Sixth Wave Innovations : Management Discussion and Analysis

SIXTH WAVE INNOVATIONS INC.

MANAGEMENT'S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED MAY 31, 2022

The following Management's Discussion and Analysis ("MD&A") is intended to help the reader understand the financial results of Sixth Wave Innovations Inc. ("Sixth Wave" or the "Company") for the period ended May 31, 2022 and 2021. The information provided herein should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended August 31, 2021 which are prepared in accordance with International Financial Reporting Standards. All amounts are expressed in Canadian dollars unless otherwise noted.

FORWARD-LOOKING STATEMENTS

Certain statements and information contained in the MD&A constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities legislation. Forward-looking statements and forward-looking information include statements concerning the Company's current expectations, estimates, assumptions, and beliefs, and in certain cases, can be identified by the use of words such as "seeks", "plans", "is expected", "budget", "estimates", "intends", "anticipates", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would", "might", or "will", "occur", or "be achieved", or the negative forms of any of these words and other similar expressions. The statements reflect the current beliefs of management of the Company, and are based on currently available information.

Examples of forward-looking information in the MD&A may pertain to the following, among others:

1. The Company's plans and estimated timing related to the commercialization and generation of revenue from the Company's Affinity cannabis extraction technology;
2. The Company's progress towards the research and development of the Company's AMIP's technology for the detection of viruses including Covid-19 (or SARS-2 Coronavirus);
3. Plans, timing, and results of the testing of the Company's IXOS® technology for various testing partners including but not limited to the Rio2 Limited ("Rio2") Fenix Gold Project;
4. The timing and access to input test materials for the collaborative "green" testing initiative with Mining and Process Solutions in Australia (as discussed below);
5. The Company's intention to grow the business, operations and potential activities of the Company, including entering into joint ventures and partnerships and leveraging the developing technologies and capabilities through potential joint ventures and partnerships;
6. The development and potential commercialization of new products;
7. Whether the Company will have sufficient working capital and its ability to raise additional financing required in order to develop its business and continue operations;
8. The applicable laws, regulations and any amendments thereof that are applicable to the Company's business, particularly the portion of the Company's business involving the cannabis sector;
9. The filing of trademark and patent applications and the successful registration and defense of same;
10. The Company's ability to remain listed on the Canadian Securities Exchange and the impact of any actions it may be required to take to remain listed; and
11. The impact of the COVID-19 coronavirus pandemic on the operations of the Company.

Forward-looking statements and forward-looking information reflect the Company's current expectations and assumptions, and are subject to a number of known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking statements and forward-looking information, including without limitation:

1. The Company has limited operating history, no history of generating revenues and there is no assurance that the Company will be able to achieve or maintain profitability or solvency;
2. The Company's history of losses and expectation of future losses and uncertainty as to the Company's ability to continue as a going concern;
3. Risks associated with the Company's ability to secure additional funding to continue the research and development of each of its three products; IXOS®, AffinityTM, and AMIPs;
4. Uncertainty regarding the Company's ability to obtain required external financings on acceptable terms;
5. Inherent regulatory risks in the mining and cannabis industries;
6. The Company's ability to attract and retain qualified personnel, including key personnel;
7. The Company's ability to carry out operations in accordance with plans in the face of significant disruptions;

P a g e | 2

1. The Company's ability to commercialize its technologies;
2. Fluctuations in foreign exchange or interest rates and stock market volatility;
3. Uncertainty as to the Company's ability to maintain effective internal controls;
4. Operational risks associated with limited travel and logistics as a result of the COVID-19 pandemic;
5. Risks related to natural disasters, climate change, terrorism, civil unrest, public health concerns (including health epidemics or pandemics or outbreaks of communicable diseases such as COVID-19) and other geopolitical uncertainties;
6. The Company's ability to obtain all necessary permits and other approvals;
7. Increased costs and restrictions on operations due to compliance with environmental legislation and potential lawsuits;
8. The Company's ability to scale each of the Company's technologies from bench through to pilot and commercial scale;
9. The Company's ability to maintain its patent protections for each of its technologies; and
10. The Company's ability to comply with applicable regulatory requirements, including any changes in laws, rules and regulations.

Although any forward-looking statements contained in this MD&A are based on what the Company believes are reasonable assumptions, these assumptions are subject to a number of risks beyond the Company's control, and there can be no assurance that actual results will be consistent with these forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements and information include, but are not limited to, financial risks; industry competition; general economic conditions and global events; product development, facility and technological risks; changes to government laws, regulations or policies, including tax; supply risks; product risks; dependence on senior management; sufficiency of insurance; and other risks and factors described from time to time in the documents filed by the Company with securities regulators. For more information on the risk factors that could cause the Company's actual results to differ from current expectations, see "Risk Factors". All forward-looking information is provided as of the date of this MD&A. The Company does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law.

DATE OF REPORT

The effective date of this report is July 29, 2022.

