Management's Discussion and Analysis

For the three-month ended October 31, 2021

American Manganese Inc.

Management's Discussion and Analysis

For the Three-Month Period Ended October 31, 2021

This management's discussion and analysis of American Manganese Inc. (the "Company") contains an analysis of the Company's operational and financial results for the three-month period ended October 31, 2021. The following should be read in conjunction with the company's unaudited consolidated interim financial statements for the period ended October 31, 2021, which were prepared in accordance with the International Financial Reporting Standards ("IFRS") as adopted by the International Accounting Standards Board ("IASB"). All figures are in Canadian dollars unless otherwise stated.

FORWARD-LOOKING STATEMENTS

This MD&A contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to the Company's future business plans and strategy, exploration plans, and environmental protection requirements. Generally, forward-looking information can be identified by the use of forward- looking terminology such as "plans", "expects" (or "does not expect"), "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" (or "does not anticipate"), or "believes", and other similar words and phrases, or which states that certain actions, events, or results "may", "could", "might", or "will" occur. Forward-looking information is subject to known and unknown risks and uncertainties that may cause the actual results or performance of the Company to be materially different from those expressed or implied by such forward-looking information. These risks and uncertainties include risk and uncertainties associated with the mining industry and the exploration and development of mineral projects, such as the uncertainty of exploration results, the volatility of commodity prices, potential changes in government regulation, the uncertainty of potential title claims against the Company's projects, and the uncertainty of predicting operating and capital costs. They also include risks and uncertainties that affect the business environment generally, such as international political or economic developments, changes in interest rates and the condition of financial markets, and changes in exchange rates.

Forward-looking information is based on assumptions and expectations which the Company considers to be reasonable, and which are based on management's experience and its perception of trends, current conditions, and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made. Although the Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information. The Company can give no assurance that forward-looking information, or the assumptions and expectations on which it is based, will prove to be correct. American Manganese Inc. does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

DATE OF REPORT

The MD&A was prepared with the information available as of December 29th, 2021.

NATURE OF BUSINESS AND OVERALL PERFORMANCE

Jurisdiction of incorporation and corporate name

The Company was incorporated under the Company Act (British Columbia) on July 8, 1987, as Navarre Resources Corporation. The Company changed its name to Ameridex Minerals Corp. on August 26, 1998, to Rocher Deboule Minerals Corporation on September 13, 2006, and to American Manganese Inc. on January 20, 2010.

The Company is a reporting issuer in the Provinces of British Columbia and Alberta. The Company's shares presently trade on the TSX Venture Exchange under the symbol "AMY", on the Frankfurt Stock Exchange under the symbol "2AM" and on the OTCQB under the symbol "AMYZF".

The Company has one wholly-owned subsidiary, Rocher Manganese Inc., incorporated in the State of Arizona. Rocher Manganese Inc. manages the exploration work on the Company's Artillery Peak property.

The Company's head office is located at Unit 2, 17942 55 Avenue, Surrey, British Columbia V3S 6C8.

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American Manganese Inc.

Management's Discussion and Analysis

For the Three-Month Period Ended October 31, 2021

HIGHLIGHTS

In December 2021, the Company announced that the Indian Patent Office has grated patent with respect to Company's lithium-ion battery cathode recycling process (RecycLiCo™), further strengthening American Manganese's international Intellectual Property position as a company with an advanced recycling process. The newly granted Indian patent is separate from the Company's second battery recycling patent invention recently filed into national phase for Europe, South Korea, Canada, India, Australia, Japan, and China.

In November 2021, the Company announced that the Canadian Patent Office has issued the Company a Notice of Allowance with respect to Company's lithium-ion battery cathode recycling process (RecycLiCo™), further strengthening American Manganese's international Intellectual Property position as a company with an advanced recycling process.

In October 2021, the Company completes all identified milestones in the DLA project scope of work and submits its final report to the U.S. Defense Logistics Agency (DLA), signifying the completion of the Wenden Stockpile Reclamation and Advanced Material Processing project. The DLA project is AMY's second project to gain support from the U.S. Government.

In October 2021, the Company provided update on the RecycLiCo™ demonstration plant project, 3D rendering modelling and the Company's strategy towards commercialization.

In October 2021, the Company reported the successful production of lithium sulfate (Li2SO4) with 99.99% purity. The bulk sample of lithium sulfate was prepared and sent to an international lithium producer to validate the patented RecycLiCo™ process.

