C2C Gold : For year ended December 31, 2021

C2C Gold Corp.

(formerly Taku Gold Corp.)

(An Exploration Stage Company)

Management's Discussion and Analysis

For the years ended December 31, 2021

C2C GOLD CORP. (FORMERLY TAKU GOLD CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE YEAR ENDED DECEMBER 31, 2021

GENERAL

The following management's discussion and analysis ("MD&A") of C2C Gold Corp. (formerly Taku Gold Corp.) (the "Company"), has been prepared by management in accordance with the requirements of National Instrument 51-102 as of April 18, 2022. This MD&A should be read in conjunction the audited financial statements for the years ended December 31, 2021 and 2020 and the accompanying notes thereto, all have been prepared in accordance with

International Financial Reporting Standards ("IFRS"). The information contained herein is not a substitute for detailed investigation or analysis on any particular issue. The information provided in this document is not intended to be a comprehensive review of all matters and developments concerning the Company. The Company is presently a "Venture Issuer" as defined in National Instrument 51-102. Additional information relevant to the Company's activities can be found on SEDAR atwww.sedar.com and the Company's website atwww.c2cgold.com.All amounts are expressed in Canadian dollars unless otherwise indicated.

The following MD&A includes certain statements that are considered forward-looking statements. Please refer to "Forward-Looking Information" for a discussion on the risks and uncertainties related to such information.

COMPANY BACKGROUND

The Company was incorporated on July 19, 1999, under the laws of the province of British Columbia, Canada, and its principal activity is acquisition and exploration of mineral properties in Canada. The Company is a reporting issuer in the provinces of Alberta and British Columbia. Effective November 25, 2020, reflecting the Company's new focus in Newfoundland, the Company changed its name from Taku Gold Corp. to C2C Gold Corp. The Company is currently trading under the ticker symbol "CTOC" (formerly "TAK") on the Canadian Securities Exchange ("CSE") and "CTCGF" (formerly "TAKUF") on the OTCQB.

CORPORATE HIGHLIGHTS

In April 2022, the Company granted an aggregate of 1,830,000 stock options to certain directors, officers and consultants at an exercise price of $0.23 per common share for a period of three years.

In March 2022, the Company completed a private placement and issued 8,360,888 units (the "Units") at a price of $0.18 per Unit and 915,000 flow-through units (the "FT Units") at a price of $0.22 per FT Unit, for total gross proceeds of $1,706,260. Each Unit is comprised of one common share of the Company (a "Share") and one-half of one common share purchase warrant (each whole warrant a "Warrant"). Each Warrant entitles the holder to purchase one Share at an exercise price of $0.25 per Share for a period of two years from the closing of the private placement. Each FT Unit is comprised of one Share issued on a flow-through basis pursuant to the Income Tax Act (Canada), and one-half of a Warrant. In connection with the private placement, the Company paid finders' fees of $116,064 and issued 560,972 finders' warrants. Two directors of the Company participated in the private placement for 112,000 Units for proceeds of $20,160.

In November 2021, Jeananne Hauswald was appointed as the director of the Company. She is the Managing Partner of

Solo Management Group and has more than 25 years' experience in the investment management, corporate finance, strategic planning and human resource fields. She has previously served as a director of NYSE-listed companies. Patricia Wilson resigned as the director of the Company.

In October 2021, Chris Buchanan was appointed as the Chief Geologist of the Company. He is a structural geologist with over 24 years of mineral exploration, mining project evaluation, geological modeling, technical writing, and mine development experience throughout Newfoundland, Yukon, British Columbia, the Trans-Hudson orogenic belt, South America, Mexico, and Australia.

In August 2021, the Company confirmed funding from the Government of Newfoundland and Labrador's Junior

Exploration Assistance Program.

In August 2021, the Company entered into an option and joint venture agreement with Buchans Resources Limited to have the option to acquire up to a 70% interest in mineral claims covering the Lake Douglas and South Tally properties.

