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

BLOCKMINT TECHNOLOGIES INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

QUARTERLY HIGHLIGHTS

FOR THE THREE AND SIX MONTHS ENDED

JUNE 30, 2022

BLOCKMINT TECHNOLOGIES INC.

Management's Discussion & Analysis - Quarterly Highlights

Three and Six Months ended June 30, 2022

Dated August 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 six months ended June 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 six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for any future period. Information contained herein is presented as at August 29, 2022 unless otherwise indicated.

The unaudited condensed consolidated interim financial statements for the three and six months ended June 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 Six Months ended June 30, 2022

Dated August 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 June 30, 2022, is sufficient	activities of the Company for the	markets; timing and availability of
to fund its consolidated	twelve-month period starting June	external financing on acceptable
operating expenses at current	30, 2022, and the costs	terms; increases in costs;
levels.	associated therewith, will be	government regulation,
	consistent with the Company's	cryptocurrency price fluctuations;
	current expectations; and the debt	interest rate and exchange rate
	and equity markets, exchange	fluctuations; changes in economic
	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. The digital currency sector is currently experiencing a broad-based downturn as a result of the significant risk of a global recession brought about by record inflation and rapidly rising interest rates. In this environment investment in the sector is greatly impaired. The value of the digital currencies are also volatile and could decline further. The Company is mindful of the current market environment and is managing accordingly. 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 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

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BLOCKMINT TECHNOLOGIES INC.

Management's Discussion & Analysis - Quarterly Highlights

Three and Six Months ended June 30, 2022

Dated August 29, 2022

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 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, which is powered by clean, low cost hydro-sourced power, and the Company commenced mining Bitcoin in December 2021. The Company signed an 18-month lease at the facility.

Outlook and Overall Performance

Corporate

Business Development

For the six months ended June 30, 2022, the S19 Antminers have mined approximately 3.79 Bitcoin resulting in revenue of $142,089.

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.

For the six months ended June 30, 2022, the Company had a net loss of $345,709 which consisted primarily of (i) revenue of $142,089; (ii) depreciation of $192,497; (iii) director, management fees and salaries of $77,273 (iv) consulting fees of $43,641; and (v) business development and promotion of $22,914.

At June 30, 2022, the Company had a net working capital of $1,720,820 (December 31, 2021 - $1,925,263). The Company had cash and cash equivalents of $1,768,091 (December 31, 2021 - $2,032,371). Working capital and cash and cash equivalents decreased during the six months ended June 30, 2022 due to net cash used in operating activities of $202,717 and cash used in financing activities of $61,563.

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 June 30, 2022. See "Liquidity and Financial Position" below.

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 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. In May 2021, the Company re-released the Minter browser with a new feature which enabled users to also be able to earn fractional ownership in an NFT.

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. BlockMint has created and acquired NFTs for its portfolio.

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BLOCKMINT TECHNOLOGIES INC.

Management's Discussion & Analysis - Quarterly Highlights

Three and Six Months ended June 30, 2022

Dated August 29, 2022

In addition to activities related to Minter, in December 2021, the Company commenced mining Bitcoin. Since commencing mining operations on December 3, 2021 to June 30, 2022, approximately 4.49 Bitcoins have been mined at a third-party hosting facility in Washington state. There is no guarantee of future mining or financial performance which is subject to a number of factors including Bitcoin price, mining difficulty rate, electricity prices, machine performance.

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 software products. Consequently, the market for the Company's products has been impacted by this volatility, and the demand for the Company's products is uncertain.

There has been an increase in the prices of several cryptocurrencies since May 2020, which has led to an increased interest in cryptocurrencies and blockchain technologies. As a result, in December 2020, the Company decided to release an updated version of its initial product, the Minter browser, in 2021 and in October 2021 the Company purchased new S19 Antminers and in December 2021 commenced the mining of bitcoin ("BTC").

However, 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 as well as uncertainty in world events. 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.

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.

Off-Balance-Sheet Arrangements

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.

Discussion of Operations

Three months ended June 30, 2022 compared with three months ended June 30, 2021

For the three months ended June 30, 2022, BlockMint's recorded revenue of $56,780, and a net loss of $255,464 with basic loss per share of $0.01. This compares with revenue of $nil and a net loss of $231,589 with basic and diluted loss per share of $0.01 or the three months ended June 30, 2021. The decrease of $23,875 in net loss was principally because:

• For the three months ended June 30, 2022, the Company recorded revenue from digital currency mined of $56,780 (three months ended June 30, 2021 - $nil)
• For the three months ended June 30, 2022, the Company recorded depreciation of $94,982 (three months ended June 30, 2021 - $nil) on the equipment and right to use asset related to the mining activities its hosting facility.

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