Tinka Resources : MDA for 9 months ended June 30 2022

TINKA RESOURCES LIMITED

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE NINE MONTHS ENDED JUNE 30, 2022

This discussion and analysis of financial position and results of operation is prepared as at August 26, 2022 and should be read in conjunction with the unaudited condensed consolidated interim financial statements and the accompanying notes for the nine months ended June 30, 2022 of Tinka Resources Limited (the "Company" or "Tinka"). The following disclosure and associated financial statements are presented in accordance with International Financial Reporting Standards ("IFRS"). Except as otherwise disclosed, all dollar figures included therein and in the following management discussion and analysis ("MD&A") are quoted in Canadian dollars.

Forward-Looking Statements

Certain information in this MD&A may constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, "Forward-Looking Statements"). All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are Forward- Looking Statements. Forward-Looking Statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate," "expect," and "intend" and statements that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. Forward-Looking Statements are based upon the opinions and expectations of the Company based on information currently available to the Company. Forward-Looking Statements are subject to a number of factors, risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the Forward-Looking Statements including, among other things, the Company has yet to generate a profit from its activities; there can be no guarantee that the estimates of quantities or qualities of minerals disclosed in Tinka's public record will be economically recoverable; uncertainties relating to the availability and costs of financing needed in the future; successful completion of planned drill program; competition with other companies within the mining industry; the success of the Company is largely dependent upon the performance of its directors and officers and Tinka's ability to attract and train key personnel; changes in world metal markets and equity markets beyond Tinka's control; mineral reserves are, in the large part, estimates and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized; production rates and capital and other costs may vary significantly from estimates; unexpected geological conditions; delays in obtaining or failure to obtain necessary permits and approvals from government authorities; community relations; the preliminary nature of the PEA and the Company's ability to realize the results of the PEA; all phases of a mining business present environmental and safety risks and hazards and are subject to environmental and safety regulation, and rehabilitation and restitution costs; and management of Tinka have experience in mineral exploration but may lack all or some of the necessary technical training and experience to successfully develop and operate a mine. Although Tinka believes that the expectations reflected in the Forward-Looking Statements, and the assumptions on which such Forward-Looking Statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on Forward-Looking Statements, as there can be no assurance that the plans, intentions or expectations upon which the Forward-Looking Statements are based will occur. Forward-Looking Statements herein are made as at the date hereof, and unless otherwise required by law, Tinka does not intend, or assume any obligation, to update these Forward-Looking Statements.

All of the Company's public disclosure filings, including its most recent management information circular, material change reports, press releases and other information, may be accessed via www.sedar.comor the Company's website www.tinkaresources.comand readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

Company Overview

Tinka is a junior mineral exploration company engaged in the acquisition and exploration of base and precious metal mineral properties in Peru, with the aim of developing these properties to a stage where they can be exploited at a profit, or arranged for joint venture whereby other companies can provide funding for development. The Company's flagship property is the 100%-owned Ayawilca zinc-silver-tin project ("the Ayawilca Project") located 200 kilometres northeast of Lima in the Pasco region of central Peru. The Company filed a technical report for the Ayawilca Project

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on November 10, 2021, incorporating the results of an updated Preliminary Economic Assessment ("PEA") compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). In addition to the Ayawilca Project, the Company is actively exploring its extensive land package in Central Peru for copper-gold and zinc discoveries.

The Ayawilca Project consists of three discrete mineral deposits, each with separate resource estimations (the "Zinc Zone", "Tin Zone", and "Colqui Silver Zone", respectively). The PEA focussed on the Zinc Zone deposit only (see Table 1), and showed that Ayawilca has the potential to be a global top-10 zinc producer. The Zinc Zone indicated resource estimation contains 3.0 billion pounds of zinc, 10 million ounces of silver, and 87 million pounds of lead (as at August 30, 2021). The Zinc Zone inferred resource estimation has an additional 5.7 billion pounds of zinc, 31 million ounces of silver, 370 million pounds of lead. The Zinc Zone remains open for expansion in several directions.

The Tin Zone deposit lies beneath, and on the margins of, the Zinc Zone. The Tin Zone inferred resource estimation contains 189 million pounds of tin (as at August 30, 2021). Tin is the most highly valued of all base metals, approximately 3 times the value of copper and 8 times the value of zinc, using current prices. The Tin Zone deposit remains open in all directions.

