Nexus Gold : Management's Discussion and Analysis at April 30, 2022.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED APRIL 30, 2022

INTRODUCTION

This Management Discussion and Analysis ("MD&A") provides a detailed analysis of the business of Nexus Gold Corp. ("Nexus" or the "Company") and compares its financial results for the period ended April 30, 2022 to the comparative period of the previous year. This MD&A should be read in conjunction with the Company's condensed consolidated interim financial statements for the period ended April 30, 2022. The Company's reporting currency is the Canadian dollar and all amounts in this MD&A are expressed in Canadian dollars.

The Company's financial results are being reported in accordance with International Financial Reporting Standards ("IFRS") as issued by the IASB. Further details are included in Note 2 of the audited consolidated interim financial statements for the period ended April 30, 2022. This MD&A is dated June 23, 2022.

Nexus Gold Corp. (the "Company") was incorporated under the Business Corporations Act of British Columbia on May 7, 2009, is a public company listed on the TSX Venture Exchange (the "TSXV") and trades under the symbol NXS.

During the year ended January 31, 2017, the Company's common shares have commenced trading in the United States under the ticker symbol "NXXGF". The listing coincides with the Company's ongoing efforts to support its existing US shareholder base, and to facilitate trading in the OTC markets. The company is DTC eligible to support electronic trading. The Company's common shares will continue to trade on the TSX Venture Exchange under the ticker symbol "NXS".

Management is responsible for the preparation and integrity of the consolidated financial statements, including the maintenance of appropriate information systems, procedures and internal controls to ensure that information used internally or disclosed externally, including the consolidated financial statements and MD&A, is complete and reliable.

This MD&A contains certain statements that may constitute "forward-looking statements". Forward- looking statements include but are not limited to, statements regarding future anticipated exploration programs and the timing thereof, and business and financing plans. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or which by their nature refer to future events.

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NEXUS GOLD CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED APRIL 30, 2022

The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the Company's ability to identify one or more economic deposits on its property, to produce minerals from its property successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies.

Additional information relating to the Company can be located on the SEDAR website at www.sedar.com.

OVERALL PERFORMANCE AND HIGHLIGHTS

PRIVATE PLACEMENTS

On December 1, 2021, the company has completed a non-brokered private placement for gross proceeds of $530,000. In connection with closing of the offering, the company has issued 5,000,000 flow-through units and 5,600,000 non-flow-through units. Each unit (flow-through and non-flow- through) was issued at a price of five cents and consists of one common share of the company and one common share purchase warrant exercisable at price of $0.70 per share until Dec. 1, 2024.

On June 28, 2021 the Company completed the offering of 16,109,450 units. The units were offered by way of non-brokered private placement, at a price of $0.05 per Unit, for gross proceeds of $805,472.50. Each unit consists of one common share and one common share purchase warrant exercisable to acquire an additional common share at a price of $0.07 until June 28, 2024. The gross proceeds from the offering will be used for further project development work and for general working capital purposes. In connection with completion of the offering, the Company paid finders' fees of $13,500 and issued 270,000 Warrants to certain arm's-length parties that introduced subscribers to the offering.

On May 31, 2021 the Company completed the offering of 18,500,000 units. The Units were offered by way of non-brokered private placement, at a price of $0.05 per unit, for gross proceeds of $925,000. Each unit is comprised of one common share, and one common share purchase warrant exercisable to acquire an additional common share at a price of $0.07 until May 31, 2024. The gross proceeds from the offering will be used for further project development work and for general working capital purposes. In connection with completion of the offering, the Company paid finders' fees of $12,000 and issued 240,000 warrants to certain arms-length parties who introduced subscribers to the offering.

On March 25, 2021 the Company closed a non-brokered private placement through the issuance of 6,592,640 units at a price of $0.05 per unit for gross proceeds of $329,632. Each unit consists of one common share of the Company and one common share purchase warrant entitling the holder to purchase one additional share at a price of $0.07 for a period of three years. No finders' fees or commissions were paid in connection with completion of the Offering.

