Mundoro Capital : Earning Document

Mundoro Capital Inc.

Management's Discussion and Analysis

For the Year Ended December 31, 2023

	Management's Discussion and Analysis
	For the Year Ended December 31, 2023
	(Expressed in Canadian Dollars except as noted otherwise)
TABLE OF CONTENTS
1.	INTRODUCTION	2
2.	FORWARD LOOKING STATEMENTS	2
3.	SUMMARY OF ACTIVITIES	3
	Description Of Business And Strategy	3
	Serbia Portfolio Summary Of Exploration And Outlook	4
	Vale-Mundoro Projects - Central Timok	4
	Skorusa	4
	Oblez	4
	Padina	4
	Branik	5
	Vale-Mundoro Projects - Southern Timok	5
	Bobot and Odej	5
	Odej South and Gramada	5
	Kinross-Mundoro Project	6
	GT7	6
	BHP-Mundoro Projects	6
	Borsko Jezero	6
	Trstenik and Crvena Zemlja	6
	Vitanovac	7
	Ponor	7
	Lipovica	7
	Bulgaria Portfolio Summary Of Exploration And Outlook	8
	Svoboda Tender	8
	JOGMEC-Mundoro EE1 Copper Project	8
	EE1 Copper Project	8
	USA Portfolio Summary Of Exploration And Outlook	8
	Vale-Mundoro Generative Alliance	8
	Vale-Mundoro Dos Cabezas Project - Arizona	9
	Vale-Mundoro Picacho Project - Arizona	9
	SUBSEQUENT EVENTS	10
4.	RESULTS OF OPERATIONS	10
	Summary of Quarterly Results	10
	Annual Financial Information	10
	Review of Operations for the Year Ended December 31, 2023 Compared to the Year Ended December 31,2022	11
	Liquidity and Capital Resources	11
	Outstanding Share Data	11
5.	RELATED PARTY TRANSACTIONS	11
6. OFF BALANCE SHEET ARRANGEMENTS	12
7. USE OF FINANCIAL INSTRUMENTS	12
8. DISCLOSURE CONTROLS AND PROCEDURES UPDATE	12
9.	INTERNAL CONTROLS OVER FINANCIAL REPORTING	12
10.	RISKS AND UNCERTAINTIES	13
	Exploration & Development	13
	Permits and Licensing	14
	Foreign Country Political Environment	14
	Environmental Laws and Regulations	14
	Global Financial Conditions	15
	Foreign Operations	15
	Competition	15
	Hiring of Key Personnel	15
	Commodities	15
	Foreign Exchange	16
	Financing	16
	Price Volatility	16
	Dilution to Common Shares	16
	Investments	16
	Insured and Uninsured Risks	17
	Mineral Resources and Reserves Estimates	17
	Title to Properties	17
	Litigation	17
	Future Plans	18
		1 | Page

Management's Discussion and Analysis For the Year Ended December 31, 2023 (Expressed in Canadian Dollars except as noted otherwise)

1. INTRODUCTION

Mundoro Capital Inc. ("Company", "MCI", and "Mundoro") was incorporated on March 6, 2008 under the Business Corporations Act of the Province of British Columbia. The Company's common stock is quoted on the TSX Venture Exchange ("TSXV") under the symbol MUN. The Company's head office and principal address is 14th floor - 1040 West Georgia Street, Vancouver, British Columbia, Canada V6E 4H1.

This management discussion and analysis ("MD&A") should be read in conjunction with the Company's audited consolidated financial statements and supporting notes for the fiscal year ended December 31, 2023, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS

accounting standards").

This document has been reviewed by the Audit Committee of the Board of Directors of the Company and has been approved by the Board of Directors on April 29, 2024. All amounts are expressed in Canadian dollars unless otherwise indicated.

Additional information relating to Mundoro is available on our website at www.mundoro.comand on the Canadian Securities Administrators website at www.sedarplus.ca.

2. FORWARD LOOKING STATEMENTS

Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans", "intends", "anticipates", "should", "estimates", "expects", "believes", "indicates", "suggests" and similar expressions.

This MD&A, and in particular the "Outlook" section, contains forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties, and other factors. It is important to note that:

• Unless otherwise indicated, forward-looking statements in this MD&A describe the Company's expectations as of April 29, 2024.
• Readers are cautioned not to place undue reliance on these forward-looking statements as the Company's actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the
  Company's business, or if the Company's estimates or assumptions prove inaccurate. Therefore, the Company cannot provide any assurance that forward-looking statements will materialize.
• Subject to applicable laws, 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.

