Q4: Annual MD&A - 31 March 2024

PATRIOT BATTERY METALS INC.

Management's Discussion and Analysis

For the year ended March 31, 2024

TSX: PMET - ASX: PMT - OTCQX: PMETF

TABLE OF CONTENTS
1.	OVERVIEW	3
2.	CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS	3
3.	NATURE OF BUSINESS	5
4.	FISCAL YEAR ENDED MARCH 31, 2024 HIGHLIGHTS	5
5.	MINERAL RESOURCE ESTIMATE	8
6.	CORVETTE PROJECT EXPLORATION	9
7.	MINERAL PROPERTY INTERESTS	14
8.	EXPLORATION AND EVALUATION ASSETS	16
9.	PROPERTY AND EQUIPMENT	17
10.	SELECTED ANNUAL INFORMATION	19
11.	RESULTS OF OPERATIONS	20
12.	FINANCIAL POSITION	22
13.	CASH FLOW	23
14.	SUMMARY OF QUARTERLY RESULTS	25
15.	LIQUIDITY AND CAPITAL RESOURCES	26
16.	OUTSTANDING SHARE DATA	27
17.	RELATED PARTY TRANSACTIONS	27
18.	COMMITMENTS	27
19.	SEGMENTED INFORMATION	28
20.	CHANGES IN ACCOUNTING POLICIES AND CRITICAL ACCOUNTING ESTIMATES	28
21.	OFF-BALANCE SHEET ARRANGEMENTS	28
22.	PROPOSED TRANSACTIONS	28
23.	CAPITAL DISCLOSURE	28
24.	FINANCIAL INSTRUMENTS	29
25.	RISKS AND UNCERTAINTIES	29
26.	NATURE OF SECURITIES	29
27.	INTERNAL CONTROL OVER FINANCIAL REPORTING	29
28.	ADDITIONAL INFORMATION	30
29.	QUALIFIED PERSON	30
30.	ASX LISTING RULE 4.10 DISCLOSURES	31
31.	SCHEDULE OF MINING CLAIMS	45
32.	ANNUAL MINERAL RESOURCES AND ORE RESERVES STATEMENT- ASX LISTING RULE 5.21	45
33.	APPROVAL	45

1. OVERVIEW

The following is a Management's Discussion and Analysis ("MD&A") of the consolidated financial statements of operations of Patriot Battery Metals Inc. and its subsidiaries (together, the "Company" or "Patriot") for the year ended March 31, 2024. This MD&A should be read in conjunction with the consolidated financial statements for the year ended March 31, 2024 (the "Financial Statements") including the notes thereto, prepared in full compliance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IASB") ("IFRS Accounting Standards"). A copy of this MD&A is filed on SEDAR+ at www.sedarplus.caand on the Australian Securities Exchange (ASX) website at www.asx.com.au.

Unless otherwise indicated, all references to "$" in this MD&A are to Canadian dollars. References to "US$" in this MD&A are to US dollars and references to "A$" in this MD&A are to Australians dollars.

The MD&A is prepared by management and approved by the Board of Directors as of June 21, 2024. Additional information relevant to the Company's activities can be found on SEDAR+ at www.sedarplus.ca and on the ASX website at www.asx.com.au.

For the purposes of preparing this MD&A, management, in conjunction with the board of directors of the Company (the "Board of Directors" or the "Board"), considers the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of the Company's common shares (the "Common Shares"); or (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) if it would significantly alter the existing information available to investors. Management, in conjunction with the Board of Directors, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity.

2. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This MD&A contains "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are included to provide information about management's current expectations and plans that allows investors and others to have a better understanding of the Company's business plans and financial performance and condition.

All statements, other than statements of historical fact included in this MD&A, regarding the Company's strategy, future operations, financial position, prospects, plans, and objectives of management are forward-looking statements. Forward- looking statements are typically identified by words such as "plan", "expect", "estimate", "intend", "anticipate", "believe", or variations of such words and phrases or statements that certain actions, events, or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. In particular and without limitation, this MD&A contains forward-looking statements pertaining to the intended use of the proceeds from the sale of Common Shares pursuant to the subscription agreement with respect to the private placement by Albemarle Corporation ("Albemarle"); the development of the Company's Corvette Property (the "Corvette Property"); the development of the Company's non-core assets; the Company's intentions with respect to its business and operations; the Company's expectations regarding its ability to raise capital and grow its business; the Company's growth strategy and opportunities; anticipated trends and challenges in the Company's business and the industry in which it operates; the perceived merit and further potential of the Company's properties; preliminary economic assessments and other development study results; exploration results at the Company's properties; budgets; strategic plans; market price and demand for lithium; permitting or other timelines; government regulations and relations; the Company's outlook for the financial year ending March 31, 2025.

