ANACONDA MINING INC. Q1 2021 MANAGEMENT DISCUSSION AND ANALYSIS This management discussion and analysis ("MD&A") dated May 5, 2021 of Anaconda Mining Inc. ("Anaconda" or the "Company") provides a discussion of the Company's consolidated financial position and the results of its consolidated operations for the three months ended March 31, 2021. This MD&A should be read in conjunction with the Company's condensed interim consolidated financial statements and the related notes for the three months ended March 31, 2021 and March 31, 2020, which were prepared in accordance with International Financial Reporting Standards ("IFRS") applicable to the preparation of interim financial statements, including International Accounting Standard ("IAS") 34, Interim Financial Reporting. Since the condensed interim consolidated financial statements do not include all disclosure required by IFRS for annual statements, they should be read in conjunction with the Company's audited consolidated financial statements as at and for the year ended December 31, 2020. This MD&A should also be read in conjunction with the risk factors described in the "Risk Factors" section at the end of this document. Additional information, including the condensed interim consolidated financial statements for the three months ended March 31, 2021, the audited annual financial statements for the year ended December 31, 2020, the Company's Annual Information Form for the year ended December 31, 2020, and press releases, have been filed through the System for electronic Document Analysis and Retrieval ("SEDAR") and are available online under the Anaconda Mining Inc. profile at www.sedar.com.