Ridgeline Minerals : MD&A June 30, 2022

Management's Discussion and Analysis

Second Quarter Ended June 30, 2022

(Expressed in United States dollars, except per share amounts and where otherwise noted)

August 25, 2022

This Management's Discussion and Analysis ("MD&A") should be read in conjunction with the condensed consolidated interim financial statements for the period ended June 30, 2022 and related notes thereto which have been prepared in accordance with IFRS 34, Interim Financial Reporting of the International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, as well as the annual audited consolidated financial statements for the year ended December 31, 2021, which are in accordance with IFRS, and the related MD&A. References to "Ridgeline" and the "Company" are to Ridgeline Minerals Corp. and/or one or more of its wholly-owned subsidiaries. Further information on the Company is available on SEDAR at www.sedar.com. Information is also available on the Company's website at www.ridgelineminerals.com. Information on risks associated with investing in the Company's securities is contained in this MD&A. Technical and scientific information under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") concerning the Company's material properties are located in their respective technical reports: technical and scientific information regarding the Carlin-East project (the "Carlin-East Project") is contained in the technical report titled "43-101 Technical Report Carlin-East Project Eureka and Elko Counties, Nevada" with an effective date of December 30, 2019, prepared for the Company by John Langton (M.Sc., P.Geo.) of JPL GeoServices (the "Carlin-East Technical Report"), the technical and scientific information regarding the Selena project (the "Selena Project") is contained in the technical report titled "43-101 Technical Report 43-101 Technical Report: Selena Property, White Pine County, Nevada" with an effective date of June 4, 2020 (the "Selena Technical Report"), prepared for the Company by John Langton (M.Sc., P.Geo.) of JPL GeoServices and technical and scientific information regarding the Swift project (the "Swift Project") is contained in the technical report titled "43-101 Technical Report: Swift Project, Lander County, Nevada" with an effective date of May 30, 2020, prepared for the Company by John Langton (M.Sc., P.Geo.) of JPL GeoServices (the "Swift Technical Report") . The disclosure in this MD&A of scientific and technical information regarding the Company's other mineral projects has been reviewed and approved by Mike Harp (M.Sc., P.Geo.), the VP, Exploration of the Company. Each of Mr. Langton and Mr. Harp is a "qualified person" for the purposes of NI 43-101.

Q2 2022 HIGHLIGHTS

Selena Project

On June 8, 2022, the Company announced that it acquired the historical database for all outstanding surface and drillhole data at the Selena Project ("Selena") from NevGold Corp., operators of the adjacent Limousine Butte project to the north of Selena. The data includes an extensive drillhole database of one hundred and four drill holes, many of which overlapped with Ridgeline's existing database. However, six holes drilled in 2010 contained shallow, high-grade silver ("Ag"), gold ("Au"), lead ("Pb") and zinc ("Zn") drill intercepts at the Company's previously identified Juniper Target ("Juniper"), located approximately 1 kilometer south of Ridgeline's original shallow-oxide,Ag-Au discovery ("Chinchilla"). Highlight intercepts from the historical drillholes at Juniper include 0.3 meters ("m") grading 6,667 grams per tonne ("g/t") Ag, 7.7 g/t Au, 1.6% Pb, 0.2% Zn and 1.0 m grading 2,467.2 g/t Ag, 5.1 g/t Au, 1.1% Pb, 1.4% Zn within 7.7m 725.2 g/t Ag, 1.5 g/t Au, 1.3% Pb, 0.9% Zn starting at 15.5 m in core hole LB-072.

On June 13, 2022, the Company announced that the first two holes of the 2022 drill program at the Selena project intersected Ag-Au-Pb-Zn carbonate replacement ("CRD") style mineralization at the CRD target, a conceptual target located between the Company's original shallow-oxideAg-Au ± Pb-Zn discovery at Chinchilla and the Butte Valley porphyry located approximately 4.0 kilometers ("km") to the west. Drill hole SE22-037 was a 2.5 km step-out to the west of known mineralization at Chinchilla and returned highlight intercepts of 3.0 m grading 40.2 g/t Ag, 3.0 g/t Au, 0.2% Pb, 6.8% Zn and 3.0m grading 35.4 g/t Ag, 0.9 g/t Au, 1.0% Pb, 2.3% Zn within wider (15.2-16.8m), lower grade intervals surrounding both zones.

Corporate

The Company's financial highlights for the quarter included:

• For Q2 2022, operating loss was $248,737 compared to an operating loss of $239,022 in comparative quarter of 2021;

Q2 2022 MD&A (table amounts expressed in US Dollars, except per share amounts and where otherwise noted)

• For the six months ended June 30, 2022, operating cash outflow before working capital was $373,227 compared to an operating cash outflow before working capital of $437,265 in the comparative period of 2021; and
• As at June 30, 2022, cash, including restricted cash, was $1,029,663 and the working capital balance was $952,906.

OVERVIEW OF BUSINESS

Ridgeline Minerals Corp. ("Ridgeline" or the "Company") is a Canadian resource company engaged in the exploration of precious and base metal deposits in the western United States. The Company controls a 163 square kilometre ("km²") exploration portfolio of five early-stage exploration projects in Nevada and Idaho. Ridgeline was founded in 2019 by an experienced team of geologists and drilling professionals with the belief that the majority of future of discoveries in the Great Basin (western US) will be found at depth and under cover.

The Company's 100% owned projects are:

• Selena (the "Selena Project") is a Carbonate Replacement Type (CRD) silver-gold-lead-zinc exploration project located within the southern extension of the Carlin-Trend in White Pine County, Nevada. (Figure 3). The claim block is comprised of 467 BLM administered contiguous federal lode claims covering an area of approximately 9,626 acres (39 km²). Historic and currently producing mines in the area include Kinross Gold Corp.'s Bald Mountain, Alligator Ridge, Yankee and Illipah deposits, with exploration over the past 30 years restricted to surface geochemistry and shallow drilling.
• Swift (the "Swift Project") is a Carlin-type gold exploration project within the prolific Cortez district of the Battle Mountain - Eureka Trend in Lander County, Nevada. The project covers an area of approximately 18,348 contiguous acres (75 km²) and is a mix of 785 unpatented BLM administered lode claims (14,651 acres) and private "fee" lands (3,697 acres). The project has seen limited historic exploration and is located approximately 7 km to the northwest and directly on-strike of NGM's Gold Acres, Pipeline, Cortez Hills and Goldrush deposits (Figure 8). The Swift Project is subject to the NGM Earn-In-Agreement.
• Carlin-East(the "Carlin-EastProject") is a Carlin-type gold exploration project located within the prolific Carlin Trend, a 200 km (125 mile) long, north-northwest alignment of predominantly carbonate hosted gold deposits located in northeastern Nevada (Figure 11). The 35 km² property straddles the Eureka and Elko County lines and is comprised of 427 contiguous Bureau of Land Management ("BLM") lode claims totaling 8,628 acres of surface and mineral rights on-trend of the currently producing Leeville-Turf deposit, which is owned by NGM, a joint venture between Barrick Gold Corp and Newmont Corp.
• Bell Creek (the "Bell Creek Project") is a Carlin-Type exploration project located directly west of the original Carlin-East claims and adjacent to NGM's Goldstrike, Meikle-Rodeo and Ren deposits on the prolific north Carlin Trend (Figure 13). The property has seen limited historic exploration and is comprised of 1,300 acres of semi-contiguous private mineral rights totaling 5 km². NGM recently announced a 1.2Moz maiden resource grading 7.3 g/t gold at the Ren deposit which sits only 500m west of the Bell Creek property boundary.
• Robber Gulch (the "Robber Gulch Project") is host to a shallow-oxide,Carlin-Type gold discovery, is historically underexplored and exhibits similar age host rocks and mineralization style to Liberty Gold's Black Pine Deposit located 88 km's to the southeast. Robber Gulch is located approximately 30 km southeast of the city of Burley, Cassia County Idaho (Figure 15). The project area is comprised of 117 contiguous lode claims (9.3km²) that straddle both federally administered Bureau of Land Management and US Forest Service lode claims and is easily accessible through a network of county-maintained gravel roads via Idaho State Highway 30.

The Company was incorporated in British Columbia on March 18, 2019 under the name Carlin-Type Holdings Ltd. and subsequently changed its name to Ridgeline Minerals Corp. on December 11, 2019. On August 12, 2020, the Company completed an initial public offering (the "IPO") and commenced trading on the TSX Venture Exchange (the "TSX-V") under the symbol "RDG" on August 17, 2020. The Company's common shares also trade in the United States on the Over-the-Counter OTCQB Venture Market under the trading symbol "RDGMF".

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Q2 2022 MD&A (table amounts expressed in US Dollars, except per share amounts and where otherwise noted)

The Company's corporate headquarters is located in Vancouver, British Columbia, Canada. Field operations are conducted out of a local office in Winnemucca, Nevada, United States. The Company consolidates it's wholly-owned subsidiaries, Ridgeline Minerals Corporation ("Ridgeline NV"), Ridgeline Silver Corporation and Ridgeline Exploration Corporation.

PROJECT LOCATIONS

The Company's five projects are located in Nevada and Idaho, United States (Figure 1).

Figure 1: Map showing location Ridgeline properties in Nevada and Idaho

EXPLORATION STRATEGY AND OUTLOOK

The Company's exploration strategy is focused on identifying underexplored precious and base metal exploration projects in the western US with potential to yield a significant discovery. The Company's portfolio is a mix of 100% owned exploration projects, exploration partnerships and strategic land holdings with the Company's flagship Selena project exhibiting significant growth potential throughout the first five phases of drilling (Figure 2). Exploration projects are acquired with district-scale consolidation of mineral rights being an early focus, evidenced by Ridgeline's 163 km² portfolio. Each project receives systematic, science-driven exploration which begins with evaluation of historical data followed by comprehensive surface geochemistry, field mapping and geophysical surveys. This baseline data collection is crucial to the exploration process and creates a geologic framework that allows the team to identify high-priority drill targets which are then ranked at both the project and portfolio level. The technical team's proven track record of multiple discoveries in Canada and the US supports their belief that economic discoveries are typically a result of sustained exploration efforts across multiple phases of drilling. As a result, drill programs are completed in phases with each drill program having clearly defined technical goals and budget expectations to be met before additional phases of drilling are authorized.

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Q2 2022 MD&A (table amounts expressed in US Dollars, except per share amounts and where otherwise noted)

Figure 2: Ridgeline's 2022 exploration strategy

Selena Project

The Selena Project is a Carbonate Replacement Type (CRD) silver-gold-lead-zinc exploration project located within the southern extension of the Carlin-Trend in White Pine County, Nevada. The project is host to a shallow-oxide, Ag- Au discovery with bulk-tonnage(open-pit) potential and exhibits significant potential to host a higher-grade CRD Ag- Au-Pb-Zn discovery at depth. The Company's Phase V, 2022 program consisted of 2 wide-spacedstep-out drill holes totaling 1,608m, with both holes intersecting high-grade CRD type mineralization roughly 2.5km to the west of the original Chinchilla discovery. Highlight results from the drill program include 3.0 m grading 40.2 g/t Ag, 3.0 g/t Au, 0.2% Pb, 6.8% Zn and 3.0m grading 35.4 g/t Ag, 0.9 g/t Au, 1.0% Pb, 2.3% Zn within wider (15.2-16.8m), lower grade intervals surrounding both zones.

