Goldsource Mines : MD&A FOR THE YEAR ENDED DECEMBER 31, 2020

MANAGEMENT'S DISCUSSION & ANALYSIS

FOR THE YEAR ENDED DECEMBER 31, 2020

GOLDSOURCE MINES INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
YEAR ENDED DECEMBER 31, 2020	TSX.V:GXS

This Management's Discussion and Analysis ("MD&A") is an overview of the activities of Goldsource Mines Inc. (the "Company" or "Goldsource") for the three months and year ended December 31, 2020. The MD&A should be read in conjunction with the audited consolidated financial statements for the years ended December 31, 2020 and 2019 and the related notes contained therein which have been prepared under International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. Additional information related to the Company is available for view on SEDAR at www.sedar.comand on the Company's website www.goldsourcemines.com.

The first, second, third, and fourth quarters of the Company's fiscal years are referred to as "Q1", "Q2", "Q3", and "Q4", respectively.

The effective date of this MD&A is April 27, 2021. This MD&A contains forward looking information.

All amounts are in Canadian dollars unless noted.

CAUTIONARY STATEMENT AND DISCLAIMER

This MD&A contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. In particular, the MD&A contains forward-looking statements pertaining to the following: exploration and drilling programs at the Eagle Mountain Project ("Project"), including the Eagle Mountain and Salbora deposits and exploration prospects; information regarding high grade areas projected from sampling results; the impact of the COVID-19 pandemic on the timing and completion of exploration programs, technical reports and studies, including the Company's resource update for the Project announced on February 22, 2021, an additional resource update scheduled for H2 2021, and Pre-Feasibility Study ("PFS") scheduled for 2022 contemplating a low cost open pit mining operation (subject to the resolution of the novel coronavirus ("COVID-19") pandemic; information with respect to projected capital and operating costs, the amount of future production of gold over any period, the amount of expected grades and ounces of metals, gold recoveries, mine life, and gold production rates for the Project; and expectations regarding the Company's ability to manage capital resources and meet working capital requirements.

Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Assumptions have been made regarding, among other things: the conditions in general economic and financial markets; precious metals prices; the ability to realize technical studies and develop and finance the project; the accuracy of the interpretations and assumptions used in calculating inferred mineral resource estimates; the availability of mining equipment and skilled labour; the timing and amount of capital expenditures; the performance of available laboratory and other related services; effects of regulation by governmental agencies; future operating costs; and the impact of the COVID-19 pandemic.

The actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth below and elsewhere in this MD&A: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation of drilling results and other geological data; the uncertainties of resource estimations; the receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project cost overruns or unanticipated costs and expenses; uncertainty as to actual capital costs, operating costs, production and economic returns; uncertainty that development will result in a profitable mining operation for the Project; operating and hazards risks and limitations on insurance; fluctuations in precious metals prices; currency fluctuations; political and economic risks; and public health concerns (including health epidemics or outbreaks of the communicable diseases such as the COVID-19 pandemic); and general market and industry conditions.

Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this MD&A if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

QUALIFIED PERSON

Technical information contained in this MD&A has been prepared by or under the supervision of N. Eric Fier, CPG, P.Eng, and Executive Chairman and Vice-President of Finance for Goldsource, who is a 'Qualified Person' for the purpose of National Instrument 43-101 ("NI 43- 101").

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GOLDSOURCE MINES INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
YEAR ENDED DECEMBER 31, 2020	TSX.V:GXS
	Table of Contents
1.	OVERVIEW ......................................................................................................................................................................	4
2.	HIGHLIGHTS ....................................................................................................................................................................	5
3.	RESULTS OF OPERATIONS AND FINANCIAL CONDITION.................................................................................................	8
4.	LIQUIDITY AND CAPITAL RESOURCES ...........................................................................................................................	12
5.	COMMITMENT, EVENTS AND UNCERTAINTIES ............................................................................................................	13
6.	CONTINGENCIES ...........................................................................................................................................................	13
7.	RELATED PARTY TRANSACTIONS ..................................................................................................................................	14
8.	FINANCIAL INSTRUMENTS AND RISK MANAGEMENT ..................................................................................................	15
9.	OUTSTANDING SHARE CAPITAL....................................................................................................................................	15
10.	RISK FACTORS ...............................................................................................................................................................	15

