Murchison Minerals : Interim Management Discussion and Analysis March 31, 2020

MURCHISON MINERALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED MARCH 31, 2020

This Management's Discussion and Analysis ("MD&A") is intended to supplement the condensed interim consolidated financial statements and notes of Murchison Minerals Ltd. (the "Company" or "Murchison") for the three months ended March 31, 2020. The unaudited condensed interim consolidated financial statements including comparative figures have been prepared by the Company in accordance with International Financial Reporting Standards ("IFRS") applicable to preparation of interim 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 have been prepared in accordance with IFRS and available on the Company's web-site (www.murchisonminerals.com). This MD&A covers the most recently completed financial quarter and the subsequent period up to May 26, 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 (the "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 MD&A for the year ended December 31, 2019, 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.

Following the declaration on March 11, 2020 of a global pandemic related to COVID-19 by the World Health Organization, the restrictions imposed by governments around the world have had a significant impact on the global economy and commodity prices. While the extent of the impact is unknown, we anticipate this outbreak will continue to cause investment market volatility, supply chain disruptions, and increased government regulations, all of which may negatively impact the Company's operations and ability to finance its operations. Following these events, the Company has taken and will continue to take action to ensure the safety of its workers and minimize the financial impact.

OUTLOOK

In January 2020, the Company initiated a drill program and drilled 11 holes on 5 of the prospective targets. The drill program was completed on March 3, 2020. VMS type sulphide mineralization was intersected on a EM conductor at the Main Lake showing.

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

MURCHISON MINERALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS - MARCH 2020

This airborne survey identified 35 new conductors on the same geological horizon which hosts the Brabant- McKenzie VMS deposit and 23 additional EM conductors on the eastern portion of the land package. The intention is to undertake a prospecting program using a Beep Mat instrument to locate, map and sample all of these new conductors, most of which are relatively accessible. The maps generated by the airborne survey are found in the Corporate presentation posted on the Company's website www.murchisonminerals.com

The Company will be required to raise additional funds within the next few months in order to funds its exploration activities going forward.

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 LAKE 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.

Drilling

On March 31, 2020, the Company announced that exploration drilling on the Brabant Lake property has intersected high grade copper-zinc mineralization at the Main Lake target located approximately 10 km southwest of the Deposit. The Main Lake target is on the same geological horizon as the Brabant- McKenzie VMS Deposit.

The copper-zinc mineralization intercepted in drill hole ML-20-004 consisted of a copper rich upper zone and a zinc rich lower zone. The upper zone was intersected over an interval of 3.59 metres with 0.83% Cu, 0.61% Zn and 11.8 g/t Ag. The lower zone intersected 6.62 metres of 0.09% Cu, 1.62% Zn and 41 g/t Ag over the entire interval, including 1.02 metres at 5.08% Zn and 0.22 metre at 9.77% Zn. There are several high silver intercepts in this zone as well, the highest of which was 81.2 g/t Ag over 0.82 metre (169.80-170.62 metres).

Drill Hole ID	From (m)	To (m)	Length (m)	Cu (%)	Zn (%)	Ag (g/t)	Au (g/t)
ML-20-004 Upper	139.65	143.24	3.59	0.83	0.61	11.80	0.025
ML-20-004 Lower	169.80	176.42	6.62	0.09	1.62	41.10	0.056
including	169.80	170.62	0.82	0.02	0.65	81.20	0.094
including	170.62	171.64	1.02	0.15	5.08	26.90	0.081
including	176.20	176.42	0.22	0.03	9.77	56.50	0.050

Intercepts are reported as drill widths. True thickness is currently unknown.

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MURCHISON MINERALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS - MARCH 2020

The winter 2020 drill program was originally designed to test 12 high priority drill targets but due to an unseasonably warm winter and inadequate ice conditions, the decision was made to forego drilling any targets requiring ice road access. Of the 12 targets originally planned to be tested, only 5 were ultimately tested with 11 drill holes totalling 2,618 metres. Two holes were drilled at Brabant McKenzie South and significant zinc mineralization was noted in drill hole BMS-20-002 (1.49% Zn over 1.43 metres). The TOM2 and T2T targets were each tested by 1 drill hole which did not intersect any economically significant mineralization. Graphite and pyrrhotite were present in both TOM2 and T2T but do not adequately explain the strong geophysical signature and both areas require further work. The Main Lake West target was tested by 3 drill holes with copper mineralization noted in drill holes MLW-20-001,MLW-20-002 and MLW- 20-003 (0.23% Cu over 6.0 metres, 0.08% Cu over 5.53 metres and 0.26% Cu over 2.03 metres, respectively). Drill results at Main Lake West are encouraging and will require future investigation.

Drill Hole ID	From (m)	To (m)	Length (m)	Cu (%)	Zn (%)	Ag (g/t)	Au (g/t)
BMS-20-002	72.62	73.04	0.42	0.06	1.49	8.37	0.032
ML-20-001	135.43	142.79	7.36	0.06	0.03	2.31	0.018
MLW-20-001	60.98	70.48	9.50	0.23	0.01	0.22	0.038
MLW-20-002	71.37	76.90	5.53	0.08	0.01	0.17	n/a
MLW-20-003	18.84	20.87	2.03	0.26	0.01	1.86	n/a

Intercepts are reported as drill widths. True thickness is currently unknown.

Please refer to the Company's press release dated March 31, 2020 for full results on the winter 2020 drill program at the Property.

Geophysics

Murchison's winter 2020 program included fixed loop surface TDEM geophysical survey focused on the Brabant South area, which contains a complex package of conductors defined by the 2011 VTEM (Versatile Time Domain Electromagnetic) Plus survey. The survey results defined five high conductance targets that are high priority and ready for the Company next drill program.

