Aurora Solar Technologies : Q2-MD&A

AURORA SOLAR TECHNOLOGIES INC.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND SIX MONTHS ENDED 30 SEPTEMBER 2022 AND 2021

Stated in Canadian Dollars

DATE: 29 NOVEMBER 2022

TABLE OF CONTENTS
To Our Shareholders......................................................................................................................................................	1
Forward-Looking Statements ........................................................................................................................................	1
General ..........................................................................................................................................................................	2
Market Position and Development and Impact of the Covid-19 Pandemic ..................................................................	3
Highlights, Significant Events And Transactions During The Period ..............................................................................	3
Significant Events and Transactions Subsequent to the Period End .............................................................................	4
Results of Operations ....................................................................................................................................................	5
Selected Annual Information.........................................................................................................................................	6
Financial Data for Last Eight Quarters ...........................................................................................................................	6
Outstanding Shares .......................................................................................................................................................	7
Liquidity and Financial Condition of the Company........................................................................................................	7
Capital Management .....................................................................................................................................................	7
Off-Balance Sheet Arrangements ..................................................................................................................................	7
Related Party Transactions ............................................................................................................................................	8
Financial Instruments and Risk Factors .........................................................................................................................	8
Other Risk Factors and Uncertainties ..........................................................................................................................	10
Investor Relations Activities ........................................................................................................................................	11
Management ...............................................................................................................................................................	11
Approval ......................................................................................................................................................................	11

AURORA SOLAR TECHNOLOGIES INC.

Canadian Dollars

FOR THE THREE AND SIX MONTHS ENDED 30 SEPTEMBER 2022 AND 2021

MANAGEMENT DISCUSSION AND ANALYSIS

TO OUR SHAREHOLDERS

The following information should be read in conjunction with the unaudited Condensed Interim Consolidated Financial Statements of Aurora Solar Technologies Inc. ("the Company", or "Aurora") for the three and six months ended 30 September 2022 and 2021, and the related notes attached thereto, which were prepared in accordance with International Financial Reporting Standards ("IFRS"). This discussion covers the three and six months ended 30 September 2022 and 2021 and the subsequent period up to the date of the issuance of this MD&A. All amounts are expressed in Canadian dollars, unless otherwise indicated.

Additional information about the Company, including the audited annual Consolidated Financial Statements, and the notes thereto, for the years ended 31 March 2022 and 2021, prepared in accordance with IFRS, can be found on SEDAR at www.sedar.com.

Discussion of the Company, its operations and associated risks are further described in the Company's filings, available for viewing at www.sedar.com. A copy of this Management Discussion and Analysis ("MD&A") will be provided to any applicant upon request.

FORWARD-LOOKINGSTATEMENTS

Certain statements contained in this MD&A may be deemed to be "forward-looking statements". All statements in this discussion other than statements of historical facts, that address future events or developments that the Company expects, are forward-looking statements. Forward-looking statements reflect current expectations of management regarding future events and operating performance as of the date of the MD&A. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, investors are cautioned that such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements relate to future events or future performance and reflect the Company's current estimates and expectations or beliefs regarding future events and include, without limitation, information or statements concerning the Company's expectations of financial resources availability to fund operations; general business and economic conditions; the Company's ability to successfully execute its plans and intentions; the Company's ability to obtain financing at reasonable terms though the sale of equity and/or debt commitments; dependence on a small number of key personnel; the Company's ability to attract and retain skilled staff; political instability; market competition; future supply, demand, inventory, production and price of products; the timing and amount of estimated future production; costs of production; government regulation operations, limitations of insurance coverage; the timing and possible outcome of pending litigation; delays in obtaining governmental approvals or financing or in the completion of development activities; the impact of Covid-19 on our workforce, suppliers and other essential resources and what effect those impacts, if they occur, would have on our business; and the ability of the Company to continue as a going concern. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, or results to differ from those anticipated, estimated or intended. There can be no assurance that forward- looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully, and thus, readers should not

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AURORA SOLAR TECHNOLOGIES INC.

Canadian Dollars

FOR THE THREE AND SIX MONTHS ENDED 30 SEPTEMBER 2022 AND 2021

MANAGEMENT DISCUSSION AND ANALYSIS

place undue reliance on the Company's forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. These forward-looking statements are made as of the date hereof.

GENERAL

The Company was incorporated under the laws of the Province of British Columbia, Canada on 26 October 2006 as Pulse Capital Corp, a capital pool company. On 7 November 2011, it acquired Aurora Control Technologies Inc. through a reverse takeover and initiated its current business operations. The Company, together with its subsidiary, develops and markets inline quality process control systems for the solar cell manufacturing industry including, its Insight data science software platform to improve overall plant performance.

On August 25, 2022, Aurora acquired 100% of the outstanding share capital of BT Imaging Pty. Ltd. ("BTi"), a global leader in photoluminescence (PL) imaging tools and instruments for PV material inspection and quality control. BTi was incorporated in 2007 in the State of New South Wales, Australia as a private limited company to commercialize imaging technology originally developed at the University of New South Wales School of Photovoltaic and Renewable Energy Engineering. BTi develops and markets several material inspection quality and process control tools for laboratory and off-line or in-line production applications for the solar cell manufacturing industry.

Solar cells are the electricity-generating elements within solar panels, which are seen on rooftops, streetlights and large-scale "solar energy farms" throughout the world. Aurora and BTi provide solar cell manufacturers and laboratories with products to characterize, control and optimize the quality-critical steps in their silicon and PV materials and manufacturing processes. The combined company markets its products and services to its customers.

