InZinc Mining : Q1 2023 Management's Discussion and Analysis

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED MARCH 31, 2023

MAY 30, 2023

InZinc Mining Ltd.

Management's Discussion and Analysis

For the three months ended March 31, 2023

Description of Management's Discussion and Analysis

The purpose of this Management's Discussion and Analysis ("MD&A") is to explain management's point of view regarding the past performance and future outlook of InZinc Mining Ltd. (the "Company"). This report also provides information to improve the reader's understanding of the condensed interim consolidated financial statements and related notes for the three months ended March 31, 2023 as well as important trends and risks affecting the Company's financial performance and should therefore be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2022. Those financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. All amounts in the financial statements and in this MD&A are expressed in Canadian dollars, unless otherwise indicated. The following discussion is dated and current as of May 30, 2023. This MD&A contains forward-looking information and statements which are based on the conclusions of management. The forward-looking information and statements are only made as of the date of this MD&A.

The Company's certifying officers, based on their knowledge, having exercised reasonable diligence, are also responsible to ensure that these filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by these filings, and these financial statements together with the other financial information included in these filings. The Board of Directors approves the financial statements and MD&A and ensures that management has discharged its financial responsibilities. The Board's review is accomplished principally through the Audit Committee, which meets periodically to review all financial reports, prior to filing.

Additional information on the Company is available on SEDAR and at the Company's website, www.inzincmining.com.

Forward-Looking Statements

Certain disclosures contained in this MD&A may constitute forward-looking information. This is information regarding possible events, conditions or results of operations of the Company that is based upon assumptions about future economic conditions and courses of action which is inherently uncertain. All information other than statements of historical fact may be forward-looking information.

Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits; the outbreak of an epidemic or a pandemic, or other health crisis and the related global health emergency affecting workforce health and wellbeing; and the possibility that future exploration and development results will not be consistent with the Company's expectations. Some other risks and factors which could cause results to differ materially from those expressed in the forward-looking information contained in this MD&A are described under the heading "Risks and Uncertainties".

Readers are cautioned that any such listings of risks are not, and in fact cannot be, complete. Although the Company has attempted to identify important factors that could cause actual events and results to differ materially from those described in the forward-looking information, there may be other factors that cause events or results to differ from those intended, anticipated or estimated. The Company believes the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and readers are cautioned not to place undue reliance on forward-looking information contained in this MD&A.

The forward-looking information contained in this MD&A is provided as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as otherwise required by law. All of the forward-looking information contained in this MD&A is expressly qualified by this cautionary statement.

-1-

InZinc Mining Ltd.

Management's Discussion and Analysis

For the three months ended March 31, 2023

Description of Business

The Company is incorporated under the Canada Business Corporations Act and is listed on the TSX Venture Exchange ("TSX-V") under the trading symbol IZN. The principal business of the Company is the acquisition, exploration and development of mineral properties ("exploration and evaluation assets"), either solely or through joint ventures and options.

The Company is actively exploring the exploration stage Indy property (100% interest) ("Indy") located in central British Columbia. Indy is well located for potential development with proximal access to power, roads and rail infrastructure. The property consists of approximately 19,900 hectares covering a 29 km strike of Cambrian to Mississippian aged strata with district scale discovery potential for Sedimentary Exhalative ("Sedex") type base and precious metal deposits. In February 2023, the Company completed all the earn-in obligations of the Indy option agreement and exercised its option to acquire a 100% interest in Indy. Refer to the "Indy" section for a further description of the transaction.

The Company has an investment in the common shares of American West Metals Limited ("American West") (listed on the Australian Securities Exchange), which is advancing multiple North American base metals projects including the West Desert zinc-copper-indium project located in Utah.

The Company will also receive 50% of the revenue, on a net smelter returns royalty ("NSR") basis, from the sale of indium mined from West Desert subject to American West's right to reduce this NSR interest to 25% by paying the Company USD $5,000,000 in cash at any time prior to the first sale of indium from the project ("Indium NSR").

In addition, the Company is engaged in a continuing review of other properties and projects for possible acquisition.

