Coast Copper Corp. — Management Reports 2023

Mar 3, 2023

==> picture [321 x 135] intentionally omitted <==

MANAGEMENT DISCUSSION AND ANALYSIS

For the year ended December 31, 2022

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

The following Management’s Discussion and Analysis (“ MD&A ”) of Coast Copper Corp. (“ Coast Copper ” or the “ Corporation ”) is for the year ended December 31, 2022 and covers information up to the date of this MD&A.

This MD&A is dated March 2, 2023.

This MD&A should be read in conjunction with the Corporation’s audited financial statements and the notes thereto for the year ended December 31, 2022, which have been prepared in accordance with International Financial Reporting Standards (“ IFRS ”) as issued by the International Accounting Standards (“ IAS ”) Board.

This MD&A may contain forward-looking statements that reflect Management’s current expectations with regards to future events. By their nature, these statements involve risk and uncertainties, many of which are beyond the Corporation’s control. Actual results may differ materially from those expressed in such forward-looking statements. Readers are cautioned not to place undue reliance on these statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Recent Global Issues

In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. The ongoing COVID-19 pandemic may result in impacts to the Corporation’s on-going exploration plans and activities in 2023. The Corporation is focused on the health and well-being of its workers and the communities in which it works and has implemented preventative measures accordingly. The Corporation will continue to respectfully monitor advice and regulations from the World Health Organization, governments and local communities, and adjust measures as appropriate. The Corporation may face disruption to its operations, supply chain delays, travel and trade restrictions, and impacts on economic activity in affected regions can be expected that are difficult to quantify. Actions of regional bodies to prevent the local spread of COVID-19 may represent a specific delay to the Corporation’s exploration efforts and regional disease outbreaks could represent a threat to hiring and maintaining skilled workers, and could be a major health-care challenge for its workforce and surrounding communities. The COVID-19 pandemic and more recently, the 2022 Russian invasion of Ukraine, have adversely affected workplaces, economies, supply chains and financial markets globally. It is not possible for the Corporation to predict the duration or magnitude of the adverse results of these issues and their effects on the Corporation’s business or results of operations at this time.

All amounts are stated in Canadian dollars unless otherwise indicated.

Additional information regarding the Corporation, including copies of the Corporation’s continuous disclosure materials is available through the System for Electronic Document Analysis and Retrieval (“ SEDAR ”) website at www. sedar .com or on the Corporation’s website at www.coastcoppercorp.com.

Page 2 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

NATURE OF BUSINESS

Coast Copper was incorporated on December 7, 2011 under the British Columbia (“ BC ”) Business Corporations Act. Effective September 28, 2021, the Corporation changed its name from Roughrider Exploration Limited to Coast Copper Corp. The Corporation is listed on the TSX Venture Exchange (“ TSX-V ”) as a Tier 2 Mining Issuer under the symbol “COCO” and is a reporting issuer in BC, Alberta and Ontario. The principal business of the Corporation is the exploration and evaluation of mineral properties with a focus on exploring its mineral property portfolio, including the Empire Mine and Knob Hill NW properties located on northern Vancouver Island, BC, the Scottie West property located in the Golden Triangle of northern BC and the Home Brew property located in central BC.

To date the Corporation has not generated any revenues.

OUTLOOK AND STRATEGY

Coast Copper is a growth stage copper (“ Cu ”) and gold (“ Au ”) exploration company, focused on creating value through a disciplined entrepreneurial approach to exploration in mining districts of western North America that have shown to produce top tier, ‘company-making’ assets, and yet remain under-explored. This strategy is designed to reduce investment risk and substantially increase its chances for long-term success.

Coast Copper is led by a management team with a track record of discovery and exploration success. Importantly, the team brings years of experience in BC, where the team has established long-term working relationships with First Nations and Native Corporations, as well as local communities and regional governments.

HIGHLIGHTS AND KEY DEVELOPMENTS (to the date of this report)

• On January 26, 2023, the Corporation announced the results from its annual general and special meeting including the reelection of the four members of the Corporation’s Board of Directors (the “ Board ”) and the approval of a fixed 20% Long-Term Incentive Plan;

• On January 18, 2023, the Corporation announced that it has developed a new geological model on its optioned Empire Mine property, utilizing all recent and historical data available, which highlights the potential down dip continuation of near surface, stacked thrust horizons that are associated with copper-gold-iron mineralization observed at the historical Merry Widow Pit approximately 1 kilometer (“ km ”) east northeast to the Benson Lake Mine;

• On November 21, 2022, the Corporation announced that the Corporation received notice from EuroPacific Metals Inc. (“ EuroPacific ”) (formerly Goldplay Mining Inc.) that it will not be continuing with the farm-out agreement on the Scottie West property, and consequently the farm-out agreement was terminated (Page 10);

• On October 18, 2022, the Corporation completed the sale of its 100% interest in the Red Chris properties to Skeena Resources Limited (the “ Skeena ”) for an aggregate purchase price of $3,000,000 in cash and shares (Pages 5 and 6);

Page 3 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

HIGHLIGHTS AND KEY DEVELOPMENTS (to the date of this report) (continued)

• On September 28, 2022, the Company completed a non-brokered private placement by issuing 8,000,000 units of the Company at an issue price of $0.05 per unit for gross proceeds of $400,000. Each unit consisted of one common share in the capital of the Company and one non-transferable common share purchase warrant, with each warrant entitling the holder to acquire an additional common share of the Company at an exercise price of $0.10 per share until September 28, 2024;

• On September 28, 2022, the Company announced that it has completed the second anniversary commitments with respect to the Empire Option Agreement (see Page 6) consisting of a cash payment of $150,000 to Mirva Properties Ltd. (“ Mirva ”), the issuance of 600,000 common shares of the Company to Mirva and incurring a minimum of $400,000 of exploration expenditures on the Empire Mine property;

• On August 15, 2022, the Corporation announced the results of its spring 2022 drill program on the optioned Empire Mine property, the completion of an underground survey of the Kingfisher iron ore (magnetite) mine that was in operation from 1961 - 1967 and the completion of an independent geological review of the Empire Mine property by Dr. James Oliver, P. Geo. (Pages 14 and 15);

• March 29, 2022, the Corporation announced that it has hired Mr. Jesse Collison as Exploration Manager. Mr. Collison is an engineering geologist with more than 15 years of project management and advanced exploration experience on a variety of deposit types;

• On March 29, 2022, the Corporation also announced that it has completed 5 drill holes in relation to the drill program that it commenced on March 8, 2022 in the Raven Bluff area of its optioned Empire Mine property on northern Vancouver Island, BC;

• On March 28, 2022, the Corporation announced the results from its annual general meeting including the reelection of the four members of the Board and the approval of a 10% rolling Long-Term Incentive Plan that replaces the existing Stock Option Plan;

• On February 22, 2022, the Corporation announced that it has expanded its 100% owned Red Chris, Knob Hill and Empire Mine properties by staking new claims; and

• On January 25, 2022 and February 1, 2022, the Corporation announced assay results from the first and second batches of samples from its initial 19-hole drill program that was completed in December 2021 on its optioned Empire Mine property, including 7.18 grams per tonne (“ g/t ”) gold (“ Au ”) and 3.17% copper (“ Cu ”) over 16.28 meters (“ m ”) in hole MW21-015 at the Raven Bluff zone.

