Rokmaster Resources : Financial Statements

ROKMASTER RESOURCES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the nine months ended September 30, 2023

Rokmaster Resources Corp.

MANAGEMENT DISCUSSION AND ANALYSIS

September 30, 2023

Rokmaster Resources Corp.

Management Discussion and Analysis ("MD&A")

Set out below is a review of the activities, results of operations and financial condition of Rokmaster Resources Corp. (referred to herein together as the "Company" or "Rokmaster") for the nine months ended September 30, 2023. The following information should be read in conjunction with the Company's audited consolidated financial statements and the notes related thereto for the year ended December 31, 2022 and the Company's unaudited interim consolidated financial statements and the notes related thereto for the nine months ended September 30, 2023.

This MD&A is prepared as of November 29, 2023 and all dollar amounts are stated in Canadian Dollars unless otherwise stated.

The Company is a reporting issuer in the Provinces of British Columbia, Alberta, Manitoba and Ontario in Canada. The Company's shares are listed on the TSX Venture Exchange ("TSXV") in Canada under the symbol "RKR," on the OTCQB Venture Market in the USA under the symbol "RKMSF" and on the Frankfurt Stock Exchange under the symbol "1RR1."

Caution Forward Looking Information

The Company's unaudited interim consolidated financial statements for the nine months ended September 30, 2023 and this accompanying MD&A contain certain statements that may be deemed "forward-looking statements." All statements in this document, other than statements of historical fact, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential," "interprets," and similar expressions, or that events or conditions "will," "would," "may," "could," or "should" occur. Forward-looking information in this document include statements regarding future exploration programs, liquidity and effects of accounting policy changes, risks and uncertainties relating to the Company being in the exploration stage, the possibility that future exploration and development results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters and surface access, labour disputes, the potential for delays in exploration activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, failure to obtain adequate financing on a timely basis and other risks and uncertainties. In addition, forward-looking information are based on various assumptions including, without limitation, receipt of court, shareholder and regulatory approvals, the expectations and beliefs of management, the assumed long-term price of commodities, that the Company will receive required permits, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Canada and the various provinces in Canada will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements.

Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change except as required by law.

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Rokmaster Resources Corp.

MANAGEMENT DISCUSSION AND ANALYSIS

September 30, 2023

Business Overview and Overall Performance

Business Overview

The Company is primarily engaged in the acquisition, exploration and development of precious, base and industrial mineral properties. The Company's principal exploration areas of interest are North America, Central America and South America. The Company currently has an option to acquire a 100% interest on the Revel Ridge Project (formerly the J&L Property) located approximately 45 kms by all-weather road from the City of Revelstoke in British Columbia, Canada and owns 100% of the Duncan Lake Zinc-Lead Property and a 55% interest in the Big Copper property both located in the Slocan Mining Division in southeast British Columbia, Canada.

In order to achieve its objective, the Company has assembled a mineral exploration and management team with extensive experience in exploring, developing and bringing mines into production.

Overall Performance

Highlights of the Company's activities for nine months ended September 30, 2023 and to the date of this MD&A:

Operations

• On September 5, 2023, the Company announced the receipt of very positive results from the sorting test work on representative samples from the Revel Ridge Project. A summary of the sorting test program and its results were announced in the Company's news release dated September 5, 2023.
• On August 8, 2023, the Company announced the final assay results of the spring diamond drilling program on the Revel Ridge Project with the first set of assay results from the same drilling program were announced on July 17, 2023.
• On July 28, 2023, the Company filed on SEDAR+, under the Company's profile, an independent technical report, prepared in accordance with National Instrument 43-101, for its previously updated Mineral Resource Estimate ("MRE") for the Revel Ridge Project. A summary of the updated MRE results was announced in the Company's news release dated June 13, 2023.

Financing

• In July 2023, the Company closed a non-brokered private placement with the issuance of 10,000,000 non-flow-through units at a price of $0.05 per unit for gross proceeds of $500,000.
• In April 2023, the Company closed a non-brokered private placement with the issuance of 4,545,455 flow-through units at a price of $0.11 per unit for gross proceeds of $500,000.
• In February 2023, the Company closed a non-brokered private placement with the issuance of 4,000,000 non-flow-through units at a price of $0.10 per unit for gross proceeds of $400,000.