1

C2C GOLD CORP. (FORMERLY TAKU GOLD CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE YEAR ENDED DECEMBER 31, 2021

In June 2021, the Company acquired a 100% interest in mineral licenses covering Jumpers Brook, Rocky Pond and Burnt Lake properties as well as additional mineral licenses within the Barrens Lake property area.

In June 2021, Weiting (Camille) Zhou was appointed as the Chief Financial Officer of the Company. Scott Davis resigned as the Chief Financial Officer of the Company.

In May 2021, the Company acquired a 100% interest in mineral licenses covering Tom Joe and Rocky Brook properties.

In May 2021, the Company granted 580,000 stock options to certain officers, directors and consultants at an exercise price of $0.42 per common share for a period of three years.

In May 2021, the Company completed a private placement of 16,450,000 units of the Company at a price of $0.16 per unit for gross proceeds of $2,632,000. Each unit is comprised of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of $0.20 for a period of two years from the closing date.

In March 2021, Richard Goldfarb was appointed as a director of the Company. He is a globally recognized expert on orogenic gold deposits having served 36 years with the U.S. Geological Survey's Mineral Resources Program. He is a Research Professor at the Colorado School of Mines; Adjunct Professor, University of Western Australia; and a Distinguished Overseas Professor at China University of Geosciences, Beijing, China, as well as a private consultant.

MINERAL PROPERTIES

The Company's principal business activity is acquiring and developing mineral properties in Canada, with a focus in Newfoundland. The Company holds a portfolio of properties located in Newfoundland and Yukon and one property in British Columbia as described below. Additional information on carrying values of the properties and any remaining underlying obligations can be found in Note 6 of the Company's financial statements.

Newfoundland Gold Projects

Badger, Millertown and Barrens Lake Properties

On October 30, 2020, the Company entered into three separate option agreements with Shawn Ryan and Wildwood Exploration Inc., together the "Optionors," to acquire a 100-per-cent interest in three properties located in the Central Newfoundland Gold Belt.

The three properties, Badger, Millertown and Barrens Lake, total 1,974 claims and cover more than 493 square kilometers providing the Company with a large land position in Newfoundland. These projects were selected based on gold-in-till and gold-in-soil anomalies combined with favorable rock types, geophysics and structural interpretation. The projects are located in the Central Gold Belt of Newfoundland, situated within the Exploits Subzone of the broader Dunnage tectonostratigraphic zone. The properties are located in a regional northeast trending structural zone bound to the northwest by the RIL and to the south by the Valentine Lake Shear Zone that is host to orogenic-style epizonal, structurally-controlled gold-bearing quartz veins and stockworks.

Companies working on active gold projects within this belt and the broader Exploits Subzone have noted the similarity in geological setting and character with both the Abitibi greenstone belts in Ontario and Quebec, Canada and the Bendigo-Fosterville deposits in Australia. Government reports enhanced by work completed by prospectors and public companies have shown, in many instances, gold-in-till anomalies are related to underlying gold-in-soil anomalies which are more directly linked to underlying bedrock gold occurrences.

All three properties are at an early stage of exploration with till, lake and stream samples, limited soil samples and some geophysics having been completed in the past.

The Badger property consists of 712 mineral claims located 7 km from the community of Badger and is proximal to Great Atlantic Resources' Golden Promise property, host to the Jaclyn gold deposit. The Trans-Canada Highway provides general access to the Badger area which hosts a network of Forest Service Roads. The property is made up of four licenses holding 712 mineral claims. The Badger property covers anticlinal structures, as indicated by government bedrock geology maps and aeromagnetic geophysical surveys. A limited amount of historical base metal exploration was conducted on the Badger property, mainly for copper and nickel associated with gabbro sequences. Historical

2

C2C GOLD CORP. (FORMERLY TAKU GOLD CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE YEAR ENDED DECEMBER 31, 2021

government and company till sampling over the Badger property shows gold-in-till anomalies on the Badger property associated with regional anticline and syncline structures.

