Montero Mining and Exploration : MD&A for the period ending 31 March 2023

MONTERO MINING AND EXPLORATION LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 31, 2023

MONTERO MINING AND EXPLORATION LTD.

Management's Discussion and Analysis

For the three months ended March 31, 2023

DATE

This Management's Discussion and Analysis ("MD&A") of Montero Mining and Exploration Ltd. ("Montero" or the "Company") has been prepared by management as of May 30, 2023, and should be read in conjunction with the unaudited condensed interim consolidated financial statements for the period ended March 31, 2023 and the audited consolidated financial statements for the year ended December 31, 2022. The Company's Board of Directors have reviewed and approved this MD&A.

All amounts in the MD&A, condensed interim consolidated financial statements and related notes are expressed in Canadian dollars unless otherwise noted.

All statements, other than of historical facts included herein, including without limitations, statements regarding potential mineralization, reserves and exploration results and future plans and objectives of the Company are forward looking statement and involve various risks and uncertainties, which are detailed in the Section "Risk Factors" of this MD&A. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

RUSSIA MILITARY ACTION AGAINST UKRAINE

Our business, financial condition and results of operations may be negatively affected by economic and other consequences from Russia's military action against Ukraine and the sanctions imposed in response to that action.

In late February 2022, Russia launched a large-scale military attack on Ukraine. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the West, including Canada. In response to the military action by Russia, various countries, including Canada, the United States, the United Kingdom and European Union issued broad-ranging economic sanctions against Russia. Such sanctions (and any future sanctions) and other actions against Russia may adversely impact, among other things, the Russian economy and various sectors of the economy, including but not limited to, financials, energy, metals and mining. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility and cause severe negative effects on regional and global economic markets.

While we expect any direct impacts to our business to be limited, the indirect impacts on the economy and on the mining industry and other industries in general could negatively affect our business and may make it more difficult for us to raise equity or debt financing. In addition, the impact of other current macro-economic factors on our business, which may be exacerbated by the war in Ukraine - including inflation, supply chain constraints and geopolitical events - is uncertain.

OVERALL PERFORMANCE

Corporate and Operational Highlights

On April 25, 2023, Montero announced that it has engaged Timothy Foden of Boies Schiller Flexner (UK) LLP to act as co-counsel, alongside Jeantet, in the arbitration against Tanzania for the expropriation of the Wigu Hill Retention License. Mr Foden is a renowned mining arbitration lawyer who this year led two ICSID hearings in relation to Tanzania's expropriation of Retention Licences. He also led several negotiations with Tanzania's Solicitor General and the Special Presidential Negotiating Team. Mr. Foden's experience will increase the effectiveness of the Montero' s presentation of its case.

2

MONTERO MINING AND EXPLORATION LTD.

Management's Discussion and Analysis

For the three months ended March 31, 2023

Description of Business

Montero was incorporated on October 5, 2006, under the laws of British Columbia, Canada. The Companyis a public company listed on the TSX Venture Exchange and trades under the symbol MON.V. The Company's registered address is 1040 West Georgia Street, Suite 1900, Vancouver, BC, V6E 4H3 and its head office address is Suite 401 - 750 West Pender Street Vancouver, BC V6C 2T7. Phone: [phone]. Web: www.monteromining.com.

The condensed interim consolidated financial statements have been prepared using International Financial Reporting Standards ("IFRS") applicable to a going concern, which assume that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. Different bases of measurement may be appropriate if the Company is not expected to continue operations for the foreseeable future. As at March 31, 2023, the Company had not advanced its exploration and evaluation assets to commercial production and is not able to finance day to day activities through operations. The Company's continuation as a going concern is dependent upon the successful results from its mineral property exploration activities and its ability to attain profitable operations and generate funds there from and/or raise equity capital or borrowings sufficient to meet current and future obligations. These conditions give rise to substantial doubt about the Company's ability to continue as a going concern. When further funds are required, they will be financed through a private placement of common shares or by debt instruments.

Management has reduced operating costs including voluntary fee reductions from directors, reduced rent and administrative fees and decreased usage of administrative staff and consultants. Management has focused its exploration efforts on the projects it believes will provide the best value to shareholders. It continues its exploration work programs on projects to advance them and seeks joint venture and otherpartners for other projects where no exploration is currently being conducted.

Management believes that controlling operating expenses, funding from potential funding partners, borrowings from directors and management, and further private placements will generate the required funding to maintain operations. Although management is committed and expects to raise additional funding, the timing and the nature of the financing is uncertain and there can be no assurances that this will occur. Further details on financing alternatives available to the Company are fully discussed in Liquidity and Capital Resources.

The Company is engaged in the identification, evaluation, acquisition, exploration, and development of quality mineral properties. The Company has not yet determined whether its exploration assets contain sufficient mineral reserves, such that their recovery would be economically viable. As at June 5, 2020, the Company decided, due to the continued decline in battery metal prices, also exacerbated by the COVID-19 pandemic with its effect on global economics, to change its focus to gold exploration in Chile. The Company believes its best course of action given the global shut down is to divestof its battery metal projects, reduce its corporate structure while retaining its Tanzanian corporation to defend its investment and rights to the Wigu Hill rare earth project where it has made a substantial investment.

3

MONTERO MINING AND EXPLORATION LTD.

