InZinc Mining : 2021 Q3 Management Discussion & Analysis

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021

NOVEMBER 26, 2021

InZinc Mining Ltd.

Management's Discussion and Analysis

September 30, 2021

Description of Management's Discussion and Analysis

The purpose of this Management's Discussion and Analysis ("MD&A") is to explain management's point of view regarding the past performance and future outlook of InZinc Mining Ltd. (the "Company"). This report also provides information to improve the reader's understanding of the condensed interim consolidated financial statements and related notes for the nine months ended September 30, 2021 as well as important trends and risks affecting the Company's financial performance and should therefore be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2020. Those financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. All amounts in the financial statements and in this MD&A are expressed in Canadian dollars, unless otherwise indicated. The following discussion is dated and current as of November 26, 2021. This MD&A contains forward-looking information and statements which are based on the conclusions of management. The forward-looking information and statements are only made as of the date of this MD&A.

The Company's certifying officers, based on their knowledge, having exercised reasonable diligence, are also responsible to ensure that these filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by these filings, and these financial statements together with the other financial information included in these filings. The Board of Directors approves the financial statements and MD&A and ensures that management has discharged its financial responsibilities. The Board's review is accomplished principally through the Audit Committee, which meets periodically to review all financial reports, prior to filing.

Additional information on the Company is available on SEDAR and at the Company's website, www.inzincmining.com.

Forward-Looking Statements

Certain disclosures contained in this MD&A may constitute forward-looking information. This is information regarding possible events, conditions or results of operations of the Company that is based upon assumptions about future economic conditions and courses of action which is inherently uncertain. All information other than statements of historical fact may be forward-looking information.

Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits; the outbreak of an epidemic or a pandemic, including the recent outbreak of the novel coronavirus (COVID-19), or other health crisis and the related global health emergency affecting workforce health and wellbeing; and the possibility that future exploration and development results will not be consistent with the Company's expectations. Some other risks and factors which could cause results to differ materially from those expressed in the forward-looking information contained in this MD&A are described under the heading "Risks and Uncertainties".

Readers are cautioned that any such listings of risks are not, and in fact cannot be, complete. Although the Company has attempted to identify important factors that could cause actual events and results to differ materially from those described in the forward-looking information, there may be other factors that cause events or results to differ from those intended, anticipated or estimated. The Company believes the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and readers are cautioned not to place undue reliance on forward-looking information contained in this MD&A.

The forward-looking information contained in this MD&A is provided as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as otherwise required by law. All of the forward-looking information contained in this MD&A is expressly qualified by this cautionary statement.

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InZinc Mining Ltd.

Management's Discussion and Analysis

September 30, 2021

Description of Business

The Company is incorporated under the Canada Business Corporations Act and is listed on the TSX Venture Exchange ("TSX-V") under the trading symbol IZN. It was renamed from Lithic Resources Ltd. on February 18, 2014. The principal business of the Company is the acquisition, exploration and development of mineral properties ("exploration and evaluation assets"), either solely or through joint ventures and options.

To date the Company has not generated any revenues.

Discussion of Operations

The Company currently holds two active mineral properties at varying stages of exploration and advancement. The Company's West Desert Zinc Property (100% interest) ("West Desert"), formerly known as the Crypto Zinc Property, is located in western Utah and the early stage Indy Zinc Property (100% option) ("Indy") is located in central British Columbia. Both properties are well located for potential development with proximal access to power, roads and rail infrastructure. In addition to exploring its existing properties, the Company is engaged in a continuing review of other properties and projects for possible acquisition.

In 2014, the Company announced the results of a positive Preliminary Economic Assessment ("PEA") on the Company's West Desert ("WD") deposit located approximately 160 km south west of Salt Lake City, Utah. The PEA, based on conventional bulk underground mining and processing, estimated an after-tax NPV (8%) of US$258 million and IRR of 23% over a 15-year mine life assuming base case long term metal prices (US$; zinc = $1 /lb, copper = $3 /lb, iron = $105 /t, indium = $600 /kg, silver = $21 /oz, gold = $1,300 /oz). The 2014 PEA outlined an indicated resource of 13.0 million tonnes grading 2.16% zinc, 0.23% copper, 33 g/t indium and 48% magnetite, plus an inferred resource of 46.0 million tonnes grading 1.76% zinc, 0.22% copper, 24 g/t indium and 48% magnetite. The 2014 PEA highlighted continued exploration as an integral part of further work leading to a Prefeasibility Study at West Desert.