Page 4 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

SALE OF RED CHRIS PROPERTIES

In April 2020, the Corporation purchased a 100% interest in the Eldorado, Gin and Bonanza properties (the “ Red Chris Properties ”) from Cazador Resources Ltd. (“ Cazador ”), a private company controlled by the Corporation’s CEO Adam Travis, Elemental Capital Partners LLP, a company controlled by the Corporation’s Chair of the Board Fletcher Morgan, and Rene Bernard, an arms-length individual in consideration for 11,000,000 common shares of the Corporation, valued at $660,000. The properties are located adjacent to Newcrest Mining Limited’s and Imperial Metals Corporation’s Red Chris mine in the Golden Triangle area of northwest BC.

On October 18, 2022, the Corporation completed the sale of its 100% interest in the Red Chris Properties to Skeena for aggregate proceeds of $3,000,000 in cash and shares (“ Purchase Price ”), to be paid as follows:

Cash payment $ Upon Closing (October 18, 2022) 250,000 (received) April 18, 2023 250,000 October 18, 2023 250,000 April 18, 2024 250,000 October 18, 2024 250,000 April 18, 2025 250,000 1,500,000	Share issuance $ 250,000 (received) 250,000 250,000 250,000 250,000 250,000 1,500,000	Total $ 500,000 500,000 500,000 500,000 500,000 500,000
		3,000,000

As a result of a portion of the cash and shares being recoverable over a 30 month period, the $2,500,000 receivable portion of the proceeds has been discounted to a fair value of $2,268,688 on the closing date (“ Closing Date ”).

As part of the Purchase Price, the Corporation received the first tranche cash payment of $250,000 and 39,936 common shares of Skeena with a value of $250,000. Under the terms of an asset purchase agreement, at each sixmonth anniversary of the Closing Date, ending 30 months from the Closing Date, Skeena shall pay Coast Copper $250,000 in cash and shall issue Skeena common shares to Coast Copper with a value of $250,000.

The Corporation recorded a gain on the sale of the Red Chris Properties, as follows:

Receivable from Skeena Receipt of cash Receipt of 39,936 Skeena common shares Reduction of capitalized exploration and evaluation assets to $Nil Transaction costs Gain on sale of Red Chris Properties	$ 2,268,688 250,000 250,000 (663,510) (46,977)
	2,058,201

Page 5 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

SALE OF RED CHRIS PROPERTIES (continued)

In connection with the Red Chris Properties sale, the Corporation’s CEO and Chair of the Board were each awarded cash bonuses of up to $36,000, for an aggregate total of up to $72,000. The first tranche of $12,000 was paid in November 2022. The remaining $60,000 will be paid in five equal instalments, ending 30 months from the Closing Date. The remaining bonus payments are conditional on collection of the Skeena receivables and will be recorded upon collection.

The Eldorado property is subject to a 2% net smelter return (“ NSR ”) royalty, half of which is owned by Cazador. Each tranche of Skeena shares issued under this transaction will be subject to a hold period expiring four months and one day from the date of issuance.

MINERAL PROPERTY PORTFOLIO

EMPIRE MINE PROPERTY (BRITISH COLUMBIA)

On September 22, 2020, the Corporation entered into an option agreement to acquire a 100% interest in the Empire Mine property (“ Empire Option Agreement ”) from Mirva. The Empire Mine property consists of 23 mineral claims (the “ Greater Empire Claims ”) and 57 fee simple crown grants (the “ Quatsino Crown Grants ”) covering approximately 15,000 hectares (“ ha ”), located in the Rupert District on northern Vancouver Island, BC, approximately 28 km southwest of Port McNeill, BC.

In order to earn a 100% interest in the Greater Empire Claims, the Corporation must make aggregate cash payments of $750,000 issue 3,000,000 common shares of the Corporation to Mirva and complete work commitments totaling $2,000,000 over a four-year period, as follows:

Upon regulatory approval By September 22, 2021 By September 22, 2022 By September 22, 2023 By September 22, 2024	Cash payment $ 50,000 (paid) 100,000 (paid) 150,000 (paid) 200,000 250,000 750,000	Share issuance 200,000 (issued) 400,000 (issued) 600,000 (issued) 800,000 1,000,000 3,000,000	Work commitment $ N/A 200,000 (completed) 400,000 (completed) 600,000 (completed) 800,000(completed) 2,000,000

In order to earn a 100% interest in the Quatsino Crown Grants, the Corporation must pay Mirva the equivalent of $500,000 with either a cash payment or equivalent value in common shares of the Corporation, at the Corporation’s election, on or before September 22, 2025. The Corporation has the option to extend the Quatsino Crown Grants payment date to September 22, 2026 for an additional payment of $35,000, to September 22, 2027 for a further additional payment of $55,000 and to September 22, 2028 for a further additional payment of $75,000.

As a result of staking additional claims subsequent to the completion of the Empire Option Agreement, the Empire Mine property now consists of 33 mineral claims totaling approximately 15,746 ha. These newly acquired claims have formed part of the Empire Option Agreement.

Page 6 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

MINERAL PROPERTY PORTFOLIO (continued)

EMPIRE MINE PROPERTY (BRITISH COLUMBIA) (continued)

The Empire Mine property covers 23 known mineral occurrences, including three past-producing open pit mines (Merry Widow, Kingfisher Pit 1 and 2) and two past-producing underground mines (Benson Lake and Merry Widow/Kingfisher underground) for magnetite, Cu, Au and silver (“ Ag ”).

The Empire Mine property has a historical measured and indicated resource over the Merry Widow open pit of 960,000 tonnes at 2.03 g/t Au, 5.64 g/t Ag, 0.34% Cu, 0.013% cobalt and 16.1% iron using a 0.50 g/t gold cut-off, which was completed by Gary Giroux on November 30, 2008 (NI 43-101 Technical Report: Giroux, G.H., & Raven, W. (November 30, 2008) and a “Technical Report on the Copper Gold Resources for the Merry Widow Property” filed on SEDAR January 22, 2009). The resource was noted as open to depth and no further work on the resource has been completed since 2008.

Historical information provided in this MD&A regarding the Corporation's project cannot be relied upon as a Qualified Person (“ QP ”) as defined under National Instrument (“ NI ”) 43-101 has not prepared nor verified the historical information. A QP has not done sufficient work to classify the historical estimate as a current mineral resource and Coast Copper is not treating this historical estimate as current mineral resources.

Mirva will retain a 2% NSR royalty on the Empire Mine property, of which 1% may be purchased for $1,000,000 at any time up to 120 days after commencement of commercial production. The Empire Option Agreement has been structured such that this NSR royalty plus all other NSR royalties which may currently exist and be payable on the Empire Mine property will not exceed in aggregate 2.5% before buy-downs.