Solar cells are made from silicon wafers. Certain chemicals, applied to create layers in or on a silicon wafer during manufacturing, transform the wafer from an inert substrate to an energy-generating cell. The concentration, uniformity and other properties of these layers are critical to the finished cell's performance. To achieve their high electrical efficiencies, advanced solar cells require strict control of variations in these and other critical-to-quality treatments during manufacturing. The combined company's products provide the means to rapidly detect, measure and correct material faults and optimize production processes with the objective of supporting customers to improve overall plant performance.

Within the overall solar cell manufacturing industry, customers are those who fabricate solar cells using mainstream Passivated Emitter and Rear Contact ("PERC") technology, and advanced designs such as Tunnel Oxide Passivated Contact ("TOPCon") and heterojunction technology (HJT) cells or laboratories and research teams within manufacturers focused on emerging PV materials.

Control and optimization of solar wafer and cell production starts with measurement.

BTi's non-contact, high throughput products perform inspection of PV materials using proprietary patented technology based on the principles of photoluminescence imaging. These globally established products are used for production facility quality assurance and process control along with industrial and academic research and development. BTi's R series product is designed for laboratories and off-line production quality control and its W series products are used by silicon wafer and cell manufactures for both in-line and off-line process control.

Aurora's non-contact, high throughput DMTM and TCMTM products also use proprietary patented technology, based on the principles of infrared spectroscopy sensing to measure the properties of the afore-mentioned solar cell chemical layers as they are deposited and annealed. The data provided from these measurement products provides the means to perform real time diagnostics, control, and equipment optimization quickly and effectively.

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AURORA SOLAR TECHNOLOGIES INC.

Canadian Dollars

FOR THE THREE AND SIX MONTHS ENDED 30 SEPTEMBER 2022 AND 2021

MANAGEMENT DISCUSSION AND ANALYSIS

Aurora's InsightTM, is a new proprietary "data science" software platform that extends the combined company's product portfolio to provide plant-wide monitoring by translating measurements into actionable information to improve plant manufacturing performance. Insight analyses the large volume of data available from the sequence of finished solar cells in a production line and reveals the links between unwanted variations in their quality parameters and the controllable factors than can reduce such variations. This allows advanced cell manufacturers to rapidly and precisely understand when and how to control their production for optimal yield and throughput.

The address of the Company's corporate and administrative office and principal place of business is #100 - 788 Harbourside Drive, North Vancouver, BC, V7P 3R7.

MARKET POSITION AND DEVELOPMENT AND IMPACT OF THE COVID-19PANDEMIC

Aurora and BTi together focus on top-tier manufacturers of PV products who value the benefits of integrated measurement and process control systems and who have known capacity expansion plans. Currently the majority of the world's solar cell manufacturing is conducted by Chinese companies in China and in other locations, primarily in the Southeast Asia region. In addition, new product market opportunities are expected to emerge in Australia, North America, Asia Pacific and Europe. As such the combined business has sales and technical service facilities in Shanghai, China with sales, product development and technical support in Sydney, Australia and Vancouver, Canada.

On 11 March 2020, the coronavirus outbreak ("Covid-19") was declared a pandemic by the World Health Organization. Many of the restrictions by global government measures to contain and prevent the further spread of the virus have evolved rapidly, resulting in strict international travel restrictions, stay-at-home advisories and quarantining of persons who may have been exposed to the virus have been lifted except for China. These measures have had a dramatic impact on the global economy in terms of supply chain constraints resulting in adopted procedures and proactive pricing policies relating to purchasing, production, sales, and deliveries. The acquisition of BTi and the ability to combine sales and service teams in China is supportive of advancing the Company's business within China.

In context of the Covid-19 pandemic, both BTi and Aurora continues to place a high priority on the health and safety of its employees and their families. The Company follows the orders and recommendations of relevant government health authorities in its operational jurisdictions and continues to evolve operational procedures as required.

The Photovoltaics industry is relatively young, fast-growing, and evolving in importance within the energy sector. As the combined company integrates and develops it will be increasingly well placed to diversify its business through its market and product strategy, technology development and value enhancing transactions with an objective to grow beyond market opportunities in China. The volume and breadth of PV manufacturing have increased dramatically over recent years, right across the industry, and the pace of change is not slowing with new government initiatives recently announced in Australia, North America, and Europe. Wafer and cell forms and configurations have all changed, with continually increasing sizes and performance demands. This changing industry landscape and the pace of developments presents ongoing opportunities for high-end process control suppliers of metrology and automated diagnostic technologies. The Aurora and BTi businesses are well placed to take advantage of these market trends.

HIGHLIGHTS, SIGNIFICANT EVENTS AND TRANSACTIONS DURING THE PERIOD

On 25 August 2022, the Company acquired 100% of the outstanding shares of BT Imaging Pty Ltd. ("BTi") through a share purchase agreement. In consideration for the acquisition of BTi, the Company paid $1,205,310 in cash and issued 62,969,351 common shares of the Company to BTi shareholders. These new common shares are subject to escrow conditions and will be released in three tranches on 26 December 2022, 25 June 2023 and 25 December 2023 in the amount of 20,032,003, 21,468,674, and 21,468,674 common shares, respectively. Stifel GMP acted as the Company's financial advisor on this acquisition and received 2,500,000 common shares issued at a deemed price of

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