Astra Exploration : MD&A 1stQtr June 30 2022

ASTRA EXPLORATION INC. (FORMERLY MOMENTOUS CAPITAL CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended June 30, 2022 and 2021

This Management's Discussion and Analysis ("MD&A") of Astra Exploration Inc. (the "Company") supplements, but does not form part of, the unaudited condensed interim consolidated financial statements and notes thereto for the three months ended June 30, 2022 and 2021 ("financial statements"), and should be read in conjunction with the audited consolidated financial statements for the year ended March 31, 2022 and the period from incorporation on August 24, 2020 to March 31, 2021 and the related notes thereto, prepared in accordance with International Financial Reporting Standards ("IFRS") applicable to the preparation of the financial statements. This MD&A is current as of August 24, 2022 and was reviewed and approved by the Company's Board of Directors.

The first, second, third, and fourth quarters of the Company's fiscal years are referred to as "Q1", "Q2", "Q3" and "Q4", respectively. All amounts are presented in Canadian dollars, the Company's presentation currency unless otherwise stated.

Management is responsible for the preparation and integrity of the Company's financial statements, including the maintenance of appropriate information systems, procedures, and internal controls. Management is also responsible for ensuring that information disclosed externally, including the information contained within the Company's financial statements and MD&A, is complete and reliable.

Certain statements made may constitute forward-looking statements. Such statements involve a number of known and unknown risks, uncertainties, and other factors. Actual results, performance and achievements may be materially different from those expressed or implied by these forward-looking statements. For additional information on forward- looking statements and material risks associated with them, please see the "Cautionary Note Regarding Forward- Looking Statements" section of this document.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain statements in this document constitute forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "estimate", "will", "expect", "plan", "intend", or similar words suggesting future outcomes or an outlook. Forward-looking information in this document includes, but is not limited to:

• our business plan and investment strategy; and
• general business strategies and objectives.

Such forward-looking information is based on a number of assumptions which may prove to be incorrect. Assumptions have been made with respect to the following matters, in addition to any other assumptions identified in this document:

• taxes and capital, operating, general & administrative and other costs;
• general business, economic and market conditions;
• the ability of the Company to obtain the required capital to finance its investment strategy and meet its commitments and financial obligations;
• the ability of the Company to obtain services and personnel in a timely manner and at an acceptable cost to carry out activities;
• the timely receipt of required regulatory approvals; and
• that the regulatory framework for permitting of Chilean mineral resource assets will remain relatively consistent.

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ASTRA EXPLORATION INC. (FORMERLY MOMENTOUS CAPITAL CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended June 30, 2022 and 2021

Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on them as there can be no assurance that such expectations will prove to be correct. Forward-looking information is based on expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially than anticipated and described in the forward- looking information. The material risks and uncertainties include, but are not limited to:

• meet current and future commitments and obligations;
• general business, economic and market conditions;
• the uncertainty of estimates and projections relating to future costs and expenses;
• changes in, or in the interpretation of, laws, regulations or policies;
• the ability to obtain required regulatory approvals in a timely manner;
• the outcome of existing and potential lawsuits, regulatory actions, audits, and assessments; and
• other risks and uncertainties described elsewhere in this document.

The foregoing list of risks is not exhaustive. For more information relating to risks, see the section titled "Risk Factors" herein. The forward-looking information contained in this document is made as of the date hereof and, except as required by applicable securities law, the Company undertakes no obligation to update publicly or revise any forward- looking statements or information, whether as a result of new information, future events or otherwise.

Q1 2023 HIGHLIGHTS AND OVERALL PERFORMANCE

The Company reported a net loss and comprehensive loss of $703,653 (2022 - $1,684,357). The decrease in net loss driven primarily by a significant decrease in exploration and evaluation expenditures compared to the prior year period, partially offset by increases in marketing and professional fees. The decrease in exploration and evaluation expenditures is a result of prior year acquisition costs not occurring in the current period.

As at June 30, 2022, the Company had $2,183,202 in cash, compared to $906,356 at March 31, 2022, and working capital of $2,171,300 at June 30, 2022, compared to $569,480 at March 31, 2022.