On October 2021, the Company closed a non-brokered private placement, issuing 20,000,000 non-flow-through units at $1.00 per unit for gross proceeds of $20,000,000. Each unit consists of one common share in the capital of the Company and one share purchase warrant entitling the holder to purchase one non-flow-through common share at a price of $1.25 per share during the three years following the warrant's date of issuance. The Company paid $1,714,768 in cash share issue costs and issued 1,400,000 broker warrants exercisable at a price of $1.00 per share from April 4, 2022 to October 4, 2024 pursuant to this issuance.

In September 2021, the Company reported the successful upcycling of lithium-ion battery black mass into NMC-811(nickel-manganese- cobalt oxide) cathode precursor, using AMY's RecycLiCo™ closed-loop process. These results are a continuation of earlier success where the Company upcycled cathode waste samples into NMC-622 cathode precursor, in August 2021 and NMC-532 cathode precursor, in June 2021.

In August 2021, the Company announced that the Japanese Patent Office has issued Patent No. 6906060, for the company's closed-looplithium-ion battery upcycling process, RecycLiCo™.

In August 2021, the Company successfully produced Electrolytic Manganese Metal (EMM) in the final stages of the Wenden Stockpile Reclamation and Advanced Material Processing project. These results follow the 99% manganese extraction results achieved on the Wenden Stockpile material in February 2021. The project was awarded by the United States Defense Logistics Agency (DLA) to perform work on the United States Government's manganese stockpile located near Wenden, Arizona and confirm the viability of efficient electrolytic manganese metal (EMM) production using the Company's patented manganese process.

In August 2021, the Company announced it is receiving advisory services and funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) to support a pilot project, entitled, 'Demonstration of Continuous Recycling of Cathode Material from Lithium-ionBattery Production Scrap'.

In July 2021, the Company announced that the detailed technical paper, 'A Novel Closed Loop Process for Recycling Spent Lithium- ion Battery Cathode Materials' has been submitted, reviewed, and published in the International Journal of Green Energy, a peer- reviewed journal that publishes papers on energy, energy conversion, energy management, and energy conservation, particularly in advanced, sustainable, and green energy technologies.

In May 2021, the Company announced that the Korean Intellectual Property Office ("KIPO") has granted Patent No. 10-2246670 for the Company's lithium-ion battery cathode recycling process (RecycLiCo™), further strengthening American Manganese's international Intellectual Property position as a company with an advanced recycling process.

In March 2021, the Company announced the production of cathode precursor material directly from recycled NCA (lithium-nickel-

Page 2 of 17

American Manganese Inc.

Management's Discussion and Analysis

For the Three-Month Period Ended October 31, 2021

cobalt-aluminium oxide) cathode waste. The NCA cathode chemistry is produced by some of the largest battery manufacturers and commonly used in modern electric vehicle batteries.

In March 2021, the Company signed memorandum of understanding with Italvolt SpA to develop a commercial recycling plant alongside Italvolt's planned Gigafactory in Scarmagno, Italy.

In March 2021, the Company awarded $2.7 million contract to Kemetco Research Inc. The contract will include the development of a 500 kg/day demonstration recycling plant and the design of a 5 tonne/day commercial recycling plant, using the RecycLiCo™ process.

In February 2021, the Company appointed Jochen Rudat, a former Tesla Director for Central Europe, to the Company's Advisory Board.

In February 2021, the Company's RecycLiCo™ process was awarded Solar Impulse Efficient Solution Label following an assessment performed by external independent experts and based on verified standards. RecycLiCo™ is thereby joining the 1000 Solutions Challenge, an initiative by the Solar Impulse Foundation to select solutions that meet high standards in profitability and sustainability and present them to decision-makers to fast-track their implementation.

In January 2021, the Company announced that the detailed technical paper, 'Experimental Study on Recycling of Spent Lithium-Ion Battery Cathode Materials' has been submitted, reviewed, and published in the Journal of the Electrochemical Society (JES). The publication describes experimental work leading to the Company's patented RecycLiCo™ process.

In December 2020, the Company achieved 99.7% extraction of lithium, nickel, manganese, and cobalt from NMC cathode scrap material. The extraction rate was achieved with continuous operation of the RecycLiCo™ pilot plant leach stages.

In November 2020, the company received funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) to advance its lithium-ion battery recycling project. NRC IRAP will provide advisory services and conditional funding to support American Manganese's research and development project on the 'Synthesis of Cathode Material Precursors from Recycled Battery Scrap'.

