Blue Moon Metals : Q2 2022 MD&A

BLUE MOON METALS INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022

The following management discussion and analysis of Blue Moon Metals Inc. ("Blue Moon" or the "Company") is dated August 29, 2022, and provides an analysis of the Company's results of operations for the three and six months ended June 30, 2022.

This discussion is intended to provide investors with a reasonable basis for assessing the financial performance of the Company as well as certain forward-looking statements relating to its potential future performance. The information should be read in conjunction with the Blue Moon unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2022, the Blue Moon audited consolidated financial statements for the year ended December 31, 2021, and the notes thereto, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. Blue Moon's accounting policies are described in note 3 of the aforementioned audited consolidated financial statements. All of the financial information presented herein is expressed in Canadian dollars, unless otherwise indicated.

The operations of the Company are speculative due to the high-risk nature of the mining industry. Blue Moon faces risks that are generally applicable to its industry and others that are specific to its operations. Additional risks not currently known to the Company, or that the Company currently deems immaterial, may also impair the Company's operations. Such risk factors could materially affect the value of the Company's assets, and future operating results of the Company and could cause actual results to differ materially from those described in the forward looking statements contained in this management discussion and analysis. Reference is made to the discussion of forward-lookingstatements at the end of this document.

DESCRIPTION OF THE BUSINESS

Blue Moon is a Canadian-basedpublicly-traded mineral exploration and development company with a primary focus of advancing its Blue Moon zinc-silver property in California, USA and the Yava zinc-silver exploration property in Nunavut. Blue Moon is listed on the TSX Venture Exchange under the symbol "MOON" and in the US on the OTCQB under "BMOOF". On April 13, 2021 the Company changed its name to Blue Moon Metals Inc.

PROPERTY OVERVIEW AND DEVELOPMENT

Blue Moon Property (California, USA)

On March 1, 2022, the Company confirmed the discovery of an additional massive sulphide zone located to the west of the current resource, referred to as the South Zone, which remains open to the south and

Blue Moon Metals Inc.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2022

up dip. The Company also announced the extension of the American Eagle Zone from surface to a depth of over 700 metres.

The newly discovered South Zone was made testing a geophysics conductor target, located west of the three previously discovered mineral zones and south of the American Eagle workings. This new Zone was discovered deep and lateral to the previous mineral system. The Zinc Sulfide (Sphalerite) encountered in this new discovery has sphalerite of a different hue from the other zones which may indicate a separate emplacement pulse with slightly different timing. The mineralization cut in BM21-83 consists of bands and massive intervals of sphalerite along with blebs of other sulphides including pyrite, chalcopyrite and galena. Additional drilling is required to define the full extent and grade of this new massive sulphide lens. The mineralization cut in BM21-83 is similar to that found at the margins of other massive sulphide lens on the property and the Company believes BM21-83 could be at the northern edge of this new massive sulphide lens

Assay Highlights New South Zone (Drill - hole BM21-83)

Drill-	From	To ft	Thickness	Zn%	Cu%	Pb %	Ag opt	Au opt	ZnEq%(*)
hole	ft
BM21-83	2408	2458	50	2.4	0.12	0.06	0.13	0.009	3.13
							(4.5gpt)	(0.31gpt)
including	2413	2423	10	3.4	0.09	.05	0.17	0.005	3.90
							(5.8	(0.17 gpt)
							gpt)
including	2443	2453	10	4.3	0.34	0.01	0.13	0.009	5.46
							(4.5	(0.31 gpt)
							gpt)

The above thicknesses are core lengths. The estimated true thicknesses are approximately 50% of the core length

Hole BM21-83 also intersected a gold-rich horizon to the west of the South Zone, which is possibly an extension of the American Eagle Zone.

