Blockmint Technologies : Management’s Discussion & Analysis for the three months ended March 31, 2023

BLOCKMINT TECHNOLOGIES INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS -

QUARTERLY HIGHLIGHTS

THREE MONTHS ENDED MARCH 31, 2023

BlockMint Technologies Inc.

Management's Discussion and Analysis - Quarterly Highlights

Three Months Ended March 31, 2023

Dated - May 30, 2023

INTRODUCTION

The following interim Management's Discussion and 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 and analysis, being the Management's Discussion & Analysis ("Annual MD&A") for the fiscal year ended December 31, 2022. 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, 2022 and 2021 and the unaudited condensed consolidated interim financial statements of the Company for the three months ended March 31, 2023 ("the Interim Statements"), 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 months ended March 31, 2023 are not necessarily indicative of the results that may be expected for any future period. Information contained herein is presented as at May 30, 2023 unless otherwise indicated.

The Interim Statements of the Company for the three months ended March 31, 2023, 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 Interim 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.

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 - Quarterly Highlights

Three Months Ended March 31, 2023

Dated - May 30, 2023

Forward-looking statements	Assumptions		Risk factors
The Company's cash balance at	The development and operating	Changes in debt and equity
March 31, 2023,is sufficient to fund	activities of the Company for the	markets; timing and availability of
its	consolidated	operating	twelve-month period ending March 31,	external	financing on	acceptable
expenses at current levels. At the	2024, 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"), continued in the business of developing distributed systems and networks that enable a more decentralized deployment of blockchain based applications such as cryptocurrency mining.

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BlockMint Technologies Inc.

Management's Discussion and Analysis - Quarterly Highlights

Three Months Ended March 31, 2023

Dated - May 30, 2023

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. It is anticipated that the website www.carbontokensmarket.com, as the only site aggregating pricing data and news on carbon tokens, will prove useful and popular with participants in the growing carbon tokens market. At present, there is no single source for pricing information on carbon tokens in circulation. As user traction builds, the Company intends to earn revenues through a conventional ad- based business model.

For the three months ended March 31, 2023, the Company had income totaled $27,597 which consisted primarily of

1. income from discontinued operations of $67,986; (ii) operating expenses of $42,631; and (iii) foreign exchange income of $2,242.

At March 31, 2023, the Company had a working capital surplus of $1,732,989 (December 31, 2022 - working capital surplus of $1,705,392). The Company had cash and cash equivalents of $1,602,310 (December 31, 2022 - $1,636,966). Working capital and cash and cash equivalents decreased during the three months ended March 31, 2023 due to net cash used in operating activities of $34,656.

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 March 31, 2024. See "Liquidity and Financial Position" below.

Description of Business

In September 2022, the Company 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.

The Company also 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.

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BlockMint Technologies Inc.

Management's Discussion and Analysis - Quarterly Highlights

Three Months Ended March 31, 2023

Dated - May 30, 2023

TRENDS

In September 2022, the Company announced that it had launched its 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.

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.

DISCUSSION OF OPERATIONS

Three months ended March 31, 2023, compared with three months ended March 31, 2022

BlockMint's income totaled $27,597 for the three months ended March 31, 2023 compared to a loss of $(90,244) for the three months ended March 31, 2022, with basic and diluted income per share of $0.00 and loss of $0.00, respectively. The increase in the income of $117,841 for the three months ended March 31, 2023 was principally because:

• The Company recorded an income from discontinued operations of $67,986 for the three months ended March 31, 2023, compared to a loss $(13,719) for the three months ended March 31, 2022. The increase is due to the revaluation of digital currency.
• For the three months ended March 31, 2023, consulting fees and business development and promotion expenses decreased to $14,330 from $30,419 for the three months ended March 31, 2022, due to lower fees for website development.
• For the three months ended March 31, 2023, the Company recorded director, management and salaries of $14,622 compared to $38,637 for the three months ended March 31, 2022.
• All other expenses are related to general working capital purposes.

LIQUIDITY AND FINANCIAL POSITION

Cashflow

The Company had cash of $1,602,310 at March 31, 2023 (December 31, 2022 - $1,636,966). The decrease in cash during the three months ended March 31, 2023 was primarily due to the cash used in operating activities.

Cash used in operating activities was $34,656 for the three months ended March 31, 2023. Operating activities were affected by net income of $27,597, non-cash adjustments of $67,986 and changes in non-cash working capital balances because of a decreased in receivables and prepaid expenses of $1,293, and an increase in

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