KNOB HILL PROPERTY (BRITISH COLUMBIA)

During the year ended December 31, 2021, the Corporation staked the Knob Hill NW property located on northern Vancouver Island. This property is located approximately 60 km northwest of the Empire Mine property. This property is comprised of two mineral claims totaling approximately 3,985 ha and is located at the western end of a 50 km trend that originates at the past producing Island Copper Mine and passes through NorthIsle Copper & Gold Inc.’s project and onto Coast Copper’s.

In March 2022, Coast Copper staked an additional 654 ha adjacent to its Knob Hill NW property, increasing Knob Hill’s land size to 4,639 ha.

Page 7 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

MINERAL PROPERTY PORTFOLIO (continued)

KNOB HILL PROPERTY (BRITISH COLUMBIA) (continued)

Figure 1. The Corporation’s Empire Mine and Knob Hill properties near Port McNeill on northern Vancouver Island, BC, Canada.

==> picture [513 x 398] intentionally omitted <==

Page 8 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

MINERAL PROPERTY PORTFOLIO (continued)

SCOTTIE WEST PROPERTY (BRITISH COLUMBIA)

The Corporation owns approximately 10,173 ha (including the 1,779 ha mentioned below) of prospective ground on the Scottie West property located in the “Golden Triangle” area of BC, approximately 30km northwest of Stewart, BC and immediately west of the Scottie Gold Mine property. These newly staked claims cover favourable geology, as mapped by the BC Geological Survey, including Jurassic Hazelton volcanic rocks, Jurassic Texas Creek Intrusions and Eocene aged intrusions that are also host to numerous mineral occurrences and past producing mines throughout the Stewart Camp, including Ascot Resources’ Premier Mine[1] and Scottie Resources’ Scottie Gold Mine[1] .

Historical work in the immediate area of Coast Copper’s new Scottie West property focused principally on the past producing Scottie Gold gold-silver mine[1] to the east and on the Granduc base metals mine[1] to the west. Very little historical work appears to have been undertaken on Coast Copper’s property primarily as a result of extensive glacial cover which has been rapidly retreating since the majority of the historical work was completed in the region during the late 1980’s.

On November 20, 2020 , the Corporation entered into a farm-out agreement with EuroPacific whereby EuroPacific can earn a 70% interest in the Corporation’s Scottie West property by making aggregate cash payments of $500,000, issuing common shares of EuroPacific to Coast Copper with a total value of $500,000 and incurring a minimum of $1,000,000 of exploration expenditures on the property over a four-year period, as follows:

Upon closing By November 20, 2021 By November 20, 2022 By November 20, 2023 By November 20, 2024	Cash payment $ 25,000 (received) 25,000 (received) 50,000 (see below) 150,000 250,000 500,000	Share issuance $ 25,000 (received) 50,000 (received) 75,000 (see below) 150,000 200,000 500,000	Work commitment $ N/A 200,000 (completed) 100,000 (completed) 300,000 400,000 1,000,000

For years one through four, EuroPacific must issue shares by dividing the dollar amount by the 10-day volumeweighted average price of its publicly listed shares immediately prior to the date of the share issuance. The Corporation received 500,000 and 365,817 common shares of EuroPacific in relation to the $25,000 and $50,000 share issuances, respectively.

Please refer to EuroPacific’s news release dated August 9, 2021 at www.europacificmetals.ca for information on the results of EuroPacific’s 2021 exploration program at the Scottie West property.

Page 9 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

MINERAL PROPERTY PORTFOLIO (continued)

SCOTTIE WEST PROPERTY (BRITISH COLUMBIA) (continued)

In January 2022 , EuroPacific acquired an additional two mineral claims totaling approximately 1,779 ha. These claims form part of the Scottie West property and are included in the farm-out agreement.

On November 20, 2022 , the Corporation received notice from EuroPacific that it will not be continuing with the farm-out agreement, and consequently the farm-out agreement was terminated.

Figure 3. The Corporation’s Scottie West property in the Golden Triangle area of BC, Canada.

==> picture [509 x 393] intentionally omitted <==

Page 10 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

MINERAL PROPERTY PORTFOLIO (continued)

STERLING PROPERTY (BRITISH COLUMBIA)

The Corporation owned a 100% interest in one mineral claim totaling approximately 468 ha comprising the Sterling property, located approximately eight km north of Houston, BC.

The Sterling property was staked in 2017 to encompass intrusive rocks of the Late Cretaceous Bulkley and the Eocene Goosly Plutonic Suites. On the Sterling Property, multiple stocks of the Topley, Bulkley and Goosly Plutonic Suites intrude Lower Jurassic Hazelton Group (Telkwa Formation) calc-alkaline volcanic rocks and Upper Jurassic Bowser Lake Group sedimentary rocks.

In November 2022 , the Corporation allowed the Sterling property claim to expire. There was no amount to write off as the carrying value was $Nil.

HOME BREW PROPERTY (BRITISH COLUMBIA)

In February 2021 , the Corporation staked one mineral claim and in November 2021 purchased one mineral claim from an arms-length individual to form the Home Brew property. The property totals 520 ha and is adjacent to Gold Mountain Mining Corp.’s Elk Gold Mine property which is being revitalized as a conventional open pit mine with a 10-year mine life and annual production of 50,000 ounces of gold per year and a 5.33 g/t life-of-mine (source is Gold Mountain Mining Corp’s website).

See Figure 4 on Page 12 for a map of the Corporation’s Home Brew property.

Page 11 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

MINERAL PROPERTY PORTFOLIO (continued)

HOME BREW PROPERTY (BRITISH COLUMBIA) (continued)

Figure 4. The Corporation’s Home Brew property in south central BC, Canada.

==> picture [509 x 393] intentionally omitted <==

Page 12 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

MINERAL PROPERTY PORTFOLIO (continued)

SANDY PROPERTY (BRITISH COLUMBIA)

In March 2021 , the Corporation staked the Sandy property located in southeastern B.C., approximately 2 km southwest of the town of Nelson. Highlights of the property include good infrastructure and access to the property with Teck Resources Trail Smelter located approximately 45 minutes to the southwest by paved highway. The property is located in an active mining area with neighboring advanced projects.

In January 2022 , the Corporation allowed the Sandy property claims to expire.

POLLEY EAST PROPERTY (BRITISH COLUMBIA)

In January 2022 , the Corporation staked the Polley East property located in central BC, approximately 5.5 km east of the past producing Mount Polley Mine owned by Imperial Metals Corporation. The property includes three mineral claims totaling approximately 550 ha. Highlights of the property include good infrastructure and property access. The property is located in an active mining area with neighboring advanced projects.

In June 2022 , the Corporation sold the Polley East property to an arms-length party for the cost of staking which was $722. The Corporation has retained a 1% NSR royalty, of which half can be repurchased for $750,000.

JACOBIE PROPERTY (BRITISH COLUMBIA)

In January 2022 , the Corporation staked the Jacobie property located in central BC, approximately nine km west of the past producing Mount Polley Mine. The property includes six mineral claims totaling approximately 1,081 ha. Highlights of the property include good infrastructure and property access. The property is located in an active mining area with neighboring advanced projects.

In June 2022 , the Corporation sold the Jacobie property to an arms-length party for the cost of staking which was $1,583. The Corporation has retained a 1% NSR royalty, of which half can be repurchased for $750,000.

