Bravada Gold : MD&A Q4-2021

1100 - 1199 West Hastings Street,

Vancouver, BC, V6E 3T5

Tel: [phone]

Management's Discussion and Analysis

For the Year Ended July 31, 2021

Dated: November 24, 2021

A	Introduction	2
B	Qualified Person	2
C	Foreign Exchange Information and Conversion Tables	2
D	Summary of Mineral Properties	3
E	Results of Operations	9
F	Summary of Quarterly Results	9
G	Fourth Quarter	10
H	Summary of Annual Information	10
I	Related Party Transactions	11
J	Financial Condition, Liquidity and Capital Resources	12
K	Financial Instruments	12
L	Outstanding Equity and Convertible Securities	13
M	Events After the Reporting Period and Outlook	14
N	Off-balance Sheet Arrangements	14
O	Disclosure Controls and Procedures	14
P	Risks and Uncertainties	14
Q	Proposed Transactions	17
R	Forward-Looking Statements	17

Bravada Gold Corporation

(An Exploration Stage Company)

Management's Discussion and Analysis

For the Year Ended July 31, 2021

1. Introduction
   The following Management's Discussion and Analysis ("MD&A") of the consolidated operating results and financial condition of Bravada Gold Corporation (the "Company") is for the year ended July 31, 2021, and is dated November 24, 2021. This MD&A was prepared to conform to National Instrument 51-102F1 and was approved by the Board of Directors prior to its release.
   This analysis should be read in conjunction with the Company's audited consolidated financial statements for the year ended July 31, 2021, and the accompanying notes, which have been prepared in accordance with International Financial Reporting Standards ("IFRS").
   The Company's shares trade on the TSX Venture Exchange ("BVA"), on the Stuttgart Exchange ("BRTN") and on the OTCQB Marketplace ("BGAVF").
   The Company's functional and reporting currency is the Canadian dollar and all dollar amounts included herein are in Canadian dollars, unless otherwise indicated.
   Additional information relating to the Company is available on the Company's website at www.bravadagold.comand on SEDAR at www.sedar.com
2. Qualified Person
   Joseph A. Kizis, Jr., AIPG Certified Professional Geologist No. CPG-11513, is the qualified person under National Instrument 43-101 ("NI 43-101") responsible for the technical information included in this MD&A. Mr. Kizis graduated from University of Colorado (M.S. in Geology) and Kent State University (B.S. in Geology), and has many years of experience in minerals exploration both with major mining and junior exploration companies.
3. Foreign Exchange Information and Conversion Tables
   For ease of reference, the following information is provided:

Canadian Dollars per US Dollar

	Year
	Ended
	July 31,
	2021	2020
Rate at end of period	1.2477	1.3384
Average rate for period	1.2741	1.3461

	Conversion Table
	Imperial		Metric
1	Acre	=	0.404686	Hectares
1	Foot	=	0.304800	Meters
1	Mile	=	1.609344	Kilometres
1	Ton	=	0.907185	Tonnes
1	Ounce (troy)/ton	=	34.285700	Grams/Tonne

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Bravada Gold Corporation

(An Exploration Stage Company)

Management's Discussion and Analysis

For the Year Ended July 31, 2021

C. Foreign Exchange Information and Conversion Tables, continued

Precious metal units and conversion factors

ppb	- Part per billion	1	ppb	=	0.0010	ppm	=	0.000030	oz/t
ppm	- Part per million	100	ppb	=	0.1000	ppm	=	0.002920	oz/t
oz	- Ounce (troy)	10,000	ppb	=	10.0000	ppm	=	0.291670	oz/t
oz/t	- Ounce per ton (avdp.)	1	ppm	=	1.0000	ug/g	=	1.000000	g/tonne
g	- Gram
g/tonne	- gram per metric ton	1	oz/t	=	34.2857	ppm
mg	- milligram	1	Carat	=	41.6660	mg/g
kg	- kilogram	1	ton (avdp.)	=	907.1848	kg
ug	- microgram	1	oz (troy)	=	31.1035	g

