Silver Sands Resources : Interim MDA Q1 - April 30, 2022

SILVER SANDS RESOURCES CORP.

Management's Discussion and Analysis

For the three months ended April 30, 2022

1.1 Date of Report: June 29, 2022

The following Management's Discussion and Analysis ("MD&A") should be read in conjunction with the unaudited condensed interim financial statements and notes thereto for Silver Sands Resources Corp. (the "Company") for the three months ended April 30, 2022 which were prepared in Canadian dollars and in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The financial statements and related notes are available at www.sedar.com.

Management is responsible for the preparation and integrity of the Company's financial statements, including the maintenance of appropriate information systems, procedures and internal controls. Management is also responsible for ensuring that information disclosed externally, including that within the Company's audited financial statements and MD&A, is complete and reliable.

Caution regarding forward looking statements

This MD&A may contain certain statements that may be deemed "forward-looking statements". All statements in this document, other than statements of historical fact, which address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "interprets" and similar expressions, or events or conditions that "will", "would", "may", "could" or "should" occur. Forward-looking statements in this document include statements regarding future exploration programs, liquidity and effects of accounting policy changes.

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploration success, continued availability of capital and financing, inability to obtain required regulatory or governmental approvals and general economic, market or business conditions. Readers are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates, opinions or other factors should change except as required by law.

These statements are based on a number of assumptions including, among others, assumptions regarding general business and economic conditions, the timing of the receipt of regulatory and governmental approvals for the transactions described herein, the ability of the Company and other relevant parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for the Company's proposed transactions and exploration and development programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause results to differ materially.

Page | 1

1.2 Overall performance

The Company was incorporated on January 31, 2018 under the laws of British Columbia, Canada. The address of the Company's corporate office and its principal place of business is 830-1100 Melville Street, Vancouver, British Columbia, Canada. On, November 27, 2019, the Company's common shares commenced trading on the Canadian Securities Exchange (the "Exchange"). On June 8, 2020, the Company changed its name to Silver Sands Resources Corp. and changed its symbol to "SAND".

The Company's principal business activities include the acquisition and exploration of mineral property assets. As at January 31, 2022, the Company had not yet determined whether the Company's mineral property asset contains ore reserves that are economically recoverable. The recoverability of amounts shown for exploration and evaluation asset is dependent upon the discovery of economically recoverable reserves, confirmation of the Company's interest in the underlying mineral claims, the ability of the Company to obtain the necessary financing to complete the development of and the future profitable production from the property or realizing proceeds from its disposition. The outcome of these matters cannot be predicted at this time and the uncertainties cast significant doubt upon the Company's ability to continue as a going concern.

Exploration and evaluation assets

Virginia Silver Project, Santa Cruz, Argentina

On May 20, 2020, the Company closed the Virginia Silver acquisition with Mirasol Resources Ltd. ("Mirasol"), allowing the Company to earn a 100% interest, subject to a 3% Net Smelter Return Royalty (NSR), by making a combination of cash payments, share issuances, and exploration expenditures as follows:

Cash payments

• US$25,000 payment on execution of the original Letter of Intent (paid)
• US$25,000 payment on signing the Definitive Option Agreement with Mirasol (paid)

Share issuances:

• 9.9% of the issued and outstanding shares of the Company ("I/O") upon signing of the definitive agreement: (3,745,269 shares have been issued with a deemed value of $823,959);
• the number of shares equivalent to 5% of the I/O on first anniversary date (2,805,212 shares issued on May 20, 2021);
• the number of shares equivalent to 5% of the I/O on second anniversary date;
• the number of shares required such that Mirasol's holdings are 19.9% of the I/O on the third anniversary date following the issuance of the shares.

Exploration expenditures:

• complete $1-million (U.S.) * of exploration expenditures on the property within year one;
• complete $2-million (U.S.) * of exploration expenditures on the property within year two;
• complete $3-million (U.S.) * of exploration expenditures on the property within year three; * Excess expenditures in previous years may be applied to subsequent years.

The Company will utilize the expertise of the Mirasol technical team during the option period to undertake the US$6 million exploration programs and as such will pay a management fee to Mirasol. This fee will be inclusive of the required exploration expenditures.

The road accessible Virginia Silver Project lies in Santa Cruz province, Argentina in the region known generally as Patagonia. The original 32,730 hectare property was increased to 59,747 hectares in 2016 as a result of discovery on new mineralization to the south of the known silver vein. Included in the property package are two large ranches (Estancias) totaling almost 36,000 hectares.

Page | 2

Virginia lies within the Deasado Massif, a large regional complex consisting mainly Jurassic volcanic and other older rocks surrounded by younger Cretaceous and Tertiary sedimentary rock which form basins and lap onto the older units. The Massif is dominated by middle Jurassic Rocks of the Bahia Laura Group, which are mainly volcanic in origin. The Bahia group is sub-divided into the Chon Aike Formation, mainly felsic volcanic rocks, and the Bajo Pobre Formation, mainly intermediate or mafic volcanic rocks. Both units appear to be of middle to upper Jurassic age and both are known to host important precious metal deposits believed to be upper Jurassic in age. Bahia Laura is overlain, and probably in part interbedded with, the Matilde Formation comprised of fine grained tuffaceous and sedimentary rocks of upper Jurassic age. These are the units which contain most of the known precious metals in the massif.

