US Copper : Q3 - September 30, 2021

MANAGEMENT'S DISCUSSION AND ANALYSIS - QUARTERLY HIGHLIGHTS

September 30, 2021

INTRODUCTION

The following Management Discussion & Analysis - Quarterly Highlights ("Quarterly Highlights") of US Copper Corp. (formerly Crown Mining Corp.) (the "Company" or "US Copper") has been prepared to provide material updates to the business operations, liquidity and capital resources of the Corporation since its last management discussion & analysis, being the Management Discussion & Analysis ("Annual MD&A") for the fiscal year ended December 31, 2020. This Quarterly Highlights does not provide a general update to the Annual MD&A, or reflect any non-material events since the date of the Annual MD&A.

This Quarterly Highlights has been prepared in compliance with the requirements of section 2.2.1 of Form 51-102F1, in accordance with National Instrument 51- 102 - Continuous Disclosure Obligations. This discussion should be read in conjunction with Annual MD&A, the audited consolidated financial statements of the Company for the years ended December 31, 2020 and 2019 and the unaudited condensed interim consolidated financial statements for the three and nine month periods ended September 30, 2021 and 2020, together with the notes thereto. Results are reported in Canadian dollars, unless otherwise noted. In the opinion of management, all adjustments (which consist only of normal recurring adjustments) considered necessary for a fair presentation have been included. The results for the three and nine month periods ended September 30, 2021 are not necessarily indicative of the results that may be expected for any future period. Information contained herein is presented as at August 30, 2021 unless otherwise indicated.

The unaudited condensed interim consolidated financial statements for the three and nine month periods ended September 30, 2021 and 2020, have been prepared using accounting policies consistent with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and interpretations of the IFRS Interpretations Committee. The unaudited condensed interim financial statements have been prepared in accordance with International Standard 34, Interim Financial Reporting.

External auditors, appointed by the shareholders, have not audited or reviewed the unaudited condensed interim consolidated financial statements for the three and nine month periods ended September 30, 2021 and 2020 and did not perform the tests deemed necessary to enable them to express an opinion on these unaudited condensed interim consolidated financial statements.

For the purposes of preparing this Quarterly Highlights, management, in conjunction with the Board of Directors, considers the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of US Copper's common shares; or (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. Management, in conjunction with the Board of Directors, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity.

ADDITIONAL INFORMATION

Additional information is accessible at the Company's website www.uscoppercorp.comor through the Company's public filings at www.sedar.com.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This Quarterly Highlights includes "forward-looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. In the event that the Company is able to acquire a suitable mining property, such risks and uncertainties include, but are not limited to, risks associated with the mining industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of the Company to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of US Copper to fund the capital and operating expenses necessary to achieve the business objectives of US Copper, the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by the Company. Due to the risks, uncertainties and assumptions inherent in forward- looking statements, prospective investors in securities of the Company should not place undue reliance on these forward-looking statements.

Readers are cautioned that the foregoing lists of risks, uncertainties and other factors are not exhaustive. The forward-looking statements contained in this Quarterly Highlights are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or in any other documents filed with Canadian securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. The forward- looking statements are expressly qualified by this cautionary statement.

UPDATE ON COVID-19

As the global pandemic related to the Coronavirus disease 2019 ("COVID-19") continues, US Copper has implemented a plan to protect the health and safety of its stakeholders. The Company has implemented alternative working arrangements for all consultants to work from home and placed physical activities on its mineral properties on care and maintenance.

The Company's operational activities are particularly affected due to the inability of staff to travel because of the non-essential travel restrictions. Furthermore, suppliers of services to the Company are also similarly affected and this may lead to delays in the provision of data and services to the Company's operational efforts.

The Company will continue to monitor the COVID-19 related situation and will only fully resume regular activities when there are clear indications that its consultants are able to return to work in a safe environment and in accordance with the advice and requirements provided by all the regulatory authorities from a local to national level.