For additional information on the West Desert PEA please refer to the Company's press release dated April 1, 2014 and the Company's report entitled "Technical Report on the West Desert Zinc-Copper-Indium-Magnetite Project, Preliminary Economic Assessment, Juab County, Utah" at www.inzincmining.comor www.sedar.com.

Indy is located approximately 100 km southeast of the city of Prince George, the major hub for transportation and heavy industry in central BC. The property consists of approximately 12,300 hectares covering a 25 km strike of Cambrian to Mississippian aged sedimentary rock formations prospective for sedimentary hosted zinc deposits.

West Desert and Indy are at the exploration stage and have not generated any revenues. At September 30, 2021, the Company had not yet achieved profitable operations and has a deficit of $17,068,830 (December 31, 2020 - $17,171,397).

Since the Company's properties are at the exploration stage, it does not have operations or operating results in the conventional use of the terms. The Company's financial success will ultimately be dependent upon finding economically recoverable mineral reserves, confirmation of its interest in those reserves and its ability to obtain the necessary financing to profitably produce those reserves. Further information on the Company's properties can be found on the Company's website at www.inzincmining.com.

Wayne Hubert, the Company's CEO, has announced he will be stepping down. To ensure a seamless transition, Wayne will continue as CEO and will remain an active board member.

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InZinc Mining Ltd.

Management's Discussion and Analysis

September 30, 2021

Mineral Properties

West Desert

West Desert (100%), located in northwestern Utah, is an advanced stage zinc-copper-indium-iron deposit which is open for expansion. A Preliminary Economic Assessment (PEA) completed in 2014 returned positive results and concluded that resource additions, particularly in shallower areas, could further improve the economics of the project. In 2018, drilling discovered new mineralization to the immediate west of the WD deposit including intersections of 15.4 m grading 6.3% Zn, 0.1% Cu, 67 g/t In and 6.8 m grading 16.5% Zn, 0.3% Cu, 60 g/t In, 14 g/t Ag. Additional drilling is required to delineate this important new mineralization.

In May of 2005, the Company signed an agreement to purchase a 100% interest in the Property from EuroZinc Mining Corporation ("EuroZinc") in exchange for 1,500,000 shares and $25,000 in cash. Certain claims comprising the Property are subject to a 1.5% net smelter returns royalty ("NSR") and a future cash payment ($1,000,000 upon completion of financing necessary for production) currently held by Osisko Gold Royalties Ltd. (formerly Vaaldiam Mining Ltd). Since the 2005 acquisition from EuroZinc, the Company has acquired, either wholly or in part, several additional claims.

West Desert comprises 4,258 acres and is located about 160 km southwest of Salt Lake City. Early mining activity includes the historic Fish Springs Mining District from which recorded production of 2,700,000 oz of silver occurred from the late 19th century through the mid-1950's. These high-gradesilver-lead replacement deposits produced about 20,300 tons grading 128 ounces silver per ton (4,389 gpt) and 44% lead. To the west of these workings, the larger WD deposit was discovered in the 1960's and was originally explored for its iron potential. Drilling campaigns in the 1980's, 1990's and by the Company in 2007 - 2008 subsequently outlined the large zinc resources currently hosted in the WD deposit. The property is crossed by a power-line, is easily accessible by road and has railheads within 90 km.

The WD deposit is a significant carbonate replacement deposit, similar in many respects to the deposits comprising the world class Bingham, Park City and Tintic mining districts located some 130 km to the east. Zinc mineralization at West Desert is concentrated in two contiguous zones, known as the Main and Deep (CRD) Zones hosted in a sequence of Cambrian to Ordovician carbonate rocks cut by a quartz monzonite intrusive of Late Eocene age. The Main zone is generally oxidized to a maximum depth of about 250 m. The general distribution of mineralization on the West Desert property shows zoning similar to that in typical porphyry/CRD systems, with an inner zone of molybdenum-rich mineralization grading outwards through copper and zinc, then lead, silver and manganese with increasing distance from the intrusive.

