Gold Port : Annual MD&A

GOLD PORT CORPORATION

(formerly Corsurex Resource Corp.)

Management's Discussion and Analysis

For the Year Ended December 31, 2021

General

This management discussion and analysis of financial position and results of operations ("MD&A) is prepared as at June 3, 2022 and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021. These financial statements, including comparatives, have been prepared in accordance with International Financial Reporting Standards ("IFRS').

Management is responsible for the preparation and integrity of the consolidated financial statements, including the maintenance of appropriate information systems, procedures and internal controls.

All dollar amounts included therein and in the following MD&A are expressed in Canadian dollars except where noted. This discussion contains forward-looking statements that involve risks and uncertainties. Such information, although considered to be reasonable by the Company's management at the time of preparation, may prove to be inaccurate and actual results may differ materially from those anticipated in the statements made. Additional information on the Company is available for viewing on SEDAR at www.sedar.com.

Description of Business

Gold Port Corporation (formerly Corsurex Resource Corp.) was incorporated on November 18, 2016 under the laws of the province of British Columbia, Canada. The Company is an exploration stage junior mining company engaged in the identification, acquisition and exploration of mineral properties in Canada and Guyana. The Company is a reporting issuer in the provinces of British Columbia and Alberta. During the year ended December 31, 2020, the Company changed its name from Corsurex Resource Corp. to Gold Port Corporation and completed a 2 for 1 share consolidation. All references to number of shares and per share amounts have been retroactively restated to reflect the consolidation.

During March 2020, the World Health Organization declared COVID-19 a global pandemic. The contagious disease outbreak and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, leading to

an economic downturn. The impact on the Company is not currently determinable, but management continues to monitor the situation.

Share Transactions

During the year ended December 31, 2021:

1. the Company issued 340,452 common shares for proceeds of $54,472 on the exercise of warrants.

During the year ended December 31, 2020:

1. the Company issued 4,000,000 common shares to settle $400,000 of debt.
2. The Company completed a private placement and issued 305,037 common shares at $0.20 for gross proceeds of $61,007.
3. the Company completed a private placement and issued 1,893,833 units at $0.12 for gross proceeds of $227,260. Each unit is comprised of one common share and one share purchase warrant. Each warrant allows the holder to purchase one common share of the Company at a price of $0.16 per share for a period of five years from the date of closing of the private placement. The Company paid commissions of $15,781 and issued 131,507 agent warrants on the same terms.
4. the Company completed a private placement and issued 26,681,999 units at $0.12 for gross proceeds of $3,201,840. Each unit is comprised of one common share and one share purchase warrant. Each warrant allows the holder to purchase one common share of the Company at a price of $0.16 per share for a period of five years from the date of closing of the private placement. The Company paid commissions of $135,942 and issued 1,124,853 agent warrants on the same terms.

There were no share issuances during the year ended December 31, 2019.

Marketable Securities

During the year ended December 31, 2017, the Company received 500,000 common shares of Australiab Goldfields Inc. (formerly Graphite Energy Corp.) ("AUGF") valued at $250,000 as payment on the terms of the sale of the Lac Aux Bouleaux property (Note 6). Marketable securities are measured at fair value by reference to quoted stock prices on

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established exchanges. During the year ended December 31, 2019 the Company recorded an unrealized gain of $107,500 and as at December 31, 2019 the AUGF common shares had a fair value of $232,500. During the year ended December 31, 2020, the Company sold 425,000 AUGF common shares for $149,528 resulting in a loss of $48,117 during fiscal 2020. As at December 31, 2020 the remaining 75,000 AUGF common shares had a fair value of $21,000 resulting in an unrealized loss of $13,875 during fiscal 2020. As at December 31, 2021 these shares had a value of $7,125 resulting in a further loss of $13,875.

During the year ended December 31, 2020 the Company received 6,074,498 units of Lithium South Development Corporation (formerly NRG Metals Inc.) ("Lithium South") valued at $3,491,271 in settlement of amounts owing (Note 8). Each unit consists of one common share and one common share purchase warrant entitling the Company to purchase one additional common share at a price of $0.35 for a period of five years. As at December 31, 2020 the 6,074,498 common shares of Lithium South are valued at $2,763,893 and the common shares purchase warrants are valued at $2,167,895 for a total of $4,931,878 resulting in an urealized gain of $1,440,607 for fiscal 2020. The common shares are measured at fair value by reference to quoted stock prices on established exchanges and the common share purchase warrants are valued using the Black-Scholes option pricing model using a risk-free interest rate of $0.34%, term of 5 years, annualized volatility of 110% and dividend rate of nil. During the year ended December 31, 2021, the Company sold the common shares of Lithium South as well as the warrants for proceeds of $4,657,370.