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Three and nine month periods ended September 30, 2021

CORPORATE OVERVIEW AND OUTLOOK

The shares of the Company are listed on the TSX Venture Exchange and trade under the symbol USCU. US Copper is a Canadian-based junior mining and exploration company incorporated under the Canada Business Corporations Act which currently owns a 100% interest of an advanced mining exploration exploration property in California, USA as well as holding a portfolio of exploration stage projects in Ontario, Canada and Nevada, USA.

In 2020, the Company designed two drill programs at both the Superior and Engels deposits of the Moonlight-Superior property to define higher grade starter pits that will improve the economics in our recent Moonlight Preliminary Economic Assessment (PEA). In 2020 and 2021, the Company raised funds to complete a drill program in the summer of 2021 to test its high priority targets as outlined in its August 11, 2020 press release.

On June 1, 2021, the Company began the drill program on the Moonlight-Superior property. The Company was able to complete 7 drill holes of the expanded 10-12 drill hole program before a mandatory evacuation order on the Moonlight-Superior property due to the Dixie forest fire quickly approaching.

Results from all 7 holes met or exceeded expectations including:

1. Verifying 50-year-old historic drill results.
2. Silver and gold credits appear to increase Copper-equivalent grade by approximately 11% (8.2% - 14.4%).
3. Supporting the presence of higher-grade ore within the Superior deposit that can potentially be used to feed the Moonlight plant during early the production years to improve Project economics.

These results from all 7 holes will now be reviewed by an independent engineering firm to determine:

1. A new resource calculation including silver and gold credits.
2. The economic impact of including Superior in our Moonlight mine plan.

Table 1: Summary of drill hole data

DH#	From	To	Interval	Cu %	Ag opt	Au opt	CuEquiv	Comments
	(ft)	(Ft)	(ft)
S21-7	594.6	785.0	190.4	0.51	0.121	0.0006	0.556	Hit stope @
								1060'
S21-6	190.0	318.0	128.0	0.490	0.106	0.0005	0.530
and	413.0	496.0	83.0	0.43	0.152	0.0009	0.492
S21-5	103.0	178.0	75.0	0.367	0.126	0.0007	0.417
S21-4	462.0	556.7	94.7	0.537	0.141	0.0008	0.593
S21-3	349.9	398.6	48.7	0.478	0.137	0.0008	0.533	Hit stope
S21-2	328.0	402.9	74.9	0.435	0.118	0.0005	0.478	Twin of S29
S21-1	118.0	287.4	169.4	0.514	0.128	0.0006	0.562	Twin of S47

*CuEq = Cu% + ((Au opt*31.1035/10,000) *Au$/lb/Cu$/lb)) + ((Ag opt*31.1035/10,000) *Ag$/lb/Cu$/lb))

The Company hopes to resume the drill campaign and complete the remaining drill holes as originally planned in Q22022.

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Three and nine month periods ended September 30, 2021

The Company plans to continue to focus all its exploration and development activities on its Moonlight- Superior property in California and if conditions are favourable, seek to raise additional funds through a private or public offering of securities or debt as required.

The Company's prospects are tied to the global demand for Copper and the availability of financing to fund ongoing operations. The current price of Copper has been increasing since March of 2020 and is currently still near all-time highs, trading around US$4.35/lb.

OBJECTIVES AND MILESTONES

The objectives of the Company is to advance the Moonlight-Superior property in California to the production stage.

COMPANY HIGHLIGHTS

• On October 18, 2021 and November 15, 2021, the Company announced the encouraging results of the completed 7 holes of its 2021 drill program.
• On August 23, 2021, the Company optioned the Warren Whiteside property to Western Troy Capital Resources Inc. ("Western Troy") for consideration of 2,500,000 common shares in the capital of Western Troy and certain required exploration expenditures.
• On May 19, 2021, completed a private placement of 10,000,000 units at a price of $0.20 per unit for gross proceeds of $2,000,000.
• On March 29, 2021, the shareholders approved the name change to US Copper Corp., which was completed effective April 5, 2021. In addition, effective April 8, 2021, the Company began trading under the name US Copper with a new ticker symbol "USCU".
• On February 8, 2021, completed a private placement of 5,000,000 units at a price of $0.10 per unit for gross proceeds of $500,000.
• On November 19, 2020, completed a private placement of 30,000,000 units at a price of $0.05 per unit for gross proceeds of $1,500,000.
• On July 27, 2020, completed a private placement of 7,000,000 units at a price of $0.05 per unit for gross proceeds of $350,000.
• On April 27, 2020, completed a private placement of 6,100,000 units at a price of $0.025 per unit for gross proceeds of $152,500.
• Completed a PEA regarding the Company's Moonlight Copper Project. PEA highlights included (using a US$3.15 copper price):
  o Pre-tax Net Present Value (NPV): US$ 237M at 8% discount rate
  o Pre-Tax Internal Rate of Return (IRR): 16.4%
  o Pre-tax Payback Period: 4.8 years
  o After-tax NPV of US$179M and after tax IRR of 14.6% for the base case

