Inomin Mines : Quarterly earnings

INOMIN MINES INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

MARCH 31, 2023

INOMIN MINES INC.

Management's Discussion and Analysis

March 31, 2023

Introduction

Inomin Mines Inc. ("Inomin", the "Company", "we", "our" or "us") is an exploration stage company engaged in the acquisition and evaluation of mineral properties and related business opportunities. The Company owns a 100% interest in the Beaver-Lynx critical minerals (magnesium-nickel-chromium-cobalt) property located in the Cariboo region of south-central British Columbia. Inomin has a 100% interest in the La Gitana and Pena Blanca gold-silver properties in Oaxaca, Mexico. The Company also holds a royalty in the King's Point polymetallic (gold-copper-zinc) property in Newfoundland owned by Maritime Resources Corp. ("Maritime"). Inomin trades on the TSX Venture Exchange under the symbol "MINE".

This Management's Discussion and Analysis ("MD&A") is dated July 27, 2023, unless otherwise indicated and should be read in conjunction with the audited consolidated financial statements of Inomin Mines Inc. for the year ended March 31, 2023, and the related notes thereto which have been prepared in accordance with International Financial Reporting Standards ("IFRS") applicable to the preparation of consolidated financial statements. All amounts are reported in Canadian dollars.

Inomin recognizes that environmental, social and governance ("ESG") best practices are important aspects to responsible mineral exploration and mining. The Company's exploration programs are conducted to meet or exceed environmental regulations. Inomin strives to earn social licenses wherever the Company operates, endeavouring to meet with local communities, regulators, and other stakeholders prior, during, and after exploration work, to understand issues important to local and Indigenous communities. Inomin's practices are based on open, and honest communication to facilitate dialogue on social and economic benefits for communities, and other valuable stakeholders, including our shareholders.

Management is responsible for the preparation and integrity of the consolidated 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 consolidated 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 of Director's Audit Committee meets with management quarterly to review the consolidated financial statements and the MD&A and to discuss other financial, operating, and internal control matters. The Company's Board of Directors is comprised of Evilio J. Gomez-Garcia (John Gomez) (President and CEO), Anil Jiwani, CPA, CA (CFO), Ari Shack (Corporate Secretary), L. John Peters, P. Geo., and William Yeomans, P.Geo.

The technical disclosures herein have been reviewed and approved by Mr. L. John Peters, P.Geo., a Director of the Company and a qualified person as defined in National Instrument 43-101.

Further information about the Company and its operations can be obtained from SEDAR www.sedar.comand the Company's website www.inominmines.com.

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INOMIN MINES INC.

Management's Discussion and Analysis

March 31, 2023

Operating Highlights April 1, 2022, to July 27, 2023:

• Completed 228 line-kilometre ground magnetic survey at Lynx nickel property in April 2022.
• Received positive preliminary carbon capture tests results from Beaver-Lynx property in June 2022.
• Completed the acquisition of approximately 1,713 hectares (ha) at Beaver-Lynx through staking (1,693 ha) and a purchase agreement (20 ha), to enlarge Beaver-Lynx property to approximately 22,644 hectares.
• Achieved 99% magnesium recoveries from Beaver drill core samples using hydrochloric acid (HCl) leaching in January 2023.
• Executed agreement with a drilling company in January 2023 for drilling services on the Beaver- Lynx property.
• Closed an oversubscribed non-brokered private placement raising gross proceeds of $606,950 in May 2023 for drilling at Beaver-Lynx property and working capital.
• Started drilling program at Beaver-Lynx property in June 2023. Drilling was completed in July 2023.

Corporate Activities

Stock Option Exercises

During April 2022, a total of 635,000 common shares were issued pursuant to the exercise of 635,000 options for proceeds of $63,500.

Warrant Exercises

During April 2022, a total of 1,049,900 common shares were issued pursuant to the exercise of 1,049,900 warrants for proceeds of $157,470. Of this amount, $132,720 was received during March 2022.

Stock options granted

On April 11, 2023, the Company granted incentive stock options to a consultant to acquire 100,000 common shares of the Company at $0.07 per common share, vesting immediately, for a period of two years expiring April 11, 2025. Fair value of the options of $5,380 was determined using the Black Scholes option pricing model.

On July 3, 2023, the Company granted 1,400,000 stock options under the Company's stock option plan to directors and advisors of the Company. The Options are exercisable until July 3, 2028, at a price of $0.075 per common share, and vested immediately. Fair value of the options of $98,280 ($43,875 of which was with related parties) was determined using the Black Scholes option pricing model.

Non-brokered private placement

On May 31, 2023, the Company completed a non-brokered private placement of 3,992,142 non-flow- through units (each, a "Unit") at a price of $0.07 per unit and 3,275,000 flow-through units each, a "FT Unit") at a price of $0.10 per unit for gross proceeds of $606,950.

Each Unit consists of one common share in the capital of the Company (a "Share") and one Share purchase warrant of the Company (each, a "NFT Warrant"). Each NFT Warrant is exercisable by the holder to acquire one Share for a period of 36 months from the date of closing of the Private Placement at a price of $0.13 per Share.

Each FT Unit consists of one Share that will qualify as a "flow-through share" and one Share purchase warrant of the Company (a "FT Warrant"). Each FT Warrant is exercisable by the holder to acquire one Share for a period of 24 months from the date of closing of the Private Placement at a price of $0.15 per Share.

