Minco : 2017 Q1 Management's Discussion and Analysis

Dated May 26, 2017

(Form 51-102F1)

Date: May 26, 2017

The following management discussion and analysis ("MD&A") of financial condition and results of operations of Minco plc ("Minco" or the "Company"), should be read in conjunction with the condensed interim consolidated financial statements and the notes thereto for the three month period ended March 31, 2017, which have been prepared in accordance with International Financial Reporting Standards ("IFRS"). All dollar amounts are stated in US dollars, unless otherwise noted.

Minco Plc, registered in the Republic of Ireland and listed on the AIM Market of the London Stock Exchange ("MIO"), is an exploration and development company, currently engaged in zinc-lead exploration in Canada, the United Kingdom and Ireland, and in evaluating a manganese project in New Brunswick, Canada and with investments in zinc‐silver projects in Mexico through holding 30 million shares (approximately 26%) in Xtierra Inc. listed on the TSX Venture Exchange (TSXV- "XAG").

Minco also holds a 2% Net Smelter Return ("NSR") royalty on the Curraghinalt gold property in Northern Ireland, which is being explored and developed by Dalradian Resources Inc. (TSX-"DNA") ("Dalradian").

On March 21, 2017, the Company announced that it is in discussions with Dalradian regarding the possible disposal of its 2% net smelter return royalty on the Curraghinalt gold deposit (the "Royalty Disposal") in return for the issue of a total of 15,490,666 new Dalradian Shares valued at C$20,000,000, in total, based on the volume weighted average price of Dalradian shares on the Toronto Stock Exchange for the five trading day period ending on the day prior to March 21, 2017.

It is proposed that the Royalty Disposal would be structured as an offer by Dalradian for the acquisition of the entire issued share capital of Minco (the "Possible Offer"). It is intended that the Possible Offer would be implemented by means of a scheme of arrangement, under Section 450 of the Companies Act 2014 of Ireland ("Scheme"). As pa rt of the Scheme, it is proposed that Minco would undertake a demerger of its wholly owned subsidiary Buchans Resources Limited ("Buchans"), a wholly owned subsidiary of Minco, by way of a transfer in specie of the shares of Buchans to Minco Shareholders (the "Demerger").

Following the Demerger Minco shareholders would be issued 11,618,000 new Dalradian Shares which would represent 75% of the total shares to be issued by Dalradian in connection with the Royalty Disposal. The balance of 3,872,666 new Dalradian Shares, being 25% of the total, would be issued directly to Buchans, which would then be wholly owned by Minco Shareholders. There can be no certainty that the Royalty Disposal will be completed or that the Possible Offer will be made by Dalradian.

During 2016, Minco, through its wholly owned subsidiary Buchans Minerals Corporation ("Buchans Minerals), in a collaboration agreement with Canadian Zinc Corporation (TSX:CZN) successfully completed a research programme to evaluate the metallurgical characteristics of their respective volcanogenic massive sulphide ("VMS") Zn-Pb-Cu-Ag-Au base metal deposits in central Newfoundland.

The metallurgical research study demonstrated that the ore from Minco's Lundberg, Daniels Pond and Bobby's Pond deposits can be successfully processed in a central mill using a sequential flotation flowsheet, and that selective zinc, lead and copper concentrates at marketable grades can be produced from these deposits.

The programme focused its evaluation on five VMS deposits, three held by Minco (Lundberg, Bobbys Pond and Daniels Pond) and two held by Canadian Zinc (Lemarchant and Boomerang-Domino). The Lundberg deposit is the largest, most advanced deposit in terms of resource definition, mine planning (with the potential to have an open pit mine), metallurgical testing and economic studies completed to date. All the other mineral deposits (Bobbys Pond, Daniels Pond, Lemarchant and Boomerang-Domino) are smaller, higher grade deposits, amenable to underground mining, though they are not large enough

to individually support a mine and processing operation. The principal goal of the research program was to assess the technical and economic viability of developing a number of these mineral deposits utilizing a common central processing facility.

