Minfocus Exploration : Condensed Interim Consolidated Financial Statements For The Nine Months Ended November 30, 2020

MINFOCUS EXPLORATION CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

For the Nine Months Ended November 30, 2020

Report date: January 20, 2021

This Management Discussion and Analysis ("MD&A") of financial position and results of operation is prepared as at January 20, 2021 and should be read in conjunction with the condensed interim consolidated financial statements for the nine months ended November 30, 2020 for Minfocus Exploration Corp. (the "Company"). The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"). Except as otherwise disclosed, all dollar figures included therein and in the following MD&A are quoted in Canadian dollars. Additional information is provided in the Company's financial statements and other documents. These documents are available from SEDAR at www.sedar.com.

The Company's disclosures of a technical or scientific nature have been reviewed by Graham C. Wilson, Ph.D., P.Geo, (ON) Qualified Person under the definition of National Instrument 43-101.

Company Overview and Operations

The Company was incorporated under the Business Corporations Act (British Columbia) on August 6, 2010. The Company completed its initial public offering ("IPO") on October 19, 2010 and was listed on the TSX Venture Exchange ("Exchange") as a capital pool company ("CPC"). The Company's shares began trading on October 21, 2010.

On February 28, 2020, the Company entered into an agreement with GeoCorp to acquire 22 claims in SW Eureka County Nevada, knows as the Nevada Rose Precious Metals Property.

On May 28, 2020, the Company issued 428,574 common shares with a fair value of $12,857 in connection with the Round Pound Property Agreement.

On June 5, 2020, the Company announced the appointment of Alicia Milne, a director of the Company, to President and CEO of the Company following the resignation of Kenneth de Graaf, who remains a director. Additionally, Jody Bellefleur, the Company's CFO, was appointed to the Board of Directors.

On July 3, 2020, the Company completed a private placement of 5,900,000 units at a price of $0.03 per unit for gross proceeds of $177,000. Each unit consists of one common share of the Company (a "Share") and one share purchase warrant. Each share purchase warrant (a "Warrant") will entitle the holder to acquire one common share of the Company at an exercise price of $0.05 for a period of 24 months following the closing date of the private placement (the "Closing Date"). The proceeds of the private placement will be used toward general working capital.

On July 21, 2020, the Company received TSX Venture Exchange approval on the acquisition of the Nevada Rose Property, located in Nevada USA.

On August 4, 2020, the Company issued 200,000 common shares with a fair value of $10,000 in connection with the Nevada Rose Agreement.

On September 10, 2020, the Company granted 1,304,286 stock options to directors, officers, and consultants of the Company, priced at $0.07 and expiring September 10, 2025.

On September 11, 2020, the Company appointed Richard Bedell to the Technical Advisory Board.

The Company held its Annual and Special Meeting on October 28, 2020, with all matters passing.

Mineral Properties

Coral Zinc Project, British Columbia

In January 2015, the Company entered into an agreement pursuant to which it had an option to earn up to an initial 60% interest in the Coral Zinc Project, a zinc project situated in northern British Columbia. The Company earned a 20% interest, but during the year ended February 28, 2019, the Company determined that it was not able to meet its commitment to earn the remaining 40% interest in the claims and terminated the option agreement.

In September 2018, the Company acquired an additional 36% beneficial ownership interest in the Coral Zinc Project by issuing 7,180,000 shares and 7,180,000 share purchase warrants, exercisable at $0.07 for 2 years on September 19, 2018 with a fair value of $287,200. As a result, the Company now holds a 56% interest.

The Coral tenures are in good standing with the BC Ministry of Energy & Mines until September 2024. Of the optionors, one is a director of the Company. The Company has pledged a $10,000 GIC as security under a safekeeping agreement with the Ministry of Finance, British Columbia relating to the application for permits on the Coral Zinc Project. This amount is included in cash on the statement of financial position.

Peregrine Zinc Project, British Columbia

The Peregrine Zinc Project, located in southeastern British Columbia, comprises optioned claims supplemented by claims staked by the Company. In January 2017, the Company entered into an option earn-in agreement on the Peregrine Zinc Project,to earn a 100% interest over a period of two years by making optional staged payments totaling $10,000 cash (paid) and issuing 142,857 shares (78,571 issued during the year ended February 28, 2018 and 50,000 issued during the year ended February 28, 2019) plus the grant of a 2% net smelter returns royalty ("NSR"). The Company has the option to repurchase up to 1% of the NSR for $1,000,000 after commercial production. The Peregrine claims remain in good standing until September 2021.

