Blockmint Technologies : Management’s Discussion & Analysis for the Year ended December 31, 2022

BLOCKMINT TECHNOLOGIES INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

YEAR ENDED DECEMBER 31, 2022

BlockMint Technologies Inc.

Management's Discussion and Analysis

Year Ended December 31, 2022

Dated - May 1, 2023

The following management's discussion and analysis ("MD&A") of the financial condition and results of the operations of BlockMint Technologies Inc. (the "Company" or "BlockMint"), constitutes management's review of the factors that affected the Company's financial and operating performance for the year ended December 31, 2022. This MD&A has been prepared in compliance with the requirements of National Instrument 51- 102 - Continuous Disclosure Obligations. This discussion should be read in conjunction with the audited annual consolidated financial statements of the Company for the years ended December 31, 2022 and 2021, together with the notes thereto. Results are reported in United States dollars, unless otherwise noted. In the opinion of management, all adjustments (which consist only of normal recurring adjustments) considered necessary for a fair presentation have been included. The results for the year ended December 31, 2022, are not necessarily indicative of the results that may be expected for any future period. Information contained herein is presented as at May 1, 2023, unless otherwise indicated.

The consolidated financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and interpretations of the IFRS Interpretations Committee.

For the purposes of preparing this MD&A, management, in conjunction with the Audit Committee of the Board of Directors, considers the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of BlockMint's common shares; or (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. Management, in conjunction with the Audit Committee of the Board of Directors, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity

CAUTIONARY NOTE REGARDING FORWARD-LOOKINGINFORMATION

This MD&A contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). These statements relate to future events or the Company's future performance. All statements other than statements of historical fact are forward- looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this MD&A speak only as of the date of this MD&A or as of the date specified in such statement.

Specifically, the following forward-looking statements are based on the corresponding assumptions, and are subject to the noted risk factors:

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BlockMint Technologies Inc.

Management's Discussion and Analysis

Year Ended December 31, 2022

Dated - May 1, 2023

Forward-looking statements	Assumptions		Risk factors
The Company's cash balance at	The development and operating	Changes in debt and equity
December 31, 2022,is sufficient to	activities of the Company for the	markets; timing and availability of
fund	its consolidated	operating	twelve-month period ending December	external	financing on	acceptable
expenses at current levels. At the	31, 2023, and the costs associated	terms;	increases	in	costs;
date	hereof,	the	Company's	therewith, will be consistent with the	government regulation, interest rate
consolidated	cash	balance	has	Company's current expectations; and	and exchange rate	fluctuations;
diminished as a result of normal	the debt and equity markets, exchange	changes in economic conditions.
business	operations	and	and interest rates and other applicable
management	is	attempting	to	economic conditions do not materially
reduce payments to the extent	change.
practical.

Inherent in forward-looking statements are risks, uncertainties and other factors beyond BlockMint's ability to predict or control. Readers are cautioned that the above chart does not contain an exhaustive list of the factors or assumptions that may affect the forward-looking statements, and that the assumptions underlying such statements may prove to be incorrect. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this MD&A. Readers should refer to those risk factors referenced in the "Risks and Uncertainties" section below.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause BlockMint's actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward- looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward- looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law.

DESCRIPTION OF BUSINESS

In September 2022, the Company announced it had discontinued its cryptocurrency mining operation in Washington State and launched a new website - carbontokensmarket.com, which aims to be a single source of information on the expanding carbon tokens market (the "Website").

A "carbon token," is a non-fungible, tradable digital asset on a blockchain that represents one carbon credit or one tonne of carbon dioxide equivalent (CO2e) of greenhouse gas emission reduction. Over the past year, there have been a number of companies that have created carbon tokens with the aim to use blockchain technology to build secure and efficient marketplaces to scale the trading of carbon credits. The Company created the Website to provide a single source for price and market information on existing carbon tokens and aggregate news for the emerging and expanding universe of carbon tokens.

In addition, the Company's wholly owned subsidiaries, BlockMint (Canada) Technologies Inc. ("BlockMint-Canada") and its wholly owned subsidiary, BlockMint (USA) Technologies Inc. ("BlockMint-USA"), are in the business of developing distributed systems and networks that enable a more decentralized deployment of blockchain based applications such as cryptocurrency mining.

The Company developed and operates the Minter browser - a secure and private browser where any person can mine cryptocurrency as they browse the web. In addition to being a web browser, Minter has additional integrated features, such as a virtual private network (VPN) and an ad-blocker. The Minter browser was initially released in

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BlockMint Technologies Inc.

Management's Discussion and Analysis

Year Ended December 31, 2022

Dated - May 1, 2023

2019, but was updated in 2021 and re-released in February 2021 and May 2021. It is available for download at the website getminter.com.