The material assumptions that were applied in making the forward-looking statements in this MD&A include: expectations as to the Company's future strategy and business plan; and execution of the Company's existing plans, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans.

For a description of material factors that could cause the Company's actual results to differ materially from the forward - looking statements in this MD&A, please see "Risks and Uncertainties".

2 | Page

Management's Discussion and Analysis For the Year Ended December 31, 2023 (Expressed in Canadian Dollars except as noted otherwise)

3. SUMMARY OF ACTIVITIES

Description Of Business And Strategy

Mundoro Capital Inc. ("Mundoro") is a Canadian listed (TSXV: MUN | OTCQB: MUNMF) royalty generator with a portfolio of projects focused on base metal and precious metal properties that can generate royalties and near-term payments. To drive value for shareholders, Mundoro has generated a portfolio of mineral properties primarily focused on copper ("Cu") and gold ("Au") systems in Serbia, Bulgaria and the USA.

Potential future returns for our shareholders from the Company's mineral properties can be in various forms such as discovery of mineral resources, royalty payments, advance royalty payments, operator fees, option payments, property payments, milestone payments, an interest in production, dividend payments or sale of our interest in a mineral property.

Mundoro's business model is to leverage our expertise in identifying emerging exploration regions for exploration and packaging properties with exploration targets that are attractive to mining companies to form joint ventures, strategic alliances, options and conduct asset sales. From 2015 to 2023, Mundoro has had various transactions with major mining companies as summarized below:

• Mundoro announced the Company entered into an agreement with BHP Group Limited ("BHP") in 2023 whereby BHP can earn-in to five (5) of the Company's properties and three exploration areas under application in Serbia.
• Mundoro and Kinross Gold Corporation ("Kinross") had an option agreement, between 2022 and 2024, for the Company's GT7. The GT7 property is a copper-gold target located in the northern portion of the Serbo-Macedonian Metallogenic province, in central Serbia.
• Mundoro and Japan Oil, Gas and Metals National Corporation ("JOGMEC") have, since 2022, an ongoing earn-in agreement for the exploration of the EE1 project, a sediment-hosted copper system in Bulgaria.
• Mundoro and Vale Canada Limited ("Vale") had an generative alliance between 2022 and 2024 to focus on generation of new projects with high potential to host porphyry copper and other related metals deposits within Arizona and New Mexico.
• Mundoro and Vale had an option agreement between 2022 and 2024, granting Vale an earn-in option for the Picacho project, a copper focused property in Arizona.
• Mundoro and Vale had an option agreement between 2021 and 2024, granting Vale an earn-in option for the Dos Cabezas project, a copper focused property in Arizona.
• Mundoro and Vale had an option agreement between 2020 and 2024, granting Vale an earn-in option for the exploration licenses, Odej, Bobot, Odej South, and Gramada, all located within the Timok Magmatic Complex in northeastern Serbia.
• Mundoro and JOGMEC had an strategic alliance for generative exploration for copper in Bulgaria in 2019.
• Mundoro and Vale had an option agreement between 2018 and 2024, granting Vale an earn-in option on four (4) exploration licenses, Skoursa, Oblez, Branik and Padina located within the Timok Magmatic Complex.
• Mundoro and Freeport-McMoRanExploration Corporation, had an earn-in agreement between 2018 and 2020 granting Freeport an earn-in option on two (2) exploration licenses located within the southern portion of the Timok Magmatic Complex.
• Mundoro optioned to ESAN the Saje Project for exploration drilling during 2018.
• Mundoro and JOGMEC had an earn-in agreement between 2016 and 2023, granting JOGMEC an earn-in option on four (4) exploration licenses, located within the northern portion of the Timok Magmatic Complex.
• Mundoro and First Quantum Minerals Limited had an earn-in agreement in 2015 granting First Quantum an option to earn-in to four (4) exploration licenses in the southern portion of the Timok Magmatic Complex.

3 | Page

Management's Discussion and Analysis For the Year Ended December 31, 2023 (Expressed in Canadian Dollars except as noted otherwise)

Serbia Portfolio Summary Of Exploration And Outlook

In the Republic of Serbia ("Serbia"), Mundoro methodically applied for a district-scale land position in the prolific Timok Magmatic Complex which hosts significant copper-gold deposits. The Serbian exploration properties are located near the town of Bor, a mining community which services various mining operations, both open pit and underground, as well as a smelting and processing facility. The area has good infrastructure, well serviced roads, and grid power.