PATRIOT BATTERY METALS INC.

Management's Discussion and Analysis

(Expressed in Canadian dollars, except where otherwise indicated)

Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance, or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Company's forward-looking information is based include the total funding required to complete the Corvette Property; the Company's ability to raise additional financing when needed and on reasonable terms; the Company's ability to achieve current exploration, development and other objectives concerning the Company's properties; the Company's expectation that the current price and demand for lithium and other commodities will be sustained or will improve; the Company's ability to obtain requisite licences and necessary governmental approvals; the Company's ability to attract and retain key personnel; general business and economic conditions, including competitive conditions, in the market in which the Company operates.

Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Company's business, any of which could have a material adverse effect on the Company's business, financial condition, results of operations and growth prospects. Some of the risks the Company faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others, the Company's ability to execute on plans relating to its Corvette Project including the timing thereof the Company's ability to generate revenue and future capital requirements; the Company's profitability in the short or medium term; mineral resource estimation risks; exploration, development and operating risks and costs; the Company's dependence upon the Corvette Property; the titles to the Company's mineral properties being challenged or impugned; the Company receiving and maintaining licenses and permits from appropriate governmental authorities; environmental and safety regulations; land access risk; access to sufficient used and new equipment; maintenance of equipment; the Company's reliance on key personnel; the Company's ability to obtain social acceptability by First Nations with respect to its Corvette Project; the Company's reliance on key business relationships; the Company's growth strategy; the Company's ability to obtain insurance; occupational health and safety risks; adverse publicity risks; third party risks; disruptions to the Company's business operations; the Company's reliance on technology and information systems; litigation risks; tax risks; unforeseen expenses; public health crises; climate change; general economic conditions; commodity prices and exchange rate risks; lithium demand; volatility of share price; public company obligations; competition risk; dividend policy; policies and legislation; force majeure; and changes in technology.

Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward- looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks, uncertainties, and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements.

Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding the Company's expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company's plans and objectives and may not be appropriate for other purposes. The assumptions referred to above and described in greater detail in the "Risks and Uncertainties" section of this MD&A should be considered carefully by readers.

The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements.

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PATRIOT BATTERY METALS INC.

Management's Discussion and Analysis

(Expressed in Canadian dollars, except where otherwise indicated)

3. NATURE OF BUSINESS

The Company was incorporated on May 10, 2007, under the Business Corporations Act (British Columbia). The Company is domiciled in Canada and is a reporting issuer in British Columbia, Alberta and Ontario. See the "Liquidity and Capital Resources" section of this MD&A.

The address of its head office is Suite 700-838 W Hastings Street, Vancouver, British Columbia, V6C 0A6 and the address of its registered and records office is Suite 1800, 510 West Georgia Street, Vancouver, British Columbia, V6B 0M3. The Company operates from its Montreal office located at 1801, McGill College, Suite 900, H3A 1Z4.

The Company is a hard-rock lithium exploration company focused on advancing its district-scale 100% owned Corvette Property in the Eeyou Istchee James Bay region of Quebec, Canada, and proximal to regional road and powerline infrastructure.

The Corvette Property hosts the CV5 Spodumene Pegmatite ("CV5") with a maiden mineral resource estimate of 109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 (at a cut-off of 0.40% Li2O), inferred. The Corvette Property ranks as the largest lithium pegmatite resource in the Americas based on contained lithium carbonate equivalent ("LCE") and one of the top 10 largest lithium pegmatite resources in the world. Additionally, the Corvette Property hosts multiple other spodumene pegmatite clusters that remain to be drill tested and more than 20 km of prospective trend that remains to be assessed.

Mineral resources are not mineral reserves as they do not have demonstrated economic viability. The effective date of the mineral resource estimate is June 25, 2023 (through drill hole CV23-190).

The Company also holds several other non-core assets in Quebec, Northwest Territories, British Columbia, and Idaho, which are considered prospective for lithium, copper, silver, and gold.

The Common Shares are listed and posted for trading on the Toronto Stock Exchange (TSX) (since February 1, 2024, and previously on the TSX-V) under the symbol "PMET" and on the ASX under the symbol "PMT" and are traded on the OTC Market in the United States under the symbol "PMETF" and on the Börse Frankfurt (Frankfurt Stock Exchange) in Germany under the symbol "R9GA".

