Quadro Resources : MDA for the period ending April 30, 2022

QUADRO RESOURCES LTD.

(the "Company" or "Quadro")

FORM 51-102F1

MANAGEMENT DISCUSSION & ANALYSIS

FOR THE NINE MONTHS ENDED APRIL 30, 2022

The following management discussion and analysis ("MD&A") has been prepared by management as of June 13, 2022 and should be read in conjunction with the unaudited interim financial statements and related notes of the Company for the nine month period ended April 30, 2022 and the audited financial statements and related notes of the Company for the year ended July 31, 2021. The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). All amounts are stated in Canadian dollars unless otherwise indicated.

FORWARD LOOKING STATEMENTS

This MD&A contains certain forward‐looking information and statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions as at the date of this MD&A. The words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "interprets", "may", "will" and similar expressions identify forward-looking statements. Information concerning the interpretation of drill results may also be considered a forward-looking statement; as such information constitutes a prediction of what mineralization might be found to be present if and when a project is actually developed. The forward-looking statements reflect the current beliefs of the management of the Company, and are based on currently available information. Readers are cautioned not to place undue reliance on these statements as they are subject to known and unknown risks, uncertainties and other factors, which could cause the actual results, performance, or achievements of the Company to differ materially from those expressed in, or implied by, such forward-looking statements. The Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.

OVERVIEW

Quadro Resources Ltd. was incorporated under the laws of British Columbia and currently trades on the TSX Venture Exchange (the "TSX-V") under the symbol "QRO", on the OTCQB under the symbol "QDROF", and on the Frankfurt Stock Exchange under the symbol "G4O2". The Company's principal business activity is the exploration and development of mineral properties.

The Company holds a 100% interest in the Staghorn property, located in Newfoundland and Labrador, through a purchase agreement with Metals Creek Resources Corp. ("Metals Creek") and Benton Resources Inc. ("Benton") in 2017. In addition, the Company holds a 100% interest in the Costigan Lake property located in central Newfoundland, which was acquired by staking. In November 2019 the Company entered into an option agreement to acquire a 100% interest in the Long Lake property, located in Newfoundland and Labrador, by making staged cash payments totaling $100,000 ($50,000 paid) and share issuances totaling 5,000,000 common shares over three years (3,000,000 common shares issued). The Staghorn property together with the Costigan Lake property and the Long Lake property form the Company's Victoria Lake Project. A drill program was initiated on the Long Lake and Staghorn Properties in April 2021 and August 2021.

In February 2020, the Company entered into a letter of intent ("LOI") whereby the Company has the option to acquire a 70% interest in the Seagull Lake property near Thunder Bay, Ontario, by making staged cash payments totaling $275,000 ($50,000 paid), issuing 6,500,000 common shares (1,000,000 common shares issued) and spending $1,550,000 of exploration expenditures over three years. Upon the Company earning the 70% interest, the Company and the optionor will form a joint venture for the further development of the property. On January 11, 2021, the Company announced that it had withdrawn from the Seagull option agreement signed February 18, 2020.

On October 8, 2020, the Company signed a LOI with Metals Creek to earn a 100% interest in the Careless Cove and Yellow Fox properties in Newfoundland. To exercise its option, the Company is required to pay Metals Creek a total $100,000 ($35,000 paid) and 1,500,000 common shares of the Company (600,000 shares issued) over three years.

On July 26, 2021, the Company signed a binding LOI with Buchans Minerals Corporation ("BMC") for the gold prospective Tulks South Property (the "Property"), located proximal to Quadro's Long Lake project, Newfoundland. The LOI sets out a

proposed transaction (the "Proposed Transaction") pursuant to which Quadro has acquired from BMC an option to acquire a 51% interest (the "Initial Option") in BMC's claims which comprise the Property, followed by the right to acquire an additional 19% interest (the "Second Option" or "Joint Venture") in the event that BMC elects not to participate in work programs after Quadro has earned its initial 51% interest.

In addition, the Company holds a one/third ownership in a 41-claim license located in the St. Anthony area on the Great Northern Peninsula, Newfoundland and Labrador.

IMPACT OF COVID-19

On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic. It has adversely affected global workforces, economies, and financial markets, triggering an economic downturn. The health and economic effects of this pandemic have been catastrophic. While the Company is a development stage enterprise and is not reliant on revenue streams to fund operations, the effects of the pandemic may impact the Company's operations moving forward. While the extent of the impact on the Company to-date has not been material, we anticipate that this outbreak may cause supply chain disruptions, staff shortages and increased government regulations, all of which may negatively impact the Company's business and financial condition.