Corporate

• On November 17, 2023, the Company and its wholly owned subsidiary, 4Metals Exploration Ltd. ("4Metals") entered into an Arrangement Agreement ("Arrangement") pursuant to which it is proposed that 4Metals would, through a series of transactions, acquire the Duncan Lake Zinc- Lead Property and Big Copper Project of the Company on a tax deferred basis, and would itself be acquired by the Company's shareholders. At the conclusion of the transactions set out in the Arrangement, each Rokmaster shareholder would hold the same number of Rokmaster shares as

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Rokmaster Resources Corp.

MANAGEMENT DISCUSSION AND ANALYSIS

September 30, 2023

he, she, or it held at the start of the transactions, and approximately 0.125 of that number of 4Metals shares.

• On January 30, 2023, the Company entered into an amending agreement with Huakan and
  Huakan's shareholders to extend the fourth option payment due on February 25, 2023, by 12 months to February 25, 2024, at which time a penalty of $400,000 would also be due as consideration for the extension. Pursuant to the amending agreement, the Company also agreed to complete an updated preliminary economic assessment and an updated mineral resource estimate on the Revel Ridge Project on or before December 31, 2023, and failing which the Company would pay Huakan the penalty no later than December 31, 2023, and such payment will be deductible from the total option payment due on February 25, 2024.
• In January 2023, and as consideration for the Company's issuance of an aggregate of 3,000,000 common shares to the sellers of the Duncan Lake property, all of the 7,200,000 Special Warrants and the 2.5% NSR were cancelled.
• Also, in January 2023, the Company acquired a 100% interest in two important claim blocks totaling 1,627 hectares south of the Duncan Lake property by issuing an aggregate of 2,000,000 common shares to third party vendors.

Exploration Properties

Revel Ridge Project, Canada

The Revel Ridge Project (the "Project") is located north of Revelstoke within the Selkirk Mountains near the north end of the Kootenay Arc, a complex sequence of east dipping Neoproterozoic to Lower Paleozoic metasedimentary and metavolcanic rocks. The belt is characterized by tight to isoclinal folds and generally west verging thrust faults and greenschist grade regional metamorphism.

The Project includes mineral claims, surface lands, crown grants, equipment (including underground mining equipment fleet and supplies), improvements (including >3 km of operational underground workings, 12 km access road connecting to paved highway, a fully functional 40 person all-weather camp, offices and maintenance shop) and all associated assets including a CP rail siding and concentrate loadout facility in the City of Revelstoke.

The Revel Ridge Property area contains two distinctly different styles of mineralization: (1) highly planar, arsenical, gold-rich, structurally controlled polymetallic sulphide zones and with no definitive host rock association, exemplified by the Main Zone; and (2) silver-zinc-lead deposits hosted only in marbleized and silicified limestone units, exemplified by the Yellowjacket Zone. The Main Zone sheeted sulphide system is composed of banded massive and stringer arsenopyrite-pyrite-sphalerite-galena mineralization with appreciable content of gold and silver. The Main Zone has been traced on surface by geological mapping, prospecting, trenching and soil sampling for a strike length of over 3 km and traced by drilling for 1,500 metres in strike length and 800 meters down dip, generally dipping approximately 60 degrees to the northeast with an average true thickness of 2.5 metres, however, in places it reaches 15 metres in true thickness.

The zinc-silver-lead-rich Yellowjacket Zone is considered to be an Irish type carbonate replacement deposit composed of multiple parallel siliceous sphalerite-galena bearing zones. The individual mineralized zones making up the Yellowjacket Zone occur as lenticular bodies each up to 8 metres thick at the contact between alternating units of volcanic rocks and limestone. The Yellowjacket Zone sub parallels and is in the immediate hanging wall of the Main Zone, and has higher silver, lead, and zinc grades than the Main Zone.

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Rokmaster Resources Corp.

MANAGEMENT DISCUSSION AND ANALYSIS

September 30, 2023

During 2021 and 2022, Rokmaster discovered and advanced several important new zones and expanded known zones through prospecting, geological mapping, sampling, and drilling, as documented in the updated mineral resource estimate ("MRE") (see Table 1 below which was taken from the updated MRE report entitled "Technical Report and Updated Mineral Resource Estimate of the Revel Ridge Polymetallic Property, Revelstoke Mining Division, British Columbia, Canada" with an effective date of June 6, 2023 as filed on SEDAR+ under Rokmaster's profile on July 28, 2023 and the Company's news release dated June 13, 2023). To date, Rokmaster has drilled less than 35% of the known strike length of the Main Zone structure that hosts gold-rich polymetallic sulphides. The Main Zone and related zones remain open in virtually all directions, and the consequent probability is high that drill testing of these targets will result in the expansion of existing mineralized zones. Deeper drilling within the Main Zone has also indicated the potential for significant new mineralized zones containing coarse visible particulate free gold (see the Company's news release dated June 7, 2021). Rokmaster is targeting zones containing macroscale gold for further testing.