For further information regarding the Company and its material mineral projects, in addition to what is provided in this MD&A, please refer to the Company's current Annual Information Form (AIF) available on SEDAR+ at www.sedarplus.ca and on the ASX website at www.asx.com.au. , the press release dated July 30, 2023 in which Patriot announces the largest lithium pegmatite resource in the Americas at CV5, Corvette Property, Quebec, Canada and the Technical Report.

4. FISCAL YEAR ENDED MARCH 31, 2024 HIGHLIGHTS

1. Exploration
2. • Completion of a Maiden Mineral Resource Estimate ("MRE") for the CV5 Pegmatite.
   • Confirmed CV5 Spodumene Pegmatite as the largest lithium pegmatite mineral resource in the Americas based on contained lithium carbonate equivalent and one of the top 10 largest lithium pegmatite resources globally. 109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 inferred, (0.40% Li2O cut-off grade). Mineral resources are not mineral reserves as they do not have demonstrated economic viability. The effective date of the mineral resource estimate was June 25, 2023 (through drill hole CV23-190).

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PATRIOT BATTERY METALS INC.

Management's Discussion and Analysis

(Expressed in Canadian dollars, except where otherwise indicated)

1. • Awarded the 2023 "Discovery of the Year" from the Quebec Mineral Exploration Association for the discovery of the CV5 Spodumene Pegmatite.
   • Drill results confirmed the extension of the CV5 Spodumene Pegmatite to 4.6 km in strike length, which remains open. An updated mineral resource estimate for CV5 is scheduled for the third quarter of calendar year 2024.
   • Drill results continued to delineate the CV13 Spodumene Pegmatite's collective 2.3 km strike length - as defined by outcrop and drill hole - which remains open at depth and along strike at both ends. A maiden mineral resource estimate for CV13 is scheduled for the third quarter of calendar year 2024.
   • Discovery of a near-surfacehigh-grade zone at the CV13 Spodumene Pegmatite with drill intercepts including 12.7 m at 2.46% Li2O (CV23-191) and 4.3 m at 5.03% Li2O (CV23-195). Additionally, two new zones of strong mineralization were discovered subsequently at CV13, marked by drill intercepts of 28.7 m at 1.49% Li2O, including 20.4 m at 2.03% Li2O (CV23-311) in fall 2023, and 34.4 m at 2.90% Li2O, including 21.9 m at 3.58% Li2O (CV24-470) in winter 2024.
   • Discovery of significant widths (60+ m core length) of pegmatite at depth at the CV9 Pegmatite, with spodumene mineralization identified in multiple holes over the program. The CV9 Pegmatite was traced by drilling over an approximate 450 m strike length with assay results including 99.9 m at 0.39% Li2O, including 30.6m at 0.80% Li2O (CV23-345), and 10.8 m at 1.00% Li2O (CV23-267).
   • Discovery of a new spodumene pegmatite occurrence at the Property (CV14) along geological trend of CV9 and CV10.
2. Financing
3. • Cash on hand of $73 million as of March 31, 2024.
   • Closing of a private placement of approximately $109 million (the "Strategic Investment") by Albemarle on August 3, 2023 for an aggregate of 7,128,341 Common Shares at a price of $15.29 per Common Share.
   • Graduation to the Toronto Stock Exchange ("TSX") effective as of February 1, 2024.
4. Project development
5. • Progress on the all-season road, constructed to meet MRNF Class 4 specifications, ensuring a projected durability of 10 years under typical usage conditions. This road will provide safe and reliable access to the CV5 deposit throughout the entire development phase of the project.
   • Completion of the 100% owned temporary exploration camp (phase 1 of the permanent exploration camp). This key piece of infrastructure will allow the Company to maintain high operational effectiveness by not relying on external sources of lodging. The permanent exploration camp is scheduled to be completed during the summer of 2024.
   • Progress of the engineering for the Preliminary Economic Assessment - Scoping Study ("PEA") compliant with TSX and ASX regulations for a targeted completion before September 30, 2024.
6. ESG
7. • Submission of the Preliminary Information Statement for the Corvette Mine Project starting the Environmental and Social Impact Assessment or "ESIA" process.
   • Submission of the Policies and Procedures Manual for the UL2723 ECOLOGO audit process along with supporting documentation.
   • In collaboration with the tallyman's family, unveiling the name and logo selected for the Company's exploration camp: "Shaakichiuwaanan" - a Cree word meaning "climbing up a hill or mountain".

