KORE Mining : Interim MD&A

KORE MINING LTD.

Management's Discussion and Analysis

June 30, 2022

KORE MINING LTD.

Management's Discussion and Analysis

June 30, 2022

(Expressed in Canadian dollars unless otherwise stated)

The following Management's Discussion and Analysis ("MD&A"), prepared as of August 17, 2022, should be read together with the unaudited consolidated interim financial statements of KORE Mining Ltd. ("KORE" or the "Company") for the six month period ended June 30, 2022 which are prepared in accordance with International Financial Reporting Standards ("IFRS") applicable to the preparation of the interim financial statement, including International Accounting Standard 34, Interim Financial Reporting. All amounts are stated in Canadian dollars unless otherwise indicated. The reader should be aware that historical results are not necessarily indicative of future performance.

This MD&A contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities laws. See the section in this MD&A titled "Cautionary Language regarding Forward-Looking Information" for further details. In addition, this MD&A has been prepared in accordance with the requirements of Canadian securities laws, which differ in certain material respects from the disclosure requirements of United States securities laws, particularly with respect to the disclosure of mineral reserves and mineral resources. See the section of this MD&A titled "Cautionary Note to U.S. Investors Regarding Mineral Resource Estimates" for further details.

Corporate Summary - Nature of Operations

The Company's business is the acquisition, exploration and development of North American gold projects. The Company's primary focus is its two 100% owned gold projects in California. Both gold projects have completed positive, high return on capital, preliminary economic assessments (See "Project Summaries" for more information). KORE is investing in both exploration and development activities to unlock value for shareholders. Strategic investor Eric Sprott owns 26% of the basic shares outstanding. Management and the Board are aligned with shareholders owning a further 27%.

The Company's most advanced gold project, the Imperial project in Imperial County California ("Imperial" or "Imperial Project"), hosts a large oxide gold resource that is being prepared for mine development permitting and the surrounding Mesquite-Picacho District claim block is being explored for new discoveries. Imperial is ideally located in Imperial County California, with access to labour and infrastructure associated with the operating Mesquite gold mine, located ten miles away. KORE delivered a positive preliminary economic assessment for a simple, open pit heap leach mine at Imperial ("Imperial PEA") published in May 2020 with a net present value ("NPV") at 5% of US$343 million and internal rate of return ("IRR") of 44% at US$1,450 per ounce gold (see "Imperial PEA Summary" for further details).

KORE also owns the Long Valley project located in Mono County, California, which is a shallow oxide gold resource open for expansion at surface in oxides and at depth in sulphides. KORE is using geophysics and other modern exploration techniques to target drilling to expand the deposit on-strike and at depth. In September 2020, KORE delivered a positive preliminary economic assessment for a simple, open pit heap leach mine at Long Valley ("Long Valley PEA") that showed a net present value ("NPV") at 5% of US$273 million and internal rate of return ("IRR") of 48% at US$1,600 per ounce gold (see "Long Valley PEA Summary" for further details). KORE received a permit to drill the project from the U.S. Forest Service ("USFS") in October 2021.

The Company's head office is located at 960 - 1055 West Hastings Street, Vancouver, BC V6E 2E9.

The Company's common shares are listed for trading on the TSX Venture Exchange ("TSX-V") as a Tier 2 issuer under the symbol "KORE" in Canada and also trades in the United States on the OTCQX under the stock symbol "KOREF" and on the Frankfurt Stock Exchange under the symbol "EUSA".

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KORE MINING LTD.

Management's Discussion and Analysis

June 30, 2022

(Expressed in Canadian dollars unless otherwise stated)

Highlights

During the six months ended June 30, 2022, and to the date of this MD&A, the Company accomplished the following:

• Announced plans to conserve capital and focus only on high impact drilling activities at both of KORE's Imperial and Long Valley projects.
• Submitted a second drilling plan of operation ("PO"), a drill permit application to the Bureau of Land Management ("BLM"), for the existing Imperial gold deposit (the "Imperial Zone"). The drilling at the Imperial Zone is designed to provide technical information to support a feasibility study and mine permitting.
  o The PO is expected to trigger a Mineral Validity Examination ("MVE") of the Imperial Zone lode claims. KORE will continue to work closely with the BLM to complete the MVE and to start processing the Imperial Zone drilling permits.
• Discovered three new drill targets at the Mesquite-Imperial-Picacho district: Smoketree, Ironwood and Wolverines.
• Completed additional engineering and economic assessment of the Imperial Project investigating alternate infrastructure locations. The economic modelling results for all scenarios were within the sensitivities of the Company's April 6, 2020 positive Preliminary Economic Assessment ("PEA").
• Discovered a fourth outcropping new prospect, Galaxy, continuing the expansion of the Imperial regional exploration. In total, KORE now has 10 highly prospective drill targets identified in the Mesquite- Imperial-PicachoDistrict.
• Continued to advance the Mesquite East and Ogilby drill permitting at the Imperial Project. Mesquite East and Ogilvy are 2 of the 10 highly prospective drill targets identified in the Mesquite-Imperial-PicachoDistrict.
• Completed the second phase of engineering and market assessment for excess material from the Company's Imperial Project. The excess materials are being studied for remediation projects for the Salton Sea as part of KORE's A Clean Environment for the Salton Sea ("ACES") initiative. Pursuant to the Company's ACES initiative, the Imperial Project would supply materials to remediate the air pollution problem caused by the ongoing evaporation of the Salton Sea. This would bring a significant positive impact to the community and stakeholders and sets a "net zero" impact target for the Imperial Project.
• Mr. Marc Leduc retired as the COO of the Company on May 15, 2022 but continues to assist the Company in the capacity of a Senior Consultant.
• James Hynes, KORE's Executive Chairman and founder assumed the role of President and CEO effective July 1, 2022, as part the Company's capital conservation efforts. Scott Trebilcock, the former CEO, will remain a Director and a consultant to KORE.
• Appointed Anil Jiwani as CFO, replacing Jessica Van Den Akker.
• Issued 500,000 common shares pursuant to the exercise of stock options for proceeds of $70,000 and granted an additional 859,460 RSUs and 600,000 stock options with an exercise price of $0.37 and a five year term.

Outlook

KORE's focus in 2022 is to conserve its current capital while unlocking value through exploration and drill preparation activities. The Company is permitted to drill at Long Valley starting in summer of 2022 and is undertaking drill preparation activities (See "Risk Factors"). At Imperial, the Company is permitting the highest priority exploration drill targets at the Mesquite-Imperial-Picacho District, while in parallel leveraging ACES to build the social license for mine permitting at the Imperial deposit. KORE continues to work with the BLM to determine the best path forward for Imperial Zone drilling and to start mine permitting. Drilling at both projects is subject to permitting (See "Risk Factors").

Marc Leduc, P.Eng, is the Company's designated Qualified Person for this MD&A within the meaning of National Instrument 43-101 and has reviewed and approved the technical information described herein.

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KORE MINING LTD.

Management's Discussion and Analysis

June 30, 2022

(Expressed in Canadian dollars unless otherwise stated)

Imperial, California, USA

The Company continued to explore the Mesquite-Imperial-Picacho district ("District") in Q2 to discover new oxide gold deposits. Programs were designed to generate drill targets and complete mapping across the 28-kilometer District trend. 2020 and 2021 geophysical and geochemistry work successfully proved the "fingerprinting" target strategy for making new discoveries in the District and generated multiple high priority drill targets. Work continued through Q2 2022 with additional mapping, sampling and person-portable "backpack" drilling.

The Company is engaging with the BLM to permit drilling to make new discoveries at the Mesquite-Imperial-Picacho district ("Regional Exploration Drilling") and to advance the existing Imperial Zone toward feasibility and mine permitting ("Imperial Zone Drilling"). KORE has separated permitting of Imperial Zone Drilling and Regional Exploration Drilling. The objective of this shift in strategy is to streamline permitting of Regional Exploration Drilling, while continuing on a separate, parallel path for permitting the Imperial Zone Drilling, which is independent from, and subject to different regulatory and technical requirements from Regional Exploration Drilling.

The Company continues to work with the BLM to determine the path forward for Imperial Zone Drilling which is intended to grow the current resource, develop a geology model and deliver samples for metallurgical and geotechnical testing. The current Regional Exploration Drilling permit application includes exploration targets immediately east of the Mesquite Gold Mine (owned by Equinox Gold) - Mesquite East - and targets immediately west of the Imperial Project - Ogilvy. Permitting the Regional Exploration Drilling locations will leverage the already completed biological resource assessment and other work completed to-date at Mesquite East and Ogilvy. Cultural surveys to complete the studies required for the Environmental Assessment report which will be completed by independent consultants working for the BLM were halted until the fall due to heat conditions. The earliest a permit could be expected is now 2023. KORE intends to mobilize drilling to the targets as soon as a permit is received.

