Turmalina Metals : June 30, 2022 MD&A

(“Turmalina” or “the Company”)

FORM 51-102F1

MANAGEMENT’S DISCUSSION AND ANALYSIS

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2022

Introduction

This Management’s Discussion and Analysis (“MD&A”) of Turmalina Metals Corp. (formerly Turmalina Copper Corp., and formerly 1112002 B.C. Ltd.). including its subsidiaries, Aurora Mining S.A (Argentina) and Aurora Copper Peru S.A.C (Peru) and is the responsibility of management and covers the six-month period ended June 30, 2022. The MD&A takes into account information available up to and including August 3, 2022 and should be read together with the condensed consolidated interim financial statements for the period ended June 30, 2022 and with the audited consolidated financial statements for the year ended December 31, 2021.

The Company’s shares commended trading on the TSX Venture Exchange on December 3, 2019, under the symbol TBX.

Throughout this document the terms we, us, our, the Company and Turmalina refer to Turmalina Metals Corp. All financial information in this document is prepared in accordance with International Financial Reporting Standards (“IFRS”) and is presented in Canadian dollars unless otherwise indicated.

This document contains forward-looking statements. Please refer to “Note Regarding Forward-Looking Statements.”

Description of Business

The Company is a mineral resource company engaged in the business of acquiring and exploring mineral resource properties in South America. The Company’s principal property is the San Francisco Project, located in San Juan Province, Argentina, which the Company has an option to acquire up to a 100% interest. In addition, the Company has an option agreement to acquire up to a 100% interest in the Miranda project, Argentina and the Chanape Project, located in Peru. Please refer to the “Exploration Projects” section below for the acquisition and project details.

Performance Summary and Subsequent Events

During the six-month period ended June 30, 2022, the Company:

• Announced on January 24, 2022 that the 2022 field program has commenced at the San Francisco project. The 2022 field program is focused on defining and drill testing new targets in the expanded project area, with detailed mapping and sampling currently under way at high-priority drill targets, including several recently discovered intrusion-related gold systems:

1. Ethan: an 80-metre-wide tourmaline breccia pipe with widespread copper oxides that has returned rock chip values of up to 5.2 per cent Cu, 3.3 grams per tonne gold and 23 g/t silver: similar or better size, grades and geology as at the surface of the SFdLA breccia pipe;

1. Amarilla: a 750 m long quartz vein system, up to six metres wide, composed of saccharoidal quartz and secondary lead carbonates, that has returned rock chip results up

to 3.5 g/t Au, 565 g/t Ag and 30 per cent Pb. Amarilla is similar to several economic vein systems that have been mined along the regional belt;

1. Irma: an intrusion-relatedAu-Ag-Cu system exposed over a 550 m strike length, with sheeted horizontal quartz veins that returned assays of one to six g/t Au, 150 to 524 g/t Ag and 0.5 to 4.5 per cent Cu (maximum 17.3 per cent Cu); and

1. Tres Magos South: an intrusion-relatedAu-Ag system with a 100 m wide zone of horizontal sheeted quartz veins hosted in sericite-altered granodiorite. Initial assays have returned grades of three to eight g/t Au, up to 367 g/t Ag and up to 17 per cent Pb.

In addition to current sampling at the above projects, detailed work will commence in the next few weeks at several previously reported projects including the 30 to 70 m wide Los Pirquineros breccia pipes (rockchips of 0.7 to 3.5 g/t Au, 10 to 145 g/t Ag and 0.2 to 1.2 per cent Cu), the 100 m wide northwest Santa Barbara breccia pipe (1 to 16 per cent Cu, three to 1,650 g/t Ag and 0.1 to 0.3 g/t Au) and the 20 to 200 m wide Santa Barbara tourmaline breccia pipes (up to 3.3 g/t Au, 11 g/t Ag and 0.6 per cent Cu). Quartz-tourmaline-sulphide vein systems scheduled for detailed follow-up include the 1.6 km long and eight m wide Miranda vein system (up to 6 per cent Cu, 3.9 g/t Au and 593 g/t Ag in rock chips) and the one km long Tocota vein system (rock chips of one to 9.2 g/t Au, one to 38 g/t Ag and 0.1 to 0.5 per cent Cu).

• Announced on April 26, 2022, the identification of multiple priority drill targets within its large 345 sq km land package located in San Juan, Argentina.
  While drilling to date has focused on tourmaline breccia pipes, which have returned multiple high- grade results, the Company has also been conducting an extensive regional field program following the expansion of the project in 2021. This expansion consolidated the Company’s holdings in the belt, following a lengthy land assembly process during which the Company finalized several agreements for regional acquisitions adjacent to the San Francisco project. The new acquisitions increased the company’s holdings along the mineral belt from 3,404 hectares (ha) to 34,651 ha, an increase of 1,018 per cent. The new holdings cover numerous prospects, mineralized breccia clusters and former small-scale mines.

• Announced on May 24, 2022, that it has received its Ficha Tecnica Ambiental (FTA) permit for the Chanape project, located in Lima province, Peru. The FTA permit provides approval for drilling and is granted by Peru’s Ministry of Energy and Mines. Together with a recent agreement with the local community of Checa, the granting of the FTA is a major milestone for any exploration project in Peru.
  The Chanape project contains several strongly mineralised tourmaline breccia pipes that are clustered around a large copper-molybdenum mineralised intrusion. Drilling by the previous owners of the Project intersected broad zones of high-gradeCu-Au-Ag breccia mineralisation on the margins of the intrusions that were not followed up. These intersections include:

1. Clint Breccia: 71m @ 1.92 % Cu, 0.81 g/t Au & 41 g/t Ag (sulphide, CHDDH013) o Clint Breccia: 55m @ 2.25 % Cu, 0.57 g/t Au & 42 g/t Ag (sulphide, CHDDH012) o Breccia 8: 108m @ 1.98 g/t Au & 41 g/t Ag (Cu-leached oxide zone, CHDDH001) o Breccia 8: 64m @ 0.87 g/t Au and 25 g/t Ag (Cu-leached oxide zone, CHDDH012) o Breccia 11: 150m @ 0.47 g/t Au & 4 g/t Ag (Cu-leached oxide zone, CHDDH002) o Breccia 11: 62m @ 0.61 g/t Au & 5 g/t Ag (Cu-leached oxide zone, CHDDH003).