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PATRIOT BATTERY METALS INC.

Management's Discussion and Analysis

(Expressed in Canadian dollars, except where otherwise indicated)

1. Corporate
2. • Ken Brinsden, transitioned from Non-Executive Chair to CEO / President / Managing Director residing in Montreal, Quebec. Under Mr. Brinsden's leadership, the Pilbara Mineral's valuation soared to A$11 billion, with an impressive annual production and sale of over 600,000 tonnes of spodumene concentrate. Throughout his career, Mr. Brinsden demonstrated a keen aptitude for navigating through corporate development, financing, project execution, and production phases with success while contributing positively to local communities.
   • Pierre Boivin, the Quebec Leader of the Global Metals & Mining Group and Member of the Strategic Advisors Committee for McCarthy Tétrault LLP, a prominent Canadian law firm, stepped into the role of Non-Executive Chair from Non-Executive Director.
   • Former CEO / President, Blair Way, transitioned into the Chief Operating Officer role, retaining his Executive Board position.
   • Expansion of the Company's land position at its Eastmain Project in the Eeyou Istchee James Bay region, Quebec, by acquiring a 100% interest in two (2) proximal claim blocks. The new claim blocks are immediately adjacent to Arcadium's James Bay Lithium Project and on strike of the James Bay Lithium Deposit.
3. Events after March 31, 2024
4. • Receipt on April 17, 2024 of the guidelines from the Québec Government (Ministère de l'Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs or "MELCCFP") for the Corvette Project. The Project guidelines received outline the scope and nature of the impact study that must be undertaken for the Project, as part of the ESIA process.
   • Expansion on May 2, 2024 of the Company's land position at its Corvette Project in the Eeyou Istchee James Bay region, Quebec, by acquiring a 100% interest, from Azimut Exploration, in a proximal claim block termed JBN-57, which is comprised of 39 claims (1,995.0 ha) located on trend with the Corvette Property. The JBN57 Claim Block is situated immediately adjacent to the north of the Company's eastern claim block at Corvette.
   • Announcement on May 6, 2024, of a discovery of a new, near-surface,high-grade zone (the "Vega Zone") at the CV13 Spodumene Pegmatite with a drill intercept of 34.4 m at 2.90% Li2O, including 21.9 m at 3.58% Li2O (CV24- 470). The zone is open with drill results for multiple follow-up holes pending. Further expansion to the Vega Zone was announced on June 10, 2024.
   • Conclusion on May 15, 2024 of the 9-month MOU with Albemarle, providing the Company with the ability to fully engage with other downstream companies in the Lithium supply chain.
   • Completion on May 30, 2024 of a flow-through capital raise of approximately $75M via the issuance of approximately 5.1M Common Shares at a price of $14.54 per Common Share, a 74.4% premium to the 10-day VWAP of the Company's common shares trading on the TSX prior to the financing.
5. Company's outlook for the financial year ending March 31, 2025

First Quarter ending June 30, 2024:

• Completion of the permanent "Shaakichiuwaanaan" exploration camp.
• Continuation of environmental baseline data collection in accordance with the guidelines issued by the Québec Government (April 2024).

Second Quarter ending September 30, 2024:

• Publication of an updated Mineral Resource Statement for CV5 and CV13.
• Publication of a Preliminary Economic Assessment - Scoping Study ("PEA").

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PATRIOT BATTERY METALS INC.

Management's Discussion and Analysis

(Expressed in Canadian dollars, except where otherwise indicated)

• Commencement of a Definitive Feasibility Study ("DFS") for publication before September 30, 2025. Third Quarter ending December 31, 2024:
• Publication of our First Sustainability Report.

Fourth Quarter ending March 31, 2025:

• Completion of the infill drilling program at CV5 supporting the DFS.

The Company's outlook for the financial year ending March 31, 2025 constitutes forward-looking statements within the meaning of applicable securities laws, and are based on a number of assumptions, including in relation to prevailing market conditions and macroeconomic and geopolitical factors. As the basis of its fiscal 2025 outlook, management assumes no disruptions to the Company's operations and its ability to conduct its exploration program. Expectations are also subject to a number of risks and uncertainties as well as material assumptions. For a description of the risk factors and material assumptions related to the Company and its activities, please refer to the section entitled "Risk Factors" of the Company's current AIF, available on SEDAR+ at www.sedarplus.ca and on the ASX website at www.asx.com.au.

