Astra Exploration : MD&A YrEnd 03 31 2022

ASTRA EXPLORATION INC. (FORMERLY MOMENTOUS CAPITAL CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE YEAR ENDED MARCH 31, 2022 AND THE PERIOD FROM INCORPORATION ON AUGUST 24, 2020

TO MARCH 31, 2021

(in Canadian Dollars, except where noted)

This Management's Discussion and Analysis ("MD&A") of Astra Exploration Inc. (the "Company") ") supplements, but does not form part of, the audited consolidated financial statements and the notes thereto for the year ended March 31, 2022 and the period from incorporation on August 24, 2020 to March 31, 2021, and should be read in conjunction with the audited consolidated financial statements for the year ended March 31, 2022 and the period from incorporation on August 24, 2020 to March 31, 2021 and the related notes thereto ("financial statements"), prepared in accordance with International Financial Reporting Standards ("IFRS") applicable to the preparation of the financial statements. This MD&A is current as of July 15, 2022 and was reviewed and approved by the Company's Board of Directors.

The first, second, third, and fourth quarters of the Company's fiscal years are referred to as "Q1", "Q2", "Q3" and "Q4", respectively. Periods for the year ended March 31, 2022 and the period from incorporation on August 24, 2020 to March 31, 2021 are referred to as "fiscal 2022" and "fiscal 2021", respectively. All amounts are presented in Canadian dollars, the Company's presentation currency unless otherwise stated.

Management is responsible for the preparation and integrity of the Company's financial statements, including the maintenance of appropriate information systems, procedures, and internal controls. Management is also responsible for ensuring that information disclosed externally, including the information contained within the Company's financial statements and MD&A, is complete and reliable.

Certain statements made may constitute forward-looking statements. Such statements involve a number of known and unknown risks, uncertainties, and other factors. Actual results, performance and achievements may be materially different from those expressed or implied by these forward-looking statements. For additional information on forward- looking statements and material risks associated with them, please see the "Cautionary Note Regarding Forward- Looking Statements" section of this document.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain statements in this document constitute forward-looking information under applicable securities legislation. Forward- looking information typically contains statements with words such as "anticipate", "believe", "estimate", "will", "expect", "plan", "intend", or similar words suggesting future outcomes or an outlook. Forward-looking information in this document includes, but is not limited to:

• our business plan and investment strategy; and
• general business strategies and objectives.

Such forward-looking information is based on a number of assumptions which may prove to be incorrect. Assumptions have been made with respect to the following matters, in addition to any other assumptions identified in this document:

• taxes and capital, operating, general & administrative and other costs;
• general business, economic and market conditions;
• the ability of the Company to obtain the required capital to finance its investment strategy and meet its commitments and financial obligations;
• the ability of the Company to obtain services and personnel in a timely manner and at an acceptable cost to carry out activities;
• the timely receipt of required regulatory approvals; and
• that the regulatory framework for permitting of Chilean mineral resource assets will remain relatively consistent.

Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on them as there can be no assurance that such expectations will prove to be correct. Forward-looking information is based on expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially than anticipated and described in the forward- looking information. The material risks and uncertainties include, but are not limited to:

• meet current and future commitments and obligations;
• general business, economic and market conditions;
• the uncertainty of estimates and projections relating to future costs and expenses;
• changes in, or in the interpretation of, laws, regulations or policies;

ASTRA EXPLORATION INC. (FORMERLY MOMENTOUS CAPITAL CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For year ended March 31, 2022 and the period from August 24, 2020 (date of incorporation) to March 31, 2021

• the ability to obtain required regulatory approvals in a timely manner;
• the outcome of existing and potential lawsuits, regulatory actions, audits, and assessments; and
• other risks and uncertainties described elsewhere in this document.

The foregoing list of risks is not exhaustive. For more information relating to risks, see the section titled "Risk Factors" herein. The forward-looking information contained in this document is made as of the date hereof and, except as required by applicable securities law, the Company undertakes no obligation to update publicly or revise any forward- looking statements or information, whether as a result of new information, future events or otherwise.

Q4 2022 HIGHLIGHTS AND OVERALL PERFORMANCE

The Company reported a net loss and comprehensive loss of $2,097,542 (2021 - $259,487) and $4,477,490 (2021 - $262,905) during Q4 2022 and fiscal 2022, respectively. The increase in net loss was primarily driven by exploration and evaluation expenditures, management fees, professional fees, and share-based compensation.