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NEXUS GOLD CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED APRIL 30, 2022

During the period from November 2020 to January 2021 the Company issued 1,488,095 shares on exercise of stock options at $0.055, $0.075 and $0.105 per option. The fair value of the options of $60,542 was deducted from share-based payment reserve;

In December 2020 the Company closed a non-brokered private placement through the issuance of 25,873,682 units at a price of $0.055 per unit for gross proceeds of $1,423,053. Each unit consists of one common share of the Company, and one half of common share purchase warrant. Each whole purchase warrant is exercisable to acquire an additional common share of the Company at a price of $0.075 until December 31, 2022. The Company paid $18,810 in finders' fees and issued 644,400 finders' warrants valued at $32,690 to certain parties who assisted the Company by introducing subscribers to the placement. The finders' warrants are exercisable at $0.075 for a period of two years.

In December 2020 the Company closed a non-brokered private placement through the issuance of 18,440,910 flow-through units at a price of $0.055 per unit for gross proceeds of $1,014,250. Each unit consists of one common share of the Company, and one common share purchase warrant exercisable to acquire an additional common share of the Company at a price of $0.07 until December 23, 2023. The Company paid $56,615 in finders' fees and issued 1,029,354 finders' warrants valued at $56,623 to certain parties who assisted the Company by introducing subscribers to the placement. The finders' warrants are exercisable at $0.055 - $0.07 for a period of three years.

In November 2020, the Company closed an initial tranche of a non-brokered private placement through the issuance of 10,369,764 units at a price of $0.055 per unit for gross proceeds of $570,337. Each unit consists of one common share of the Company, and one-half-of-one common share purchase warrant exercisable to acquire an additional common share of the Company at a price of $0.075 until November 30, 2022.

On August 20, 2020 the Company closed a non-brokered private placement through the issuance of 2,352,941 units at a price of $0.085 per unit for gross proceeds of $200,000. Each unit consists of one common share of the Company, and one common share purchase warrant exercisable to acquire an additional common share of the Company at a price of $0.12 until August 20, 2024. The residual value of the warrants issued in the offering was estimated to be $nil, The Company paid $nil in finders' fees and issued 272,000 warrants valued at $14,596 to certain parties who assisted the Company by introducing subscribers to the placement. The warrants are exercisable at $0.12 for a period of three years.

On August 4, 2020 the Company closed a non-brokered private placement through the issuance of 4,066,600 units at a price of $0.075 per unit, for gross proceeds of $304,995. Each unit consists of one common share of the Company, and one common share purchase warrant. Each warrant is exercisable to acquire one additional common share of the Company at a price of $0.12 per share until August 4, 2023. The Company paid finders' fees of $nil. The residual value of the warrants issued in the offering was estimated to be $nil;

On July 17, 2020 the Company announced that it has closed the final tranche of its flow-through private placement through the issuance of 460,000 units at a price of $0.055 per unit for further proceeds of $25,300. Each unit is comprised of one common share of the Company, and one common

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NEXUS GOLD CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED APRIL 30, 2022

share purchase warrant. Each warrant is exercisable to acquire an additional common share of the Company at a price of $0.07 until July 14, 2023.

On June 26, 2020 the Company announced that it completed the offering of a further 1,900,000 nonflow through units (each, an "NFT Unit") at a price of $0.05 per NFT Unit, and 1,540,000 flow- through units (each, an "FT Unit"), at a price of $0.055 per FT Unit, for gross proceeds of $179,700. Each NFT Unit, and FT Unit, is comprised of one common share of the Company, and one common share purchase warrant. Each warrant is exercisable to acquire an additional common share of the Company at a price of $0.07 until June 26, 2023. The Company anticipates utilizing the proceeds of this additional placement for furthering exploration work at its McKenzie Gold Project (Red Lake, Ontario), its GB Gold-Copper Project (Newfoundland, Canada), and for general working capital purposes. In connection with completion of the completion of this additional placement, the Company has issued 230,000 warrants, and paid $12,250, to an arms-length brokerage firm that assisted in introducing subscribers to the placement.