Round Pond Zinc Project, Newfoundland

In March 2018, the Company entered into an agreement to acquire a 100% interest in the Round Pond Zinc Project, comprising 30 claims (750 hectares), located in Western Newfoundland for total consideration of 750,000 shares (321,432 shares issued during the year ended February 28, 2019 with a fair value of $24,107 and 428,574 shares issued during the nine months ended November 30, 2020 with a fair value of $12,857). A 2.0% NSR royalty was granted in which $1.5 million can be paid to reduce the royalty to a 0.75% NSR interest.

Nevada Rose Precious Metals Property, Nevada, USA

On February 28, 2020, the Company entered into an agreement with GeoCorp to acquire 22 claims in SW Eureka County Nevada, knows as the Nevada Rose Property. In accordance with the agreement, the Company will issue 200,000 shares to GeoCorp upon approval by the TSXV (issued during the nine months ended November 30, 2020 with a fair value of $10,000), pay $10,000 USD upon closing of a financing of at least $100,000 within 3 months of TSXV approval (paid with a value of $13,535 CAD during the nine months ended November 30, 2020), and commit to a first-year work program of $50,000 USD. The anniversary date of the future payments is now set to July 3, 2020. The subsequent commitments are as follows:

1st anniversary - $20,000 USD cash payment and $200,000 USD work commitment

2nd anniversary - $30,000 USD cash payment and $200,000 USD work commitment

3rd anniversary through until the 10th anniversary - $50,000 USD cash payment and $500,000 USD work commitment per year. If not in production on the 10th anniversary, $200,000 USD cash payment and $2.0 million USD work commitment.

Upon completion of all payments and work commitments up to and including the 10th anniversary, the Company will have earned 100% interest in all property rights and title to the Nevada Rose Property. Upon production, all further payments and work commitments by the Company shall cease and a 3% NSR shall be granted to GeoCorp, with no buydown but a purchase of part or whole of the NSR is negotiable. On July 21, 2020, the Company received TSX Venture Exchange approval of the acquisition.

Exploration Activities

Coral Zinc Project, British Columbia

No work was completed on the Coral project during the nine months ended November 30, 2020. The Coral Zinc Project claims remain in good standing until November 2024.

The Company completed field work on the Coral Zinc Project in October 2017. A LiDAR survey was flown and covered a 16 square kilometre area comprising roughly one-third of the Project. The survey area included the Hound Dog Creek soil anomaly and the area of the most-recent drilling, as well as a significant buffer around this area of interest.

Preliminary analysis of the LiDAR images shows multiple features suggestive of collapsed areas potentially indicative of marine sinkhole fill, a feature known to be associated with deposit mineralization at other Mississippi Valley Type zinc deposits such as Daniel's Harbour, Newfoundland and Pine Point, NWT. These previously unidentified structures at the Coral Zinc Project are both within and outside the areas of exploration by the Company and have not been tested by any of the historic drilling. More detailed analysis of the LiDAR is expected to support prioritization of targets for future drilling over several zones of coincident soil, stream- sediment and gossan anomalies and outcropping mineralization which have been identified in prior work programs.

Peregrine Zinc Project, British Columbia

No work was completed on the Peregrine Zinc Project during the nine months ended November 30, 2020 on this Mississippi Valley Type ("MVT") project in southeastern British Columbia.

In 2017, the Company's initial field program re-located an area of historic surface trenching from which selected grab samples were collected assaying 13.0 to 35.9% zinc and a soil survey identified a strong zinc anomaly coincident with the showing which extends along the favourable host horizon for over 1,500 metres, west-southwest along strike from the trench. The anomaly extends through an area where old adits and a possible shaft were located, as well as beyond to the westward limit of sampling. The highest zinc values in soils were over 3,000 parts per million ("ppm") and were supported by a coincident lead anomaly.

Round Pond Zinc Project, Newfoundland

A LiDAR survey covering approximately 24 square kilometres was flown on the Round Pond Zinc Project in September 2020 by Terraquest Ltd. The survey covered the original property as well as newly staked claims which expanded the original property to the north. The survey results, together with historical data, will be used to define follow-up geophysics and geochemical programs to support drill targeting of the known geometries of MVT orebodies.The claims are in good standing, with the next filings of assessment work required by March 10, 2021.