In October 2020, the Company filed an NI 43-101 technical summary report on its Rocher DeBoule Property.

In September 2020, the Company announced the optimized processing capacity of the pilot plant's pre-leach stage from 160 kg/day to 292 kg/day of lithium-ion battery cathode scrap material. Combined with earlier engineering upgrades in June, 2020, it brings a 356% total capacity increase for the pilot plant's pre-leach process without sacrificing the recovery potential of cobalt lithium, nickel, manganese, and aluminum.

In February 2020, the Company received funding from the Government of Canada for its lithium-ion battery recycling project to support the International Co-Innovation Action Plan (ICAP) between American Manganese Inc. and Battery Safety Solutions B.V.

In June 2019, the Company was granted United States Patent and Trade Mark patent No. 10,308,523B1.

In April 2019, the Company was granted U.S. Patent No. 10,246,343 for its Lithium-ion Battery Cathode Material Recycling Technology.

In March 2019, the Company partnered with the U.S. Department of Energy (DOE) and Critical Materials Institute on a project to advance the economic recovery of Lithium-ion battery materials from electric vehicles and other consumer goods.

In February 2019, the Company commenced testing of lithium-ion battery cathode material recycling with its pilot plant project.

Page 3 of 17

American Manganese Inc.

Management's Discussion and Analysis

For the Three-Month Period Ended October 31, 2021

Nature of business

The business of the Company is mineral exploration and development with a focus on patenting intellectual property for recycling cathode material in lithium-ion batteries. The company's mineral and technological projects are described below.

Intellectual property rights

In December 2021, the Company announced that the Indian Patent Office has grated Patent No. 380826 with respect to Company's lithium-ion battery cathode recycling process (RecycLiCo™), further strengthening American Manganese's international Intellectual Property position as a company with an advanced recycling process.

In November 2021, the Company announced that the Canadian Patent Office has issued the Company a Notice of Allowance with respect to Company's lithium-ion battery cathode recycling process (RecycLiCo™), further strengthening American Manganese's international Intellectual Property position as a company with an advanced recycling process.

In August 2021, the Company announced that the Japanese Patent Office has issued Patent No. 6906060, for the company's closed-looplithium-ion battery upcycling process, RecycLiCo™.

In May 2021, the Company is granted Patent No. 10-2246670 by Korean Intellectual Property Office for the Company's for the Company's lithium-ion battery cathode recycling process (RecycLiCo™)

In June 2019, the Company is granted Continuation in Part (CIP) U.S. patent No. 10,308,523B1 for Lithium-ion Battery Cathode Material recycling technology.

In May 2019, the Company has selected China, Japan, South Korea, Europe, Australia, India, and Canada to file National Phase Patent Applications for the Company's lithium-ion battery cathode material recycling technology.

In April 2019, the Company is granted U.S. Patent No. 10,246,343 for Lithium-ion Battery Cathode Material recycling technology.

Patent Co-operative Treaty Patent Application filed on November 9, 2017. With the filing of the PCT Application, the Company's proprietary technology becomes patent pending in 152 participating independent states and countries.

Non-Provisional Patent Application for recycling lithium-ion battery cathode material filed with the United States Patent Office on November 7, 2017.

Advanced Hydrometallurgical Process where from manganous sulphate-dithionate liquor electrolytic manganese can be recovered from a low-grade resource (US Patent No. 8460631, Chinese Patent No. 201180050306.7, Republic of South Africa Patent No. 2013/01364, Canada Patent No. 2,808,627).

Mineral property projects

Artillery Peak Project, Arizona USA

The Artillery Peak project includes 30 unpatented mineral claims covering approximately 600 acres and 13 patented surface estates. (13 patented Manganese Mesa leases).

In August 2018, 1 unpatented lode mining claim covering approximately 20 acres was not renewed.

During the year ended July 31, 2015, the Company decided to suspend further exploration on the Artillery Peak Property and has written off a total of $5,977,294 in deferred costs. The residual balance is based on an estimate of the cumulative hydrometallurgical and related exploration costs incurred in connection with the patented technology which has been developed by the Company.

In October 2012, the Company completed successful production of working lithium-ion battery prototypes utilizing chemical manganese dioxide (CMD) generated from Artillery Peak material. These prototypes (button cell batteries) are for test purposes only.

Producing working prototype lithium-ion batteries represents a key breakthrough for American Manganese in the continuing Page 4 of 17

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American Manganese Inc. published this content on 29 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 December 2021 22:16:03 UTC.