Mineral Mountain Resources : MDA for the period ending June 30, 2022

MINERAL MOUNTAIN RESOURCES LTD.

(the "Company" or "Mineral Mountain")

FORM 51-102F1

MANAGEMENT DISCUSSION AND ANALYSIS

For the Three Months Ended June 30, 2022

The following Management Discussion and Analysis ("MD&A") has been prepared by management as of August 26, 2022, should be read in conjunction with the unaudited interim consolidated financial statements and related notes of the Company for the three-month period ended June 30, 2022, and the audited consolidated financial statements of the Company together with the related notes thereto for the year ended March 31, 2022. The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). All amounts are stated in Canadian dollars unless otherwise indicated.

Statements in this MD&A that are forward-looking statements (see "Forward Looking Statements") are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk and Uncertainties". Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update or revise any forward-looking statement, whether because of new information, future events, or any other reason.

OVERVIEW

The Company was incorporated in British Columbia under the laws of the Business Corporations Act on September 1, 2006. The Company's common shares are listed on the TSX Venture Exchange (TSX-V) under the symbol "MMV", on the OTCQB under the symbol "MNRLF", and on the Frankfurt Stock Exchange (FSE) under the symbol "M8M".

The Company's mandate is to identify, either in North America or globally, underexplored Archean and/or Paleoproterozoic-age greenstone belts that have had a long history of large-scale gold production, are located in safe jurisdictions, and are judged by our experienced technical team to be geologically favorable for the systematic exploration and the discovery of district-scale gold deposits. Another important selection criteria, for the Company's highly experienced technical team, is that prospective underexplored greenstone belts are located in politically safe, mining friendly jurisdictions.

Between July 2010 and May, 2012, the Company's initial focus was in Canada where it conducted gold exploration programs in South Central, British Columbia, in the Straw Lake area of northwestern Ontario, and, in the Shining Tree area of northeastern Ontario. In July 2012, the Company's technical team identified a more advanced, underexplored gold opportunity in the Keystone Gold District located in the Black Hills area of South Dakota, U.S.A. As a result, the Company changed its entire focus to the systematic search for Early Proterozoic iron formation (BIF) hosted gold deposits occurring along the 70 km-long Homestake Gold Trend. The Keystone Gold District is approximately 70 km south-southeast of the world's largest and richest orogenic gold deposits, the Homestake Deposit having produced 43 million ounces of gold from 1875 to the mine's closing in 2011. The average grade of gold produced was 8.48 g/t Au.

In July 2012, the Company entered into an option agreement with Holy Terror Mining Company, a private company that owned a property hosting six historical gold producers situated in the Keystone Gold District situated on the Homestake Gold Trend about 70 km south of the Homestake Mine in the Black Hills of South Dakota, U.S.A. In October 2016, due to a dramatic downturn in the overall mining industry , the Company terminated the Holy Terror

1

Option Agreement and began to focus on the Rochford Gold District, also situated along the Homestake Gold Trend but only 26 km south of the Homestake Mine. All three areas, the Homestake Mine, the Rochford District and the Keystone District host economic deposits of hydrothermal gold mineralization situated in highly altered folded and sheared iron formation locally referred toas "Ledges".

Beginning in the fall of 2012 through to July, 2021, the Company began a program of considerable land consolidation in the Rochford Gold District, by both physical claim staking and by mineral property purchases. Currently, the Company land holdings in the Rochford District total 7,858 acres consisting of nine (9) patented lode claims and 476 unpatented BLM lodes claim. Coincidentally, the Company acquired a comprehensive database convering the entire Homestake Gold Trend area, including the Rochford District, beginning in 2013 to September, 2021. Complimenting the database, the Company completed a high resolution airborne EM and Mag survey (HeliTEM) in early 2013 covering most of the Company's entire Rochford area land package. Based on the Company's combined research of the historical exploration conducted in the Rochford District, it's comprehensive database and field geological mapping program, the Company concluded that the Rochford District had similar geological and mineralogical characteristics to the Homestake Mine host rocks, and, that the entire Homestake Gold Trend offered above average exploration potential for gold. Following 3D modelling of the Company's initial airborne survey, five unusually large magnetic bodies associated with gold-hosted banded iron fromation (BIF) were highlighted within the Company's land holdings inthe Rochford District. Each of the three magnetic bodies, due to the size of the magnetic anomalies were considered to be potential Homestake-style gold targets. The largest magnetic body encompasses the Company's 100%-owned Standby Mine gold deposit located within a folded plunging syncline. The intersection of the regional structure, the Homestake Gold Trend, and the highly deformed and hydrothermally altered iron formation unit hosting the Standby Mine deposit was interpreted to be a strong Homestake-style gold target that warranted systematic core drilling.