As at March 31, 2022, the Company had $906,356 in cash, compared to $489,847 at March 31, 2021, and working capital of $569,480 at March 31, 2022, compared to $338,345 at March 31, 2021.

HIGHLIGHTS SUBSEQUENT TO MARCH 31, 2022

On June 1, 2022, pursuant to the appointment of a Manager of Investor Relations, Marketing & Business Development, the Company granted 150,000 stock options. Each stock option entitles the holder to purchase on common share at an exercise price of $0.25. The options will vest according to the following schedule: one third on September 1, 2022, one third on December 1, 2023, and one third on June 1, 2025. The options expire on May 30, 2027.

On June 14, 2022, pursuant to a private placement, the Company issued 12,000,000 units at $0.20 per unit. Each unit consists of one common share and one common share purchase warrant. Each Warrant entitles the holder thereof to purchase one common share at an exercise price of $0.26 for a period of 24 months from the date of closing.

On June 22, 2022, the Company qualified for trading on the OTCQB Venture Market's and the Company's common shares commenced trading under the symbol "ATEPF".

DESCRIPTION OF BUSINESS

Astra Exploration Inc. (the "Company") (formerly known as Momentous Capital Corp.) was incorporated on July 31, 2020 under the Business Corporations Act (British Columbia). The head office, principal address, registered address, and records office of the Company is located at #700-1090 West Georgia Street, Vancouver, BC V6E 2E9. The Company's principal business activities include the acquisition and exploration of mineral property assets.

On July 7, 2021, the Company announced that it entered into an amalgamation agreement (the "Amalgamation Agreement") with Astra. Pursuant to the Amalgamation Agreement, the Company acquired all of the issued and outstanding securities of Astra Exploration Limited ("Astra") in exchange for securities of Astra (the "Transaction"), carried out by way of a three-cornered amalgamation. As a result of the Transaction, the Company continued with the business of Astra.

Effective January 18, 2022, the Transaction closed whereby the Company issued 21,906,752 common shares to former shareholders of Astra. Concurrent with the closing of the Transaction, Momentous Capital Corp. changed its name to Astra Exploration Inc. The Company's common shares were listed on the TSX-V on January 26, 2022.

SHARE CAPITAL HIGHLIGHTS

On January 27, 2022, the Company issued 50,000 common shares pursuant to the exercise of 50,000 stock options with an exercise price of $0.20 for gross proceeds of $10,000.

On January 18, 2022, pursuant to closing the Transaction, the Company issued 21,650,001 common shares with a fair value of $795,000 to former shareholders of Astra. As part of the Transaction, the Company incurred share issuance costs for which it issued 500,000 common shares at $0.30 per common share.

On November 23, 2021, pursuant to a private placement, the Company issued 1,975,334 common shares for gross proceeds of $592,600 at a price of $0.30 per share. The Company incurred total share issuance costs of $24,112.

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ASTRA EXPLORATION INC. (FORMERLY MOMENTOUS CAPITAL CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For year ended March 31, 2022 and the period from August 24, 2020 (date of incorporation) to March 31, 2021

On August 4, 2021, pursuant to a private placement, the Company issued 575,333 common shares for gross proceeds of $172,600 at a price of $0.30 per share. The Company incurred total share issuance costs of $9,927.

On June 30, 2021, the Company completed the first tranche of a non-brokered private placement for gross proceeds of $1,441,200. The Company issued 4,804,000 common shares at $0.30 per share. The Company incurred total share issuance costs of $74,175.

On May 13, 2021, the Company acquired 80% of the Pampa Paciencia gold property located in Atacama region of northern Chile from Arena Minerals Inc. by way of the issuance of 5,820,834 common shares with a fair value of $1,164,167.

PAMPA PACIENCIA PROJECT, CHILE

On May 13, 2021, the Company acquired, through its wholly owned subsidiary Astra, 80% of the Pampa Paciencia gold property located in Atacama region of northern Chile from Arena Minerals Inc. through the issuance of 5,820,834 common shares. The fair value of the shares issued was $1,164,167.

The Pampa Paciencia project consists of 8 exploitation claims in the name of Sociedad Contractual Minera (SCM) Paciencia, totaling 2,140 hectares. In March 2021, the Company applied for 3 additional exploration claims, covering 1,700 hectares along the western border of the property.

