Golden Tag Resources : 1Q 2022 - MD&A

GOLDEN TAG RESOURCES LTD.

INTERIM MANAGEMENT'S DISCUSSION AND ANALYSIS -

QUARTERLY HIGHLIGHTS

THREE MONTHS ENDED MARCH 31, 2022

(EXPRESSED IN CANADIAN DOLLARS)

Golden Tag Resources Ltd.

Interim Management's Discussion & Analysis - Quarterly Highlights

Three Months Ended March 31, 2022

Dated: May 26, 2022

The following interim Management's Discussion and Analysis ("Interim MD&A") of Golden Tag Resources Ltd. (the "Company" or "Golden Tag") for the three months ended March 31, 2022 has been prepared to provide material updates to the business operations, liquidity and capital resources of the Company since its last annual management discussion & analysis, being the Management's Discussion & Analysis ("Annual MD&A") for the year ended December 31, 2021. This Interim MD&A does not provide a general update to the Annual MD&A, or reflect any non-material events since the date of the Annual MD&A.

This Interim MD&A has been prepared in compliance with section 2.2.1 of Form 51-102F1, in accordance with National Instrument 51-102 - Continuous Disclosure Obligations. This discussion should be read in conjunction with the Annual MD&A, audited annual consolidated financial statements of the Company for the year ended December 31, 2021 and year ended December 31, 2020, together with the notes thereto, and unaudited condensed interim consolidated financial statements of the Company for the three months ended March 31, 2022, together with the notes thereto. Results are reported in Canadian dollars, unless otherwise noted. The Company's unaudited condensed interim consolidated financial statements and the financial information contained in this Interim MD&A are prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and interpretations of the IFRS Interpretations Committee. The unaudited condensed interim consolidated financial statements have been prepared in accordance with International Standard 34, Interim Financial Reporting. Accordingly, information contained herein is presented as of May 26, 2022, unless otherwise indicated.

For the purposes of preparing this Interim MD&A, management, in conjunction with the Board of Directors (the "Board"), considers the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of the Company common shares; (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. Management, in conjunction with the Board, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity.

Further information about the Company and its operations is available on the Company's website at www.goldentag.caor on SEDAR at www.sedar.com.

This Interim MD&A contains forward-looking information as further described in the "Cautionary Note Regarding Forward-Looking Statements" at the end of this Interim MD&A. Please also make reference to those risk factors identified or otherwise indirectly referenced in the "Risks and Uncertainties" section below.

Description of Business and Nature of Operations

The Company is incorporated under the Canada Business Corporations Act and is in the process of exploring its mineral properties and has not yet determined whether those properties contain ore reserves that are economically recoverable. The address of the Company's registered office and its principal place of business are 22 Adelaide Street West, Suite 2020, Bay Adelaide Centre, Toronto, Ontario, Canada. The Company's shares are listed on the TSX Venture Exchange, trading under the symbol "GOG" and on the OTCQB Venture Market, trading under the symbol "GTAGF".

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Golden Tag Resources Ltd.

Interim Management's Discussion & Analysis - Quarterly Highlights

Three Months Ended March 31, 2022

Dated: May 26, 2022

Traditionally, much of Golden Tag's exploration activity was involved in the search for and definition of gold in eastern Canada's classical greenstone belts, however, the Company has expanded its exploration activities to include Mexico. The Company currently holds a 100% interest in the San Diego property in Durango State, Mexico.

Financial and Operating Highlights

Corporate

On February 4, 2022, the Company announced it initiated a program for 2022 to increase investor awareness, and to improve trading liquidity of the Company's shares on both the TSXV and the OTCQB. The program will have an estimated cost of approximately $260,000. All of the service providers are at arm's length to the Company and have no other relationship with the Company except pursuant to the agreements. None of the service providers have any interest in the Company or its securities, or any right to intent to acquire such an interest, except for Eric Wetterling who indirectly owns 56,000 common shares of the Company.

On February 8, 2022, the Company announced the closing of the first tranche of a non-brokered private placement. Under the first tranche, the Company issued 7,166,670 units for aggregate gross proceeds of $1,791,668. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant issued pursuant to the first tranche entitles the holder thereof to acquire one common share at a price of $0.40 until February 8, 2024, subject to the Acceleration Provision.

In connection with the first tranche, the Company paid aggregate cash finder's fees of $39,800 and issued 140,000 finder's warrants. Each finder's warrant entitles the holder to purchase one common share at a price of $0.25 for a period of 24 months following closing of the first tranche, subject to Acceleration Provision.

The securities issued and issuable pursuant to the first tranche of the offing will be subject to four months and one day hold period.

On February 28, 2022, the Company announced that it completed the second and final tranche of the non- brokered private placement. In connection with the second tranche, the Company issued an aggregate of 5,833,330 units for aggregate gross proceeds of $1,458,332. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him acquired an aggregate of 4,000,000 units. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant issued pursuant to the first tranche entitles the holder thereof to acquire one common share at a price of $0.40 until February 28, 2024. The warrants are subject to the Acceleration Provision.

In connection with the second tranche, the Company paid aggregate cash finder's fees of $7,000 and issued 28,000 finder's warrants. Each finder's warrant entitles the holder to purchase one common share at a price of $0.25 for a period of 24 months following closing of the second tranche, subject to Acceleration Provision.

The securities issued and issuable pursuant to the first tranche of the offing will be subject to four months and one day hold period.

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Golden Tag Resources Ltd.