1. Summary of Mineral Properties
   The Company's principal business activities include the acquisition, exploration, and development of natural resource properties for enhancement of value and disposition pursuant to sales agreements or development by way of third-party option and/or joint venture agreements.
   The Company's primary focus has been the exploration for precious metals in Nevada where it currently holds 10 exploration and development properties, a strong presence with 810 claims for a total of approximately 6,500 hectares (16,200 acres). The Company also owns a retained royalty in the Drayton project, an Archaean gold property located in Ontario, Canada.
   Wind Mountain
   Wind Mountain is a low-sulphidation-type gold and silver property consisting of 124 claims (approximately 1,000 hectares) located within the highly prospective Walker Lane Gold trend approximately 160 kilometres northeast of Reno, Nevada with good road access and power.
   Four reverse-circulate holes were drilled at the Feeder Target during December 2020 for a total of 1,272.5 metres as a test of a possible feeder zone of this large hydrothermal system. Hole WM20- 102 is most interesting, containing 1.5 metres of 0.404 g/t Au and 269.0 g/t Ag (approximately 4.247g/t Au-eq) within a thicker interval of quartz veining with anomalously high gold and silver mineralization. The Company believes this vein intercept may overlie much higher-grade gold and silver mineralization deeper in the vein.
   In May/June 2021, the Company completed 2,186.8 metres of reverse-circulation drilling in 17 holes at two target areas. A total of 13 holes (1,324.3 metres) tested portions of the existing oxide resource where shallow, higher-than-average gold and silver grades are expected. Four holes, totaling 862.5 metres, further tested the Feeder Target and intersected quartz veining beneath surface overburden and mine waste, extending the strike length of the vein zone to more than 330m. All four of the exploration holes at the Feeder Target encountered encouraging gold and silver assays associated with vein textures ranging from delicate banding to strong hydrothermal brecciation, and with some chips exhibiting quartz-after-calcite boiling texture; however, all drill holes shallowed and tested the vein system shallower or at the same elevation as WM20-102.

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Bravada Gold Corporation

(An Exploration Stage Company)

Management's Discussion and Analysis

For the Year Ended July 31, 2021

1. Summary of Mineral Properties, continued
   Wind Mountain, continued
   Additional drill sites are being permitted that will allow a better drill orientation to test the vein system at an appropriate depth.
   The Company also believes that with increased gold and silver prices, a re-assessment is justified of the shallow and oxidized, disseminated gold and silver resources on the property. Several areas were identified that could inexpensively add higher-grade mineralization to existing resources. Nine holes of the 13-hole,In-fill program returned near-surface, thick zones of oxidized gold and silver with higher grades than estimated for those areas in the 2012 Resource Estimate/PEA, confirming our 3D geologic model. The program focused on a shallow portion of the 2012 Resource with strongly oxidized mineralization that is exposed in surface outcrops and in the small Breeze open pit (Amax 1990's). Disseminated gold and silver mineralization occurs in multiple, gently south-dipping mineralized horizons. Higher grades occur within the disseminated horizons along several northeast, north, and northwest fracture zones. Within these fracture zones are narrow intercepts of much higher grades of gold and silver mineralization, often with 1.5m and longer drilled intervals returning 1 to +10 grams gold per tonne (g/t) and 50 to +300g/t silver.
   The 2012 independent resource estimate and PEA reported:
2. • 570,000 ounces of gold and 14.7 million ounces of silver in the Indicated category, and
   • 354,000 ounces of gold and 10.1 million ounces of silver in the Inferred category.

The positive 2012 PEA utilized a gold price of US$1,300 per ounce of gold and US$24.42 per ounce of silver (being the three-year trailing average prices at the time of the study), indicating the potential to become a near-term producer.

