Pure Gold Mining : MANAGEMENT’S DISCUSSION AND ANALYSIS For the three and nine months ended September 30, 2021

Pure Gold Mining Inc.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2021

Dated November 12, 2021

Pure Gold Mining Inc.

Management's Discussion and Analysis

For the three and nine months ended September 30, 2021

This Management's Discussion and Analysis (the "MD&A"), dated as of November 12, 2021, is for the third quarter ended September 30, 2021 and should be read in conjunction with the unaudited condensed interim financial statements, including the related notes thereto, for the nine months ended September 30, 2021 (together, the "Interim Financial Statements"), as well as the audited consolidated financial statements,including the related notes thereto, for the fiscal years ended December 31, 2020 and 2019 (together, the "Annual Financial Statements") of Pure Gold Mining Inc. (also referred to as "Pure Gold", or the "Company", or "we", or "our", or "its" or "us" within this MD&A), and our other corporate filings includingour Annual Information Form for the fiscal year ended December 31, 2020 dated March 31, 2021 (the "AIF"), available under Pure Gold's profile on SEDAR at www.sedar.com.

This MD&A contains forward looking statements that involve numerous risks and uncertainties. The Company continually seeks to minimize its exposure to business risks, but by the nature of its business and exploration activities and size, will always have some risk. These risks are not always quantifiable dueto their uncertain nature. Should one or more of these risks and uncertainties, including those describedunder the heading "Risk factors" in our AIF and those set forth in this MD&A under the headings "Cautionary Notes Regarding Forward-Looking Statements" and "Industry and Economic Factors that MayAffect our Business" materialize, or should underlying assumptions prove incorrect, then actual results may vary materially from those described in forward-looking statements.

The disclosure of technical information in this MD&A has been approved by Darin Labrenz, P. Geo, President & CEO of the Company, and a Qualified Person ("QP") for the purposes of National Instrument43-101, Standards of Disclosure for Mineral Projects ("NI 43-101"). Readers are directed to the section entitled "Scientific and Technical Disclosure" included within this MD&A.

The Company is listed on the TSX Venture Exchange ("TSX-V") in Canada under the symbol PGM and on the London Stock Exchange ("LSE") under the symbol PUR. All dollar amounts stated in this MD&A are expressed in Canadian dollars ("$") unless noted otherwise.

Highlights for the Third Quarter 2021 and Significant Subsequent Events

A summary of the highlights for the three months ended September 30, 2021, and subsequent period to date for the Company and its 100% owned PureGold Mine Project ("PureGold Mine" or the "Project") are as follows:

• Declared commercial production on August 1, 2021;
• Announced on October 27, 2021, that Maryse Belanger, director, and experienced mine operator and builder, has agreed to step into the role of Mine General Manager at the PureGold Mine, following retirement by the incumbent. In this role, Ms. Bélanger will oversee all aspects of the day-to-day operations of the PureGold Mine;1
• Average daily throughput of 685 tonnes per day ("tpd") at the PureGold Mine for the quarter, a 35% increase compared to the second quarter driven by increased stope access and mill upgrades;
• Gold production of 9,260 ounces, a 54% increase compared to the second quarter driven by higher grades and increased tonnage;

1 See press release dated October 27, 2021 available at www.puregoldmining.caor under the Company's Sedar profile at

www.sedar.com.

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• Average mill head grade of 4.8 g/t Au, a 15% increase on the second quarter;
• Completion of mill upgrades to increase processing capacity, 1,000 tpd achieved for a number of days;
• Continued progress on permit amendments to increase annual ore production limits from 292,000 tonnes (800 tpd) to 360,000 tonnes (1,000 tpd);
• Announced quarterly drilling results used to support near-term mine production from both the Main and East ramp, with highlights as follows:2

1. 55.4 g/t gold over 5.0 metres from drill hole PGP-00072;including 83.2 g/t gold over 2.0 metres; and including

50.3 g/t gold over 2.0 metres;

1. 14.5 g/t gold over 13.2 metres from drill hole PGP-00086;including 116.7 g/t gold over 1.0 metre;

1. 10.1 g/t gold over 7.8 metres from drill hole PGP-00091; including

44.2 g/t gold over 1.0 metre;

• 1. 18.2 g/t gold over 3.9 metres from drill hole PGP-00070;including 30.1 g/t gold over 1.9 metres.
• On September 28, 2021, the Company closed a bought deal offering of 21,905,200 units of the Company
  ("Units") at a price of C$1.05 per Unit for gross proceeds to the Company of C$23,000,460 (the "Offering"). Each Unit is comprised of one common share (each a "Common Share") and one-half Common Share purchase warrant (each such full warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of C$1.36 until March 28, 2023. 3
• On October 15, 2021, the Company closed a further financing on similar terms to the September 28, 2021 financing, when it issued a total of 3,307,619 Units of the Company to AngloGold Ashanti International Exploration Limited ("AngloGold") at a price of C$1.05 per Unit, for aggregate gross proceeds of approximately C$3,473,000. This private placement financing brought AngloGold's then ownership percentage in the Company to 14.96% of the issued and then outstanding common shares on a non- diluted basis. Each Unit consists of one Common Share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, an "AngloGold Warrant"). Each AngloGold Warrant is transferrable and entitles the holder to acquire one Common Share of the Company until April 15, 2023, at a price of C$1.36.4

Outlook

In the third quarter, the Company approved an increase from two to four rigs for its ongoing underground and surface drill program with the goal of further delineation and growth of our near-term mine plan.