Management's Discussion and Analysis

For the three months ended March 31, 2023

The key performance driver for Montero is to develop mineral deposits to create wealth for shareholdersby joint venture or outright sale. This will be achieved through acquiring and exploring properties which host the highest potential for future discoveries or development of existing mineral resources into mineable reserves. Management works to rationalize all its significant core holdings to maintain percentage ownership, while working with others to share the risk of development of these properties. Management acquires its exploration assets through the issuance of common shares where possible to preserve the Company's cash reserves.

Management has the necessary skills required to achieve success, both in the technical and financial area with experienced exploration and consulting geologists and those with entrepreneurial and financial experience. Shareholders are represented by a strong management and independent Board of Directors, experienced in financing, exploration, development, and mining.

The Company has access to consulting geologists, metallurgical/chemical and mining engineers and corporate finance and legal counsel with commodity and country expertise in the countries where current interests are held. Consultants are retained through variable or fixed term contracts.

Chilean Focus

100% Purchase of ChileCo

On August 5, 2020, the Company signed a Binding Purchase and Sale Agreement to acquire a 100% interest in a private Chilean company Minera Joy SpA ("ChileCo"). ChileCo directly held 100% of the mineral rights to 38 mineral exploration concessions and has two subsidiaries with additional minerals rights. These concessions have not been renewed and have been allowed to lapse.

In Subsidiary 1 Montero holds an 85% equity interest to the Isabella West exploration mining concessions. In Subsidiary 2 Montero was earning an 85% interest in the Isabella East exploitation mining. These represent the Isabella Gold Silver Project ("Isabella project"). However, due to poor drilling results, The Company elected to terminate the earn-in option agreement on the Isabella East concessions due to poor drilling results. The Company also relinquish all the Isabella West exploration mining concessions due to poor exploration results.

Talca Gold Silver Copper District

The Talca Gold - Silver - Copper district ("Talca Gold district") is an area located in the Southern Coastal Range of Chile approximately 200 km south of Santiago. The area has excellent year-round access and good infrastructure. The district contains numerous gold-silver-copper mines, deposits and occurrences which are hosted within a package of intermediate intrusive, sedimentary, and volcanic rocks of Mesozoic age.

The Talca Gold district is south of Yamana's Minera Florida gold mine and located in an area being explored by Fresnillo. This area has seen little modern exploration and most deposits and occurrences remain undrilled. Due to its prospectivity the Company is actively reviewing properties in the area either to stake 100% or joint venture. The Isabella project is located in the western portion of the Talca Gold district.

4

MONTERO MINING AND EXPLORATION LTD.

Management's Discussion and Analysis

For the three months ended March 31, 2023

Montero Terminates Isabella East Option and Relinquishes Isabella Oriental Properties

The Isabella project hosts numerous structurally controlled quartz veins that have been mapped over a large area of approximately 12 km long and 4 km wide. This forms part of an extensive regional polymetallic Au-Ag-Cu vein and breccia system occurring in dilational fractures in the granite and along contacts with older sediments. Previous exploration includes surface mapping, rock sampling, trenching, and airborne magnetics. Due to poor drilling results Montero terminated the earn-in agreement and rights to the Isabella East property. The remaining 100% held Isabella Oriental concessions where allowed to lapse due to poor exploration results.

Montero Relinquishes Isabella West Properties

Montero holds an 85% equity interest in the Isabella West exploration mining concessions with a local partner. Due to poor drilling results these concessions were no longer of interest to the Company and were offered to the local partner for no consideration, this offer was declined, and the exploration mining concessions allowed to lapse.

Montero Holdings in the Talca Gold District

On February 9, 2021, received confirmation of the issuance of exploration licenses in the Isabela area. The 100% owned concessions were acquired through staking and provides Montero 6 exploration mining concessions (Roy 1-6). These concessions are subject to planned mapping and sampling exploration programs. The Company continues to review acquisition submissions in the Talca Gold district and is assessing these on a case-by-case basis.

Avispa Copper - Molybdenum Project

The Avispa copper - molybdenum project (Avispa Project) consists of an area of 478.3 km2 of 100% owned exploration mining concessions located in the Atacama Desert of northern Chile. The Company has applied for further exploration concessions in the Avispa area. The project is highly prospective and is situated within the defined north to south trending Paleocene - Eocene Cu-Mo porphyry belt of northern Chile. Avispa is located 40 km west of the Chuquicamata copper mine, the world's largest open pit copper mine, and 40 km north of BHP's Spence Cu-Mo mine and KGHM's Sierra Gorda Cu-Mo mine (Figure 1).

On August 16, 2022, Montero announced that the geological mapping conducted on the property confirms the potential of the project to host porphyry Cu-Mo mineralization. Geological mapping in the Rio San Salvador valley in the south of the property confirmed that the Quaternary and Miocene have a thickness of between 20 m to 50 m. In addition, mapping has shown underlying Cretaceous rocks are altered and have bene intruded by porphyry rocks. A total of 37 grab samples of the lithologies exposed in the Rio San Salvador valley and a further 48 samples of discarded drill rock chips were collected from previous RC drilling sites on the property. BHP and Quantum Pacific Exploration Chile had previous conducted wide spaced RC drilling in the area. All samples where logged and submitted for 48-element analysis by 4 acid digestion followed by ICP-MS analysis to assist in Cu- Mo porphyry targeting.

On August 23, 2022, Montero announced assay results from sampling for lithologies and from RC drill chip piles left on the surface by previous operators yielding copper anomalies of > 100 ppm Cu and Mo anomalies of between 10-25 ppm Mo. Fathom Geophysics ("Fathom") was engaged to evaluate the project data with the objective of identifying geochemical vectors to target porphyry-typeCu-Mo

5