An updated Resource and PEA is being planned for Q1 or Q2 2022.

Highland

Highland consists of 192 claims (approximately 1,550 hectares) located along the Walker Lane Gold trend, south of the Desatoya Mountains caldera and north of the Bruner Gold district.

The property was subject to a joint-venture agreement with Oceana US Holdings Inc., a subsidiary of OceanaGold Corp. ("Oceana"), under which Oceana funded exploration work with the Company acting as operator. During December 2020, Oceana gave notice of termination of the agreement.

Previous drilling intersected significant gold and silver values in this largely gravel-covered, low- sulphidation gold and silver vein system. Field work during 2020 refined several targets in the eastern portion of the property and twelve drill sites were permitted to test two of those targets; however, only the Big Hammer target was funded for drilling. Two core holes were completed on the Big Hammer target, which tested three faults interpreted on CSAMT geophysics as potential hosts to gold mineralization.

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Bravada Gold Corporation

(An Exploration Stage Company)

Management's Discussion and Analysis

For the Year Ended July 31, 2021

1. Summary of Mineral Properties, continued
   Highland, continued
   Assay geochemistry and alteration from the western fault is consistent with shallow levels of low-sulfidation gold mineralization and the Company believes deeper drilling in this area is warranted. Additional field work is necessary to refine drill targets at the Geyser target.
   During June 2021, the Company entered into an earn-in agreement with Headwater Gold Inc. ("Headwater") under which the Company received an initial cash payment of US$10,000. During October 2021, Headwater gave notice of termination of the agreement. Data from the 2021 program has been transferred to the Company and is summarized below but will be evaluated further in detail.
   All four holes in the Western Vein zone returned 1.5 to 9.1 metre intercepts of +0.3 g/t gold and anomalous silver within wider zones of anomalous gold values. Bravada has arranged for several of the vein zones to be re-assayed for gold and silver by preparing a new, 500-gram pulp from rejects to evaluate the possibility of particulate gold issues in the vein zones, which has previously been observed on the property.
   Vein mineralogy and textures, along with very low concentrations of base metals, suggest the intercepts are from shallow levels of the hydrothermal system, likely above any extensive zones of high-grade gold. One hole is north of a post-mineral fault that has down-dropped and offset the main vein zone to the west and may have intersected that zone in the 7.6m interval of 0.425g/t Au and 45.0g/t Ag. A 2006 drill hole, HL-8, is located approximately 400m to the NW along projected strike and may be the further extension of the main vein zone. HL-8 (previously reported) intersected several vein zones including 1.5m of 1.8g/t Au and 74g/t Ag and 7.6m of 0.4g/t Au and 17g/t Ag. Only two other shallow holes have been drilled in this overburden- covered area and both intersected similar gold values in similar shallow-level quartz/carbonate vein material.
   Three holes were drilled in the eastern portion of the property, one on the Big Hammer target and two farther east that tested faults identified by CSAMT geophysics beneath extensive sinter and overburden. Low concentrations of anomalous gold and arsenic were encountered at shallow depths in the two eastern-most holes, but concentrations returned to background levels above the targeted fault intersections. The hole at Big Hammer did intersect a narrow zone of +0.3 g/t gold and widespread anomalous arsenic, but very little quartz veining. The data is consistent with extensive lateral flow in this shallow level of the hydrothermal system.
   Battle Mountain - SF / HC
   SF consists of 66 claims (approximately 530 hectares) located in Eureka County, Nevada in the heart of the Battle Mountain - Eureka Gold trend, approximately 10 kilometres east of the large, high-grade discovery by Barrick Gold Corporation at Goldrush/Fourmile. The Company acquired 37 additional claims (approximately 300 hectares) from a private vendor and staked 9 additional HC claims within that claim group. These HC claims are adjacent to the SF claims and now allow for a more effective exploration program on the combined property position. Soil sampling and possibly IP are planned to refine drill targets.

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