To date the Company has not generated any revenues. Indy is at the exploration stage and has not generated any revenues.

At March 31, 2023, the Company had not yet achieved profitable operations and has a deficit of $16,004,092 (December 31, 2022 - $15,100,431).

Since Indy represents exploration stage interests, the Company does not have operations or operating results in the conventional use of the terms. The Company's assets also include the American West common shares and the Indium NSR; America West's West Desert project represents exploration stage interests. The Company's financial success will ultimately be dependent upon finding economically recoverable mineral reserves, confirmation of its interest in those reserves and its ability to obtain the necessary financing to profitably produce those reserves. Further information on the Company's properties can be found on the Company's website at www.inzincmining.com.

Mineral Properties

Indy

Indy is located approximately 90 km southeast of the city of Prince George, in central British Columbia. The property is 85 km south of the CNR transcontinental railway and 65 km south of the Yellowhead highway at moderate elevations ranging from 950 m to 1300 m. The property is accessed by well-maintained Forest Service roads.

Indy covers a 29 km trend (19,900 hectares) of Cambrian to Mississippian aged rocks with district scale discovery potential for Sedex type base and precious metal deposits. An initial drill program completed by the Company in 2018 discovered near surface, high grade Sedex-style zinc mineralization at one of four large areas of strongly anomalous soil geochemistry on the project. Extensive soil geochemical programs in 2019 and 2021 outlined an additional 10 km of high-quality, base and precious metal targets at Indy. The 2022 drill program extended zinc mineralization discovered in 2018 and discovered a new oxide occurrence of zinc with nickel, cobalt and copper.

-2-

InZinc Mining Ltd.

Management's Discussion and Analysis

For the three months ended March 31, 2023

Mineral Properties (cont'd…)

Indy(cont'd…)

2023 Exploration Programs

On May 3, 2023, the Company announced the 2023 exploration program at Indy. The two-phased program will follow-up on the discovery of nickel-cobalt-copper mineralization intersected in the 2022 drill program and several new geochemical anomalies highlighted in the area as a result of the discovery. The program will also focus on large, untested zinc targets identified by previous geochemical and geophysical surveys.

Exploration activities are permitted and monitored under a Multi-Year Access Bond with the Government of British Columbia. Exploration expenditures are eligible for the BC Mineral Exploration Tax Credit ("BCMETC"). The Company has received $409,308 from BCMETC claims for 2017 - 2021.

2023 Expenditure Requirements

Under the terms of the Indy option agreement, additional property expenditures of $1,250,000 were required on or before January 31, 2023. These requirements have been met. There are no further requirements on Indy and the Company now owns 100% of the property, subject to condition described below under "Option Agreement".

Previous Exploration (2017 - 2022)

In 2017, the Company completed initial soil geochemical surveys, geological mapping and prospecting in the Anomaly B and C areas.

Additional geochemical surveys were completed in mid-August 2018, prior to an initial diamond drill program (1,270 m in eleven drill holes) which was completed in September 2018. In November 2018, the Company announced the discovery of shallow, high grade zinc sulphide mineralization in drill hole IB18-009 at the B-9 Zone located in the southern portion of Anomaly B. Significant drill intersections from the 2018 drill program include:

B-9 Zone 2018 Drilling - Selected Highlights

• 12.33% Zn, 2.98% Pb, 24.46 g/t Ag over 6.29 m at 60 m below surface in hole IB18-009
• 5.76% Zn, 0.48% Pb, 3.41 g/t Ag over 6.73 m at 56 m below surface in hole IB18-008
• 4.49% Zn, 1.13% Pb, 7.32 g/t Ag over 4.28 m at 27 m below surface and
• 2.24% Zn, 0.83% Pb, 5.23 g/t Ag over 5.38 m at 33 m below surface and
• 3.50% Zn, 0.66% Pb, 4.59 g/t Ag over 4.57 m at 37 m below surface in Hole IB18-002
• 9.26% Zn, 2.43% Pb, 17.98 g/t Ag over 3.05 m at 23 m below surface in hole IB18-003*
• 3.88% Zn, 1.34% Pb, 8.90 g/t Ag over 3.99 m at 29 m below surface in hole IB18-006

Note: Drilled intersections are apparent width only. The intersections in IB18-002 are separated by lost core/no recovery. *Low core recoveries.

