Cantex Mine Development : Management Discussion & Analysis April 30, 2023

CANTEX MINE DEVELOPMENT CORP.

FORM 51-102F1

MANAGEMENT DISCUSSION AND ANALYSIS

NINE MONTH PERIOD ENDED APRIL 30, 2023

The following Management Discussion and Analysis ("MD&A"), prepared as of June 23, 2023, of the results of operations and financial position of Cantex Mine Development Corp. (the "Company") for the nine month period ended April 30, 2023 should be read together with the unaudited condensed consolidated interim financial statements for the nine month period ended April 30, 2023 and related notes attached thereto, which are prepared in accordance with International Accounting Standards ("IAS") 24 - Interim Financial Reporting, as issued by the International Accounting Standard Board ("IASB") and Interpretations of the International Financial Reporting International Interpretations Committee ("IFRIC"). All amounts are stated in Canadian dollars unless otherwise indicated.

Additional information related to the Company is available on www.cantex.caor on SEDAR at www.sedar.com.

Description of Business

The Company's principal business activity is the exploration and development of mineral properties for commercial mineral deposits and it is considered to be at the exploration stage. The Company has not yet determined whether any of its properties contain ore reserves that are economically recoverable. The Company trades on the TSX Venture Exchange under the symbol CD.

The Company's primary project is in the Yukon where the Company has staked 1,075 claim blocks covering approximately 21,500 hectares. The Company also owns exclusive exploration licenses over a 1,583 square kilometer ("km2") area in the northwestern part of the Republic of Yemen. In Nevada, USA, the Company also has a 100% interest in 4 groups of gold exploration claims comprised of 86 claims.

Cautionary Note Regarding Forward Looking Statements

Certain statements in this report are forward-looking statements, which reflect our management's expectations regarding our future growth, results of operations, performance and business prospects and opportunities including statements related to the development of existing and future property interests, availability of financing and projected costs and expenses. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits we will obtain from them. These forward-looking statements reflect management's current views and are based on certain assumptions and speak only as of the date of this report. These assumptions, which include management's current expectations, estimates and assumptions about current mineral property interests, the global economic environment, the market price and demand for gold and other minerals and our ability to manage our property interests and operating costs, may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward- looking statements, including: (1) a downturn in general economic conditions, (2) a decreased demand for or price of gold and other minerals, (3) delays in the start of projects with respect to our property interests, (4) inability to locate and acquire additional property interests, (5) the uncertainty of government regulation and politics in Yemen regarding mining and mineral exploration, (6) potential negative financial impact from regulatory investigations, claims, lawsuits and other legal proceedings and challenges, and (7) other factors beyond our control.

There is a significant risk that such forward-looking statements will not prove to be accurate. Investors are cautioned not to place undue reliance on these forward-looking statements. No forward-looking statement is a guarantee of future results. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

- 1 -

Performance Summary

The following is a summary of significant events and transactions:

Private Placements

In October 2021, the Company received proceeds of $4,200,000 from the issuance of 8,400,000 common shares, which were issued as units, comprising of one flow-through share and one-halfnon-flow through warrant. The Company paid commissions of $203,400 and other share issuance costs of $32,198 in conjunction with this deal. Proceeds from the private placement will be used for the North Rackla, Yukon project.

In April 2022, the Company received proceeds of $5,360,032 from the issuance of 14,865,212 common shares, which were issued as a combination of units and flow through units. Each unit was comprised of one non-flow through share and one non-flow through warrant; each flow through unit was comprised of one flow-through share and one non-flow through warrant. The Company paid cash commissions of $83,440 and other share issuance costs of $37,188 in conjunction with this deal. In addition to cash commissions paid, the Company settled $267,541 in commissions through the issuance of 836,069 units, each unit comprised of one non-flow through share and one non-flow through warrant and issued 1,054,821 finder's warrants. Flow through proceeds from the private placement are being used for the North Rackla, Yukon project.

In November 2022, the Company received proceeds of $1,605,040 from the issuance of 6,003,852 common shares, which were issued as a combination of units and flow through units. Each unit was comprised of one non-flow through share and one-half of a non-flow through warrant; each flow through unit was comprised of one flow-through share and one-half of a non-flow through warrant. The Company paid cash commissions of 17,713 and settled $80,640 in commissions through the issuance of 322,560 units, comprising 322,560 non- flow through shares and 161,280 warrants; the Company also issued 375,200 finder's warrants. The Company incurred other share issuance costs of $14,432 in conjunction with this deal.

