Mundoro Capital : Earning Document

MANAGEMENT DISCUSSION AND ANALYSIS

For the Three-Month Period Ended March 31, 2023

Management's Discussion and Analysis

Three-Month Periods Ended March 31, (Unaudited - Expressed in Canadian Dollars - except as noted otherwise)

1. INTRODUCTION

Mundoro Capital Inc. ("Company", "MCI", and "Mundoro") was incorporated on March 6, 2008 under the Business Corporations Act of the Province of British Columbia. The Company's common stock is quoted on the TSX Venture Exchange ("TSXV") under the symbol MUN. The Company's head office and principal address is 14th floor - 1040 West Georgia Street, Vancouver, British Columbia, Canada V6E 4H1.

This management discussion and analysis ("MD&A") should be read in conjunction with the Company's audited consolidated financial statements and supporting notes for the fiscal year ended December 31, 2022, which have been prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board ("IFRS").

This document has been reviewed by the Audit Committee of the Board of Directors of the Company and has been approved by the Board of Directors on May 29, 2023. All amounts are expressed in Canadian dollars unless otherwise indicated.

Additional information relating to Mundoro is available on our website at www.mundoro.comand on the Canadian Securities Administrators website at www.sedar.com.

2. FORWARD LOOKING STATEMENTS

Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans", "intends", "anticipates", "should", "estimates", "expects", "believes", "indicates", "suggests" and similar expressions.

This MD&A and in particular the "Outlook" section, contains forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties, and other factors. It is important to note that:

• Unless otherwise indicated, forward-looking statements in this MD&A describe the Company's expectations as of May 29, 2023.
• Readers are cautioned not to place undue reliance on these forward-looking statements as the Company's actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company's business, or if the Company's estimates or assumptions prove inaccurate. Therefore, the Company cannot provide any assurance that forward-looking statements will materialize.
• Subject to applicable laws, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or any other reason.

The material assumptions that were applied in making the forward-looking statements in this MD&A include: expectations as to the Company's future strategy and business plan; and execution of the Company's existing plans, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans.

For a description of material factors that could cause the Company's actual results to differ materially from the forward- looking statements in this MD&A, please see "Risks and Uncertainties".

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Management's Discussion and Analysis

Three-Month Periods Ended March 31, (Unaudited - Expressed in Canadian Dollars - except as noted otherwise)

3. SUMMARY OF ACTIVITIES

DESCRIPTION OF BUSINESS AND STRATEGY

Mundoro Capital Inc. ("Mundoro") is a Canadian listed (TSXV: MUN | OTCQB: MUNMF) royalty generator with a portfolio of projects focused on base metal and precious metal properties that can generate royalties and near-term payments. To drive value for shareholders, Mundoro has generated a portfolio of mineral properties primarily focused on copper ("Cu") and gold ("Au") systems in Serbia, Bulgaria and the USA.

Potential future returns for our shareholders from the Company's mineral properties can be in various forms such as discovery of mineral resources, royalty payments, advance royalty payments, operator fees, option payments, property payments, milestone payments, an interest in production, dividend payments or sale of our interest in a mineral property.

Mundoro's business model is to leverage our expertise in identifying emerging exploration regions for exploration and packaging properties with exploration targets that are attractive to mining companies to form joint ventures, strategic alliances, options and conduct asset sales. From 2015 to 2022, Mundoro has signed various transactions with partners as summarized below:

• Mundoro announced the Company entered into an agreement with BHP Group Limited ("BHP") whereby BHP can earn-in to five (5) of the Company's properties and three exploration areas under application in Serbia.
• Mundoro and Kinross Gold Corporation ("Kinross") entered into an option agreement for the Company's GT7 property. The GT7 property is a copper-gold target located in the northern portion of the Serbo-Macedonian Metallogenic province, in central Serbia.
• Mundoro and Japan Oil, Gas and Metals National Corporation ("JOGMEC") entered into an earn-in agreement for the exploration of the EE1 project, a sediment-hosted copper system in Bulgaria.
• Mundoro and Vale Canada Limited ("Vale") entered into a generative alliance in 2022 to focus on generation of new projects with high potential to host porphyry copper and other related metals deposits within Arizona and New Mexico.
• Mundoro entered into an option agreement with Vale in 2021, granting Vale an earn-in option for the Dos Cabezos project, a copper focused property in Arizona.
• Mundoro entered into an option agreement with Vale in 2020, granting Vale an earn-in option for the exploration licenses, Odej, Bobot, Odej South, and Gramada, all located within the Timok Magmatic Complex in northeastern Serbia.
• Mundoro and JOGMEC formed a strategic alliance for generative exploration for copper in Bulgaria in 2019.
• Mundoro entered into an earn-in agreement with Vale in 2018, granting Vale an earn-in option on four (4) exploration licenses located within the Timok Magmatic Complex.
• Mundoro and Freeport-McMoRanExploration Corporation, had an earn-in agreement between 2018 to 2020 granting Freeport an earn-in option on two (2) exploration licenses located within the southern portion of the Timok Magmatic Complex.
• Mundoro optioned to ESAN the Saje Project for exploration drilling during 2018.
• Mundoro and JOGMEC had an earn-in agreement between 2016 and 2023, granting JOGMEC an earn-in option on four (4) exploration licenses, located within the northern portion of the Timok Magmatic Complex.
• Mundoro and First Quantum Minerals Limited had an earn-in agreement in 2015 granting First Quantum an option to earn-in to four (4) exploration licenses in the southern portion of the Timok Magmatic Complex.