Initial Mirasol exploration in the early 2000's focused on the Santa Rita zones in the north of the original claim block and resulted in an agreement with Hochschild Mining Corporation through 2008, during which time surface programs and drilling were completed. After Hochschild terminated the option, Mirasol focussed exploration to the south and located the Julia and other silver veins in the Virginia Window, an erosional window through the thin overlying post-mineralization tuffs. The silver veins are hosted by a Jurassic-age volcanic sequence consisting of local, generally felsic lava flows and pyroclastic tuffs and volcanic breccias overlain by a distinctly different post-mineralash-flow ignimbrite.

Exploration of the Virginia Veins consisted of geological mapping, rock sampling, geophysics, trenching, and drilling. Initial surface rock chip sampling revealed significant silver grades over impressive widths over potentially interesting strike lengths. Channel sampling and geological mapping at 1:50 scale along saw-cut channels confirmed significant widths and grades of silver mineralization, with the first series of channel samples on the Julia Veins averaging 792 g/t silver over 1.88 metres.

Ground geophysics has proven to be very successful. Magnetic surveys sometimes show distinct magnetic lows or highs associated with fault structures; and almost always show distinct breaks in the magnetic textures marking the fault structures. Ground Induced Polarization (IP) surveys often very clearly mark chargeability highs that coincide with the limits of ore shoots where the mineralization is eroded. In some areas more subtle anomalies are interpreted to lie above possible ore shoots.

Four programs of diamond drilling between 2010 and 2012 totalled 23,318 metres in 227 holes (including holes which were redrilled to improve the core recovery). Seven distinct segments of four of the known veins were drilled, with highlight drill intersections shown in the following table:

Drill Intersection Highlights

hole	intercept	intercep	core length	interce pt	true width	Ag (g/t)	Comments
from (m)	t to (m)	(m)	angle( °)	(m)
			JULIA NORTH
VG-036	15.40	53.00	37.60	76	36.48	312
included	21.35	26.85	5.50	76	5.34	1,843
VG-006A	13.00	39.00	26.00	69	24.27	326	twin hole
included	18.65	24.52	5.87	69	5.48	1,038	twin hole
VG-017A	27.00	106.90	79.90	51	62.09	125	twin hole
included	37.90	44.75	6.85	51	5.32	912	twin hole
			JULIA CENTRAL
VG-068	64.00	105.45	41.45	60	35.90	200
included	72.19	78.80	6.61	60	5.72	669
VG-050A	37.69	71.00	33.31	58	28.25	220	twin hole
included	37.69	59.05	21.36	58	18.11	303	twin hole
VG-043A	44.00	95.00	51.00	63	45.44	129	twin hole
included	54.94	75.02	20.08	63	17.89	255	twin hole
			JULIA SOUTH
VG-012	27.00	40.00	13.00	48	9.66	215

Page | 3

hole	intercept	intercep	core length		interce pt	true width	Ag (g/t)	Comments
from (m)	t to (m)	(m)		angle( °)	(m)
included	34.10	35.40	1.30		48	0.97	742
VG-023	24.50	36.70	12.20		45	8.63	221
included	33.00	36.70	3.70		45	2.62	560
VG-003	39.50	47.70	8.20		40	5.27	328
included	39.50	41.65	2.15		40	1.38	672
				NATY
VG-053	46.70	75.00	28.30		70	26.59	230
included	50.40	54.10	3.70		70	3.48	1,402
VG-041A	47.50	98.00	50.50		68	46.82	123	twin hole
included	71.40	78.15	6.75		68	6.26	532	twin hole
VG-040A	15.00	66.00	51.00		68	47.29	86	twin hole
included	41.00	48.70	7.70		68	7.14	205	twin hole
			ELY SOUTH
VG-138	105.00	133.00	28.00		41	18.37	195
included	110.90	115.50	4.60		41	3.02	493
VG-127	124.60	151.50	26.90		34	15.04	135
included	144.48	145.67	1.19		34	0.67	1,760
VG-113	63.00	97.00	34.00		40	21.85	79
included	87.80	90.75	2.95		40	1.90	495
			ELY NORTH
VG-184	75.94	172.08	96.14		56	79.70	55
included	160.65	163.40	2.75		56	2.28	419
VG-161	92.00	164.70	72.70		56	60.27	47
included	155.80	163.47	7.67		63	6.83	129
VG-105	68.00	119.00	51.00		30	25.50	88
included	77.74	82.90	5.16		30	2.58	142
included	102.50	116.00	13.50		30	6.75	137
			MARTINA
VG-089A	31.00	46.00	15.00		43	10.23	245
included	32.80	38.06	5.26		43	3.59	530
VG-119B	27.00	65.65	38.65		41	25.36	61	twin hole
included	42.75	48.50	5.75		41	3.77	155	twin hole
VG-094A	24.37	44.20	19.83		41	13.01	61	twin hole
included	26.94	30.53	3.59		41	2.36	119	twin hole

