Norden Crown Metals : MD&A June 30, 2022

NORDEN CROWN METALS CORPORATION

(An exploration stage company)

FORM 51-102F1

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR SIX MONTHS ENDED JUNE 30, 2022

Management's Discussion and Analysis	June 30, 2022

Contents

Introduction	3
Forward Looking Statements	3
Description of Business	4
Significant Events During the Period	4
Exploration and Evaluation Assets	4
Exploration Outlook	12
Summary of Quarterly Results	13
Results of Operations	13
Compensation of Key Management Personnel and Related Parties Transactions	14
Liquidity, Financial Condition and Going Concern	15
Financial Instruments	16
Subsequent Events	17
Off-Balance Sheet Arrangements	17
Outstanding Share Data	17
Risk Factors	17

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NORDEN CROWN METALS CORPORATION

Management's Discussion and Analysis

June 30, 2022

Introduction

This Management's Discussion and Analysis ("MD&A" or "Report") of the financial condition of Norden Crown Metals Corporation (formerly Boreal Metals Corp.) (an exploration stage company) ("Norden" or the "Company") and results of operations of the Company for six months ended June 30, 2022 (the "Period") has been prepared by management in accordance with the requirements under National Instrument 51-102 as at July 29, 2022 (the "Report Date"). The Report should be read together with condensed consolidated interim financial statements for the six months ended June 30, 2022 and the notes thereto, and the audited consolidated financial statements for the years ended December 31, 2021 (collectively, the "Financial Statements"). The Financial Statements are prepared using accounting policies consistent with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS") and within which the Company's accounting policies are described in Note 3 of the Financial Statements. All dollar amounts in the Report are in Canadian dollars unless otherwise noted.

The Financial Statements, together with the MD&A, are intended to provide investors with a reasonable basis for assessing the performance and potential future performance of the Company and are not necessarily indicative of the results that may be expected in future periods. The information in the MD&A may contain forward-looking statements, and the Company cautions investors that any forward looking statements by the Company are not guarantees of future performance, as they are subject to significant risks and uncertainties that may cause projected results or events to differ materially from actual results or events. Please refer to the risks and cautionary notices of this MD&A. Additional information related to Norden is available for view on SEDAR at www.sedar.com.

Forward Looking Statements

The Company's Financial Statements, and this accompanying MD&A, contain statements that constitute "forward-looking statements" within the meaning of National Instrument 51-102, Continuous Disclosure Obligations of the Canadian Securities Administrators. Forward-looking statements often, but not always, are identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and other similar expressions. Forward-looking statements in this MD&A include statements regarding the Company's future exploration plans and expenditures, the satisfaction of rights and performance of obligations under agreements to which the Company is a part, the ability of the Company to hire and retain employees and consultants and estimated administrative assessment and other expenses. The forward-looking statements that are contained in this MD&A involve a number of risks and uncertainties. As a consequence, actual results might differ materially from results forecast or suggested in these forward-looking statements. Some of these risks and uncertainties are identified under the heading "Risks and uncertainties" in this MD&A. Additional information regarding these factors and other important factors that could cause results to differ materially may be referred to as part of particular forward-looking statements. The forward-looking statements are qualified in their entirety by reference to the important factors discussed under the heading "Risks and uncertainties" and to those that may be discussed as part of particular forward- looking statements. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or

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NORDEN CROWN METALS CORPORATION

Management's Discussion and Analysis

June 30, 2022

implied by the forward-looking statements. Factors that could cause the actual results to differ include market prices, exploration success, continued availability of capital and financing, inability to obtain required regulatory approvals and general market conditions. These statements are based on a number of assumptions, including assumptions regarding general market conditions, the timing and receipt of regulatory approvals, the ability of the Company and other relevant parties to satisfy regulatory requirements, the availability of financing for proposed transactions and programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner. Forward-looking statements contained herein are made as of the date of this MD&A and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Additional information relating to the Company and its operations can be obtained from the offices of the Company or on SEDAR at www.sedar.com.

Description of Business

Norden is a mineral exploration company focused on the discovery of zinc, silver, lead, copper and gold, deposits in historical mining project areas spanning Sweden and Norway. The Company aims to discover new economic mineral deposits in known mining districts that have seen little or no modern exploration.