The metallurgical portion of the program was successful in confirming that selective zinc, lead and copper concentrates at marketable grades can be produced using a common flotation flowsheet for all five deposits. The positive results from the metallurgical test program strongly support the development of the sequential flotation technology for processing of the central Newfoundland deposits using a centralized processing facility.

The economic assessment portion of the program applied a process simulation and cost assessment model (conceptual economic modeling) to evaluate and identify the key factors impacting the operating economics of a centralized processing concept for the production of the base metal concentrates. Multiple conceptual economic scenarios at three potential sites were developed to simulate the proposed centralized milling concept. The variables assessed included the different potential mill sites, with or without DMS, new or used process equipment, mining rate, and processing feedstock composition for each deposit. The outcome of this economic assessment was successful in identifying a number of optimum scenarios, all of which depend on the majority of the feed coming from the larger lower grade Lundberg deposit with supplemental feed coming from the smaller higher grade satellite deposits.

During 2016, Minco focussed its exploration efforts near the former Lucky Strike mine to explore for high-grade resources

that may positively impact open pit and underground development of the Company's Lundberg deposit

In the first quarter of 2017, Minco continued its program of relogging of historic archived drill cores to assess potential for discovery of additional high-grade resources near the Lundberg deposit. This program began in 2014 and to date has relogged 319 surface and underground drill holes totaling 51,137 m of archived drill core previously drilled within 2 kilometres of the former Lucky Strike mine, and a further 49,100 m in 141 holes from other prospects located less than 4 kilometres from the Lundberg deposit. Several target areas have been identified and will be further investigated by relogging and possibly diamond drilling in 2017.

In October of 2016, Minco, through its wholly-owned subsidiary, Buchans Minerals Corporation, competitively staked 2,075 hectares in central Newfoundland, known as the Lake Douglas project, located 40 km southwest of Minco's Buchans project and 20 km southwest of Minco's Daniels Pond and Bobbys Pond deposits. The Lake Douglas Property includes prospective rocks extending between two recently discovered prospects announced by Altius Minerals Corporation (ALS.TSX within its 21,500 ha Wilding Lake gold project. Altius have since optioned its property to Antler Gold Inc. (ANTL:TSXV) a new Toronto-listed company, which has initiated additional surveys to further explore several newly discovered gold occurrences in bedrock, including channel samples yielding uncut gold values ranging up to 13.9 g/t gold over 4.0 m, plus additional gold prospects in bedrock extending over a 20 kilometre trend.

Minco's property covers a 3.5 km segment of the prospective trend that is located northeast, along strike of Marathon Gold Corporation's (MOZ.TSX) Valentine Lake project, where Marathon has announced a Measured and Indicated mineral resource estimate of 21.8 million tonnes at an average grade of 1.84 grams of gold per tonne containing 1,292,800 ounces of gold and an Inferred mineral resource of 8.8 million tonnes at an average grade of 1.98 grams of gold per tonne containing 562,600 ounces of gold (Marathon press release dated February 21, 2017) as a potential open pit resource development.

The Marathon Deposit sits in a near vertical mineralized corridor that contains consistent stacking of en -echelon vein swarms for more than 500- meters depth. The Marathon Deposit consists of a 40 to 100-meter wide, near vertical corridor of alteration and mineralization that is open along strike and to depth, and hosts flat laying, en-echelon quartz-tourmaline- pyrite-gold bearing vein arrays. The thickness and grades of these vein arrays varies throughout the mineralized corridor. Current drilling has defined a mineralized corridor that has a 150-meter long strike length at 100 meters below surface, and this strike length increases to more than 400 meters at 200 meters below surface.

In April 2017, Marathon announced the results of two deep holes which demonstrate the potential for deep gold mineralization. Marathon continues to aggressively explore its Valentine Lake property to continue expanding the resources at the Marathon Deposit and has initiated a 30,000 metre drilling programme for 2017.