From 2006 to 2010, the Company completed geophysical surveys, metallurgical studies and over 10,000 m of diamond drilling. In September 2010, the Company completed a PEA of the West Desert project. In 2014, the Company completed a revised PEA of the West Desert project which supersedes all earlier reports.

Highlights of 2014 PEA

• After-taxNPV (8%) of US$258 million, IRR of 23% and payback of 3.7 years assuming base case long term metal prices (US$; zinc = $1 /lb, copper = $3 /lb, iron = $105 /t, indium = $600 /kg, silver = $21 /oz, gold = $1,300 /oz)
• conventional bulk underground mining of sulphide resources
• 2.37 million tonnes per year mined over a 14.8-year mine life
• conventional processing to produce three clean concentrates
• zinc recoveries of 92% into a concentrate grading 55% zinc and containing high levels of indium
• copper recoveries of 74% into a concentrate grading 29% copper with payable levels of silver and gold
• average annual production of 107.9 million lbs zinc, 9.9 million lbs copper and 1.0 million tonnes iron concentrate (magnetite)
• initial and life-of-mine capex of US$247.4 million and US$388.9 million, respectively
• good potential for resource expansion

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InZinc Mining Ltd.

Management's Discussion and Analysis

September 30, 2021

Mineral Properties (cont'd…)

West Desert(cont'd…)

For additional information on the West Desert PEA please refer to the Company's press release dated April 1, 2014 and the Company's report entitled "Technical Report on the West Desert Zinc-Copper-Indium-Magnetite Project, Preliminary Economic Assessment, Juab County, Utah" at www.inzincmining.comor www.sedar.com.

Note: The PEA is considered preliminary in nature. It includes Inferred mineral resources that are considered too speculative to have the economic considerations applied that would enable classification as mineral reserves. There is no certainty that the conclusions within the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

2018 Programs

In April 2018, the Company commenced diamond drilling. Geophysical surveys, completed in January 2018, supported target selection and corresponding drill hole locations over the exploration area.

On June 6, 2018 and August 27, 2018, the Company reported results of the drill program. The Company completed five deep holes totaling 3,279 m which focused on exploration and expansion of the large zinc resources outlined in the West Desert PEA.

Highlights of the 2018 Drill Program

• Drill hole WD18-01, drilled west of the existing deposit, intersected a thick interval of 15.4 m of 6.3% Zn, 0.1% Cu and 67 g/t In at 340 m below surface and approximately 60 m west of the known boundary of the existing sulphide resources.
• WD18-05,drilled below WD18-01, intersected shallow, high grade sulphide mineralization over 6.8 m averaging 16.5% Zn, 0.3% Cu, 60 g/t In and 14 g/t Ag at a downhole depth of 142 m. The hole was drilled to the west of existing sulphide resources.
• WD18-02,drilled to the east of the existing resources and 400 m to the east of WD18-01, intersected multiple, narrow high grade zones including 1.5 m of 11.6% Zn, 0.1% Cu, 4 g/t In and 53 g/t Ag and established the eastward expansion potential of the CRD (Deep) zone by 175 m to the east.
• WD18-03,drilled 1.27 km to the east of WD18-01, intersected high grade silver mineralization 320 m beneath the historic Utah silver mine with a narrow intercept of 0.3 m of 1,402 g/t Ag, 1.2 g/t Au and 44.5% Pb.
• WD18-04,drilled 120 m to the west of WD18-01, intersected 1.8 m of 8.6% Zn and 339 g/t In at 206.7 m downhole in a thick oxidized interval suggestive of deeper sulphide mineralization below.

The Company has received the necessary permits to complete an additional phase of drilling which is designed target the thicker higher grade western expansion potential discovered in the 2018 program.

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