Avidian Gold : Management’s Discussion & Analysis For The Six Months Ended December 31, 2022

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2022

• INTRODUCTION

The following Management's Discussion and Analysis ("MD&A") is a review by management ("Management") of the operations, results, and financial position of Avidian Gold Corp. ("Avidian" or the "Company") for the three and six months ended December 31, 2022 (the "Reporting Period"). This MD&A is prepared as of February 24, 2023, unless otherwise indicated, and should be read in conjunction with the Company's unaudited interim financial statements and related notes for the Reporting Period ("Interim Financial Statements") and the audited financial statements and related notes for the year ended June 30, 2022 ("Annual Financial Statements") which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). All figures are presented in United States dollars ("$") unless otherwise indicated. Additional information relevant to the activities of the Company has been filed electronically through the System for Electronic Document Analysis and Retrieval ("SEDAR") - http://www.sedar.comand is also available on the Company's website http://www.avidiangold.com.

• CAUTIONARY NOTE
  FORWARD-LOOKING STATEMENTS

Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans", "intends", "anticipates", "should", "estimates", "expects", "believes", "indicates", "suggests" and similar expressions.

This MD&A contains forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. Information concerning mineral resource estimates and the interpretation of drill results may also be considered as forward-looking statements; as such information constitutes a prediction of what mineralization might be found to be present if and when a project is actually developed.

Readers are cautioned not to place undue reliance on forward-looking these statements as the Company's actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company's business, or if the Company's estimates or assumptions prove inaccurate. Therefore, the Company cannot provide any assurance that forward-looking statements will materialize. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, possible variations in mineral resources, labour disputes, operating or capital costs; availability of sufficient financing to fund

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planned or further required work in a timely manner and on acceptable terms; failure of equipment or processes to operate as anticipated; and political, regulatory, environmental and other risks of the mining industry.

Subject to applicable laws, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.

For a description of material factors that could cause the Company's actual results to differ materially from the forward-looking statements in this MD&A, please see "Risks and Uncertainties" in Section 4.15.

• HIGHLIGHTS EXPLORATION
  During the reporting period no extensive exploration activities were carried out at the Company's primary properties due to volatile and decaying stock market conditions. The Company believed it was prudent to preserve its financial capital and only directed funds towards ensuring that property holding and corporate status were maintained and preserved.
  The following highlights activities carried out on the properties over the last two years and the significant results that were achieved.
• • At Golden Zone property, Alaska:

• 27 Reverse Circulation ("RC") drill holes were completed on the property for 3,288 metres ("m").
• Of the RC holes completed, 17 were drilled on the Mayflower Extension Zone ("MEZ"), located adjacent to the Breccia Pipe Deposit and 10 were completed in the Copper King prospect area.
• Drilling at the MEZ established a northeast trending gold mineralized corridor along a 600 m strike length and that remains open at depth and along strike in both directions.
• Highlight drill results from the MEZ (see Press Releases dated January 19, 2022 and February 1, 2022) are as follows:
  o Hole GZ21RC-02 intersected 46.63 m of 1.08 g/t Au, including 15.24 m of 2.03 g/t Au - hole ended in mineralization.
  o Hole GZ21RC-03 intersected 4.57 m of 2.87 g/t Au; hole ended in mineralization.
  o Hole GZ21RC-18 intersected 6.10 m of 2.06 g/t Au, including 3.05 m of 3.89 g/t Au. o Hole GZ21RC-22 intersected 15.24 m of 2.65 g/t Au, including 3.05 m of 11.70 g/t
  Au.
  o Hole GZ21RC-23 intersected 4.57 m of 2.43 g/t Au and 4.58 m of 2.22 g/t Au within a broader zone of 73.45 m grading 0.45 g/t Au.
  o Hole GZ21RC-24 intersected 6.10 m of 2.14 g/t Au within a broader zone of 60.96 m of 0.68 g/t Au.
  o Hole GZ21RC-26 intersected 7.62 m of 1.55 g/t Au.
  o Hole GZ21RC-27 intersected 50.29 m of 0.70 g/t Au including 7.62 m of 2.52 g/t Au.
• A helicopter LiDAR and Orthophoto survey was flown over the entire property.
• A 1,788.7 line km Drone-Mag magnetometer survey was flown over the property with interpretation now completed and being evaluated and compiled to establish and follow-up targets.
• Staked an additional 1,683.5 hectares (4,160 acres) of claims adjoining the southwestern portion of the property along the strike extension of the newly discovered MJ mineral occurrence (grab samples of 5.17 g/t Au and 4.2 g/t Au plus 2.77% Cu) extending the