Subsequent to June 30, 2022, the Company:

• Announced on July 5, 2022 that it has filed a technical report in compliance with National Instrument 43-101 on the Company’s Chanape gold-silver-copper project, located in San Damian district, central Peru. The report was independently prepared by Caracle Creek SpA of Santiago, Chile.

The National Instrument 43-101 technical report describes the history, permitting, geology and mineralization of the project and makes the following conclusions and recommendations:

1. The project contains multiple high-grade tourmaline gold-silver-copper(Au-Ag-Cu) breccia pipes, with 30 breccia zones identified to date.

1. These breccias and associated mineralized veins are interpreted to have been sourced from

an underlying porphyry copper-molybdenum-silver-gold(Cu-Mo-Ag-Au) system.

1. The Company should explore the tourmaline breccia targets and, in addition, should evaluate the deeper porphyry potential of the project.

• 1. A two-stage exploration program is recommended, with an initial phase 1 of 10 drill holes testing three breccia pipes, followed by a more comprehensive phase 2 program, should the results of phase 1 prove positive.
• Announced on July 21, 2022 the appointment of Mr. James Rogers as the Company’s chief executive officer (CEO), effective July 20, 2022. Mr. Rogers is an accomplished mining industry professional who, over the past 13 years, has worked on and developed projects in the Americas, Europe and Africa. Mr. Rogers is the principal of Longford Exploration Services and within this role has executed multiple large field exploration and drilling programs for a variety of public and private exploration companies.
  Mr. Rogers will succeed Dr. Rohan Wolfe, who will transition into the role of technical adviser, where he will continue to help guide Turmalina’s exploration efforts.

Please refer to the news releases for additional information. Unless described elsewhere in this report, there were no other significant events or transactions during or subsequent to the period to the date of this report.

Outlook

In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially

leading to an economic downturn. While to date this had not had a material impact on the Company to date, it is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company’s business or ability to raise funds.

The Company has entered into five option agreements on exploration projects in South America during the last 36 months (the El Tapau, Cerro Negro, Miranda, Santa Barbara and Chanape Projects), has secured financing to fund initial exploration programs and has listed on the TSX-Venture exchange under the symbol TBX.

The Company has completed the Phase I and Phase II exploration at the San Francisco project, as described in the Company’s 43-101. The Company is now conducting a third phase exploration program to advance the project and to ensure contractual commitments and requirements of the Option Agreements are met. This third phase program includes drilling on identified breccia targets, follow up of mineralization intersected in the first and second phase drill holes and a field mapping and sampling program that is expected to take 24 months.

The Company has filed a 43-101 technical report on the Chanape project. Chanape has multiple high-gradecopper-gold-silver targets already defined and ready to drill. The Company has received the drill and water permits and has contracted a diamond drilling to complete the Company’s first drill program on the Chanape project.

As the Company has no source of revenue at this time, it will continue to require additional capital to fund future office and administrative expenditures and to advance the Company’s projects and complete project investigation activities.

EXPLORATION PROJECTS

Below is a description of the acquisition terms of the El Tapau Project, the Cerro Negro Project, the Santa Barbara Project, and the Miranda Project, together the San Francisco Project, Argentina and a description of the acquisition terms of the Chanape Project, Peru.

El Tapau Project, Argentina

On September 24, 2018, the Company entered into an option agreement with third parties to acquire a 100% interest in certain claims known as the El Tapau Project, Argentina. The Company can acquire a 100% interest in the property by making payments and incurring exploration expenditures and drilling as follows:

*Due to COVID-19 global pandemic and the Company being unable to advance the projects, the parties agreed to a 2-month extension under the force majeure clause.

The third parties retain a 2.5% Net Smelter Returns royalty, which the Company may purchase for a payment of USD$2,500,000.

Cerro Negro Project, Argentina

On September 25, 2018, the Company entered into an option agreement with third parties to acquire a 100% interest in certain claims known as the Cerro Negro Project, Argentina. The Company can acquire a 100% interest in the property by making payments and incurring exploration expenditures as follows:

*Due to COVID-19 global pandemic and the Company being unable to advance the projects, the parties agreed to a 2-month extension under the force majeure clause.

The third parties retain a 2% NSR royalty, of which the Company may purchase 55%, or 1.1%, of the NSR for a payment of USD$1,250,000.

Miranda Project, Argentina

On July 1, 2020, the Company entered into an option agreement with third parties to acquire a 100% interest in certain claims known as the Miranda Project, Argentina. The Company can acquire a 100% interest in the property by making payments as follows:

The third parties retain a 1% Net Smelter Returns royalty, which the Company may purchase for a payment of USD$300,000.

Santa Barbara Project, Argentina

On July 1, 2020, the Company entered into an option agreement with government organization Instituto Provincial de Exploraciones y Explotaciones Mineras de la Provincia de San Juan, Argentina (IPEEM) to acquire the right to explore and exploit certain claims known as the Santa Barbara Project, Argentina. The Company can maintain the right to explore during an initial 5-year exploration stage by making payments and incurring exploration expenditures as follows: