GoGold Resources : Fiscal 2023 Q3 MD&A2023

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended June 30, 2023

2023 THIRD QUARTER MANAGEMENT'S DISCUSSION AND ANALYSIS

TABLE OF CONTENTS

TABLE OF CONTENTS	2
OVERVIEW	3
RECENTHIGHLIGHTS	3
ENVIRONMENTAL, SOCIAL ANDGOVERNANCE("ESG")	5
SUMMARY OF QUARTERLY RESULTS	6
OPERATIONAL UPDATE - PARRAL	8
LOS RICOS	9
LIQUIDITY AND CAPITAL RESOURCES	29
CONTRACTUAL OBLIGATIONS	29
OUTSTANDING SHARE DATA	30
OFF-BALANCESHEET ARRANGEMENTS	30
CRITICAL ACCOUNTING ESTIMATES AND CHANGE IN ACCOUNTING POLICIES	30
FINANCIAL INSTRUMENTS AND OTHER RISKS	30
NON-IFRSMEASURES	32
INTERNAL CONTROLS OVER FINANCIAL REPORTING	35
FUTURE OUTLOOK	35
FORWARD-LOOKINGSTATEMENTS	35
TECHNICAL INFORMATION	36
OTHER INFORMATION	36

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2023 THIRD QUARTER MANAGEMENT'S DISCUSSION AND ANALYSIS

This Management's Discussion and Analysis ("MD&A") of the financial position and results of operations is prepared as at August 8, 2023 for the quarter ended June 30, 2023 and should be read in conjunction with the unaudited condensed consolidated interim financial statements for the quarter ended June 30, 2023 and the notes thereto for GoGold Resources Inc. (the "Corporation"), as well as in conjunction with the Corporation's annual MD&A and audited annual consolidated financial statements for the year ended September 30, 2022.

The Corporation's unaudited condensed consolidated interim financial statements for the three and nine months ended June 30, 2023 have been prepared in accordance with IAS 34, Interim Financial Reporting ("IAS 34"). Except as otherwise disclosed, all dollar figures included therein and in the following MD&A are quoted in thousands of United States dollars ("USD"), with the exception of per ounce costs which are quoted in United States dollars. Additional information relevant to the Corporation's activities can be found on SEDAR at www.sedar.com.

This MD&A contains certain Forward-Looking Statements as disclosed on page 36 of this document, and Non-IFRS measures including cash cost per silver ounce, adjusted cash cost per silver ounce, cash cost per silver equivalent ounce, adjusted cash cost per silver equivalent ounce , adjusted all in sustaining cost ("Adjusted AISC"), all in sustaining cost ("AISC"), and Parral free cash flow which are reconciled to IFRS on page 33 of this document.

OVERVIEW

GoGold Resources Inc. is a Canadian corporation principally engaged in the exploration, development, and production of silver and gold in Mexico. The Corporation's common shares are listed on the Toronto Stock Exchange trading under the symbol GGD, and the OTCQX market in the United States under the symbol

GLGDF.

The Corporation operates the Parral Tailings mine ("Parral") located in the state of Chihuahua, Mexico, and the Los Ricos district exploration property ("Los Ricos"), which includes two projects approximately 25 kilometres apart - Los Ricos South ("LRS") and Los Ricos North ("LRN"), which are located in the state of Jalisco, Mexico.

RECENT HIGHLIGHTS

On May 17, 2023, the Corporation announced the results of its initial preliminary economic assessment ("PEA") at LRN. This is the Corporation's second PEA completed within Los Ricos, in addition to the LRS PEA completed in January 2021, with an updated Mineral Resource Estimate ("MRE") and PEA for LRS expected to follow this summer.

Highlights of the PEA, with a base case silver price of US$23/oz and gold price of US$1,800/oz are as follows:

• After-TaxNPV (using a discount rate of 5%) of $413,000 with an After-Tax IRR of 29% (Base Case);
• 13-yearmine life producing a total of 110.3 Million payable silver equivalent ounces ("AgEq"), consisting of 68.0 Million silver ounces, 221,700 gold ounces, 22.8 Million pounds of copper, 144.1 Million pounds of lead and 242.2 Million pounds of zinc;
• Initial capital costs of $220,649, including $28,780 in contingency costs, over an expected 18 month build, additional expansion capital of $137,024, and sustaining capital costs of $5,750 over the life of mine ("LOM");
• Average LOM operating cash costs of $9.50/oz AgEq, and all in sustaining costs ("AISC") of $9.68/oz AgEq

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2023 THIRD QUARTER MANAGEMENT'S DISCUSSION AND ANALYSIS

• Average annual production of 8.8 Million AgEq oz in years one through twelve;
• Approximately 3/4 of LOM production is from four open pits containing oxide mineralization and approximately 1/4 is from a separate open pit which contains only sulphide mineralization.

On July 12, 2023, the Corporation reported on a planned zinc circuit addition to the SART plant at Parral. The Corporation has completed bench scale and in-field heap leach testing that has demonstrated that an addition of a zinc circuit to the SART plant should produce a saleable zinc product and more importantly regenerate cyanide that is expected to increase cash flow at Parral. Additional details regarding this are included in the Parral section below.

At Los Ricos, the Corporation is focusing on the completion of a revised MRE and updated PEA at LRS this summer. This updated PEA and MRE for LRS would include the effects of the Eagle concession ("Eagle"), as this was acquired subsequent to the release of the initial MRE at LRS. The Corporation's technical team also continues to work towards the release of a pre-feasibility study ("PFS") and final engineering study at LRS, with both to be completed by the end of 2023.