The Round Pond Zinc Project is located west of Hare Bay, on the Great Northern Peninsula of northwest Newfoundland. This region has seen extensive, episodic programs of exploration for zinc since the 1960s. The principal target is Mississippi Valley-type (MVT) Zn-(Pb-Ag) mineralization, as found at the former Newfoundland Zinc mine at Daniel's Harbour, circa 140 km to the south. This style of mineralization may be transgressive, and thus be found at different horizons within the host sequence, the Ordovician-age St. George Group.

The Round Pond Zinc Project was originally part of a larger project which had seen extensive exploration. Previous workers have had varying opinions as to the genesis of the mineralization, which at Round Pond is found as open- space fillings in dolostone host rocks, notably as the cement to two styles of breccia.

Based on the results of a 2018 reconnaissance visit (plus compilation of historic property and regional geology by others), the Company expanded the size of the project to 63 claims, covering 1,500 ha. This extended the property border for roughly 2 km in a northeasterly direction, to follow the key limestone-dolostone contact which dips very

gently northeast. Historic drill programs in this area had been very shallow and mostly close to the main Round Pond showing.

The 2018 visit confirmed that mineralization appears to be widespread, hosted in rocks of simple mineralogy (dolomite + sphalerite ± calcite ± galena ± pyrite ± quartz ± hydrocarbon ± K-feldspar). The principal style of mineralization is breccias with cement, weathering above exposed surfaces, dominated by granular sphalerite of a pale greyish-green colour. Granular galena and scattered pyrite are uncommon and were the only other sulphides observed. Seven mineralized samples returned 12.7-35.4 wt.% Zn (mean 22.2 wt.%). One sample returned 3.81 wt.% Pb, the other six averaged 0.18 wt.% Pb (range 0.02-0.34 wt.%, all but one grading 0.12-0.34 wt.%).

Nevada Rose Precious Metals Property, Nevada, USA

During the nine months ended November 30, 2020, Surface exploration work including regional prospecting and reconnaissance sampling was undertaken in September 2020. A LiDAR survey was flown covering the Nevada Rose property as well as an approximate 2km zone around the edges of the existing claim block. LiDAR uses a pulsed laser beam to measure variable distances to the earth's surface and with electronic filtering, it is able to remove the effects of obscuring vegetation cover to highlight small differences in topography which can be significant for precious and base metal exploration. The survey is to provide topographic data for an updated orthophoto base for geological mapping and further work on the property.

The Nevada Rose project targets a precious-metals system striking over a one-kilometre length on the edge of the pediment, which comprises previously identified silver-rich zones within a larger zoned system. The host rock is a sequence of Silurian dolostone overlain by Devonian limestones that dips gently east toward pediment cover.

Historic regional mapping by Homestake Mining in the 1990s identified aerially extensive bedded and high-angled (structurally emplaced) jasperoid. Their 79 samples averaged 180 grams per tonne (g/t) silver (5.2 ounces per tonne (oz/t) Ag) with no appreciable gold and with individual assays of up to 2,050 g/t silver (60 oz/t Ag). Zones of zebra- textured dolomite associated with dissolution collapse breccia carry more than 30 g/t (over one oz/t) Ag suggesting targets that should yield thicker zones containing multiple ounces of silver when the core jasperoid is added.

Anomalous gold mineralization has, in addition, been identified in two locations on the Nevada Rose project. The first is a bleached zone 200 m wide dipping beneath the pediment. Multiple samples from this zone reported over 100 parts per billion (ppb) gold. More recent work showed a strong gold zonation toward the pediment coincident with high zinc values. A shear zone on the edge of the pediment assayed at 0.58 g/t Au (0.02 oz/t Au) and 380 g/t Ag (11 oz/t Ag). A reverse circulation (RC) drill program in this zone by Piedmont Mining in 2007 intercepted six metres (20 feet) of 0.91 g/t Au and 3.4 g/t Ag. Another RC drill hole in the same zone intercepted 44 metres (144 feet) of 0.26 g/t Au and 3.1 g/t Ag. Mineralization in the latter RC drill hole remains open. A second zone approximately 850 metres to the north produced a gold assay of 0.4 g/t. Historic data indicate the presence of a mineralizing system with disseminated gold in addition to the multi-ounce silver showings that dominate the property near surface.