Newrange Gold : Management Discussion and Analysis

NEWRANGE GOLD CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Six months ended October 31, 2021

GENERAL

This management's discussion and analysis of financial position and the results of operations is prepared as at December 22, 2021 and should be read in conjunction with the unaudited condensed interim consolidated financial statements of Newrange Gold Corp. ("the Company") for the six months ended October 31, 2021 and 2020 and related notes thereto. The MD&A should also be read in conjunction with the audited consolidated financial statements of the Company for the year ended April 30, 2021 and the related MD&A.

These condensed interim consolidated financial statements were prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and in accordance with International Accounting Standards ("IAS") 34, Interim Financial Reporting. All dollar amounts included therein and in the following management's discussion and analysis ("MD&A") are in Canadian dollars except where noted. These documents and other information relevant to the Company's activities are available for viewing on SEDAR at www.sedar.com.

FORWARD-LOOKING STATEMENTS

Certain statements contained in the MD&A constitute forward-looking statements. 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 future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.

Due to the risks and uncertainties identified above and elsewhere in this MD&A, actual results may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by securities law.

DESCRIPTION OF BUSINESS

The Company was incorporated under the Business Corporation Act (B.C.) on May 16, 2006.

The Company is an exploration company dedicated to the identification, acquisition and exploration of precious metal and base metal projects. The Company's strategy is to advance its key projects through prospecting, drilling and development stages and to seek strategic partners through joint-ventures or other associations to fund continued project development.

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EXPLORATION PROPERTY REVIEW

Mr. Robert A. Archer, P. Geo, a Qualified Person as defined by National Instrument 43-101, the President and CEO of the Company, has reviewed, verified, and approved for disclosure the technical information contained in this MD&A.

Pamlico, Nevada, USA

On July 15, 2016, the Company entered into a purchase option agreement, subsequently amended, to purchase a 100% undivided interest in the Pamlico gold project in Nevada. To earn the interest, the Company must make payments totaling US$7,500,000.

1. US$50,000 (paid $65,003);
2. US$9,000 (paid $12,049);
3. US$16,000 (paid $21,311);
4. US$125,000 (paid $163,077);
5. US$250,000 (paid $324,667);
6. US$100,000 (paid $131,512);
7. US$150,000 on or before August 31, 2018 (paid $197,709); viii)US$250,000 on or before July 15, 2019 (paid $326,845);

1. US$250,000 on or before July 15, 2020 (paid $339,190);

1. US$250,000 on or before July 15, 2021 (paid $308,545);
2. US$250,000 on or before July 15th of each year from 2022 to 2044; and
3. US$300,000 on or before July 15, 2044.

Upon production, the Company must pay an annual payment of US$250,000, or a 4% Net Smelter Royalty ("NSR"), whichever is greater. The Company may reduce the NSR to 1% by paying the optionor US$1,000,000 per percentage point. All payments to the optionor are recoupable from production royalty payments. The Company will maintain the claims in good standing and pay any associated maintenance fees.

For additional details on past exploration work, including full drill program results, please visit the Company's website at http://www.newrangegold.com/Pamlico.asp

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About Pamlico

Discovered in 1884, Pamlico rapidly became known as one of Nevada's highest-grade gold districts. Held by private interests for more than a century, the property remained underexplored in terms of modern exploration. Situated near Hawthorne, Nevada, within the highly productive Walker Lane mineral belt, Pamlico enjoys excellent access, infrastructure, mild, year-round operating climate and strong political support from Mineral County, one of the most pro-mining counties in the pro-mining state of Nevada. The Pamlico project consolidates multiple historically productive mines with more than 300 individual mine workings on the property.

When the Company acquired the option on Pamlico, the property comprised 116 unpatented lode mining claims covering the historic Pamlico group of mines, as well as the surrounding Good Hope, Gold Bar and Sunset mines. Since acquiring Pamlico, the Company has increased the property by staking additional unpatented lode claims and currently has more than 5,700 hectares of highly prospective ground contiguous with, and including, the original Pamlico property.