OVERALL PERFORMANCE

The Company does not currently have a producing property. Recovery of the cost of mining assets is subject to the discovery of economically recoverable reserves, the ability to obtain the financing required to pursue the exploration and development of its properties, and profitable future production or the proceeds from the sale of its properties. The Company must periodically obtain new funds in order to pursue its activities. While it has always succeeded in doing so to date, it is not possible to predict whether financing efforts will be successful and management cannot provide assurance that it will be able to obtain the required financing.

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Three and nine month periods ended September 30, 2021

The net loss and comprehensive loss for the nine months ended September 30, 2021 was $2,081,935 ($0.02 per share) as compared to $324,324 ($0.01 per share) for the nine months ended September 30, 2020. The Company's operations are consistent with the prior year period, except for the following:

Increase in exploration and evaluation expenditures to $1,297,941 compared to $127,048 in 2020 as a result of the drill program in the summer 2021 on the Moonlight-Superior property.

Increase in investor relations, promotion and travel costs to $443,742 compared to $49,126 in 2020 as well as an increase in office, general and administration costs to $120,586 compared to $18,433 in 2020 as a result of the Company marketing itself to build stock awareness to help it to be able to raise additional equity for exploration. Such activities included holding its AGM, changing its name and rebranding the Company's presentation, website and promotional material for the new name and listing on the OTC Markets Group's

OTCQB Marketplace.

The Company incurred share based payments during the nine months ended September 30, 2021 of $140,000 compared to $3,000 for the same period in 2020. The difference in the current period is due to the fair value of each option granted during the nine month period being higher than in the prior period ($0.10 Per option granted vs. $0.04). Share based payments expenses are recorded based on the valuation of options using the Black-Scholes model. The expense varies based on the number of options issued and/or vested in the period and the underlying assumptions used in the model.

MINERAL EXPLORATION PROPERTIES

None of the Company's properties are at or near production. As at November 29, 2021, the Company had the following mineral properties under exploration:

Moonlight-Superior

Effective June 28, 2013, the Company purchased a 100% interest in the Superior Project, subject to an underlying production royalty, which included 132 unpatented mining claims and a lease on 36 patented claims in Plumas County, California for $50,000. The conditions of the lease include an annual lease payment of US$20,000 per year and an annual work obligation of US$25,000. The Company has a right to purchase the leased patented claims, and if purchased, the leased patented claims will be subject to an annual royalty payment schedule.

During the year ended December 31, 2015, the Company restaked the area in a more efficient way resulting in title to 47 unpatented claims. During the year ended December 31, 2016, the Company staked 57 additional claims. In addition, during the year ended December 31, 2018, the Company staked an additional 6 claims adjacent to the Superior Mine and an additional 35 new federal mining claims adjacent to the Engels Mine.

On February 26, 2016, the Company entered into an agreement with Canyon Copper Corp ("Canyon") to acquire a 100% interest in the Moonlight Property (the "Agreement"), subject to an underlying production royalty. Under the terms of the Agreement US Copper acquired a 100% interest in the Moonlight Property for consideration of $375,000 and 2,750,000 common shares of the Company as follows:

• Cash Payments: $5,000 due on signing (paid), $20,000 due on or before June 1, 2016 (paid); and $350,000 (Paid in February 2018) due on or before March 4, 2019.

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Three and nine month periods ended September 30, 2021