NewOrigin Gold : Management Discussion & Analysis for the year ended June 30, 2022

NewOrigin Gold Corp.

Management Discussion and Analysis

For the year ended June 30, 2022

General

The following management's discussion and analysis ("MD&A") of the financial condition and results of the operations of NewOrigin Gold Corp. ("NewOrigin", or the "Company") constitutes management's review of the factors that affected the Company's financial and operating performance for the years ended June 30, 2022 and 2021. This discussion should be read in conjunction with the audited annual financial statements of the Company for the years ended June 30, 2022 and 2021, together with the notes thereto ("the financial statements"). Results are reported in Canadian dollars, unless otherwise noted.

The financial statements and the financial information contained in this MD&A were prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the IFRS Interpretations Committee ("IFRIC"). Please refer to Notes 3 and 4 of the annual audited financial statements as at and for the years ended June 30, 2022 and 2021 for disclosure of the Company's significant accounting policies. Additional information relating to the Company, including news releases, have been filed electronically through the System for Electronic Document Analysis and Retrieval ("SEDAR") and is available online at www.sedar.com.

The audit committee of the Company has reviewed this MD&A and the financial statements for the year ended June 30, 2022 and the Company's Board of Directors approved these documents prior to their release.

This MD&A is dated October 26, 2022 and is current to that date.

Additional information relating to the Company is available on NewOrigin's website at www.neworigingold.com.

Caution Regarding Forward Looking Information

This MD&A includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical fact, that address future exploration activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements should be read in conjunction with the risk factors described in the "Risk Factors" and "Cautionary Note Regarding Forward Looking Information" sections at the end of this MD&A.

Change of Name of Company

On April 15, 2021 the shareholders of the Company approved changing the Company's corporate name from Tri Origin Exploration Ltd. to NewOrigin Gold Corp. On April 28, 2021 the Company's shares commenced trading on the TSX Venture Exchange under the symbol "NEWO".

Qualified Person

Technical information contained in this MD&A has been prepared by or under the supervision of Mr. Mark Petersen, P. Geo., consulting geologist to NewOrigin, who is a "Qualified Person" for the purpose of National Instrument 43- 101 Standards of Disclosure for Mineral Projects ("NI 43-101"). He has verified the data comprising such technical information, including sampling, analytical and test data underlying the information or opinions contained herein.

Overview

NewOrigin Gold Corp. was incorporated on June 6, 1989 under the Business Corporations Act (Ontario). The Company is publicly held and trades under the symbol NEWO on the TSX Venture Exchange. Company shareholders include O3 Mining Inc. and Osisko Mining Inc. The address of the Company's corporate office is 18 King Street East, Suite 902 Toronto, Ontario, M5C 1C4.

Description of the Business

NewOrigin is a Canadian mineral exploration company, principally focused on drill discovery on its Sky Lake and North Abitibi gold projects in the Canadian Shield, within Ontario, Canada. NewOrigin's management and board have extensive experience in the delineation and development of gold deposits.

NewOrigin Gold Corp.

Management Discussion and Analysis

For the year ended June 30, 2022

Highlights of Fiscal 2022

• During the second quarter, the Company completed an 1,875-metre diamond drilling program at its 100% owned North Abitibi gold project;
• During fiscal 2022, the Company completed an earn-in with Barrick Gold Corporation ("Barrick") for a 100% interest in the Koval patented mining claims, part of the Sky Lake gold project. The claims were subsequently transferred to NewOrigin and are subject to a 51% back-in right retained by Barrick. The patented claims host an historic non-NI43-101 compliant estimated gold mineral resource which is targeted for upcoming drilling programs;
• On February 15, 2022 the Company received exploration permit PR-21-000352 for the Sky Lake gold project, effective for three years, which allows for surface exploration activities including geophysical surveying;
• On February 4, 2022 NewOrigin engaged T2W Market Liquidity Inc. as its market maker
• On November 30, 2021 NewOrigin received a drill permit for the Sky Lake property effective for a three- year term;
• During fiscal 2022, the Company pursued active engagement with local First Nation communities to establish an "Early Exploration Agreement" at Sky Lake; and
• At the South Abitibi project, NewOrigin completed geological mapping and sampling programs at areas hosting extensive gold occurrences and copper-nickel sulphide mineralization.

Properties

The Company holds 100% interest in the Sky Lake, North Abitibi, South Abitibi, Nipissing Cobalt, and Kinebik properties.

Community Consultation

NewOrigin is committed to the preservation of the environment in which it works and respecting the needs and land uses of members of nearby communities and other stakeholders in the vicinity of its projects. NewOrigin maintains open communication with indigenous peoples in the vicinity of its projects to understand and respect the impact the Company's work programs may have on the local environment and their communities. Community consultation is an ongoing process and may or may not lead to the necessity for agreements between NewOrigin, other stakeholders and local communities regarding the provision of assistance and services to local communities and environmental compensation. This process may affect the timing of upcoming exploration and drilling programs planned by the Company.

Under the Ontario Mining Act, it is required that exploration companies submit their proposed upcoming exploration programs for each project area to the Ontario government. These submissions include the nature of the work to be conducted and time schedules in the form of Exploration Plan and Exploration Permit applications. These Plan and Permit applications are then circulated to First Nation communities in the region of the project to solicit their concerns regarding the proposed programs. If no specific concerns are received or if concerns are adequately addressed by the Company, then an Exploration Plan or Exploration Permit (depending on the level of activity) will be issued to the Company by the government allowing its exploration program to proceed.

Exploration Plan and Permit applications have been made to the government regarding upcoming programs contemplated by the Company at each of its projects. As of the date of this report Exploration Permits were in effect for the Sky Lake, North Abitibi, South Abitibi and Nipissing Cobalt projects.

Developments during Fiscal 2022 and up to October 26, 2022

Mineral Properties and Exploration and Evaluation Activities

Sky Lake Gold Project

Sky Lake is a gold exploration project located 35 kilometers southwest of Pickle Lake in northwestern Ontario. It is comprised of 446 single cell mining claims covering an area of 87.6 square kilometres. These claims are 100% owned by the Company.

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NewOrigin Gold Corp.

Management Discussion and Analysis

For the year ended June 30, 2022

During the year ended June 30, 2017, NewOrigin entered into an option agreement with Barrick to acquire 29 patented mining claims (the "Koval" claims) covering an area of 3 square kilometres located within the boundary of its Sky Lake property.

On January 25, 2022 the Company completed the earn-in with Barrick to hold 100% of the Koval claims. As per the terms of the earn-in, Barrick was granted a 0.5% Net Smelter Return ("NSR") royalty on the Koval claims and the Sky Lake claim package owned by NewOrigin at the time of signing the initial agreement ("Initial Sky Lake Claims"). Barrick retains the right, following delivery of a positive feasibility study, to back-in for a 51% interest on the Koval claims and the Initial Sky Lake Claims (the "Back-In"). On exercise of the Back-In, Barrick's royalty would be extinguished. In order to back-in, Barrick would be required to complete a payment of three times NewOrigin's expenditures incurred on the properties covered in the agreement.

There are three additional NSR royalties totaling 2.25% in aggregate on the patented claims and a 2% NSR royalty payable on a group of claims surrounding the patented claims. NewOrigin has an option to buy back a portion of the existing NSR royalties.

On November 30, 2021, NewOrigin received a drill permit for the Sky Lake property effective for a three-year term. The drill permit covers the historic Koval gold zone and portions of the remaining Sky Lake claims. On February 15, 2022 the Company received an additional exploration permit for the same area effective for three years, which allows surface exploration activities including geophysical surveying and related activities.

NewOrigin is actively engaged with local First Nation communities to establish an "Early Exploration Agreement" at Sky Lake in order to responsibly move forward with a drilling program.

The Sky Lake property is midway between the past-producing Pickle Lake Gold District and the past-producing Golden Patricia gold mine. The Koval claims host a gold deposit partially delineated during the 1950's by Hasaga Gold Mines Ltd and Pickle Crow Gold Mines Ltd who, at the time, operated the gold mines in the nearby Pickle Lake District.

The Company has completed a full review of geological, geochemical, geophysical and diamond drilling information collected from previous work programs on the property. Three-dimensional models of the known gold deposits have been constructed to outline new drill targets and develop plans for future exploration.

NewOrigin has completed an airborne "VTEM" electromagnetic and magnetic survey and a series of geological mapping, geochemical sampling, geophysical induced polarization ("IP") surveys as well as a preliminary program of reconnaissance level exploration drilling. This work has been successful and several new gold occurrences have been identified by the Company that warrant additional work. Total expenditure incurred by the Company to date is $2,153,628.

