KORE Mining : Annual MD&A

KORE MINING LTD.

Management's Discussion and Analysis

For the Year Ended December 31, 2021

KORE MINING LTD.

Management's Discussion and Analysis December 31, 2021

(Expressed in Canadian dollars unless otherwise stated)

The following Management's Discussion and Analysis ("MD&A"), prepared as of April 27, 2022, should be read together with the consolidated financial statements of KORE Mining Ltd. ("KORE Mining" or the "Company") for the years ended December 31, 2021 and 2020 which are prepared in accordance with International Financial Reporting Standards ("IFRS"). All amounts are stated in Canadian dollars unless otherwise indicated. The reader should be aware that historical results are not necessarily indicative of future performance.

This MD&A contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities laws. See the section in this MD&A titled "Cautionary Language regarding Forward-Looking Information" for further details. In addition, this MD&A has been prepared in accordance with the requirements of Canadian securities laws, which differ in certain material respects from the disclosure requirements of United States securities laws, particularly with respect to the disclosure of mineral reserves and mineral resources. See the section of this MD&A titled "Cautionary Note to U.S. Investors Regarding Mineral Resource Estimates" for further details.

2021 Q4 Highlights

During the three months ended December 31, 2021, and to the date of this MD&A, the Company accomplished the following:

• • Received approval of the Long Valley drill program from the United States Forest Service ("USFS") to drill up to 12,000 meters to test highest priority expansion targets at the Company's Long Valley Gold Project.

• • Completed Imperial Gold Project milestone fulfilling the requirement to spend US$5 million on the Imperial project pursuant to the purchase agreement with Goldcorp USA Inc, a wholly owned subsidiary of Newmont Corporation.

• • Launched Project ACES ("A Clean Environment for the Salton Sea") whereby the Imperial Project would supply materials to remediate the air pollution problem caused by the ongoing evaporation of the Salton Sea. This would bring a significant positive impact to the community and stakeholders.

• • At December 31, 2021 the Company had working capital of $2.9 million (2020 - $3.8 million) and cash and cash equivalents of $3.6 million (2020 - $4.9 million)

• • Subsequent to December 31, 2021 the Company:

  • o Announced 2022 plans and objectives:

    •  Complete 12,000 meters of permitted exploration drilling at Long Valley

    •  Complete permitting for Mesquite East and Ogilby drilling at Imperial

    •  Complete target definition on additional high priority areas in the Mesquite-Imperial-Picacho District

    •  Submit drill permit application and complete environmental assessment for additional exploration targets areas at the Mesquite-Imperial-Picacho district

    •  Continue to build local support through ACES which sets a "net zero" impact target for the Imperial project

  • o Announced step change in geologic understanding resulting from 2021 Mesquite-Imperial-Picacho District exploration work

  • o Discovered three new drill targets at the Mesquite-Imperial-Picacho district: Smoketree, Ironwood and Wolverines

  • o Issued 500,000 common shares pursuant to the exercise of stock options for proceeds of $70,000 and granted an additional 859,460 RSUs and 600,000 stock options with an exercise price of $0.37 and a five year term.

Corporate Summary - Nature of Operations

The Company's business is the acquisition, exploration and development of North American gold projects. The Company's primary focus is its two 100% owned gold projects in California. Both gold projects have completed positive, high return on capital, preliminary economic assessments (See "Project Summaries" for more information). KORE is investing in both exploration and development activities to unlock value for shareholders. KORE is supported by strategic investor Eric Sprott, who owns 26% of the basic shares outstanding. Management and the Board are aligned with shareholders owning a further 27%.

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KORE MINING LTD.

Management's Discussion and Analysis December 31, 2021

(Expressed in Canadian dollars unless otherwise stated)

The Company's most advanced gold project, the Imperial project in Imperial County California ("Imperial" or "Imperial Project"), hosts a large oxide gold resource that is being prepared for mine development permitting and the surrounding Mesquite-Picacho District claim block is being explored for new discoveries. Imperial is ideally located in Imperial County California, with access to labour and infrastructure associated with the operating Mesquite gold mine, located ten miles away. KORE delivered a positive preliminary economic assessment for a simple, open pit heap leach mine at Imperial ("Imperial PEA") published in May 2020 with a net present value ("NPV") at 5% of US$343 million and internal rate of return ("IRR") of 44% at US$1,450 per ounce gold (see "Imperial PEA Summary" for further details).

