Nickel Creek Platinum : Q1 2023 MD&A

TSX: NCP | OTCQB: NCPCF

NICKEL CREEK PLATINUM CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

- For the three months ended March 31, 2023 -

(Expressed in Canadian Dollars)

NICKEL CREEK PLATINUM CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED MARCH 31, 2023

TABLE OF CONTENTS

12. INTERNAL CONTROLS OVER FINANCIAL REPORTING, DISCLOSURE CONTROLS AND

Page 2

NICKEL CREEK PLATINUM CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED MARCH 31, 2023

This Management's Discussion and Analysis ("MD&A") of Nickel Creek Platinum Corp. and its subsidiaries (collectively referred to as "Nickel Creek Platinum" or the "Company") is prepared as of May 12, 2023 and provides analysis of the Company's financial results for the three months ended March 31, 2023. This MD&A should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2022 and the related notes for the year then ended which have been prepared in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") as set out in the Chartered Professional Accountants of Canada Handbook ("CPA Canada Handbook") and the accompanying unaudited condensed consolidated interim financial statements for the three-month period ended March 31, 2023 and the related notes for the period then ended ("March 31, 2023 Financial Statements") also prepared in accordance with IFRS. This MD&A should also be read in conjunction with the MD&A for the year ended December 31, 2022.

Financial information contained herein is expressed in Canadian dollars, unless otherwise stated. Readers are cautioned that this MD&A contains "forward-looking statements" and that actual events may vary from management's expectations. Readers are encouraged to read the cautionary note contained herein regarding such forward-looking statements. This MD&A was reviewed, approved and authorized for issuance by the Audit Committee of the Company's Board of Directors on May 12, 2023.

Nickel Creek Platinum is a public company incorporated in British Columbia, and its common shares (the "Shares") are listed on the Toronto Stock Exchange (the "TSX"), trading under the symbol "NCP", and on the OTCQB under the symbol "NCPCF". The Company maintains its registered and head office at 1700-666 Burrard Street, Vancouver, British Columbia, V6C 2X8.

The Company's principal business activity is the exploration and evaluation of nickel and platinum group metals ("PGM") mineral properties in North America. The Company's flagship asset is its 100%-owned Nickel Shäw Project (the "Project"), formerly known as the "Wellgreen Project", located in southwestern Yukon, Canada. The Project contains the nickel-copper-PGM("Ni-Cu-PGM") Wellgreen deposit ("Wellgreen deposit"), as well as the Arch, Burwash, Formula, Musk and Quill claims, comprised of 711 mineral claims and 91 quartz mining leases, totalling 14,650 hectares. The Wellgreen deposit is a polymetallic deposit with mineralization that includes the significant co-occurrence of nickel, copper, cobalt, PGM and gold. The Wellgreen deposit and the Arch, Burwash and Quill claims are subject to a 1% net smelter return ("NSR") royalty ("Wellgreen NSR Royalty") on future production. In addition, the Wellgreen NSR Royalty contains a provision for the Company to pay any Canadian withholding tax required to be remitted by holders of the Wellgreen NSR Royalty.

The Project is located approximately 300 kilometres northwest of Whitehorse and 30 kilometres southeast of Burwash Landing in southwestern Yukon. It is accessible via the Alaska Highway, a paved highway that provides access to all-season, deep- sea ports in Haines and Skagway, Alaska, which are located approximately 400 kilometres southeast of the Project. The Project is one of the largest undeveloped nickel, copper, cobalt and PGM deposits outside of South Africa and Russia.

Detailed information regarding the Company and the Nickel Shäw Project is contained in the Company's Annual Information Form ("AIF") for the year ended December 31, 2022, dated as of March 28, 2023, which is available under the Company's SEDAR profile at www.sedar.com.

Page 3

NICKEL CREEK PLATINUM CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED MARCH 31, 2023

1. 2023 FIRST QUARTER AND SUBSEQUENT PERIOD HIGHLIGHTS

Highlights from the first quarter ended March 31, 2023 and recent events (all dollar amounts are expressed in Canadian dollars unless otherwise indicated):

• Cash balance at March 31, 2023 was approximately $1.0 million and approximately $1.9 million at May 12, 2023.
• On May 11, 2023, the Company announced that it closed the first tranche ("Tranche 1") of its non- brokered private placement (see "Financing Activities" section below for additional details).

