Minco : 2016 Management's Discussion and Analysis

Dated April 10, 2017

(Form 51-102F1)

Date: April 10, 2017

The following management discussion and analysis ("MD&A") of financial condition and results of operations of Minco plc ("Minco" or the "Company"), should be read in conjunction with the audited consolidated financial statements and the notes thereto for the year ended December 31, 2016, which have been prepared in accordance with International Financial Reporting Standards ("IFRS"). All dollar amounts are stated in US dollars, unless otherwise noted.

Minco Plc, registered in the Republic of Ireland and listed on the AIM Market of the London Stock Exchange ("MIO"), is an exploration and development company, currently engaged in zinc-lead exploration in Canada, the United Kingdom and Ireland, and in evaluating a manganese project in New Brunswick, Canada and with investments in zinc‐silver projects in Mexico through holding 30 million shares (approximately 26%) in Xtierra Inc. listed on the TSX Venture Exchange (TSX.V- "XAG").

Minco also holds a 2% Net Smelter Return ("NSR") royalty on the Curraghinalt gold property in Northern Ireland, which is being explored and developed by Dalradian Resources Inc. (TSX-"DNA") ("Dalradian").

On March 21, 2017, the Company announced that it is in discussions with Dalradian regarding the possible disposal of its 2% net smelter return royalty on the Curraghinalt gold deposit (the "Royalty Disposal") in return for the issue of a total of 15,490,666 new Dalradian Shares valued at C$20,000,000, in total, based on the volume weighted average price of Dalradian shares on the Toronto Stock Exchange for the five trading day period ending on the day prior to March 21, 2017.

It is proposed that the Royalty Disposal would be structured as an offer by Dalradian for the acquisition of the entire issued share capital of Minco (the "Possible Offer"). It is intended that the Possible Offer would be implemented by means of a scheme of arrangement, under Section 450 of the Companies Act 2014 of Ireland ("Scheme"). As pa rt of the Scheme, it is proposed that Minco would undertake a demerger of its wholly owned subsidiary Buchans Resources Limited ("Buchans"), a wholly owned subsidiary of Minco, by way of a transfer in specie of the shares of Buchans to Minco Shareholders (the "Demerger").

Following the Demerger Minco shareholders would be issued 11,618,000 new Dalradian Shares which would represent 75% of the total shares to be issued by Dalradian in connection with the Royalty Disposal. The balance of 3,872,666 new Dalradian Shares, being 25% of the total, would be issued directly to Buchans, which would then be wholly owned by Minco Shareholders. There can be no certainty that the Royalty Disposal will be completed or that the Possible Offer will be made by Dalradian.

During 2016, Minco, through its wholly owned subsidiary Buchans Minerals Corporation ("Buchans Minerals), in a collaboration agreement with Canadian Zinc Corporation (TSX:CZN) successfully completed a research programme to evaluate the metallurgical characteristics of their respective volcanogenic massive sulphide ("VMS") Zn-Pb-Cu-Ag-Au base metal deposits in central Newfoundland .

The metallurgical research study demonstrated that the ore from Minco's Lundberg, Daniels Pond and Bobby's Pond deposits can be successfully processed in a central mill using a sequential flotation flowsheet, and that selective zinc, lead and copper concentrates at marketable grades can be produced from these deposits.

The programme focused its evaluation on five VMS deposits, three held by Minco (Lundberg, Bobbys Pond and Daniels Pond) and two held by Canadian Zinc (Lemarchant and Boomerang-Domino). The Lundberg deposit is the largest, most advanced property in terms of resource definition, mine planning (with the potential to have an open pit mine), metallurgical testing and economic studies completed to date. All the other mineral deposits (Bobbys Pond, Daniels Pond, Lemarchant and Boomerang-Domino) are smaller, higher grade deposits, amenable to underground mining, that may not individually support a mine and processing operation. The principal goal of the research program was to assess the technical and economic viability of developing a number of these mineral deposits utilizing a common central processing facility.

The metallurgical portion of the program was successful in confirming that selective zinc, lead and copper concentrates at marketable grades can be produced using a common flotation flowsheet for all five deposits. The positive results from the metallurgical test program strongly support the development of the sequential flotation technology for processing of the central Newfoundland deposits using a centralized processing facility.

The economic assessment portion of the program applied a Process Simulation and Cost Assessment model order of magnitude / conceptual assessment) to evaluate and identify the key factors impacting the operating economics of a centralized processing concept for the production of the base metal concentrates. The economic assessment completed various scenarios that considered three possible processing facility locations, the possible benefits of dense media separation ("DMS") and three alternative tonnage throughput rates for the processing facility.

Multiple conceptual economic scenarios at three potential sites were developed to simulate the proposed centralized milling concept. The variables assessed included the different potential mill sites, with or without DMS, new or used process equipment, mining rate, and processing feedstock composition for each deposit. Lundberg, being the largest but lowest grade deposit, was considered the main plant feed and Lemarchant, Boomerang, Daniels Pond and Bobbys Pond were treated as satellite deposits.

1 Mineral Resource Estimate Technical Report on the Lundberg Deposit, Buchans Area, Newfoundland, Canada. Effective February 22, 2013; prepared by Mercator Geological Services for Buchans Minerals Corporation, filed on SEDAR.