SHOVELNOSE SOUTH PROPERTY (BRITISH COLUMBIA)

In April and June 2022 , the Corporation staked the Shovelnose South property located in south central BC, approximately 7 km southeast of Princeton, BC, at the northern end of the Spences Bridge geological group. Total staking costs were $34,878. The property includes 11 mineral claims totaling approximately 19,952 ha. Highlights of the property include good infrastructure and property access.

GENESIS PROPERTY (SASKATCHEWAN)

Coast Copper owns a 50% interest in the Genesis property, which is located northeast of Saskatchewan’s Athabasca Basin, within the prospective northeast trending Wollaston-Mudjatk Transition Zone (“ WMTZ ”), near the Manitoba border. A definitive joint venture agreement has not yet been finalized as of the date of this MD&A.

Page 13 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

MINERAL PROPERTY PORTFOLIO (continued)

GENESIS PROPERTY (SASKATCHEWAN) (continued)

The Corporation, in conjunction with ValOre Metals Corp., have reduced the Genesis holding to focus on the key Johnston uranium showing and Charcol No. 6 rare earth metals occurrence. The Genesis property currently comprises 6 claims, all in Saskatchewan, totaling 397 ha.

In September and October 2017, the Corporation engaged Geotech Ltd. (“ Geotech ”) to perform an airborne Z-Axis Tipper Electromagnetic (“ ZTEM[TM] )” and Magnetometer geophysical systems survey of the Johnston target areas at the Genesis property. Final reports were received in January 2018.

The Geotech ZTEM[TM] survey was flown in a northeast to southwest (N 50° E azimuth) direction with traverse line spacing of 200 and 250m.

Well defined, generally northeast trending conductors are evident in the survey area. Resistivity zones are very sharp, especially in the Johnston area. Significant disruptions are also noted along the trace of some of the conductors with North trending cross structures also suggested at Johnston.

A detailed compilation and analysis of the 3D inversion of the ZTEM[TM] data, in combination with all previous survey data (DIGEM, FALCON Gravity, magnetics and radiometrics) is required to fully prioritize the drill targets on the property.

At December 31, 2022, the Genesis property had a carrying value of $Nil.

2022 EXPLORATION WORK PROGRAM

Empire Mine Property

In spring 2022 , the Corporation completed the second phase of a drill program on its optioned Empire Mine property.

On March 29, 2022 , the Corporation announced the completion of the 10-hole drill program consisting of five diamond drill holes within the newly discovered Raven Bluff area, two drill holes at the newly re-discovered Raven pit area, two drill holes in the Marten Zone and one drill hole on the West Pipe Dike located approximately 100 m east of the Merry Widow pit. On August 15, 2022, the Corporation announced the results of this drill program. For more details, please refer to the Corporation’s August 15, 2022 news release on its website www.coastcoppercorp.com.

In April 2022 , Coast Copper engaged both the McElhanney Group Ltd. and Procon Mining & Tunnelling Ltd. to complete a survey of the Kingfisher underground mine to test the viability of it being revitalized. The survey noted that ground conditions and airflow were generally quite good especially for workings that are greater than 50 years old. During this survey, Coast Copper personnel were also able to make geological observations and complete some chip sampling. A total of 33 samples were taken and submitted to MSA Labs in Langley, British Columbia. For more details, please refer to the Corporation’s August 15, 2022 news release on its website www.coastcoppercorp.com.

Page 14 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

2022 EXPLORATION WORK PROGRAM (continued)

In May 2022 , Coast Copper engaged Dr. James Oliver, P.Geo. to complete field observation and provide an independent appraisal of mineral occurrences across the Property. Areas of interest included the Merry Widow mine area, Battle Mountain, Benson Lake Mine area and several known mineral occurrences. Dr. Oliver’s observations provide excellent insight into the structural and lithological controls on mineralization at Empire, which supplement our current knowledge base and will be used to refine drill targets for the next phase of exploration drilling. For more details, please refer to the Corporation’s August 15, 2022 news release on its website www.coastcoppercorp.com.

2021 EXPLORATION WORK PROGRAMS

Red Chris Properties

In April 2021 , the Corporation completed an airborne geophysical survey, totaling 966-line km at its 100% owned Red Chris Properties. The airborne geophysical magnetic survey flown over the Eldorado Property to the east of the Red Chris Mine shows a 250 m x 2,000 m long east-west trending magnetic high that coincides with previously known mineralization, as well as the discovery of two new large magnetic anomalies that may represent intrusive bodies. This area is located under gravel cover which has seen no previous exploration as it was originally thought to be underlain by sediments and south of the prospective area. The first anomaly is located approximately 750 m south of the previous drill area and trends east-west with dimensions of 1,000 m x 2,000 m and is located along the same geological trend and inferred fault system as the Red Chris open pit mine. The second anomaly is approximately 1,500 m in diameter and is located approximately 1.5 km east of the area previously drilled.

The airborne geophysical magnetic survey flown over the Gin Property at the western side of the Red Chris Mine shows several magnetic anomalies that may indicate the existence of other intrusive bodies under the covered plateau and slopes which are not shown on regional geological maps.

Coast Copper is encouraged by the results as these new anomalies are located less than 10 km away from the Red Chris Mine pit and are new high-priority targets that will require ground trothing and surface geophysical surveys followed by drilling. For more details, please refer to the Corporation’s April 26, 2021 news release on its website www.coastcoppercorp.com.

Empire Mine Property

In May 2021 , the Corporation conducted a short surface exploration program at the Empire Mine property, prior to being forced to terminate the program as a result of unseasonably wet and snowy conditions. In total, 97 soil samples and 39 rock samples were taken in the area of Iron Lake. Sampling highlighted an area with >0.05% Cu and >0.05 g/t Au over 550 m, including soil sample D330033 which returned 0.17% Cu and 0.82 g/t Au and soil sample D330042 which returned 0.12% Cu and 0.24 g/t Au. These elevated grades coincide with a north-south magnetic high similar to what is seen over the Old Sport and Benson Lake mines.

In August 2021 , the Corporation returned to the Empire Mine property to complete a larger surface exploration program including soil and rock sampling, geological mapping, prospecting and a detailed IP geophysical survey over areas which have seen no previous geophysical surveys.

Page 15 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

2021 EXPLORATION WORK PROGRAMS (continued)

Empire Mine Property (continued)

On September 9, 2021 the Corporation announced results of the surface exploration program and IP survey. The modest surface program of 29 rock samples and 63 soil samples discovered three new areas of mineralization attesting to the under explored nature of the project which historically appears to have only focused on the immediate vicinity of the old pits. At Battle Mountain , significant massive sphalerite (13.3% zinc), magnetite and copper (0.89% Cu) was noted in boulders within a steep sided creek drainage. Another new discovery of copper mineralization ( West Marten ) was made up hill and west of the pits and showings further attesting to the limited copper exploration that was conducted around the magnetite iron ore pits. At North Notch , a 5 m deep shaft was re-discovered after almost 50 years of not being reported, which returned 6.5 g/t Au and 0.3% Cu and appears to have never been drill tested. A brand new discovery was made at the AT Showing with massive chalcopyrite up to 30 centimeters in width occurring along dike margins and appears to trend up the hill towards the Summit showing 500 m away. At Iron Lake , infill soil sampling and prospecting discovered massive magnetite sub crop and float along a logging road returning up to 0.80% Cu.