Interim Management's Discussion & Analysis - Quarterly Highlights

Three Months Ended March 31, 2022

Dated: May 26, 2022

During the three months ended March 31, 2022, a total of 150,000 warrants were exercised for aggregate gross proceeds of $11,250.

Mineral Exploration Properties

Property Description

San Diego Property, Mexico:

Golden Tag owns a 100% interest in the San Diego Property. The project was advanced through various exploration programs between 2005 and 2016 which included 6 Phases of surface diamond drilling totaling 32,933 metres ("m"). Phase 7 of diamond drilling commenced in October of 2020 culminating in 8,481 m completed in 19 holes by the end of 2021. The total amount of drilling completed on the property to the end of 2021 is 41,414 m. Phase 7 drilling is currently ongoing.

The San Diego Property consists of 4 mining concessions (91.65 hectares) in the Municipality of Cuencame, Durango State, Mexico. It is located approximately 75 km southwest of the city of Torreon, Mexico and is 12 km northeast of Peñoles Velardeña Mine. The Peñoles non-ferrous metallurgical complex (smelting and refining) is in Torreon. The property can be accessed via a 10 km dirt road from the village of San Diego, which is only 5 km east of Highway 400 and Federal Road 49.

The property lies within the Velardeña Mining District where several mines have produced silver, zinc, lead and gold over the past century from polymetallic mineralization associated with intermediate to felsic intrusive bodies. The mineral deposits of the Velardeña Mining District consist primarily of quartz-calcite veins with associated silver, lead, zinc, gold and copper mineralization typical of the polymetallic, intrusive related skarn and low-sulfidation epithermal deposits of northern Mexico.

A Mineral Resource Estimate was completed by SGS Canada and an Independent Technical Report prepared in accordance with National Instrument 43-101Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101") was published in April 2013. This report is available on the Company web site as well as at www.sedar.com. The Estimated Indicated and Inferred Resources at San Diego from this Mineral Resource Estimate are summarized in Table 1.

Table 1: Summary of Estimated Mineral Resources- San Diego Project (SGS 2013)

	SAN DIEGO RESOURCE			CoG (2)				Tonnes			Au			Ag				Pb			Zn				Ag.EQ (3)			Ag Oz
	ESTIMATE (1)			(g/t)				(Mt)			(g/t)			(g/t)				(%)			(%)				(g/t)			(M oz)
	INDICATED RESOURCES
	Oxide Veins [6]	133		0.31		0.43		211				NA (4)			NA (4)		234		2.11
	Sulfide Veins [14]	52-125		1.38		0.20		123		1.23		1.85		197		5.43
	Fernandez Zone [2]	52		14.8		0.06		51		0.65		1.17		94		24.1
	TOTAL (5)							16.5																				31.6
	INFERRED RESOURCES
	Oxide Veins [8]	133			0.29		0.43		238				NA (4)			NA (4)			261		2.2

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Golden Tag Resources Ltd.

Interim Management's Discussion & Analysis - Quarterly Highlights

Three Months Ended March 31, 2022

Dated: May 26, 2022

Sulfide Veins [19]	52-125	13.1	0.11	93	1.41	1.83	171	39.2
Fernandez Zone [2]	52	28.7	0.05	46	0.7	1.08	88	42.4
TOTAL (5)		42.1						83.8

Notes: (1) Please refer to Table 1, page 3, SGS Canada "NI 43-101 Technical Report: Updated Mineral Resource Estimate San Diego Project" effective date April 12, 2013 available on www.sedar.comor the Golden Tag Web site www.goldentag.cafor further information. (2) CoG: Cut-Off Grade Ag.EQ (g/t); please refer to Table 31 on page 104 of the report for further information. (3) Ag.EQ: Silver Equivalent based on commodity prices of US$1455/oz Au, US$28.10/oz Ag, US$1.00/lb Pb, US$0.96/lb Zn applying estimated mill recoveries & smelter deductions & payables of 64.9% Ag, 76.4% Pb & 57.5% Zn for sulfide and 60.5% Ag & 62.5% Au for oxide resources. Zn and Pb are excluded from Ag.EQ for oxide resources and Cu and Au are excluded from Ag.EQ for sulfide resources. Please refer to Table 30 & Pages 103-104 of the report for more information. (4) Pb and Zn are excluded from oxide vein resources due to lack of metallurgical tests illustrating their potential recoveries. (5) Totals may not add up precisely due to rounding. (6) (Mt): million tonnes; (M oz): million ounces.

Cautionary Statement: Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The resource estimate for the 21 veins and mineralized body were defined by a drill pattern and applying reasonable geological shapes to limit the lateral extent of the veins and mineralized body. Combinations of cross sectional and plan level views were used in order to develop an understanding of the structural relationship and cut off grades were applied. The indicated and inferred categories were partially based on historic structures that consistently exhibit lateral continuity and constant thickness, many of which can be traced along surface for hundreds of metres. There are no known factors such as environmental, permitting, legal, title, taxation, socio economic, marketing, political or other relevant factors which could materially affect the resources.

SGS Canada also recognized that there is Additional Target Potential of between 20 to 50 million tonnes grading 100 to 150 g/t silver equivalent. This Additional Target Potential is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Expenditures

Exploration expenditures of $1,984,225 were incurred in 2021, mainly related to the Phase 7 diamond drilling program. The total spending on the property as at December 31, 2021, including an amount of $792,421 in 2016 to acquire the remaining 50% interest in the property is $10,498,980.

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