MINERAL EXPLORATION ACTIVITIES

Victoria Gold Project, Newfoundland

The Company's Victoria Lake Gold project is located in west-central Newfoundland and comprises the 100% owned Staghorn property, the Long Lake property, and the Costigan Lake property. Quadro recently optioned the Tulks South Property and this added another 212 claim units to the package.

Staghorn Property

Quadro Resources is focused on the gold rich Cape Ray Fault system, described as one of the most prospective but underexplored regions in Canada. Its main asset is a 100% interest in the Staghorn Gold project. Located in west-central Newfoundland, the project comprises the Staghorn property and the recently optioned Long Lake property. Both properties cover portions of the auriferous Cape Ray Fault system which hosts a number of active gold exploration programs including Marathon Gold's Valentine Lake deposits (3.14 Moz measured and indicated (56.7 Mt at 1.72 g/t Au) and 1.64 Moz inferred (29.6 Mt at 1.72 g/t Au). (Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's property.)

Quadro has a 100% interest in the Staghorn claim package of 133 claim units covering 4000 hectares (40 sq. km) with a 12 km strike length of the auriferous Cape Ray Fault Zone, located between Marathon Gold's Valentine Lake deposits and Matador's Cape Ray deposits.

The Marks Pond Gold Horizon has been extended to over 600m in strike length and has proven continuity down dip. The most significant aspect of 2021 was the discovery of a lower zone of high-grade mineralization with visible gold below the main zone. Additional drilling is planned to follow up on the high-grade lower zone and wide step out drilling on the Marks Pond Horizon where a number of gold-in-soil anomalies remain to be tested.

Drilling to date:

• Jul-Oct2021 - 891 meters in four holes. A high of 29.1 g/t Au over 0.35 m within a 57.0 m wide zone grading 0.33 g/t Au and 1st definitive visible gold, below the main zone; 1.95g/t Au over 6 m; 1.1 g/t Au over 5.0 m including 1.8 g/t Au over 3.0 m, thus extending the Marks Pond Horizon 200 m to the southwest for a total of 626 m strike length.
• Feb-Apr2021 - 1403 meters in ten holes, all targeted on the Marks Pond gold zone. The drilling consisted of a series of 50-meter spaced step-out and undercut holes to the northeast of the discovery hole MP20-02. Drilled in late 2020, this hole intersected a gold zone assaying 3.22 g/t Au over 5.0 m, within a wider intersection of 1.98 g/t Au over 12.0 m. Another hole intersected 20.37 g/t Au over 0.5 m and 3.89 g/t Au over 2.5 m in undercut drill holes. These holes were revisited for under drilling in Sep-Oct 2021.
• Sep-Dec2020 - 1696 meters in thirteen holes. The drilling tested two of four soil anomalies in the Marks Pond area and attempted to expand on the Ryan's Hammer mineralization previously tested in 2018 at Staghorn. The highlight of the program was the discovery of a new gold zone at Mark's Pond where hole MP20-02 intersected 10.1 g/t over 1.0m within a wider interval of 3.22 g/t Au over 5.0 m.

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• Nov-Dec2018 - 887 meters in five holes focused on completing a fence of holes across the Cape Ray structure at Ryan's Hammer, Staghorn. This drilling combined with previous drilling to the east partially outlined two wide gold trends with only one drill cut in each trend.
• Nov-Dec2017 - 1466 meters in nine holes focused on the Woods Lake Zone, Staghorn. This program confirmed the widespread extent of an auriferous altered granodiorite within a flexure of the Cape Ray fault and required additional drilling to better define higher grade zones within the package.

QA/QC - Quadro has implemented a quality control program on its drill programs at the Staghorn Project to ensure best practice in sampling and analysis. Quadro maintains strict quality assurance/quality control protocols including the systematic insertion of certified standard reference and blank materials into each sample batch. Analyses in this release were performed by Actlabs of Ancaster, ON, with ISO 17025 accreditation. All samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 30 gram fire assay with an AA finish.

Quadro acknowledges the financial support of the JEA Program, Department of Natural Resources, Government of Newfoundland and Labrador.

Long Lake Property

The Long Lake property comprises 272 claim units covering 6800 hectares (68 sq. km). Quadro has an option to earn a 100% interest in this property located proximal to Marathon Gold's Valentine Lake deposits. The property is located along the northwest boundary of the Marathon Gold project within an under-explored belt of mineralized volcano-sedimentary and intrusive rocks. Highlights from the property includes two areas of strong gold in soil and tills. The property provides an opportunity for new gold discoveries in the emerging Cape Ray Gold district and is complimentary to Quadro's Staghorn claims located 35 km southeast of the newly acquire claims.

