Aztec Minerals : Third Quarter Report - Nine months ended September 30, 2021

AZTEC MINERALS CORP.

Third Quarter Report

Management Discussion and Analysis

(expressed in Canadian dollars)

Three and Nine Months ended September 30, 2021

AZTEC MINERALS CORP.

(the "Company")

Third Quarter Report

Management's Discussion and Analysis

For the Three and Nine Months ended September 30, 2021

(expressed in Canadian dollars)

CAUTION - FORWARD LOOKING STATEMENTS

Certain statements contained herein regarding the Company and its operations constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such risks and uncertainties include fluctuations in precious metal prices, unpredictable results of exploration activities, uncertainties inherent in the estimation of mineral reserves and resources, if any, fluctuations in the costs of goods and services, problems associated with exploration and mining operations, changes in legal, social or political conditions in the jurisdictions where the Company operates, lack of appropriate funding and other risk factors, as discussed in the Company's filings with Canadian and American Securities regulatory agencies. The Company expressly disclaims any obligation to update any forward-looking statements, other than as may be specifically required by applicable securities laws and regulations.

1.0 Preliminary Information

The following Management's Discussion and Analysis ("MD&A") of Aztec Minerals Corp. (the "Company") should be read in conjunction with the accompanying unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2021 and audited consolidated statements of financial position as at December 31, 2020 and 2019 and the consolidated statements of comprehensive loss, changes in shareholders' equity and cash flows for the years ended December 31, 2020 and 2019, and a summary of significant accounting policies and other explanatory information, all of which are available at the SEDAR website at www.sedar.com.

Financial information in this MD&A is prepared in accordance with International Accounting Standards 34 Interim Financial Reporting based upon the principles of International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), and all dollar amounts are expressed in Canadian dollars unless otherwise indicated.

All information contained in the MD&A is as of November 26, 2021 unless otherwise indicated.

David Heyl, BSc, PGeo, Vice President (Exploration), or Bradford Cooke, PGeo, a Director of the Company, is the Qualified Person who reviewed and approved any technical information in this MD&A for 2021. Joseph Wilkins, BSc (Geology), PG, advisor and formerly Vice President (Exploration) and Chief Geologist of the Company, was the Qualified Person who reviewed and approved any technical information in this MD&A for 2020.

1.1 Background

The Company was incorporated on July 6, 2007 under the laws of British Columbia, Canada, pursuant to the Business Corporations Act (British Columbia) and had been dormant until 2016. The Company is engaged primarily in the business of evaluating, acquiring and exploring natural resource properties.

The Company acquires properties by staking initial claims, negotiating for permits from government authorities, negotiating with holders of claims or permits, entering into property option agreements to acquire interests in claims, or purchasing companies with claims or permits. On these properties, the Company explores for minerals on its own or in joint ventures with others. Exploration for metals usually includes surface sampling, airborne and/or ground geophysical surveys and drilling. The Company is not limited to any particular metal or region, but the corporate focus is on precious and base metals in North America.

AZTEC MINERALS CORP.

(An Exploration Stage Company)

Management's Discussion and Analysis

For the Three and Nine Months ended September 30, 2021 (expressed in Canadian dollars)

As the Company is focused on its mineral exploration activities, there is no mineral production, sales or inventory in the conventional sense. The recoverability of amounts capitalized for mineral property interests is dependent upon the existence of reserves in its mineral property interests; the ability of the Company to arrange appropriate financing and receive necessary permitting for the exploration and development of its property interests; confirmation of the Company's interest in certain properties; and upon future profitable production or proceeds from the disposition thereof. Such exploration and development activities normally take years to complete and the amount of resulting income, if any, is difficult to determine with any certainty at this time. Many of the key factors are outside of the Company's control. As the carrying value and amortization of mineral property interests and capital assets are, in part, related to the Company's mineral reserves and resources, if any, the estimation of such reserves and resources is significant to the Company's financial position and results of operations.

1.2 Overall Performance

Option Amendment and Assignment Agreement with Aztec Metals Corp.