Norden was incorporated under the Business Corporations Act (British Columbia) on December 31, 2013. The Company is listed on the TSX Venture Exchange (the "TSX-V" or "Exchange") as a Tier 2 mining issuer. On October 19, 2020, the Company changed its name to Norden Crown Metals Corporation, and on October 21, 2020, the common shares of the Company commenced trading on the TSX-V under the new symbol NOCR, without change to the Company's capital structure. The Company is listed on the Frankfurt Stock Exchange under the symbol "03E" and on the OTCQB under the symbol "BORMF". The Company's head office is located in North Vancouver, British Columbia, Canada.

Significant Events During the Period

Securities

• On February 20, 2022, warrants allowing for the purchase of up to, in the aggregate, 5,686,978 common shares in the capital of the Company at $0.45 per share expired.
• During the six months ended June 30, 2022

1. stock options allowing for the purchase of up to, in the aggregate, 266,667 common shares in

the capital of the Company at $0.60 per share expired

1. stock options allowing for the purchase of up to, in the aggregate, 83,333 common shares in the capital of the Company were forfeited.

Exploration and Evaluation Assets

In 2017, the Company entered into an agreement, as amended, with EMX Royalty Corporation ("EMX") (the "EMX Agreement") to acquire 100% each of EMX Exploration Scandinavia AB (now NOR Exploration AB ("NOR") and Iekelvare Minerals AB ("Iekelvare") (together, the "Swedish Companies").

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NORDEN CROWN METALS CORPORATION

Management's Discussion and Analysis

June 30, 2022

Through its Swedish Companies, the Company currently has two Scandinavian base and precious metal (zinc-lead-copper-silver-gold) exploration projects: the Gumsberg project in Sweden and the Burfjord project in Norway (collectively, the "Properties").

EMX has a 3% net smelter return ("NSR") royalty on each of the projects. For each of these royalties, a 1% NSR could be purchased by the Company (on or before February 14, 2022 in respect of the Gumsberg project, and February 14, 2025 in respect of the Burfjord project), in 0.5% increments for a total of USD$2,500,000, or, at the purchaser's election, USD$2,000,000 plus shares of the Company equal in value to USD$500,000.

EMX will receive annual advance royalty ("AAR") payments of USD$20,000 for each of the projects commencing on the second anniversary of the closing date of February 14, 2017, with each AAR payment increasing by USD$5,000 per year until reaching USD$60,000 per year per project. Upon reaching USD$60,000, the AAR payments will be adjusted each year according to the Consumer Price Index (as published by the U.S. Department of Labor, Bureau of Labor Statistics). EMX will receive a 0.5% NSR royalty on any new mineral exploration projects generated by the Company in Sweden or Norway, excluding projects acquired from a third party containing a mineral resource or reserve or an existing mining operation. As at June 30, 2022, the Company has expended accumulated amounts of approximately $4.1 million in respect of the acquisition and exploration at its Gumsberg project, and $2.8 million (prior to any JV participation) at its Burfjord project.

Agreement with Boliden Mineral AB - Burfjord property

On June 10, 2020, the Company entered into an Option Agreement with Boliden Mineral AB ("Boliden"), pursuant to which Boliden may earn an initial 51% interest (the "First Options") in the Burfjord property in consideration for incurring US$6,000,000 in exploration expenditures prior to June 10, 2024 (approximately $2.26 million incurred to June 30, 2022), and an additional 29% for an aggregate 80% interest (the "Second Option"), by funding further advancement work through the delivery of a NI 43- 101 and PERC (Pan European Reserves & Resources Reporting Committee) compliant feasibility study and funding all annual costs to keep the property in good standing. EMX will retain a 3% NSR royalty on Burfjord, which includes advance royalty payments credited toward actual royalties payable upon production, of which 1% may be re-purchased prior to February 14, 2025. Boliden will solely fund the advance royalty payments due to EMX until the First Option is exercised, after which advance royalty payments will be paid by both the Company and Boliden in proportion to their respective proportionate interests in Burfjord. The Company will be the initial operator of Burfjord until the First Option is exercised. Upon exercise of the First Option, the Company and Boliden will form a Joint Venture to further advance the project, and Boliden will have the right to become the operator.

Gumsberg VMS Project (Bergslagen District, Sweden)

The strategically situated Gumsberg project consists of six exploration licenses in the Bergslagen Mining District of southern Sweden totaling over 17,830 hectares, where multiple zones of VMS style mineralization have been identified. Precious and base metal VMS-style mineralization at Gumsberg was mined from the 13th century through the early 19th century, with over 30 historic mines present on the property, most notably the Östra Silvberg mine, which was the largest silver mine in Sweden between 1250 and 1590.

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NORDEN CROWN METALS CORPORATION