Rokmaster Resources : Financial Statements

ROKMASTER RESOURCES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the six months ended June 30, 2023

Rokmaster Resources Corp.

MANAGEMENT DISCUSSION AND ANALYSIS

June 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 six months ended June 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 six months ended June 30, 2023.

This MD&A is prepared as of August 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 six months ended June 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, 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

June 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 six months ended June 30, 2023 and to the date of this MD&A:

Operations

• 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 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.

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Rokmaster Resources Corp.

MANAGEMENT DISCUSSION AND ANALYSIS

June 30, 2023

• 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.

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.

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Rokmaster Resources Corp.

MANAGEMENT DISCUSSION AND ANALYSIS

June 30, 2023

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

Resources1-6

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