A 9-hole Phase 1 drilling program totaling 2,937 meters was completed between February, 2018 and October, 2018. Eight of the nine drill holes intersected Homestake-style gold mineralization across widths of up to 30 meters within the East Limb Structure (Standby Shear Zone) to a vertical depth of 500 meters. Drill hole ST18-006 intersected 43.5

1. grading 1.21 g/t Au adjacent to historical drill hole BLG-UG-03 which intersected 25.91 m grading 3.19 g/t Au. Phase 1 confirmed that the Standby gold horizon hosted robust gold mineralization over strong widths.

Based on the positive results from the Company's Phase 1 drill progran, between October 2019 and March, 2020, a 7-hole Phase 2 drill program totaling 2,551.35 meters was completed with mixed results. Initially, it was decided that a "pilot hole" was to be drilled in a SSE direction down the interpreted plunge of the folded syncline. The objective for the Phase 2 program was to intially drill an 1800 m pilot hole down plunge from surface to test a high grade intersection recorded by Homestake Mine in 1987. This hole did not accomplish our objective due to extensive hydrothermal alteration causing numerous hole deviations and low drill productivity. The hole was stopped at 720.10 metres. Although the Phase 2 drill program was not able to test the high gold mineralization near the 1800 m depth down plunge, a near massive interval of aresenopyrite in the Poverty Gulch Formation intersected 6.09 m grading 1.81 g/t Au. Mineralization of this type is rare and unusual in the rocks overlying the Rochford Iron Formation. Where this arsenopyrite-rich shear hits the underlying iron formation is considered to be a potential high grade target.

A 3rd Phase program totaling 9,000 m of drilling has been planned by the Company's technical staff to test three different targets along the Standby, gold trend.and DENR permitting was applied for and granted to complete the proposed program.

In June 2020, the Company staked 3 unpatented BLM mineral claims totaling 61.98 acres (25.08 hectares) and in September 2021 it staked an additional 15 unpatented BLM mineral claims totaling 200 acres named the King of the West Trend adjoining the original land holdings in the southwest. In August2022, the Company paid the renewal fees for 476 BLM unpatented mineral claims located in Pennington and Lawrence Counties.

Impact of Covid-19

In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. The Company announced its COVID-19 initiatives that the Company is complying with governmental orders and advice, and internal company protocols on travel restrictions, social distancing, and allowable business activities during the ongoing COVID-19 pandemic in order to keep Company personnel, contractors and local community contacts safe during this

2

uncertain period. Management will continue to assess the timing of when active drilling and fieldwork can be resumed. Currently, all Company personnel are working remotely but in regular voice and data communications as the Company progresses the compilation and targeting.

This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. It is currently not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company's business or ability to raise funds. The Company is closely monitoring the impact of the pandemic on all aspects of its business.

Standby Gold Project (2012 -2020)

Note: In previous management discussions and analysis, the Standby Gold Project was previously referred to as the "Rochford Gold Project" or "Rochford Project". The project name was changed to avoid confusion with the Rochford Gold District.

On March 1, 2016, the Company announced the purchase of two (2) strategically located gold properties totaling 19 unpatented lode mineral claims totaling 380 acres (152 hectares) from BHB Partners, the South Standby and the Cochrane South properties. As well, the Company assembled a comprehensive database consisting of over $US 20 million in historical exploration costs completed by six major gold companies. On June 22, 2016, the Company staked an additional 37 unpatented lode mineral claims totaling 606 acres (242 hectares) south of the South Standby property acquired from BHB Partners. The claims were staked to provide better coverage along the 5.5 km long Standby-SouthStandby-Lookout Mine structural corridor. On September 2, 2016, the Company signed an Option to Purchase agreement on the historical Standby Mine property consisting of nine (9) contiguous patent claims totaling 67.45 acres (27 hectares). In September 2019, the Company completed the Option to Purchase Agreement thus owning 100% of the Standby patents. In October 2016, the Company purchased a proprietary digital database generated from core diamond drilling that was conducted by Homestake Mining Company between 1967 and 1988, and never before released to the public. The proprietary digital database consisted of 71 diamond drill holes totaling 22,393 meters of which 17 holes totaling 14,723 meters were drilled on the Standby Mine Property.