KORE also owns the Long Valley project located in Mono County, California, which is a shallow oxide gold resource open for expansion at surface in oxides and at depth in sulphides. KORE is using geophysics and other modern exploration techniques to target drilling to expand the deposit on-strike and at depth. KORE received a permit to drill the project from the U.S. Forest Service ("USFS") in October 2021. In September 2020, KORE delivered a positive preliminary economic assessment for a simple, open pit heap leach mine at Long Valley ("Long Valley PEA") that showed a net present value ("NPV") at 5% of US$273 million and internal rate of return ("IRR") of 48% at US$1,600 per ounce gold (see "Long Valley PEA Summary" for further details).

Karus Gold Spinout

In January 2021, KORE executed a spinout of its BC gold assets, into Karus Gold Corp. ("Karus"), where 100% of Karus was distributed to the shareholders of KORE. The BC gold assets included:

• 1) South Cariboo Gold Project (Cariboo Region, British Columbia) - KORE, through land acquisition and staking in July 2020, held 1,000 km2 of claims, making it the dominant land holder in the southern half of the Cariboo Gold District with Osisko Gold Royalties controlling the north. Within the South Cariboo Gold Project is FG Gold (see following) and Gold Creek. Gold Creek is an orogenic gold discovery near the Spanish Mountain gold project and the Mount Polley copper-gold mine.

• 2) FG Gold (Cariboo Region, British Columbia) - FG Gold is the most advanced project in the South Cariboo Gold District hosting a shallow orogenic gold deposit that is open at depth and on-strike for growth. KORE completed a 5,700 metre drill program in October 2020 to upgrade the deposit through defining the structural controls of high grade mineralization and to expand known mineralization with new discoveries downdip. Karus has subsequently completed a 2021 drill program building on KORE's 2020 program.

The Company's head office is located at 960 - 1055 West Hastings Street, Vancouver, BC V6E 2E9.

The Company's common shares are listed for trading on the TSX Venture Exchange ("TSX-V") as a Tier 2 issuer under the symbol "KORE" in Canada and also trades in the United States on the OTCQX under the stock symbol "KOREF" and on the Frankfurt Stock Exchange under the symbol "EUSA".

Outlook

KORE's focus in 2022 is unlocking value through district scale exploration. The Company is permitted to drill at Long Valley starting in July 2022 and is currently organizing to drill up to 12,000 meters (See "Risk Factors"). At Imperial, the Company continues target generation work at Imperial with additional person-portable drilling, sampling and mapping ongoing. The Company is permitting the highest priority exploration drill targets at the Mesquite-Imperial-Picacho District, while in parallel leveraging ACES to build the social license for mine permitting at the Imperial deposit. The Company continues to work with the Bureau of Land Management ("BLM") to determine the best path forward for Imperial resource zone drilling and to start mine permitting. Drilling at both projects is subject to permitting (See "Risk Factors").

Marc Leduc, P.Eng, is the Company's designated Qualified Person for this MD&A within the meaning of National Instrument 43-101 and has reviewed and approved the technical information described herein.

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KORE MINING LTD.

Management's Discussion and Analysis December 31, 2021

(Expressed in Canadian dollars unless otherwise stated)

Imperial, California, USA

The Company has been actively expanding its footprint in Imperial County, and added a second geologist to the local staff, which includes a Manager of Communications, a Manager of Environmental and Regulatory Affairs, a Human Resources/Administrative Manager, and a Senior Project Geologist. The staff are based in a local office and warehouse space in the city of Imperial, California.

The Company continues to explore the Mesquite-Imperial-Picacho district ("District") to discover new oxide gold deposits. Programs are ongoing to generate drill targets and complete mapping across the 28-kilometre District trend. 2020 and Q1 2021 geophysical and geochemistry work successfully proved the "fingerprinting" target strategy for making new discoveries in the District and generated multiple high priority drill targets. Work continued in Q2 and Q3 with additional mapping, sampling and field programs including a satellite alteration survey. Several new drill targets were defined with additional results pending. Work is ongoing and includes: person-portable drilling, additional hand sampling and field mapping to further define existing targets in anticipation of submitting additional drill permit applications in 2022.

The Company is engaging with the BLM to permit drilling to make new discoveries at the Mesquite-Imperial-Picacho district ("Regional Exploration Drilling") and to advance the existing Imperial gold deposit ("Imperial Zone") toward feasibility and mine permitting ("Imperial Zone Drilling").

The Company continues to work with the BLM to determine the path forward for Imperial Zone Drilling which is intended to grow the current resource, develop a geology model and deliver samples for metallurgical and geotechnical testing. KORE has separated Imperial Zone Drilling and Regional Exploration Drilling. The objective of this shift in strategy is to streamline permitting of Regional Exploration Drilling, while continuing on a separate, parallel path for permitting the Imperial Zone Drilling, which is independent from, and subject to different regulatory and technical requirements from Regional Exploration Drilling.