In April 2023, the Company received proceeds of $1,268,500 from the issuance of 3,713,851 common shares, which were issued as a combination of units and flow through units ("FT Units"); 2,112,500 units were issued at $0.32/unit, comprising of one non-flow through share and one non-flow through warrant, and 1,601,351 FT units were issued at $0.37/unit, comprising of one flow through share and one non-flow through warrant. The Company paid cash commissions of $6,475 and other share issuance costs of $7,769 in conjunction with this deal; the Company also issued 7,000 finder's warrants.

The reader is referred to the MD&A for the years ended July 31, 2022 and July 31, 2021 for details of the private placements completed during those periods.

Mineral Properties

Details of the activities on the properties are provided in the following commentary:

Yukon Metals Project

In early 2011, the Company identified a 30,000 km2 area of the Yukon, Canada that management felt was underexplored. In August 2011, a field program was completed which consisted of the collection of 2,315 heavy mineral samples testing an area of 30,000 km2 underlain by un-staked geology favorable for hosting gold mineralization. Of these, 150 samples were anomalous in both parts per billion ("ppb") and micrograms of gold; 87 samples are anomalous in both ppb and micrograms of key pathfinder elements for Carlin-style gold mineralization. Forty-eight samples are anomalous in both parts per million and micrograms in all key pathfinders indicative of detecting Carlin-style mineralization both in Nevada and the Yukon. In addition, samples were also assessed for their base metal content.

Based upon the results of the regional heavy mineral sampling program, the Company staked eight claim blocks totaling 1,380 claims covering over 28,000 hectares in September of 2012. During the summer of 2013 an additional 1,275 hectares was staked, expanding the North Rackla claim block.

Also, during September 2012, a field program was completed which consisted of the collection of 1,386 heavy mineral samples were collected. The results of these samples outlined several areas that are anomalous in all of the key Carlin-style gold pathfinder elements. Within the North Rackla and Mt. Good claim blocks watersheds upstream from highly anomalous heavy mineral samples were the focus of a detailed follow up soil/talus geochemical sampling program. Over 11,000 and 6,000 samples were collected from the North Rackla and Mt. Good claim blocks respectively in 2013.

- 2 -

During the 2013 summer program at North Rackla a zone of gossan which sub-outcrops for a distance of 600 metres with an apparent width of up to 20 metres was discovered. The gossan zone is open at both ends. Grab samples of sub-outcrop and down slope talus were assayed from along the 600 metre strike length and exhibited elevated metal contents of up to 2.52% copper, 43.60% lead, 7.11% zinc and 35.60 oz/t silver. This defined the "Discovery Sector" of the Massive Sulphide area.

During 2014 over 6,000 soil-talus samples were collected at North Rackla on infill lines to better define the previously detected anomalies.

At the Mount Good claim block the results defined eight areas weakly to strongly anomalous in gold and one or more of the key Carlin pathfinder elements. One area was anomalous in gold and all key pathfinder elements, four areas were anomalous in gold, arsenic and antimony pathfinder elements and three areas were anomalous in gold and the pathfinder element arsenic. Over 1300 soil-talus samples were collected during the 2014 summer field program at Mt Good. These were infill samples designed to better define the anomalies defined by the 2013 sampling. Results of these samples have defined 5 areas that are anomalous in gold and pathfinder elements.

In 2015 a summer program was conducted at both North Rackla and Mt Good which consisted of a prospecting program focused on areas hosting soil-talus samples anomalous in gold. A total of 287 rock samples were collected. Results from these rock samples returned high metal contents. Gold ranges up to 11.40 g/t; silver as high as 49.00 oz/t; copper values up to 25.30%; zinc as high as 41.43% and lead up to 32.19%. In addition, an infill soil-talus sampling program resulted in the collection of 1,168 soil-talus samples. These soil-talus samples assisted in defining twelve anomalous zones within the North Rackla claim block and ten anomalous zones at the Mount Good claims area.

