HighGold Mining : Earnings Release

HIGHGOLD MINING INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the nine months ended September 30, 2022

HIGHGOLD MINING INC.

Management's Discussion and Analysis

For the Nine Months Ended September 30, 2022

(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 nine months ended September 30, 2022 and the audited consolidated financial statements of the Company for the year ended December 31, 2021, 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 nine months ended September 30, 2022 and for the year ended December 31, 2021 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 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 Timmins South (formerly Golden Perimeter). Currently, HighGold holds one of the largest land positions among the junior gold mining companies in the Timmins Camp. HighGold also has 100% ownership of a group of properties in the Selwyn Basin of the southwestern Yukon, collectively referred to as HighGold's Yukon Gold Properties. 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 November 21, 2022.

The head office and principal business address of the Company is Suite 405 - 375 Water St., Vancouver, BC, V6B 5C6.

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HIGHGOLD MINING INC.

Management's Discussion and Analysis

For the Nine Months Ended September 30, 2022

(Expressed in Canadian Dollars)

HIGHLIGHTS

Johnson Tract Project

• HighGold wrapped up the Alaska drill season in late October having completed 55 holes consisting of 10,346 meters of drilling at the following targets:
  o JT Deposit - Five (5) holes (2,738 meters)
  o Difficult Creek (DC) - 43 holes (6,034 meters) of which 39 holes were in the Ellis Zone o Milkbone - Six (6) holes (1,056 meters)
  o Kona - One (1) hole (518 meters)
• In September 2022, HighGold released assay results from the newly defined Ellis Zone at the Middle Difficult Creek prospect. The Ellis Zone discovery continues to deliver excellent results with highlights that included:
  o 42.8m @ 3.4 g/t Au, 23 g/t Ag, 0.21% Cu, 2.06% Zn (5.4 g/t AuEq), in hole DC22-036, including
• • 18.4m @ 7.29 g/t Au, 50 g/t Ag, 0.44% Cu, 3.92% Zn (11.2 g/t AuEq), including
  • 3.7m @ 18.00 g/t Au, 87 g/t Ag, 0.91% Cu, 4.05% Zn (22.9 g/t AuEq)

1. 11.9m @ 21.68 g/t Au, 30 g/t Ag, 0.61% Cu, 4.20% Zn (25.3 g/t AuEq), in hole DC22-043,including
2. • 3.9m @ 54.20 g/t Au, 71 g/t Ag, 1.26% Cu, 8.29% Zn (61.6 g/t AuEq), including
   • 1.4m @ 92.75 g/t Au, 138 g/t Ag, 2.22% Cu, 19.80% Zn (109 g/t AuEq)

1. 35.2m @ 4.2 g/t Au, 0.12% Cu, 1.40% Pb, 3.19% Zn (6.7 g/t AuEq), in hole DC22-045 including
2. • 1.9m @ 12.95 g/t Au, 37.7 g/t Ag, 13.51% Pb, 31.42% Zn (36.2 g/t AuEq), and
   • 13.3m @ 7.81 g/t Au, 0.23% Cu, 1.31% Pb, 2.35% Zn (10.0 g/t AuEq)

• 1. 14.8m @ 10.14 g/t Au, 13.8 g/t Ag, 0.28% Cu, 5.97% Zn (14.3 g/t AuEq), in hole DC22-046 including
  2. • 6.8m @ 21.29 g/t Au, 25.1 g/t Ag, 0.55% Cu, 10.70% Zn (28.7 g/t AuEq) including
     • 1.5m @ 62.50 g/t Au, 10.5 g/t Ag, 0.77% Cu, 10.59% Zn (70.0 g/t AuEq)
• An updated mineral resource for the JT Deposit was released in July 2022 with a 40% increase in
  Indicated Gold Equivalent ("AuEq") ounces and 54% increase in total tonnes (+60% Ind and -19% Inf) over the 2020 mineral resource estimate. Other highlights included:
• 1. Indicated Resource - 3.49 million tonnes ("Mt") grading 9.39 g/t gold equivalent for
     1,053,000 oz AuEq

1. Inferred Resource - 0.71 Mt grading 4.76 g/t AuEq for 108,000 oz AuEq

1. High Confidence - 91% of the total AuEq ounces in the Indicated Resource Category

1. Peer-LeadingThickness - Indicated resource averages 40-meter horizontal width, roughly

10 times the mineable width of most high-grade (+5 g/t) underground gold deposits

1. Ideal Geometry for Low-Cost Methods of Underground Mining - thick, subvertical deposit with potential for lateral development from the valley floor to access the deepest and

highest-grade portions of the deposit first and for gravity-assisted,bottom-up mining

1. Excellent Metallurgy - high metal recoveries, including global gold recovery up to 97%, utilizing conventional processing at a coarse grind size

1. Expansion Potential - open to expansion along strike/down-dip/down-plunge with numerous high-priorityproperty-wide targets including Difficult Creek and Milkbone.