Table 1. Revel Ridge Measured, Indicated and Inferred Gold Equivalent Underground Mineral

Resources1-6

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Rokmaster Resources Corp.

MANAGEMENT DISCUSSION AND ANALYSIS

September 30, 2023

Mineral Processing and Metallurgical Testing

Numerous metallurgical test work programs have been undertaken on the Revel Ridge Project since 1982. These programs have been completed by independent reputable metallurgical laboratories, using primarily drill core samples from exploration drilling and bulk samples from underground workings; and have included, but are not limited to characterization and mineralogical studies, comminution studies, dense media separation (DMS), bulk sorting tests, gravity concentration tests, flotation, bioxidation, pressure oxidation (POX), and leach tests.

Recent more detailed work on the mineralogy of the Revel Ridge Main Zone ("RRMZ") deposit has shown that the lead (Pb) and zinc (Zn) mineralization is finely disseminated, likely requiring a finer grind to liberate and recover the target metals. The silver (Ag) is largely in solid solution with the lead and Freibergite, therefore will mainly appear in the lead concentrate. The gold (Au) is refractory and predominantly associated with arsenopyrite in solid solution and although highly variable, a small amount of the gold is associated with pyrite and as free gold.

The metallurgical testing has produced an effective flowsheet for recovering of the metals of value; preconcentrating with bulk flotation, followed by regrinding and sequential flotation of the bulk concentrate producing concentrates of lead and zinc, with the remaining gold-rich zinc tails being processed through a POX-leach circuit for recovery of the gold and silver. Based on the envisioned circuit and corresponding laboratory test response, the overall process recoveries for the RRMZ were expected to be approximately 96%Au, 85% Ag, 71% Pb and 70% Zn. The Revel Ridge Yellowjacket Zone ("RRYZ") mineralization has less complex metallurgically than the RRMZ mineralization and responds to standard sequential flotation. The overall process recoveries for the RRYZ deposit were expected to be 86% Au, 94% Ag, 88% Pb, and 93% Zn.

2023 Exploration Program - Revel-Ridge Project

The Company's objectives are:

• Expand mineral resource through continued exploration and diamond drilling of Main Zone extensions and other targets to add to the current Mineral Resources;
• Complete ongoing optimization studies which include metallurgical testing, mine sequencing and capital and mining cost studies to Preliminary Economic Assessment ("PEA") level and beyond;
• Incorporate results from the updated MRE, and optimization studies to update the historical PEA, which is expected to be completed in 2023;

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Rokmaster Resources Corp.

MANAGEMENT DISCUSSION AND ANALYSIS

September 30, 2023

• Continue prospecting, geological mapping and sampling on the Revel North Projects (Keystone Property, Downie Gold Property, and Rift Property);
• Continue necessary environmental and baseline work for an Environmental Impact Statement; and
• Continue with community and stakeholder engagement for the Project.

In June 2023, the Company completed 1,969 metres of diamond drilling on the Revel Ridge Project. Assay results were released in news releases dated July 17, 2023 and August 8, 2023, and are highlighted by drillhole RR23-114 which intersected 4.66 g/t AuEq over 0.90 m approximately 370 metres to the northwest of drilling completed in 2022. An additional highlight near the center of the deposit was drillhole RR23-115, which intersected 565.76 g/t AgEq over 28.50 m in the Yellowjacket Zone and therefore illuminated a key area of the Revel Ridge Deposit for follow-up drilling.

Eugene Puritch, P.Eng., FEC, CET of P&E Mining Consultants Inc. was responsible for the discussion on the MRE section, Stacy Freudigmann, P.Eng. F.Aus.IMM, Principal of Canenco Consulting Corp. for the Mineral Processing and Metallurgical Testing section and Eric Titley P.Geo. for the Revel Ridge Project's June 2023 drilling results section, all of whom are independent of Rokmaster, are Qualified Persons as defined by National Instrument 43-101Standards of Disclosure for Mining Projects and have reviewed and approved of the technical disclosure as noted above on the Revel Ridge Project in this MD&A.

