Mundoro Capital : MANAGEMENT DISCUSSION AND ANALYSIS December 31, 2021 Expressed in Canadian Dollars

Mundoro Capital Inc. MANAGEMENT DISCUSSION AND ANALYSIS

December 31, 2021

Expressed in Canadian Dollars

Management's Discussion and Analysis

December 31, 2021

(Expressed in Canadian Dollars - except as noted otherwise)

1. INTRODUCTION

Mundoro Capital Inc. ("Company", "MCI", and "Mundoro") was incorporated on March 6, 2008 under the Business Corporations Act of the Province of British Columbia. The Company's common stock is quoted on the TSX Venture Exchange ("TSXV") under the symbol MUN. The Company's head office and principal address is 14th floor - 1040 West Georgia Street, Vancouver, British Columbia, Canada V6E 4H1.

This management discussion and analysis ("MD&A") should be read in conjunction with the Company's audited consolidated financial statements and supporting notes for the fiscal year ended December 31, 2021, which have been prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board ("IFRS").

On March 11, 2020, The World Health Organization (WHO) declared COVID-19 a global pandemic. The impact of COVID-19 remains uncertain, current circumstances are dynamic and the impact of the pandemic on our business operations, including the duration and effect on our future exploration and access to various levels of government cannot be reasonably estimated at this time. The Company's operation continues with precautions and strictly adheres to the health guidelines of the Governments in the jurisdictions we work.

The conflict in Ukraine, and the accompanying international response including economic sanctions, has been disruptive to the world economy, with increased volatility in commodity markets, including higher oil and gasoline prices, which could negatively impact supply chains. There is a risk of substantial market impact arising from the conflict which could have a material adverse effect on the economics of the Company's projects, and the Company's ability to operate its business and advance project exploration. The events in Ukraine have not to-date affected the Company's operations in Bulgaria and Serbia. The Company is closely monitoring the situation in Ukraine.

This document has been reviewed by the Audit Committee of the Board of Directors of the Company and has been approved by the Board of Directors on April 29, 2022. All amounts are expressed in Canadian dollars unless otherwise indicated.

Additional information relating to Mundoro is available on our website atwww.mundoro.com and on the Canadian Securities Administrators website atwww.sedar.com.

2. FORWARD LOOKING STATEMENTS

Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans", "intends", "anticipates", "should", "estimates", "expects", "believes", "indicates", "suggests" and similar expressions.

This MD&A and in particular the "Outlook" section, contains forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties, and other factors. It is important to note that:

• ● Unless otherwise indicated, forward-looking statements in this MD&A describe the Company's expectations as of April 29, 2022.

• ● Readers are cautioned not to place undue reliance on these forward-looking statements as the Company's actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company's business, or if the Company's estimates or assumptions prove inaccurate. Therefore, the Company cannot provide any assurance that forward-looking statements will materialize.

• ● Subject to applicable laws, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or any other reason.

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Management's Discussion and Analysis

December 31, 2021

(Expressed in Canadian Dollars - except as noted otherwise)

The material assumptions that were applied in making the forward-looking statements in this MD&A include: expectations as to the Company's future strategy and business plan; and execution of the Company's existing plans, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans.

For a description of material factors that could cause the Company's actual results to differ materially from the forward-looking statements in this MD&A, please see "Risks and Uncertainties".

3. SUMMARY OF ACTIVITIES

OVERVIEW AND OUTLOOK

Mundoro is a Canadian listed (TSXV: MUN | OTCQB: MUNMF) royalty generator company with a portfolio of projects focused on base metal and precious metal properties that can generate royalties and near-term payments. To drive value for shareholders, Mundoro has generated a portfolio of mineral properties primarily focused on copper and gold systems in Serbia, Bulgaria and USA.

Potential future returns, for our shareholders, from our mineral properties can be in various forms such as discovery of mineral resources, royalties, advance royalty payments from partners, operator fees, option payments, property payments, milestone payments, an interest in production, dividend payments or sale of our interest in a mineral property.

Our business model is to leverage our expertise in identifying emerging exploration regions for exploration and packaging properties with exploration targets that are attractive to mining companies to form joint ventures, strategic alliances, options and asset sales.