In October 2016, a winter drilling program was commenced on the "Extension Zone" 1.7km along strike from the Discovery Sector in the Massive Sulphide area. The Company drilled eight holes before shutting the program down in December. All eight holes intersected mineralization; however, this mineralization was oxidized due to the shallow depth of drilling. Selected results are presented in the following table:

Core	Azimuth	Inclination	From	To	Length	Ag	Cu	Pb	Zn	Mn
Hole			(m)	(m)	(m)	(g/t)	(%)	(%)	(%)	(%)
#
1	148o	-45o	13.7	17.5	3.8	15.7	0.04	0.48	2.90	3.63
			43.1	43.6	5.4	21.4	0.01	2.67	2.68	3.02
2	148o	-55o	18.0	20.2	2.2	59.9	0.35	0.31	0.96	3.23
			74.0	74.5	0.5	20.0	0.01	2.62	2.34	0.23
3	148o	-70o-	23.4	29.0	5.6	214.3	0.70	2.22	1.11	3.39
		Including	24.8	25.15	0.35	242.0	0.22	29.66	2.49	2.80
		and	25.15	26.0	0.85	1040.0	3.60	0.78	1.00	2.96
			53.9	54.1	0.2	31.0	0.04	3.20	8.65	4.03
4	129o	-55o	19.7	21.0	1.3	90.0	0.88	1.21	0.61	2.26
			73.8	74.2	0.4	10.6	0.01	1.23	4.71	2.65
5	129o	-70o	24.0	28.6	4.6	101.7	0.32	2.38	1.35	2.85
		Including	26.6	27.6	1.0	402.0	1.28	8.91	4.20	2.50
			57.0	59.0	2.0	40.0	0.04	4.41	2.72	3.18
6	129o	-80o	22.95	27	4.05	21.1	0.02	2.12	1.79	4.24
			33.0	38.7	5.7	136.9	0.37	2.80	0.83	3.05
		Including	36.9	37.6	0.7	432.0	0.75	21.56	1.92	2.76
			43.7	48.1	4.4	48.9	0.02	5.35	5.99	4.97
		Including	44.8	45.8	1.0	90.6	0.02	10.20	9.42	4.50
7	163o	-70o	25.0	28.5	3.5	119.4	0.18	7.60	2.23	3.17
		Including	26.8	28.5	1.7	161.2	0.25	15.39	4.13	2.86
			51.6	52.85	1.3	258.0	0.62	4.29	7.63	1.96
			109.4	110.2	0.8	13.2	0.01	2.21	5.39	1.29
			118.0	118.6	0.6	11.0	0.01	1.91	5.38	1.48
8	162o	-50o	51.0	53.5	2.5	131.4	0.73	0.74	0.66	2.45
			133.6	134.7	1.1	19.9	0.06	1.32	1.17	1.22
			151.0	151.8	0.8	6.5	0.01	0.26	7.16	0.32

- 3 -

From the middle of July to early September, 2018 the Company commenced a ten-hole drill program on the North Rackla project. Nine holes were completed on the "Massive Sulphide" zone and one hole was commenced on the "Northern Gold" area but drilling was suspended before target depth was reached on this due to the onset of winter conditions. Deeper drilling on the Extension Zone of the Massive Sulphide returned exceptional results. These results are presented in the following table.

	From	To	Estimated
	True Width	Silver	Copper	Lead	Zinc	Manganese
Hole	(m)	(m)	(m)	(ppm)	(%)	(%)	(%)	(%)
YKDD18-012	100.87	113.87	9.19	150.6	0.05	8.09	18.04	3.67
Including	102.87	107.87	3.54	277.8	0.04	14.01	35.36	3.07
	134.74	141.74	4.95	22.0	0.01	1.23	8.27	0.44
YKDD18-013	77.18	79.28	1.20	14.7	0.00	0.98	3.06	0.82
	121.45	133.82	7.10	158.0	0.09	6.04	23.12	1.58
Including	123.35	129.00	3.24	207.5	0.06	7.43	40.24	1.76
and	131.00	131.80	0.46	322.0	0.02	15.60	47.38	0.28
	155.10	157.12	1.16	19.5	0.00	1.02	3.14	0.37
YKDD18-014	177.40	179.40	0.85	46.5	0.22	0.18	0.49	2.00
	183.40	205.40	9.30	122.6	0.01	7.33	10.97	4.70
Including	184.40	186.40	0.85	158.0	0.04	6.93	37.65	2.26
and	190.40	192.40	0.85	475.5	0.03	24.49	13.73	3.80
YKDD18-015	124.28	133.28	5.21	67.2	0.05	5.48	10.48	4.17
Including	127.28	128.28	0.58	233.0	0.03	9.96	35.52	2.29
YKDD18-016	99.77	104.27	2.33	45.6	0.02	16.92	1.74	4.52
	106.27	114.90	4.46	142.1	0.09	11.44*	18.36	2.95
Including	107.27	109.27	1.03	272.0	0.14	22.94	31.29	1.17
and	111.27	112.77	0.78	210.0	0.07	14.37	29.15	2.20

Based on the favourable results of 2018 the Company undertook an extensive drill program during 2019, with 139 holes totaling 38,174 metres drilled.