SERBIA PORTFOLIO SUMMARY OF EXPLORATION AND OUTLOOK

In the Republic of Serbia ("Serbia"), Mundoro methodically applied for a district-scale land position in the prolific Timok Magmatic Complex which hosts significant copper-gold deposits. The Serbian exploration properties are located near the town of Bor, a mining community which services various mining operations, both open pit and underground, as well as a smelting and processing facility. The area has good infrastructure, well serviced roads and grid power.

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Management's Discussion and Analysis

Three-Month Periods Ended March 31, (Unaudited - Expressed in Canadian Dollars - except as noted otherwise)

The Company holds through its Serbian subsidiaries, the following 100%-owned exploration licenses: Crvena Zemlja, Padina, Odej, Bobot, Odej South, Gramada, Oblez, Skorusa, Branik, Kotlenik (GT7), Ponor, and Vitanovac. These properties are located primarily in Northeastern Serbia, east of Belgrade and are primarily within the well-known Timok Magmatic Complex, a segment of the Tethyan Metallogenic Belt which runs from Eastern Europe to Southeast Asia. The western portion of the Tethyan Belt hosts significant copper-gold porphyry deposits (Bor, Majdanpek, Veliki Kreveli, etc.) and related copper- gold epithermal deposits (Bor, Cukaru Peki, Chelopech, etc.).

Vale-Mundoro Projects - Central Timok

In October 2019, Mundoro entered into an agreement with Vale in which Mundoro granted to Vale an option to earn-in on four of Mundoro's exploration licenses located within the central portion of the Timok Magmatic Complex. The parties received government approvals in 2020 and 2021 and subsequently commenced exploration activity under the earn-in agreement which is sole-funded by Vale.

Skorusa

• The Skorusa license is a 91 sq.km area located 5 km southwest of the Bor Mine Complex and is adjacent on the west side of Zijin's Cukaru Peki deposit where mining operations commenced during 2021.
• The Skorusa copper-gold porphyry system was partially tested in 2015 and 2016 in two separate drill campaigns, with

exploration primarily concentrated in the Skorusa West Zone. Exploration Plans for the remainder of 2023

• A Phase II AMT geophysics survey is planned for Q2-2023.
• Regional Structural Interpretation to improve understanding of structural setting and targeting is planned for Q2-2023.
• Soil geochemistry is planned for Q2-2023 with a total of 210 soil samples to cover the western extension over an extension area. Assay results are expected in Q3-2023.
• Rock chip sampling is planned for follow up of the soil geochemistry anomalies over the Skorusa license for Q2-2023 including 50 rock chip samples.
• A Phase II drill program is planned in Q3-2023 at Skorusa to follow up on the AMT geophysical anomalies and mineralization at depth for a total of 1000 m with the potential to extend by an additional 1000 m. Complete assay results are expected in Q4-2023.

Oblez

• The Oblez license totals 91 sq.km and is located directly southeast of the Skorusa license. Exploration Plans for 2023
• The geophysical models are being interpreted and correlated with the geochemical results from drill programs along with lithological and alteration down hole data to refine further targets for drill testing.
• Regional Structural Interpretation to improve understanding of structural setting and improve targeting.
• Rock chip sampling is planned as follow-up of the soil geochemistry copper anomalies over the Oblez South area for Q2-2023 including 50 rock chip samples.

Padina

• The Padina license is located 4 km east of the Bor Mine Complex, adjacent to Branik to the east, and totals 12 sq.km.
• Data review has been undertaken for the structural interpretation, geophysical surveys of ground magnetics, AMT, IP and gravity, as well as alteration and geochemistry analysis.
• In Q1-2023, the Company mobilized for a Passive Seismic geophysical survey over Padina license with the geophysical interpretations anticipated in Q3-2023.