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HIGHGOLD MINING INC.

Management's Discussion and Analysis

For the Nine Months Ended September 30, 2022

(Expressed in Canadian Dollars)

Timmins, Ontario Projects

• While drilling at the Munro-Croesus property concluded in April of 2022 (7,401 meters drilled in 33 holes), core logging, groundwork and other geologic surveys continued through the third quarter of 2022 focused on the new Argus Zone and new high grade vein discoveries, 100 meters northeast of the former Croesus Mine. These discoveries are a 'proof of concept' of the Company's geological and structural models which highlight the potential for the Croesus Vein system to continue to the northeast along a major regional structure, and also that the prospective Croesus Flow could host multiple analogues to the Croesus Vein along strike
• During the third quarter of 2022, HighGold acquired additional claims expanding the Company's commanding land position in Timmins by 25% to 335 square kilometers, defining one of the largest land positions in the Timmins Camp held by a junior.

Yukon Gold Projects

• Since its inception, HighGold held a 50% stake in a suite of properties in the Selwyn Basin, Yukon Territory. In early September 2022, HighGold purchased the remaining 50% interest in the four properties in this package, totaling 1023 claims and 21,000 hectares (210 km2). This suite of properties has gained increasing significance due to its very close proximity to the new 'Reduced
  Intrusive Related Gold' discovery made by Snowline Gold. The most advanced of HighGold's Yukon Gold Properties is King Tut where past exploration work outlined multi-kilometer long gold-in-soil anomalies including an open-endedone-kilometer by one-kilometer gold anomaly associated with the upper carapace of an intrusive body with no prior drilling.

Corporate Updates

• In August of 2022, HighGold secured new offices at #405 - 375 Water Street, Vancouver BC to address the need for additional space for technical and corporate staff, having grown beyond the limits of the company's former shared offices. HighGold relocated to this new office space in October 2022.

COMPANY BACKGROUND

HighGold was listed on the TSX Venture Exchange in September 2019 under the ticker "HIGH". A history of the Company's financings is listed 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
October 27, 2021(4)	$18,800,000	12,750,000	$1.60	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.
4. Two-partfinancing - a $13,800,000 prospectus offering bought deal and $5,000,000 private placement to an existing strategic shareholder.

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HIGHGOLD MINING INC.

Management's Discussion and Analysis

For the Nine Months Ended September 30, 2022

(Expressed in Canadian Dollars)

EXPLORATION PROPERTIES

Overview

HighGold holds a portfolio of gold assets in the well-established mining jurisdictions of USA (Alaska) and Canada (Timmins, Ontario and Yukon Territory). Alaska and Timmins have a history of high-grade gold results and substantial exploration upside, while the Yukon has a long and successful history of base and precious metal exploration and mining. 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 majority of the Company's exploration budgets are dedicated to the Johnson Tract property, focusing on expansion of the high-grade JT Deposit, discovering additional zones of mineralization, and advancing the project through pre-development activities. The Company's extensive portfolio of quality gold projects in the greater Timmins gold camp, Ontario includes the Munro-Croesus Gold property, renowned for its high- grade mineralization, plus two additional earlier-stage large exploration properties, Golden Mile and Timmins South (formerly known as Golden Perimeter). Currently, most of the Company's activity in Ontario is on discovery-focused exploration drilling of the Munro-Croesus property. Most recently, HighGold purchased a remaining 50% interest in four southwest Yukon Territory properties in an area of the Selwyn Basin currently gaining significance through recent discoveries.

Johnson Tract Property

The large, 21,000-acre Johnson Tract property is located near tidewater on Cook Inlet, 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.

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.

JT Deposit Mineral Resource (July 2022)

• Indicated Resource of 3.49 million tonnes ("Mt") grading 9.39 g/t gold equivalent ("AuEq") for
  1,053,000 oz AuEq
• Additional Inferred Resource of 0.71 Mt grading 4.76 g/t AuEq for 108,000 oz AuEq
• Indicated resource averages 40-meter horizontal width, roughly 10 times the mineable width of most high-grade (+5 g/t) underground gold deposits
• Open to expansion along strike/down-dip/down-plunge with numerous high-priority property- wide targets including the Difficult Creek ("DC") and Milkbone prospects

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