Drill-	From ft	To ft	Thickness	Zn%	Cu%	Pb%	Ag opt	Au opt	ZnEq%(*)
hole
BM21-83	1829	1839	10	1.1	0.04	0.3	0.33	0.11	5.3
							(11.3	(3.62 gpt)
							gpt)
including	1834	1839	5	1.2	0.03	0.3	0.44	0.20	8.8
							(15.2	(6.96 gpt)
							gpt)

Drill hole BM21-81 tested the area between the American Eagle adit and the closest hole beneath the workings. BM21-81 confirmed the mineralization is continuous from surface and the American Eagle Lens has now been shown to be traceable for over 700 metres down plunge.

- 2 -

Blue Moon Metals Inc.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2022

Assay Highlights American Eagle Zone (Drill - hole BM21-81)

Drill-	From	To ft	Thickness	Zn%	Cu%	Pb%	Ag opt	Au opt	ZnEq%(*)
hole	ft
BM21-81	504	514	20	3.8	0.12	.17	.15	0.002	4.4
							(5.1 gpt)	(.07 gpt)
including	509	514	10	5.0	.08	.22	.15	0.002	5.5
							(5.1 gpt)	(.07 gpt)

The above thicknesses are core lengths, true thicknesses are approximately 60% of the core length

Drilling completed on the project in 2021 was supervised on-site by Richard Walker CPG. Mr. Walker collected and tracked samples and implemented a full QA/QC program using blanks, standards and duplicates to monitor analytical accuracy and precision.

Blue Moon Inferred Mineral Resources:

On November 20, 2018, the Company announced a Mineral Resource update for the Blue Moon zinc deposit. The deposit now comprises 7.8 million tons in the Inferred Mineral Resource category grading 8.07% zinc equivalent ("ZnEq"), at a 4.0% ZnEq cut-off grade.

Updated Blue Moon Inferred Mineral Resources:

		Cutoff		Tons >						Grade > Cutoff									Contained Metal (Millions)
		ZnEq		Cutoff				Zn		Cu		Ag		Au		Pb			ZnEq			lbs	lbs	lbs	ozs		ozs
		%		(tons)				%		%		oz/t		oz/t		%			%			Zn	Cu	Pb	Ag		Au
	1		18,350,000		2.80	0.29	0.74		0.02	0.17	4.64	1,028	106	62	14		0.4
	2		13,060,000		3.60	0.34	0.97		0.03	0.22	5.93	940	90	56	13		0.4
	3		9,380,000		4.44	0.41	1.21		0.03	0.27	7.29	833	78	50	11		0.3

		4		7,790,000				4.95		0.46		1.33		0.04		0.29			8.07		771	71	46	10	0.3
	5	6,490,000		5.44	0.50	1.44	0.04	0.32	8.79		707	64	41	9	0.2
	6	5,330,000		5.95	0.53	1.54	0.04	0.34	9.51		635	57	36	8	0.2
	7	4,200,000		6.54	0.57	1.63	0.04	0.36	10.33		549	48	30	7	0.2
	8	3,090,000		7.21	0.63	1.78	0.05	0.38	11.34		446	39	24	6	0.1

The Mineral Resource is based on 1,540 assay results from 82 diamond drill holes, totaling 111,250 feet (33,900 metres) of drilling. The deposit is a past producer with Hecla Mining Company mining 55,000 tons at 12.3% zinc during the second world war. It was during the 1980's that based on extensive drilling leading to Westmin Resources Inc. (now Boliden) taking the project towards a production decision before divesting all its North American assets to focus on Europe.

- 3 -

Blue Moon Metals Inc.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2022

Zinc Equivalents (ZnEq)

The Mineral Resource has been stated in terms of ZnEq. The ZnEq formula and the underlying parameters used in its formulation are set out below.