The drilling was successful in the definition of preliminary indicated and inferred resources in 2014. The resources was disclosed in "Amended Technical Report, Virginia Project, Santa Cruz Province, Argentina - Initial Silver Mineral Resource Estimate" by Earnest, D.F. and Lechner, M.J. dated February 29, 2016 with an effective date of October 24, 2014. The Mineral Resource is contained in seven outcropping silver- bearing epithermal-type veins that demonstrate reasonable continuity along strike and at depth beneath the surface. These Mineral Resources were estimated using silver assay data from a total of 191 surface trench channel samples and samples from 223 diamond drill holes. The Mineral Resources for each individual vein were based on rotated three-dimensional block models consisting of 2-meter by 2-meter by 2-meter blocks. Estimations of block grades were derived from 2-meter-longdown-hole/along-trench assay composites constructed from individual high-gradeoutlier-capped raw silver assays, using a three-pass inverse distance cubed (1/d3) estimation method. Block tonnes were estimated based on density factors of 2.52

Page | 4

g/cm3 for vein/breccia material and 2.11 g/cm3 for halo/wallrock material. All of the mineral resources are contained within conceptual open pits that were generated using the following parameters:

Silver Price: $US20/Oz	Processing Cost: $US28.00/tonne
Silver Recovery: 80%	General & Administrative Cost; $US1.50/tonne
Mining Cost: $US2.85/tonne	Pit Slope Angle: 45°

The Indicated Mineral Resources is 1,197,000 Tonnes @ 310 g/t Ag (11,927,000 Ag Ounces) and the Inferred Mineral Resource is 460,000 Tonnes @ 207 g/t Ag (3,062,000 Ag Ounces). The details are shown in the following tables:

Indicated Mineral Resource

	Vein/Breccia				Dilutant			Diluted Indicated
									Resource
Deposit	Tonnes	Ag (g/t)	Ag Ozs	Tonnes	Ag	Ag Ozs	Percent		Tonnes	Ag	Ag
	(000)		(000)	(000)	(g/t)	(000)	Dilution		(000)	(g/t)	Ozs
											(000)
Julia North	542	415	7,232	19	44	27		3%	561	402	7,251
Julia Central	242	248	1,930	10	32	10		4%	252	239	1,936
Ely South	162	193	1,005	9	22	6		5%	171	184	1,012
Julia South	102	312	1,023	8	21	5		7%	110	291	1,029
Naty	44	290	410	1	48	2		2%	45	285	412
Ely North	57	156	286	1	44	1		2%	58	154	287
Martina	0	0	0	0	0	0		0%	0	0	0
Total	1,149	322	11,886	48	34	52		4%	1,197	310	11,927

Inferred Mineral Resource

	Vein/Breccia			Dilutant		Diluted Inferred Resource
Deposit	Tonnes	Ag (g/t)	Ag Ozs	Tonnes	Ag	Ag	Percent	Tonnes	Ag	Ag
(000)		(000)	(000)	(g/t)	Ozs	Dilution	(000)	(g/t)	Ozs
						(000)				(000)
Julia North	5	344	55	0	0	0	0%	5	344	55
Julia Central	87	202	565	7	21	5	7%	94	189	571
Ely South	69	204	453	7	17	4	9%	76	187	457
Julia South	54	196	340	7	15	3	11%	61	175	343
Naty	138	278	1,233	6	33	6	4%	144	268	1,241
Ely North	52	140	234	1	34	1	2%	53	138	235
Martina	25	195	157	2	45	3	0%	27	184	160
Total	430	220	3,037	30	23	22	7%	460	207	3,062

In 2016 through 2018, Mirasol extended exploration further to the south of the known veins and discovered new high-grade silver mineralization, including:

• The strike length of the undrilled Margarita vein located 300 m west of the Virginia resource area was extended to 450 metres, currently defined by 65 trench and rock chip samples which have an overall average of 366.0 g/t Ag.
• The new Julia South Dome Trend, consisting of intermittent vein and vein-breccia subcrop and float samples, and extending 2.15 km south from the limits of the previous drilling, is defined by 144 rock chip samples with assays ranging from BDL to a peak assay of 6,586.3 g/t Ag, averaging 186.8 g/t Ag.
• The new East Zone target, covering a 1.2 km x 600 m area of sub-cropping epithermal vein-breccia and aligned float blocks, returned high-grade silver assays defining multiple NW and NE oriented, interpreted structural trends which are individually up to 1 km in length. Rock chip assays range from BDL to a peak of 2,609.7 g/t Ag, with 15 samples exceeding 500 g/t Ag. The average of the of 150 rock chip samples collected to date average of 176.2 g/t Ag. The angular shape of the vein

Page | 5