On June 19, 2020 the Company announced that it has completed an initial tranche of its non-brokered private placement of flow-through units (each, an "FT Unit"). In connection with completion of the initial tranche, the Company has issued 2,545,456 FT Units, at a price of $0.055 per FT Unit, for gross proceeds of $140,000. Each "FT Unit" issued in the initial tranche is comprised of one common share, and one common share purchase warrant (each, a "Warrant") exercisable to acquire an additional common share at a price of $0.07 until June 19, 2023. The Company anticipates completing a further tranche of the placement and will look to raise up to a total of $250,000 through the offering of FT Units. The gross proceeds from all tranches of the placement will be used to fund Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada)) which shall qualify as "flow-through mining expenditures", for the purposes of the Income Tax Act (Canada). The Company anticipates incurring these expenditures in connection with an upcoming drill program to be conducted on its McKenzie Gold Project, located in Red Lake, Ontario. In connection with the placement, the Company has issued 178,182 Warrants, and paid $9,800, to an arms-length third party that assisted in introducing a subscriber to the initial tranche of the placement.

On June 3, 2020 the Company announced that it has completed an offering of 14,250,000 units by way of non-brokered private placement at a price of $0.05 per unit for gross proceeds of $712,500. Each unit consists of one common share of the Company and one common share purchase warrant exercisable to acquire an additional share at a price of $0.07 until June 3, 2023.

On April 9, 2020 the Company announced that it completed an offering of 5,000,000 units by way of a non-brokered private placement at a price of $0.05 per unit for gross proceeds of $250,000. Each unit consists of one common share of the Company, and one common share purchase warrant exercisable to acquire an additional share at a price of $0.07 for a period of twenty-four months. No finders' fees or commissions were paid in connection with completion of the Offering.

On March 23, 2020 the Company announced that it completed an offering of 8,980,000 units by way of non-brokered private placement at a price of $0.05 per unit for gross proceeds of $449,000. Each unit consists of one common share of the Company, and one common share purchase warrant

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NEXUS GOLD CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED APRIL 30, 2022

exercisable to acquire an additional share at a price of $0.07 for a period of sixty months. No finders' fees or commissions were paid in connection with completion of the offering.

In February 2022, Nexus Gold Corp. appointed Brian Shin to serve on the Board of directors effective February 15, 2022. Mr. Shin specializes in providing financial reporting, corporate finance, auditing, corporate strategy, risk management and other accounting services to both public and private companies in various industries. He holds the professional designations of chartered professional accountant (CPA) in British Columbia and Canada and certified management consultant (CMC). Mr. Shin has had extensive experience as a consultant, controller and auditor for numerous publicly traded and private corporations in several industries in multiple countries such as Canada, Hong Kong and South Korea.

EXPLORATION ACTIVITIES

BURKINA FASO PROPERTIES

Burkina Faso is a landlocked nation located in West Africa between Ghana and Mali, the second and third largest gold producing countries on the continent. It is underlain by rocks of the same age and history as its neighbors but it is still relatively under-explored compared to its neighbors. It covers an area of roughly 274,000 square kilometers and has an estimated population of more than 16 million people. The country is pro-mining and has a favorable foreign investment stance.

The country is the fastest growing gold producer in Africa. It is ranked 2nd in the continent and 37th worldwide in current Best Practices Mineral Potential Index in the "Survey of Mining Companies 2019" conducted by The Fraser Institute of Canada. https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2019.pdf.Since 2019, there are seven gold mines in production. Other resources currently being mined include manganese, bauxite, copper, nickel, lead, zinc, and limestone/marble.

The country has excellent geological potential. The Greenstone Belts that host all of the major deposits in Ghana and Cote d'Ivoire continue northward into Burkina Faso. Some of the world's most productive mines are located in West African greenstone belts. These belts cover approximately 3,000,000 km², making the area's exploration potential enormous. Burkina Faso currently accounts for 21% of West Africa's greenstone belt exposure. Burkina Faso has undergone less than 15 years of modern mineral exploration, remaining under explored in comparison to neighboring Ghana and Mali; both of which host world class gold mines in the same belts of Birimian rocks.

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