2 Mineral Resource Estimate Technical Report on the Daniels Pond Deposit, Newfoundland, Canada. Effective March 11, 2008; prepared by Mercator Geological Services for Royal Roads Corp., filed on SEDAR.

3 Mineral Resource Estimate Technical Report on the Bobbys Pond Cu-Zn Deposit, Newfoundland and Labrador, Canada. July 31, 2008; prepared by Scott Wilson Roscoe Postle Associates Inc. for Mountain Lake Resources Inc., filed on SEDAR.

4 Mineral Resource Estimate Technical Report on the Tulks South Property, Central Newfoundland, Canada. August, 2007; prepared by Snowden for Messina Minerals Inc., filed on SEDAR.

Mineral Resource Estimate Technical Report on the Lemarchant Deposit, South Tally Pond VMS Project, Central Newfoundland, Canada. March 2, 2012; prepared by Gary Giroux, P.Eng. for Paragon Minerals Corporation, filed on SEDAR.

Minco's Lundberg deposit is a large, near-surface open-pitable resource located on the north side of Red Indian Lake near the town of Buchans in central Newfoundland, which because of its large size holds more contained zinc, copper and lead metal than the other four smaller satellite deposits combined. The Lundberg deposit currently hosts Indicated resources of

23.4 million tonnes grading 1.41% Zn, 0.60% Pb, 0.35% Cu, 5.31 g/t Ag and 0.07 g/t Au, plus Inferred resources of 4.3 million tonnes averaging 1.29% Zn, 0.54% Pb, 0.27% Cu, 4.47 g/t Ag and 0.08 g/t Au (see Minco press release dated March 4, 2013). The deposit was initially assessed by a positive Preliminary Economic Assessment (PEA) in 2011 ( see Buchans Minerals press release dated August 12, 2011), and has since been the subject of further work including resource drilling, environmental assessment and metallurgical test work.

The results indicated that Minco's Lundberg deposit would enhance the viability of a central milling facility and the future development of this region's mineral resources. The potential benefits include:

• Increase Project Life - The additional tonnage contribution from the Lundberg deposit to a central milling facility would add considerably to the life of the project.

• Reliable Mill Feed - Open pit production from the Lundberg deposit would provide a very predictable and reliable source of mill feed that will limit potential issues related to maintaining underground mining rate from the other satellite deposits.

  The proximity of the Lundberg deposit to the town of Buchans provides for ready access to existing infrastructure (i.e. roads, electricity, labour), as well as existing tailings facilities that could potentially be expanded, but would result in longer haulage distances from most of the satellite deposits.

  The total cost of the research project was estimated at approximately $860,000 with $620,000 funded through the Research & Development Corporation of Newfoundland and Labrador ("RDC") GeoEXPLORE Industry-led R & D Technology Development and Demonstration Program and Buchans Minerals and Canadian Zinc providing $130,000 and $110,000 respectively.

  Highlights of the DMS and Metallurgical Testing

  The metallurgical test program completed by Thibault & Associates Inc. of Fredericton, New Brunswick was based on an assessment of pre-concentrating the ore prior to flotation using Dense Media Separation ("DMS") technology and the development of a process relative to the metallurgical characteristics of five deposits under development. The results of the bench scale test program have indicated an improved grade and recovery relationship for the production of Cu-Pb-Zn concentrates using a sequential flotation flowsheet. Highlights of the testing program are provided below.

• Dense Media Separation - The bench scale DMS test program was completed to assess the amenability of mineralized samples from the deposits to physical upgrading (pre-concentration) at each site. Use of DMS processing technology would provide a potential means of reducing transportation costs from mine site to the milling facility and to maximize head grade and reduce downstream processing costs.

  Results from pre-concentration of the samples by DMS (prior to flotation) was determined to be technically viable for semi-massive and stringer sulphide samples from the Lemarchant FW, Bobbys Pond and Lundberg deposits. Results from the testing are provided below.

  Overall Metal Recovery to Sinks + Fines at 70% Mass Recovery
  Sample
  Cu (%)	Pb (%)	Zn (%)	Au (%)	Ag (%)
  Lemarchant (Footwall)	94.6	97.7	95.4	97.4	96.4
  Bobbys Pond SMS Comp	98.3	98.6	99.1	95.6	95.6
  Lundberg Y1-3	98.3	96.6	96.5	89.6	95.3
  Lundberg Y4-8	94.7	94.2	93.9	84.8	90.1
  Overall Upgrade Ratio (Sinks + Fines Relative to Feed)
  Sample
  Cu	Pb	Zn	Au	Ag
  Lemarchant (Footwall)	1.35	1.4	1.36	1.39	1.38
  Bobbys Pond SMS Comp	1.40	1.41	1.42	1.37	1.37
  Lundberg Y1-3	1.40	1.38	1.38	1.28	1.36
  Lundberg Y4-8	1.35	1.35	1.34	1.21	1.29

• Common Flotation Flowsheet - Initial bench scale flotation tests were designed to compare two flowsheet options: 1) a bulk Cu/Pb-Zn flotation flowsheet and 2) a sequential Cu-Pb-Zn flotation flowsheet using various reagent schemes and alternative grind specifications. Results from the initial flotation testing indicate the sequential Cu-Pb-Zn flowsheet