The Company holds through its Serbian subsidiaries, the following 100%-owned exploration licenses: Crvena Zemlja, Padina, Odej, Bobot, Odej South, Gramada, Oblez, Skorusa, Branik, Kotlenik (GT7), Ponor, Vitanovac, Trstenik and Lipovica. These properties are located primarily in Northeastern Serbia, east of Belgrade, and are primarily within the well- known Timok Magmatic Complex, a segment of the Tethyan Metallogenic Belt which runs from Eastern Europe to Southeast Asia. The western portion of the Tethyan Belt hosts significant copper-gold porphyry deposits (Bor, Majdanpek, Veliki Krivelj, etc.) and related copper-gold epithermal deposits (Bor, Cukaru Peki, Chelopech, etc.).

The timing of Exploration Plans are estimates, which can be affected by factors such as weather.

Vale-Mundoro Projects - Central Timok

In October 2019, Mundoro entered into an earn-in agreement with Vale in which Mundoro granted to Vale an option to earn- in to four of Mundoro's exploration licenses located within the central portion of the Timok Magmatic Complex. The parties received government approvals in 2020 and 2021 and subsequently commenced exploration activity under the earn-in agreement which is sole-funded by Vale. The Earn-in Agreement was terminated in April 2024. The Company is progressing discussions with third party mining companies to potentially option the projects.

Skorusa

• The Skorusa license is a 88.5 sq.km area located 5 km southwest of the Bor Mine Complex and is adjacent on the west side to Zijin's Cukaru Peki deposit where mining operations commenced in 2021.
• The Skorusa copper-gold porphyry system was partially tested in 2015 and 2016 in two separate drill campaigns, with exploration primarily concentrated in the Skorusa West Zone.
• A regional structural interpretation that commenced in Q2-2023 to improve understanding of structural setting and targeting was completed in Q3-2023.
• A Phase II drill program was completed in Q3-2023 at Skorusa that followed up on previous AMT geophysical anomalies and down dip mineralization at depth from the East Zone. The program drilled 1004.4 m in a single drill hole. Assay results are expected in Q4-2023.
• A Passive seismic survey was carried out over part of the license area in Q4-2023. Results are expected in Q2-2024.
• A soil geochemical survey was carried out in Q4-2023 to cover a sector of the western extension of the license area.

Oblez

• The Oblez license totals 91 sq.km and is located directly southeast of the Skorusa license.
• A regional structural interpretation that commenced in Q2-2023 to improve understanding of structural setting and targeting was completed in Q3-2023.
• In Q3-2023 a passive seismic geophysical survey was completed for which initial geophysical interpretations were received.
• A passive seismic survey was carried out over part of the license area in Q4-2023. Results are expected in Q2-2024.

Padina

• The Padina license is located 4 km east of the Bor Mine Complex, adjacent to Branik to the east, and totals 12 sq.km.
• A regional structural interpretation that commenced in Q2-2023 to improve understanding of structural setting and targeting was completed in Q3-2023.
• A passive seismic geophysical survey was completed in Q3-2023; geophysical interpretations are now anticipated in Q2- 2024.
• Exploration Plans
  ● One drillhole at an early-stage target in the Padina license is planned for Q1-2024.

4 | Page

Management's Discussion and Analysis For the Year Ended December 31, 2023 (Expressed in Canadian Dollars except as noted otherwise)

Branik

• The Branik exploration area, covering 10 sq.km., is located along the eastern side of the Bor Mine Complex and the Veliki Krivelj open-pit mining operation, in the highly prospective, world-class Bor Mining Camp.
• A regional structural interpretation that commenced in Q2-2023 to improve understanding of structural setting and targeting was completed in Q3-2023.
• A passive seismic geophysical survey was completed in Q3-2023 with the geophysical interpretations anticipated by the end of Q4-2023.
• A Phase I drilling program at Branik to follow up on mineralized ore clasts intersected in a previous drilling campaign was completed in Q4-2023 for a total of 753.3 meters over 4 drill holes with the assays expected in Q1-2024.