5. MINERAL RESOURCE ESTIMATE

A. Maiden Resource Estimate

On September 8, 2023, the Company filed a Technical Report titled "Mineral Resource Estimate for the CV5 Pegmatite, Corvette Property". The Technical Report has been prepared by BBA Engineering Ltd., with contributions from Primero Group Americas Inc. Both consulting groups are independent of the Company, in accordance with NI 43-101. The report is available on SEDAR+ at www.sedarplus.ca and on the ASX website at www.asx.com.au.

The MRE for the CV5 Spodumene Pegmatite at the Corvette Property has firmly established the deposit as the largest lithium pegmatite mineral resource in the Americas based on contained LCE and one of the top 10 largest lithium pegmatite resources globally, returning 109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5, inferred, at a cut-off grade of 0.40% Li2O. Mineral resources are not mineral reserves as they do not have demonstrated economic viability. The effective date of the mineral resource estimate was June 25, 2023 (through drill hole CV23-190).

The geological model underpinning the MRE interprets a single, continuous, principal spodumene pegmatite body ranging in true thickness from ~8 m to upwards of ~130 m, extending over a strike length of approximately 3.7 km (drill hole to drill hole), and which is flanked by multiple subordinate lenses. Additionally, the resource and geological modelling has outlined significant potential for growth at CV5, which remains open at both ends along strike, and to depth along a significant portion of its length. The MRE includes only the CV5 Spodumene Pegmatite (previously also termed the "CV5 Pegmatite Cluster", or "CV5"), and therefore does not include any of the other known spodumene pegmatite clusters on the Corvette Property, namely CV4, CV8, CV9, CV10, CV12, and CV13.

1. Mineral resources statement (NI 43-101) for the CV5 spodumene pegmatite

Cut-off Grade	Classification	Tonnes	Li2O (%)	Ta2O5	Contained Li2O	Contained LCE
Li2O (%)	(ppm)	(Mt)	(Mt)
0.40	Inferred	109,242,000	1.42	160	1,551,000	3,835,000

• Mineral resources were prepared in accordance with NI 43-101 and the CIM Definition Standards (2014). Mineral resources that are not mineral reserves do not have demonstrated economic viability. This estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, economic, or other relevant issues.

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PATRIOT BATTERY METALS INC.

Management's Discussion and Analysis

(Expressed in Canadian dollars, except where otherwise indicated)

• The effective date of the estimate is June 25, 2023 (through drill hole CV23-190). The maiden mineral resource statement remains current as at the Company's fiscal year end, March 31, 2024.
• Estimation was completed using a combination of ordinary kriging and inverse distance (ID2) in Leapfrog Edge software with dynamic anisotropy search ellipse on specific domains.
• Drill hole composites average 1 m in length. Block size is 10 m x 5 m x 5 m with sub-blocking.
• Open-pitmineral resources statement is reported at a cut-off grade of 0.40% Li2O and is based on a spodumene concentrate price of US$1,500/tonne and an exchange rate of 0.76 CAD/USD.
• Rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
• Tonnage and grade measurements are in metric units.
• Conversion factors used: Li2O = Li x 2.153; LCE (i.e., Li2CO3) = Li2O x 2.473, Ta2O5 = Ta x 1.221.
• Densities for pegmatite blocks were estimated using a linear regression function (SG = 0.0709 x Li2O% + 2.6217) derived from 1,408 SG field measurements and Li2O grade. Non-pegmatite blocks were assigned a fixed SG based on the field measurement median value of their respective lithology.
• The Company has ensured that the MRE is subject to appropriate and strict governance arrangements and internal controls, including the engagement of independent external consultants, BBA Engineering Ltd and Primero Group Americas Inc., for its preparation as well as internal reviews and audits conducted by the Company's management.
• The Company confirms that the MRE above is based on and fairly represents information and supporting documentation prepared by a Competent Person. Pursuant to the requirements of ASX listing rule 5.24, the MRE has been approved by Darren L. Smith, M.Sc., P.Geo., who is a Qualified Person as defined by NI 43-101, and member in good standing with the Ordre des Géologues du Québec (Geologist Permit number 1968), and with the Association of Professional Engineers and Geoscientists of Alberta (member number 87868). Mr. Smith is the Vice President of Exploration for the Company and holds Common Shares and stock options in the Company. Mr. Smith consents to the inclusion in this MD&A of the matters based on his information in the form and context in which it appears.