In early August 2021, Peter E. Walcott and Associates completed a 3.75-line km IP geophysical survey along strike to the north of the Merry Widow pit and one test line on possible strike to the south of the Benson Lake Mine. In the Merry Widow Pit area , the IP work shows that the mineralized skarn zones are associated with a moderate (18-24 mv/v) chargeability anomaly that extends for at least 400 m in strike length of which less than half of that strike length has seen significant drilling. The Whiskey Jack showing, a further 200 m north, may also link up with this trend with infill IP lines. Further to the west, a brand new > 200 m in diameter strong chargeability anomaly located in covered areas near the edge of the Merry Widow Pluton may indicate potential for the discovery of new zones either within or adjacent to the pluton.

At the Benson Lake Mine , an initial test IP line discovered a strong (> 25 mv/v) chargeability anomaly more than 200 m away from any known underground workings. This anomaly was unknown previously and may represent potential for the discovery of new semi-massive magnetite, chalcopyrite and gold bearing massive sulphides that were mined historically (1968-1972) at Benson Lake in zones up to 30 m thick averaging 1.5 g/t Au and 1.5% Cu.

Additional IP surveys in this area are being planned and will be conducted as soon as the geophysical team is able to complete.

In December 2021 , the Corporation conducted a first phase of drilling on its optioned Empire Mine property as well as completed a 3.5 line km IP geophysical survey. The Corporation completed 19 drill holes covering 2,346 m. On January 25, 2022 and February 1, 2022, the Corporation announced assay results for 11 holes and 2 drill holes, respectively. The results were very encouraging including 4.1 m of 5.66% Cu equivalent near surface from the Merry Widow zone and 7.18 g/t Au and 3.17% Cu over 16.3 m at the Raven Bluff target. For full details, please refer to the Corporation’s January 25, 2022 and February 1, 2022 news releases on its website www.coastcoppercorp.com.

QUALIFIED PERSON

Mr. Wade Barnes, P.Geo. (British Columbia) of Tripoint Geological Services, a QP within the context of Canadian Securities Administrators’ NI 43-101; Standards of Disclosure for Mineral Projects, has reviewed and approved the technical information in this MD&A.

Page 16 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

OVERALL PERFORMANCE

FINANCIAL CONDITION

The net assets of the Corporation increased from $2,296,783 at December 31, 2021 to $3,155,616 at December 31, 2022, an increase of $858,833.

The most significant assets at December 31, 2022 were a receivable from Skeena totaling $2,298,824 (2021: $Nil), with $874,756 in current assets and $1,424,068 in non-current assets, exploration and evaluation assets of $470,834 (2021: $911,608) and marketable securities of $335,746 (2021: $121,214).

The Skeena receivable of $2,298,824 is a result of the sale of the Red Chris Properties (Pages 5 and 6).

The majority of the decrease of $440,774 in exploration and evaluation assets was a result of the Corporation reducing its Red Chris Properties by $663,510 to $Nil pursuant to the sale of the Red Chris Properties (Page 5), partially offset by making a cash payment of $150,000 and issuing 600,000 common shares of the Corporation valued at $36,000 to Mirva pursuant to the Empire Option Agreement and staking costs totaling $40,107 with the majority of $34,878 on the Shovelnose property.

The increase in marketable securities of $214,532 was a result of the Corporation receiving 39,936 common shares of Skeena valued at $250,000 pursuant to the sale of the Red Chris Properties and an unrealized gain of $38,126 on the appreciation of the Skeena common shares, partially offset by an unrealized loss of $73,594 on the EuroPacific common shares.

The Corporation’s liabilities at December 31, 2022 consisted of accounts payable and accrued liabilities of $126,630 (2021: $265,644), including $55,705 due to related parties (2021: $45,279) and a flow-through (“ FT ”) share premium liability of $Nil (2021: $116,837).

The Corporation’s accounting policy with respect to FT shares is that upon issuance, the Corporation allocates proceeds from the FT Share and Unit offerings using the residual method into i) share capital, ii) warrants, and iii) a FT share premium. The FT share premium, if any, represents the premium investors paid for the FT feature, which is recognized as a liability called FT share premium liability. Upon incurring qualifying exploration expenditures, the Corporation reduces the liability and recognizes a corresponding amount in operations as settlement of flowthrough share premium liability on incurring eligible expenditures.

At December 31, 2021, the Corporation had an amount of $506,296 that it needed to incur prior to December 31, 2022 related to the private placement of FT Units that was completed on November 26, 2021. During the year ended December 31, 2022, the Corporation spent the entire $506,296 and consequently the FT share premium liability was reduced in full from $116,837 to $Nil.

Page 17 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

OVERALL PERFORMANCE (continued)

RESULTS OF OPERATIONS

Year ended December 31, 2022

The Corporation recorded net income of $303,801 for the year ended December 31, 2022 (2021: loss of $1,280,767) consisting of Other Items of $2,171,625 (2021: $287,907), partially offset by expenses of $1,867,824 (2021: $1,568,674).

The majority of Other Items consisted of a gain on sale of the Red Chris Properties of $2,058,201 (2021: N/A), the settlement of FT share premium liability on incurring eligible expenditures of $116,837 (2021: $152,009) and accretion of a receivable from Skeena of $30,136 (2021: N/A), partially offset by an unrealized loss on marketable securities of $35,468 (2021: unrealized gain of $46,214), with explanations as follows:

• Gain on sale of Red Chris Properties – The gain on sale of the Red Chris Properties was a result of the sale of the Red Chris Properties to Skeena (Pages 5 and 6).

• Settlement of FT share premium liability on incurring eligible expenditures – As noted under “ Financial Condition” on Page 17, upon incurring qualifying exploration expenditures, the Corporation reduces the FT share premium liability and recognizes a corresponding amount in operations as settlement of flow-through share premium liability on incurring eligible expenditures. The amount of $116,837 is a result of the Corporation incurring the remaining $506,296 of qualifying expenditures during the year ended December 31, 2022 related to the private placement of FT Units that was completed on November 26, 2021.

• Accretion of Skeena receivable – The $2,500,000 Skeena receivable pursuant to the Red Chris Properties sale was discounted at a rate of 8%, resulting in a net present value of $2,268,688 on the date of sale of October 18, 2022. The Corporation recorded accretion of $30,136 on the Skeena receivable during the period October 18, 2022 to December 31, 2022.

• Unrealized loss on marketable securities – The 865,817 common shares of EuroPacific and 39,936 common shares of Skeena owned by the Corporation are financial assets that are re-measured at fair value at the end of each reporting period, with the increase or decrease in the market value of the shares recognized in profit or loss. During the year ended December 31, 2022, the EuroPacific shares decreased in value by $73,594 and the Skeena shares increased in value by $38,126.

