Pucara Gold : Q3 MDA

Pucara Gold Ltd. (Formerly, Magnitude Mining Ltd.)

(An Exploration Stage Company)

Management Discussion and Analysis

September 30, 2021

Pucara Gold Ltd.

2110 - 650 West Georgia Street

Vancouver, BC V6B 4N8

INTRODUCTION

This Management Discussion and Analysis ("MD&A) is intended to supplement Pucara Gold Ltd. ("Pucara" or the "Company") interim consolidated financial statements for the period ended September 30, 2021. All financial information, unless otherwise indicated, has been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

On September 30, 2020, Pucara Gold Ltd., formerly Magnitude Mining Ltd. ("Magnitude") and Pucara Resources Corp. ("Pucara Resources") completed a plan of arrangement which resulted in a reverse takeover of Magnitude by the shareholders of Pucara Resources and constituted Magnitude's Qualifying Transaction, as defined under TSX Venture Exchange Policy 2.4 - Capital Pool Companies (the "Transaction"). In connection with the closing of the Transaction, Magnitude also completed a 2:1 consolidation of its common shares and changed its name to Pucara Gold Ltd. As a result of the change of control, the Company has changed its fiscal year end to December 31 for the year ended December 31, 2020 and moving forward.

Pucara Resources, a company incorporated under the British Columbia Business Corporations Act on August 10, 2012, purchased Pucara Resources S.A.C., a limited liability company formed under the laws of Peru on September 12, 2012, from Esperanza Resources Corp. and Esperanza Silver Peru S.A.C. ("Esperanza") on January 14, 2013. Pucara Resources is engaged in the acquisition, prospection, exploration and development of mineral properties in Latin America, currently with exploration and evaluation of mineral concessions in Peru.

Pursuant to the Transaction, Magnitude acquired all of the issued and outstanding common shares of Pucara Resources ("Pucara Shares"). Pucara Resources became a wholly owned subsidiary of Magnitude and the shareholders of Pucara Resources were issued one common share of the Company in exchange of every Pucara Share held immediately prior to the completion of the Transaction. Holder of the options to acquire Pucara Shares ("Pucara Options") and warrants to purchase Pucara Shares ("Pucara Warrants") are entitled to receive, upon exercise of a Pucara Option or Pucara Warrant, for the same aggregate consideration, the common shares of the Company.

Upon completion of the Transaction, the existing shareholders of Magnitude held approximately 5% in the capital of the Company while the former shareholders of Pucara Resources held approximately 95%.

Since the Transaction resulted in the shareholders of Pucara Resources obtaining control of Magnitude, it constituted a reverse acquisition for accounting purposes with Pucara Resources being identified as the accounting acquirer. The net assets of Magnitude at the date of the reverse acquisition were deemed to have been acquired by Pucara Resources. As a result, this MD&A includes the discussion of Pucara Resources as the continuing parent of the group.

Pucara's business is the acquisition, prospection, exploration and development of precious and base metal mineral concessions in Peru. The Company is actively exploring a number of its exploration stage projects as well has optioned some of its projects to other companies. The Company's office is located at #2110 - 650 West Georgia Street, Vancouver, British Columbia, V6B 4N8.

The following discussion of the Company's financial condition and results of operations should be read in conjunction with its interim consolidated financial statements and the related notes for the period ended September 30, 2021.

All monetary amounts are in Canadian dollars unless otherwise specified. The effective date of this MD&A is November 24, 2021.

Management Discussion and Analysis

Pucara Gold Ltd. (Formerly, Magnitude Mining Corp.)

September 30, 2021

2

FORWARD‐LOOKING INFORMATION

This document contains "forward‐looking information" within the meaning of Canadian securities legislation and "forward‐looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as "forward‐looking statements" are made as of the date of this MD&A or as of the date of the effective date of information described in this MD&A, as applicable. Forward‐looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "envisages", "assumes", "intends", "strategy", "goals", "objectives" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward‐looking statements.