.The results of the Phase V program has now confirmed that the Selena property hosts the full spectrum of a porphyry zonation pattern with a known Ag-Au-Pb-Zn (CRD) discovery at the CRD target as well as Ag-Au ± Pb-Zn mineralization at Chinchilla, Juniper and Revival. The company is also prospecting and permitting the Broken Egg target on the far eastern margins of the metal zonation pattern in hopes of defining a near-surface oxide gold target, which is interpreted as the most distal expression of the Butte Valley porphyry system.

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Q2 2022 MD&A (table amounts expressed in US Dollars, except per share amounts and where otherwise noted)

Swift Project

The Swift project is subject to the NGM Earn-In-Agreement announced on September 22, 2021. Nevada Gold Mines assumed operatorship of the project in September 2021 with future exploration programs to be reviewed and approved on a quarterly basis by a joint steering committee consisting of two Nevada Gold Mines representatives and two Ridgeline Minerals representatives. Nevada Gold Mines completed its first drill hole (SW21-001) on the property in January 2022 and the next phase of drilling in Q3, 2022 will consist of a series of wide-spaced framework drill-holes (~1 kilometer spacing) to test this concept and help generate a comprehensive geologic model of the historically underexplored Swift project.

Carlin-East Project

NGM completed significant exploration drilling at the North Leeville deposit in 2021 which is located ~3.5km south of and directly on-trend of the Carlin-East Project. NGM recently announced a maiden resource at North Leeville of 0.7Moz Au grading 11.5 g/t Au in Q1, 2022 with mineralization currently open in multiple directions.

The Company's objective for its Phase II drill program (3,000m) in 2021 was to test the potential for mineralized Lower Plate Rodeo Creek, Popovich and/or Bootstrap Limestone formation host rocks at similar depths to North Leeville to the south. Ridgeline's technical team has since completed a detailed stratigraphic review of the drillhole in Q1, 2022 with third-party technical teams confirming the re-interpretation that CE21-003 intersected the upper section of the Rodeo Creek Formation in the bottom 50m of CE21-003.

The Carlin-East Project is only 4km north of and directly on-strike of NGM's high-grade North Leeville discovery, an extension of the multi-million-ounceLeeville-Turf mine. The Company will continue to assess NGM's North Leeville exploration results as their drilling continues to advance towards Ridgeline's Carlin-East Project.

Bell Creek Project

NGM recently announced a 1.2Moz maiden resource grading 7.3 g/t gold at the Ren deposit, which sits only 500m west of the Bell Creek property boundary, the Company will continue to maintain its claims in good standing while assessing options for advancing this strategic exploration asset.

Robber Gulch Project

The Robber Gulch Project represents a drill-ready,shallow-oxide Au discovery in an emerging district in Idaho that includes Liberty Gold's multi-million-ounce Black Pine deposit. The Company acquired the Robber Gulch Project from its partners at EMX Royalty Corp. in part due to the low-cost acquisition and minimal land-holding costs in 2022 ($25,000 USD). The project exhibits excellent exploration upside and is an exciting addition to the portfolio.

The Company will complete low-cost field work in H1 2022 including detailed field mapping and CSAMT geophysics with potential to add a maiden drill program in H2 2022.

SELENA PROJECT

Project Description

The Selena Project is a Carbonate Replacement Type (CRD) silver-gold-lead-zinc exploration project located within the southern extension of the Carlin-Trend in White Pine County, Nevada (Figure 3). The claim block is comprised of 467 BLM administered contiguous federal lode claims covering an area of approximately 9,626 acres (39 km²). Historic and currently producing mines in the area include the Yankee, Illipah, Bald Mountain and Alligator Ridge deposits (Kinross Gold), as well as the undeveloped Butte Valley Cu-Au porphyry located adjacent to the western boundary of the project area. The Company completed a Phase V program in Q2, 2022, which successfully tested the Company's conceptual Ag-Au-Pb-Zn CRD target with a 2.5km step-out to the west of known mineralization (Figure 4 & 5). Additional targets to be tested in Q3, 2022 include Juniper (Ag-Au ± Pb-Zn) and Broken Egg (oxide Au) (Figure 4 & 6).

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