Duncan Lake Zinc-Lead-Silver Property, Canada

The Duncan Lake Zinc-Lead-Silver Property (the "Property" or "Duncan Lake") is located approximately 64 km north of the town of Kaslo in the Slocan Mining Division, southeast British Columbia, Canada. The Property consists of 38 contiguous mineral claims that cover 6,019 hectares along the strike extension of Teck Resources Ltd.'s ("Teck") historical Duncan Mine property. The Property is 148 km northeast of Teck's smelter in Trail, British Columbia.

History of the Property

Consolidated Mining and Smelting Company of Canada, Limited ("Cominco"), a predecessor of Teck, conducted four phases of exploration work on the Property from 1989 to 1997 included coring of 8,333.9 metres in 12 diamond drill holes. The drilling intersected significantly higher grade zinc-lead mineralization (see below Table of Selected Mineralized Drill Intersections) than was typically encountered at Duncan Mine. The work also confirmed that altered and mineralized carbonate strata extends from Duncan Mine northward for more than 2.3km and is open to the north, the west limb of Duncan Anticline and to depth on the Property. A further phase of drilling (8,800 metres in 8 holes) was recommended for 1998 but not conducted, possibly due to the steep decline in lead and zinc prices at the time and Teck's increasing involvement in Cominco which had begun in 1986.

Table: Selected Mineralized Drill Intersections - Duncan Lake Project

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Rokmaster Resources Corp.

MANAGEMENT DISCUSSION AND ANALYSIS

September 30, 2023

A re-assessment of the current area covered by the Property north of Duncan Mine by Cominco geologists indicated that an additional "900 meters of strike length of the structure has the potential to host 5 MMT ("Million Metric Tonnes") of 11.5% Zn and 1% Pb in No. 7 Zone and 2 MMT of 7% Zn and 0.3% Pb in the No. 8 Zone. If the known mineralization is projected 2,100 meters north (in the persistent plunge direction) to Jubilee Point, there is room for 16 MMT at 10% Zn." (D.W. Moore (1997): "Duncan

Mine Property: Proposal to Test Attractive Zinc Potential Close to Trail"). It was also noted that the 7degree northward plunge of the mineralized zone would be amendable to decline access and underground drilling as proven at the Duncan Mine. The potential quantity and grade stated above is conceptual in nature and there has been insufficient exploration to define a mineral resource. This represents a target for further exploration and it is uncertain if such further exploration will result in the target being delineated as a mineral resource.

The scientific and technical information about the Property set out in this MD&A was obtained from a Technical Report for the Property dated November 16, 2023, and prepared for 4Metals, by R.A. (Bob) Lane, M.Sc., P. Geo. (the "Technical Report"). Mr. Lane advises that the geological data set out in the Technical Report was predominantly generated by Cominco during the 1989-1997 period and were recorded in exploration assessment reports submitted to the British Columbia Ministry of Energy and Mines for property assessment credits. While Mr. Lane advises that he has made no attempt to verify the data, he states in the Technical Report that there is no reason to doubt its accuracy or veracity. Mr. Lane advises that he attempted to examine the drill core from 1989 to 1997 but advised that the observed racked or stacked core was quite disheveled. He stated that more than three-quarters of the core boxes could be recovered and re-racked and following that, the intact core could be verified. Mr. Lane advised that he collected some character core samples and had MS Analytical Laboratories in Langley, British Columbia, analyze the core. Mr. Lane advises that the historic drill data for the Property was adequate and that it provides a sound technical framework upon which future exploration programs could be built. Mr. Lane stated in the Technical Report that the level of QA/QC instituted by Cominco during its four phases of drilling was not known.

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Rokmaster Resources Corp.

MANAGEMENT DISCUSSION AND ANALYSIS

September 30, 2023

R.A. (Bob) Lane, M. Sc., P. Geo., a consulting geologist, is a Qualified Person as defined by National Instrument 43-101Standards of Disclosure for Mining Projects and has reviewed and approved of the technical disclosure on the Duncan Lake Zinc-Lead-Silver Property in this MD&A.

In 2018, the Company received an amended Mines Act Permit (the "Permit") from the British Columbia Ministry of Energy and Mines authorizing exploration activities including surface diamond drilling on a multi-year and multi-drill hole basis. The Permit expired in October 2022.

