Blue Moon Metals : Yearend 2021 MD&A

BLUE MOON METALS INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2021

The following management discussion and analysis of Blue Moon Metals Inc. (formerly Blue Moon Zinc Corp.) ("Blue Moon" or the "Company") is dated April 28, 2022 and provides an analysis of the Company's results of operations for the year ended December 31, 2021.

This discussion is intended to provide investors with a reasonable basis for assessing the financial performance of the Company as well as certain forward-looking statements relating to its potential future performance. The information should be read in conjunction with the Blue Moon audited consolidated financial statements for the year ended December 31, 2021, and the notes thereto, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. Blue Moon's accounting policies are described in note 3 of the aforementioned audited consolidated financial statements. All of the financial information presented herein is expressed in Canadian dollars, unless otherwise indicated.

The operations of the Company are speculative due to the high-risk nature of the mining industry. Blue Moon faces risks that are generally applicable to its industry and others that are specific to its operations. Additional risks not currently known to the Company, or that the Company currently deems immaterial, may also impair the Company's operations. Such risk factors could materially affect the value of the Company's assets, and future operating results of the Company and could cause actual results to differ materially from those described in the forward looking statements contained in this management discussion and analysis. Reference is made to the discussion of forward-looking statements at the end of this document.

DESCRIPTION OF THE BUSINESS

Blue Moon is a Canadian-based publicly-traded mineral exploration and development company with a primary focus of advancing its Blue Moon zinc-silver property in California, USA and the Yava zinc-silver exploration property in Nunavut. Blue Moon is listed on the TSX Venture Exchange under the symbol "MOON" and in the US on the OTCQB under "BMOOF". On April 13, 2021 the Company changed its name to Blue Moon Metals Inc.

PROPERTY OVERVIEW AND DEVELOPMENT

Blue Moon Property (California, USA)

On March 1, 2022, the Company confirmed the discovery of an additional massive sulphide zone located to the west of the current resource, referred to as the South Zone, which remains open to the south and up dip. The Company also announced the extension of the American Eagle Zone from surface to a depth of over 700 metres.

The newly discovered South Zone was made testing a geophysics conductor target, located west of the three previously discovered mineral zones and south of the American Eagle workings. This new Zone was

Blue Moon Metals Inc.

MANAGEMENT'S DISCUSSION AND ANALYSIS For the year ended December 31, 2021

discovered deep and lateral to the previous mineral system. The Zinc Sulfide (Sphalerite) encountered in this new discovery has sphalerite of a different hue from the other zones which may indicate a separate emplacement pulse with slightly different timing. The mineralization cut in BM21-83 consists of bands and massive intervals of sphalerite along with blebs of other sulphides including pyrite, chalcopyrite and galena. Additional drilling is required to define the full extent and grade of this new massive sulphide lens. The mineralization cut in BM21-83 is similar to that found at the margins of other massive sulphide lens on the property and the Company believes BM21-83 could be at the northern edge of this new massive sulphide lens

Assay Highlights New South Zone (Drill - hole BM21-83)

Drill-hole	From ft	To ft	Thickness	Zn%	Cu%	Pb%	Ag opt	Au opt	ZnEq%(*)
BM21-83	2408	2458	50	2.4	0.12	0.06	0.13 (4.5gpt)	0.009 (0.31gpt)	3.13
including	2413	2423	10	3.4	0.09	.05	0.17 (5.8 gpt)	0.005 (0.17 gpt)	3.90
including	2443	2453	10	4.3	0.34	0.01	0.13 (4.5 gpt)	0.009 (0.31 gpt)	5.46

The above thicknesses are core lengths. The estimated true thicknesses are approximately 50% of the core length

Hole BM21-83 also intersected a gold-rich horizon to the west of the South Zone, which is possibly an extension of the American Eagle Zone.

Drill-hole	From ft	To ft	Thickness	Zn%	Cu%	Pb%	Ag opt	Au opt	ZnEq%(*)
BM21-83	1829	1839	10	1.1	0.04	0.3	0.33 (11.3 gpt)	0.11 (3.62 gpt)	5.3
including	1834	1839	5	1.2	0.03	0.3	0.44 (15.2 gpt)	0.20 (6.96 gpt)	8.8

Drill hole BM21-81 tested the area between the American Eagle adit and the closest hole beneath the workings. BM21-81 confirmed the mineralization is continuous from surface and the American Eagle Lens has now been shown to be traceable for over 700 metres down plunge.

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Blue Moon Metals Inc.

MANAGEMENT'S DISCUSSION AND ANALYSIS For the year ended December 31, 2021

Assay Highlights American Eagle Zone (Drill - hole BM21-81)

Drill-hole	From ft	To ft	Thickness	Zn%	Cu%	Pb%	Ag opt	Au opt	ZnEq%(*)
BM21-81	504	514	20	3.8	0.12	.17	.15 (5.1 gpt)	0.002 (.07 gpt)	4.4
including	509	514	10	5.0	.08	.22	.15 (5.1 gpt)	0.002 (.07 gpt)	5.5

The above thicknesses are core lengths, true thicknesses are approximately 60% of the core length

Drilling completed on the project in 2021 was supervised on-site by Richard Walker CPG. Mr. Walker collected and tracked samples and implemented a full QA/QC program using blanks, standards and duplicates to monitor analytical accuracy and precision.

On September 2, 2020, the Company agreed to buyback a 2% Net Smelter Return ("NSR") on the Company's Blue Moon property. The NSRs were originally issued to the two founding prospectors of the project. The NSR holders were paid $29,055 (US$22,000) in return for the buyback.

On December 23, 2020, the Company announced the extension of its drill permits to June 26, 2023 for further exploration and development of the Blue Moon project.

