Hunter Technology : Q3 Management's Discussion & Analysis

Hunter Technology Corp.

Management's Discussion & Analysis

Three and Nine Months Ended September 30, 2021

Hunter Technology Corp.

Management's Discussion & Analysis for the Three and Nine Months ended September 30, 2021 (All Amounts Expressed in USD unless otherwise indicated)

DATE AND BASIS OF INFORMATION

Hunter Technology Corp., (the "Company") is incorporated in British Columbia, Canada. The Company's primary operations is technology development of its Hunter Marketplace Solutions, which presently consists of two primary platforms ("Platforms") focused on, and targeted at, the physical oil market. First, the Company is developing a physical oil trading platform "OilEx" to enable independent crude oil producers to access a global market. Second, a supply chain intelligence service "OilExchange" providing analytical and market data tools.

The Company's common shares are listed on the TSX Venture Exchange ("TSX-V") under the symbol "HOC", quoted on the OTC Markets Group ("OTCQB") under the symbol "HOILF", and quoted on the Frankfurt Stock Exchange under the symbol "RWPM". The Company's CUSIP number is 445737109 and its new ISIN is CA4457371090.

The Company's head office and registered and records office is located at Suite 1800 - 510 West Georgia St., Vancouver, BC, V6B 0M3, Canada.

Additional information relating to the Company can be found on the SEDAR website at www.sedar.com.

The current business focus of the Company is to develop, operate and manage the Company's Hunter Marketplace Solutions, comprising of two services that will be available as integrated modules or stand-alone services: a digital marketplace for physical oil transactions under the brand name OilEx (www.oilex.com) and an oil supply chain intelligence service under the brand name OilExchange (www.oilexchange.com).

OilEx - OilEx is a blockchain-based marketplace for hydrocarbons that enables international buyers of physical oil to connect with independent crude oil producers in a global market. By digitalizing the end-to-end transaction process, the platform creates transparency and trust between buyers and sellers through the entire supply chain, from production through sale and delivery. The platform is structured into functional modules, such as Marketplace, Identity, Transactions, and Settlement. Each module includes core features to unlock greater efficiency throughout the trade lifecycle, provide more favorable economics for producers, enable global access to a fair market for all and promote the transition towards a more environmentally and ethically responsible ecosystem. Recently, the product received a global overhaul to becoming a more atomic and extendable platform, adding flexibility to enable tailored transaction workflows and support additional commodity types. As a result, OilEx is well positioned to expand into alternative commodity trading activities and markets.

OilExchange - OilExchange is a supply chain intelligence service aimed at corporate and sovereign users. It provides a full suite of data collection, monitoring and analytics functions enabling a real-time view along the physical oil trading supply chain. The service functions support tracking the production origin, storage, and trade of produced goods and their environmental, social and governance (ESG) impact as well as government royalty or tax payments and customs clearance information.

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Hunter Technology Corp.

Management's Discussion & Analysis for the Three and Nine Months ended September 30, 2021 (All Amounts Expressed in USD unless otherwise indicated)

The flexible integration of the OilEx and OilExchange services provides synergy in combining a marketplace module with data tracking and analytics. Benefits include increased transparency and trust between parties, automated matching of offers, complete standardized transaction audit trails and support of the hydrocarbon industry in an environment of energy transition and increased focus on sustainability. For example, providing buyers with producer ratings and data about the economic and environmental viability and responsibility of Exploration & Production (E&P) companies can incentivize producers to optimize operations for a lower carbon footprint or consider developing and reworking economically viable legacy brownfields as an alternative to greenfield production. This will support both buyers and producers to capitalize on the shifting investor appetite towards more socially and environmentally considerate operations.

The business of the Company involves a high degree of risk and there is no assurance that the Company will generate sufficient revenues, obtain additional funds and financing to cover operating costs. Additional funds will be required to enable the Company to pursue such an initiative and the Company may be unable to obtain such financing on terms which are satisfactory to it. Furthermore, there is no assurance that the business will be profitable.

Liquidity and Going Concern

The unaudited condensed interim consolidated financial statements were prepared on the basis that the Company will continue to operate as a going concern, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the twelve-month period following the date of the consolidated financial statements. It also assumed that the Company will be successful in obtaining additional funds and financing to enable the Company to continue its operations, deploy its Platforms, realize its assets and discharge its liabilities. The Company has an accumulated deficit of $123,976,038 and a negative working capital of $598,576

as at September 30, 2021. For the nine months ended September 30, 2021, the Company had negative cash flows from operations of $1,563,767.

