Inomin Mines : Quarterly earnings

INOMIN MINES INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

SEPTEMBER 30, 2022

INOMIN MINES INC.

Management's Discussion and Analysis

SEPTEMBER 30, 2022

Introduction

Inomin Mines Inc. ("Inomin", the "Company", "we", "our" or "us") is an exploration stage company engaged in the acquisition and evaluation of mineral properties and related business opportunities. The Company owns a 100% interest in the Beaver-Lynx critical minerals (magnesium-nickel-chromium-cobalt) property located in the Cariboo region of south-central British Columbia. Inomin has a 100% interest in the La Gitana and Pena Blanca gold-silver properties in Oaxaca, Mexico. The Company also holds a royalty in the King's Point polymetallic (gold-copper-zinc) property in Newfoundland owned by Maritime Resources Corp. ("Maritime"). Inomin trades on the TSX Venture Exchange under the symbol "MINE".

This Management's Discussion and Analysis ("MD&A") is dated November 18, 2022, unless otherwise indicated and should be read in conjunction with the condensed interim consolidated financial statements of Inomin Mines Inc. as at and for the six months ended September 30, 2022, and the related notes thereto which have been prepared in accordance with International Financial Reporting Standards ("IFRS") applicable to the preparation of interim financial statements. All amounts are reported in Canadian dollars.

Inomin recognizes environmental, social and governance ("ESG") best practices are important aspects to responsible mineral exploration and mining. The Company's exploration programs are conducted to meet or exceed environmental regulations. Inomin strives to earn social licenses wherever the Company operates, endeavouring to meet with local communities, regulators, and other stakeholders prior, during, and after exploration work, to understand issues important to local and Indigenous communities. Inomin's practices are based on open, and honest communication to facilitate dialogue on social and economic benefits for communities, and other valuable stakeholders, including our shareholders.

Management is responsible for the preparation and integrity of the financial statements, including the maintenance of appropriate information systems, procedures, and internal controls and to ensure that information used internally or disclosed externally, including the consolidated financial statements and MD&A, is complete and reliable. The Company's Board of Directors follows recommended corporate governance guidelines for public companies to ensure transparency and accountability to shareholders. The Board of Director's Audit Committee meets with management quarterly to review the consolidated financial statements and the MD&A and to discuss other financial, operating, and internal control matters. The Company's Board of Directors is comprised of Evilio J. Gomez-Garcia (John Gomez) (CEO), Anil Jiwani, CPA, CA (CFO), Ari Shack (Corporate Secretary), L. John Peters, P. Geo. and William Yeomans, P.Geo.

The technical disclosures herein have been reviewed and approved by Mr. L. John Peters, P.Geo, a Director of the Company and a qualified person as defined in National Instrument 43-101.

Further information about the Company and its operations can be obtained from SEDAR www.sedar.comand/or the Company's website www.inominmines.com.

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INOMIN MINES INC.

Management's Discussion and Analysis

SEPTEMBER 30, 2022

Operating Highlights April 1, 2022 to November 18, 2022:

• Completed 228 line-kilometre ground magnetic survey at Lynx nickel property in April 2022.
• Received positive preliminary carbon capture tests results from Beaver-Lynx property in June 2022.
• Identified and evaluated several mineral projects available for acquisition.
• Mineral claims related to the Fleetwood property were allowed to lapse to focus on other projects in British Columbia and Mexico.

Corporate Activities

Stock Options Exercises:

During April 2022, a total of 635,000 common shares were issued pursuant to the exercise of 635,000 options for proceeds of $63,500.

Warrant Exercises:

During April 2022, a total of 1,049,900 common shares were issued pursuant to the exercise of 1,049,900 warrants for proceeds of $157,470. Of this amount, $132,720 was received during March 2022.

Exploration Projects

Beaver-Lynx Property, British Columbia

Exploration Update

On April 11, 2022 the Company announced it had identified unreported significant magnesium (Mg) grades from historical 2014 drilling on the Beaver property. Highlights include BN14-23 which reported 100.6 meters at an average grade of 21.5% Mg with 0.14% Ni (nickel). These holes were drilled in the Skelton and Ring zones - not drill tested by Inomin in the 2021 drilling campaign - as well as the North Lobe zone. The historic results, combined with the 2021 drill results, demonstrate that high-grade magnesium mineralization is widespread at Beaver, as well as lower-grade, sulphide nickel.