Vale-Mundoro Projects - Southern Timok

In Q2-2021, Mundoro entered into an option agreement with Vale, granting Vale an option on two exploration licenses. The licenses are located within the southern portion of the Timok Magmatic Complex and are directly adjacent to the west of the Oblez and Skorusa licenses. The Earn-in Agreement was terminated in April 2024.

Bobot and Odej

• The Bobot and Odej licenses are located 15 km southwest of the Bor Mine Complex and cover 90.4 sq.km. The property contains a significant elongated northwest-southeast area of hydrothermal alteration covering 14 sq.km. which hosts epithermal and porphyry targets marked by Cu-Mo-Au-Ag-Pb-Zn geochemical anomalies and alteration zonation.
• The mapped hydrothermal alteration, defined over 9 km of strike at Tilva Rosh and Markov Kamen, coincides with an elongate zone of demagnetization of the host volcanic rocks. Within the hydrothermal alteration, exploration work by the exploration team identified several targets. Tilva Rosh, regarded as an epithermal gold target, includes a previously reported 12 m channel sampling containing 30 g/t gold and 171 g/t silver in an exploration trench.
• Drilling between 2014 and 2022 at Tilva Rosh identified a mineralized structure that strikes northwest-southeast and dips under the zone of lithocap alteration. This mineralized structure is interpreted to be part of a system related to a deeper porphyry.
• In Q2-2023, 3121.3 m of drilling at Tilva Rosh North was completed concluding the planned 3,200 m for the year.
• In Q2-2023, 378.6 m of drilling at the Markov Kamen South target was completed concluding the Phase I drill program.
• In Q3-2023 a passive seismic geophysical survey was completed for which initial geophysical interpretations were received.
• A regional structural interpretation that commenced in Q2-2023 to improve understanding of structural setting, was completed in Q3-2023. A follow up structural targeting study is underway in Q2-2024.
• In Q4-2023, 738.4 m of drilling at the Markov Kamen South target was completed within the Phase II drill program to follow up on potential extensions to mineralization intersected during previous drilling campaigns; assays are expected in H1-2024

Odej South and Gramada

• The Odej South and Gramada licenses are located directly south of the Odej license and cover 127 sq. km. The license areas contain hydrothermal alteration over a strike length of 8 km proposed as an along trend continuation of the hydrothermal alteration identified to the north at Tilva Rosh and Markov Kamen.
• The exploration team has identified four targets from geological mapping, rock and soil sampling, ground magnetics, IP surveys, AMT geophysical surveys, and a limited number of reverse circulation and diamond drill holes.
• In Q2-2023, 1,143.9 meters of diamond drilling was completed out of a planned 1,600 m at the Orlovo target to test possible extensions to porphyry style mineralization intersected in a previous drilling campaign, soil geochemistry anomalies, and new geophysical anomalies. The remaining drilling was completed at the beginning of Q3-2023.
• In Q3-2023, 291 meters of diamond drilling was completed on a drill hole at the Prekostenski target testing for possible extensions of mineralization intersected in previous drilling campaigns in areas with geophysical anomalies. This drilling completed a hole started in late Q2-2023 at a final depth of 801.4 meters.
• A regional structural interpretation that commenced in Q2-2023 to improve understanding of structural setting was completed in Q3-2023.

5 | Page

Management's Discussion and Analysis For the Year Ended December 31, 2023 (Expressed in Canadian Dollars except as noted otherwise)

• In Q3-2023, 237.1 m of diamond drilling was completed on a drill hole at the Bacevica North target testing surface geochemical anomalies.
• In Q4-2023, 1022.1 m of diamond drilling was completed on a drill hole at the Bacevica North target testing a geophysical anomaly.
• An IP and coincident NS-CSAMT survey for the Orlovo-Bacevica North corridor planned with a total of 52.5 line-km to be completed in Q4-2023 was started but postponed due to onset of winter conditions.

Kinross-Mundoro Project

In Q3-2023, Mundoro entered into an option agreement with Kinross, granting Kinross an option on the GT7 Copper Project.

GT7

• The GT7 Copper Project occupies 97 sq.km and is in the northern portion of the Serbo-Macedonian Metallogenic Province, a part of the Tethyan Orogenic Belt. The area is considered highly prospective for porphyry and related epithermal mineralization. The GT7 Copper Project contains exposures of diorite porphyry hosting quartz stockwork with copper and gold mineralization and a zone of veins hosted within surrounding sedimentary country rock which contains precious and base metals.
• During H2-2023 work focused on permitting and community engagement in preparation for future drilling.

