HighGold Mining : Earnings Release

HIGHGOLD MINING INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the six months ended June 30, 2021

HIGHGOLD MINING INC.

Management's Discussion and Analysis

For the Six Months Ended June 30, 2021

(Expressed in Canadian Dollars)

GENERAL

The information in this Management's Discussion and Analysis ("MD&A") is intended to assist the reader in the understanding and assessment of the trends and significant changes in the results of operations and financial conditions of HighGold Mining Inc. (the "Company" or "HighGold"). This MD&A should be read in conjunction with the unaudited condensed consolidated interim financial statements of the Company for the six months ended June 30, 2021 and the audited consolidated financial statements of the Company for the year ended December 31, 2020, and other information relating to the Company on file with the Canadian provincial securities regulatory authorities on SEDAR at www.sedar.com. The Company's consolidated financial statements for the six months ended June 30, 2021 and for the year ended December 31, 2020 have been prepared in accordance with International Financial Reporting Standards ("IFRS").

This MD&A contains forward-looking statements. Please refer to the cautionary language at the end of this document.

Historical results of operations and trends that may be inferred from the following discussions and analysis may not necessarily indicate future results from operations.

HighGold is a mineral exploration company focused on premier high-grade gold projects located in North America. HighGold's flagship asset is the high-grade Johnson Tract Gold (Zn-Cu) Project, a gold-dominant polymetallic deposit, located in an easily accessible area of south-central coastal Alaska, USA. The Company also controls an extensive portfolio of quality gold projects in the greater Timmins gold camp, Ontario, Canada that includes the Munro-Croesus Gold property, which is renowned for its very high- grade mineralization, and the large, early-stage exploration properties, Golden Mile and Golden Perimeter. HighGold's experienced Board and senior management team, are committed to providing shareholder value through discovery, careful stewardship of capital, and environmentally and socially responsible mineral exploration activities.

The Company is a reporting issuer in British Columbia, Alberta and Ontario and trades on the TSX Venture Exchange ("TSX-V") under the symbol HIGH and US Over-the-Counter market under the symbol HGGOF.

This MD&A has taken into account information available up to and including August 22, 2021.

The head office and principal business address of the Company is Suite 320 - 800 West Pender St., Vancouver, BC, V6C 2V6.

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HIGHGOLD MINING INC.

Management's Discussion and Analysis

For the Six Months Ended June 30, 2021

(Expressed in Canadian Dollars)

HIGHLIGHTS

Financial

• In the six months ended June 30, 2021, the Company received $2.3 million from exercise of 3,277,627 warrants and $197,242 from the exercise of 151,665 stock options.

Johnson Tract Project

• The planned drill program at Johnson Tract was upsized by 25% to 20,000 meters, with a dual focus of testing the JT Deposit area and Johnson Tract District targets. Proceeds from the exercise of warrants during the first and second quarters provided the impetus for expanding the Program and accelerating exploration efforts at Johnson. Drills began turning the fourth week of June with three drills on site as of the date of this report.
• As of mid-August 2021, a total of 6,800 meters has been completed of the planned 20,000-meter program, with no assays yet reported.

JT Deposit Targets

• With the expanded program, 10,000 to 15,000 meters have been allocated to drilling at the JT Deposit area (750koz @ 10.93 g/t AuEq Indicated and 134koz @ 7.16 g/t AuEq Inferred), with a focus on systematic expansion and infill drilling to upgrade the JT Deposit in preparation for an updated mineral resource, expected to be completed in the first half of 2022, with exact timing dependent on the full return of assay results from the 2021 field season.
• Drilling here will also target the Footwall Copper Zone, Gap Zone, New Fault Offset, and new VMS Zone.

Johnson Tract District Targets

• Approximately 5,000 to 10,000 meters will target Johnson District targets. The drilling is being carried out in concert with additional ground-work and geophysical surveys, with a focus on the following high-priority prospects - Difficult Creek (DC), Milkbone, Kona and Easy Creek . To date, the following programs are in progress:
  o Difficult Creek - drilling, mapping, rock and soil sampling
  o Milkbone - IP geophysical survey, geological mapping, rock and soil sampling o Kona - IP geophysical survey, geological mapping, rock and soil sampling
  o Easy Creek - geological mapping, rock and soil sampling

Timmins, Ontario Projects

• During the second quarter of 2021, the focus of work for the Munro-Croesus project included the ongoing compilation and analysis of data for the new mining claims acquired by HighGold over the past year. This target-generation study is in preparation for a methodical work plan for this area which is scheduled for H2 2021. Target generation work is also ongoing for the Golden Mile project. HighGold raised $3.7 million in flow-through funds late in 2020, which can be spent over two years ($611,000 spent to June 30, 2021).

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HIGHGOLD MINING INC.