The Colqui Silver Zone (also referred to as "Colquipucro") is a silver-only deposit located 1.5 kilometres north of the Zinc Zone. The Colqui Silver Zone is a disseminated sandstone-hosted silver deposit lying close to surface with an indicated resource estimation containing 14 million ounces of silver, and an additional 13 million ounces of silver in inferred resources (as at May 25, 2016). The deposit remains open to the west.

On May 31, 2022, the Company closed a strategic private placement ("the Private Placement") with Nexa Resources S.A. ("Nexa") and Compañia de Minas Buenaventura SAA ("Buenaventura") for total gross proceeds of $11,123,906. Nexa subscribed for 40,792,541 common shares of the Company at a price of $0.22 per common share (the "Issue Price") for proceeds of $8,974,359 to the Company. Upon closing of the Private Placement, Nexa holds 71,343,053 common shares or approximately 18.2% of the Company's issued and outstanding shares on a non-diluted basis. Buenaventura exercised its pre-existingpre-emptive right and subscribed for 9,770,669 common shares at the Issue Price for additional gross proceeds of $2,149,547 to the Company. Buenaventura now holds 75,614,289 common shares or approximately 19.3% of the issued and outstanding common shares of the Company on a non-diluted basis. No finder's fees or commissions were payable on the Private Placement. The proceeds will be used for development of the Company's Ayawilca project (including exploration and infill drilling programs, metallurgical programs, and other technical and environmental studies), the continued early-stage exploration of the Silvia project, and for working capital and general corporate purposes. Pursuant to the closing of the Private Placement, Mr. Jones Belther, Senior Vice President of Exploration and Technology at Nexa, joined the Company's board of directors as Nexa's nominee.

Nexa is the largest zinc producer in South America based in Sao Paulo, Brazil. Nexa owns and operates three long- life underground zinc mines in Central Peru and also owns and operates the only zinc smelter in Peru, as well as three mines and two zinc smelters in Brazil. Buenaventura is a Peruvian-focused precious and base metals mining and exploration-development company with numerous mining operations in Peru.

Sentient Global Resources Fund IV, LP ("Sentient") holds an aggregate of 73,382,073 common shares of the Company or approximately 18.8% of the Company's issued and outstanding common shares. Sentient did not exercise its preemptive right to participate in the Private Placement.

As of the date of this MD&A, the Company has not earned any production revenue, nor found any proven reserves on any of its properties. The Company trades on the TSX Venture Exchange ("TSXV") as a Tier 1 issuer, under the symbol "TK", on the OTCQB under the symbol "TKRFF", on the Lima Stock Exchange under the symbol "TK", and on the Frankfurt Exchange under the symbol "TLD".

Directors and Officers

As at the date of this MD&A, the Company's Directors and Officers are as follows:

Dr. Graham Carman	- President, Chief Executive Officer ("CEO") and director
Ben McKeown	- Non-executive Chairman and director
Nick DeMare	- Chief Financial Officer ("CFO") and director
Alvaro Fernandez-Baca	- Vice President, Exploration ("VPE")

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Mary Little	- Director
Pieter Britz	- Director
Raul Benavides	- Director
Jones Belther	- Director
Mariana Bermudez	- Corporate Secretary

COVID-19 Update

COVID-19 cases in Peru have continued to decrease since the beginning of 2022. Masks are no longer required in open areas. Schools and commercial businesses in Lima and around the country are fully operational. While COVID- 19 has had some impact on the performance of the Company and its Peruvian operations, it is not possible to reliably estimate the impact of the COVID-19 pandemic on the financial results of the Company and its operations in future periods.

Exploration Projects, Peru

Introduction

As at the date of this MD&A, Tinka Resources S.A.C., a 100%-owned subsidiary of Tinka holds 59 granted mining concessions covering 16,548 hectares at the Company's flagship Ayawilca Project in the Department of Pasco.

In addition, Darwin Peru S.A.C., a 100%-owned subsidiary of Tinka, holds 32 granted mining concessions covering 24,400 hectares and 2 concession applications for 700 hectares. The Silvia Project in the Department of Huánuco forms the majority of these mining claims (26 granted mining concessions for 21,300 hectares and 2 concession applications for 700 hectares).

Current Activities

Ayawilca Project

The Company announced in June 2022 that it had commenced an exploration and resource definition drill program consisting of up to 10,000 metres (approximately 25 holes). The principal aim of the program is to expand the Zinc Zone indicated resources at the South and West areas, while a limited number of holes will also test extensions of the Tin Zone. Several holes will also be used for metallurgical, geotechnical and hydrological studies. One drill rig is currently operating with a second rig expected to be mobilized by the end of calendar 2022. The drill program should take around 6 months to complete but will depend on the exact timing of the mobilization of the second rig.