The most significant expenses were net exploration expenditures of $1,102,166 (2021: $1,065,550), salaries and personnel costs of $218,463 (2021: $82,189), investor relations costs of $158,894 (2021: $47,711) and share-based payments expense of $117,035 (2021: $82,423), with explanations as follows:

Page 18 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

OVERALL PERFORMANCE (continued)

RESULTS OF OPERATIONS

Year ended December 31, 2022

• Exploration expenditures - The net exploration expenditures of $1,102,166 consisted of exploration expenditures of $1,188,625, partially offset by a Mineral Exploration Tax Credit (“ METC ”) refund of $86,459 from the Government of BC related to the Corporation’s 2021 exploration expenditures. Of the $1,188,625 of exploration expenditures, $1,153,140 was spent on the Empire Mine property, as the Corporation undertook and completed a drill program in March 2022. The majority of the Empire Mine property expenditures were drilling costs of $412,248, geological consulting costs of $249,481 and drill core analysis costs of $149,363.

• Salaries and personnel costs – The majority of salaries and personnel costs of $218,463 consisted of and $93,789 earned by office employees and $90,000 earned by the Corporation’s CFO.

• Investor relations costs – The majority of the investor relations costs of $158,894 consisted of $90,000 earned by MARS, a full-service investor relations and consulting services company focused on the junior mining sector, and $40,362 related to various conferences attended by the Corporation.

• Share-based payments expense - The Corporation applies the fair value method of accounting for all awards of stock options by using the Black-Scholes option pricing model. Variations in share-based payments expense is based on a number of factors including, but not limited to, the size and occurrence of grants during a particular period, the Corporation’s share price at the time of an option grant and the timing of recording share-based payments expense based on vesting schedules.

During the year ended December 31, 2022, the Corporation granted 1,555,000 (2021: 2,715,000) stock options with a weighted average exercise price of $0.05 (2021: $0.11) and recorded an amount of $117,035 (2021: $82,423) based on certain vesting schedules.

CASH FLOWS

Year ended December 31, 2022

Cash decreased by $1,368,366 during the year ended December 31, 2022, from $1,449,264 at December 31, 2021 to $80,898 at December 31, 2022. The decrease was a result of cash of $1,779,886 used in operating activities, partially offset by cash of $401,997 provided by financing activities and cash of $9,523 provided by investing activities.

The cash of $1,779,886 used in operating activities consisted of net income of $303,801, more than offset by items not involving cash of $2,051,038 and a net change in non-cash working capital of $32,649. The most significant item not involving cash was the gain on sale of the Red Chris Properties of $2,058,201.

Page 19 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

OVERALL PERFORMANCE (continued)

CASH FLOWS (continued)

Year ended December 31, 2022 (continued)

The cash of $401,997 provided by financing activities consisted of the receipt of $10,500 pursuant to the exercise of 105,000 warrants with an exercise price of $0.10 per share and gross proceeds of $400,000 on the issuance of 8,000,000 units of the Corporation pursuant to the non-brokered private placement (Page 4), which was partially offset by share issue costs of $8,503.

The cash of $9,523 provided by investing activities consisted of the receipt of $250,000 from Skeena pursuant to the sale of the Red Chris Properties, less transaction costs of $46,977 and the receipt of $2,305 on the sale of the Jacobie and Polley East properties, partially offset by the acquisition of exploration and evaluation assets of $190,107 and the purchase of property of $5,698.

SELECTED ANNUAL INFORMATION

Accretion of Skeena receivable Gain on sale of Red Chris Properties Interest income Mineral property recovery Settlement of flow-through share premium liability on incurring eligible expenditures Unrealized gain (loss) on marketable securities Write-off of exploration and evaluation assets Expenses Net income (loss) for the year Basic and diluted income (loss) per share Total assets Total long-term financial liabilities Cash dividends declared	2022 2021 2020
	$ $ $ 30,136 - - 2,058,201 - - 2,985 2,855 669 - 86,829 38,872 116,837 152,009 - (35,468) 46,214 - (1,066) - - (1,867,824) (1,568,674) (965,461)
	303,801 (1,280,767) (925,920)
	0.01 (0.03) (0.03)
	3,282,246 2,679,264 2,302,469
	- - -
	- - -

Page 20 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

SUMMARY OF QUARTERLY RESULTS

Net income (loss) for the period Basic and diluted income (loss) per share Net loss for the period Basic and diluted loss per share	Q4, 2022 Q3, 2022 Q2, 2022 Q1, 2022
	$ $ $ $ 2,053,687 (296,778) (458,532) (994,576)
	0.03 (0.01) (0.01) (0.02)
	Q4, 2021 Q3, 2021 Q2, 2021 Q1, 2021 $ $ $ $ (657,038) (211,130) (246,631) (165,968) (0.01) (0.01) (0.01) (0.00)

The Corporation’s operating results for the last eight quarters ranged from net income of $2,053,687 in Q4, 2022 to a net loss of $994,576 in Q1, 2022.

The most significant amounts contributing to the net income in Q4, 2022 was a gain on sale of $2,058,201 pursuant to the sale of the Red Chris Properties, a METC refund of $86,459 and an unrealized gain on marketable securities of $51,113. These were partially offset by various expenses including exploration expenditures of $85,207 and salaries and benefits of $58,430.

LIQUIDITY AND CAPITAL RESOURCES

Liquidity risk is the risk that the Corporation will not be able to meet its financial obligations as they fall due. The Corporation has in place a planning and budgeting process to determine the funds required to support the Corporation’s operating requirements as well as its planned capital expenditures. The Corporation manages its financial resources to ensure that there is sufficient working capital to fund near term planned exploration work and operating expenditures. The Corporation has considerable discretion to reduce or increase plans or budgets depending on current or projected liquidity. When appropriate, the Corporation will seek joint venture partners in order to fund or share the funding of its exploration properties to minimize shareholder risk.

The Corporation does not currently own or have an interest in any producing mineral properties and does not derive any revenues from operations. However, pursuant to the sale of the Red Chris Properties, the Corporation will be receiving $2,500,000 from Skeena over the course of 30 months. To date, operational activities have primarily been funded through private placements. At December 31, 2022, the Corporation had working capital of $1,241,941 (December 31, 2021: $1,371,533).

While the Corporation has been successful in securing financing to date, there can be no assurances that it will be able to do so in the future. A material uncertainty exists that may cast significant doubt about the Corporation’s ability to continue as a going concern. The Corporation has no bank debt or banking credit facilities in place.

OFF-BALANCE SHEET ARRANGEMENTS

The Corporation does not have any off-balance sheet arrangements.

Page 21 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

RELATED PARTY TRANSACTIONS

Key management compensation

Key management personnel are the Directors and Officers of the Corporation. Key management personnel, or their related parties, may hold positions in other entities that result in them having control or significant influence over the financial or operating policies of those entities.

