Vulcan Minerals : MDA 2022 Year End

VULCAN MINERALS INC.

MANAGEMENT DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS

For the Year Ended December 31, 2022

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This discussion includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address exploration, drilling, exploration activities and events or developments that Vulcan Minerals Inc. (the "Company") expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include market prices, exploration and exploration successes, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements.

GENERAL BUSINESS:

The Company is an exploration venture company engaged in mineral exploration on properties in Newfoundland and Labrador. The Company at December 31, 2022 holds a 32.97% interest in Atlas Salt Inc., a publicly traded company. Atlas Salt is engaged in industrial mineral exploration development and production on properties in Newfoundland and Labrador.

This Management Discussion and Analysis ("MDA") should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022, and accompanying notes. The consolidated financial statements include the accounts of the Company and its subsidiaries.

As of December 31, 2020, the Company had 63.03% ownership interest in Atlas Salt

Inc. ("Atlas Salt" or "Atlas") and determined that it had control over Atlas. The Company assessed its investment in Atlas and judged that it had maintained control over Atlas as defined by IFRS 10 and continued to consolidate Atlas from January 1,

2021 to October 31, 2021. Pursuant to four private placements in Atlas during the year, as well as additional warrants and options exercised during the year, Vulcan's

ownership interest in Atlas was reduced to 37.44% as of October 31, 2021. On October 31, 2021, management determined that Atlas no longer required to be consolidated and now accounts for the retained investment in Atlas as an investment using the equity method. A gain resulting from loss of control of a subsidiary of $38,943,667 and an equity investment in Atlas of $42,469,770 was recognized as of October 31, 2021.

On August 24, 2021, Red Moon Resources Inc. announced that it changed its name to Atlas Salt Inc. Atlas Salt's common shares commenced trading under the new stock symbol "SALT" on September 1, 2021.

On July 25, 2022, Atlas Salt announced that it entered into a definitive arrangement agreement with Triple Point Resources Ltd. ("Triple Point") with respect to the spin-out

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of Atlas Salt's Fischell's Brook Salt Dome Property and related mineral licenses comprising 226 sq. km in southwest Newfoundland.

On September 22, 2022, Atlas Salt closed the Triple Point spin-out through a Plan of Arrangement (the "Arrangement"). As part of the Arrangement, Atlas Salt distributed

23,747,026 common shares of Triple Point that it received under the Arrangement to holders of common shares of Atlas Salt on a pro rata basis, such that Atlas Salt shareholders as of 12:01 a.m. on the Record Date received one share of Triple Point for every 3.68 shares owned of Atlas.

Vulcan received 7,832,350 Triple Point shares as a result of this spin-out at a deemed

price of $0.05 per share. An equity investment of $367,498 was recorded based on the fair value of the shares held on that date. At that date the Company's ownership in

Triple Point was 10.27%. Management has determined that its investment in the common shares of Triple Point along with some common directors, gives it significant influence over Triple Point. As a result, the Company applied the equity method of accounting for its investment in Triple Point. As of December 31, 2022, the Company held 8.23% of Triple Point and recognized a dilution gain of $116,865 resulting in an investment in Triple Point of $466,627.

Date

The date of this MDA is April 25, 2023.

Vulcan recognizes environmental, social and governance ("ESG") best practices as

key components to a responsible mineral exploration and mining sector. The

Company's exploration programs are conducted to meet or exceed environmental regulations, while respecting the communities and environments in which we operate. Vulcan strives to earn its social license wherever it is active, endeavoring to meet regularly with local communities, regulators and other concerned parties before, and during, exploration work to understand issues important to local communities. Vulcan's approach is based on transparency, open communication, inclusivity and respect, to better enable social and economic benefit for communities as well as value for investors.

The Company reported a net loss before taxes in the amount of $2,708,013 for the year ended December 31, 2022 (2021 - net income of $36,592,616) (an increase in net loss of $39,300,629). In 2021, the Company recorded a 38,943,667 gain on loss of control of Atlas explaining the decrease in income in 2022.

The Company recorded $2,749,853 dilution loss related to its investment in associates as well as a loss from equity accounted investments of $231,605. This was offset by the sale of mineral claims to Rocky Island Gold Corp resulting in a gain of $1,051,400, and income from receipt of shares of $367,498.

The Company recorded stock-based compensation expense in the amount of $843,927 for the year ended December 31, 2022 (2021 - $1,121,252). This relates to the stock option grants in each of these years.

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The following table outlines the significant components of consolidated general and administrative expenses for each of the years ended December 31, 2022 and 2021.