Previous work on the property dates back to 2005 when soil sampling outlined a number of gold anomalies. The historic geochemical survey was part of an on-going volcanogenic massive sulphide (base metal) program which kept the ground tied up until recently. No follow-up was carried out during that time and the area came open for staking in early 2019. The claims were staked by the underlying vendors who took two till samples in the area of the higher gold-in soil anomaly.

Drilling to date:

• Jul-Oct2021 - Discovery of a new gold zone intersected from the inaugural exploration drill program at its Long Lake property, located in Central Newfoundland. The drill program consisted of five holes (757 meters) designed to test the Ricky Gold Target. Intersections included 3.68 g/t Au over 5.4 m from hole R-021-01on the eastern end of the target and 31.7 g/t Au over 0.5 m from hole R-021-04 located 500m to the west.

QA/QC - Quadro has implemented a quality control program on its drill programs at the Long lake Project to ensure best practice in sampling and analysis. Quadro maintains strict quality assurance/quality control protocols including the systematic insertion of certified standard reference and blank materials into each sample batch. Analyses in this release were performed by Actlabs of Ancaster, ON and Eastern Analytical of Springdale, NL with ISO 17025 accreditation. All samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 30 gram fire assay with an AA finish.

Careless Cove/Yellow Fox Property, Newfoundland

The Careless Cove property consists of 40 claim units comprised of two claim blocks: Careless Cove and Yellow Fox. Quadro has an option to earn a 100% interest in the Yellow Fox and Careless Cove properties. Previous work on the two claim blocks resulted in gold mineralization up to 11.38g/t Au and 59.413 g/t Au. The property is located within the Central Newfoundland Gold Belt, eleven km southwest of New Found Gold Corp.'s ("NFG") Keats Zone where drilling is defining a very high grade mineralized zone which includes recent intersections up to 261.3 g/t Au over 7.2m and 146.2 g/t Au over 25.6m. Quadro's claims are partially surrounded by NFG's Queensway Project and are immediately west of the south-southwest striking Appleton Fault Zone corridor, which hosts the Keats Zone mineralization. Other nearby explorers include Labrador Gold Corp. and Sokoman Minerals Corp. Quadro's 2022 work programs will include sampling, prospecting, and reconnaissance drilling. Initial work on these claims in 2021 consisted of soil geochemistry and prospecting. (Mineralization hosted on these established operations is not necessarily indicative or representative of the mineralization that may be hosted on the Company's property).

Tulks South Property, Newfoundland

Quadro has an option to acquire an initial 51% interest in the Tulks South claims. The Tulks Property consists of 212 claim units covering a portion of the Tulks volcanic belt. These claims are tied onto Quadro's Long Lake property and the entire

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package now consists of 482 units (120.5 sq km) covering a broad Monzonite intrusive unit which trends northeast across the properties. This unit is parallel to the Valentine Lake Monzonite which hosts Marathon Gold's Valentine Lake deposits located 7 km to the southeast of the Quadro claims. (Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise

1. Moz (31.7 Mt at 1.86 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.19 Moz (23.2 Mt at

1. g/t). Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt at 1.78 g/t Au). (N.I. 43-101 Technical Report & Pre- Feasibility Study on the Valentine Gold Project Newfoundland and Labrador, Canada Report date: April 21, 2020 Effective date: April 18, 2020 Prepared for: Marathon Gold Corporation 10 King St. East, Suite 501, Toronto, ON, M5C 1C3 Prepared by: Ausenco Engineering Canada). (Mineralization hosted on these established operations is not necessarily indicative or representative of the mineralization that may be hosted on the Company's property.)

Previous work in 2020, by Quadro, on the Long Lake project included soil sampling and prospecting which defined a 700 m long gold target (Ricky Target) highlighted by a strong Au-in-soil anomaly and a number of float samples with values up to

33.65 g/t Au (see Quadro press releases dated January 5, 2021, and November 30, 2020, for more details). Geophysics, prospecting and geochemistry carried out in 2021 and was expanded to cover the Tulks South claims. Detailed ground magnetics and induced polarization have been completed on the Ricky target.

Conche Property, Newfoundland

The Company holds a one third interest in a 41-unit claim license in the St. Anthony area on the Northern Peninsula, Newfoundland, and Labrador. Quadro is the operator of the project.

In June, 2018, reconnaissance prospecting carried out on crown land and led by three personnel of Quadro, Metals Creek and Benton discovered a new galena, copper, zinc and fluorite showing with strike length potential of greater than 300 meters. Assay results had highs of 192 g/t Ag, 15.5% Pb, 0.45% Cu and 0.26% Zn. Quadro, Metals Creek and Benton decided to jointly stake the Conche property and have subsequently reduced the property to six units covering the main showing. A follow-up soil sampling program and prospecting/geological mapping is proposed.