The project lies within the Paleocene Mineral belt and includes outcropping gold-silver mineralization hosted in low sulphidation style epithermal quartz veins and could have potential for porphyry style copper-molybdenum mineralization under cover in the NE of the property.

Two principal magmatic events occur at Pampa Paciencia related to the Dominador and Sierra Gorda N-S regional faults: A late Cretaceous and a Paleocene volcanic and igneous magmatic event. These were all mineralized in the Paleocene and then partially covered by Miocene to Holocene alluvial and colluvial deposits.

Exploration work on Pampa Paciencia by previous operators includes geological mapping, rock chip and float sampling, ground geophysics, 2,629 m of trenching and 3,209 m of drilling in 19 holes. This work resulted in the discovery of a low sulphidation epithermal vein system in the North Zone, with Au and Ag-rich shoots including select drill results returning 3.75m grading 8.29g/t AuEg (80:1). Given the relatively minimal amount of exploration, comparatively small footprint of epithermal deposits, and extensive but shallow cover, management believes there is significant opportunity to discover more low sulphidation epithermal veins in the area. Additionally, sections containing previously intersected Au and Ag-rich mineralization are open along strike and at depth, which provide high quality drill targets.

As of the date of this MD&A, the Company has conducted the following exploration activities:

• Detailed mapping and sampling of outcrop, subcrop, and float including systematic characterization of quartz textures, alteration and structure.
• Property-widemagnetic survey and increased resolution of existing ground magnetics by infilling the previous grid with new lines at 50 m or 25 m spacing.
• 1,119 m of trenching and channel sampling of veins or extensions.
• 2,982 m of reverse circulation drilling to test new targets and extend known targets.

The Company has received geochemical results from the Phase I drill program which was completed between 19th of February and 25th of March 2022. These results were reported in two news releases (2nd and 25th of May 2022). The program consisted of 30 holes and 2,982 meters. A total of 1,233 samples, including blanks, duplicates and standards were send to ALS Lab in Santiago, Chile.

25 holes targeted the Paciencia Vein System in the North Zone, represented by three segments of the same vein (from NW to SE): Paciencia Oeste - 9 holes, Paciencia - 12 holes and Paciencia Este - 3 holes. All 24 of these holes intersected a thick (10 to 15 m true width) LSE mineralization represented by quartz veins, hydrothermal breccias and quartz and Fe-Mn oxide stockworks and veinlets, hosted in Cretaceous granitic rocks. Geochemical results demonstrate that Au and Ag mineralization concentrates at depth along the LSE vein in two zones: one in Paciencia Oeste - 200 m long and 80 m deep, with best intersection of 25m averaging 0.96 g/t AuEq (80:1) including 2m containing 3.73 g/t AuEq in hole PPRC-22-24, and one in Paciencia/Paciencia Este veins - 400 m long and 100 m deep, with best intersection of 2.85 g/t AuEq over 21m including 3m of 14.98 g/t AuEq in hole PPRC-22-12.

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ASTRA EXPLORATION INC. (FORMERLY MOMENTOUS CAPITAL CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For year ended March 31, 2022 and the period from August 24, 2020 (date of incorporation) to March 31, 2021

In addition to the Paciencia Vein System, two holes were designed to test ground magnetic targets in blind areas in the North Zone. These holes intersected LSE mineralization, up to 14 meters thick with anomalous Au and Ag values.

The last three holes were drilled in the Central Zone and targeted below a mineralized vein in andesitic rocks that reported high Au grade in a historical trench. The holes crosscut quartz veinlets, suggesting that the host rock of these veins in a Central Zone is not ideal for LSE mineralization.

The Phase II drill program will consist of up to 5,000 metres of RC drilling and will primarily focus on expanding mineralization at depth and along strike in the two defined mineralized shoots located in the Paciencia Vein System. Secondary targets will consist of other blind vein structures discovered with Phase I drill program and newly interpreted vein structures from other geophysical targets, in particular those WNW, E-W to ENE-striking magnetic lineaments related with low magnetic regional anomalies.

DON MARIO - CERRO BAYO

On March 9, 2021, Astra entered into an agreement to acquire 100% ownership of the Cerro Bayo project in the Maricunga Belt of northern Chile. Subsequent to the date of this MD&A, ownership of the claims was transferred to Astra Chile.

The Cerro Bayo project consists of 17 exploration claims in the name of Compañía Minera Don Mario SCM, totaling 4,480 hectares. Cerro Bayo is in the III Region, Chile, 120 km east of Copiapó and 19 km east of the Maricunga (Refugio) mine (6 Moz Au).