Metal	Price (US$)	Recovery (%)	Factor
Zinc	1.30/lb	95	24.70
Silver	17.00/oz	65	11.05
Copper	3.00/lb	93	55.80
Gold	1,250.00/oz	70	875.00
Lead	1.00/lb	95	19.00

The metal prices and the recoveries selected represent reasonable estimates of long term metal prices and potential recoveries of metal in concentrate. The Mineral Resource estimate is summarized above at a range of ZnEq cut-off grades. The equation to calculate ZnEq is as follows:

ZnEq = (Zn%*24.70 + Cu % * 55.80 + Pb% * 19.00 + Ag(oz/t) * 11.05 + Au(oz/t) * 875.00) / 24.70

The NI 43-101 report dated November 14, 2018 was produced by Gary Giroux, P.Eng. MASc and Lawrence O'Connor, who are Qualified Persons as defined by NI-43-101 and are responsible for the technical material related to the resource calculation. The technical report on the new resource estimate is available on SEDAR at www.sedar.com.

General Exploration Expenses

The Company's exploration expenses for the periods presented were as follows:

For the six months ended June 30,	2022	2021
	$	$
Claims costs	10,046	6,373
Camp operations	31,385	20,967
Drilling and exploration	15,892	3,433
Prospecting and geology	2,162	-
Permitting	6,655	13,583
Engineering	(16,370)	-
TOTAL	49,770	44,356

Yava Property (Nunavut, Canada)

The wholly-owned Yava Property consists of 1,280 hectares of mining leases covering approximately 8 kilometres of strike of the prospective Archean Hackett-Back River greenstone belt. The leases occur 24 km south of Glencore's Hackett River Deposit to 5 kilometres south of the Yava Main Zone massive sulphide occurrence. In the 1970s, former property owner Brascan (now named Brookfield Asset Management) drilled along 500 metres of strike length of the Yava Main Zone testing the mineralization to an 80 metre

- 4 -

Blue Moon Metals Inc.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2022

depth. Brascan estimated that the Yava Main Zone contained 1.3 million tons grading 3.42 opt silver, 4.96% zinc, 1.03% copper, 1.6% lead and 0.008 opt gold. The mineralization remains open on strike and at depth. This estimate predates NI 43-101 and constitutes a historical estimate under that policy. The assumptions and parameters used in the Brascan resource estimation have not been identified by Blue Moon and the Company is not treating this historical estimate as current Mineral Resources under NI 43-101. Historical estimates should not be relied upon.

John McClintock, P. Eng, a qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for this MD&A. Mr. McClintock is not independent of the Company.

All financial information presented below is expressed in Canadian dollars, unless otherwise indicated.

RESULTS OF OPERATIONS
	Three Months Ended	Six Months Ended
	June 30,	June 30,
	2022	2021	2022	2021
	$	$	$	$
General exploration expenses	1,223	22,312	49,770	44,356
Filing and regulatory	4,364	35,587	29,224	49,223
General administrative costs	1,990	2,418	4,467	4,272
Professional fees	(7,012)	9,138	(6,512)	11,277
Share-based payments	-	49,832	-	73,107
Shareholder communication and travel	4,436	142,181	38,803	159,814
Consulting fees	21,000	18,000	42,000	36,000
Foreign exchange (gain) loss	48	(209)	(5,033)	(465)
Interest expense	4,893	7,629	12,522	15,174
LOSS AND COMPREHENSIVE LOSS	30,942	286,888	165,241	392,758
THREE MONTHS ENDED JUNE 30, 2022

Blue Moon incurred a loss of $30,942 ($0.00 per common share) for the three months ended June 30, 2022, compared to a loss of $286,888 ($0.00 per common share) over the same period in 2021. The scale and nature of the Company's administrative activity have remained generally consistent throughout these periods, but a few items led to differences in the comparative figures, as follows:

Filing and regulatory fees decreased by $31,223 during the three months ended June 30, 2022, compared to the same period in 2021. During the three months ended June 30, 2021, the Company incurred costs associated with listing on the OTCQB and renewing its stock option plan.

Professional fees decreased during the three months ended June 30, 2022, compared to the same period in 2021 as the Company wrote off amounts owing to the Company's former auditor.

Share-based payments decreased by $49,832 during the three months ended June 30, 2022, compared to the same period in 2021 due to the valuation and the timing of the amortization of stock option grants.

- 5 -