BHP-Mundoro Projects

In Q1-2023 Mundoro entered into a definitive agreement with a wholly owned subsidiary of BHP Group Limited, which provides BHP with the right to earn-in to three (each, an "Option") exploration areas that Mundoro holds in the Timok region ("Timok Properties").

Borsko Jezero

• The Borsko Jezero project ("Borsko") is a 35 sq.km. license area located in the central portion of the Timok Magmatic
  Complex and is directly adjacent to and west of the producing Bor copper porphyry mine.
• Exploration has identified several targets of which Target 1 is an undercover preserved advanced argillic alteration lithocap covering an area approximately 1.6 km in strike length, discovered using a combination of geophysical techniques.
• The Target 1 system contains elevated copper-gold-arsenic indicative of high sulphidation epithermal type mineralization with elevated copper at the bottom of the lithocap suggesting a porphyry source beyond the immediate drilled area.
• In Q2-2023, the remaining 1440.7 m of drilling was completed to finish hole 23-BJ-28 at a final depth of 2006.7 m. Assays results did not return economic mineralized zones. Further vectoring is being planned for Target 1.

Exploration Plans

• Exploration plans include a ground AMT survey, magnetic survey, and a passive seismic survey in 2024.

Trstenik and Crvena Zemlja

• The Trstenik and Crvena Zemlja areas (collectively "Trstenik") cover 55 sq km within the northern portion of the Timok
  Magmatic Complex immediately north of Majdanpek copper porphyry mine.
• Systematic exploration work carried out has identified several target areas. Two of the targets at the southern end of the exploration license have similarities with the Majdanpek deposit in that the targets share similar geology, structural settings, and mineralisation - porphyry and skarn/massive sulphide replacement type and occur along strike of the main Timok trend.
• During Q1-2023 the company submitted requests to the State Forestry Department in preparation for drilling.
• During Q3-2023 a follow up drill program to test the extension of an IP anomaly to the south of the East Zone at the south end of the property was completed with one drill hole of 600.5 m. Assay results are expected in Q4-2023.
• During Q3-2023 a ground gravity survey was completed measuring gravity at 1400 stations across the project. Geophysical interpretation was received in Q4-2023.
• During Q4-2023, deployment and collection of a passive seismic array covering the project area was completed. Geophysical processing and interpretation are expected in H1-2024.

Exploration Plans

6 | Page

Management's Discussion and Analysis For the Year Ended December 31, 2023 (Expressed in Canadian Dollars except as noted otherwise)

• A ground AMT survey is planned to commence in H1-2024.
• A MobileMT survey is planned for Q2-2024.

Vitanovac

• The Vitanovac license covers 41 sq.km of the southern extension of the Timok Magmatic Complex and is located 40 km southwest of the Bor Mine Complex, directly south of the Company's Gramada license.
• The northern and southern parts of the license are covered by Paleogene sediments interlayered with Paleogene pyroclastic volcanics and agglomerate, while the central area consists of Upper Cretaceous sediments and volcanics. Hornblende andesite that intrudes the Upper Cretaceous sediments from the central portion of the license area are considered to have the potential for copper-gold mineralization from porphyry and epithermal related systems.
• A stream sediment program over the license has been completed and several drainage areas with elevated geochemistry were identified and mapped.
• In Q3-2023 a follow up grid-based soil geochemical sampling survey covering the license was completed and sample analysis results were received.
• In Q3-2023 a ground gravity survey was completed measuring 1022 stations across the license area. Initial geophysical interpretations are expected in Q2-2024
• In Q4-2024 a drill hole of 458.2 m was completed to test the volcanic stratigraphy in part of the licence area. Drill core logging confirmed the presence of volcanic units with similar characteristics to volcanic units hosting know ore deposits

in the Timok Magmatic Complex.

Exploration Plans

• A ground AMT survey is planned to commence in H1-2024.
• A MobileMT survey is planned for Q2-2024.