In 2019, a deep-looking IP was completed over the Koval deposit where shallow exploration drilling was done during the 1950's along trend from the area of known gold mineralization. Detailed analysis and interpretation of the IP results has identified potential depth extensions to the known gold zones as well as several moderate to strong IP anomalies which require drill testing. In August of 2022, a program of geological mapping and soil geochemical surveying was was carried out in advance of an upcoming drilling program aimed at testing potential depth extensions to the "Koval" gold zone and to prioritize other exploration targets along the general trend of gold mineralization on the property. Results of this program are pending.

North Abitibi

North Abitibi is a gold exploration project located 150 kilometers north of Kirkland Lake, Ontario, in the Abitibi greenstone belt. The property consists of 196 single cell mining claim cells covering an area of approximately 47 square kilometers and 21 boundary cell mining claims covering an area of approximately 3 square kilometers for a total area of 50 square kilometers.

The property is subject to an agreement with Vista Gold Corp. ("Vista") whereby Vista holds the right to earn back a 51% interest in the property (the "back-in"). The back-in may be exercised upon 45 days' notice by the Company to Vista, that it has spent $2,000,000 on the property. In order to back-in, Vista would be required to spend

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NewOrigin Gold Corp.

Management Discussion and Analysis

For the year ended June 30, 2022

$4,000,000 in exploration expenditures on the property over three years. If Vista declines to exercise its back-in right, Vista's interest reverts to a 3.0% NSR royalty. NewOrigin has the option to buy back one-third of the Vista NSR royalty (1.0%) in exchange for payment of $1,000,000 to Vista.

The North Abitibi property is situated within the Abitibi greenstone belt approximately 40 kilometres west and along trend from the Casa Berardi Gold Mine now operated by Hecla Mining Corp. Gold mineralization has been discovered in several locations on the property, including the Spade Lake and Road Gold Zones which have been the focus of exploration drilling by NewOrigin and predecessor companies. NewOrigin has exposed a portion of the Road Gold Zone by trench excavating ("trenching") and rock chip sampling which has returned significant results. The Company intends to continue to evaluate both gold zones through continued trenching and diamond drilling in the future. Total expenditure incurred by the Company to date is $1,737,075.

On February 10, 2022 the Company announced the completion of a diamond drilling program conducted during the second quarter of fiscal 2022. The drilling program, which consisted of 4 holes totaling 1,875 metres, tested IP targets at depth in three separate zones where prior drilling was limited to approximately 150 metres of vertical depth from surface. Single drill holes were completed in the Road and East Central Zones and two holes completed in the Spade Lake Zone to a maximum length of 531 metres down hole.

Drill holes completed in the Road and East Central Zones returned gold in previously unknown silicified zones grading up to 5.29 grams per tonne gold ("g/t Au") over 0.75 metres. The final two drill holes testing IP anomalies at depth in the Spade Lake Zone both intercepted broad zones of anomalous gold mineralization.

NewOrigin is constructing 3D sectional interpretations for the Spade Lake Zone and other targets to better understand how these new deeper broad anomalous gold intercepts relate to shallower historic gold intercepts to support the design of a future drilling program.

South Abitibi

South Abitibi is comprised of a large property position of 791 single cell mining claims and 36 boundary cell mining claims covering an area of over 200 square kilometers held by NewOrigin located 15 kilometers southwest of the Cobalt Mining District in the Temagami-Cobalt region of the Abitibi greenstone belt. Two small claim blocks comprising approximately 12% of the property are subject to NSR royalties of 1.5% and one small claim block is subject to a 1.0% NSR and a 5.0% gross profit royalty. NewOrigin has the option to buy back a portion of these royalties.

The South Abitibi property hosts a number of gold, copper and nickel occurrences within a prospective sequence of Archean-age volcanic rock which represent an underexplored and largely unrecognized extension of the southern margin of the Abitibi greenstone belt. The Archean rocks are mostly covered by a veneer of younger, Proterozoic- age sedimentary rocks which precluded historic prospecting along this portion of the Abitibi and limited the effectiveness of earlier geophysical equipment which had minimal depth penetration ability. The Proterozoic rocks are intruded by Nipissing diabase sills throughout the property and cobalt, silver and copper occurrences are reported in these rocks. This is the same regional scale geological assemblage which hosts the nearby world-class Cobalt Mining District.

From the inception of the project until 2020, the Company has received the benefit of approximately $1.2 million in exploration work conducted on the property. This was funded largely from contributions by previous joint venture partners and not recorded on the Company's books. Work has included; a detailed "VTEM" airborne survey, line cutting and IP geophysical surveying, geological mapping, prospect sampling and diamond drilling. This work has identified and advanced prospective occurrences of gold, nickel and copper. Some of these prospects are drill ready and others warrant additional exploration targeting work to be brought to the drill stage. Total expenditure incurred by the Company to date is $225,133.