On September 30, 2016, the Company entered into the Option Amendment and Assignment Agreement for the Cervantes Property ("Option Assignment Agreement") for the Cervantes property with Aztec Metals Corp., which share common directors with the Company, ("AzMet") and Kootenay Silver Inc. ("Kootenay"), whereby AzMet assigned to the Company all of its rights and interests in the Property Option Agreement dated July 25, 2015 between AzMet and Kootenay (the "Cervantes Option Agreement"). In July 2019, the Company earned its 65% interest in the Cervantes property whereby the Company issued 500,000 common shares to Kootenay; paid US$50,000 in cash; and incurred exploration expenditures totalling US$1.2 million. The Company entered into a joint venture agreement with Kootenay in December 2020.

In late February 2021, the Company mobilized a field crew to conduct a soil and outcrop rock chip surface sampling program which outlined new gold-copper-molybdenum geochemical soil and rock anomalies on the Cervantes porphyry gold-copper property in Sonora, Mexico. The soil sample grid covered 518 hectares (5.18 square kilometers) with 477 samples in a 100 by 100 meter spacing, to extend its coverage over the Estrella, California, Brazil and California North targets to the western, northern, and eastern limits of the property. The outcrop rock chip sampling comprised 110 samples making the current project total 340, plus previous to 2021 the Company collected 608 channel samples and 23 stream sediment samples.

Highlights of the exploration program are as follows:

• Rock chip sampling returned assays up to 21.3 grams per tonne (gpt) gold, with ten samples running over 1 gpt Au, with anomalous results of 20-250 ppb Au occurring proximal to the strongest rock gold values.
• Soil sampling returned assays up to 3.60 gpt Au, with anomalous results of 10-70 ppb Au occurring proximal to the strongest soil gold values.

Note that rock chip samples are selective by nature and do not represent intervals of mineralization hosted on the property.

In early November 2021, the joint venture partners approved a 22 hole, 5000 m reverse circulation drill program which will test four main targets, namely, California, California North, Jasper and Purisima East.

Further details of the exploration programs for the Cervantes project are provided in the Company's news releases:

• News Release dated February 23, 2021 and titled, "Aztec Minerals - Kootenay Silver Joint Venture Commences 2021 Exploration Program on the Cervantes Porphyry Gold-Copper Property in Sonora, Mexico".
• News Release dated August 4, 2021 and titled, "Aztec - Kootenay JV Outlines New Gold-Copper-Molybdenum Geochemical Soil and Rock Anomalies on the Cervantes Porphyry Gold-Copper Property in Sonora, Mexico".
• News Release dated November 4, 2021 and titled, "Aztec - Kootenay Joint Venture Approves 22 hole, 5000 meter RC Drill Program at Cervantes Gold-Copper Project, Sonora, Mexico".

Aztec Minerals Corp.

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AZTEC MINERALS CORP.

(An Exploration Stage Company)

Management's Discussion and Analysis

For the Three and Nine Months ended September 30, 2021 (expressed in Canadian dollars)

Purchase Option Agreement with Baroyeca Gold & Silver Inc.

On November 30, 2017, as amended on February 28, 2018, the Company entered into a Purchase Option Agreement for the Tombstone property (the "Tombstone Option Agreement") with Baroyeca Gold & Silver Inc. and its two wholly owned U.S. subsidiaries (collectively, "Baroyeca"). The Company can earn a 75% interest by making cash payments of $100,000, incurring exploration expenditures of $1 million and issuing 1 million common shares over a three year period starting from March 23, 2018. In February 2021, the Company earned its 75% interest and entered into a joint venture for the Tombstone property.

The Tombstone property includes the historic Contention Mine and surrounding patented claims totalling 404 acres (163.5 hectares) with an additional 24 acres (9.7 hectares) of unpatented claims. The Tombstone Mining District, located 65 miles southeast of Tucson, Arizona, and accessed by State Highway 80, is well known for its high grade, oxidized, carbonate replacement deposits of silver-gold-lead mineralization hosted in veins, mantos, pipes and disseminated orebodies.