KORE has submitted the Imperial Zone Plan of Operations to the BLM and is continuing to work closely with BLM to determine the appropriate path forward for progressing Imperial Zone MVE and drill permitting. (See "Risk Factors").

Long Valley, California, USA

KORE plans to drill the highest priority oxide and sulphide targets at the Long Valley project. Oxide targets are well defined by 2019 and 2020 field mapping, sampling and geophysics programs. Oxide targets are designed as step-outs to grow the current project mineral resources. In addition, several drill pads will support deeper drill holes to test sulphide targets in the potential "boiling zone" of the deposit which could yield higher grades and open up the potential for underground mining at the project.

KORE received a permit to drill the project in October 2021 from the USFS. Drilling is permitted to start as early as September 2022. (See "Risk Factors").

Managing COVID-19

In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally.

The Company continues to operate as effectively as possible while mitigating the risk of exposure to employees, suppliers and local communities. The Company is respecting the guidelines of local, state and federal governments at each project.

All of our projects have experienced some impact from COVID-19. Imperial and Long Valley rely on service providers and government agencies, many of which have been impacted by COVID-19. The Company has seen delays in drill permit processing for both Long Valley and Imperial, in part due to COVID-19.COVID-19 has also slowed down efforts to engage and build stakeholder relationships at our Imperial project. It is not possible for the Company

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KORE MINING LTD.

Management's Discussion and Analysis

June 30, 2022

(Expressed in Canadian dollars unless otherwise stated)

to predict the duration or magnitude of the adverse results of the pandemic and its effects on the Company's business or ability to raise funds.

Project Summaries

Imperial Gold Project, California, USA

Imperial is located in Imperial County, southeastern California 26 miles northwest of the city of Yuma, Arizona, and 45 miles east-northeast of El Centro, California.

Imperial consisted of 654 claims covering a total area of approximately 5,721 acres. In September 2019, the Company staked the Mesquite-Picacho District consisting of 1,005 new claims covering approximately 20,411 acres and a further 4,600 acres in 2021 bringing the Company's total in the region to approximately 31,000 acres. The claims were staked to capture the entire gold trend that connects Equinox's operating Mesquite mine to Imperial and then continuing onto the now closed Picacho mine. The trend is underexplored and has the potential to host additional gold deposits.

The claims are administered by the BLM on federally owned lands. The unpatented mining claims (new and historic) are all in good standing with all holding fees paid for the current year. The claims must also be maintained by ensuring that the claim posts and location notices are properly upright and visible. In August 2021, the BLM changed its view on the validity of KORE's mill site claims hosting the Imperial PEA infrastructure and lode claims with the Indian Pass Mineral Withdrawal are subject of a Mineral Validity Examination (See "Risk Factors").

Imperial PEA Summary

In April 2020, the Company announced the results of its Imperial PEA on the Imperial project - see the April 6, 2020 news release; and published the full technical report in May 2020 and amended June 10, 2021 - see the Company's website for full information and disclaimers. The Imperial PEA, with an effective date of April 6, 2020 and amended report filed on June 10, 2021, was prepared in accordance with National Instrument 43-101 ("NI 43-101") by Global Resource Engineering (Denver) ("GRE") - Terre Lane, RMSME MMSAQP, Todd Harvey, PhD, RMSME and Glen Cole, P.Geo of SRK with support of Geo-Logic Associates - Monte Christie, GE PE.

The Imperial PEA scopes an open pit mine with run-of-mine heap leach processing of the 100% oxide mineralization. The Project benefits from nearby skilled labour, major highways and power infrastructure in place for the Mesquite Mine (Equinox - TSX:EQX) which is a similar scale open pit-heap leach gold mine ten miles to the east. The mine plan is sequenced in the Imperial PEA to be in full compliance with California's stringent reclamation requirements including backfilling of the open pits at closure.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration,

Note that a PEA is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the Imperial PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. This Imperial PEA is a conceptual study, and the disclosure in this MD&A contains forward-looking information about potential future results and events. Please refer to the cautionary statements in the footnotes below and the Cautionary Statements located at the end of this news release, which include associated assumptions, risks, uncertainties and other factors.

Unless otherwise stated, all masses are in short tons, which is the equivalent to 2,000 pounds or 907.2 kilograms.

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