Nobel Resources : Management Discussion and Analysis

NOBEL RESOURCES CORP.

Management's Discussion and Analysis

For the six months ended June 30, 2022

(In Canadian dollars, unless otherwise noted)

Date: August 25, 2022

This Management's Discussion and Analysis ("MD&A") provides a discussion and analysis of the financial condition and results of the operations of Nobel Resources Corp. (individually or collectively with its subsidiaries, as applicable, "Nobel" or the "Company"), to enable a reader to assess material changes in the financial condition and results of operations as at and for the six months ended June 30, 2022. The MD&A should be read in conjunction with the audited consolidated financial statements as at and for the year ended December 31, 2021. All amounts included in the MD&A are expressed in Canadian dollars, unless otherwise specified.

The Company's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as published by the International Accounting Standards Board. Please refer to Note 3 of the annual audited consolidated financial statements as at and for the year ended December 31, 2021 for disclosure of the Company's significant accounting policies.

The scientific and technical contents of this MD&A have been reviewed and approved by Mr. Vernon Arseneau, (P.Geo), and Mr. David Gower, (P.Geo), Qualified Persons under National Instrument 43-101 ("NI 43-101"). As officers of the Company, Mr. Arseneau and Mr. Gower are not considered independent.

The audit committee of the Company has reviewed this MD&A and the consolidated financial statements for the six months ended June 30, 2022, and the Company's Board of Directors approved these documents prior to their release.

Overview and Strategy

Nobel is a Canadian exploration and development company engaged in the acquisition, exploration, and development of mineral properties with a primary focus on exploring in Chile. Exploration is conducted through the Company's wholly owned subsidiary, Grupo Los Nogales S.A ("Nobel Panama"), which in turn owns 100% of Mantos Grandes Resources Chile SpA.

The Company currently has the right to acquire a 100% ownership interest in each of the Algarrobo Project and the La Salvadora Project, both potential Iron Oxide Copper Gold ("IOCG") style, high-grade copper properties in Chile, which are described in detail below under the sections entitled, "Mineral Exploration Properties". The Company is continuing to evaluate both the La Salvadora Project and the Algarrobo Project. The Company also continues to review project submissions and data from various sources with a view to identifying other opportunities that could create value for its shareholders.

Summary of Properties and Projects

Mineral Exploration Properties

The Company has the right to acquire 100% interest in the Algarrobo Iron Oxide Copper Gold Ore (IOCG), a potential large-scale IOCG style high grade copper property in Chile. The country is a top mining jurisdiction as it is strategically located within 25km by paved highway from port and has world-class IOCG deposits within the Major Candelaria Belt.

Algarrobo Property - Description

The Algarrobo Project is located approximately 850km north of Santiago, in Region III, Province of Chanaral, Chile. The Algarrobo Project is located in the Southern Atacama Desert, with the city of Copiapo located approximately 43km to the southeast and the port at Caldera 25km to the east (see Figure 1).

The Property consists of 53 "Angela", 2 "Angelita" and 24 "Roble" tenures, comprising a total of 6,710 ha (16,581 acres).

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NOBEL RESOURCES CORP. Management's Discussion and Analysis For the six months ended June 30, 2022

(In Canadian dollars, unless otherwise noted)

Figure 1: Location of the Algarrobo IOCG Project.

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NOBEL RESOURCES CORP.

Management's Discussion and Analysis

For the six months ended June 30, 2022

(In Canadian dollars, unless otherwise noted)

Algarrobo Property - Exploration

The Company has completed an extensive chip-channel sampling program on underground and surface exposures of mineralization in advance of its drill program. A total of 133 chip/channel samples were collected from the existing workings as well as trenches and surfaces exposures. The mineralization is typically characterized by very high-grade veins ranging from 0.5 to 5 meters thick with mineralized wall rock adjacent that commonly has copper grades that can vary from 0.8% to 5% copper. The mining has been geared to high-grade,small-scale production for direct shipping +12% copper ore to the Enami smelter 45km to the south in the city of Copiapo.