The project lies within the Maricunga belt. It is related to a major NNE lineament that connects with Marte-Lobo projects to the north, and includes outcropping disseminated gold mineralization in a high sulphidation style epithermal (HSE) system, that could have potential for porphyry style gold-copper mineralization below the HSE lithocap.

The Maricunga belt is characterized by Miocene structurally controlled Au-rich porphyries and high sulphidation systems. At Cerro Bayo, a Miocene dacitic porphyry intruding a pyroclastic sequence was defined. These rocks have vuggy and quartz and alunite alteration, together with hydrothermal brecciation and pervasive silicification mapped.

Exploration work on the Cerro Bayo project by previous operators includes geological mapping, rock chip and soil grid sampling, and 1,660 m of RC drilling in 8 holes. This work was concentrated in the Cerro Bayo hill, representing about 10% of the property and resulted in the discovery of a disseminated HSE system. Results included surface Au anomalies up to 5.86 ppm in a geochemical grid and 25.3 ppm Au in selected samples, and drill results returning 20m grading 0.41 g/t Au (BDH-01) and 32m grading 0.38 g/t Au (BDH-08). Given the minimal amount of exploration, management believes there is significant opportunity to discover a disseminated gold HSE and/or porphyry system in the area.

Previous exploration results at Cerro Bayo are historical in nature and have not been verified by the Company.

Qualified Person

The technical information contained in this MD&A has been reviewed and approved by Darcy Marud, P.Geo. of the Company who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects".

Generative Exploration in Chile

The Company plans to build a portfolio of projects and is evaluating several Au-Ag epithermal projects in Chile.

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ASTRA EXPLORATION INC. (FORMERLY MOMENTOUS CAPITAL CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For year ended March 31, 2022 and the period from August 24, 2020 (date of incorporation) to March 31, 2021

RESULTS OF OPERATIONS

Q4 2022 and Q4 2021 Comparison

	Q4 2022	Q4 2021
	$	$
EXPENSES
Exploration and evaluation expenditures	599,759	115,453
General and administrative	68,988	1,255
Management fees	66,622	90,583
Marketing	39,393	17,083
Professional fees	84,806	34,566
Share-based compensation	113,380	-
Travel	52,055	-
Net loss from operations	1,025,003	258,940
Foreign exchange (gain) loss	10,756	547
Listing expense	1,061,783	-
Net loss and comprehensive loss	2,097,542	259,487
Net loss attributable to Shareholders of the Company	1,970,970	259,487
Net loss per share - basic and diluted	0.08	0.04
Weighted average number of common shares - basic and diluted	24,374,169	7,100,002

During the three months ended March 31, 2022, the Company incurred a loss of $2,097,542 (2021 - $259,487), of which $1,970,970 (2021 - $259,487) was attributable to shareholders of the Company and $126,572 (2021 - $nil) was attributable to non-controlling interests. The expenses incurred by the Company are as follows:

• Exploration and evaluation expenditures increased to $599,759 compared with $115,453 due to continued fieldwork on its mineral properties.
• General and administrative increased to $68,988 compared with $1,255 resulting from increased operational activity.
• Marketing increased to $39,393 compared with $17,083 relating to the Company's completion of the RTO transaction in January 2022.
• Professional fees increased to $84,806 compared with $34,566 relating to legal and accounting costs for the going public process.
• Share-basedcompensation increased to $113,380 compared with $nil due to the granting of stock options in Q4 2022.
• Travel increased to $52,055 compared with $nil relating to expenditures required for the evaluation of the mineral properties.

Fiscal 2022 and fiscal 2021 Comparison

	2022	2021
	$	$
EXPENSES
Exploration and evaluation expenditures	2,485,469	115,453
General and administrative	140,667	4,673
Management fees	256,220	90,583
Marketing	65,139	17,083
Professional fees	235,726	34,566
Share-based compensation	113,380	-
Travel	97,214	-
Net loss from operations	3,393,815	262,358
Foreign exchange (gain) loss	21,892	547
Listing expense	1,061,783	-
Net loss and comprehensive loss	4,477,490	262,905
Net loss attributable to Shareholders of the Company	3,994,496	262,905
Net loss per share - basic and diluted	0.21	0.05
Weighted average number of common shares - basic and diluted	19,143,723	5,260,276

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