In October 2021, the Company acquired 50 new S19 Antminers. The machines were installed at a third party hosting facility in Washington State, and the Company commenced mining Bitcoin in December 2021. Those mining operations were terminated in Q3 of 2022 due to the depressed price of Bitcoin.

OUTLOOK AND OVERALL PERFORMANCE

Corporate

Financial Highlights

The Company had minimal revenue, so its ability to ensure continuing operations is dependent on either expanding its business, or raising additional debt or equity financing. In September 2022, the Company discontinued its cryptocurrency mining operation in Washington State, and announced that it had launched the new Website focused on tokenized carbon credits. In discontinuing its cryptocurrency mining operations, BlockMint sold its mining assets to the company that hosted the mining equipment in consideration of one dollar and release from the remaining lease and contractual obligations.

For the year ended December 31, 2022, the Company had a loss totaled $843,819 which consisted primarily of (i) operating expenses of $264,702; (ii) foreign exchange loss of $35,838; and (iii) a loss from discontinued operations of $543,279

At December 31, 2022, the Company had a working capital surplus of $1,705,392 (December 31, 2021 - working capital surplus of $1,925,263). The Company had cash and cash equivalents of $1,636,966 (December 31, 2021 - $2,032,371). Working capital and cash and cash equivalents decreased during the year ended December 31, 2022 due to net cash used in operating activities of $289,684 and cash used in financing activities of $86,003.

The Company has sufficient capital to meet its ongoing operating expenses and continue to meet its obligations on its current projects for the 12-month period ending on December 31, 2023. See "Liquidity and Financial Position" below.

TRENDS

In September 2022, the Company announced that it had launched its a new Website focused on tokenized carbon credits. A tokenized carbon credit, often referred to as a "carbon token," is a non-fungible, tradable digital asset on a blockchain that represents one carbon credit or one tonne of carbon dioxide equivalent (CO2e) of greenhouse gas emission reduction. In 2021, there was approximately $2 billion in carbon credits traded in the voluntary carbon market. McKinsey & Company has forecasted that the value of the voluntary carbon credit market could reach up to $50 billion by 2030. Over the past year, there have been a number of companies that have created carbon tokens with the aim to use blockchain technology to build secure and efficient marketplaces to scale the trading of instruments that represent carbon credits.

The COVID 19 pandemic has had an impact on global economic activity as well as uncertainty in world events.

Apart from these and the risk factors noted under the heading "Risks and Uncertainties", management is not aware of any other trends, commitments, events or uncertainties that would have a material effect on the Company's business, financial condition or results of operations. See "Risks and Uncertainties" below.

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BlockMint Technologies Inc.

Management's Discussion and Analysis

Year Ended December 31, 2022

Dated - May 1, 2023

OFF-BALANCE-SHEETARRANGEMENTS

As of the date of this filing, the Company does not have any off-balance-sheet arrangements that have, or are reasonably likely to have, a current or future effect on the results of operations or financial condition of the Company, including, and without limitation, such considerations as liquidity and capital resources.

PROPOSED TRANSACTIONS

The Company routinely evaluates various business opportunities which could entail direct acquisitions, trades and/or divestitures. In this regard, the Company is currently in discussions with various parties, but no definitive agreements with respect to any proposed transactions have been entered into as of the date of this MD&A. There can be no assurances that any such transactions will be concluded in the future.

SELECTED ANNUAL FINANCIAL INFORMATION

The following is selected financial data derived from the audited financial statements of the Company at and for the years ended December 31, 2022, 2021 and 2020.

	Year ended	Year ended	Year ended
	December 31, 2022	December 31, 2021	December 31, 2020
	$	$	$
Revenue	167,497	33,627	Nil
Net (loss)	(843,819)	(1,126,373)	(425,833)
Net (loss) per share (basic and diluted)	(0.02)	(0.02)	(0.01)

	Year ended	Year ended	Year ended
	December 31, 2022	December 31, 2021	December 31, 2020
Total assets	1,746,454	2,760,488	2,605,417
Current liabilities	41,062	211,277	61,889

• The net loss of $843,819 for the year ended December 31, 2022, consisted primarily of (i) loss from discontinued operations of $543,279; (ii) director, management fees and salaries of $118,513; (iii) consulting fees of $59,417; and (iv) professional fees of $44,565.
• The net loss of $1,126,373 for the year ended December 31, 2021, consisted primarily of: (i) consulting fees of $383,963; (ii) share-based payments of $355,100; (iii) director, management fees and salaries of $155,640; and (iv) business development and promotion of $145,912.
• The net loss of $425,833 for the year ended December 31, 2020, consisted primarily of: (i) consulting fees of $211,675; (ii) management fees and salaries of $100,275; and (iii) professional fees of $37,670.

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