On April 6, 2020, the Company announced that it had completed a 949-line kilometre EM VTEM-Max airborne survey covering approximately 3,353 hectares at the Property. The main goal of the survey was to identify additional new targets on the south-west extension of the geological horizon which hosts the Deposit. A total of 58 new conductors were identified of which, 35 are located on the Deposit horizon.

The 35 new EM conductors to the south-west of the Brabant-McKenzie VMS Deposit and the recent Main Lake drill discovery. An additional 23 EM conductors have also been defined on the M-Block group of claims located on the eastern side of the Property.

According to Murchison's President and CEO, Mr. Jean-Charles Potvin, the discovery of so many new EM conductors at the Property paired with the new discovery at Main Lake is very exciting and we feel we are seeing just the tip of the iceberg.

The VTEM survey was completed using a 400 metre line spacing and included a number of in-fill lines at 200 metre spacing over the six historical mineral showings located on the MAS claims acquired in February 2020. Three of these six showings have EM conductors located in close proximity from one another.

Property Holdings

During the first quarter, the Company increase its land position at the property by 135.47 km2 to 565.6 km2.

In February, the Company acquired 11 mineral claims (123.91 km2) located southwest and contiguous to the Property. These claims were acquired from MAS Gold Corp. ("MAS") in exchange for a 1% NSR royalty.

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MURCHISON MINERALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS - MARCH 2020

The new claims which host 6 mineral showings, cover the same prospective geological unit that hosts the Deposit. The area covered by these claims has seen limited historic exploration and represents a promising exploration opportunity to employ modern geophysical and other exploration techniques.

As part of the agreement with MAS, Murchison posted a $185,867 bond with the Government of Saskatchewan to cover the assessment work required to keep the claims in good standing past May 6, 2020. Exploration expenditures made by Murchison have been allocated to these claims and the Company expects to receive its bond by the end of June 2020.

Also in February, the Company acquired, by map designation, an additional 11.56 km2 of claims contiguous to the Property. The new claims covered prospective geological units that hosts 14 conductors identified from a 1968 government sponsored airborne EM survey.

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.

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MURCHISON MINERALS LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS - MARCH 2020

During the first quarter ended March 31, 2020, the Company incurred $1,272,177 (Q1/19 - $228,361) at the Property. For Q1/20, drilling expenses accounted for $911,641, geophysics for $349,963 and $10,573 in geology and claim acquisitions.

HPM PROPERTY - QUEBEC

During the first quarter of 2019, the Company announced that it had increased its interest in the HPM property to 100%.

In March 2020, the Company announced the acquisition, by map designation, of an additional 31 km2 of mineral claims at HPM, effectively consolidating a 100% interest over 58.3 km2 land position in the area.

This expanded property holding covers the prospective geological unit that hosts significant nickel/copper/cobalt mineralization identified by a total of 32 diamond drill holes (6,479 metres) completed in 2001/2002 and 2008.

To date, only a small portion of the HPM property has been evaluated. Previous exploration has been primarily focused on two areas of Ni-Cu-Co mineralization (PYC & Barre de Fer) which were originally discovered by Falconbridge Nickel. Past diamond drilling at PYC (1 hole) and Barre de Fer (25 holes) has confirmed the Ni-Cu-Co mineralization continues at depth. Generally, mineralization occurs as massive sulfide breccia and as disseminated (5-15% sulfides) to net-textured sulfide in norite intrusion (Barre de Fer area) and in granulitic gabbro (PYC area).

The nickel, copper and cobalt mineralization at the Barre de Fer has been traced by diamond drilling for approximately 300 metres along strike and to a depth of about 280 metres. The mineralization remains open at depth and along strike. The wide interval of disseminated sulfide may have substantial tonnage potential and warrant assessment for high volume, low cost open pit mining potential.

Past diamond drilling at Barre de Fer has substantiated the presence of multiple zones of brittle fracture hosted Ni-Cu-Co bearing massive sulphide breccia vein-type mineralization that coincides with an airborne EM conductor. The best result occurs in hole #HPM 08-03 where a 43.2 metre intersection returned 1.74% Ni, 0.90% Cu and 0.1% Co. Five hundred metres of the 800 metre long conductor, remain untested.

Past prospecting on the PYC claim group identified a mineralized zone over a strike length of 1,200 metres which returned grab samples containing up to 0.76% Ni, 0.93% Cu and 1,415 ppm Co. Notably, only one drill hole, #151-03 was ever completed on the PYC structure and intersected 15.3 metres of 0.28% Ni, 0.14% Cu and 0.06% Co within a broad interval of disseminated Ni-Cu-Co mineralization hosted by granulitic gabbro. The single diamond drill hole has not adequately tested the zone's potential to host massive Ni-Cu deposits. Additional drilling is warranted.

Ground prospecting undertaken in 2009 in the vicinity of the Barre de Fer prospect led to the discovery of several new Ni-Cu-Co showings (including the Syrah, Muscat and Pinot). At the Syrah showing, breccia- vein style, semi-massive to massive sulphide (pyrrhotite +/- chalcopyrite) mineralization has been observed over a 65 metre by 15 metre area within the Gabbro Est Intrusive. Grab samples have returned values up to 0.50% Ni, 0.43% CU and 1,137 ppm Co.

During the first quarter ended March 31, 2020, the Company incurred $5,669 (Q1/19 - $116,857) at the Property. For 2020, expenses related to addition claims map staked. In 2019, the expenses related to the acquisition of Pure Nickel 50% interest in HPM.

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