Updated Production Guidance

For the first three quarters of 2021, accelerated ramp development and definition drilling have been successful in opening up the underground mine which, in turn, has driven steady improvements in throughput and grade year to date. The Company is confident that these programs will continue to deliver steady improvements going

1. See press release dated October 28, 2021 available atwww.puregoldmining.caor under the Company's Sedar profile at www.sedar.com.
2. See press release dated September 28, 2021 available atwww.puregoldmining.caor under the Company's Sedar profile at www.sedar.com.
3. See press release dated October 15, 2021 available atwww.puregoldmining.caor under the Company's Sedar profile at

www.sedar.com.

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forward, though the forecasted pace of ramp-up has been revised based on trends observed to date. As such, the Company is targeting a production rate of approximately 600-700 tpd at an average head grade of 5.5-6.5 g/t Au for the fourth quarter of 2021 and expects to continue ramping up both throughput and mill head grade toward the mine's full capacity by the end of Q1 2022. The Company now expects to sustain 1,000 tpd by mid-2022. This change from the guidance announced in August 2021 reflects slower than expected ramp up to allow for additional definitional drilling to inform mine design and mine scheduling. Until the Company reaches this expected level of sustained throughput and expected grade, non-IFRS financial measures such as Cash costs per ounce and All-in sustaining costs ("AISC") per ounce, which rely on ounces produced in their calculation, are not representative of the future mine plan and are not provided herein. The Company expects to begin to provide these numbers in Q1 of 2022.

Other key opportunities identified to enhance the PureGold Mine Project over the project life including:

• Potential expansion of the PureGold Mine resource, through application of the Company's geologic model to target extensions to the known resource, including:
  o Potential conversion of the inferred resources in the PureGold Mine deposit to measuredand indicated, currently totaling 241,000 ounces of gold (0.9 million tonnes at 8.4 g/t gold);
  o High-grade 8 Zone expansion potential beyond the reserve scheduled to commence mining in year four of operations;
  o Potential depth extensions of the PureGold Mine deposit which remains open at depth and along strike;
  o Continue exploration at Russet South, Fork, Wedge and other targets across the +5- kilometre mineral system in place at the PureGold Mine property, where strong potential exists for continued growth;
• In addition, the Company plans to begin a search for new projects that may be available for acquisition to enhance shareholder value.

With the Fork, Russet South, and Wedge zones and the recent target identified up-dip of the 8-Zone, PureGold has the potential to either add mine life or improve annual production throughput at the PureGold Mine with positive results from further exploration and development. Subject to availability of funds, the Company plans to continue exploring these zones to potentially define further mineralization and upgrade the resource classification with the goal of determining the feasibility of adding production from these zones to the PureGold Mine production profile, as early as practical, in the mine life.

The Company plans to complete a resource update to include drilling completed over the last two years, since completion of the feasibility study. Reserves are expected to be updated in H1 2022.

Overall Performance

PureGold Mine Project, Red Lake, Ontario

After a series of transactions in fiscal 2014 through 2017, the PureGold Mine property now comprises 251 mining leases, mining patents and unpatented mining claims (but predominantly patented and with accompanying surface rights) owned or controlled 100% by PureGold, covering an area in excess of 4,600hectares in the prolific Red Lake gold camp of Northwestern Ontario. The PureGold Mine property hosts two former gold producers including the PureGold Mine.

There are no royalties payable on claims hosting known mineral resources at the PureGold Mine propertyexcept for a 2% Net Smelter Royalty on resources from Russet South, that is capped at $2.0 million. Certainclaims acquired in the Newman-Madsen and Derlak transactions are subject to royalties ranging from 0.5% - 3%, a portion of which may be bought back by the Company.

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On February 11, 2019, PureGold announced the results of its feasibility study for the PureGold Mine deposit4 and in August 2019 announced a financing package and a construction decision for the PureGold Mine. In December 2020, the Company announced it had received final permits, delivered first ore to the mill and announced its first gold pour.

Overview of Operating Results

			For the two			For the three
			months since			months
			start of			ended
			commercial			September
			production1			30, 2021
Operating
data
Ore mined	Tonnes	39,460		61,534
Waste	Tonnes	101,825		143,225
mined
Total mined	Tonnes	141,285		204,759
Ore milled	Tonnes	41,242		63,028
Average	Grams	4.6		4.8
head grade	per tonne
	gold
Recovery	%	93.8		94.5
Gold	Ounces	5,700		9,260
produced
Gold sold2	Ounces	7,042		8,382
Average	$/ounce	$2,264		$2,261
Price	sold
realized
Financial
data3
Revenue	$				15,933,649
Mine	$				(5,940,235)
operating
loss
Net loss	$				(13,172,488)
EBITDA	$				(4,664,060)
						As at
						September
					30, 2021
Long term	$				116,891,319
debt
Current	$				36,171,810
assets
Current	$				38,885,397
liabilities

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