The current Regional Exploration Drilling permit application includes exploration targets immediately east of the Mesquite Gold Mine (owned by Equinox Gold) - Mesquite East - and targets immediately west of the Imperial Project - Ogilvy. Permitting the Regional Exploration Drilling locations will leverage the already completed biological resource assessment and other work completed to-date at Mesquite East and Ogilvy. Cultural surveys are underway to complete the studies required for the Environmental Assessment report which will be completed by independent consultants working for the BLM. The earliest a permit could be expected is late 2022 but public review of an Environmental Assessment can take up to 12 months. KORE intends to mobilize drilling to the targets as soon as a permit is received.

KORE is continuing to work closely with BLM to determine the appropriate path forward for progressing Imperial Zone Drilling permitting. (See "Risk Factors").

Long Valley, California, USA

KORE plans to drill the highest priority oxide and sulphide targets at the Long Valley project. Oxide targets are well defined by 2019 and 2020 field mapping, sampling and geophysics programs. Oxide targets are designed as step-outs to grow the current project mineral resources. In addition, several drill pads will support deeper drill holes to test sulphide targets in the potential "boiling zone" of the deposit which could yield higher grades and open up the potential for underground mining at the project.

KORE also plans additional field mapping and sampling to identify new drill targets on the 14,000 acres of exploration claims acquired by the Company in December 2020. The new claims have the potential to host new oxide gold discoveries.

KORE received a permit to drill the project in October 2021 from the USFS and is planning a Phase 1 drill program.

(See "Risk Factors").

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KORE MINING LTD.

Management's Discussion and Analysis December 31, 2021

(Expressed in Canadian dollars unless otherwise stated)

Managing COVID-19

In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. 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.

The Company continues to operate as effectively as possible while mitigating the risk of exposure to employees, suppliers and local communities. The Company is respecting the guidelines of local, state and federal governments at each project.

All of our projects have experienced some impact from COVID-19. Imperial and Long Valley rely on service providers and government agencies, many of which have been impacted by COVID-19. The Company has seen delays in drill permit processing for both Long Valley and Imperial in 2020 and 2021, in part due to COVID-19. COVID-19 has also slowed down efforts to engage and build stakeholder relationships at our Imperial project. It is not possible for the Company to predict the duration or magnitude of the adverse results of the pandemic and its effects on the Company's business or ability to raise funds.

Project Summaries

Imperial Gold Project, California, USA

Imperial is located in Imperial County, southeastern California 26 miles northwest of the city of Yuma, Arizona, and 45 miles east-northeast of El Centro, California.

Imperial consisted of 654 claims covering a total area of approximately 5,721 acres. In September 2019, the Company staked the Mesquite-Picacho District consisting of 1,005 new claims covering approximately 20,411 acres and a further 4,600 acres in 2021 bringing the Company's total in the region to approximately 31,000 acres. The claims were staked to capture the entire gold trend that connects Equinox's operating Mesquite mine to Imperial and then continuing onto the now closed Picacho mine. The trend is underexplored and has the potential to host additional gold deposits.

The claims are administered by the BLM on federally owned lands. The unpatented mining claims (new and historic) are all in good standing with all holding fees paid for the current year. The claims must also be maintained by ensuring that the claim posts and location notices are properly upright and visible. In August 2021, the BLM changed its view on the validity of KORE's mill site claims hosting the Imperial PEA infrastructure and lode claims with the Indian Pass Mineral Withdrawal are subject of a Mineral Validity Examination (See "Risk Factors").

Imperial PEA Summary

In April 2020, the Company announced the results of its Imperial PEA on the Imperial project - see the April 6, 2020 news release; and published the full technical report in May 2020 and amended June 10, 2021 - see the Company's website for full information and disclaimers. The Imperial PEA, with an effective date of April 6, 2020 and amended report filed on June 10, 2021, was prepared in accordance with National Instrument 43-101 ("NI 43-101") by Global Resource Engineering (Denver) ("GRE") - Terre Lane, RMSME MMSAQP, Todd Harvey, PhD, RMSME and Glen Cole, P.Geo of SRK with support of Geo-Logic Associates - Monte Christie, GE PE. The team was led by Marc Leduc, P.Eng. the COO of KORE Mining.

The Imperial PEA scopes an open pit mine with run-of-mine heap leach processing of the 100% oxide mineralization. The Project benefits from nearby skilled labour, major highways and power infrastructure in place for the Mesquite Mine (Equinox - TSX:EQX) which is a similar scale open pit-heap leach gold mine ten miles to the east. The mine plan is sequenced in the Imperial PEA to be in full compliance with California's stringent reclamation requirements including backfilling of the open pits at closure.

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