The Company also expects to incur further losses during the future development of its business. The Company's ability to continue as a going concern is heavily dependent upon its ability to imminently raise additional capital from equity or debt financing options, successfully launch its technology platforms and achieve profitable operations. Although the Company has been successful in obtaining financing in the past, there is no assurance that it will be able to obtain adequate financing in the near future or that such financing will be on terms acceptable to the Company.

The proposed business of the Company involves a high degree of risk and there is no assurance that the Company will be able to generate positive cashflows from operations, investments or financing. Additional funds will be required to enable the Company to successfully deploy its Platforms and the Company may be unable to obtain such financing on terms which are satisfactory to it. Furthermore, there is no assurance that the business will be profitable. These factors indicate the existence of a material uncertainty that may cast doubt about the Company's ability to continue as a going concern. The unaudited interim condensed consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary were the going concern assumption deemed to be inappropriate. These adjustments could be material.

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due, and it is one of the most significant risks for the Company. The Company's approach to managing liquidity risk is to ensure,

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Hunter Technology Corp.

Management's Discussion & Analysis for the Three and Nine Months ended September 30, 2021 (All Amounts Expressed in USD unless otherwise indicated)

as far as possible, that it will always have sufficient liquidity to meet liabilities when due. At September 30, 2021, the Company had cash of $13,854, excluding restricted cash of $27,417, and the Company also had negative working capital of $598,576. The Company is heavily dependent on raising funds by borrowings, equity issues, or asset sales to finance its ongoing operations, capital expenditures and acquisitions. The contractual maturity of the majority of accounts payable is within three months or less. The Company has historically financed its expenditures and working capital requirements through the sale of common stock or, on occasion, through the issuance of short- term debt.

Basis of Presentation

The following Management's Discussion and Analysis ("MD&A") is dated November 29, 2021, and should be read in conjunction with the Company's unaudited condensed interim consolidated financial statements and related notes for the period ended September 30, 2021, as well as the consolidated financial statements and related notes, and MD&A for the year ended December 31, 2020. The referenced consolidated financial statements have been prepared by management and approved by the Company's Board of Directors. Unless otherwise noted, all financial information presented herein has been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). All financial information is in US dollars, unless otherwise indicated.

On November 2 2020, the Company forward split its share capital by issuing three (3) new common share without par value for every two (2) existing common shares without par value basis. All common shares and per share amounts have been restated to give retroactive effect to the share consolidation.

Non-IFRS Financial Measures

Certain financial measures in this MD&A, such as EBITDA, are not prescribed, do not have a standardized meaning defined by IFRS and, therefore, may not be comparable with the calculation of similar measures by other companies.

EBITDA is a non-IFRS measure that refers to income (loss) before interest, income taxes, depletion, depreciation, amortization, accretion and other non-cash items that impact the income statement such as stock-based compensation and gains or losses from asset sales, foreign currency translations and impairments.

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Hunter Technology Corp.

Management's Discussion & Analysis for the Three and Nine Months ended September 30, 2021 (All Amounts Expressed in USD unless otherwise indicated)

BUSINESS OVERVIEW

Overview of Nine Months Ended September 30, 2021

The Company operates within the technology development sectors and is focused on to developing, operating and managing the Company's modular technology Platforms.

Subsidiaries and Operations. The operations of the Company include Hunter Technology Corp. (the Parent Company) and its wholly-owned subsidiaries. The following table lists the Company's principal operating subsidiaries, their jurisdiction of incorporation, and its percentage ownership of their voting securities as of the date of this report:

Subsidiary Name	Jurisdiction	Ownership	Ownership
		2021	2020
FinFabrik Limited (1)	Hong Kong	100%	0%
FinFabrik (ShenZhen) Limited (1) (2)	China	0%	0%
Hunter Technology Holdings Ltd. (3)	England & Wales, UK	100%	100%
Digiledger Holdings AG (4)	Switzerland, Baar	100%	0%
Hunter Oil Management Corp.	Florida, USA	100%	100%
Hunter Oil Production Corp.	Florida, USA	100%	100%

1. Acquired December 31, 2020
2. Entity formally dissolved during the six months ended June 30, 2021
3. Entity formed September 23, 2020
4. Entity formed November 20, 2020

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