DESCRIPTION OF BUSINESS

The Company was incorporated on July 31, 2020 under the Business Corporations Act (British Columbia). The head office, principal address, registered address, and records office of the Company is located at #700-1090 West Georgia Street, Vancouver, BC V6E 2E9. The Company's principal business activities include the acquisition and exploration of mineral property assets.

On June 22, 2022, the Company qualified for trading on the OTCQB Venture Market's and the Company's common shares commenced trading under the symbol "ATEPF".

Reverse takeover

On July 7, 2021, the Company announced that it entered into an amalgamation agreement (the "Amalgamation Agreement") with Astra. Pursuant to the Amalgamation Agreement, the Company acquired all of the issued and outstanding securities of Astra Exploration Limited ("Astra") in exchange for securities of Astra (the "Transaction"), carried out by way of a three-cornered amalgamation. As a result of the Transaction, the Company continued with the business of Astra.

Effective January 18, 2022, the Transaction closed whereby the Company issued 21,906,752 common shares to former shareholders of Astra. Concurrent with the closing of the Transaction, Momentous Capital Corp. changed its name to Astra Exploration Inc. The Company's common shares were listed on the TSX-V on January 26, 2022.

SHARE CAPITAL HIGHLIGHTS

On June 14, 2022, pursuant to a private placement, the Company issued 12,000,000 units at $0.20 per unit. Each unit consists of one common share and one common share purchase warrant. Each Warrant entitles the holder thereof to purchase one common share at an exercise price of $0.26 for a period of 24 months from the date of closing.

On January 27, 2022, the Company issued 50,000 common shares pursuant to the exercise of 50,000 stock options with an exercise price of $0.20 for gross proceeds of $10,000.

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ASTRA EXPLORATION INC. (FORMERLY MOMENTOUS CAPITAL CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended June 30, 2022 and 2021

On January 18, 2022, pursuant to closing the Transaction, the Company issued 21,650,001 common shares with a fair value of $795,000 to former shareholders of Astra. As part of the Transaction, the Company incurred share issuance costs for which it issued 500,000 common shares at $0.30 per common share.

On November 23, 2021, pursuant to a private placement, the Company issued 1,975,334 common shares for gross proceeds of $592,600 at a price of $0.30 per share. The Company incurred total share issuance costs of $24,112.

On August 4, 2021, pursuant to a private placement, the Company issued 575,333 common shares for gross proceeds of $172,600 at a price of $0.30 per share. The Company incurred total share issuance costs of $9,927.

On June 30, 2021, the Company completed the first tranche of a non-brokered private placement for gross proceeds of $1,441,200. The Company issued 4,804,000 common shares at $0.30 per share. The Company incurred total share issuance costs of $74,175.

On May 13, 2021, the Company acquired 80% of the Pampa Paciencia gold property located in Atacama region of northern Chile from Arena Minerals Inc. by way of the issuance of 5,820,834 common shares with a fair value of $1,164,167.

PAMPA PACIENCIA PROJECT, CHILE

On May 13, 2021, the Company, through its Chilean subsidiary, AEC, closed the acquisition of 100% of a subsidiary of Arena Minerals Inc., which held 80% of SCM, a company holding the mineral rights for the Pampa Paciencia gold property located in Chile for consideration of the issuance of 5,820,834 common shares, with a fair value of $1,164,167.

The Pampa Paciencia project consists of 8 exploitation claims in the name of Sociedad Contractual Minera (SCM) Paciencia, totaling 2,140 hectares. In March 2021, the Company applied for 3 additional exploration claims, covering 1,700 hectares along the western border of the property.

The project lies within the Paleocene Mineral belt and includes outcropping gold-silver mineralization hosted in low sulphidation-style epithermal quartz veins and could have potential for porphyry style copper-molybdenum mineralization under cover in the NE of the property.

Two principal magmatic events occur at Pampa Paciencia related to the Dominador and Sierra Gorda N-S regional faults: A late Cretaceous and a Paleocene volcanic and igneous magmatic event. These were all mineralized in the Paleocene and then partially covered by Miocene to Holocene alluvial and colluvial deposits.