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INOMIN MINES INC.

Management's Discussion and Analysis

March 31, 2023

In connection with the Private Placement, the Company issued an aggregate of 256,550 non-transferrable finder's warrants (the "Finder's Warrants") and paid finder's commissions of an aggregate of $24,574. A total of 36,050 Finder's Warrants were issued on the same terms as the NFT Warrants and 220,500 Finder's Warrants were issued on the same terms as the FT Warrants.

Property acquisition

On July 7, 2023, the Company issued 100,000 common shares of the Company to acquire additional mineral claims, extending the size of its Beaver-Lynx property. Fair value of the common shares issued of $7,000, was measured at the closing market price of common shares at the date of issuance.

Exploration Projects

Beaver-Lynx Property, British Columbia

Exploration Update

On April 11, 2022, the Company announced it had identified unreported significant magnesium (Mg) grades from historical 2014 drilling on the Beaver property, completed by previous operators. Highlights included drill hole BN14-23 intersecting 100.6 meters at an average grade of 21.5% Mg with 0.14% Ni (nickel). These holes were drilled in the Skelton and Ring zones - not drill tested by Inomin in the 2021 drilling campaign - as well as the North Lobe zone. The historic results, combined with the 2021 drill results, demonstrate that high-grade magnesium mineralization is widespread at Beaver, as well as lower-grade, sulphide nickel.

On April 19, 2022, the Company announced completion of a ground magnetics survey on the Lynx property, generating numerous drill targets. Approximately 171 line-kilometres (kms) of magnetic readings were taken across two grids encompassing the Bear and a portion of the Skulow zones, two large 2 x 3 km nickel targets. The delineated magnetic structures - typically associated with mineralization - will be used for drill targeting. Given the geologic and mineral similarities, the Company anticipates Lynx hosts potentially comparable magnesium and nickel grades as at Beaver.

On June 27, 2022, the Company announced receipt of positive initial test results demonstrating the potential for carbon capture and storage at Beaver property. The tests, carried-out by researchers at the University of British Columbia ("UBC"), demonstrate that samples from the Company's 2021 critical mineral discoveries, contain key minerals that sequester carbon dioxide (CO2) from the atmosphere.

Highlights of test findings and possible implications:

• Beaver samples contain magnesium-rich minerals such as brucite and hydrotalcite group minerals that react quickly with CO2 in the atmosphere;
• 60% of analysed samples contain moderate to substantial levels of brucite, a form of magnesium key to carbon capture and storage;
• Brucite is the key mineral for carbon capture as it reacts with carbon dioxide; 1% - 2% weight (wt) brucite content is considered significant;
• Beaver samples contain up to 11% wt brucite which is very substantial;
• Beaver tailings are good candidates for CO2 capture using techniques developed by UBC;
• A substantial reduction in CO2 greenhouse gas emissions could enable carbon neutral mining and lower operating costs; and
• With significant emission reduction, it is technically possible to create a carbon negative mining operation and the opportunity to generate carbon credits.

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INOMIN MINES INC.

Management's Discussion and Analysis

March 31, 2023

On November 28, 2022, the Company announced staking 1,516 hectares of mineral claims to enlarge the Company's Beaver-Lynx critical minerals project to 22,436 hectares. The new claims were acquired to cover prospective magnetic targets identified by airborne surveys.

On January 19, 2023, the Company announced metallurgical test work for the extraction of magnesium from 2021 Beaver drill core samples achieved recoveries of 99% using hydrochloric acid (HCl) leaching and a 40% recovery from a low-cost carbonate extraction. The metallurgical test results, completed by SGS Canada Inc., demonstrate good potential to extract a very high level of magnesium utilizing conventional processing. Nickel recoveries of 58% are also achievable through floatation. These positive test results are an important milestone for the Company's Beaver-Lynx critical minerals property.

Highlights of metallurgical tests:

• Drill core samples contain significant amounts of magnesium in the form of magnesite and brucite.
• Hydrometallurgical processing tested two leaching options: HCl and high-pressure CO2.
• HCl leaching was effective in extracting 99% of magnesium from whole ore and after floatation.
• High pressure CO2 leach testing reported 40% recovery as magnesium carbonate.
• Up to 58% of total nickel was extracted by flotation.
• It is expected that optimization of extraction techniques would markedly increase recoveries.

On February 2, 2023, the Company announced signing a drilling agreement for the Company's Beaver-Lynx property, and drilling started in June 2023. The drilling program is aimed at expanding Inomin's significant 2022 discovery by testing new priority targets and working towards delineating resources at Beaver. Future maiden drilling is planned at the Lynx area to test if mineralization is similar to discoveries at Beaver. Drilling was completed in July 2023, and further drilling is anticipated in autumn and/or the new year depending on various factors.

Recent drilling at the Beaver property, consisting of 4 holes totaling 968 metres, targeted the South and Ring zones located approximately 6 kilometres (km) and 4.5 km south respectively of Inomin's drilling discovery in the Spur zone (hole B21-02) that intersected 252.1 metres grading 20.6% magnesium, 0.16% nickel, and 0.33% chromium. The objective of the drilling program was to test for significant intervals containing

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