Blue Moon Metals : Q3 2021 MD&A

BLUE MOON METALS INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021

The following management discussion and analysis of Blue Moon Metals Inc. (formerly Blue Moon Zinc Corp.) ("Blue Moon" or the "Company") is dated November 24, 2021 and provides an analysis of the Company's results of operations for the three and nine months ended September 30, 2021.

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 nine months ended September 30, 2021, the Blue Moon audited consolidated financial statements for the year ended December 31, 2020, 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 November 8, 2021, provided an update on the Company's exploration and drilling program which began on September 8, 2021, under the supervision of Qualified Person Richard Walker CPG. The Company reported that exploration hole BM-83 intersected visible massive and semi-massive sulfide mineralization over 100 feet of core length. BM-83 was targeting an untested electromagnetic target south of the Blue Moon deposit and appears to have discovered a new massive sulphide lens. This new Zone was discovered deep and lateral to the previous mineral system. The Zinc Sulfide (Sphalerite) encountered in this new

Blue Moon Metals Inc. (formerly Blue Moon Zinc Corp.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2021

discovery has a different hue from the other zones which may indicate a separate emplacement pulse with slightly different timing which could add to the currently known zones.

On November 8, 2021, the Company also announced that Hole BM-81 which was testing the continuity of the mineral zone between the old American Eagle workings near surface and historical hole AE1 also intercepted several significant zones in the drilling. This confirmed the continuity from the American Eagle workings and historical hole AE1. Details of the assay will be discussed as results become available.

On September 2, 2020, the Company agreed to buyback a 2% Net Smelter Return ("NSR") on the Company's Blue Moon property. The NSRs were originally issued to the two founding prospectors of the project. The NSR holders were paid $29,055 (US$22,000) in return for the buyback.

On December 23, 2020, the Company announced the extension of its drill permits to June 26, 2023 for further exploration and development of the Blue Moon project.

On February 3, 2020, the Company announced that its previous exploration partner, confirmed significant intersections of high-grade zinc, gold and silver mineralization at its Blue Moon zinc-silver project.

The mineralization intercepted in BMZ80 is located 50 metres (164 feet) north of hole BMZ79 and has confirmed a wide, high grade zinc, gold and silver mineralized zone in the northern edge of the main mineralized horizon. In addition, the deeper intercept from 450 metres represents a northern extension of the western mineralized horizon. Table 2 includes the main mineralized intervals intercepted by holes BMZ79 and BMZ80.

Drill Table

Collar locations for the first two holes are outlined in Table 1.

Table 1 - Drill hole collar location and intercept information

Drill Hole	East	North	RL	Azimuth	Dip	Hole Depth
(M)
BMZ79	742493	416170	388	253	‐58	560
BMZ80	742495	416172	388	264	‐57	572

Mineralized intersections for Holes BMZ80 and BMZ79 are outlined in Table 2.

Table 2 - Drill hole intercepts information (downhole intersections in metres)

	Drill Hole	From	To	Thickness	Zinc	Copper	Lead	Gold	Silver
	Grade	Grade	Grade	Grade	Grade	ZnEq
		(m)	(m)	(m)	(%Zn)	(%Cu)	(%Pb)	(g/t Au)	(g/t Ag)	(%)
	BMZ79	412.81	420.28	7.47	25.55	0.87	0.02	0.68	17.39	28.46
	including	414.65	417.7	3.05	49.6	1.39	0.05	0.91	30.32	54.11
	BMZ79	450.37	461.33	10.96	3.11	0.47	0.27	0.16	4.49	4.62
	including	457.16	459.24	2.08	4.22	0.24	0.33	0.08	3.3	5.24
	BMZ80	398.44	418.02	19.58	8.41	0.49	0.22	1.65	82.75	12.41
	including	398.44	399.7	1.26	4.57	0.37	1.51	6.71	513	14.59
	including	405.55	407.71	2.16	16.49	0.89	0.32	0.7	35.01	20.90
	including	411.99	415.16	3.17	11.47	0.7	0.01	2.29	79.02	16.47
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Blue Moon Metals Inc. (formerly Blue Moon Zinc Corp.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2021

BMZ80	424.54	430.69	6.15	3.6	0.19	0.36	1.97	78.6	7.35
including	424.54	425.42	0.88	1.63	0.09	0.75	9.81	312	8.18
including	425.42	426.49	1.07	7.91	0.37	1.21	2.44	139	14.00
BMZ80	448.89	452.42	3.53	4.27	0.37	2.41	3.76	125.68	12.49
including	448.89	450.43	1.54	7.92	0.76	4.53	6.66	210.97	22.13
including	448.89	449.74	0.85	7.75	0.66	4.25	14.55	325.0.0	31.77
including	449.74	450.43	0.69	8.12	0.88	4.87	2.43	70.5	17.29
BMZ80	463.74	464.52	0.78	7.34	0.37	1.26	0.02	138	10.97

Note: Thicknesses are not true width. True width is approximately 55% of thickness

Drilling completed on the project in 2019 was supervised on-site by Dr. Gustavo Delendatti, a member of the Australian Institute of Geoscientists. Dr Delendatti 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.

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Blue Moon Metals Inc. (formerly Blue Moon Zinc Corp.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2021

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 nine months ended September 30,	2021	2020
	$	$
Claims costs	8,028	7,722
Camp operations	72,246	-
Drilling and exploration	276,408	-
Permitting	36,671	-
TOTAL	393,353	7,722

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 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

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Blue Moon Metals Inc. (formerly Blue Moon Zinc Corp.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2021

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	Nine Months Ended
	September 30,	September 30,
	2021	2020	2021	2020
	$	$	$	$
General exploration expenses	348,997	-	393,353	7,772
Filing and regulatory	2,657	863	51,880	12,189
General administrative costs	2,688	719	6,960	2,967
Professional fees	-	4,231	11,277	3,559
Share-based payments	23,275	-	96,382	-
Shareholder communication and travel	34,519	560	194,333	2,485
Consulting fees	20,000	18,000	56,000	54,000
Foreign exchange (gain) loss	1,516	-	1,051	119
Interest expense	7,713	7,713	22,887	22,971
LOSS AND COMPREHENSIVE LOSS	441,365	32,086	834,123	106,012

THREE MONTHS ENDED SEPTEMBER 30, 2021

Blue Moon incurred a loss of $441,365 ($nil per common share) for the three months ended September 30, 2021, compared to a loss of $32,086 ($nil per common share) over the same period in 2020. The Company was significantly more active in 2021 than the comparative period of 2020 and the differences in the comparative expenses reflect this.

During the three months September 30, 2021, exploration expenses increased by $348,997 compared to the same period in 2020 as the Company had begun its exploration and drilling program.

Share-based payments increased by $23,275 during the three months ended September 30, 2021, compared to the same period in 2020 due to the valuation and the timing of the amortization of recent stock option grants.

During the three months ended September 30, 2021, shareholder communication and travel increased by $33,959 compared to the same period in 2020 as the Company increased investor outreach as market conditions improved.

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