The Millertown property consists of 908 mineral claims located less than 10 km from the towns of Millertown and Buchans Landing and 60 km from the larger town of Grand Falls-Windsor. Access to the Millertown property is through a series of Forest Service Roads and is made up of six licenses holding a total of 908 mineral claims. The Millertown property has seen limited historical mineral exploration. Regional till sampling shows multi-element gold, antimony, arsenic, and lead anomalies. Soil sampling by the vendor has established areas of anomalous gold-in-till and gold-in-soil coincident with structures identified from geophysics.

The Barrens Lake Property consists of 354 mineral claims located 12 km southwest from the Millertown property with existing road access to the 354 mineral claims. There are no recorded mineral occurrences on the Barrens Landing property however government till sampling shows anomalous gold-in-till samples trending across the Barrens Lake property.

Pursuant to each of the Badger Option and Barrens Lake Option agreements, the Company may acquire the Badger Property and the Barrens Lake Property, respectively, in each case for consideration consisting of cash payments of $250,000 and the issuance of 2,200,000 common shares of the Company to the Optionors, and by incurring property expenditures of $1,000,000, over a period of 5 years. The Badger Option and Barrens Lake Option agreements also each provide for a 2% net smelter return ("NSR") royalty on the optioned property in favour of the Optionors. The Company may elect to reduce the NSR royalty to 1% by paying the Optionors $2,500,000.

Pursuant to the Millertown Option, the Company may acquire the property in consideration for cash payments of $500,000 and the issuance of 3,000,000 common shares of the Company to the Optionors, and by incurring property expenditures of $1,500,000, in each case over a period of 5 years. The Millertown Option agreement also provides for a 2% NSR royalty on the property in favour of the Optionors. The Company may elect to reduce the NSR royalty to 1% by paying the Optionors $2,500,000.

In December 2020, the Company acquired, through staking, an additional 523 claims (94 claims added to Badger, 195 claims added to Millertown and 234 claims to Barrens Lake).

In January 2021, the Company added, through staking an additional 1,006 claims to its Badger property. In relation to the staking, the Company issued an additional 500,000 shares and will issue an additional 500,000 shares (issued) at the First Anniversary of the original Badger Option agreement.

In February 2021, the Company acquired, through staking, additional 229 sq. km (916 claims) in the Central Newfoundland Gold Belt and an additional 186 claims in March 2021.

In July 2021, the Company acquired a 100% ownership of two non-contiguous infill mineral licenses (7 claims and 11 claims) within the Company's Barrens Lake property area by paying $20,000 cash and issuing 200,000 common shares to the vendor. The vendor retains a 2% NSR royalty, of which the Company can purchase 1% at any time for $1,000,000.

The Company controls mineral exploration land packages in Central Newfoundland Gold Belt, covering 1,158 sq km (4,635 claims). The Badger property consists of 1,910 claims (477.5 sq km), Millertown consists of 1,569 claims (392.3 sq km) and Barrens Lake consists of 1,144 claims (286.0 sq km).

Tom Joe and Rocky Brook Properties

The Tom Joe and Rocky Brook properties are adjacent to the Company's Badger property in the Central Newfoundland Gold Belt. The Tom Joe property consists of 2 mineral licenses with 10 claims and the Rocky Brook property consists of 2 mineral licenses with 2 claims. In May 2021, the Company acquired a 100% ownership interest of the mineral licenses by paying $25,000 cash and issuing 200,000 common shares. The properties are subject to a 2.0% NSR royalty, of which the Company can purchase 1.0% at any time for $500,000.

Jumpers Brook Property

The Jumpers Brook property consists of two mineral licenses with 20 claims, located adjacent to, and on trend, with Sokoman Minerals Corp.'s Moosehead gold project in the Central Newfoundland Gold Belt. In June 2021, the Company acquired a 100% ownership interest of the Jumpers Brook mineral licenses by paying $65,000 cash and issuing 600,000

3

C2C GOLD CORP. (FORMERLY TAKU GOLD CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE YEAR ENDED DECEMBER 31, 2021

common shares. The property is subject to a 2% NSR royalty, of which the Company can purchase 1% at any time for $1,000,000.