Subsequent to year end, in 2022, Mundoro announced two (2) transactions:

• ● In 2022, Mundoro and Japan Oil, Gas and Metals National Corporation ("JOGMEC") entered into an earn-in agreement for exploration of a sediment hosted copper system in Bulgaria.

• ● In 2022, Mundoro entered into a letter of intent with a third-party major miner to earn into the Company's GT7 property. The GT7 property is a copper-gold target located in the northern portion of the Serbo-Macedonian Metallogenic province, in central Serbia.

• In 2021, Mundoro announced three (3) transactions:

  • ● Mundoro and Vale Canada Limited ("Vale") entered into a Memorandum of Understanding ("MOU") to establish a generative alliance to focus on generation of new projects with high potential to host porphyry copper and other related metals deposits within Arizona and New Mexico.

  • ● Vale and Mundoro entered into an option agreement for a copper focused property in Arizona.

  • ● Mundoro entered into an option agreement with Vale, granting Vale an earn-in option for two exploration licenses both located within the Timok Magmatic Complex in northeastern Serbia.

• In 2019, Mundoro announced two (2) transactions:

  • ● Mundoro entered into an earn-in agreement with Vale, granting Vale an earn-in option on Skorusa, Oblez, Branik and Padina exploration licenses located within the Timok Magmatic Complex.

  • ● Mundoro entered into a strategic alliance with JOGMEC.

• In 2018, Mundoro announced two (2) transactions:

  • ● Mundoro entered into an earn-in agreement with Freeport-McMoRan Exploration Corporation ("Freeport"), granting Freeport an earn-in option on the Savinac and Bacevica exploration licenses located within the southern portion of the TMC.

  • ● Mundoro optioned to ESAN the Saje Project for a period of 7 months.

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Management's Discussion and Analysis

December 31, 2021

(Expressed in Canadian Dollars - except as noted otherwise)

Prior to 2018, Mundoro announced two (2) transactions:

• ● In 2016, Mundoro entered into an earn-in agreement (the "JOGMEC Agreement") granting JOGMEC an earn-in option on the Borkso and Jezero exploration licenses, both located within the northern portion of the Timok Magmatic Complex.

• ● In 2015, Mundoro optioned four of the Company's exploration licenses, in the southern portion of the Timok Magmatic Complex, to First Quantum Minerals Limited for a period of 6 months.

SERBIA PORTFOLIO

In the Republic of Serbia ("Serbia"), Mundoro methodically applied for a district-scale land position in the prolific Timok Magmatic Complex which hosts significant Gold-Copper deposits. The Serbian exploration properties are located near the town of Bor, a mining community which services various mining operations, both open pit and underground, as well as a smelting and processing facility. The area has good infrastructure, well serviced roads and grid power.

The Company holds through its Serbian subsidiaries, the following 100%-owned exploration licenses: Zeleznik Crvena Zemlja, Padina, Odej, Bobot, Bacevica, Oblez, Skorusa, Branik, Kotlenik, Ponor, and Vitanovac. These properties are located in primarily Northeastern Serbia, east of Belgrade and are primarily within the well-known Timok Magmatic Complex, a segment of the Tethyan Metallogenic Belt which runs from Eastern Europe to Southeast Asia. The western portion of the Tethyan Belt hosts significant gold (Au) - copper (Cu) porphyry deposits (Bor, Majdanpek, Veliki Kreveli, etc.) and related Cu-Au epithermal deposits (Bor, Cukaru Peki, Chelopech, etc.).

Vale-Mundoro Projects - Central Timok

In October 2019, Mundoro entered into an agreement with Vale in which Mundoro granted to Vale an option to earn-in on four of Mundoro's exploration licenses located within the central portion of the Timok Magmatic Complex. The parties received government approvals in 2020 and subsequently commenced exploration activity.

Skorusa

• ● The Skorusa license is a 91 sq.km area located 5 km southwest of the Bor Mine Complex and is adjacent on the west side of Zijin's Cukaru Peki deposit where mining operations commenced during 2021.

• ● The Skorusa copper-gold porphyry system was partially tested in 2015 and 2016 in two separate drill campaigns, with exploration primarily concentrated in the Skorusa West Zone.