Management is responsible for the preparation and integrity of the financial statements, including the maintenance of appropriate information systems, procedures and internal controls and to ensure that information used internally or disclosed externally, including the financial statements and MD&A, is complete and reliable. The Company's board of directors follows recommended corporate governance guidelines for public companies to ensure transparency and accountability to shareholders. The board's audit committee meets with management on a quarterly basis to review the financial statements including the MD&A and to discuss other financial, operating and internal control matters.

The reader is encouraged to review the Company's statutory filings on www.sedar.com.

P a g e | 3

DESCRIPTION OF BUSINESS

About Sixth Wave

Sixth Wave Innovations Inc. ("Sixth Wave" or the "Company") is a North American-based nanotechnology corporation specializing in molecular engineering, materials extraction, detection, and purification. The Company was incorporated under the Business Corporations Act (British Columbia) on June 6, 2007. The Company's head office is located at Suite 110

- 206 Waterfront Dr., Bedford, NS B4A 0H3.

On January 31, 2020, pursuant to an agreement and plan of merger dated September 11, 2018 (as amended, the "Merger Agreement") among the Company, a wholly-owned subsidiary of the Company ("Merger Subco"), 6th Wave Innovations Corp. (a Delaware corporation headquartered at 615 Arapeen Drive, Suite 303, Salt Lake City, UT 84108 ("6WIC") and Affinity Nanotechnology Inc. ("Affinity Nano") as the securityholders' representative, Merger Subco merged with and into 6WIC by way of a "triangular merger" (the "Merger Transaction") pursuant to the laws of Delaware, and the issued and outstanding shares of merged subsidiary were exchanged for securities of the Company and cash. As a result, 6WIC became a wholly owned subsidiary of the Company. Pursuant to the Merger Agreement, the Company issued 14,291,056 Common Shares and US$1.2 million in cash to the former holders of 6WIC securities, and issued 3,928,043 warrants to purchase common shares of the Company ("Common Shares") in exchange for outstanding 6WIC warrants. Following completion of the Merger Transaction, the Company's Common Shares were listed for trading on the Canadian Securities Exchange ("CSE") and commenced trading on February 11, 2020 under the ticker symbol "SIXW".

Sixth Wave is in the process of commercializing its Affinity cannabinoid purification technology as well as IXOS®, a line of extraction polymers for the gold mining industry. The Company is also in the research and development stages of a rapid diagnostic test for viruses under the AMIPs label. The Company has patent applications and protections in 40+ countries.

Sixth Wave's technology uses molecular imprinted polymers ("MIPs"), which consist of durable polymer beads imprinted with adsorption micropores which precisely match the molecular geometry of organic materials such as cannabinoids and inorganic materials such as metals. The Company's area of expertise involves the design and manufacture MIPs capable of detecting and recovering valuable substances to the parts per billion level. The Company maintains a website at www.sixthwave.com.

Recent Developments

IXOS®

The Company and an Australian company Mining and Process Solutions ("MPS"), are also working in collaboration with the Centre Technologique des Residus Industriels ("CTRI") and a major top-10 gold producer in Canada. This project aims to develop an environmentally friendly flow sheet for the gold mining industry. It will examine with Mining and Process Solutions' acidic and alkaline leaching technologies together with the Company's IXOS® technology. Testing was undertaken on ores provided by the Canadian mining partner.

On September 8, 2021, the Company announced it has confirmed results that demonstrate the extraction of gold at high capacity with lower reagent costs. These results were achieved during the successful completion of phase 1 of the green alternatives for gold leaching and recovery initiative undertaken with CTRI and MPS. The company has worked closely with MPS and CTRI to test the efficacy of the Company's IXOS® molecularly imprinted polymers for gold extraction in conjunction with the MPS GlyCat process. IXOS® has proved superior to traditional activated carbon technology by demonstrating a higher selectivity for gold relative to other gangue materials, resulting in a higher gold capture than activated carbon. Phase 1 tests used IXOS® with the GlyCat technology to determine Glycat's characteristics and capabilities while confirming IXOS® can adsorb gold from solution with typically an order of magnitude lower cyanide usage. Additionally, the use of IXOS® beads for adsorption during the stirred-batch-reactor testing showed increased adsorption performance in combination with the glycine-catalyzed leaching process, achieving recoveries that were on par or slightly higher than recoveries using a more traditional cyanide-leach process.

With the successful completion of phase 1, phase 2 testing will focus on meeting Canadian ecotoxicity guidelines. Upon successful completion of phase 2, phase 3 testing will involve the design of a process circuit that validates the performance of IXOS® and GlyCat in a full-scale pilot plant at an operating gold mine in Canada. MPS has conducted environmental impact studies for the deployment of the GlyCat process in Australia. The overall project goal is to develop an environmentally friendly flow sheet for the gold mining industry.

On October 27, 2021, the Company provided an update on the Company's growing patent portfolio. The company has signed a letter of intent and assignment agreement with Dr. Sara Magdouli, PhD, and Dr. Ali Entezari-Zarandi, PhD. The parties will collaborate on the development of green lixiviants as an alternative to conventional chemical reagents for recovery of gold, lithium, rare earth elements and other metals. The patent will be solely in the name of the Company and the Company will have exclusive ownership of the intellectual property, subject to a reasonably agreed-upon licence fee to the co-inventors.

