Mundoro Capital : MD&A for the quarter ended September 30, 2021

Mundoro Capital Inc.

MANAGEMENT DISCUSSION AND ANALYSIS

September 30, 2021

Expressed in Canadian Dollars

Management's Discussion and Analysis

September 30, 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 consolidated financial statements and supporting notes for the period ended September 30, 2021, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC").

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.

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 November 23, 2021. All amounts are expressed in Canadian dollars unless otherwise indicated.

Additional information relating to Mundoro is available on our website at www.mundoro.comand on the Canadian Securities Administrator's website at www.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 November 23, 2021.
• 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

September 30, 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 projects primarily focused on copper and gold systems in Serbia and Bulgaria. 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 projects with exploration targets that are attractive to mining companies to form joint ventures, strategic alliances, options and asset sales, such as:

• In 2021, an option agreement with Vale Canada Limited ("Vale") in which Mundoro granted to Vale an earn-in option on Savinac and Bacevica exploration licenses located within the Timok Magmatic Complex in northeastern Serbia.
• In 2019, an earn-in agreement with Vale, in which Mundoro granted to Vale an earn-in option on Skorusa, Oblez, Branik and Padina exploration licenses located within the Timok Magmatic Complex.
• In 2019, a strategic alliance with Japan Oil, Gas and Metals National Corporation ("JOGMEC") in Bulgaria.
• In 2018, an earn-in agreement with Freeport-McMoRan Exploration Corporation ("Freeport"), in which Mundoro

granted to Freeport an earn-in option on the Savinac and Bacevica exploration licenses located within the southern portion of the TMC .

• In 2018, Mundoro optioned to ESAN the Saje Project for a period of 7 months.
• In 2016, an earn-in agreement with JOGMEC (the "JOGMEC Agreement") in which Mundoro granted to JOGMEC an earn-in option on the exploration license, Borsko Jezero, located within the northern portion of the Timok Magmatic Complex in northeastern Serbia.
• In 2015, Mundoro had 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.

In 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. In Bulgaria, Mundoro proactively applied for a land position in underexplored regions known for base metal and precious metal deposits. Mundoro also has a minority investment in a private gold mining company.

SERBIA PORTFOLIO

The Company holds thirteen mineral exploration license areas in the Republic of Serbia ("Serbia") totaling 864 square kilometers (sq.km) in eastern and central Serbia, approximately 150 km east and southeast of Belgrade, the capital of the country. The mineral exploration licenses are primarily within the well-known Timok Magmatic Complex, a segment of

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Management's Discussion and Analysis

September 30, 2021

(Expressed in Canadian Dollars - except as noted otherwise)

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.). The mineral exploration licenses are held through the Company's 100%-owned Serbian subsidiaries.

Vale-Mundoro Projects

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

Skorusa

• The Skorusa license is a 91 sq.km area located 5km southwest of the Bor Mine Complex and is adjacent on the west side of Zijin's Cukaru Peki deposit which is slated for production in 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:

• • 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.
  • 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 3,464m of diamond drilling. Assay results were received and released in July 2021 (please see press release dated: July 6, 2021).
• The Phase II drill program and budget at Skorusa is currently being finalized.

Oblez

• The Oblez license totals 91 sq.km and is located directly south of Skorusa license.
• In 2020, the Vale funded program undertook:

• • 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 and rock sampling, several new targets have been identified for field follow up.
  • 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:
• • a audio-frequencyMagneto-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.
  • the Phase I drill program commenced in September 2021 and total of 1,200 meters of diamond drilling has been completed from a budgeted program of 3,600 meters. Final assays results are expected in Q1- 2022.

Padina

• The Padina license is located 4km 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 undertook:

• an IP (Induced polarization) geophysics survey for a total of 12 line km of IP was completed. As a result of the interpretation modeling, one geophysical target has been tested to a depth of 450 metres.

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Management's Discussion and Analysis

September 30, 2021

(Expressed in Canadian Dollars - except as noted otherwise)

Complete assays for drill hole 21-PAD-01 were received and there were no significant intersections reported.

• 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 project area is currently under application.

In Q2-2021, the Company entered into an option agreement with Vale, in which Mundoro has granted to Vale an option on two exploration licenses. These two 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 in option with Vale. These two licenses were previously returned by Freeport during Q3-2020 for no consideration.

Savinac

• 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 metres.
• 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.

Bacevica

• The Bacevica license is located directly south of the Savinac license. The property contains 8 km of hydrothermal alteration directly linked to the Savinac hydrothermal alteration to the north.
• The project area has four identified targets that have geological mapping, rock and soil sampling, ground magnetics, IP and CSAMT geophysical surveys, limited reverse circulation scout drilling and diamond drilling.

Mundoro Projects Available for Option in Serbia

Borsko Jezero Project

• The Borsko Jezero ("Borsko") is a 35 sq.km license area located in the central portion of the Timok Magmatic Complex and is directly adjacent to and west of the producing Bor copper porphyry mine.
• From March 2016 to April 2020, JOGMEC sole funded a total of US$5.8 million (C$8.1 million) for the JOGMEC- Mundoro JV Projects. The joint venture is now at a proportionate funding stage. As of March 31, 2021, Mundoro has 51.28% while JOGMEC has 48.72% ("JV Partners").
• Exploration has identified several targets of which, Target 1 is an undercover preserved advanced argillic alteration lithocap covering an area approximately 1.6 km in strike length, discovered using a combination of geophysical techniques. The Target 1 system contains elevated copper-gold-arsenic indicative of high sulphidation epithermal type mineralization with elevated copper at the bottom of the lithocap suggesting a porphyry source beyond the immediate area.
• In Q1-2020, Mundoro contracted a geophysics review by a geophysical consulting company with expertise in utilizing geophysics for undercover exploration. Interpretation from the geophysics review identified further drill targets to follow up at Target 1 and additional locations to test on the license.
• In Q3-2020, a Leapfrog model of the alteration envelopes at Target 1 was completed. This model was compared with the existing sectional interpretation and the modelled alteration solid was further refined for targeting.
• The JV Partners have agreed to seek a new partner for further exploration funding at Borsko. An online data room with a 3D Leapfrog model for the project has been opened for interested third parties which have signed a confidentiality agreement with the Company.

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