HighGold Mining : - Q3 2021 Management Discussion & Analysis

HIGHGOLD MINING INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the nine months ended September 30, 2021

HIGHGOLD MINING INC.

Management's Discussion and Analysis

For the Nine Months Ended September 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 nine months ended September 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 nine months ended September 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 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. Currently, HighGold holds one of the largest land positions among the junior gold mining companies in the Timmins Camp. 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 24, 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 Nine Months Ended September 30, 2021

(Expressed in Canadian Dollars)

HIGHLIGHTS

Financial

• In November 2021, the Company raised $18.8 million at $1.60 per share consisting of a $13.8 million prospectus-offering bought deal and a $5 million private placement to an existing strategic investor, a senior gold producer.
• In the nine months ended September 30, 2021, the Company received $4.0 million from exercise of 5,809,352 warrants and $242,081 from the exercise of 412,498 stock options.

Johnson Tract Project

• In late October, HighGold completed a 16,200 meter drill program at the Alaska Johnson Tract Project, consisting of 25 holes (9,917m) at the JT Deposit area, 17 holes (5,286m) at the Difficult
  Creek ("DC") Prospect and 2 holes (995m) at the Kona Prospect with majority of assays results pending. Significant drill results released to date include:
  o 4.3m at 13.1 g/t Au, 200 g/t Ag, 4.9% Zn, 2.0% Pb, and 0.35% Cu in a 100-meterstep-out on the JT Deposit in hole JT21-123, including
• • 2.8m at 19.0 g/t Au, 242 g/t Ag, 7.1% Zn, 2.9% Pb, and 0.50% Cu

1. 56.6m at 18.7 g/t Au, 2.4% Zn, and 0.47% Cu in JT21-125, a metallurgical hole from the deeper, higher-grade portion of the JT Deposit, with subintervals including
2. • 32.9m at 31.7 g/t Au, 1.8% Zn, and 0.58% Cu
   • 5.0m at 64.7 g/t Au, 1.5% Zn, and 0.53% Cu
   • 4.9m at 114.4 g/t Au, 3.5% Zn, and 0.33% Cu

• 1. 6.4m at 577.9 g/t Au, 2,023 g/t Ag, 2.15% Zn, and 0.30% Cu from the Difficult Creek
     ("DC") Prospect in hole DC21-010, 4km north of the JT Deposit
• Discovery of high-grade mineralization at the DC Prospect is an important development for the Project, establishing a second center of high-grade mineralization at Johnson Tract and highlighting the potential for additional deposits on the greater property.
• Results to date successfully expand the JT Deposit along strike and confirm continuity of higher- grade gold mineralization; pending receipt of final assay results from the 2021 drill program, the JT Deposit resource estimate will be updated, with completion expected in the first or second quarter of 2022.
• A metallurgical program has been initiated using core sample material collected from the JT Deposit, with results anticipated Q1 2022.
• The 2021 exploration program at Johnson Tract also successfully completed ground and airborne geophysical surveys, and geological mapping and geochemical sampling programs to advance regional prospects to the drill ready stage.

Timmins, Ontario Projects

• A two-part exploration program is planned for the Munro-Croesus and Golden Mile properties in the Timmins area - the first part planned for November to early December and the second part to begin in the later half of January and continue into the second quarter of 2022.
• Drilling began in early November at Munro-Croesus with a minimum of 3,000 meters planned for phase one; details on phase two drilling plans will be outlined in early 2022.
• In November, HighGold announced the acquisition of additional properties as part of a land consolidation effort at the Munro-Croesus project that has been ongoing for two years;

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HIGHGOLD MINING INC.

Management's Discussion and Analysis

For the Nine Months Ended September 30, 2021

(Expressed in Canadian Dollars)

systematic targeting work has taken place across this newly consolidated Munro Croesus land package and the current drill program is anticipated to be the start of a significant and sustained exploration campaign at the Project.

• HighGold raised $3.7 million in flow-through funds late in 2020, for the purpose of using it for eligible exploration expenditures on its Timmins, Ontario projects ($940,000 spent to September 30, 2021).

COMPANY BACKGROUND

HighGold 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 $54.2 million in five rounds of financing, in addition to $6 million through exercise of warrants, 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
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

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.

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HIGHGOLD MINING INC.

Management's Discussion and Analysis

For the Nine Months Ended September 30, 2021

(Expressed in Canadian Dollars)

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.

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

While 20,000 meters of drilling were planned and budgeted for the 2021 work program and budget at Johnson Tract, approximately 16,200 meters were completed. The reduction in the number of meters ultimately drilled was a result of lower productivity drilling and a delayed start due to an unusually late snowpack. The 16,200 meters was split between deposit and regional prospects drilling, consisting of 25 holes (9,917m) at the JT Deposit area, 17 holes (5,286m) at the Difficult Creek Prospect and 2 holes (995m) at the Kona Prospect. To November 24, 2021, assays from three holes have been reported.

As in 2020, assay lab turn-around times for 2021 continued to be much slower than in earlier years due to an industry-wide surge in mineral exploration combined with COVID-related impacts, resulting in extensive delays in releasing results from the 2021 drill program.

Main JT Deposit Area

In and around the main JT deposit, the purpose of the 2021 drill and work programs was to expand the boundaries of the known mineralized zone(s) and to provide infill results for the purpose of updating the mineral resource estimate in the first half of 2022 once all assays for this area have been reported.

• Assays released from hole JT21-123 included:

1. 13.1 g/t Au, 200 g/t Ag, 4.92% Zn, 2.04% Pb, and 0.35% Cu (20 g/t AuEq) over 4.3m including
2. • 19.0 g/t Au, 242 g/t Ag, 7.10% Zn, 2.91% Pb, and 0.50% Cu (28 g/t AuEq) over 2.8m

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