The first two holes (A22-190 and A22-191) were drilled at Central Ayawilca to test a potential zinc feeder structure. Full results from these holes are pending. Drill hole A22-190 continued to depth to test an extension of the Tin Zone. Holes A22-192 and A22-193 tested extensions of the mineralization at the South and West Ayawilca, respectively. As of the date of this MD&A complete geochemical results for all of these holes are pending. Results from the laboratory are significantly delayed currently, with turnaround times stretching out to several weeks. The Company now expects full results for the first four holes by early September 2022.

As of the date of this MD&A, the fifth hole of the 2022 program (A22-194) is in progress. This hole is targeting an extension of the high-grade zinc mineralization approximately 50 metres east of the indicated resource footprint at South Ayawilca. Several more drill holes are planned in this vicinity, as the South area is a priority given that it has the highest overall grade of zinc in the inferred resources (9.0 Mt grading 7.5% Zn - see Table 2).

Metallurgical test work of Tin Zone mineralization (inferred resource estimation of 8.4 million tonnes grading 1.0% tin - see Table 3) is in progress. The key objective of this test work is to produce a saleable tin concentrate at a high tin recovery and to design a preliminary flowsheet for a possible tin processing circuit. Cassiterite, a tin oxide and the preferred ore mineral of tin, has been confirmed as the dominant tin mineral at Ayawilca. Cassiterite responds well to concentration by gravity (due to its high density compared with most other metal ores), however the mineralization in the Tin Zone is sulphide rich and the sulphides need to be separated using flotation prior to the gravity stage.

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Two composite samples were selected as representative mineralization styles within the Tin Zone: (i) a pyrite- marcasite-carbonate-cassiterite sulphide domain from the South area, and; (ii) a pyrrhotite-quartz-carbonate- cassiterite±chalcopyrite sulphide domain from the Central area. The current metallurgical test work is being carried out by an independent laboratory in Australia who has considerable experience in successfully recovering tin from sulphide-rich ores. Previous metallurgical tests on the Tin Zone mineralization were preliminary in nature and produced low tin recoveries (< 50%) due to loss of tin to the bulk sulphide concentrate due to entrainment of cassiterite. Largely for this reason (i.e., low tin recovery) the Tin Zone was not incorporated into the 2021 PEA. On the positive side, if the current test work proves successful, it could lead to a reassessment of the Tin Zone mineralization and potentially, a significant improvement in the economics of the Ayawilca Project. The current metallurgical test work is expected to be completed in September 2022. Our geological team is also relogging and recharacterizing the tin mineralization in advance of an update of the tin resource in Q4 2022.

Silvia Project

Tinka´s field crews continued with the mapping and sampling of the Silvia NW and Silvia South targets. At Silvia NW, three zones described as Areas A, B and C define a footprint with discontinuous copper-gold skarn mineralization over an area of approximately 3 km x 1 km in a northeast-southwest direction. Geological mapping and sampling during the June quarter was focused mostly at Zone C in the northeastern end of the Silvia NW target. A magnetite- garnet-actinolite skarn grading up to 1 g/t Au and up to 6.33% Cu was discovered, extending the copper-gold skarn mineralization at Area C by a further 250 m to approximately 500 m. The skarn is developed at the contact between Cretaceous limestone and a quartz diorite.

The footprint of high grade copper-gold skarn mineralization at Area A covers an area of 550 metres by 400 metres including areas of scree cover. Previous sampling across the skarn discovery outcrop at Area A included 46 m at 1.9 g/t gold and 0.8% copper in a continuous trench sample, including 6 m at 2.7% copper and 12.8 g/t gold (see release dated November 10, 2021). A mineralogical study of a high-gradecopper-gold sample from Area A showed that gold occurs as fine-grained native gold up to 20 microns within chalcopyrite. Area A is the priority drill target at this time, subject to permitting.

During the June quarter, Tinka successfully completed a public participation process required to file a DIA ("Declaración de Impacto Ambiental") environmental impact assessment report. This report is required to obtain an initial 40 platform drill permit over the Silvia NW target. Meetings took place with two separate communities, supervised by the Huánuco regional mining directorate. The DIA is expected to be filed shortly. Tinka has commissioned a drone based Digital Elevation Model (DEM) over the Silvia NW target to have a detailed topographic base and high-quality air photography for future airborne geophysical surveys and a drill program. This work is expected to be completed during August 2022.