Exploration Plans for 2023

• Regional Structural Interpretation to improve understanding of structural setting and improve targeting.

Branik

• The Branik exploration area is located along the eastern side of the Bor Mine Complex and the Veliki Krivelj open-pit mining operation, in the highly prospective, world-class Bor Mining Camp.
• In Q1-2023, the Company mobilized for a Passive Seismic geophysical survey over Branik license with the geophysical interpretations anticipated in Q3-2023.

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Management's Discussion and Analysis

Three-Month Periods Ended March 31, (Unaudited - Expressed in Canadian Dollars - except as noted otherwise)

Exploration Plans for 2023

• A Phase I drilling program at Branik to follow up on the orientation of the hydrothermal breccia with mineralized ore clasts intersected in the previous drilling campaign is planned for Q3-2023 for a total of 750 meters with the assays expected in Q4-2023.
• Regional Structural Interpretation to improve understanding of the structural setting and improve targeting.

Vale-Mundoro Projects - Southern Timok

In Q2-2021, Mundoro entered into an option agreement with Vale, granting Vale an option on two exploration licenses. The licenses are located within the southern portion of the Timok Magmatic Complex and are directly adjacent to the west of the Oblez and Skorusa licenses currently being earned into by Vale. These two licenses were previously returned by Freeport during Q3-2020 for no consideration.

Bobot and Odej

• The Bobot and Odej licenses are located 15 km southwest of the Bor Mine Complex. The property contains a significant elongated north-south area of hydrothermal alteration covering 14 sq.km which hosts epithermal and porphyry targets marked by Cu-Mo-Au-Ag-Pb-Zn geochemical anomalies.
• The mapped hydrothermal alteration, defined over 9 km of strike, coincides with an elongate zone of demagnetization of the host volcanic rocks. Within the hydrothermal alteration, exploration work by the exploration team identified several targets, one of which is Tilva Rosh. At surface, there is an epithermal gold target which returned assay results from trenching of 30 g/t gold and 171 g/t silver over 12 meters.
• Drilling from six successive drill programs between 2014 and 2022, at Tilva Rosh identified continuation of the main north-south trending mineralized structure, which strikes northwest-southeast and dips under the lithocap. This mineralized structure is interpreted to be part of a deeper intrusive system which is interpreted to be a deeper porphyry as part of the 9 km long lithocap mapped and sampled on surface.
• In Q1-2023, drill testing at Tilva Rosh North commenced where a total of 113.7 meters of diamond drilling was completed out of the planned 3,200 meters. Drilling is anticipated to be completed in Q2-2023 with assay results from this drill program anticipated in Q3-2023.
• In Q1-2023, drill testing at the Markov Kamen South target started, where a total of 867.9 meters of diamond drilling was completed out of the planned 900 meters that remained from the 2022 drill program with the results expected to be received in Q2-2023.
• Assay results were received in Q1-2023 for all drill holes completed over Tilva Rosh North and Markov Kamen North

targets.

Exploration Plans for the remainder of 2023

• A Phase II drill program of 1,600 meters is planned for Markov Kamen South target to follow up on mineralization extension to the south intersected in previous drilling campaigns. Drilling is anticipated to be completed in Q4-2023 with assay results from this drill program anticipated in Q1-2024.
• Regional Structural Interpretation to improve understanding of the structural setting and improve targeting.

Odej South and Gramada

• The Odej South and Gramada licenses are located directly south of the Odej license. The property contains 8 km of hydrothermal alteration linked to the hydrothermal alteration identified to the north over Tilva Rosh and Markov Kamen.
• The exploration team has identified four targets from geological mapping, rock and soil sampling, ground magnetics, IP

and AMT geophysical surveys, limited reverse circulation scout drilling and diamond drilling. Exploration Plans for the remainder of 2023

• Reprocessing and modeling of geophysical data is in progress to refine drill targets planned for drilling in 2023.
• Regional Structural Interpretation to improve understanding of the structural setting and improve targeting.
• The exploration work program has planned an IP survey for the Orlovo-Bacevica North corridor for a total of 48 line- km with the expected completion by the end of Q3-2023.
• There is in-fill soil geochemistry planned over the Gramada southeast area as well as 50 rock chip samples as a part of the program to follow up on geochemical anomalies identified from the 2022 sampling field program.
• A Phase II drilling program is planned for 800 meters at the Bacevica North target to follow up the geophysical anomalies and alteration. The drilling is anticipated to be completed by Q3-2023 with the assays expected in Q4-2023.

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