Between the period from January to June 30, 2017, the Company engaged the services of Earthscan Geoscience, a consulting group specializing in the compilation of the recently acquired comprehensive database. Since the data acquired was from multiple sources and from different generations, Earthscan Geoscience was able to get the data into a workable digital format compatible with several modern software programs. On May 2, 2017, the Company was issued EXNI permit 427 to drill 10,000 meters to define the down plunge extension of the Standby Mine gold deposit and was granted a water use permit for drill testing purposes. A diamond drill contract to drill 3,000 meters consisting of a minimum of 9 holes was signed with First Drilling, a Colorado based drill firm, in October 2017.

From February 11th, 2018 through to end of March, 2018 the Company completed 3 of the planned 9 drill holes on the Standby Mine patents totaling 1,322 meters, All three drill holes tested the upper 320 meters of the East Limb Structure. The drill program was voluntarily halted due to degrading road conditions due to spring thawing. Following the upgrading of the access road, drilling resumed on June 4, 2018. Between that period and August 7th, 2018, the Company completed an additional three (3) holes for a grand total of 2,155 meters drilled to date. Finally, between August 8th and September 5th, 2018, the Company completed an additional 3 holes totaling 782 meters. In all, 9 drill holes totaling 2,937 meters were completed in Phase 1. Based on the positive results recorded in Phase 1, the Company developed a plan to drill a 1600 meter long "trunk hole" down plunge along the East Limb Structure to drill test two historical gold zones previously intersected by Homestake Mining between 1986 and 1987. The deepest gold zone to be tested was at about a 1,000 m veritcal depth. Directional drilling techniques and drill rig capable of drilling to 2800 m depths was used for Phase 2. To accomplish the deep drill testing, a total of 4,000 meters of drilling was planned for Phase 2. In September / October 2019, the Company recently closed a non-brokered private placement and raised an aggregate of $2,409,130.

The Phase 2 drill program was intiated on September 27, 2019 with the "trunk hole" (ST19-011) attaining a down plunge total depth of 1050 m. ST19-011 was terminated in early December 2019 due to difficulties in maintaining the desired dip and angle of this hole. A second hole, ST19-012, was drilled to test the down dip extension of Target #1

3

prior to the holiday period. Drilling was halted on December 18th, 2019 and from October 2019 through to March 2020 a total of 2,551.35 m were completed.

As of the date of this report, the Company controls a 100% interest in 476 unpatented lode mineral claims totaling 7,790.55 acres (3,128.73 hectares) in the Rochford District and nine (9) patented claims totaling 67.45 acres (27 hectares) for a grand total of 7,858 acres (3,155.82 hectares) owned by the Company in the Rochford District.

MINERAL EXPLORATION ACTIVITIES

Standby Gold Project, Black Hills, South Dakota

The Rochford Gold District is situated within the Homestake Gold Trend 27 kilometers (16 miles) south-southwest of the Homestake Mine, one of the largest gold producers in North American history and the largest iron formation- hosted gold deposit of its kind in the world. The Company's experienced technical team concluded that, the Homestake Mine and the Rochford District were remarkably similar in host rock composition, structural style, metamorphic grade, and gold mineralization concluding that the Rochford District had the potential to contain more than one economic gold deposit. More than 45,000,000 ounces of gold have been produced from the Black Hills, with the majority from the world famous Homestake Mine (~43,000,000 ounces of Au) in Lead, South Dakota.

Between February and March 2013, the Company completed a HeliTEM electromagnetic and magnetic airborne geophysical survey over the Standby Project area totalling 977.4-line km. Following further research, due diligence, and numerous site visits to the Rochford District, in October 2015, the Company purchased two strategically located gold properties totaling 19 unpatented mineral claims and a comprehensive database that was never previously disclosed consisting of over $US 20 million in historical exploration (primarily diamond drill results) from BHB Partners, a US based private group of geologists. The database and two gold properties were purchased for 4 million post-consolidated shares of the Company and no cash payment.