During the 2019 season an airborne magnetic survey was completed which shows a linear anomaly that correlates well with the mapped surface trace of the massive sulphide Main Zone and intercepts of the zone in drill core. Based on this geophysical interpretation, the massive sulphide Main Zone trend has potentially expanded by one kilometre, to 3.4 kilometres, of total strike length.

The survey also clearly defines a steeply dipping post-mineralization mafic dike swarm that cuts through the area running from Pads MZ7 to MZ13 (~300m of strike). This E-W trending mafic dike swarm intruded after the sulphides were emplaced and has digested and remobilized the zone in this segment, but the occurrence is localized.

As reported on September 5 and November 5, 2019, outside of the mafic dyke swarm heavy massive sulphides have been logged in two fans of five drill holes (all ten holes) from each of Pads, MZ3, MZ4, and MZ5. Highlights from this drilling are presented in the following table.

- 4 -

Drilling from pads MZ5 and MZ6 intersected heavy massive sulphides, the results of which are presented below.

Pad	Dip	Hole	From	To	Length	True	Silver	Lead+Zinc	Lead	Zinc	Copper	Mn	Comment
			(m)	(m)	(m)	Width	(g/t)	(%)	(%)	(%)	(%)	(%)
						(m)
MZ5	-88	YKDD19-046	104.5	136.5	32.0	11.2	134.41	24.94	8.47	16.47	0.13	2.59	Fresh
													Sulphide
		Including	122.5	134.5	12.0	4.2	231.75	52.61	14.50	38.11	0.06	1.42
MZ4	-45	YKDD19-059	No										Oxidized
			significant
			intervals
	-62	YKDD19-062	64.0	69.0	5.0	3.41	17.2	2.29	1.10	1.19	0.06	4.13	Fresh
													Sulphide
			104.0	104.5	0.5	0.34	73.4	16.91	5.21	11.70	0.03	0.38
	-70	YKDD19-064	76.0	77.0	1.0	0.67	13.9	4.08	3.59	0.49	0.02	1.06	Fresh
													Sulphide
			80.8	87.1	6.3	4.22	40.8	4.75	1.88	2.87	0.09	4.44
	-80	YKDD19-067	96.8	105.0	8.2	4.34	9.7	2.76	1.83	0.93	0.01	3.91	Fresh
													Sulphide
			120.0	122.4	2.4	1.27	302.0	14.24	13.25	0.99	0.87	2.37
			188.3	197.8	9.5	5.03	62.9	12.75	6.22	6.53	0.01	1.67
		Including	194.1	197.8	3.7	1.96	136.1	28.54	14.44	14.10	0.02	2.88
	-89	YKDD19-068	166.0	167.0	1.0	0.23	40.2	6.49	3.12	3.37	0.02	2.49	Fresh
													Sulphide
			168.9	191.1	22.2	5.00	85.2	8.53	6.84	1.69	0.04	2.78
		Including	171.4	174.1	2.7	0.61	267.0	30.78	29.69	1.09	0.08	1.86
MZ3	-45	YKDD19-044	90.2	91.2	1.0	0.78	11.4	2.53	2.10	0.43	0.01	2.78	Oxidized
	-62	YKDD19-047	117.5	123.5	6.0	4.46	32.6	2.79	0.96	1.83	0.28	3.13	Oxidized
	-70	YKDD19-050	129.0	130.0	1.0	0.64	37.3	8.83	8.49	0.34	0.03	1.43	Fresh
													Sulphide
			140.0	141.5	1.5	0.96	94.2	0.50	0.30	0.20	0.19	2.43
			157.3	160.3	3.0	1.93	99.5	14.34	9.81	4.53	0.08	2.68
	-80	YKDD19-052	171.5	172.5	1.0	0.56	102.0	0.35	0.08	0.27	1.39	2.59	Fresh
													Sulphide
	-89	YKDD19-055	268.0	269.0	1.0	0.37	52.6	1.16	0.53	0.63	0.26	2.27	Fresh
													Sulphide
			319.0	320.0	1.0	0.37	51.2	8.10	4.91	3.19	0.03	1.55
			321.1	322.2	1.1	0.41	15.1	5.84	5.37	0.47	0.01	0.64
			346.9	348.9	2.0	0.75	30.7	13.90	6.79	7.11	0.03	3.55

- 5 -