In late 2018, the Company increased its claim holdings to encompass an additional zinc-in-soil geochemical anomaly, called the Action anomaly.

From mid-June until late-August 2019, extensive soil geochemical surveys (1,194 soils) to further outline, extend and prioritize the various anomalies were completed. Additional work included mapping and prospecting programs on priority targets. In late September 2019, the Company announced the definition of a large new Sedex-type target called the Delta Horizon located 5 km northwest of the B-9 Zone.

The 2019 program identified the distinctive geochemical signatures commonly associated with Sedex deposits, in several potentially stacked horizons over the 7 km long Main Trend.

-3-

InZinc Mining Ltd.

Management's Discussion and Analysis

For the three months ended March 31, 2023

Mineral Properties (cont'd…)

Indy(cont'd…)

The summer 2021 program continued to expand soil geochemical sampling (1,419 samples) in the northeastern portion of the 7 km long Main Trend. Road access to Anomaly B was completed in August 2021 in conjunction with third parties. The coordinated program included a semi-permanent bridge span, three stream crossings and significant upgrades to existing roads to allow industrial scale traffic. The Company was responsible for the installation of one of the stream crossings.

In September 2021, the Company announced the discovery of the Echo target - a 1.9 km long, continuous, multi- element (Zn, Pb, Ba) soil anomaly located 1 km east of the Delta Horizon target. In addition, two large and discrete areas, named Hat and Fox, containing soils enriched in silver (2 to 24.8 ppm) were discovered in the area between the Delta and Echo targets.

A follow-up program in October 2021 focused on additional soil sampling in the Anomaly B area, minor sub-crop sampling and establishing drill trail access to the Delta Horizon area.

In February 2022, the Company announced additional and final results from the 2021 exploration program. On February 9, 2022, the Company announced the discovery of the Anomaly G silver target, completion of the rehabilitated road access to the Delta Horizon area and plans for a 2022 exploration program with a minimum $1,250,000 budget including proposed drilling. On February 16, 2022, the Company announced the discovery of gold in soils at the Fox silver target and that it had retained the services of an airborne geophysical contractor to provide surveys covering a 28 km length of the project.

After reporting results from the 2021 exploration program, a total of 10 km of high-quality, base and precious metal targets were defined at Indy.

On February 2, 2022, the Company announced it had increased its mineral claims to encompass 19,900 ha (199 km2) by staking an additional six contiguous mineral claims (7,600 ha).

On February 16, 2022, the Company reported it had retained the services of an airborne geophysical contractor to provide surveys covering a 28 km length of the project.

On April 21, 2022, the Company announced 2022 drill plans for zinc and silver-gold targets at Indy, including a 2,500 m diamond drilling contract. Drill plans included provisions for 20 to 25 drill holes focusing on targets occurring along the 7 km Main Trend and supported by an extensive network of existing roads.

On June 28, 2022, the Company announced the mobilization of exploration crews and equipment to commence an 1,100 line km program of airborne geophysics and an extension of an access trail to support ground based drilling. The Echo South, Keel, Fox East and B-9 targets were prioritized for exploration drilling in 2022. The Fox West, Hat and Anomaly G precious metal targets would be prepared for drilling in subsequent programs. The northern 900 m extension of the Echo target (Echo North), Delta Horizon and Anomaly C would also be planned as future drill targets.

On August 3, 2022, the Company announced completion of an 1,100 line km airborne geophysical survey and progress of the 2022 drill program including completion of five drill holes at the Fox East silver-gold target and the Keel zinc +/- silver target.

On October 12, 2022, the Company announced completion of the 2022 drill program and demobilization of equipment and personnel. The 2616 m ground-based diamond drill program (17 drill holes) explored three new areas and the extension of mineralization discovered at the B-9 Zone in 2018.

On December 15, 2022, the Company reported initial results from the 2022 drill program and announced the southern extension of near surface high grade zinc mineralization at the B-9 Zone.

-4-