In early May 2021, the Company completed a geological sampling program at South Abitibi to collect additional geochemical data from selected gold and base metal occurrences previously identified to aid in planning for follow- up exploration work. During fiscal 2022, a detailed geophysical evaluation was completed over the property. This work highlighted and prioritized prospective drill targets for a variety of commodities. A follow-up program of

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NewOrigin Gold Corp.

Management Discussion and Analysis

For the year ended June 30, 2022

geological mapping and sampling and a preliminary "drone" magnetometer and LIDAR survey was conducted subsequent to the fiscal 2022 year-end. Results of this work are pending. During the year, 36 claims where no previous expenditure had been incurred and no targets identified were abandoned.

Nipissing Cobalt

The Company holds a 100% interest in the Nipissing Cobalt Property located at Bay Lake, 10 kilometres west of the town of Cobalt in east central Ontario. The property consists of 313 single cell and boundary cell mining claims covering an area of approximately 125 square kilometres.

The property is almost entirely underlain by Proterozoic-age sedimentary rock and Nipissing diabase sills. Cobalt, silver, copper and zinc occurrences have been documented on the property by NewOrigin and earlier explorers.

From the inception of the project until 2020, the Company has received the benefit of approximately $1.4 million in exploration work conducted on the property. This was funded largely from contributions by previous joint venture partners and not recorded on the Company's books. Work has included a detailed "VTEM" airborne survey, line cutting and Induced Polarization geophysical surveying and diamond drilling. This work was focussed on testing specific targets for their gold potential. Drill targets for zinc, copper, cobalt and silver have been delineated and remain to be tested. Total expenditure incurred by the Company to date is $35,542.

During fiscal 2022, a detailed geophysical evaluation was completed over the property. This work highlighted and prioritized prospective drill targets for a variety of commodities. This allowed the Company to trim its land holding to a more manageable size and subsequent to the end of fiscal 2022, a total of 257 mining claims were abandoned.

Kinebik

On April 14, 2021 the Company completed the acquisition of the Kinebik Gold Project ("Kinebik") from O3 Mining Inc. ("O3 Mining"), further enhancing the Company's strategic position in the Casa Berardi Trend. As consideration for Kinebik, NewOrigin issued O3 Mining 2,700,000 common shares of the Company at the deemed price of $0.165 per share for a value of $445,500. As part of the transaction NewOrigin assumed an existing 1.0% NSR royalty payable to Chalice Gold Mines (Ontario). NewOrigin Gold may buy back 0.5% of the NSR for $200,000.

The Kinebik Project is located in northern Quebec, halfway between the towns of Lebel-sur-Quévillon and Matagami and a two and a half-hour drive from Val d'Or, Quebec. The project is located approximately 200 km to the east of NewOrigin's 5,400 ha North Abitibi Gold Project and approximately 150 km to the east of Hecla's Casa Berardi Mine. The Project has excellent infrastructure and can be accessed year-round via paved and unpaved roads. The project is composed of 328 mining claims, making up 17,750 ha, and covers greater than 30 km of strike along the Casa Berardi Trend.

Most of the exploration conducted at the property was completed between 1980 and 1995. In total, 47 diamond drill holes and several prospecting and geophysical surveys have been completed. In March 2021, a 1,300-line km airborne geophysical survey was completed by O3 Mining, on behalf of NewOrigin, as part of the acquisition agreement on the property. The survey was designed to evaluate the stratigraphic and structural setting of the property to identify target areas prospective for gold mineralization. Results of the geophysical survey have been compiled along with other exploration data and NewOrigin is seeking to joint venture the property.

Mineral Property Exploration and Evaluation Outlook

During the past year, at its flagship Sky Lake gold project, NewOrigin received drill and exploration permits after lengthy delay. The Company also completed an earn-in option with Barrick on key patented mining claims covering the Koval gold deposit which hosts a historic non-NI43-101 compliant mineral resource. A significant amount of time was spent during and subsequent to fiscal 2022 working with the local Mishkeegogamang First Nation, to establish an Early Exploration Agreement that would benefit the community through addressing their various needs. This outreach has been positively received, resulting in the final form of a draft Early Exploration Agreement. This progress in advancing community relations has laid the groundwork for the Company to more aggressively explore the property, including conducting a planned drilling program. At present, a two-phase work program is contemplated

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