Exploration work on Pampa Paciencia by previous operators includes geological mapping, rock chip and float sampling, ground geophysics, 2,629 meters ("m") of trenching and 3,209 m of drilling in 19 holes. This work resulted in the discovery of a low sulphidation epithermal vein system in the North Zone, with Au and Ag-rich shoots including select drill results returning 3.75 m grading 8.29 g/t AuEg (80:1). Given the relatively minimal amount of exploration, comparatively small footprint of epithermal deposits, and extensive but shallow cover, management believes there is significant opportunity to discover more low sulphidation epithermal veins in the area. Additionally, sections containing previously intersected Au and Ag-rich mineralization are open along strike and at depth, which provide high quality drill targets.

As of the date of this MD&A, the Company has conducted the following exploration activities:

• Detailed mapping and sampling of outcrop, subcrop, and float including systematic characterization of quartz textures, alteration and structure.
• Property-widemagnetic survey and increased resolution of existing ground magnetics by infilling the previous grid with new lines at 50 m or 25 m spacing.
• 1,119 m of trenching and channel sampling of veins or extensions.
• 2,982 m of reverse circulation drilling (Phase I program) to test new targets and extend known targets.
• 3,976 m of reverse circulation drilling (Phase II program) to test new targets and extend known targets.

The Company has received geochemical results from the Phase I drill program which was completed between February 19, 2022 and March 25, 2022. These results were reported in two news releases on May 2, 2022 and May 25, 2022. The program consisted of thirty holes and 2,982 m. A total of 1,233 samples, including blanks, duplicates and standards were send to ALS Lab in Santiago, Chile.

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ASTRA EXPLORATION INC. (FORMERLY MOMENTOUS CAPITAL CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended June 30, 2022 and 2021

Twenty-five holes targeted the Paciencia Vein System in the North Zone, represented by three segments of the same vein (from NW to SE): Paciencia Oeste - 9 holes, Paciencia - 12 holes and Paciencia Este - 3 holes. All 24 of these holes intersected thick (10 to 15 m true width) LSE mineralization represented by quartz veins, hydrothermal breccias and quartz and Fe-Mn oxide stockworks and veinlets, hosted in Cretaceous granitic rocks. Geochemical results demonstrate that Au and Ag mineralization concentrates at depth along the LSE vein in two zones: one in Paciencia Oeste - 200 m long and 80 m deep, with best intersection of 25 m averaging 0.96 g/t AuEq (80:1) including 2 m containing 3.73 g/t AuEq in hole PPRC-22-24, and one in Paciencia/Paciencia Este veins - 400 m long and 100 m deep, with best intersection of 2.85 g/t AuEq over 21 m including 3m of 14.98 g/t AuEq in hole PPRC-22-12.

In addition to the Paciencia Vein System, two holes were designed to test ground magnetic targets in blind areas in the North Zone. These holes intersected LSE mineralization, up to 14 m thick with anomalous Au and Ag values.

The last three holes were drilled in the Central Zone and targeted below a mineralized vein in andesitic rocks that reported high Au grade in a historical trench. The holes crosscut quartz veinlets, suggesting that the host rock of these veins in a Central Zone is not ideal for LSE mineralization.

The Phase II drill program consisted of 3,976 m of RC drilling and primarily focused on expanding mineralization at depth and along strike in the two defined mineralized shoots located in the Paciencia Vein System. Secondary targets consisted of other blind vein structures discovered with Phase I drill program and newly interpreted vein structures from other geophysical targets, in particular those WNW, E-W to ENE-striking magnetic lineaments related with low magnetic regional anomalies. The company expects to receive complete geochemical results in Q3 of 2022.

DON MARIO - CERRO BAYO

On March 9, 2021, Astra entered into an agreement to acquire 100% ownership of the Cerro Bayo project in the Maricunga Belt of northern Chile. Subsequent to the date of this MD&A, ownership of the claims was transferred to Astra Chile.

The Cerro Bayo project consists of 17 exploration claims in the name of Compañía Minera Don Mario SCM, totaling 4,480 hectares. Cerro Bayo is in the III Region, Chile, 120 km east of Copiapó and 19 km east of the Maricunga (Refugio) mine (6 million ounces of Au).

The project lies within the Maricunga belt. It is related to a major NNE lineament that connects with Marte-Lobo projects to the north, and includes outcropping disseminated gold mineralization in a high sulphidation-style epithermal (HSE) system, that could have potential for porphyry style gold-copper mineralization below the HSE lithocap.