Ponor

• The Ponor license is a 93 sq.km area located about 60 km south-southeast of the Bor mine Complex.
• The license contains Cretaceous volcano-sedimentary lithologies intruded by late Cretaceous latite intrusions partly overlain by Paleogene sediments. Volcanic ages are similar to those within the Timok Magmatic Complex. A stream sediment sampling program yielded several drainage areas anomalous for gold, copper, lead and zinc within two outlined targets internally named Ponor North and Ponor South. Follow up soil sampling confirmed anomalous geochemistry within these targets.
• In Q3-2023 a ground gravity survey to cover the license area was commenced and was completed in Q4-2023.
• In Q4-2023 a grid-based soil geochemical survey commenced in Q3-2023 was completed. Geochemical assay results are being interpreted as they become available from the labs.
• Reconnaissance mapping and rock sampling commenced in the license in Q4-2023.

Exploration Plans

• A ground AMT survey is planned to commence in H1-2024.
• A MobileMT survey is planned for Q2-2024.

Lipovica

• The Lipovica license covers 88 sq.km. and is located 50 km south of the Bor mine Complex, immediately adjacent to the Company's Ponor license.
• The license contains Miocene and Cretaceous sedimentary units with potential for intrusive bodies and related mineralization below the cover sequences.
• A ground gravity survey commenced in Q4-2023 and will be ongoing into H1-2024.
• A grid-based soil geochemical sampling survey covering the license commenced in Q4-2023 and will be ongoing into H1-2024.
• Reconnaissance mapping and rock sampling commenced in the license in Q4-2023 and will be ongoing into H1-2024.Exploration Plans
• A ground AMT survey is planned to commence in H1-2024.
• A MobileMT survey is planned for Q2-2024.

7 | Page

Management's Discussion and Analysis For the Year Ended December 31, 2023 (Expressed in Canadian Dollars except as noted otherwise)

Bulgaria Portfolio Summary Of Exploration And Outlook

The Company has an ongoing generative program to evaluate both existing and new project areas in the Republic of Bulgaria ("Bulgaria"). In Bulgaria, Mundoro has proactively applied for land positions in underexplored regions known for base metal and precious metal deposits. The Company has areas under application in Bulgaria which are under review by the Ministry of Energy ("MoE"). Mundoro also holds a minority investment in a private gold mining company.

Svoboda Tender

• The Svoboda area is under application with the MoE and is located in the Panagyurishte Mining Region approximately 100 km south-east of Sofia, Bulgaria.
• The Panagyurishte Mineral Belt is the most prospective belt in Bulgaria for copper/copper-gold porphyry systems and high-sulfidation epithermal systems in Bulgaria. It is part of the upper Cretaceous Banat-Timok-Srednogorie Belt which hosts several economically viable porphyry and epithermal copper and gold deposits such as Moldova Nova, Majdanpek, Bor and Chelopech.
• The Company's local subsidiary was announced as the winner of the Svoboda tender process in September 2017. Certain legal and administrative procedures must be completed in order for an exploration contract to be entered into between the Company's subsidiary and the MoE.
• The Company continues to coordinate with the responsible Ministries in order to advance this application.

JOGMEC-Mundoro EE1 Copper Project

In Q1-2022, Mundoro and JOGMEC (Japan Oil, Gas and Metals National Corporation) entered into an earn-in agreement for the EE1 project. In Q3-2022, JOGMEC completed the Stage One Earn-in and Mundoro commenced exploration under Stage Two of the earn-in agreement.

EE1 Copper Project

• The EE1 license covers an area of 166.5 sq.km. approximately 40 km northwest of Sofia. The license area contains around 60 known copper-lead-zinc mineral occurrences including several historical mines. The area is considered highly prospective for sediment-hosted copper stratiform type deposits with potential similarities to mineralization in the Kupferschiefer region of Germany and Poland and the Central African Copperbelt of Zambia and the DRC.
• Following approval of the work program by the relevant government agencies in Q4-2022 a soil geochemical survey, geological mapping, and an initial AMT geophysical program totaling 14.3 line-km were conducted over parts of the license.
• A soil geochemical survey and geological mapping commenced in Q1-2023 and was completed in late Q3-2023.
• Based on field observations and analysis of the geochemical and geophysical work completed in 2022 and 2023, the Company submitted 8 drill hole locations for permitting to the responsible authorities in Q2-2023.
• A follow up AMT geophysical survey for a total of 27 line-km was completed in Q3-2023.
• After evaluating the results from the follow up ANT survey, in Q4-2023 the Company revised its drill hole locations

application to include additional prospective areas identified within the EE-1 license, increasing the number of drill hole locations applied for permitting, to allow for flexibility to the upcoming drill program.