On February 3, 2020, the Company announced that its previous exploration partner, confirmed significant intersections of high-grade zinc, gold and silver mineralization at its Blue Moon zinc-silver project.

The mineralization intercepted in BMZ80 is located 50 metres (164 feet) north of hole BMZ79 and has confirmed a wide, high grade zinc, gold and silver mineralized zone in the northern edge of the main mineralized horizon. In addition, the deeper intercept from 450 metres represents a northern extension of the western mineralized horizon. Table 2 includes the main mineralized intervals intercepted by holes BMZ79 and BMZ80.

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Blue Moon Metals Inc.

MANAGEMENT'S DISCUSSION AND ANALYSIS For the year ended December 31, 2021

Drill Table

Mineralized intersections for Holes BMZ80 and BMZ79 drilled in 2019 are outlined in the Table below.

Table 2 - Drill hole intercepts information (downhole intersections in metres)

Zinc	Copper	Lead	Gold	Silver
Drill Hole	From	To	Thickness	Grade	Grade	Grade	Grade	Grade	ZnEq
(m)	(m)	(m)	(%Zn)	(%Cu)	(%Pb)	(g/t	(g/t	(%)
Au)	Ag)
BMZ79	412.81	420.28	7.47	25.55	0.87	0.02	0.68	17.39	28.46
including	414.65	417.7	3.05	49.6	1.39	0.05	0.91	30.32	54.11
BMZ79	450.37	461.33	10.96	3.11	0.47	0.27	0.16	4.49	4.62
including	457.16	459.24	2.08	4.22	0.24	0.33	0.08	3.3	5.24
BMZ80	398.44	418.02	19.58	8.41	0.49	0.22	1.65	82.75	12.41
including	398.44	399.7	1.26	4.57	0.37	1.51	6.71	513	14.59
including	405.55	407.71	2.16	16.49	0.89	0.32	0.7	35.01	20.90
including	411.99	415.16	3.17	11.47	0.7	0.01	2.29	79.02	16.47
BMZ80	424.54	430.69	6.15	3.6	0.19	0.36	1.97	78.6	7.35
including	424.54	425.42	0.88	1.63	0.09	0.75	9.81	312	8.18
including	425.42	426.49	1.07	7.91	0.37	1.21	2.44	139	14.00
BMZ80	448.89	452.42	3.53	4.27	0.37	2.41	3.76	125.68	12.49
including	448.89	450.43	1.54	7.92	0.76	4.53	6.66	210.97	22.13
including	448.89	449.74	0.85	7.75	0.66	4.25	14.55	325.0.0	31.77
including	449.74	450.43	0.69	8.12	0.88	4.87	2.43	70.5	17.29
BMZ80	463.74	464.52	0.78	7.34	0.37	1.26	0.02	138	10.97

Note: Thicknesses are not true width. True width is approximately 55% of thickness

Drilling completed on the project in 2019 was supervised on-site by Dr. Gustavo Delendatti, a member of the Australian Institute of Geoscientists. Dr. Delendatti collected and tracked samples and implemented a full QA/QC program using blanks, standards and duplicates to monitor analytical accuracy and precision.

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Blue Moon Metals Inc.

MANAGEMENT'S DISCUSSION AND ANALYSIS For the year ended December 31, 2021

Blue Moon Inferred Mineral Resources:

On November 20, 2018, the Company announced a Mineral Resource update for the Blue Moon zinc deposit. The deposit now comprises 7.8 million tons in the Inferred Mineral Resource category grading 8.07% zinc equivalent ("ZnEq"), at a 4.0% ZnEq cut-off grade.

Updated Blue Moon Inferred Mineral Resources:

Cutoff	Tons > Cutoff (tons)	Grade > Cutoff Zn % oz/tPb %	ZnEq %	Contained Metal (Millions) lbs
ZnEq %	lbs Cu	lbs Pb	ozs Ag
Zn	Au
1	18,350,000 13,060,000	2.80	0.29 0.34 0.41	0.74 0.97 1.21	0.02	0.17 0.22	4.64 5.93 7.29	1,028 940	106	62 56	14	0.4 0.4
2 3	3.60 4.44	0.03 0.03	90 78	13 11
9,380,000	0.27	833	50	0.3
4	7,790,000	4.95	0.46	1.33	0.04	0.29	8.07	771	71	46	10	0.3
5 6 7 8	6,490,000 5,330,000 4,200,000 3,090,000	5.44 5.95 6.54 7.21	0.50	1.44 1.54 1.63 1.78	0.04 0.04 0.04 0.05	0.32 0.34 0.36 0.38	8.79 9.51 10.33 11.34	707 635 549 446	64 57 48 39	41 36 30 24	9 8	0.2 0.2 0.2 0.1
0.53 0.57 0.63
7
6

The Mineral Resource is based on 1,540 assay results from 82 diamond drill holes, totaling 111,250 feet (33,900 metres) of drilling. The deposit is a past producer with Hecla Mining Company mining 55,000 tons at 12.3% zinc during the second world war. It was during the 1980's that based on extensive drilling leading to Westmin Resources Inc. (now Boliden) taking the project towards a production decision before divesting all its North American assets to focus on Europe.

Zinc Equivalents (ZnEq)

The Mineral Resource has been stated in terms of ZnEq. The ZnEq formula and the underlying parameters used in its formulation are set out below.

Metal	Price (US$)	Recovery (%)	Factor
Zinc	1.30/lb	95	24.70
Silver	17.00/oz	65	11.05
Copper	3.00/lb	93	55.80
Gold	1,250.00/oz	70	875.00
Lead	1.00/lb	95	19.00

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