The Maricunga belt is characterized by Miocene structurally controlled Au-rich porphyries and high sulphidation systems. At Cerro Bayo, a Miocene dacitic porphyry intruding a pyroclastic sequence was defined. These rocks have vuggy and quartz and alunite alteration, together with hydrothermal brecciation and pervasive silicification mapped.

Exploration work on the Cerro Bayo project by previous operators includes geological mapping, rock chip and soil grid sampling, and 1,660 m of RC drilling in 8 holes. This work was concentrated in the Cerro Bayo hill, representing about 10% of the property and resulted in the discovery of a disseminated HSE system. Results included surface Au anomalies up to 5.86 g/t in a geochemical grid and 25.3 g/t Au in selected samples, and drill results returning 20 m grading 0.41 g/t Au (BDH-01) and 32 m grading 0.38 g/t Au (BDH-08). Given the minimal amount of exploration, management believes there is significant opportunity to discover a disseminated gold HSE and/or porphyry system in the area.

Previous exploration results at Cerro Bayo are historical in nature and have not been verified by the Company.

Qualified Person

The technical information contained in this MD&A has been reviewed and approved by Darcy Marud, P.Geo. of the Company who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects".

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ASTRA EXPLORATION INC. (FORMERLY MOMENTOUS CAPITAL CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended June 30, 2022 and 2021

RESULTS OF OPERATIONS

Q1 2023 and Q1 2022 Comparison

	Q1 2023	Q1 2022
EXPENSES	$	$
317,939
Exploration and evaluation expenditures	1,540,645
General and administrative	44,528	2,286
Management fees	87,074	57,827
Marketing	102,828	6,313
Professional fees	108,977	34,409
Share-based compensation	28,264	-
Travel	14,765	1,565
Net loss from operations	704,375	1,643,045
Foreign exchange (gain) loss	(722)	41,312
Net loss and comprehensive loss	703,653	1,684,357
Net loss attributable to Shareholders of the Company	663,117	1,378,858
Net loss per share - basic and diluted	0.03	0.12
Weighted average number of common shares - basic and diluted	25,527,806	11,801,582

During Q1 2023, the Company incurred a loss of $703,653 (Q1 2022 - $1,684,357), of which $663,117 (Q1 2022 - $1,378,858) was attributable to shareholders of the Company and $40,536 (Q1 2022 - $305,499) was attributable to non-controlling interests. The expenses incurred by the Company are as follows:

• Exploration and evaluation expenditures decreased to $317,939 compared with $1,540,645 in the prior year period due to the Pampa Paciencia acquisition costs incurred during Q1 2022.
• General and administrative increased to $44,528 compared with $2,286 in the prior year period resulting from increased corporate activity associated with being a public company.
• Marketing increased to $102,828 compared with $6,313 in the prior year period due to new investor relations contracts and trade show attendance.
• Professional fees increased to $108,977 compared with $34,409 in the prior year period relating to increased legal, accounting, and advisory fees costs related to being a public company and investigating the prospective mineral properties in Chile.
• Share-basedcompensation increased to $28,264 compared with $nil in the prior year period due to vesting of stock options during the current period.
• Travel increased to $14,765 compared with $1,565 in the prior year period relating to expenditures required for the evaluation of the prospective mineral properties.

SUMMARY OF QUARTERLY RESULTS

Selected financial data during the last six quarters (since incorporation) are as follows:

	Q1 2023	Q4 2022	Q3 2022
	$	$
Total revenue	-	-	-
Loss for the period attributable to	663,117
shareholders of the Company	1,970,970	349,782
Loss per share - basic and diluted	0.03	0.08	0.02
Total assets	2,258,664	977,490	1,636,743
Working capital	2,171,300	569,480	1,536,221
	Q2 2022	Q1 2022	Q4 2021
	$	$	$
Total revenue	-	-	-
Loss for the period attributable to
shareholders of the Company	294,885	1,378,858	259,486
Loss per share - basic and diluted	0.12	0.16	0.05
Total assets	1,379,212	1,580,973	502,100
Working capital	1,343,595	1,479,873	338,345

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