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mineralized trend to 19 km in strike length and overall property size to 141.1 sq km. This portion of the property is referred to as the Southwest Prospects and hosts five (5) large gossanous gold-bearing zones, all within the same stratigraphic sedimentary package of rock defined along a NE-SW direction over a strike length of 4.5 km within the 19 km mineralized trend. Some highlights of the Southwest Prospects are as follows:

• At the JJ prospect grab samples in gossan zones ranged from 2.08 g/t Au to 6.14 g/t Au and samples from interbedded siltstone sediments ranged from 0.098 g/t Au to 0.965 g/t Au. The mineralized gossan can be traced over an area of 400 m x 150 m x 100 m and open in all directions.
• Approximately 200 m to the southwest of the JJ prospect is the J4 prospect. The J4 prospect has been intermittently sampled (due to exposure issues as many of the gossanous veins are covered by colluvium or talus or trend into difficult-to-access areas) across an approximate stratigraphic thickness of 120 m. The area between the JJ and J4 prospects remains open and unsampled. The JJ-J4 prospect area extends over a combined strike length of >650 m and is approximately 120 m wide and 300 m in height to the valley floor.
• A new zone of gold mineralization called CC was discovered approximately 750 m southeast of the JJ discovery area with samples up to 0.43 g/t Au and 1.2 g/t Ag from float samples collected in steep terrain at the base of a talus slope located directly below the source outcrop. This new mineralized area has yet to be fully sampled.
• The MJ prospect, located approximately 2,750 m to the southwest of the J4 prospect returned results ranging from 0.10 g/t Au to 5.17 g/t Au. This sulfide-rich gossan zone has been defined over an area of 800 m x 300 m x 100 m and remains open along strike in both directions.
• Prospecting at the Silver Kitty area (approximately 850 m to the southwest of MJ prospect) yielded an assay result of 2.42 g/t Au and 12.35 g/t Au. The Silver Kitty prospect to date has been outlined over a 500 m wide by 300 m high gossanous slope that trends northwest-southeast and is perpendicular to the MJ prospect.
• Immediately west of the Silver Kitty occurrence, described as a chalcopyrite-bearing and sphalerite-bearing skarn adjacent to a porphyritic stock, a grab sample returned 12.5 g/t Au. This sample is located approximately 500 m southwest and on-trend with the MJ discovery.

It should be noted that, due to their selective nature, assay results from grab samples noted may not be representative of the overall grade and extent of mineralization in the subject areas. All drill core assays, and trench results noted above are presented in core/sample lengths as at this time there is insufficient data with respect to the orientation of the mineralized intersections to calculate true widths.

• At Amanita property, Alaska:

• A high-resolution drone magnetic survey (443.6 line km) over the entire property at 50 m line spacing with selected areas flown at a 25 m line spacing.
• A helicopter-borne LiDAR survey over the entire property.
• Nine HQ-diameter oriented core holes were drilled in 2021 for a total of 1,945 m.
• Gold mineralization was encountered in all holes with highlights as follows:

• 22.72 m of 3.11 g/t Au (includes 12.87 m of 6.23 g/t Au) in Hole AM20-02 (this intersection occurs approximately 60 m below Trench D-West, which returned 27.0 m of 4.22 g/t Au).
• 24.21 m of 1.30 g/t Au in hole AM20-03, approximately 60 m below surface, that includes a higher grade intersection of 5.77 m of 2.64 g/t Au.

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• • 2.93 m of 4.26 g/t Au in Hole AM-20-08, approximately 10 m below surface, including 1.50 m of 8.07 g/t Au.
• Drill hole and surface trench structural analysis was completed detailing the structural controls to the gold mineralization and outlined additional targets that could potentially expand on the gold mineralization encountered above. A drill program has been outlined that will be executed at a later date to expand on the known gold mineralization.