In March 2021, the Company acquired two patented claims amounting to 15.2 hectares (37.5 acres), increasing the overall Tombstone joint venture land package to 434.4 hectares (1,073.4 acres). In April 2021, the Company mobilized a reverse circulation drill program at Tombstone which was completed in September 2021 for 23 holes for 2,716 metres. The RC program is designed to step out and down from the Phase 1 drill patterns drilled in 2020 to expand the shallow, broad, bulk tonnage gold-silver mineralization discovered around and below the Contention pit.

Drill results are as follows:

Drill Hole	From m	To m	Interval	Au gpt	Ag gpt	Au Eq gpt	Comments
m*	(1)
TR21-01	68.6	71.64	3.04	0.188	4.1	0.247
104 Az, -50	82.32	109.76	27.44	0.177	24.938	0.533	Two tunnels at 330
							and 355 ft
TR21-02	96.04	123.48	27.44	0.589	17.989	0.846
104 Az, -60
TR21-03	18.29	21.34	3.05	0.271	2.25	0.303
104 Az, -45	57.93	60.98	3.05	1.41	0.4	1.415
	80.79	112.8	32.01	5.713	40.543	6.282
	incl.
	89.94	105.18	15.24	11.891	62.86	12.788
	120.43	125	4.57	0.159	5	0.23
	129.57	132.62	3.05	0.272	14.9	0.485
TR21-04	56.4	60.98	4.57	0.799	9.533	0.935
104 Az, -60	68.6	89.94	21.34	1.193	37.064	1.723
	103.05	123.48	20.43	0.105	21.008	0.405	One Tunnel at 338
							to 350 ft

Aztec Minerals Corp.

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AZTEC MINERALS CORP.

(An Exploration Stage Company)

Management's Discussion and Analysis

For the Three and Nine Months ended September 30, 2021 (expressed in Canadian dollars)

TR21-05

47.26

68.59

21.34

2.071

26.064

2.444

104 Az, -60

1. AuEq is calculated using a 70:1 silver:gold ratio

• All interval widths are not true widths and intercept true widths are not yet estimated.

Drill Hole	From m	To m	Interval	Au gpt	Ag gpt	Au Eq gpt	Comments
m*	(1)
TR21-06	7.62	12.2	4.57	0.765	38.5	1.315
104 Az, -65	62.5	65.55	3.05	0.866	2.15	0.896
							True width approx.
	83.32	157.01	73.69	0.220	17.3	0.468	72 - 83%
Including:	83.32	92.99	9.67	0.641	14.1	0.584
	123.48	157.01	33.53	0.202	23.9	0.544
TR21-07	1.52	6.1	4.58	0.776	34.6	1.272
104 Az, -45	57.93	59.45	1.52	1.404	3.1	1.448
	67.07	74.69	7.62	0.303	1.4	0.323
	88.41	112.8	24.39	0.491	23.1	0.821	True width approx.
	94%
							Tunnel 91.46 m -
							96.04 m
TR21-08	53.35	92.9	39.64	2.085	47.1	2.758	True width approx.
72 - 100%
104 Az, -90
TR21-09	44.21	51.83	7.62	0.173	9.2	0.305
284 Az, -80	68.6	73.17	4.57	1.160	12.93	1.345
	82.32	108.23	25.91	0.452	16.9	0.694	True width approx.
	55 - 89%
Including:	82.32	86.89	4.57	0.701	33.8	1.184
	92.99	99.08	6.09	1.049	24.35	1.397
	103.66	108.23	4.57	0.35	21.6	0.658
TR21-10	0	4.57	4.57	0.192	4.2	0.252
104 Az, -45				1.39	56.4	2.196	True width approx.
25.91	121.95	96.04	83 - 89%
Including:	25.91	65.55	39.44	2.472	28.9	2.967	Tunnels at 74.69 m -
	77.74	97.56	19.82	0.955	24.98	1.312	77.74 m, & 86.89 m
	-
	111.28	121.95	10.67	0.837	60.96	1.708	91.46 m

1. AuEq is calculated using a 70:1 silver:gold ratio

• All interval widths are not true widths and intercept true widths are not yet estimated.

Drill Hole	From m	To m	Interval	Au gpt	Ag gpt	Au Eq gpt	Comments
m*	(1)

Aztec Minerals Corp.

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