All forward‐looking statements are based on the Company's or its consultants' current beliefs as well as various assumptions made by and information currently available to them. Many forward‐looking statements are made assuming the correctness of other forward‐looking statements. Cost information is prepared using current estimates, but the time for incurring costs will be in the future and it is assumed costs will remain stable over the relevant period.

By their very nature, forward‐looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward‐looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward‐looking statements as a number of important factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates assumptions and intentions expressed in such forward‐looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur, but specifically include, without limitation, risks related to exploration and development programs and their timing and success; risks relating to variations in the mineral content within the material identified as mineral reserves and mineral resources from that predicted; variations in rates of recovery and extraction; developments in world metals and minerals markets; risks relating to fluctuations in the Canadian dollar, the United States dollar and Peruvian nuevo sol relative to other currencies; increases in the estimated capital and operating costs or unanticipated costs; difficulties attracting the necessary work force; increases in financing costs or adverse changes to the terms of available financing, if any; tax rates or royalties being greater than assumed; risks relating to receipt of mining and regulatory approvals; the effects of competition in the markets in which the Company operates; operational and infrastructure risks. The foregoing list of factors that may affect future results is not exhaustive.

When relying on the forward‐looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company does not undertake to update any forward‐ looking statement, whether written or oral, that may be made from time to time by the Company or on behalf of the Company, except as required by law.

Management Discussion and Analysis

Pucara Gold Ltd. (Formerly, Magnitude Mining Corp.)

September 30, 2021

3

CURRENT CORPORATE HIGHLIGHTS

Pucara is actively working on its wholly owned properties: Pacaska, Keyla and Lourdes. At Pacaska, the Company is engaging stakeholders to advance the drill permitting process. At Keyla, surface mapping and sampling has delineated areas for detailed work and advancing toward drill‐ready status. At the Lourdes project, environmental monitoring continues as well as remediation of areas that have been drilled. Three of the Company's projects are being advanced by our partners, Iamgold Peru SA, and Lowell Copper SAC ‐ Solaris Resources Inc.

On March 22, 2021, the Company's common shares commenced trading on the OTCQB in the United States under the symbol "PCRAF".

On January 26, 2021, the Company reported the drilling results of its Phase 1 drilling program on the Lourdes Gold Project. A total of 3,955 meters were drilled in 25 holes. The drilling results confirmed the presence of gold mineralization hosted within silicified diatreme breccias with a 1.5 kilometer trend along the eastern portion of the Lourdes project. The most significant gold intercepts obtained were 0.24 g/t gold over 18 meters in drill hole LOU011, 0.24 g/t gold over 21 meters in drill hole LOU013 and 0.47 g/t over 4.9 meters in drill hole LOU019.

On January 13, 2021, the Company's common shares commenced trading on the Lima Stock Exchange (BVL) under the symbol "TORO".

On October 28, 2020, the Company announced the commencement of the Lourdes Gold Project drill campaign. A total of nine primary target areas have been identified for drill testing at the project. The first phase of the program consists of 20 holes (5,000 meters) testing four target areas; Phase 2 consists of 16 holes (2650m) that include the remaining five target areas. Eleven additional sites are included in the proposed plan to allow for follow‐up infill and step‐out drilling with the 40 sites allowed by permit.

On October 5, 2020, the Company announced the appointment of Kenneth J. Balleweg as VP Exploration. Mr. Balleweg has over 35 years of exploration and production experience, including 17 years in Mexico. His previous positions included Placer Dome's senior project geologist for the Mulatos gold project, Mexico MineEx Manager, and Senior Project Geologist at the Cortez and Getchell gold mines. He held positions with Alamos Gold over a 12‐ year period as Exploration Manager, Vice President Exploration, and Manager of Underground Geology at the Mulatos Gold mine.