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GOLDSOURCE MINES INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
YEAR ENDED DECEMBER 31, 2020	TSX.V:GXS

1. OVERVIEW

Goldsource is a Canadian resource company engaged in exploration activities. It is headquartered in Vancouver, BC and its common shares trade on the TSX Venture Exchange under the symbol "GXS" and on the OTCQB under the symbol "GXSFF".

The Company's focus is the Eagle Mountain Gold Project ("Eagle Mountain" or "Project") for which it has a 100% interest in the Eagle Mountain Prospecting License ("EMPL") and the Kilroy Mining Permit (collectively the "Property"). The Property consists of an area of approximately 5,050 hectares (12,480 acres) in central Guyana, South America. 4,784 hectares (11,860 acres) of the Eagle Mountain Property relate to the Eagle Mountain Prospecting License while 266 hectares (660 acres) relate to the Medium Scale Mining Permit held by Kilroy Mining Inc., a Guyanese Company, on which Stronghold, a subsidiary of Goldsource, has a long-term lease with a 2% net smelter return royalty. Goldsource constantly reassesses the size of its land package as exploration work is completed.

Since 2019, the Company's stated objective has been to expand and upgrade mineral resources at the Eagle Mountain Project, targeting an interim mineral resource of between 1.3 and 1.6 million ounces ("oz") of gold (or "Au") with a grade greater than 1.0 grams per tonne ("gpt") Au hosted in shallow open pits. The exploration program over this period, which included in excess of 30,000 metres of drilling, was devised to deliver on this objective while also targeting new discoveries.

On February 22, 2021, Goldsource announced an updated Mineral Resource Estimate ("MRE"), with the result exceeding the top end of the objective range. The MRE comprised an estimated 23 million tonnes ("Mt") grading 1.14 gpt for 848,000 oz gold contained in Indicated Resources and 25 Mt grading 1.09 gpt for 868,000 oz gold contained in Inferred Resources. The MRE includes the Eagle Mountain and Salbora deposits, both of which feature gold mineralization starting at surface in saprolite (soft rock, meaning the weathered, oxidized layer) and extending into the underlying fresh rock. The updated MRE is defined by a total of 674 core holes for 57,550 metres drilled, as well as 158 auger drill holes for 532 metres drilled, which includes infill and exploration drilling up to November 6, 2020.

The five primary objectives for the 2021 drill program are as follows:

1. Follow-upexploration of several new target areas along the prospective Salbora-Powis trend, such as the Toucan, Powis, Ann and Montgomery prospects where the potential exists for Salbora-style mineralization;
2. Testing for new lateral extensions of the dip slope sub-horizontal zones of the Eagle Mountain deposit including Baboon, No.1 Hill and Ounce Hill, and to the north, west and southwest currently outside of the 2021 MRE; and
3. In-filldrilling of the 2021 MRE to upgrade a significant portion of mineralization currently classified as Inferred Resource to the Measured and Indicated categories
4. Compile 2021 data, further update the MRE in H2 2021 and use as the basis for a Pre-feasibility Study in 2022.
5. Pursue potential geological, geophysical and other geoscientific studies and analyses that will assist the Company to prioritize target areas near the Company's EMPL.

The H2, 2021 MRE will be used as a basis for a PFS on a low cost large-scale, 4,000 to 5,000 tonnes per day open pit gold mining operation. Opportunities for a phased development plan will be evaluated, specifically with initial and baseline production provided by soft-rock saprolite material followed by an expansion to incorporate the fresh rock mineralization. The PFS is expected to be delivered in 2022.

