfinder elements, including arsenic, mercury, and antimony. A 59.3 line-kilometer high-resolution ground magnetic survey was completed in the southern portion of the Grayson project, covering an area of 40.9 km2. Linear magnetic lows coincide with mapped structures and alteration, suggesting these structures extend to the basin below shallow alluvial cover. A gravity survey, completed in the southern portion of Grayson over 48.8 km2, indicates achievable drill targets below in shallow quaternary cover. The current fieldwork program has enhanced the understanding of structural and stratigraphic controls and defined drill targets; drill permitting is currently in progress.

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Cortus Metals Inc.

Management Discussion and Analysis

For the three months ended January 31, 2022 and 2021

(d) Powerline

The Powerline project comprises 214 recorded federal lode claims, encompassing an area of 1,773 hectares located 66 kilometers southwest of Winnemucca in Pershing County, Nevada. Powerline is located 8 kilometers northeast of the Spring Valley gold deposit, along a southwestern extension of the Getchell Trend, a northeast-trending linear alignment of gold deposits thought to represent a major crustal structure in northern Nevada. At Powerline, a north-northeast trending normal fault zone intersects the Getchell trend. This fault zone passes through the Relief Canyon, Coeur Rochester, and Spring Valley gold-silver deposits.

Most of the Powerline project is located on an alluvium-covered pediment, adjacent to numerous historical silver and antimony mines in the range, primarily along NW-trending structures that project into the basin to intersect the NE-trending fault zone through the gold-silver deposits to the south. Silver and antimony mines on the range formed in a northwest-trending corridor project onto the pediment to intersect the main north-northeast fault through the major deposits. These elements are common pathfinders to gold mineralization, often peripheral to the central hydrothermal hot spot in large Nevada gold deposits. Cropping out on the range and projected under cover on the pediment are felsic volcanic rocks of the Triassic Koipato formation-the same unit that hosts gold-silver at Spring Valley and Coeur Rochester.

The 2021 field program included a detailed high-resolution ground magnetic survey, a gravity survey, and soil and rock geochemistry to define structures and in-soil anomalies further. Geochemical results indicate anomalous gold zones and key gold pathfinder elements, including antimony, arsenic, silver, and mercury. Rock chip samples yielded up to 84 ppb gold and 6,490 ppb silver. Gravity data indicate that alluvial cover over bedrock is shallow along the western portion of the property. A 128 line-kilometer high-resolution ground magnetic survey over the entirety of the Powerline project displays linear magnetic lows coincidental with mapped northeast-trending faults that intersect with northwest-trending epithermal vein trends projected from the range. To date, exploration has defined spatially associated structural controls and geochemical anomalies and has aided in drill target determination; drill permitting is currently in progress.

(e) Red Rock

The Red Rock project consists of 266 recorded federal lode claims and 353 newly staked claims, totaling 619 claims and 5,173 hectares. The project is 52 kilometers southwest of Elko in Elko County, Nevada, located within the prolific Carlin Trend. Red Rock is 15 kilometers southeast of, and along trend from, the Pinion and Dark Star gold deposits in the Railroad Pinion mining district. The project targets Carlin-type gold and shares stratigraphic similarities to both the Pinion and Dark Star deposits. Ground magnetic data across the entire property delineate a prospective >10-kilometer structural corridor under shallow alluvial cover, on-trend with the Pinion and Dark Star gold deposits in similar stratigraphy. Igneous rocks, likely Eocene in age, were identified adjacent to the interpreted structure, and ground magnetics indicate the possible presence of Eocene igneous rocks below alluvial cover. Eocene igneous rocks have a known association with gold, as they are important iron sources for sulfidation reactions responsible for gold precipitation. Preliminary mapping indicated the presence of jasperoid float and thick caliche, both of which may be related to hydrothermal alteration and can be associated with gold in the region.

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