During the year ended December 31, 2021 the Company purchased 1,000,000 units of Lithium South for proceeds of $650,000. As at December 31, 2021, the common shares had were valued at $810,000 and the warrants valued at $335,785 using the Black-Scholes option pricing model using a risk-free interest rate of 1.01%, term of 3 years, annualized volatility of 165% and dividend rate of nil.

Exploration and Evaluation Assets

Realization of assets

The investment in mineral properties comprise a significant portion of the Company's assets. Realization of the Company's investment in these assets is dependent upon the establishment of legal ownership, the attainment of successful production from the properties or from the proceeds of their disposal.

Resource exploration and development is highly speculative and involves inherent risks. While the rewards if an ore body is discovered can be substantial, few properties that are explored are ultimately developed into producing mines. There can be no assurance that current exploration programs will result in the discovery of economically viable quantities

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of ore. The amounts shown for acquisition costs represent costs incurred to date and do not necessarily reflect present or future values.

Environmental

The Company is subject to the laws and regulations relating to environmental matters in all jurisdictions in which it operates, including provisions relating to property reclamation, discharge of hazardous material and other matters. The Company may also be held liable should environmental problems be discovered that were caused by former owners and operators of its properties and properties in which it has previously had an interest. The Company conducts its mineral exploration activities in compliance with applicable environmental protection legislation. The Company is not aware of any existing environmental problems related to any of its current or former properties that may result in material liability to the Company.

Environmental legislation is becoming increasingly stringent and costs and expenses of regulatory compliance are increasing. The impact of new and future environmental legislation on the Company's operations may cause additional expenses and restrictions.

If the restrictions adversely affect the scope of exploration and development on the mineral properties, the potential for production on the properties may be diminished or negated.

Groete Project, Guyana

The Company holds a 100% interest in the Groete Property located in Guyana subject to a 1.5% NSR, which may be purchased for USD$3,000,000. The Company acquired the project as part of the plan of arrangement with NRG. The project is comprised of three Mining Permits, and totals over three thousand hectares. A significant gold copper resource has been identified and is hosted within a west east shear zone. The last drill exploration on site was in 2012, and resulted in the calculation of a NI 43-101 Inferred Resource of 1.57 million ounces at 0.66 grams per tonne gold equivalent (AuEq) including

0.49 grams per tonne Au and 0.12% copper (Cu) contained in 74.8 million tonnes ( U.S. gold price of $ 1,275 and a copper price of U.S. $ 3/lb used in the calculation ). Full details of the resource are provided in a National Instrument 43-101 Technical Report titled Updated Mineral Resource Estimate on the Groete Gold Copper Deposit, Groete Property, Guyana, South America by P & E Mining Consultants Ltd, dated April 16, 2019, available on SEDAR and at the Company website.

During the year ended December 31, 2020, the Company incurred $58,058 of field costs.

During the year ended December 31, 2021, the Company incurred $140,190 of field costs and $175,000 of project investigation costs. During year ended December 31, 2020, the Company incurred $68,692 of travel and field costs.

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During the year ended December 31, 2021, the Company paid a deposit of $151,740 towards the purchase of a drill

At the start of 2021, management made the decision to re-start exploration at the Groete Gold Copper Project. Over 2021, COVID restrictions hampered the ability of the Company to conduct field work on site. On consultation with P & E Mining Consultants, it was decided the optimal plan of action would be to infill drill the project with the intent of enhancing the known resource from Inferred to Measured and Indicated. A drill plan has been designed and will require the completion of 10,000 meters of drilling over 54 holes. To facilitate this work, the Company commissioned a Discovery I Core Rig built by Multipower Products of Kelowna, B.C. Canada. The rigs was designed and built to Company specifications for use on site at the Groete Gold Copper Project. Production was delayed due to supply chain issues, and the rig was not completed during 2021. The rig is expected to be on site during the second half of 2022 to conduct the program. Camp enhancement was completed during 2021 with the addition of sectional housing for crews quarters. Road access was also completed and will require further work prior to drilling commencement.

Selected Annual Information

A summary of selected annual financial information for the last three fiscal years is as follows, as expressed in Canadian dollars:

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