6. CORVETTE PROJECT EXPLORATION

A. Exploration program

During the year ended March 31, 2024, the Company received the 2023 "Discovery of the Year" award from the Quebec Mineral Exploration Association ("QMEA") in the presence of the Cree tallyman, his wife, and his four sons. The award, presented to the Company in early November at the QMEA's 2023 Xplor Convention, is a recognition by industry peers for discovering the CV5 Spodumene Pegmatite at the Corvette Property. The Xplor Convention, hosted annually by the QMEA in Montreal, Quebec, is one of the province's most prominent mineral exploration industry events.

During the quarter ended March 31, 2024, the Company completed a total of 51,933 m (134 holes), with 43,432m (104 holes) at CV5 and 8,501m (30 holes) at CV13. There were no drill holes completed at CV9.

During the year ended March 31, 2024, the Company completed a total of 104,947 m of drilling at the Property totalling 330 holes. This includes 77,308 m (205 holes) at CV5, 23,418 m (104 holes) at CV13, 4,071 m (18 holes) at CV9, 150 m (3 holes) at Shaakichiuwaanan Camp.

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PATRIOT BATTERY METALS INC.

Management's Discussion and Analysis

(Expressed in Canadian dollars, except where otherwise indicated)

1. CV5 Spodumene Pegmatite ("CV5")

Quarter ended March 31, 2024

The Company continued releasing assay results for CV5 from the 2023 program and announced an extension of the mineralization as defined by drilling to a length of 4.6 km, which, consequently, diminished the distance between CV13 and CV5 to only ~2.9 km. Drilling at CV5's western extension, outside of the June 2023 CV5 mineral resource estimate, returned strong results with some of the highlights released in the quarter below:

• 34.2 m at 1.06% Li2O, including 14.2 m at 1.83% Li2O (CV23-236),
• 27.7 m at 1.20% Li2O and 7.2 m at 1.27% Li2O (CV23-243), and
• 10.2 m at 1.47% Li2O and 6.7 m at 2.27% Li2O (CV23-259).

Year Ended March 31, 2024

The Company announced a maiden mineral resource estimate for the CV5 Spodumene Pegmatite of 109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 (at a cut-off of 0.40% Li2O), inferred, marking a significant milestone for the Corvette Project (for more details, see Section 5 - "Mineral Resource Estimate" of this MD&A).

Subsequent to the June 2023 mineral resource estimate at CV5, the drilling has focused on supporting the conversion of inferred resources to indicated resources (i.e., infill drilling) in a mineral resource update scheduled for the third quarter of calendar year 2024.

Infill drilling returned wide and well-mineralized intercepts, including:

• 172.4 m at 0.93% Li2O, including 34.5 m at 1.85% Li2O (CV23-199),
• 126.3 m at 1.66% Li2O, including 54.9 m at 2.50% Li2O (CV24-374),
• 100.8 m at 1.97% Li2O, including 69.8 m at 2.52% Li2O (CV24-392), and
• 122.5 m at 1.42% Li2O, including 35.8 m at 2.15% Li2O (CV24-405).

Despite the focus on infill drilling at CV5, the Company completed step-out drilling to the west and outside of the June 2023 CV5 mineral resource estimate, which returned strong grades including:

• 56.6 m at 1.37% Li2O (CV23-231), and
• 50.1 m at 1.17% Li2O, 38.0 m at 1.44% Li2O, and 17.2 m at 2.20% Li2O (CV23-223).

As of March 31, 2024, CV5 has been traced by drilling to approximately 4.6 km total strike length. CV5 remains open on both ends and at depth.

1. CV13 Spodumene Pegmatite ("CV13")

Quarter Ended March 31, 2024

Results from the drill holes (both the western and eastern arm of CV13) in the Summer-fall 2023 program that were released in the quarter ended March 31, 2024, and include:

• 26.1 m at 1.21% Li2O (CV23-286),
• 18.3 m at 1.33% Li2O (CV23-249), and
• 17.8 m at 1.11% Li2O (CV23-269).

Year Ended March 31, 2024

At CV13, a significant amount of delineation drilling was completed, which focused on tracing the pegmatite body(s) down dip. Results include those aforementioned for the quarter ended March 31, 2024, as well as:

• 19.2 m at 1.74% Li2O (CV23-215), and
• 14.8 m at 1.36% Li2O (CV23-210).

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