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Hardcore Discoveries Ltd. Board/Management Information 2022

Jan 18, 2022

47887_rns_2022-01-18_34227cfd-211d-417d-8a40-71f28278d420.pdf

Board/Management Information

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January�12,�2022�

Dear�Fellow�Shareholder,�

Makara�Mining�Corp.’s�(“ Makara ”�or�the�“ Company ”)�has�called�a�special�general�meeting�of�shareholders� on�February�8,�2022�(the�“ Meeting ”).��Your�participation�in�this�meeting�will�determine�the�future�of�your� investment�at�a�critical�moment�for�the�Company.��

The�Meeting�has�been�called�in�response�to�a�requisition�made�by�a�registered�shareholder�of�the� Company,�Noel�Querido�(“ Querido ”).��Mr.�Querido,�a�shareholder�who�to�the�knowledge�of�the�board� holds�2,265,000�common�shares,�is�seeking�to�seize�control�of�the�Company�by�removing�a�majority�of�the� existing�directors,�including�director�and�CEO�Grant�Hendrickson,�director�and�CFO�Andrew�H.�von�Kursell,� and�directors�Hugh�Maddin,�and�Uranbileg�(Urnaa)�Yondon,�and�electing�one�new�nominee�director.�

Management�strongly�believes�that�a�bright�future�for�Makara�can�be�achieved�under�the�qualified�and� experienced�leadership�of�the�following�existing�directors,�who�have�a�proven�operating�track�record�of� in�mineral�exploration�and�development:�

1. Grant�Hendrickson,�P.Geo.,� Chief�Executive�Officer�and�Director

  • Mr.�Hendrickson�brings�vast�experience�and�knowledge�as�a�mining�professional�for�over� three�decades.��

  • Mr.�Hendrickson�is�a�professional�geologist�and�member�of�the�Professional�Engineers� and�Geoscientists�of�British�Columbia.�

  • Mr.�Hendrickson�has�extensive�experience�working�with�mining�companies�globally,� including�working�as�Chief�Geophysicist�at�Ivanhoe�Mines�Mongolia,�where�he�was� responsible�for�instrumentation�development,�survey,�design,�and�project�management� in�relation�to�the�world�class�Oyu�Tolgoi�copper�gold�deposit.��

  • Mr.�Hendrickson�is�the�owner�of�Delta�Geoscience�Ltd.�where�he�provides�consulting�and� geological/geophysical�survey�work�to�the�international�mineral�exploration�community.��

  • Mr.�Hendrickson�is�a�director�of�Azucar�Minerals�Ltd.,�where�he�provides�technical�advice� on�the�exploration�and�drilling�program�at�El�Cobra�copper�gold�deposit.�

  • Mr.�Hendrickson�has�extensive�experience�in�exploration�and�drilling�of�porphyry�copper� and�gold�deposits.�

2. Andrew�H.�von�Kursell,�P.Eng.,� Chief�Financial�Officer�and�Director�

  • Mr.�von�Kursell�brings�a�wealth�of�operations�experience�in�the�initiation,�negotiation,� planning,�and�operation�of�major�projects�domestically�and�abroad.�

  • Mr.�von�Kursell�has�acted�as�a�director�for�Copper�Belt�Resources�and�Inspiration�Mining� Corp.��He�was�VP�of�Yukon�Operations�for�Cyprus�Anvil�Mining,�where�he�was�responsible� for�the�entire�operation�of�the�open�pit�mine�and�the�operation�of�the�underground�coal� mine�at�Carmacks,�Yukon.���

  • Mr.�von�Kursell�is�currently�a�director�of�Mineral�Hill�Industries�Ltd.�and�for�the�reporting� issuer�Eelleet�Network�Corp.,�though�the�shares�of�Eelleet�are�not�yet�listed.�

  • Mr.�von�Kursell�is�a�member�in�good�standing�of�the�Professional�Engineers�and� Geoscientists�of�British�Columbia�and�of�the�Ontario�Society�of�Professional�Engineers.�He� is�also�a�Life�member�of�Engineers�Nova�Scotia�and�a�retired�member�of�the�Association� of�Professional�Engineers�Yukon.�

3. Hugh�Maddin,� Director

  • Mr.�Maddin�has�acted�as�a�director�of�several�publicly�listed�companies,�including� Doubleview�Gold�Corp.,�Mineral�Hill�Industries�Ltd.,�Nass�Valley�Gateway�Ltd.,�Karoo� Exploration�Corp.,�Magnum�Goldcorp�Inc.�and�International�Bethlehem�Mining�Corp.��

  • Mr.�Maddin�has�been�the�CEO�of�significant�private�companies�with�substantial�holdings� of�mineral�tenures�in�British�Columbia.��

  • Mr.�Maddin�brings�vast�experience�in�corporate,�commercial,�mining�finance,�venture� capital,�real�estate�and�mining�projects.��

4. Uranbileg�(Urnaa)�Yondon,� Director

  • Ms.�Yondon�is�a�Professional�Geoscientist�with�over�10�years�of�professional�experience� working�as�an�exploration�Geophysicist�and�in�Project�Management�in�Canada,�Asia�and� Australia.�

  • Ms.�Yondon�worked�with�deep�mineral�exploration�techniques�gained�from�exploration� work�on�the�massive�Oyu�Tolgoi�(OT)�Copper�Gold�mineral�deposits�in�Mongolia�as�well� as�geophysical�and�geological�combined�field�experience�on�the�Cadia�Copper�Gold� deposit,�NSW,�Australia.�

  • Ms.�Yondon�is�an�MBA�candidate�of�University�of�Victoria,�Canada�to�enhance�her�business� knowledge�in�addition�to�her�technical�background.�Mrs.�Yondon�is�also�a�candidate�for� Colorado�School�of�Mines,�Mineral�Exploration�Master’s�Degree�to�further�sharpen�her� Mineral�Exploration�skills.�

Under�the�leadership�of�Mr.�Hendrickson�and�Mr.�von�Kursell,�the�Company:�

  • Raised�nearly�$3�million�for�the�development�of�mineral�projects�and�general�corporate�purposes.�

  • Secured�options�to�acquire�the�Rude�Creek�and�Idaho�Creek�Properties,�and�holds�the�Win�Claims� (the�“ Yukon�Properties ”)�at�which�the�Company�is�targeting�a�gold�deposit�with�similarities�to�the� Coffee�deposit,�and�a�gold�copper�porphyry�system�similar�to�that�found�at�the�nearby�Casino� deposit.�

  • The�Yukon�Properties�are�adjacent�to�Western�Copper�and�Gold�Corp.’s�Casino�project,�which�is� the�subject�of�a�May�2021�Preliminary�Economic�Assessment�financed�by�Rio�Tinto�Canada.�

  • Developed�plans�for�the�drilling�of�3,000�metres�of�core�drilling,�1,000�metres�of�RC�drilling,�plus� further�detailed�geophysical,�geological�and�geochemical�surveys�to�define�more�drill�projects.�

  • Is�actively�engaged�in�discussions�for�additional�financing�for�further�drilling�on�the�Yukon� Properties.�

��3���

In�contrast,�Mr.�Querido�has�presented�no�plan�for�the�future�advancement�of�the�Company�and�has�not� presented�any�candidates�to�replace�Messrs.�Hendrickson�and�von�Kursell�as�officers�of�the�Company.�� Mr.�Querido�is�acting�jointly�and�in�concert�with�two�directors,�Jatinder�(Jay)�Dhaliwal�and�Gucharn�(Charn)� Deol,�who�each�joined�the�Board�last�summer�and�who�each�have�nominal�or�no�investment�in�the� Company.�Neither�Mr.�Dhaliwal�nor�Mr.�Deol�have�brought�any�new�assets�or�funds�to�the�Company.���

Mr.�Dhaliwal,�a�director�of�the�Company�who�has�joined�the�Requisition,�claims�that�management�“…have� failed�to�act�in�the�best�interests�of�the�Company�and�are�driving�the�Company�into�insolvency…by� rejecting�the�only�available�financing�option.”�Management�rejects�Mr.�Dhaliwal’s�slanderous�statements� on�the�following�grounds:�

  • Mr.�Dhaliwal’s�assertions�regarding�protecting�shareholders�against�dilution�are�entirely� disingenuous.� His�proposed�financing�option�was�to�issue�discounted�stock�to�his�unidentified� supporters�through�a�highly�dilutive�placement.�It�was�only�after�the�Board�rejected�his�proposal� that�Mr.�Dhaliwal�sought�to�remove�members�of�the�Board�through�a�shareholder�requisition.�

  • Mr.�Dhaliwal’s�assertions�regarding�the�Company’s�solvency�are�false.� Through�confidential� corporate�information,�Mr.�Dhaliwal�was�aware�at�the�time�that�the�Company�had�taken�steps�to� address�all�of�its�outstanding�indebtedness,�extend�its�financial�obligations,�and�secure�funding� for�its�immediate�needs.�Part�of�the�debt�settlement,�which�puts�the�Company�forward�with�a� clean�balance�sheet,�was�to�members�of�management�who�provided�the�Company�with�an� interim�loan�facility�to�meet�corporate�requirements�as�the�Company�sought�alternative�sources� of�funding.�Mr.�Dhaliwal�however�has�made�no�investment�in�the�Company.��

  • Mr. Dhaliwal�has�publicly�announced�his�threat�to�stop�any�other�financing�by�the�Company.� Irrespective�of�the�price�that�the�Company�may�be�able�to�obtain�for�its�shares,�Mr.�Dhaliwal�has� made�it�clear�that�he�will�oppose,�by�application�to�the�CSE,�any�financing�the�Company�may�seek,� irrespective�of�the�damage�that�it�may�cause�to�the�Company,�its�business�or�the�shareholders�of� the�Company.��His�irresponsible�statements�have�stymied�management’s�attempts�to�seek� financing�to�maintain�the�Company’s�property�interests.�

By�voting� AGAINST� the�Querido�Resolutions,�Mr.�Hendrickson,�Mr.�von�Kursell,�Mr.�Maddin�and�Ms.� Yondon,�will�continue�as�directors�of�the�Company,�as�will�Mr.�Dhaliwal�and�Mr.�Deol.��

VOTE�YOUR�PROXY�

To�protect�your�investment,�shareholders�are�encouraged�to�vote� AGAINST �the�resolution�to�remove� Mr.�Hendrickson,�Mr.�von�Kursell,�Mr.�Maddin�and�Ms.�Yondon;� AGAINST �the�resolution�to�reduce�the� number�of�directors�to�three;�and� AGAINST� the�resolution�to�elect�Mr.�Greenway�as�a�director.�The� deadline�to�submit�your�proxy�is�10:00�a.m.��(Vancouver�time)�on�February�4,�2022.�

If�you�have�already�voted�using�another�proxy,�you�may�vote�again�using�the�enclosed�form�of�Proxy.�Only� the�Proxy�bearing�the�later�date�will�count�as�it�supersedes�any�previously�given�proxy.��

Sincerely,�

“Grant�Hendrickson”�

Grant�Hendrickson�� Chief�Executive�Officer

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