The Corporation released the positive results of the drilling campaign at the Eagle concession, located within LRS, in 2023 on May 31, May 3, April 19, March 29, March 8, February 22, and January 23. Highlights of the drilling include the highest grade drill hole to date at Los Ricos - hole LRGAG-22-118 which intercepted 55.0m of 2,738 g/t silver equivalent ("AgEq"), containing 20,715 g/t AgEq over 7.0m, including an extremely high grade intercept of 63,658 g/t AgEq over 2.0m. The Eagle represents an extension to the previously defined MRE at LRS, upon which the January 20, 2021 PEA was released. The Corporation also released drilling results from the Eagle on November 2, November 16, and November 30, 2022. Following are highlights of the drilling to date:

• 63,658 g/t AgEq over 2.0m contained in 7.0m of 20,715 g/t AgEq, within 55.0m of 2,738 g/t AgEq
• 46,822 g/t AgEq over 0.8m contained in 7.8m of 6,334 g/t AgEq, within 50.0m of 1,126 g/t AgEq
• 20,269 g/t AgEq over 0.7m contained in 11.9m of 2,260 g/t AgEq, within 72.6m of 461 g/t AgEq
• 21,580 g/t AgEq over 0.9m contained in 11.5m of 3,047 g/t AgEq, within 110.6m of 388 g/t AgEq
• 1,444 g/t AgEq over 15.0m contained in 68.0m of 428 g/t AgEq
• 977 g/t AgEq over 14.1m contained in 42.2m of 417 g/t AgEq
• 3,482 g/t AgEq over 2.7m contained in 23.3m of 617 g/t AgEq
• 4,895 g/t AgEq over 0.6m contained in 65.8m of 210 g/t AgEq

In addition to the Eagle drilling campaign, the Corporation is also completing a drilling program at the LRS Main Deposit, with releases from this program in 2023 on July 19, March 29, March 8, February 22, and January 23. The purpose of the program is to better define the very high grade portions of the current deposit that may be amenable to bulk underground mining. The Company is carrying out a trade-off study to better define the portion of the deposit that could be mined in a lower strip ratio pit and the portion that would best be mined in more selective bulk underground mining. These holes are in addition to those drilled in 2019 and 2020 which formed part of the initial resource upon which the PEA was based. The Corporation released additional drilling results from this program on November 16 and November 30, 2022. Highlights of the drilling released to date are as follows:

• 11,103 g/t AgEq over 1.0m contained in 3.0m of 4,852 g/t AgEq, within 33.2m of 513 g/t AgEq
• 4,298 g/t AgEq over 2.5m contained within 15.0m of 828 g/t AgEq
• 4,081 g/t AgEq over 2.3m contained within 14.0m of 706 g/t AgEq
• 1,143 g/t AgEq over 1.8m contained within 21.7m of 250 g/t AgEq
• 3,323 g/t AgEq over 0.9m contained within 29.4m of 202 g/t AgEq

Additional details around Los Ricos, including details of all drilling at LRS released subsequent to the initial MRE, are provided in the Los Ricos section beginning on page 12.

On February 8, 2023, the Corporation closed a bought deal whereby a syndicate of underwriters purchased 28,900,000 common shares at a price of $2.25 CAD per share for net proceeds of $45,362 after share issuance

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2023 THIRD QUARTER MANAGEMENT'S DISCUSSION AND ANALYSIS

costs of $3,062. The Corporation intends to use the net proceeds of the offering to support the continued advancement of the LRN and LRS projects.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE ("ESG")

The Corporation's ESG Committee continues to work towards improving the policies and procedures in the Company focussing on four key pillars - employees, communities, environment, and values and ethics. The Corporation is undertaking research on best practices of industry peers, as well as more senior mining companies and companies external to the industry in an effort to continuously improve in these areas. Additionally, the ESG Committee is focussed on completing the Corporation's third annual sustainability report which will be released later in the year with more details on the Corporation's ESG activities.

On October 5, 2022, the Corporation announced its second annual sustainability report which set out the Corporation's performance and achievements with respect to its ESG practices. The Corporation's vision, as outlined in the report, is to achieve a balance between economic prosperity, environmental conservation, and social responsibility in all of its operations, and to create a lasting positive impact on the communities in which the Corporation operates.

Highlights of the report are as follows:

• 0.006 tCO2e per oz of silver equivalent produced
• 0.004 tCO2e per tonne of ore processed
• 9,500 hours of safety and professional development training
• Awarded the ESR distinction (Empresa Socialmente Responsables - Corporate Social Responsibility)
• $17,100 spent in local purchases, including $422 in community investment
• Appointment of Karen Flores as Director and head of the ESG Committee, which was formed in March 2022
• Adoption of the following policies respecting ESG matters to operationalize its commitment to ESG matters:
  o Water Resources Policy, reflecting the Corporation's commitment to water stewardship by protecting and sustainably managing water in the Corporation's operations and the water shared with local communities.
  o Climate Change Policy, which was created to minimize the Corporation's climate change impact by reducing greenhouse gas emissions from the Corporation's operations and across the Corporation's supply chain.
  o Environmental Policy, through which the Corporation will reduce and mitigate its environmental impact on soil and water, air, biodiversity and waste.
  o Human Rights Policy, codifying the Corporation's commitment to uphold the best practices on human rights as informed by the United Nations Guiding Principles on Human Rights.
  o Diversity, Equity and Inclusion Policy, which recognizes that a working environment that is free of discrimination and offers everyone equal opportunities to reach their potential is critical to the success of the Corporation's business, and that diversity, equity and inclusion is a key pathway to create organizational value.

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