In addition to key management personnel, the Corporation transacted with the following related parties during the year ended December 31, 2022 and/or 2021:

• Cazador, a private company controlled by the Corporation’s CEO, Adam Travis;

• Thomas Morgan & Co Ltd. (“ TMCL ”), a private company controlled by the Corporation’s Chair of the Board, Fletcher Morgan; and

• TSquared Accounting Inc. (“ TSquared ”), a private company controlled by the Corporation’s CFO, Tim Thiessen.

a) Related Party Transactions

The Corporation’s related party transactions for the years ended December 31 were as follows:

		2022	2021
		$	$
Bonuses	1	12,000	-
Consulting fees	2	70,417	160,008
Director fees	3	66,000	-
Equipment rentals (exploration)	4	6,654	20,391
Geological fees (exploration)	5	93,276	117,242
Salaries	6	90,000	-
Share-based payments expense	7	76,803	64,541
		415,150	362,182

• 1 Bonuses consisted of cash payments of $6,000 to each of Cazador and TMCL pursuant to the Red Chris Properties sale

• 2 Consulting fees for the year ended December 31, 2022, consisted of $70,417 (2021: $75,833) earned by the CEO, Mr. Travis through Cazador, $Nil (2021: $78,000) earned by the CFO, Mr. Thiessen through TSquared and $Nil (2021: $6,175) earned by the Corporation’s Business Manager through Cazador.

• 3 Director fees consisted of amounts of $30,000 earned by Mr. Morgan through TMCL and $18,000 earned by each of the Corporation’s independent Board members, Messrs. Dale Wallster and Dan Berkshire.

• 4 Equipment rentals consisted exclusively of rentals from Cazador.

• 5 Geological fees consisted of fees of $72,276 (2021: $106,842) earned by the CEO through Cazador, and $21,000 (2021: $10,400) earned by a director of the Corporation, Dan Berkshire, all of which were included in exploration expenditures.

• 6 Salaries consisted exclusively of amounts earned by the CFO, Mr. Thiessen.

• 7 Share-based payments expense is a non-cash item that consisted of the fair value of stock options that have been granted to key management personnel.

Page 22 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

RELATED PARTY TRANSACTIONS (continued)

b) Related Party Balances

The related party payable balances, which are included in accounts payable and accrued liabilities, consisted of the following:

the following:
	December 31,	December 31,
Current liabilities	2022 $	2021 $
Due to Cazador	55,705	38,454
Due to TSquared	-	6,825
	55,705	45,279

FOURTH QUARTER

The Corporation recorded net income of $2,053,687 during the quarter ended December 31, 2022. The most significant amounts contributing to the net income was a gain on sale of $2,058,201 pursuant to the sale of the Red Chris Properties, a METC refund of $86,459 and an unrealized gain on marketable securities of $51,113. These were partially offset by various expenses including exploration expenditures of $85,207 and salaries and benefits of $58,430.

PROPOSED TRANSACTIONS

As of the date of this report, there were no proposed transactions.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Significant assumptions about the future and other sources of estimation uncertainty that Management has made that could result in a material adjustment to the carrying amounts of assets and liabilities in the event that actual results differ from assumptions made, relate to, but are not limited to, the following:

i) Critical accounting estimates

Critical accounting estimates are estimates and assumptions made by Management that may result in a material adjustment to the carrying amounts of assets and liabilities within the next financial year and include, but are not limited to, the following:

Share-based payments

The fair value of share-based payments is subject to the limitations of the Black-Scholes option pricing model that incorporates market data and involves uncertainty in estimates used by Management in the assumptions. Because the Black-Scholes option pricing model requires the input of highly subjective assumptions, including the volatility of share prices, changes in subjective input assumptions can materially affect the fair value estimate.

Page 23 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

CRITICAL ACCOUNTING POLICIES AND ESTIMATES (continued)

i) Critical accounting estimates (continued)

FT share private placements

As an incentive to complete private placements, the Corporation may issue common shares, which by agreement are designated as FT shares. The shares are usually issued at a premium to the trading price of the Corporation’s shares because the Corporation renounces the resulting expenditures and income tax benefits to the FT shareholders. On issue, share capital is increased only by the non-FT share equivalent value and sharebased payments reserve is increased by the fair value of warrants, if any. Any excess is recorded as a FT share premium liability. The estimate is subject to the limitations of the highly subjective assumptions in the BlackScholes option pricing model.

Marketable securities

The fair value of financial instruments that are not traded in an active market is estimated on the basis of the price established in recent transactions involving similar instruments or, in the absence thereof, determined using valuation techniques. The Corporation uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period.

Measurement and recoverability of receivable from Skeena

The Corporation uses estimation in determining the incremental lending rate used to measure the Skeena receivable, specific to the asset, underlying currency and geographic location. Where the rate implicit in the receivable is not readily determinable, the discount rate is estimated using a discount rate similar to Skeena’s specific borrowing rate. This rate represents the rate that Skeena would incur to obtain the funds necessary to purchase an asset of similar value, with similar payment terms and security in a similar environment.

ii) Critical accounting judgments

Information about critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements include, but are not limited to, the following:

Recognition of deferred tax assets

The Corporation estimates the expected manner and timing of the realization or settlement of the carrying value of its assets and liabilities and applies the tax rates that are enacted or substantively enacted on the estimated dates of realization or settlement.

Going concern assumption

The assessment of whether the going concern assumption is appropriate requires Management to consider all available information about the future, which is at least, but is not limited to, 12 months from the end of the reporting period. The Corporation estimates that its working capital is insufficient to continue operations for the upcoming year.

Page 24 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

CRITICAL ACCOUNTING POLICIES AND ESTIMATES (continued)

ii) Critical accounting judgments (continued)

Valuation of exploration and evaluation assets

The assessment of any impairment of plant and equipment and exploration and evaluation assets is dependent upon estimates of recoverable amounts that consider factors such as reserves, economic and market conditions and the useful lives of assets. Judgment is required in assessing the appropriate level of cash generating units to be tested for such impairment, if facts and circumstances suggest that the carrying amount exceeds the recoverable amount.

Decommissioning liabilities

In the event that decommissioning liabilities are required to be recognized, such liabilities would be stated at the fair value of estimated future costs. Such estimates require extensive judgment about the nature, cost and timing of the work to be completed, and may change with future changes to costs, environmental laws and regulations, and remediation practices.

Recoverability of receivables

The Corporation exercises judgement in identifying impaired receivables, the collection of which may be uncertain. In determining whether an impairment loss should be recorded in profit or loss, the Corporation considers whether there is any observable data indicating that an increase in the credit risk or a decrease in the estimated future cash flows from a receivable has occurred, using an expected credit loss model. This evidence may include observable data indicating that there has been an adverse change in the payment status and days outstanding.

A detailed summary of all of the Corporation’s significant accounting policies is included in Note 3 to the audited financial statements for the year ended December 31, 2022.

FINANCIAL INSTRUMENTS

The Corporation’s financial instruments are exposed to certain financial risks which are discussed in detail in Note 11 of the Corporation’s financial statements for the year ended December 31, 2022.

