Blockmint Technologies : Management’s Discussion & Analysis for the three and nine months ended September 30, 2022

BLOCKMINT TECHNOLOGIES INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

QUARTERLY HIGHLIGHTS

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2022

BLOCKMINT TECHNOLOGIES INC.

Management's Discussion & Analysis - Quarterly Highlights

Three and Nine months ended September 30, 2022

Dated November 29, 2022

Introduction

The following interim Management's Discussion & Analysis ("MD&A") of the financial condition and results of the operations of BlockMint Technologies Inc. (the "Company" or "BlockMint") has been prepared to provide material updates to the business operations, liquidity and capital resources of the Company since its last annual management's discussion & analysis, being the Management's Discussion & Analysis ("Annual MD&A") for the fiscal year ended December 31, 2021. This MD&A does not provide a general update to the Annual MD&A, or reflect any non-material events since the date of the Annual MD&A.

This MD&A has been prepared in compliance with the requirements of section 2.2.1 of Form 51-102F1, in accordance with National Instrument 51-102 - Continuous Disclosure Obligations. This discussion should be read in conjunction with the Annual MD&A, the audited annual consolidated financial statements of the Company for the years ended December 31, 2021 and December 31, 2020 and the unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2022, 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 three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for any future period. Information contained herein is presented as at November 29, 2022 unless otherwise indicated.

The unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2022, 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. The unaudited condensed consolidated interim financial statements have been prepared in accordance with International Standard 34, Interim Financial Reporting.

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.

Caution Regarding Forward-Looking Statements

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.

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BLOCKMINT TECHNOLOGIES INC.

Management's Discussion & Analysis - Quarterly Highlights

Three and Nine months ended September 30, 2022

Dated November 29, 2022

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

Forward-looking statements	Assumptions	Risk factors
The Company's cash balance	The development and operating	Changes in debt and equity
at September 30, 2022, is	activities of the Company for the	markets; timing and availability of
sufficient to fund its	twelve-month period starting	external financing on acceptable
consolidated operating	September 30, 2022, and the	terms; increases in costs;
expenses at current levels.	costs associated therewith, will be	government regulation, interest
	consistent with the Company's	rate and exchange rate
	current expectations; and the debt	fluctuations; changes in economic
	and equity markets, exchange	conditions.
	and interest rates and other
	applicable economic conditions
	do not materially change.
The Company intends to earn	The market for carbon tokens will	The market for carbon tokens fails
revenue from its Website	continue on a basis similar or	to grow, or contracts.
through advertising	greater than present.	Competition negates growth of
		the Company's business.

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

The Company's wholly owned subsidiaries, BlockMint (Canada) Technologies Inc. (formerly BlockMint 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's first product was 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

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BLOCKMINT TECHNOLOGIES INC.

Management's Discussion & Analysis - Quarterly Highlights

Three and Nine months ended September 30, 2022

Dated November 29, 2022

released in 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.

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, tradeable 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

Outlook and Overall Performance

Corporate

Business Development

For the nine months ended September 30, 2022, the S19 Antminers mined approximately 4.95 Bitcoin resulting in revenue of $167,497.

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 nine months ended September 30, 2022, the Company had a net loss of $793,882 which consisted primarily of (i) revenue of $167,497; (ii) site operating cost and depreciation of $260,940; (iii) operating expenses of $222,918; (iv) loss on sale of its cryptocurrency mining equipment of $336,034; (v) revaluation of digital currency of $89,775 (due to price fluctuations); and (vi) foreign exchange loss of $43,112.

At September 30, 2022, the Company had a net working capital of $1,755,329 (December 31, 2021 - $1,925,263). The Company had cash and cash equivalents of $1,676,095 (December 31, 2021 - $2,032,371). Working capital and cash and cash equivalents decreased during the nine months ended September 30, 2022 due to net cash used in operating activities of $270,273 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 starting on September 30, 2022. See "Liquidity and Financial Position" below.

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BLOCKMINT TECHNOLOGIES INC.

Management's Discussion & Analysis - Quarterly Highlights

Three and Nine months ended September 30, 2022

Dated November 29, 2022

Description of Business

As described above, the Company develops distributed systems and networks that enable a more decentralized deployment of blockchain based applications such as cryptocurrency mining. The Company launched its first product, the distributed crypto-miner Minter browser, in 2019. Development and release of further software products was suspended in 2020 due to the price and volatility of cryptocurrencies. In February 2021, the Company released an upgraded version of the Minter browser and introduced a new feature which allows users to earn carbon credits to offset their carbon footprint. In May 2021, the Company re-released the Minter browser with another new feature which enabled users to also be able to earn fractional ownership in an NFT.

An NFT is a unit of data on a blockchain where each NFT can represent a unique digital item and thus they are not interchangeable. NFTs can represent digital files such as art, audio, video and other forms of creative work. BlockMint has created and acquired NFTs for its portfolio.

In addition to activities related to Minter, in December 2021, the Company commenced mining Bitcoin, however, operations were discontinued in September 2022. Approximately 5.64 Bitcoins were mined at a third- party hosting facility in Washington State from December 3, 2021 to September 30, 2022.

In September 2022, the Company also announced that it had launched its new Website focused on tokenized carbon credits: carbontokensmarket.com. 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. As user traction builds, the Company intends to earn revenues through a conventional ad-based business model.

Trends

Prices of cryptocurrencies have been extremely volatile since BlockMint-USA first started operations. Specifically, the price of Monero, the cryptocurrency identified by BlockMint-USA to be central to its Minter software product. Consequently, the market for the Company's products has been impacted by this volatility, and the demand for the Company's products is uncertain.

In 2021, there was an increase in the prices of several cryptocurrencies, which led to an increased interest in cryptocurrencies and blockchain technologies. As a result, the Company released updated versions of the Minter browser in February and May 2021 and in October 2021 the Company purchased new S19 Antminers and commenced the mining of bitcoin ("BTC") in December 2021. The Company discontinued its cryptocurrency mining operation in September 2022 due to a fall in Bitcoin prices.

In September 2022, the Company announced that it had launched its Website focused on tokenized carbon credits. A tokenized carbon credit, often referred to as a "carbon token," is a non-fungible, tradeable 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 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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