On April 19, 2022 the Company announced completion of a ground magnetics survey on the Lynx property, generating numerous drill targets. Approximately 171 line-kilometres (kms) of magnetic readings were taken across two grids encompassing the Bear and a portion of the Skulow zones, two large 2 x 3 km nickel targets. The delineated magnetic structures - typically associated with mineralization - will be used for drill targeting. Given the geologic and mineral similarities, the Company anticipates Lynx hosts potentially comparable magnesium and nickel grades as at Beaver.

On June 27, 2022 the Company announced receipt of positive initial test results demonstrating the potential for carbon capture and storage at Beaver property. The tests, carried-out by researchers at the University of British Columbia ("UBC"), demonstrate that samples from the Company's 2021 critical mineral discoveries, contain key minerals that sequester carbon dioxide (CO2) from the atmosphere. Below are highlights of the findings and possible implications:

• Beaver samples contain magnesium-rich minerals such as brucite and hydrotalcite group minerals that react quickly with CO2 in the atmosphere;
• 60% of analysed samples contain moderate to substantial levels of brucite, a form of magnesium key to carbon capture and storage;
• Brucite is the key mineral for carbon capture as it reacts with carbon dioxide; 1% - 2% weight (wt) brucite content is considered significant;
• Beaver samples contain up to 11% wt brucite which is very substantial;

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INOMIN MINES INC.

Management's Discussion and Analysis

SEPTEMBER 30, 2022

• Beaver tailings are good candidates for CO2 capture using techniques developed by UBC;
• A substantial reduction in CO2 greenhouse gas emissions could enable carbon neutral mining and lower operating costs;and
• With significant emission reduction, it is technically possible to create a carbon negative mining operation and the opportunity to generate carbon credits.

Property Background

Inomin's 100% owned Beaver-Lynx project, approximately 20,000 hectares in size, is located 15 to 25 kilometres east and southeast respectively of Taseko Mines Ltd.'s (TSX: TKO) Gibraltar Mine in British Columbia's Cariboo Mining District. Historical exploration and metallurgical studies at Beaver in 2013 - 2014, including geophysical surveys and diamond drilling programs, demonstrated the property's potential to host large volumes of near-surface, Class 1 sulphide nickel and cobalt, amenable to conventional extraction methods.

Beaver Property

The Beaver property is situated in relatively flat terrain and easily accessible via all-season roads, as well as a network of forestry roads providing access to most of the property. Other important nearby infrastructure includes electricity (hydropower) and railroad. Skilled workers, contractors, and supplies are available locally from the city of Williams Lake situated about 20 kilometres south of Lynx.

At Beaver, airborne and ground magnetic surveys have identified five magnetite-serpentinite zones in ultramafics with a cumulative strike length of approximately 10 kilometres. Historic drilling at these zones intersected strongly magnetic shallow-dipping serpentinites hosting nickel mineralization in sulphide form.

Given the positive drill results related to areas of significant magnetite-rich serpentinite rocks, Beaver displays potential to host large zones of high-grade magnesium, as well as nickel, chromium, and cobalt.

During 2021 the Company acquired additional mineral claims to join the Beaver and Lynx properties into a single property (Beaver-Lynx). Mineral claims were also acquired in the Lynx area to cover a strong magnetic target.

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INOMIN MINES INC.

Management's Discussion and Analysis

SEPTEMBER 30, 2022

Lynx Property

The Lynx area (located 11 kilometres south of Beaver) is geologically similar to Beaver with even larger prospective targets areas. Regional stream sediment data collected by Province of British Columbia geologists, illustrates the existence of a large 10 x 5 kilometre nickel anomaly at Lynx. An airborne magnetics survey delineated an 8-kilometre-widering-like magnetic anomaly and several strong linear magnetic anomalies - all greater than 2 kilometres in length. The Lynx property shows potential for hosting multiple, large, bulk-tonnage nickel deposits. Only minimal exploration has been completed on the Lynx property consisting of prospecting and magnetics.

Technical Report

The Company filed a NI 43-101 technical report dated June 24, 2020 for the Beaver and Lynx sulphide nickel properties. The highlights of the NI 43-101 report are as follows:

• Large volumes of relatively shallow uniformly distributed sulphide nickel occur at Beaver property
• Drilling of 25 drill holes at Beaver has delineated nickel and cobalt in four zones over 3 km total strike
• Nickel intersected 8 to 150 metres in thickness grading 0.17% to 0.34% total nickel
• Nickel mineralization amenable to conventional floatation extraction techniques
• Initial exploration at nearby Lynx property suggests comparable nickel results to Beaver

The Company has multi-year exploration work permits for both properties.

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