Based on the updated MRE1 announced on February 22, 2021, the Company's mineral resources at the Eagle Mountain Project are as follows:

	Classification	Tonnes (000 t)		Gold* (gpt)	Ounces Au (oz)
			Indicated
	Saprolite	11,000		0.95	353,000
	Fresh rock	12,000		1.32	495,000
	Total	23,000		1.14	848,000
			Inferred
	Saprolite	5,000	0.82	140,000
	Fresh rock	20,000	1.16	728,000
	Total	25,000	1.09	868,000

* Estimated at 0.30 gpt gold cut-off grade for the saprolite and 0.50 gpt gold cut-off grade for the fresh rock.

1 The updated MRE was prepared by CSA Global in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Definition. Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. Refer to the MRE news release, dated February 22, 2021.

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GOLDSOURCE MINES INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
YEAR ENDED DECEMBER 31, 2020	TSX.V:GXS

• Numbers have been rounded to reflect the precision of a Mineral Resource Estimate. Totals may vary due to rounding.
• Gold cut-off has been calculated based on a gold price of US$1,500/oz, mining costs of US$1.5/tonne mined ("t") for saprolite and US$2.0/t mined for fresh rock, processing costs of US$6/t milled for saprolite and US$12/t milled for fresh rock, and mine- site administration costs of US$3/t milled. Metallurgical recoveries of 95% are based on prior test work.
• Mineral Resources conform to NI 43-101, and the 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines and 2014 CIM Definition Standards for Mineral Resources & Mineral Reserves.
• The Company is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing or political factors that might materially affect these Mineral Resource estimates.
• Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured Resources, however, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

2. HIGHLIGHTS

The Company's key events and highlights during the period include the following:

Eagle Mountain Project Activities - 2020

During 2020, the Company incurred $5.8 million of exploration and evaluation expenses for the Eagle Mountain Gold Project (please refer to section 3 below - Results of Operations and Financial Condition). As at December 31, 2020, the Company's cumulative exploration and evaluation expenditures, including acquisition costs, on the Eagle Mountain Gold Project totaled $29.3 million, of which $22.7 million is related to exploration activities.

		Total Number of			Total DDH Metres		Number of Announced			DDH Metres Drilled and
			Holes				Drilled			Holes				Announced
2020	112	16,322	92	13,721
2021 (to April 27)	63	6,434	33	3,154

Geophysical survey

During Q1, 2020, the Company successfully completed the expansion of the ground geophysical survey. Phase II ground geophysics included an additional 62 line-kilometres of gradient array Induced Polarization ("IP"), a 62 line-km of high-resolution ground magnetic survey and a 10 line-km of Pole-Dipole ("PDP") detailing IP survey over selected targets. Given the dense tropical forest cover, limited outcrop exists over Eagle Mountain Project. Therefore, the geophysical results in addition to geochemical, structural, lithological and other geological information derived from previous drilling are guiding further exploration on the Property.

Mineral Resource estimate

During 2020, the Company engaged CSA Global Consultants Canada Ltd. ("CSA Global"), an ERM Group company, to provide Goldsource with an independent assessment and gap analysis of geology and gold mineralization to guide the Company's current drill program and enable conversion of significant Inferred mineral resources into the Indicated classification, and a MRE update for the Eagle Mountain gold deposit and a maiden MRE for the other gold discoveries hosted on the Property, including the Salbora gold deposit.

Drilling

During 2020, the Company completed approximately 16,322 metres of core drilling. The program resulted in the discoveries of the Powis, Toucan, and Montgomery targets along the Salbora-Powis trend, and the expansion of the Friendly, No. 1 Hill, and Baboon areas of the Eagle Mountain deposit. Please refer to the Company's news releases dated February 5, 2020, April 14, 2020, May 20, 2020, July 29, 2020, October 22, 2020 and December 3, 2020.

North-South Corridor (defined by the Salbora deposit and the Montgomery, Waterline, Toucan, Powis and Ann prospects)

The Toucan target is located within the north-south trending Salbora-Powis structural corridor west and adjacent to the Eagle Mountain deposit. The Company announced the discovery of the Toucan target on April 14, 2020, reporting four holes over 694 metres. When combined with previous work, these results suggest that the Toucan discovery is initially 250 metres long by 20 to 40 metres wide, open

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