At Silvia South some 8 km to the south of Silvia NW, Tinka geologists conducted an initial review of the target identified by BHP. Several garnet skarn bodies were found along a 5 km northeast-southwest trend, parallel to the one identified at Silvia NW. Four skarn bodies have been identified to date: the Minapata, Portachuelo, Leon Machay and Morocha zones. Visible mineralization has been observed at the Minapata zone, close to the Raura mine concessions (not owned by Tinka) with rock chip samples grading up to 10.6 g/t Au and 8.0% Cu in narrow veins within skarn.

Other Exploration Targets

The Pampahuasi property is located in the Department of Huancavelica 300 km southeast of Lima. Pampahuasi consists of six granted mining concessions for 3,100 hectares held by the Company's wholly-owned subsidiary, Darwin Peru S.A.C. The area is prospective for vein style gold and silver mineralization. The Company's geologists have identified several parallel vein structures within the Pampahuasi claims trending northwest-southeast covering approximately 0.5 km by 1.5 km. Of 20 vein samples collected to date from this area, gold grades range from <0.01 g.t Au to 3.61 g/t Au and silver grades range from 0.1 g/t Ag and 69 g/t Ag. A single channel sample across a vein outcrop returned 3.0 metres grading 3.6 g/t Au and 2.4 g/t Ag.

Further surface work at Pampahuasi is planned later in 2022, to expand the known outcrop of mineralized veins and to identify further mineralized structures associated with various colour anomalies.

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Ayawilca Project - 2021 PEA

On October 14, 2021 the Company released the results of an updated PEA prepared for the Ayawilca Project. A technical report was filed on November 10, 2021. The updated PEA was disclosed in accordance with National Instrument 43-101Standards of Disclosure for Mineral Projects ("NI 43-101") and was prepared by Mining Plus Peru S.A.C. ("Mining Plus") as principal consultant, Transmin Metallurgical Consultants ("Transmin"), Envis E.I.R.L ("Envis"), and SLR Consulting (Canada) Ltd ("SLR").

The updated PEA provided the economic assessment for an underground ramp-access mine development of the Ayawilca Zinc Zone with an 8,500 tonnes per day (tpd) processing plant, a significant throughput increase from the previous 2019 PEA (5,000 tpd).

PEA highlights:

1. After-taxNPV8% of US $433,000,000 (up 19% from 2019 PEA) using base case metal prices of US $1.20/lb zinc, US $22/oz silver, and US $0.95/lb lead on a 100% equity basis (pre-tax NPV8% of US $720,000,000).
2. Initial Capex of US $264,000,000 with after-tax IRR of 31.9% (pre-tax IRR of 42.6%).
3. Strong leverage to zinc price: assuming a zinc price of US $1.50/lb (note: current spot is ~US$1.65/lb), the after-tax NPV8% increases to US $785,000,000 and IRR increases to 45.7% (pre-tax NPV8% of US $1.27 billion and IRR of 61%).
4. 43.5 million tonnes mined over 14.4 years using bulk underground mining methods (sub level stoping, combined with overhand cut and fill) with daily mill throughput of 8,500 tonnes per day ("tpd").
5. Average annual production of approximately 155,000 tonnes of zinc in concentrate per year, which would make Ayawilca the largest primary zinc producer in South America and a top-10 global zinc producer.
6. Project located in a major mining region close to a paved highway under construction ~200 km from an operating zinc refinery and port on the Pacific coast near to Lima.
7. Designed to minimize risk and environmental impact: 40% of tailings used as underground backfill and on- surface tailings treatment and storage facility to use filtered dry-stack technology.
8. Numerous opportunities to add further value, including:
9. 1. exploration upside for additional zinc discoveries including at South, Far South, Yanapizgo, and Zone 3 areas;
   2. further optimization of zinc and silver metallurgical recoveries; and
   3. incorporating high grade Tin Zone resources into the mine plan.

Table 1: Ayawilca Zinc Zone PEA highlights (effective date October 14, 2021)

Financial Summary	Pre-tax	After-tax
NPV (8% discount rate)	US $720,000,000	US $433,000,000
Internal Rate of Return ("IRR")	42.6%	31.9%
Payback period	2.0 years	2.6 years
Pre-production capital expenditure (Capex)(1)		US $264,000,000
Sustaining Capex		US $186,800,000
Life of Mine ("LOM") Capex		US $450,700,000
Closure Cost		US $15,200,000

Notes: (1) Includes contingencies of US $44,000,000

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