• Chip/channel samples across the high-grade mineralized structures have returned values as high as 36.22% copper with numerous samples grading from 5% to 30% copper.
• Copper-richsamples show consistent gold enrichment with values ranging from 0.24-3.37 g/t gold and locally values as high as 15 g/t and 27.4 /t gold.
• Artisanal mining has been producing ore to a 12% copper cut off and direct shipping it to the smelter in Copiapo for treatment.
• Workings on the Project generally do not exceed 40 meters depth, however historical mining to 350 meters depth has occurred on an adjacent property and to 500 meters within 5km of the Project.
• The Project is characterized by a very extensive mineralized system that extends at least 6km along strike in a northeast direction and major mineralized veins form a horsetail structure that is more than 2km across strike. Besides the numerous major vein structures, there are thousands of smaller copper mineralized veins with varying orientations that have not been sampled within the mineralized area (see Figure 2).
• The Project is in an area with excellent infrastructure, 25km by paved highway from the port of Caldera and 45km north of the smelting complexes located in the city of Copiapo, also by paved highway.

For a complete list sampling process and results, please refer to the Company's press release dated April 22, 2021. Additional information in respect of the Project can be found in the Company's technical report prepared by Richard T. Walker, M.Sc, P. Geo., and Enrique Grez Armanet, B.Sc, P. Geo. titled "NI 43-101 Technical Report Algarrobo Property III Region, Chile at 27o 02' 34' E Latitude, 70o 33' 52' Longitude" with an effective date of February 28, 2021, which has been filed on SEDAR (www.sedar.com).

Thirty-one diamond drill holes were completed to date by the company for a total of 2,745 m with 4,100-line km of ground magnetics and 50.5 km of deep searching Induced Polarization (IP) surveys. The Company is well financed to execute on a significant drill campaign at Algarrobo.

The objective of the program has been to identify targets for drilling that have the scale to host a potential major copper deposit. The Project area has been subject to artisanal mining for decades which demonstrates the presence of high-grade copper mineralization extending over at least 5 kilometers of strike length in numerous mineralized structures exposed in mine openings in the northeast part of the Project area (the Northeast Trend) (Figure 2). The Company has also identified a second mineralized trend (the Gloria Trend) in the southern part of the property (Figure 2). The Project is unusual in that there is limited basic geological mapping or documentation of the geological controls on the mineralization given the long history of mine development. To accomplish this objective, the following has been completed:

1. Coverage of the entire Project property by high resolution ground magnetometer survey (see news release June 11, 2021).
2. Coverage of key areas with IP surveys to detect mineralization within priority magnetic features and associated mineralized structures. This survey responds to sulphide minerals at depth that would be oxide mineralization nearer to surface (typically in the top 120 meters in this area).
3. Complete a wide spaced drill program, coupled with geological mapping and trenching to provide the geological base required to properly interpret the geophysical surveys.

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NOBEL RESOURCES CORP.

Management's Discussion and Analysis

For the six months ended June 30, 2022

(In Canadian dollars, unless otherwise noted)

Figure 2: Map of the northeast part of the Property showing the numerous major mineralized structures sampled by the Company and from which production has occurred. The area with the historical and current mine workings is concentrated in the northeastern quadrant of the Property extending approximately 6km along strike in a southwesterly direction. The numbers beside certain of the sample site refer to copper values in % from the high-grade vein systems. The inset map showing the Gloria vein occurs 3km southwest along the trend and off the map.

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NOBEL RESOURCES CORP.

Management's Discussion and Analysis

For the six months ended June 30, 2022

(In Canadian dollars, unless otherwise noted)

Figure 3: Property map showing IP anomalies and coincident magnetic anomalies. Particularly note the large Central Target in an unexplored area at the intersection of two copper mineralized structural trends.

The geophysical surveys have identified high priority targets where large scale magnetic features are directly coincident with IP anomalies comprising chargeability highs and resistivity lows which is the correct response for a mineralized system with large scale potential. Key target areas have been identified (Figure

1. as follows:
2. 1. The Central Target occurs in an area of the Project that is completely dune covered and has never been explored. The magnetic anomaly is directly coincident with an IP anomaly comprising a chargeability high and resistivity low and occurs precisely in the area where two mineralized structural trends appear to intersect. The coincident magnetic / IP anomaly is approximately 4 km X 1.5 km in this target area. It appears that the target is controlled along a contact between an unmineralized intrusive unit and a mineralized granitic unit with a very definite break in the anomaly along that contact, which is a geological setting shared by other IOCG deposits including Marimaca and Michilla.
   2. The Northeast (NE) Target (Figure 3) has one of the stronger IP responses and occurs closest to the area with the highest concentration of historical mine workings. This anomaly extends at least 2.5 km in a north-easterly direction and is approximately 750 meters wide.

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