	2022	2021
	$	$
Office and administrative	322,643	539,573
Management, salaries and contract fees and benefits	-	166,146
Marketing and communications	1,000	617,880
Investor Relations	78,000	62,000
Transfer agent and professional fees	175,101	165,863
Conferences, travel and accommodation	2,235	3,524
	578,979	1,554,986
Expenses attributable to subsidiary, Atlas Salt Inc. (Note 2 of
financial statements)	-	1,085,531
Expenses attributable to parent, Vulcan Minerals Inc.	578,979	469,455
	578,979	1,554,986

OPERATIONS:

Mineral Properties

Colchester/Springdale Copper Gold Project

The Company announced in May 2016 the acquisition, by staking, of the Colchester copper-gold property in north-central Newfoundland. The property is accessible by paved road approximately 25 kilometres off the Trans Canada Highway. The area is

serviced by an airport at Deer Lake 110 kilometres to the southwest . The property contains four past producing historic mines which operated in the late 1800's, namely

the Colchester, West Colchester, McNeilly and Old English.

In 1967, Colchester Mines Ltd. evaluated the previous work on the property and provided a resource calculation based on diamond drilling, that the known workings contained 1,000,000 tons (including 20% dilution) of copper grading 1.3% . This is an historic reference that is not compliant with National Instrument 43-101. As such the Company is not treating the historical estimate as a current resource or reserve. Rather, it is used to demonstrate the potential for the property to contain significant copper mineralization.

In November 2016, the Company re-established a 20-line km grid on the Old English portion of the property and carried out a high resolution Induced Polarization (IP) geophysical program followed by an 800 metre drill program which confirmed the tenor of mineralization and the positive correlation with the IP survey results. Several drill targets with significant potential for copper and gold discoveries have been identified both within and outside the historic resource area. Further drilling on the property is warranted based on these results.

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Based on the regional compilation work carried out on the original Colchester property, additional claims were staked including the Little Bay copper mine (dormant) and adjacent gold showings which are now collectively referred to as the Springdale project. A program of prospecting was carried out on a portion of this project in 2016. Further mapping, prospecting and geological surveying were carried out on the Colchester and Little Bay properties in the summer of 2017 confirming historic sampling and identifying areas for future trenching and geophysics. Field work consisting of prospecting and soil sampling was carried out on the Springdale project in October 2019 and October 2020. The Company completed a 1,511m drill program on the project over 8 holes in October and November 2021. Significant copper and gold mineralization was encountered including highlights of:

• 14 metres of 2.31% copper within a wider zone of 28 metres of 1.58% copper at McNeilly
• 20 metres of 1.23% zinc including 0.5 metre samples up to 6.06% zinc at McNeilly
• 16.2 metres of 1.04 grams per tonne gold including 1 metre samples up to 5.94 grams per tonne gold at Colchester main
• 2.8 metres of 1.33% copper within 46 metres of 0.39% copper at Andrews Pit.

In late 2022, 457 soil samples were taken over the Pine Pond grid where two regional faults intersect along an oblique splay structure. This area has potential for orogenic gold in quartz veins and copper/gold mineralization. The Maple Leaf showing occurs approximately 4 km along strike where quartz veins have yielded up to 54 g/t gold with associated heavy mineral samples yielding up to 840 g/t gold from historic sampling by Noranda. A grid over the Maple Leaf showing was partially sampled in late 2022 and will be completed as soon as ground conditions allow. The Pine Pond grid delivered highly anomalous gold values with 10 soil samples assaying greater than 100 parts per billion (ppb) gold with the highest sample yielding 1540 ppb (1.54 g/t gold).

Gander Belt Gold

The Company acquired, through staking, a significant land position in the Gander Belt of central Newfoundland. The claims contain or are on trend with known gold showings, epithermal mineralization characteristics or favorable geochemical signatures from regional lake and till samples. The Gander Belt extends over 100 kilometers from the north coast of Newfoundland to the south-central part of the island and is constrained by two regional structures, the Dog Bay Line to the west and the GRUB Line to the east. Newfound Gold Corp. has reported drill results within the belt of up to 92.86 grams/tonne gold over 19.0 meters including 285.2 g/t gold over 6.0 meters (Queensway project) as per a news release dated January 28,

2020. This, combined with other gold developments in the province and the rising price of gold, has resulted in a staking rush through out the belt. Vulcan's claims are

accessible by paved and woods roads.

On February 12, 2021, the Company entered into an Option Agreement with Sassy Gold Corp. (previously Sassy Resources Corporation) (CSE: SASY, Sassy) whereby Vulcan has agreed to option to Sassy a 100% interest in the Gander Belt Gold properties (624 claims) in central Newfoundland. Pursuant to the terms of the

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