P a g e | 4

On January 11, 2022, the Company announced that the second phase test work of the patented IXOS® purification polymer will begin at Rio2's Fenix Gold Project in Chile in mid-January 2022. The testing was completed by March 2022. The second phase test work at the mine site follows on from the successful completion of ore tests at Sixth Wave's Salt Lake City Utah facility in August 2021.Sixth Wave performed adsorption tests using IXOS® beads with solution from installed heap leach columns to evaluate adsorption kinetics and other parameters. Testing included operation of the system under a variety of testing scenarios to validate IXOS® performance and refine the cost/benefit analysis. Potential positive environmental, social and governance ("ESG") impacts and a reduced carbon footprint (CO2 emissions) using IXOS® instead of activated carbon for the process plant will also be explored during this phase of the project. The IXOS® process operates at a significantly reduced power consumption and with fewer reagents than activated carbon creating opportunities for enhancement of Rio2's ESG initiatives at its Fenix Gold Mine.

On March 1, 2022, the Company reported that mine effluent submitted for ecotoxicity testing to independent H2Labs (https://h2lab.ca/en/) is confirmed as "nontoxic" for fish and daphnia as defined by Canadian environmental standards. Completion of the ecotoxicity test completes Phase 2 of the Green Lixiviant for Gold Mining research program. The effluent was submitted by CTRI. The research program was undertaken with the CTRI, MPS, and a major Canadian gold mining company. The Company has worked collaboratively with MPS and CTRI to test the efficacy of the Company's IXOS® molecularly imprinted polymer for gold extraction in conjunction with MPS' GlyCat™ process.

Green Alternatives for Gold Recovery Project (Phase 1 and 2) noteworthy results reported by the CTRI Program Manager:

• IXOS® Molecularly Imprinted Polymer Beads with GlyCat™.
  o The only "green alternative" for gold recovery to cyanidation in view of the ore, methods, and conditions researched by CTRI
  o Recover gold with 90% less cyanide usage than conventional cyanidation o IXOS® recovery averaged 95% of "recoverable" gold
  o No breakage of IXOS® beads was identified with visual inspection
  o Stripping of beads resulted in 100% metal removal and analyses at CTRI, The Company and MPS Laboratories were equivalent - Strip was completed in under 2 hrs, at 60° C and with no pressure confirming substantially reduced energy requirements for IXOS ®
  o Gold mass balance confirmed all performance results based on ore head grade, leach efficiency, and gold recovery by IXOS ®
• Cyanide destruction using ozone effectively removes all reagents from the leachate and other methods are under consideration
• "Non-Toxic"ecotoxicity test recorded no daphnia or rainbow trout deaths
• GlyCat™ primary lixiviant is recyclable and a less oxidizing destruction method
• Residual glycine is confirmed as non-toxic indicating any traces of glycine is non-toxic
• IXOS®-In-Leach(IIL)Technology continues to show profound successes

IXOS® has proven effective in the extraction of gold from cyanide leach solutions and the completion of Phase 1-2 of the Green Initiative has demonstrated the ability of IXOS® to extract gold from the pregnant leach solution generated by MPS' GlyCat™ technology. IXOS® is superior to traditional activated carbon technology and demonstrates a higher selectivity for gold relative to other gangue materials, resulting in a higher gold capture than activated carbon.

On March 15, 2022, the Company announced that contracted test work using IXOS® purification polymer ("IXOS®") successfully resulted in gold adsorption efficiency and recovery of >98.6% in direct comparison to 83% adsorption efficiency and recovery with activated carbon (AC). Test results were confirmed by independent laboratory analysis. The Company and client mine personnel performed adsorption tests using solution from heap leach columns installed at the site's metallurgical testing facilities. Continuous solution flow testing validated IXOS® performance previously achieved in The Company's laboratory in Salt Lake City, Utah using the ore provided by the client. The results provide the client with positive and relevant data regarding the cost/benefit of IXOS® compared to activated carbon. IXOS® is a replacement for activated carbon used in the gold mining industry. Multiple laboratory and field tests with major mining companies demonstrate the benefits of IXOS'® compared to activated carbon.

On-site testing comparison: Increased Revenue Potential with Reduced Cost

• Higher efficiency gold absorbance and recovery increase daily gold production
• High strength IXOS beads eliminate lost gold experienced from carbon fines
• IXOS strip time: ~2 hours at ~100% efficiency vs AC strip and regenerate time >16 hrs while leaving upwards of 3oz/gold per ton of AC.
  o Accelerated strip cycles increase daily gold production
  o Multiple strip cycles per day allow significantly reduced plant size CAPEX and OPEX
  o Reduced costs for energy, fuel, and reagents - Eluent is fully reusable and operates in a closed-loop system reducing waste and water.
  o IXOS does NOT require thermal regeneration reducing cycle time for the adsorbent and eliminating power requirements.
  o Additional 'Carbon credits' for reducing carbon emissions

P a g e | 5