Rocky Pond and Burnt Lake Properties

The Rocky Pond and Burnt Lake properties located 70km northeast of the Company's Badger, Millertown, and Barrens

Lake projects in the Central Newfoundland Gold Belt. The Rocky Pond property consists of 3 mineral licenses with 21 claims and the Burnt Lake property consists of 1 mineral license with 4 claims. In June 2021, the Company acquired a 100% ownership interest of the mineral licenses by paying $70,000 cash and issuing 700,000 common shares. The properties are subject to a 2% NSR, of which the Company can purchase 1% at any time for $1,500,000.

Lake Douglas and South Tally Properties

The Lake Douglas property consists of 87 claims and covers the on-strike trend of gold-bearing structures at Marathon Gold Corporation's Valentine project, located 15 km on strike to the southwest. The South Tally property consists of 277 claims and is contiguous with the southeast boundary of Company's Barrens Lake property. In August 2021, the Company entered into an option and joint venture agreement (the "JV Agreement") with Buchans Resources Limited ("Buchans") whereby Buchans will grant the Company an option to acquire up to a 70% ownership interest in 364 mineral claims covering these two properties (the "Properties"). Pursuant to the JV Agreement, the Company will exercise an initial option (the "First Option") to earn a 51% ownership interest in the Properties by issuing 100,000 common shares

(issued) to Buchans and incur exploration expenditures of $1,500,000 over a four-year period. A joint venture is formed with the Company owning 51% and Buchans owning 49% upon completion of the First Option. If Buchans elects not to participate in the joint venture, the Company will have the right to exercise a second option to earn an additional 19% ownership interest by incurring additional exploration expenditures in the minimum of $1,000,000 on the Properties on or prior to the date that is five years from the date of the JV Agreement. The JV Agreement also contains a provision where if a base-metal dominant area is identified, then Buchans would become the operator of this base metal joint venture with Buchans owning 70% and the Company owning 30%. Dilution of either party's joint venture interest to below 10% will result in that party's joint venture interest converting to a 2% NSR royalty, of which the majority joint venture interest owner can purchase 1% for $1,500,000.

Exploration updates:

In January 2022, the Company announced the discovery of visible gold in quartz vein float at its Millertown property. The previously undocumented showing, now named the Atlas Zone, is easily accessible being located one km from the Buchans Highway and 16 km south of the town Badger. Quartz vein float samples returned up to 5.37 g/t gold. Metallic screen analysis of the samples is underway.

In December 2021, the Company commenced an excavator trenching program at the Lake Douglas property. The trenching program follows prospecting, rock sampling, and geological mapping activities focused on the northwest part of the property.

In November 2021, the Company identified multiple drill-ready gold targets from numerous strong gold-in-soil anomalies located at its Millertown project in the Central Newfoundland Gold Belt. Four of seven grids in total are herein reported, representing ~9,000 of the ~12,000 soil samples gathered at the Millertown project. Ten distinct gold anomalies measuring from 0.9 km to 1.7 km in length along strike have been identified within the four grids.

Gold values in soil samples include three samples assaying greater than 300 ppb gold and 111 samples assaying greater than 19.4 ppb gold with 480 samples returning greater than 14.1 ppb gold. Arsenic and antimony are coincident with gold-in-soil anomalies where concentrations of these pathfinder elements are elevated. Notably, a number of the gold anomalies defined at Millertown remain open to expansion as they trend off the edge of the sampling grids with additional soil sampling defining the limits of these open-ended anomalies.

In October 2021, the Company identified multiple drill-ready gold targets from its 2021 soil sampling program, at the Barrens Lake property in the Central Newfoundland Gold Belt.

A total of 3,143 soil samples were collected over four grids, A-D, with line spacing ranging from 100 m to 300 m and samples collected every 25 m. Gold values in soil samples ranged from below detection (<0.5 ppb) to 1,234 ppb gold, with two samples assaying greater than 1,000 ppb gold and 100 samples assaying greater than 19.9 ppb gold. A total of 166 samples returned greater than 14.1 ppb gold (95th percentile). Arsenic and antimony are coincident with gold-in-

4