Signature Resources : MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEARS ENDED OCTOBER 31, 2021 AND 2020

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE YEARS ENDED

OCTOBER 31, 2021 AND 2020

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1.0 INTRODUCTION

The following discussion and analysis are a review of operations, current financial position and outlook for Signature Resources Ltd. ("Signature" or the "Company") for the years ended October 31, 2021 and 2020, including other pertinent events subsequent to that date up to and including February 24, 2022. The following information should be read in conjunction with the audited condensed consolidated financial statements for the years ended October 31, 2021 and 2020 ("Annual Financial Statements"). Amounts are reported in Canadian dollars.

This Management's Discussion and Analysis ("MD&A") provides Management's view of the financial condition of the Company and the results of its operations for the reporting periods indicated. Additional information related to Signature is available on the Company's profile at www.sedar.com.

2.0 FORWARD-LOOKING INFORMATION

This MD&A contains forward-looking statements. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Management's analysis only as of the date hereof. Readers should be aware that the Company is under no obligation to publicly release the results of any revision to these forward-looking statements, which may not reflect circumstances, or occurrences of unanticipated events after the date of this document.

3.0 DESCRIPTION OF BUSINESS

The Company was incorporated on May 3, 2010, and is a reporting issuer in the provinces of British Columbia and Alberta and is listed on the TSX Venture Exchange ("TSXV") under the symbol "SGU", on the OTCQB under the symbol "SGGTF", and on the FSE under the symbol "3S3". The Company's principal business activity is the identification, evaluation and exploration of mineral resource assets in Canada, with a focus on precious metals. The Company's current focus is the exploration of its Lingman Lake gold property in Northwestern Ontario.

The Lingman Lake gold property consists of 1,434 staked claims, four free hold full patented claims and 14 mineral rights patented claims totaling approximately 27,448 hectares. The property hosts a historical estimate of 234,684 oz of gold* (1,063,904 tonnes grading 6.86 g/t with 2.73 gpt cut-off) and includes what has historically been referred to as the Lingman Lake Gold Mine, an underground substructure consisting of a 126.5-meter shaft, and 3- levels at 46-meters,84-meters and 122-meters depths. The property did not achieve mine production operation.

The aforementioned historical resource will be superseded with the expedited development of a NI 43-101 initial resource estimate announced in February 2022 and targeted for completion in Q2/22.

*Cautionary Note. This historical resource estimate is based on prior data and reports obtained and prepared by previous operators, and information provided by governmental authorities. A Qualified Person has not done sufficient work to verify the classification of the mineral resource estimates in accordance with current CIM categories. The Company is not treating the historical estimate as a current NI 43-101-compliant mineral resource estimate. Accordingly, this historical estimate should not be relied upon. Establishing a current mineral resource estimate on the Lingman Lake deposit will require further evaluation, which the Company and its consultants intend to complete in due course. Additional information regarding historical resource estimates is available in the technical report entitled, "Technical Report on the Lingman Lake Property" dated January 31, 2020, prepared by John M. Siriunas, P.Eng. and Walter Hanych, P.Geo. available on the Company's SEDAR profile at www.sedar.com.

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4.0 HIGHLIGHTS TECHNICAL

• Rickardo Welyhorsky was appointed as Chief Operating Officer - Rick is a seasoned mining professional with over 28 years of experience spanning all levels of project development, engineering, construction and operations in the mining and metals industry;
• Claims/Land position increased - see section 5.0 - Claims 2021 - Increases to Land Position; and
• Exploration program implemented - Drill program commenced - see section 5.0 - 2021 Drill Programs.
• NI 43-101 initial resource estimate development accelerated into Q2/22

CORPORATE

• On February 15, 2022, the Company announced a non-brokered private placement ("March Offering") of flow-through shares and non-flow-through shares, for an aggregate of $1,000,000 in gross proceeds.
• The Board of Directors (the "Board") announced the following appointments:
• • Lisa Davis, Director; Lisa is CEO of a boutique financing and advisory firm and brings depth to the governance aspect of Signature having experienced a secondment to the Ontario Securities Commission;
  • John Hayes, Director; John is a professional geologist with over 20 years' exploration and capital markets experience;
  • Dan Denbow, Director; Dan has over 28 years' experience in the capital markets industry
  • Priya Patil as corporate Advisor; Priya has more than 20 years' experience in building and leading businesses in mining and financial services in Canada, the U.S. and India. Priya has held significant roles in the areas of strategy, corporate development and governance.
  • The Board sincerely thanks Jonathan Held and Walter Hanych for their past service as Directors;
• The Board granted an aggregate of 1,600,000 incentive stock options to the new Directors, Officers and an Advisor;
• Senior Management was expanded with the engagement of Grove Corporate Services ("Grove"); Grove will provide CFO, Corporate Secretarial and administrative services to the Company;
• The Board sincerely thanks Jonathan Held for his exemplary long-time service as CFO;
• Market awareness was increased with an enhanced website profile, new Moon Patrol video and updated corporate presentation showcased by "Vrify"; and
• Impacts to financial position resulted from:
• • $291,955 of debt was settled with the issuance of 5,839,093 Signature common shares, $79,100 of debt was forgiven and $108,602 of debt owed to a director was settled with the issuance of 2,172,031 common shares;
  • A total of $8,036,044 (net) was raised from private placements with the issuance of 78,151,157 common shares; and

  *A total of $1,151,196 was raised from the exercise of 1,750,000 stock option and 8,234,858 warrants.