Management's Discussion and Analysis

For the Six Months Ended June 30, 2021

(Expressed in Canadian Dollars)

COMPANY BACKGROUND

HighGold was formed as a result of a spinout of assets from Constantine Metal Resources Ltd. in 2019, and was listed on the TSX Venture Exchange on September 23, 2019 under the ticker "HIGH". Concurrent with its listing, the Company completed a non-brokered private placement of $7,650,000. Since its inception, the Company has raised over $35 million in five rounds of financing, as shown in the table below:

Date	Amount	Shares Issued	Price	Warrants
	$C		$C
August 20, 2019 (1)	$200,000	1,000,000	$0.20	½ @ $0.45
				5-year term
September 23, 2019	$7,650,000	17,000,000	$0.45	½ @ $0.70
				2-year term
December 5, 2019 (2)	$2,304,000	1,280,000	$1.80	N/A
December 5, 2019	$7,000,000	5,600,000	$1.25	N/A
July 28, 2020	$13,800,166	7,976,975	$1.73	N/A
July 28, 2020 (3)	$772,445	446,500	$1.73	N/A
December 23, 2020 (2)	$3,000,000	1,500,000	$2.00	N/A
December 23, 2020 (2,3)	$700,000	350,000	$2.00	N/A

1. Seed round completed by management and directors.
2. Flow-throughfinancing at premium to market.
3. Side-carfinancing pursuant to existing investor rights agreement with strategic shareholder.

EXPLORATION PROPERTIES

Overview

HighGold holds a portfolio of gold assets in the well-established mining jurisdictions of USA (Alaska) and Canada (Timmins, Ontario). Both project areas have a history of high-grade gold results and substantial exploration upside. The most advanced of these assets is the 21,000-acre Johnson Tract property, located in coastal southcentral Alaska, in the Cook Inlet region. The Company also controls an extensive portfolio of quality gold projects in the greater Timmins gold camp, located in Ontario, that includes the Munro- Croesus Gold property, which is renowned for its high-grade mineralization, and the earlier stage large exploration properties, Golden Mile and Golden Perimeter.

Johnson Tract Property

The large, 21,000-acre Johnson Tract property is located near tidewater, 125 miles (200 kilometers) southwest of Anchorage. It includes the high-grade Johnson Tract Gold (Zn-Cu) deposit along with excellent exploration potential indicated by several other prospects over a 12-kilometer mineralized trend. Prior to HighGold, the project was last explored in the mid-1990s by a mid-tier mining company that evaluated direct shipping gold mineralized material from Johnson to the Premier Mill near Stewart, British Columbia.

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HIGHGOLD MINING INC.

Management's Discussion and Analysis

For the Six Months Ended June 30, 2021

(Expressed in Canadian Dollars)

HighGold acquired Johnson Tract through a lease agreement with Cook Inlet Region, Inc. ("CIRI") an Alaska Native regional corporation that is the largest private landowner within the Cook Inlet region. The Johnson Tract property is an inholding in Lake Clark National Park and was conveyed to the CIRI Native Corporation under the terms of the Alaskan Native Claims Settlement Act (ANSCA) and the Cook Inlet Land Exchange. Ratified by an act of Congress CIRI is entitled to transportation and port easements through Park lands for mineral extraction.

Johnson Tract Project

The 2021 work program and budget at Johnson Tract was expanded 25% during the second quarter from 16,000 meters to 20,000 meters, made possible by the exercise of warrants issued when the Company went public in the fall of 2019. Approximately 10,000 meters of drilling are planned for the main JT Deposit area and 5,000 meters for the regional targets. A further 5,000 meters has been added to the plan, to be completed based on results.

Crews began opening camp in early June, with first drill rigs turning the 4th week of June. Three drill rigs are on site currently testing JT Deposit area targets and DC area targets. To August 15, 2021, 6,800 meters has been completed of the planned 20,000 meter program with no assays yet reported.

During 2020, assay lab turn-around times were much slower than normal due to an industry-wide surge in mineral exploration combined with COVID-related impacts, resulting in extensive delays in releasing results from the 2020 drill program. While there is no guarantee of faster turnaround in 2021, the Company has made additional provisions to attempt to reduce assay result turn around times.

Main JT Deposit, Fault Offset Target and New VMS Zone

In and around the main JT deposit, information gained from the extensive 2020 drill program not only expanded the main mineralized zone, but also significantly advanced HighGold's understanding of the deposit and structural geology including insight into the fault structures responsible for displacing (off- setting) part of the main deposit. Based on the new data, it appears that a significant portion of the mineral system is open to expansion down-plunge and is not cut-off at depth as interpreted by previous operators. This is well documented by successive step-out intersections that doubled the plunge length of mineralization to 575m and included new Footwall Copper Zone intersections.

2020 drilling tested the fault offset target 700m northeast of the main JT deposit. While failing to intersect a displaced part of the JT deposit as anticipated, this program was successful in the discovery of a second distinct zone of Volcanic Massive Sulphide (VMS) style mineralization. The occurrence of VMS mineralization, a new style of mineralization for the Project, indicates that mineralization is more widespread and diverse than originally understood.

A new structural model was developed prior to the 2021 drill season that includes a revised fault offset target for that portion of the deposit affected by the fault. The new target area is located east of the 2020 drilling.

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