Page 25 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

OTHER MD&A REQUIREMENTS

ADDITIONAL DISCLOSURE FOR VENTURE ISSUERS WITHOUT SIGNIFICANT REVENUE

Exploration, general and administration expenses for the years ended December 31 were as follows:

Amortization Bonuses Consulting Director fees Exploration expenditures, net of recoveries Investor relations Office and administration Professional fees Salaries and personnel costs Share-based payments expense Transfer agent, regulatory and filing fees Travel and accommodation	2022 2021 $ $ 567 - 12,000 - 72,842 166,866 66,000 - 1,102,166 1,065,550 158,894 47,711 56,015 38,476 41,468 66,291 218,463 82,189 117,035 82,423 18,548 15,569 3,826 3,599
	1,867,824 1,568,674

DISCLOSURE OF OUTSTANDING SHARE DATA

The Corporation is authorized to issue an unlimited number of common shares without par value.

As at the date of this report, there were 64,001,690 common shares issued and outstanding, 5,645,000 stock options and 15,498,152 warrants outstanding, for a fully diluted figure of 85,144,842.

RISKS AND UNCERTAINTIES

Macroeconomic Risk

Impairments and write-downs of major mining projects have led to a significant reduction in “risk appetite” with respect to funding investment into exploration companies. As a result, the ability for exploration companies to access capital through private placements has been significantly diminished. The long-term result of lower risk appetite is that projects take longer to develop or may not be developed at all.

Political Policy Risk

Despite the recent moderation in the gold price, the previously record-high gold prices encouraged numerous governments around the world to look at ways to secure additional benefits from the mining industry across all commodity types, an approach recognized as “Resource Nationalism.” Mechanisms used or proposed by governments have included increases to royalty rates, corporate tax rates, implementation of “windfall” or “super taxes,” and carried or free-carried interests to the benefit of the state. Extreme cases in Venezuela and Argentina have resulted in the nationalization of active mining interests. Such changes are viewed negatively in the investment community and can lead to share price erosion, and difficulty in accessing capital to advance projects.

Page 26 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

RISKS AND UNCERTAINTIES (continued)

Exploration Risk

All of the properties in which the Corporation has an interest are in the exploration stage and are currently without reserves. Development of these mineral properties will only follow upon obtaining satisfactory exploration results, receipt of positive engineering studies, access to adequate funding, community support and all necessary permits, licenses and approvals. Mineral exploration and development involve a high degree of risk and few properties which are explored are ultimately developed into producing mines. Substantial expenditures are required to establish reserves through drilling and to develop the mining and processing facilities and the infrastructure at any site chosen for mining. The Corporation has not completed a feasibility study on any of its properties and there is no assurance that these mineral exploration and development activities will result in any discoveries of commercial mineral deposits. The long-term profitability of the Corporation’s operations will be in part directly related to the cost and success of its exploration programs, which may be affected by a number of factors beyond the Corporation’s control.

Financial Capability and Additional Financing

The Corporation has limited financial resources, has no source of operating income and has no assurance that additional funding will be available to it. It is anticipated that further exploration and development of the projects will be financed in whole or in part by the issuance of additional securities by the Corporation. Although the Corporation has been successful in the recent past in financing its initial activities through the issuance of equity securities, there can be no assurance that it will be able to obtain sufficient financing in the future to execute its business plan, particularly with ongoing uncertainty in the global financial markets, and the prevailing investment climate of risk aversion particularly in the resource sector.

The Corporation has not commenced commercial mining operations and has no assets other than cash and cash equivalents, modest receivables and a small amount of prepaid expenses. The Corporation has no history of regular earnings and is not expected to generate earnings or pay dividends until the Corporation’s exploration project is sold or taken into production.

Commodity Prices

The mineral industry is influenced by the price of metals. The prices of gold, uranium and other commodities have fluctuated widely in recent years and are affected by factors beyond the control of the Corporation including, but not limited to, international economic and political trends, currency exchange fluctuations, economic inflation and expectations for the level of economic inflation in the consuming economies, interest rates, global and local economic health and trends, speculative activities and changes in the supply of commodities due to significant (often sovereign or national) purchases and divestitures, new mine developments, mine closures as well as advances in various production and use technologies of commodities. All of these factors will impact the viability of the Corporation’s exploration projects in ways that are impossible to predict with certainty.

Page 27 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

RISKS AND UNCERTAINTIES (continued)

Environment

The Corporation’s activities involve the application for licenses and permits from government authorities and such activities are governed by various laws and regulations that cover the protection of the environment, land use, exploration, development, co-ordination of operations and infrastructure with third parties engaged in other activities on the lands, taxes, labour standards, occupational health, waste disposal, safety and other matters. Environmental legislation in Canada provides restrictions and prohibitions on spills and various substances produced in association with certain exploration activities which would result in environmental pollution. A breach of such legislation may result in imposition of fines and penalties. In addition, certain types of activities require the submission and approval of environmental impact statements. Environmental legislation is evolving in a direction of higher standards and enforcement, and higher fines and penalties for non-compliance. Environmental assessments of proposed projects carry a heightened degree of responsibility and liability exposure for companies and directors, officers and employees. The cost of compliance with changes in governmental regulations has the potential to reduce the profitability of future operations. There is no assurance that future environmental regulations will not adversely affect the Corporation or its future operations.

Human Health and the Global Pandemic (COVID-19)

The Corporation seeks to provide its employees with a safe and healthy workplace. The impact of highly contagious diseases, including the impact of a real or threatened pandemic, can be substantial both to individuals, and organizations. In the event of a disease outbreak, the Corporation may have to curtail or suspend operations for a period of time. Reduced operations could have varying impact on the Corporation, depending on the timing and duration of the incident and on other ancillary factors.

In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, has adversely affected workforces, economies, and financial markets globally, leading to an economic downturn. The outbreak of the COVID-19 pandemic may result in impacts to the Corporation’s on-going exploration plans and activities in 2023. The Corporation is focused on the health and well-being of its workers and the communities in which it works and has implemented preventative measures accordingly.

The Corporation will continue to respectfully monitor advice and regulations from the World Health Organization, governments and local communities, and adjust measures as appropriate. The Corporation may face disruption to its operations, supply chain delays, travel and trade restrictions, and impacts on economic activity in affected regions can be expected that are difficult to quantify. Actions of regional bodies to prevent the local spread of COVID-19 may represent a specific delay to the Corporation’s exploration efforts and regional disease outbreaks could represent a threat to hiring and maintaining skilled workers, and could be a major health-care challenge for its workforce and surrounding communities.

Page 28 of 29

COAST COPPER CORP. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2022

RISKS AND UNCERTAINTIES (continued)

Financial Instrument Risk

As a result of its use of financial instruments, the Corporation is subject to credit risk, interest rate risk, currency risk, liquidity risk and other price risks. These risks are considered to be small. These risks are discussed comprehensively in the audited financial statements for the year ended December 31, 2022.

Liquidity of Common Shares

There can be no assurance that an active and liquid market for the Corporation's common shares will develop or continue to exist, and an investor may find it difficult to resell its common shares. In addition, trading in the common shares of the Corporation may be halted at other times for other reasons, including for failure by the Corporation to submit documents to the Exchange in the time periods required.

DIRECTORS & OFFICERS

As of the date of this MD&A, the Corporation’s directors and officers were as follows:

Adam Travis – CEO and Director Fletcher Morgan – Chair of the Board Dale Wallster – Director Dan Berkshire – Director

Tim Thiessen – CFO and Corporate Secretary

Page 29 of 29