• ● In 2020, the Vale funded exploration program undertook:

  • o a total of 439 soil samples, including standards and field duplicates, have been collected, assayed, and interpreted for new target areas for field follow up. The soil sampling was followed by geological mapping and rock sampling covering an area of approximately 79 sq.km.

  • o a ground magnetic geophysics survey was completed over the entire license, totaling 395 line km.

• ● In 2021, the Phase I Vale funded drill program at Skorusa was designed to test six targets and was completed with a total of 3,464 meters of diamond drilling. Assay results were received and released in July 2021 (please see press release dated: July 6, 2021).

Exploration Plans for 2022

• ● The Technical Committee has approved a follow on CSAMT survey to test the deeper nature of the system and use in the design of a Phase II drill program at Skorusa.

Oblez
●	The Oblez license totals 91 sq.km and is located directly south of the Skorusa license.
●	In 2020, the Vale funded program undertook:
o a total of 381 soil samples have been collected in a grid over the entire Oblez license. From the
interpretation work completed on a workspace that integrated soil geochemistry, geological mapping

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Management's Discussion and Analysis

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(Expressed in Canadian Dollars - except as noted otherwise)

and rock sampling, several new targets have been identified for field follow up.

• o a ground magnetics survey for a total of 481 line km was completed over the entire license.

• ● In Q2-2021, the Vale funded program undertook:

  • o an audio-frequency Magneto-telluric (AMT) geophysical survey on portions of the license. A total of 77 km was completed over 13 lines. Based on interpretation models for concealed epithermal and porphyry copper-gold mineralization beneath the sediments and agglomerates from the upper Cretaceous stratigraphy, four priority targets were selected for drill testing at Oblez.

  • o the Phase I drill program commenced in September 2021 and three drill holes were completed by Q1-2022 for a total of 2,145 meters of diamond drilling. Assay results for the first drill hole showed no elevated values.

Exploration Plans for 2022:

• ● The Technical Committee will review the assay results for the remaining two drill holes, expected in Q2-2022, and then will plan next steps for this project area.

Padina

• ● The Padina license is located 4 km east of the Bor Mine Complex, adjacent to Branik to the east, and totals 12 sq.km.

• ● Data review including structural interpretation, geophysical surveys of ground magnetics, CSAMT, IP and gravity data, as well as alteration and geochemistry analysis have been undertaken.

• ● In Q2-2021, the Vale funded program completed:

  • o IP (Induced polarization) geophysics survey for a total of 12 line km. As a result of the interpretation modeling, one geophysical target has been tested to a depth of 450 meters. Complete assays for drill hole 21-PAD-01 were received and there were no significant intersections reported.

Exploration Plans for 2022:

• ● Additional geophysical targets are being reviewed for further drill testing at Padina.

Branik

• ● The Branik exploration area is located along the eastern side of the Bor Mine Complex and the Veliki Kraveli open-pit mining operation, in the highly prospective, world-class Bor mining camp. The Company received approval for this project during Q4-2021 for an area of 9 sq.km.

Exploration Plans for 2022:

• ● The Technical Committee is evaluating geophysical targets and assessing further geophysical methods for use in the exploration area.

Vale-Mundoro Projects - Southern Timok

In Q2-2021, Mundoro entered into an option agreement with Vale, granting Vale an option on two exploration licenses. The licenses are located within the southern portion of the Timok Magmatic Complex and are directly adjacent to the west of the Oblez and Skorusa licenses currently being earned into by Vale. These two licenses were previously returned by Freeport during Q3-2020 for no consideration.

Savinac (Bobot and Odej)

• ● The Savinac license is located 15 km southwest of the Bor Mine Complex. The property contains a significant elongated north-south area of hydrothermal alteration covering 14 sq.km which hosts epithermal and porphyry targets marked by Cu-Mo-Au-Ag-Pb-Zn geochemical anomalies.

• ● The hydrothermal alteration defined over a 9 km strike in mapping coincides with an elongate zone of demagnetization of the host volcanic rocks. Within the hydrothermal alteration, exploration work identified the Tilva Rosh epithermal gold target which contains a trench assaying 30 g/t gold and 171 g/t silver over 12 meters.

• ● Drill results from Tilva Rosh identified the continuation of the main north-south trending mineralized structure which strikes towards the north and under a lithocap that remains untested.

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