On September 30, 2020, as also described above, the Company completed its arrangement with Magnitude Mining Ltd. The Transaction proceeded by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement") pursuant to which Magnitude acquired all of the issued and outstanding Pucara Shares. Pucara Resources became a wholly‐owned subsidiary of Magnitude and the shareholders of Pucara were issued one common share of the Company in exchange for every Pucara Share held immediately prior to the completion of the Transaction. Holders of Pucara Options and Pucara Warrants will be entitled to receive, upon exercise of a Pucara Option or Pucara Warrant for the same aggregate consideration, common shares of the Company in lieu of the Pucara Shares otherwise issuable prior to the closing of the Transaction, adjusted in accordance with the terms of the agreements, plans or certificates representing such Pucara Options and Pucara Warrants. Upon completion of the Transaction, all directors and officers of Magnitude resigned and were replaced by nominees of the Company, as follows: J. Stevens Zuker, President, Director and Chief Executive Officer; David Awram, Director; Lynda Bloom, Director; Gordon Fretwell, Director and Corporate Secretary; Andrew Swarthout, Director; and Steven Krause, Chief Financial Officer.

Management Discussion and Analysis

Pucara Gold Ltd. (Formerly, Magnitude Mining Corp.)

September 30, 2021

4

Complete details of the terms of the Transaction are set out in the filing statement of Magnitude dated as of September 22, 2020 (the "Filing Statement"), available on SEDAR under Pucara's profile at www.sedar.com.

The novel coronavirus ("COVID‐19") has caused many countries to implement measures to reduce the spread of the virus. On March 15, 2020, the President of Peru issued a national state of emergency decree that closed the country's borders, limited transportation within the country, and required most people to work from their homes. The stay‐at‐home decree was lifted on June 30, 2020, while the state of health emergency remains in place until March 2, 2022. Currently, Covid protocols are being eased in Peru. The situation with COVID‐19 is evolving and consequently, management cannot predict the effect of unknown adverse changes to its future business plans, financial position, cash flows, and results of operations.

PROJECTS

Pacaska Project, Ayacucho, Peru

The project was acquired through staking in 2015 and consists of twelve concessions totaling 7,650 Has. The exploration target is a high sulfidation epithermal ("HSE") precious metal project and exhibits geophysical (IP, Mag) and geochemical characteristics related to a porphyry copper system. The alteration system contains anomalous, outcropping concentrations of gold with values in rock of up to 17 g/t and anomalous copper in rock of up to 11%. Pacaska is easily accessible by a paved, single lane road originating at the Pan American Highway in the town of Palpa 90 km southwest of Pacaska.

On October 19, 2017, the Pucara Resources granted a 1% NSR royalty, to Sandstorm Gold Ltd. (the "Sandstorm Royalty Agreement") in accordance with Sandstorm Royalty Agreement. On May 25, 2020, Pucara entered into an NSR royalty agreement ("Lunde Royalty Agreement") with Lunde International Corp ("Lunde"). Pursuant to the Lunde Royalty Agreement, the Company granted Lunde a 0.5% NSR royalty on the concessions comprising the Pacaska Property.

During 2021, Pucara has focused on stakeholder engagement and preparation of its drill permit (DIA) in anticipation of a Phase I drill campaign at Pacaska. A workshop with the community is imminent and the DIA will be submitted to the Ministry of Energy and Mines when the workshop is completed for their reviews and approvals. We expect this to be completed in early 2022.

Keyla Project, Ayacucho, Peru

The Keyla project area is located at the southern end of the Lourdes/Apumayo/Breapampa trend approximately 50km southeast of the Lourdes project area, 30km southeast of the Apumayo Mine, 25km southeast of the Apumayo Santos gold deposit, and 22km southwest of the Breapampa Mine. The project was acquired through staking and consists of four mineral concessions totaling 3,500 Has. The concessions are subject to 0.5% NSR in favour of Lunde in accordance with Lunde Royalty Agreement. The project area covers a large high sulfidation hydrothermal system with over 10km of strike length and 2.5‐3km of width. Classic high sulfidation alteration is pervasive, consisting of extensive granular and massive silica, vuggy silica, quartz‐alunite, advanced argillic, and cryptocrystalline to chalcedonic silica within a large area of strong argillic alteration. Chaotically stratified, intensely granular silica altered diatreme fill sediments with at least three diatreme centers indicated. Cross‐ cutting hydrothermal granular silica and limonite matrix hydrothermal breccias are abundant, locally with vuggy and semi‐cryptocrystalline silica clasts indicative of a multi‐event system.