Qualified Person

The technical contents in this document have been reviewed and approved by Wayne Reid, P. Geo., V.P. Exploration for Quadro, a qualified person as defined by National Instrument (NI) 43-101.

DISCUSSION OF OPERATIONS

Quadro is an exploration stage company and has no operating revenue. Expenditures related to exploration and evaluation assets are capitalized.

Nine months ended April 30, 2022

During the nine months ended April 30, 2022, the Company incurred $144,000 (2021 - $141,377) in acquisition costs and $640,058 (2021 - $776,147) in exploration expenditures. The details of the mineral expenditures are included in the Note 6 to the financial statements

During the nine months ended April 30, 2022, the Company had a net loss of $231,109 compared to a net loss of $852,872 for the period ended April 30, 2021. The decrease in net loss during the nine months ended April 30, 2022 was mostly due to Flow- through premium recover of $98,613 (2021 - $nil).

During the nine months ended April 30, 2022, the Company had general operating expenses of $329,273 (2021 - $691,916). The decrease in general operating expenses was due to the decrease in corporate activities during the current period and the variance was mainly attributable to:

• Consulting fees of $49,600 (2021 - $114,753) include fees paid to contract consultants for corporate and administrative work and to marketing advisory firms.
• Legal fees of $19,697 (2021 - $22,418) have decreased from the comparative period due to the decrease in corporate activities in the 2021.
• Transfer agent and regulatory fees of $19,816 (2021 - $44,764) have decreased from the comparative period due to the issuances of private placements in the same period of 2021.

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Three months ended April 30, 2022

During the three months ended April 30, 2022, the Company reported a net loss of $98,257 compared to a net loss of $444,546 for the three months ended April 30, 2022. The decrease in general operating expenses was due to the increase in mineral property and corporate activities during the current quarter and the variance was mainly attributable to the following accounts: travel and promotion of $3,868 (2021 - $6,706), consulting fees of $12,000 (2021 - $62,000) and share-based payments of $nil (2021 - $314,965).

SUMMARY OF QUARTERLY RESULTS

The following table sets forth selected unaudited financial information for the Company's eight most recent quarters ending with the last quarter for the three months ended on April 30, 2022.

				For the Three Months Ending
		Fiscal 2022			Fiscal 2021		Fiscal 2020
	Apr. 30,	Jan. 31,	Oct. 31,	Jul. 31,	Apr. 30,	Jan. 31,	Oct. 31,	Jul. 31,
	2022	2022	2021	2021	2021	2021	2020	2020
	($)	($)	($)	($)	($)	($)	($)	($)
Total revenues		-	-	-	-	-	-	-
Income (loss) from continuing	(98,257)	(149,272)	16,420	49,271	(444,546)	(290,414)	(115,287)	(481,603)
operations
Net income (loss)	(98,257)	(149,272)	16,420	49,271	(444,546)	(290,414)	(115,287)	(481,603)
Income (loss) from continuing
operations per share - basic and	(0.00)	(0.00)	0.00	0.00	(0.01)	(0.01)	(0.00)	(0.00)
diluted
Net income (loss) per share -
basic and diluted	(0.00)	(0.00)	0.00	0.00	(0.01)	(0.01)	(0.00)	(0.00)

LIQUIDITY AND CAPITAL RESOURCES

As at April 30, 2022, the Company had a cash balance of $709,229 compared to $1,450,445 as at July 31, 2021. The Company had working capital of $677,632 as at April 30, 2022 compared to working capital of $1,154,896 as at July 31, 2021.

During the period ended April 30, 2022, the cash balance decreased by $741,216 (2021 - $881,542 increase). The Company spent $493,598 (2021 - $313,972) in operating activities, $nil (2021 - $1,717) on computer equipment purchase and $685,058 (2021 - $917,524) on its exploration assets. The Company received $456,200 (2021 - $2,206,320) of net proceeds from share issuance.

Going Concern

At present, the Company's operations do not generate cash flow and its financial success is dependent on management's ability to continue to raise adequate financing on reasonable terms and to commence profitable operations in the future. However, management believes that it has sufficient working capital to fund its operations for the next twelve months. Should the Company be unable to realize its assets and discharge its liabilities in the normal course of business, the net realizable value of its assets may be materially less than the amounts recorded on the balance sheets. The Company's financial statements do not include adjustments that would be necessary should the Company be unable to continue as a going concern. These adjustments could be material.

OFF-BALANCE SHEET ARRANGEMENTS

The Company does not have any off-balance sheet arrangements.

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