On September 12, 2016, the Company signed an exploration agreement with an option to purchase a 100-% interest in the historic Standby Mine property, a "turn of the century" high grade gold producer located in Pennington County and consisting of 9 contiguous patent claims totaling 67.45 acres. Gold mineralization at the Standby Mine is hosted in a synclinally folded, southeasterly plunging gold-hosted iron formation geologically similar to the Ledge-type deposits developed at the Homestake Mine. The Company also increased its landholdings in the Rochford District by staking an additional 113 unpatented

In April 2017, the Company engaged to services of Condor Geophysical Consulting based in Colorado, USA to conduct a Geo Interpretation of the magnetic data and a geophysical assessment of the airborne survey flown for the Company by Fugro in 2013. A final report was received from Condor in September 2017. In addition, the Company engaged the services of FMG Engineering, a local consulting firm based in Rapid City to assist the company to apply for drill permits on both the Standby Mine patented and on the Company's 100% owned unpatented claims located immediately south of the Cochrane gold deposit.

In October 2017, the Company signed a drilling contract with First Drilling, a Colorado-based drill contractor, to drill up to 12 holes on the Standby Mine patents. On February 11, 2018, drilling began and by September 5, 2018, nine holes of the planned twelve holes totaling 2,937 meters were completed. The deepest hole in Phase 1 tested the East Limb Structure to about 500 meters below the Standby Mine workings. Phase 1 drill results confirmed that the 30- meter-wide sheared banded iron formation that hosts the Standby Mine deposit is open down plunge below 500 meters TVD and that the gold mineralization had similar characteristics to the Homestake Mine ledges.

In September 2019, the Company completed the outright purchase of the Standby Mine patents totaling 67.45 acres.

The annual rental fees payable to the South Dakota Bureau of Land Management (BLM) for all the Company's land holdings in the Rochford District were paid in August 2021, assuring the claim package is in good standing until September 1, 2022.

4

Between October 2019 and March 20, 2020, the Company completed 7 holes totaling 2,551.35 meters designed to extend the Standby Mine gold zone down plunge below a vertical depth of 400 meters. In September 2020, the Company added a geological consultant to its technical team to map the Standby Mine surface and underground geology and the Rochford District belt. Between September 26 and 29, 2020, the Company engaged Precision GeoSurveys to complete a second 708-line kilometer airborne magnetic and radiometric survey over its land position in the Rochford area. The survey lines were flown at 50-m line separation at a height of 30-m above the terrain.

In July 2020, the Company commissioned SRK Consulting (Canada) Inc. to complete a regional structural geological interpretation of electromagnetic, aeromagnetic, and radiometric data generated in the Rochford Project area. This interpretation focused on defining the structural architecture that may impact to distribution of gold mineralization at a regional scale. This study by SRK concluded that the controls of gold mineralization is equivalent between the Rochford and Homestake Districts.

A 9,000 m Phase 3 drill program is being proposed to drill gold targets along the 1800-meter-long Standby gold zone using conventional drilling across the mineralized structure.

Qualified Person

The technical contents in this document have been reviewed and approved by Nelson W. Baker, P.Eng., a qualified person as defined by National Instrument (NI) 43-101.

DISCUSSION OF OPERATIONS

The Company is an exploration stage company and has no operating revenue. Expenditures related to mineral exploration and evaluation assets are capitalized. During the three months ended June 30, 2022, the Company incurred $nil (2021 - $15,097) in property claim maintenance costs and $37,407 (2021 - $81,281) in exploration expenditures. The details of the mineral expenditures are included in the note 7 to the consolidated financial statements.

During the three months ended June 30, 2022, the Company reported a net loss of $168,448 compared to a net loss of $202,045 incurred in the three months ended June 30, 2021. The loss in the 2022 quarter relates primarily to general operating expenses of $207,329 (2021 - $253,783), partially mitigated by a gain on sale of the Straw Lake claims of $50,000 (2021 - $50,000).

The general operating expenses excluding share-based payment expenses for the three months ended June 30, 2022, were $160,778 (2021 - $158,580). The main expense items include management fees of $73,500 (2021 - $81,000), office and miscellaneous of $18,912 (2021 - $23,630), professional fees of $14,258 (2021 - $17,625) and rent of $18,108 (2021 - $7,087).

Share-based payment expenses of $46,551 (2021 - $95,203), a non-cash charge, are the estimated fair value of the stock options were vested during the period. The Company used the Black-Scholes option pricing model for the fair value calculation.

5