Since acquiring the Lake Douglas property, Minco conducted limited initial reconnaissance work on the claims prior to the onset of winter weather. Minco intends to maintain the property and consider additional work as may be warranted in response to increased activity and attention to this new exploration area.

In November 2015 Minco was granted three new Prospecting Licences PLs 1228, 1229 and 3981, at Moate in County Westmeath, centered on a specific geological target identified by Minco, with potential for zinc-lead mineralization of Tynagh Mine type.

Minco's Moate licences are located along the northwestern margin of the Irish Midland Orefield on the "Tynagh-Ballinalack Trend". All but one of the major Irish zinc-lead deposits of the Irish Midland Orefield lie along the margins of the Orefield. The Moate target lies mid-way between the former Tynagh Mine, located 50 kilometres to the southwest, and the similar styled Ballinalack deposit, situated 35 kilometres to the northeast. The Tynagh Mine operated successfully from 1965 to 1981 producing 9,000,000 tonnes of ore, from both open pit and underground, at average grades of approximately 7% lead, 5.5% zinc, 0.5% copper and 2.6 ounces of silver per tonne.

Minco's studies of previous drilling have outlined a geological setting that Minco believes mirrors that at the former Tynagh Mine, where zinc-lead mineralization was hosted by breccias developed at the margin between the reef and off-reef limestone facies. The geology at Moate is also comparable to that at the smaller Ballinalack deposit. A ten kilometre long target has been outlined at a depth of 150 metres below surface, with potential for reef hosted zinc-lead mineralisation of Tynagh-type.

Minco's 2016-2017 drill programme at Moate consisted of 13 holes completed between September 2016 and January 2017 for a total of 1299m. Drilling was concentrated in two areas centred on the townlands of Knockanea-Fardrum (Pl 1229) and Tully (Pl 1228). 942m were drilled on Pl 1229 and 357m on Pl 1228. Minco's drilling programme initially focused within PL 1229 on the southwestern three kilometers of the target area, adjacent the ENE striking Moyvoughly Fault where five holes (1229-35 to 1229-39) were drilled for a total of 700 metres. Reef-derived breccias comparable to those at Tynagh were intersected confirming the geological model, and in Holes 1229-38, 39 and 40 the breccias contain widespread trace amounts of disseminated sphalerite.

The 2016-2017 drill programme at Moate has confirmed the geological model and enhanced exploration potential. The geological structure has proven more complicated than expected as the Moyvoughly Fault was not intersected in the drilling programme. The Fault is believed to have been straddled by the drilling and to have a reversed throw of approximately 150m. To the NE, on PL 1228, previous drilling indicates the Fault is present with a down-throw of approximately 180m to the north, while on PL 3581, further north, the fault was intersected by previous drilling with a throw of 300m.

Drilling in the Tully area has defined a major west northwest striking cross fault off-setting the Moyvoughly Fault and the proposed Tynagh-Ballinalack basement structure. There is evidence that the cross fault is also a regional structure, localised by basement structure. The strike of the cross fault swings from west northwest to east-west over a strike length of 1.5 kilometres where it offsets the Tynagh-Ballinalck trend. The structural pattern is comparable to the setting of the Silvermines where the zinc-lead-barite deposits are localised north of an east-west striking flexure of a regional east northeast fault. 17- 1228-45 sited north of the cross fault intersected reef derived breccias comparable to those in 16-1229-38, 16-1229-39 and 16 1229-40 in the Knockanea area.

The primary target horizon remains reef derived breccia systems developed along the reef margin. Although not demonstrated by current drilling, there remains potential in the target area for the development of Ballinalack-type reef knolls associated with the reef margin, possibly associated with the cross fault.

A second phase of drilling (13 holes for a total of 2600m) has been recommended to explore these targets in 2017.