• At Amanita NE property, Alaska ("Amanita NE")

In late December 2021 a ground penetrating radar ("GPR") survey was completed in the southwest portion of the Amanita NE property in order to test the potential to use GPR as a tool to determine the overburden's depth to bedrock and identify paleo-river channels known to host placer gold deposits in the Fairbanks camp. The area selected for the GPR survey was drilled by an RC rig in 2004 and was known to have demonstrated potential for placer gold. The GPR test clearly identified the depth to bedrock and showed a dip in the reflective layers where a gold-bearing channel was anticipated indicating that, in this case, GPR may be an effective tool to scout for other paleo-placer channels on the property.

• DISCUSSION AND ANALYSIS

4.1 BACKGROUND The Company

Avidian was incorporated pursuant to the provisions of the British Columbia Business Corporations Act on September 24, 2013. The Company was continued into the Province of Ontario on October 20, 2020. The registered head office of the Company is located at 18 King Street East, Suite #902, Toronto, Ontario, M5C 1C4.

Avidian is in the business of acquiring and exploring gold projects. At present date, the Company has acquired the rights to explore four gold properties in the United States of America and has significant influence over High Tide Resources Corp. which holds the right to explore three properties in Eastern Canada.

HIGH TIDE RESOURCES CORP. ("High Tide")

The Company owns 21,842,020 common shares of High Tide. At December 31, 2022 the common shares have a fair market value of $1,773,853.

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Additional information related to the Company and its subsidiaries is available on its website at www.avidiangold.com.

Directors, Officers, and Management

Stephen Roebuck - President and Chief Executive Officer, Director

Dino Titaro - Director and Chairman

James Polson - Independent Director

Stephen Altmann - Independent Director

Rick Winters - Independent Director

Donna McLean - Chief Financial Officer

John Schaff - Vice President, Exploration

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Corporate Office

Suite 902 - 18 King St. East

Toronto, ON M5C 1C4

Tel. [phone]

Email: [e-mail] website:http://avidiangold.com

Exchange Listing

The Company's common shares ("Common Shares") are traded on the TSX Venture Exchange ("TSX- V") under the symbol AVG.

Nature of Operations and Company Focus

Avidian is in the business of acquiring and exploring gold and non-precious projects. As of December 31, 2022, the Company has acquired the rights to explore four gold properties in the United States of America ("United States") and has significant influence over High Tide, which holds the right to explore the Labrador West property in Labrador and Newfoundland, the Big Bang property in Ontario and the Clearcut and Lac Pegma properties in Quebec, Canada.

Avidian operates directly in two United States jurisdictions: Alaska and Nevada and indirectly in Canada.

In the United States, the Company is engaged, through its 100% interest in Avidian Gold US Inc. and Avidian Gold Alaska Inc. in the acquisition and exploration of resource properties. Avidian holds properties in Alaska and Nevada, two major gold-producing areas. To date the exploration focus has been primarily on the more advanced Golden Zone property in Alaska.

In Canada, Avidian's 28% owned High Tide has rights to an iron ore project in Labrador and Newfoundland, a copper-nickel-cobalt sulphide deposit located in Quebec and lithium projects in Quebec and Ontario.

High Tide Resources Update

In late April 2022, the Company, along with its contractors and consultants, mobilised and commenced a drill program with the goal of completing a maiden mineral resource estimate ("MRE") for the Labrador West iron ore project. Seven drill holes totaling ~2300 m of HQ diameter core was drilled during the program with the drill core being logged and sampled at the Company's core logging facility in Labrador City, Labrador. Samples were shipped to Activation Laboratories located in Ancaster, Ontario with the first set of assays released via press release dated August 10, 2022.

The Company is encouraged by the assay results as they continue to outline a large at-surface oxide iron formation that was first recognized and drilled by Rio Tinto in 2010 through 2012 (18 holes for ~4200m) and confirmed by the Company in 2020 by drilling four holes for a total of 1000m. To date, over 7500m of core has been drilled on the property with a large portion of that to be utilised for the upcoming MRE.

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