Exploration Plans

• Drilling is planned for 1,900 meters after receiving the relevant permissions from the local government agencies.

USA Portfolio Summary Of Exploration And Outlook

Vale-Mundoro Generative Alliance

• In Q4-2021, the Company and Vale established a generative alliance focused on generation of new projects with high potential to host porphyry copper and related metal deposits within Arizona and New Mexico.
• Mundoro is the operator of the exploration activities while Vale sole funds the Work Program and Budget in order to identify projects suitable for designation as Designated Projects. All generative exploration activities are guided by a Technical Committee consisting of two members from each company.
• Mundoro earns a Management Fee to operate the Generative Alliance.

8 | Page

Management's Discussion and Analysis For the Year Ended December 31, 2023 (Expressed in Canadian Dollars except as noted otherwise)

• Each Designated Project will be covered by a separate option agreement pursuant to which Vale can acquire 100% of the Designated Project.
• Target generation is ongoing:

1. A second project has been spun out as a Designated Project in Q2-2023.

• 1. Two additional projects in the generative pipeline were presented as designated project proposals in Q4-2023.o A number of AOIs have been identified within Arizona and New Mexico with the potential to become
     designated projects to fill the generative pipeline.
• The Earn-in Agreement was terminated in April 2024.

Vale-Mundoro Dos Cabezas Project - Arizona

• The Dos Cabezas Project is located in SE Arizona, approximately 150 km east of the city of Tucson, within the highly prospective "Laramide" magmatic arc portion of the Southwestern USA cordilleran porphyry belt. The project consists of mixed State Exploration Permits, Federal Unpatented Mining Claims, and exploration agreements with private landowners for a total of approximately 61 sq.km.
• Exploration to date has identified three target areas with potential for outcropping porphyry copper targets and two covered target areas.
• Permitting with State and Federal agencies was completed in Q1-2023 for the Phase 1 Drill Program to test five target areas.
• In Q2-2023, drilling of two of the pediment target areas was completed for a total of 800 meters.
• In Q3-2023, a drilling contractor mobilized on to the project in preparation for the Phase 1 Drill Program.
• The Phase 1 Drill Program recommenced at Dos Cabezas in Q4-2023 to test three target areas: Mineral Park, Mescal Canyon and Casey Copper Canyon. The drill hole at Mineral Park was completed to the planned depth of 598 meters intersecting strong alteration over multiple zones. The drill hole at Mescal Canyon was drilled to 744 meters.
• The Phase 1 Drill Program to test the Casey Copper Canyon target to a proposed depth of 600 meters was not completed before Vale exited the earn-in agreement.

Vale-Mundoro Picacho Project - Arizona

• The Picacho Project is located in central Arizona approximately 60 km northwest of the city of Tucson. The project is located within a central position to numerous porphyry deposits including the Resolution deposit, the Ray Mine, Florence Copper, the San Manuel Mine, and the Sierrita-Esperanza district. The project consists of State Exploration Permits and Federal Unpatented Mining Claims for a total of approximately 105 sq km.
• Extensive research of historic exploration information and field reconnaissance was carried out from Q1-Q3 of 2022 as part of the Vale-Mundoro Generative Alliance.
• Three untested or partially tested covered target areas were identified along with a large area of untested ground with potential for additional covered targets.
• In Q1-2023 geologic mapping and geochemical sampling commenced in the project.
• In Q2-2023 project wide geologic mapping and geochemical sampling commenced.
• In Q3-2023 project wide drone magnetic and ground gravity surveys were completed.
• In Q4-2023, geophysical results were integrated with mapping and geochemical sampling completed earlier in the year to develop targets in the shallow pediment cover to drill test after permitting.

QUALIFIED PERSONS & INFORMATION CONCERNING ESTIMATES OF RESOURCES

The scientific and technical information described in this MD&A have been prepared in accordance within National Instrument 43-101. The scientific and technical information for Serbia exploration programs was reviewed and approved by Thomas Sant, FGS (EurGeol, CGeol) a Qualified Person as defined by NI 43-101 and Exploration Director to the Company. The scientific and technical information for Bulgaria exploration programs was reviewed and approved by, R. Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 43-101 and Chief Geologist to the Company. The scientific and technical information for the USA exploration programs has been reviewed and approved by T. Dechev, P.Eng (PEO, APEGBC), a Qualified Person as defined by NI 43-101, and the Company's Chief Executive Officer.

9 | Page