The required assessment work for Duncan Lake was completed during the summer of 2021. A preliminary diamond drilling program extending and wedging a total of 681.2 metres off a historic Teck Cominco drill hole was completed at Duncan Lake in 2022 to facilitate work expenditure requirement for listing the spinco, 4Metals Exploration Ltd., on a Canadian stock exchange.

Partial assay results for one of the three drill holes, D22-02, were announced on May 17, 2022 (see news release on May 17, 2022, for details).

2023 Exploration Program - Duncan Lake Zinc-Lead Property

The Company holds a drill permit for the southern portion of the Property, including the No.1, No.2, and No.3 Zones, which allows for 26 drill sites and is valid until August 2025.

In August 2023, a short field program of four days saw the collection of 127 soil samples and 22 rock samples on the Duncan Lake Property. Work was focused in the No.3 Zone area and the Mag Showing area where soil sample lines of variable line-spacing collected samples 25 m along-line. Geochemical results and interpretation are pending.

Big Copper Property, Canada

The Big Copper Property ("Big Copper") is in the Fort Steele and Slocan Mining Divisions, British Columbia, Canada and is approximately 45 km by road west of Kimberly, British Columbia. The Company holds a 55% interest in Big Copper.

During the year ended December 31, 2022, the Company and its consultants conducted preliminary soil and silt geochemical surveys and prospecting along with evaluating all private and public data to select potential future exploration targets.

Exploration Program - Big Copper

Other than the assessment work required to maintain the claims during the summer of 2021 and completion of a prospecting program (see news release on November 24, 2021 for details), the Company plans on developing and implementing an exploration strategy to cost effectively advance Big Copper.

In September 2023, a minor field program collected 11 rock samples and 165 soil samples from the Big Copper Property. Geochemical results and interpretation are pending.

Further information on the Company's projects can be found on its website at www.rokmaster.com

Significant Accounting Policies

The Company prepares its unaudited interim consolidated financial statements in accordance with International Accounting Standards 34, Interim Financial Reporting ("IAS 34"), using accounting policies consistent with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

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Rokmaster Resources Corp.

MANAGEMENT DISCUSSION AND ANALYSIS

September 30, 2023

The accounting policies and methods of application applied by the Company in these interim consolidated financial statements are the same as those applied in the Company's most recent annual consolidated financial statements as at and for the year ended December 31, 2022, except for those policies which have changed as a result of the adoption of new and amended IFRS pronouncements effective January 1, 2023.

New, Amended and Future IFRS Pronouncements

More detail on these new, amended and future IFRS pronouncements are provided in Note 3 of the interim consolidated financial statements for the nine months ended September 30, 2023.

Critical Accounting Estimates and Judgments

The preparation of financial statements requires management to use judgment in applying its accounting policies and estimates and assumptions about the future. Estimates and other judgments are continuously evaluated and are based on management's experience and other factors, including expectations about future events that are believed to be reasonable under the circumstances. There have been no significant changes to the Company's critical accounting estimates for the nine months ended September 30, 2023 from those disclosed in Note 4 of the audited consolidated financial statements for the year ended December 31, 2022.

Selected Annual Financial Information

The table below sets forth selected financial data, in Canadian dollars, relating to the Company for the years ended December 31, 2022, 2021 and 2020:

The Company is in the exploration stage and therefore, does not have revenues from operations. The Company's operating activities are dependent on the Company's working capital.

The Company's total assets as at December 31, 2022 decreased by $426,150 when compared to the total assets as at December 31, 2021 primarily due to the equity financings completed in 2022 for total gross proceeds of $5,325,000 and offset by cash outlays to fund the Company's operations and for working capital purposes of $5,607,510 during the year ended December 31, 2022. The decrease in the Company's net loss for the year ended December 31, 2022 by $1,676,333 when compared to the year ended December 31, 2021 is explained in the "Results of Operations" section below.

The Company's total assets decreased by $4,622,737 when compared to the year ended December 31, 2020 primarily due to the $1,000,000 cash option payment for the Revel Ridge Project and cash outlay to fund its operations and for working capital purposes. Current liabilities at December 31, 2021 decreased by $1,163,925 when compared to December 31, 2020 due to the derecognition of the deferred share premium liability of $1,647,259 related to the flow-through funds raised on December 30, 2020 and offset by the recognition of a $652,070 share premium liability relating to the flow-through funds raised on December 29, 2021.

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