Vision Lithium : MANAGEMENTS DISCUSSION & ANALYSIS FOR THE NINE MONTH PERIOD ENDED MAY 31, 2022

MANAGEMENT'S DISCUSSION & ANALYSIS

FOR THE NINE-MONTH PERIOD ENDED

MAY 31, 2022

Vision Lithium Inc.

MD&A for the nine-month period ended May 31, 2022

SCOPE OF MANAGEMENT'S FINANCIAL ANALYSIS

The following Management Discussion & Analysis («MD&A»), dated July 27, 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 nine-month period ended May 31, 2022 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 nine-month period ended May 31, 2022 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 nine- month period ended May 31, 2022 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 AND COVID-19

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 Cadillac Lithium asset, in Québec .

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 nine-month period ended May 31, 2022

ACTIVITIES OF THE COMPANY

HIGHLIGHTS OF THE THIRD QUARTER OF 2022

Summary of Exploration

The Company incurred expenses totaling $1,201,236 before tax credits and credits on refundable exploration duties and write-off for the third quarter ended May 31, 2022, compared to $232,315 for the same quarter in 2021. In the interim consolidated condensed unaudited financial statements, those exploration costs are presented net of exploration tax credits and write-off.

During the nine-month period ended May 31, 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 compared to $25,988 for the same quarter in 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 $1,480,347 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.

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
Decelles, QC	Wholly owned	NEW Lithium project	2% on 40 claims
Epsilon, QC	Wholly owned	Au-U project	2%

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Vision Lithium Inc.

MD&A for the nine-month period ended May 31, 2022

Figure 1 - Vision Lithium Property Portfolio

Cadillac Lithium Property

The Cadillac property claims consists of 332 claims covering 19,070 hectares (190 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 a cluster of pegmatite dikes, possibly 8 or more, which are spaced approximately 100 metres apart North-South over close to one kilometre and traced for at least 300 metres along strike (Figure 2). Lithium crystals have been observed in all dikes on the Property, with large lithium crystals visible in some areas of the B dike (Figure 3).

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Vision Lithium Inc.

MD&A for the nine-month period ended May 31, 2022

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

During the previous period, the Company completed the following:

• Acquired permits for access trails prep, outcrop clearing and sampling and a minimum 1,500 metre drilling program. The Cadillac Lithium occurrence has never been drilled.
• Sampled and assayed 21 separate short channel samples across the main outcropping "B" dike over a strike length of 300 metres. Results received for 15 channels over 65 metres strike length at western end of outcrops (Table 1). 10 of 29 samples assayed were above 1.00% Li2O with a high of 4.80% Li2O over 1.00 m.
• Completed a high-resolution airborne MAG survey over more than half the property. Combining the results of the survey with an existing adjacent HiRes survey. Review and interpretation are ongoing at this time.
• Acquired recent government LIDAR data for the entire property and completed a re-interpretation of the data at higher resolutions in order to define and refine potential pegmatite targets for future exploration. The LIDAR report identified over 400 potential pegmatite targets for ground proofing next summer.
• Drilled 2,310 m in 20 holes to initially test 3 dikes with positive results.

During the most recent period, the Company has been working on two fronts:

• Additional brush cleaning and stripping of outcropping pegmatite dikes in the main cluster;
• Drilled 25 holes totalling 2,287 metres for a program total of 35 holes and 4,597 metres;
• Initiation of Field exploration of entire 197 km2 property to ground proof >500 possible pegmatite targets identified by Mag and LiDAR survey interpretations.
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