Blockmint Technologies : Management’s Discussion & Analysis for the three and nine months ended September 30, 2021

BLOCKMINT TECHNOLOGIES INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

QUARTERLY HIGHLIGHTS

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2021

BLOCKMINT TECHNOLOGIES INC.

Management's Discussion & Analysis - Quarterly Highlights

Three and Nine Months Ended September 30, 2021

Dated November 29, 2021

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, 2020. 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, 2020 and December 31, 2019 and the unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 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 three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for any future period. Information contained herein is presented as at November 29, 2021 unless otherwise indicated.

The unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2021, 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, 2021

Dated November 29, 2021

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, 2021, is	activities of the Company for the	markets; timing and availability of
sufficient to fund its	twelve-month period ending	external financing on acceptable
consolidated operating	September 30, 2022, and the	terms; increases in costs;
expenses at current levels. At	costs associated therewith, will be	government regulation,
the date hereof, the	consistent with the Company's	cryptocurrency price fluctuations;
Company's consolidated cash	current expectations; and the debt	interest rate and exchange rate
balance has increased due to	and equity markets, exchange	fluctuations; changes in economic
a private placement.	and interest rates and other	conditions.
	applicable economic conditions
	do not materially change.

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 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 objective is to develop distributed systems and networks that enable a more decentralized deployment of blockchain-based applications. One such application is cryptocurrency mining, which relies on a decentralized blockchain network. The Company developed 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 2019, but has been updated and re-released twice this year with new features - once in February 2021 and again in May 2021. The current version of Minter is available for download at the website getminter.com.

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BLOCKMINT TECHNOLOGIES INC.

Management's Discussion & Analysis - Quarterly Highlights

Three and Nine Months Ended September 30, 2021

Dated November 29, 2021

Subsequent to September 30, 2021, the Company acquired fifty new S19 Antminers in order to commence the mining of bitcoin ("BTC") by year-end. The miners are to be installed at a third party hosting facility in Washington state, which is powered by clean, low cost hydro-sourced power.

Outlook and Overall Performance

Corporate

Business Development

In January 2021, the Company closed a private placement for gross proceeds of C$1,000,000 ($782,800) by issuing 3,846,154 common shares at a price of C$0.26 per share. In connection with the private placement, the Company issued an aggregate of 127,383 finder's shares to certain brokerage firms for introducing subscribers to the Company.

In February 2021, the Company announced the granting of incentive stock options to certain of its directors, officers and consultants to purchase up to an aggregate of 1,250,000 common shares in the capital of the Company, exercisable at a price of C$0.40 per share for a period of five (5) years expiring February 11, 2026. These options vested immediately.

In February 2021, the Company announced that its COO, Daniel Beck, resigned to pursue other business interests.

In June 2021, the Company announced that it had signed an agreement to acquire a facility for cryptocurrency mining located in Manitoba, Canada which would be powered by clean, sustainable and low-cost hydropower. In August 2021, the Company elected to terminate the agreement due to the Vendor's inability to satisfy the conditions for closing.

In November 2021, the Company announced that it had acquired fifty new S19 Antminers to be installed at a third party hosting facility in Washington state. The cost of the fifty new S19 Antminers was approximately US$530,000. The estimated cost of the lease with the green energy-powered hosting facility over its 18- month initial term is estimated at approximately US$205,000.

Financial highlights

The Company had no revenue, so its ability to ensure continuing operations is dependent on either expanding its business, or raising additional debt or equity financing.

For the nine months ended September 30, 2021, the Company had a net loss of $999,575 which consisted primarily of (i) consulting fees of $311,625 (ii) share based payments of $355,100; (iii) business development and promotion of $158,766; and (iv) management fees and salaries of $118,611.

At September 30, 2021, the Company had a net working capital of $2,676,009 (December 31, 2020 - $2,543,528). The Company had cash and cash equivalents of $2,705,131 (December 31, 2020 - $2,600,962). Working capital and cash and cash equivalents increased during the nine months ended September 30, 2021 due to cash provided by financing activities of $776,956, and net cash used in operating activities of $672,787.

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 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, 2021

Dated November 29, 2021

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. Development and release of software products were suspended due to the price and volatility of cryptocurrencies in 2019 and 2020. In February 2021, the Company released its upgraded, distributed crypto-miner "Minter" and introduced a new feature to the Minter browser which allows users to earn carbon credits to offset their carbon footprint. A further upgrade to the Minter browser was released in May 2021 which allows users the option to earn a fractional ownership in a non-fungible token (NFT). Minter users are now able to choose whether to use their mined cryptocurrency to earn: 1) carbon credits to offset their carbon footprint; or 2) fractional ownership in a NFT. To date, no carbon credits or interests in NFTs have been redeemed by Minter users, and no carbon credits or NFTs have been distributed by the Company to any of the Minter users.

A 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. While the digital files themselves are infinitely reproducible, the NFTs representing them are tracked on their underlying blockchains and provide buyers with proof of ownership.

In April 2021, the Company acquired two NFTs by renowned digital artist Pak (two cubes for $2,000 being part of The Fungible Collection by Pak) which cost was expensed. BlockMint aims to acquire NFTs from multiple genres (including art, sports, music, etc) to create a diverse portfolio of NFTs in support of its distributed crypto- miner browser "Minter" which will allow users to exchange their earned cryptocurrency for a fractional ownership in a NFT from the BlockMint portfolio.

The addition of the carbon credit and NFT features to Minter is part of a broader effort to identify a combination of features desirable by users to make the product attractive to new users and increase downloads of the browser. To date, there has not been paid marketing campaigns for the Minter browser and the Company has chosen to use its social media accounts to promote Minter. As a result, an immaterial amount of cryptocurrency has been mined.

Trends

Prices of cryptocurrencies have been extremely volatile since BlockMint-USA first started its operations in 2018. Specifically, the price of Monero, the cryptocurrency identified by BlockMint-USA to be central to its software products, in particular the Minter browser. Consequently, the market for the Company's products has been impacted by this volatility, and the demand for the Company's products is uncertain. The Company determined in the first half of 2019 that it would suspend further development of its products pending the price of cryptocurrencies recovering to economic levels.

There was an increase in the prices of several cryptocurrencies that started in 2020 and has continued in 2021, which has led to an increased interest in cryptocurrencies and blockchain technologies. As a result, the Company decided to release updated versions of its initial product, the Minter browser, in 2021.

There have been wide fluctuations in the prices of several cryptocurrencies recently, leading to more speculation and trading, and volatility in the prices of cryptocurrencies. In addition, the COVID 19 pandemic has had an impact on global economic activity. The impact of this unprecedented event on the future trading price of cryptocurrencies is unclear. The Company can offer no assurance that the price of cryptocurrencies will increase.

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