Mineralization and geology at Pamlico exhibit many highly favorable characteristics. The known mineralized system in the vicinity of the historic mine workings is oxidized to depths of 200 to 300 meters below the surface, essentially eliminating any potential for refractory mineralization due to sulfide encapsulation of the gold. The volcanic hosted mineralization has no potential for 'preg-robbing' carbon and the silica deficient nature of the gold events that occurred very late in the development of the deposit also indicate negligible potential for refractory metallurgy related to silica encapsulation of the gold. While very coarse gold does exist in places, the vast majority of the gold is very fine grained with no visible gold found even in the highest-grade samples assaying up to 340 grams per metric tonne. Work to date shows gold occurs as very fine grains, generally less than 20 to 30 microns in diameter, associated with highly friable iron oxide on fracture surfaces and in breccia zones along structures. Preliminary cyanide leach tests have indicated recoveries of up to 97%.

The Company's work at Pamlico identified multiple target zones in the immediate vicinity of the historic mines including Pamlico Ridge, the Merritt Area and Gold Box Canyon, indicating that one or more highly prospective, large, near surface, oxide gold systems are present in the known area. Drilling to date has identified high-grade gold mineralization in the Merritt Area (adjacent to the Merritt Decline) that remains open to expansion.

In a recent drill program, the Company has discovered a new zone of mineralization proximal to a large Induced Polarization (IP) anomaly, just east of the historic Central Mine and about 1.3 kilometers north of Pamlico Ridge. Gold mineralization here starts about 110 meters vertically below surface and consists of a series of relatively flat-lying, stacked horizons with fine grained pyrite hosted in volcaniclastic rocks similar to those at Pamlico Ridge. The mineralization has only been identified in four drill holes to date but covers an area of at least 200 x 50 meters and is open in all directions. Importantly, the disseminated pyrite is reflected in the IP survey conducted over this area and recently expanded to cover the entire property.

The expanded IP survey, completed in March 2021, not only enlarged the known IP anomalies (from the 2020/21 survey) but identified several additional zones of high chargeability covering an area exceeding 6 x 5 kilometers in size.

The geological model for the project is constantly being updated and reinterpreted based upon ongoing exploration results. Current thinking is that the widespread alteration, gold mineralization and large IP

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anomalies may be indicating a skarn-type setting with significant size potential. This 'working hypothesis' will form the basis of near term exploration on the project.

On November 12, 2020, the Company provided an update on the reverse circulation (RC) drill program at the Pamlico Gold Project in Nevada. Since commencing the program in late May, the Company drilled 65 holes (including two that had to be re-drilled) for a total of 6,538.04 meters.

On December 1, 2020, the Company announced that it had discovered a new zone of gold mineralization at its Pamlico Gold Project in Nevada. Hole P20-091, drilled more than 1,300 meters north-northeast of Pamlico Ridge to test a near-surface Induced Polarization (IP) chargeability anomaly near the historic Central and Sunset Mines, intersected 0.744 grams gold per metric tonne (g/t Au) over 18.3 meters, within a larger envelope of 0.403 g/t Au over 51.8 meters. Importantly, the entire interval from 122.0 meters to the bottom of the hole at 335.4 meters is anomalous in gold, averaging 0.184 g/t Au over those 213.4 meters.

There is a very sharp geochemical boundary at 115.85 meters, with almost every sample above that being below the assay detection limit and almost every sample below it containing at least anomalous amounts of gold, with the highest at 2.28 g/t Au. Gold is hosted in a volcano-sedimentary unit and is believed to reflect a zone of alteration, possibly peripheral to a buried porphyry. The mineralized rock is variably silicified and sericitized, with 1-2% very fine-grained pyrite below 170 meters (the pyrite is oxidized above this level).

On January 12, 2021, the Company provided an update on the ongoing reverse circulation (RC) drilling program at its Pamlico gold project in Nevada. The holes reported (P20-92 to 110) were drilled in the Gold Box Canyon, Merritt, and Good Hope areas and demonstrate the extent of shallow oxide gold mineralization across the Pamlico District, covering an area of approximately 0.75 square kilometers. Drilling to the end of hole P20-110 has entailed 6,538 meters.

On January 25, 2021, the Company announced that it had initiated a 52 line kilometer IP and Resistivity survey being conducted by Géophysique TMC of Vald'Or, Quebec at the Company's Pamlico project in Nevada.

The survey is designed to expand and increase resolution of the large "Line 5" chargeability anomaly and a separate but potentially related anomaly in the area termed the "Skarn Zone", more than 3.8 kilometers to the southeast, both discovered in the Company's 2019/20 IP-Resistivity survey. The Line 5 anomaly is roughly 1,000 meters wide, more than 1,000 meters long and remains open to expansion along trend to the north and south. The current high-resolution survey is designed to penetrate to depths of 500 meters and will be merged with data from the earlier survey to provide near property wide coverage.