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OUTLOOK

During the current year, the Company will continue its exploration program on the Lingman Lake property to define and build upon the pending NI 43-101 initial resource estimation development announced in early February 2022. This will constitute the majority of the overall exploration work plan and budget. Additional and parallel exploration work will include continuing to advance regional exploration of Signature's vast property towards unlocking additional discovery potential on top-ranked regional targets. Work will include ground-based geophysics and surface data collection to prepare for priority target test-drilling aimed to commence in calendar Q3, 2022.

Signature's exploration strategy is focused on safely and responsibly expanding the 100% owned Lingman Lake Gold project and, within its regional property, the discovery of additional gold deposits with economically profitable potential. Management will continue to be prudent and disciplined in the development and execution of its exploration strategy within the macro environment of changing stock markets and economic conditions related to gold exploration.

5.0 OVERALL PERFORMANCE

Management is pleased with the Company's accomplishments in 2021. All key goals set for the year were successfully executed to position the Company, its exploration activities, and the Lingman Lake gold project for rapid growth. Signature's disciplined and experienced management and Company team significantly reduced operational risk and contended and navigated through significant headwinds, particularly in H2/21, ranging from provincially mandated summer wildfire delays to challenging market conditions precipitating from macroeconomic downturns.

Successfully completed 2021 goals include:

• For H1/21: the successful camp initiation, rebooted communication platforms, expansion of the land package, completion of a 3,200-metre diamond drill campaign, securing $5.5 million funding, bolstered management and Board of directors (now majority independent).
• For H2/21: purchase of a second diamond drill and consumables, completed new data collection with all planned airborne and ground geophysical and Lidar surveys, completed compilation of all new and historical exploration data to facilitate a re-evaluation in January 2022 of all exploration data with a fresh perspective, advanced drill camp capacity and efficiency, and commenced a 10,000-metre diamond drill campaign with two 100%-owned company diamond drills.

The Company ended the calendar year with the delivery of additional strong extension-drilling and gold assay results which further extends the high-grade gold mineralization to depth and provides supporting evidence for the Company's belief that the Lingman Lake gold system has significant growth potential in all directions.

The Company ended the reporting period with the announcement in February 2022, based on the exploration data re-evaluation in January 2022, the decision to accelerate its plans to commission an initial NI 43-101 resource estimate ("43-101") for Q2/22. The planned 43-101 will provide Signature with several key insights to position the Company's 2022 exploration strategy, including:

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• Establishing a modern NI 43-101 compliant resource that is more representative of the existing mineralization;
• Providing a better understanding of the associated local geology and geologic controls of the mineralization; and
• Positioning the team to be able to continue to unlock and extend the pending initial resource with improved geological guidance for drilling, as testing and developing new drill targets at Lingman Lake continues

For technical data and results prior to 2020, see MD&As filed on the Company's profile on www.SEDAR.com.

2021 Regional Exploration

On November 15, 2021, the Company announced geophysical interpretations of the 2021 High-Resolution Magnetometer, Matrix VLF Airborne survey. Eight new targets were identified, which combined with targets from the 2018 survey, which was flown using the same platform, a total of 15 high interest targets covering the vast land holding were identified for prioritization. Initial target selection was based on:

• Structurally complex zones defined in magnetic data and historic data compilations
• Regional-scalefolds and faults interpreted from the data
• Lithological boundaries

2021 Lingman Area Exploration

On November 3, 2021, the Company announced results of on-going compilation of historical data and recently completed Ground Magnetometer survey (September 2021).

• Past drilling east of Mud Lake, which is located 650-metres west of the Lingman Lake Main zones of the mine area, revealed that the mineralized system continues eastward past Mud Lake for approximately 500-metres.
• Extension eastward of the North and Central zones 500 metres beyond Mud Lake
• A potential new zone located immediately north of the North zone, along the edge of an east-west trending magnetic linear, (Target FNZ-1 and 2). Modelling and compilation work suggest that this linear was intersected in by historical holes drilled northward beyond the North zone.
• Correlation of the Lingman Lake Gold zones with the edges of magnetic linears provided the basis for initial targeting south of the Lingman Lake Gold Zones, identified as FSZ1,2,3,4, and 5.
• GIS (geographic information systems) compilation work in part assisted by high resolution ortho- photogrammetry produced from the 2021 LIDAR survey located the position of an historical surface sample which assayed 6.86 g/t Au. The sample site is located 160 metres south of Base Lake and coincides with two new subparallel magnetic linear targets; the southern target correlating to a Very Low Frequency Electromagnetic ("VLF") linear that is over 1,000-metres in length (Figure 1: targets BL1 and BL2)

NI 43-101 Technical Report

On February 13, 2020, the Company filed a new Technical Report in accordance with National Instrument 43-101

-Standardsof Disclosure for Mineral Projects ("NI 43-101") on its Lingman Lake project. The Technical Report, titled "National Instrument 43-101Technical Report on the Lingman Lake Gold Property, Lingman Lake Area, District of Kenora (Patricia Portion), Ontario, Canada," (effective date of January 31, 2020) has been prepared by

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