2. BUSINESS OVERVIEW SUMMARY

Financing Activities

Subsequent Events

2023 Private Placement

On April 24, 2023, the Company announced its intention to raise capital by way of a non-brokered private placement for aggregate gross proceeds to the Company of up to approximately $1.8 million (the "2023 Private Placement"). On May 11, 2023, the Company announced that it closed Tranche 1 of the 2023 Private Placement, pursuant to which the Company issued 31,503,656 units ("Units") for gross proceeds of approximately $1.4 million

The Units were priced at $0.045, with each Unit consisting of one common share in the capital of the Company (each, a "Common Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"), with each Warrant exercisable for one Common Share (each, a "Warrant Share") at an exercise price of $0.08 for a period of three (3) years from the date of issuance, subject to adjustment upon certain customary events.

The net proceeds from the 2023 Private Placement will be used to fund the Company's completion of the Prefeasibility Study ("PFS"), ongoing permitting activities and holding costs at its 100%-owned Nickel Shäw Project, and for general corporate expenses and working capital purposes.

In connection with the 2023 Private Placement, the Company's largest shareholder, Electrum Strategic Opportunities Fund L.P. ("Electrum"), has acquired 27,777,778 Units in Tranche 1 for a total investment of $1.25 million.

All shares and warrants issued under the 2023 Private Placement are subject to a statutory hold period of four months and one day from the date of issuance of the Units.

Nickel Shäw Project, Yukon, Canada

On June 26, 2017, the Company announced that, due to changes in the resource estimate, improved understanding of the geologic model, updated metallurgical results, work underway on relocation of the plant and tailings facilities, mine planning optimization and other factors that changed since the publication of the preliminary economic assessment ("PEA") on March 19, 2015 (the "2015 PEA"), the 2015 PEA for the Project had become outdated and should not be relied upon.

On September 25, 2018, the Company announced that it would not be completing its previously announced PEA on the Project and would revisit completing a PEA when financial market conditions improve and higher

Page 4

NICKEL CREEK PLATINUM CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED MARCH 31, 2023

commodity prices are realized, including once nickel prices settle in the range of at least US$9.00-US$11.00 per pound.

On November 9, 2018, pursuant to National Instrument 43-101 ("NI 43-101") - Standards of Disclosure for Mineral Projects, the Company filed a technical report with an effective date of September 25, 2018 entitled, "Ni-Cu-PGM Project, 2018 NI 43-101 Resource Update, Yukon, Canada" ("Technical Report"), prepared by Independent Mining Consultants, Inc. ("IMC"), with the participation and contribution of AGP Consultants Inc. ("AGP").

On an ongoing basis, the Company continues to maintain environmental baseline activities, consider optimization alternatives and investigate additional opportunities. Further, as described below, the Company conducted a 2022 drill exploration program.

Readers are cautioned that mineral resources are not mineral reserves and do not have demonstrated economic viability.

Readers are also cautioned that Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them.

2022 Drill Program Results

The Company conducted a 2022 drill program ("2022 Drill Program") during the July 2022 - October 2022 period, with total drilling of approximately 2,975 metres, which included an exploration drill program to collect data to facilitate completion of a PFS at the Wellgreen deposit. Total drilling at the Wellgreen deposit approximated 1,710 metres with the following objectives: 1) to support conversion of inferred mineral resources to indicated mineral resources; 2) to collect additional geotechnical and hydrogeological data; and 3) to characterize the proposed waste dump and tailings sites. Further, the Company drilled 10 holes with total length of approximately 1,265 metres at the Arch exploration target with the objective to further define the extent of the mineralization discovered in 2021.

On April 11, 2023, the Company announced drill results on the aforementioned 10 holes drilled at Arch:

• A massive sulphide interval grading 2.57% nickel (Ni), 1.61% copper (Cu) and 2.35 g/t Total Precious Metals (TPM) over 3.84 m was intersected down-dip of semi-massive to massive sulphide mineralization drilled in 2021.
• Significant disseminated + semi-massive sulphide intervals grading 0.29 to 0.67% Ni, 0.08 to 0.43% Cu and 0.43 to 1.64 g/t TPM over 6.25 to 78.95 m intervals in 7 holes.
• Geophysics results show untested conductivity down-dip and along strike of current drilling.
• Near surface massive to disseminated sulphide mineralization at depths of 7-170 m.

See Figure 1 for a general east-west longitudinal section showing geology and drill intersections through the Arch area.

Page 5