Recent drilling, announced by the Company on December 1, 2020, intersected significant lengths of gold mineralization proximal to the Line 5 anomaly in a sequence of sericitized and chloritized volcanosedimentary rocks. As indicated in that press release, the Company considers it likely that observed alteration and gold mineralization throughout the district are related to fluids emanating from a buried intrusive and that a related sulfide rich "skarn" system is the cause of the large Line 5 chargeability anomaly. Gold bearing skarn systems form some of the largest and most important deposits in the world and are found throughout Nevada including the Carlin, Cove-McCoy, Battle Mountain and many other districts.

On February 23, 2021, the Company announced that continued Reverse Circulation (RC) drilling at the Pamlico Project in Nevada had discovered high-grade, oxide gold mineralization approximately 85 meters east of the Merritt Zone. Hole P21-115, drilled at -60°, intersected several high-grade structures assaying

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up to 22.35 g/t Au over 1.5 meters surrounded by lower grade halos, very similar in nature to the Merritt Zone itself.

The uppermost zone of gold mineralization starts at 15.2 meters downhole, returning 4.38 g/t Au over

13.7 meters, including 12.47 g/t Au over 4.5 meters from 16.77 to 21.34 meters. Other high-grade intervals of note include 5.52 g/t Au over 7.62 meters from 92.99 to 100.61 meters, including 22.35 g/t Au from 94.51 to 96.04, and 13.01 g/t Au over 1.5 meters from 123.48 to 125.00 meters. The rocks between these zones are variably mineralized such that the entire 123.5 meter interval averages 1.13 g/t Au. All mineralization is within 117 meters of surface.

On March 23, 2021, the Company announced that the expanded Induced Polarization (IP) survey on the Pamlico Project in Nevada had been completed and interpreted. The new survey comprised 56.35 line kilometers, bringing the total, including the 2019-20 survey, to more than 76.5 line kilometers, covering the entire property. Three large areas of anomalous chargeability were detected, all of which encroached on the property boundary such that the Company has staked additional ground, more than doubling the size of the property to more than 5,000 hectares.

On May 13, 2021, the Company announced that it had resumed drilling at its Pamlico Project in Nevada and had contracted American Drilling Corp. for one and possibly two core drills. The first drill started on a series of follow up holes around hole P21-115, a reverse circulation (RC) hole that discovered shallow, high-grade, oxide gold mineralization 85 meters east of the Merritt Zone.

On October 6, 2021, the Company provided an update to the ongoing exploration on its Pamlico Project in Nevada where recent diamond drilling, mapping and sampling programs are outlining a large-scale,multi-phase, polymetallic mineralizing system.

A six-hole, 1,123 meter diamond drilling program was conducted in May to August but was terminated prematurely due to poor productivity, low core recoveries, and cost over-runs. Longer than usual turn around times were experienced in assaying but all results have now been received. As previously reported, four core holes, P21-122 to 125, inclusive, were drilled around reverse circulation (RC) hole P21-115, just east of the Merritt Zone and north of the historic Pamlico Mine. All core holes were drilled at -60° on an azimuth of 070°, the same as hole P21-115, and collared within 25-30 meters of that hole. Significantly, all four holes displayed concentric metal zonation starting with a broad halo of zinc, followed by internal halos of lead, copper, arsenic and silver, usually in that order, with higher gold values in discrete structures near the center. This program marks the first time that multi-element geochemistry has been used on drill samples. As the structural geology of the Pamlico area is highly complex and there is no sulphide mineralization due to intense oxidation, the ability to use certain geochemical patterns as pathfinders will be important in future drill targeting. A program of re-assaying pulps and rejects from previous drill samples for multi-element geochemistry has been initiated.

On December 20, 2021, the Company provided a year-end update to the ongoing exploration on its Pamlico Project in Nevada where the combination of drilling, IP geophysics, mapping, sampling and multi-element geochemistry are outlining a large-scale,multi-phase, polymetallic mineralizing system. The Company has identified several target areas that are being groomed for follow up drilling in 2022.

Additional information on the Pamlico Project can be obtained from the Company's website at www.newrangegold.com.

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