Ridgeline Minerals : MD&A - March 31 2022

Management's Discussion and Analysis

First Quarter Ended March 31, 2022

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

May 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 March 31, 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.

Q1 2022 HIGHLIGHTS

Selena Project

On May 2, 2022, the Company commenced its Phase V drill program at the Selena Project. The Phase V program will drill up to 8 holes (5,500 meters ("m")) and test the conceptual carbon replacement ("CRD") and Skarn targets located down-dip and to the west of the Company's original shallow-oxide, silver ("Ag")-gold("Au")-lead("Pb")-zinc ("Zn") discovery.

On March 22, 2022, the Company completed a high-resolution, 388 line-kilometer drone magnetics geophysical survey at the Selena project. The purpose of the survey was to increase drill targeting confidence along key fault intersections associated with the conceptual CRD drill target located on-strike of Ridgeline's original shallow-oxide,silver-gold discovery and the Butte Valley copper-gold-silver porphyry located off the western edge of the property. Results of the survey correlated well with the existing structural and surface geochemical model, but also highlighted multiple previously unidentified structural targets under shallow pediment cover.

Swift Project

On April 28, 2022, the Company announced an exploration update on the Swift Project, which is operated by Nevada Gold Mines under the exploration earn-in agreement. SW21-001 was the first hole drilled under the earn-in agreement and returned 9.1 m grading 0.51 grams per tonne ("g/t") Au starting at 8.5 m downhole (Figure 2). The hole also intersected Lower Plate host rocks at relatively shallow depths of 556 m but did not return significant gold intercepts throughout the Lower Plate section. The elevated gold and anomalous Carlin-Type pathfinder geochemistry observed in the upper portion of SW21-001 is encouraging and suggests mineralization is vectoring to the west. The next phase of drilling in Q2, 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.

Q1 2022 MD&A (table amounts expressed in US Dollars, except per share amounts and where otherwise noted)

Corporate

The Company's financial highlights for the quarter included:

• For the first quarter of 2022, the operating loss was $214,464 compared to an operating loss of $219,918 in comparative quarter of 2021;
• For the first quarter of 2022, operating cash outflow before working capital was $174,075 compared to an operating cash outflow before working capital of $155,302 in the comparative quarter of 2021; and
• As at March 31, 2022, cash, including restricted cash, was $1,500,816 and the working capital balance was $1,498,517.

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-East Project") 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

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Q1 2022 MD&A (table amounts expressed in US Dollars, except per share amounts and where otherwise noted)

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".

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 four 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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Q1 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 IV 2021 program consisted of 14 infill and step-out drill holes totaling 3,445m, which has now defined an Ag-Au footprint extending roughly 1.5km N/S and 1.3km E/W with mineralization open in multiple directions. Highlight results from the infill program include 44.2m grading 123.2 g/t Ag, 0.1 g/t Au, 1.5% Pb and 0.6% Zn in drill hole SE21-025 as well as a narrower high-grade intercept in SE21-024 returning 4.6m grading 421 g/t Ag, 0.6 g/t Au, 4.4% Pb and 3.7% Zn. Highlight results from the step-out program include the discovery of a new mineralized horizon in the Chainman Shale host rock returning 3m grading 59.8 g/t Ag and 0.7% Pb in SE21-027. Deeper intercepts in SE21-027 confirmed the down-dip extension of original Ag-Au mineralization hosted in the Guillmette limestone which includes 4.6m grading 156.7 g/t Ag, 0.52 g/t Au, 1.2% Pb and 1.3% Zn. The Company's technical team has identified a clear metal zonation pattern between the base metal carbonate replacement (CRD) type mineralization intersected along the western margins of the known deposit and the Butte Valley Cu-Au porphyry system located approximately 3km to the west on the edge of the Selena property boundary. In response, the Company staked an additional 42 claims in Q2, 2021 to consolidate all available ground in the vicinity

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Q1 2022 MD&A (table amounts expressed in US Dollars, except per share amounts and where otherwise noted)

of the Butte Valley porphyry with future exploration programs to focus on defining the high-grade CRD potential to the west of the shallow-oxideAg-Au mineralization that makes up the original discovery footprint. The Company completed additional surface soil sampling and drone magnetics geophysics over the CRD target in Q4, 2021 and Q1, 2022 and commenced a 5,500m Phase V drill program in May 2022.

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 Q2, 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 and may retain third-party consultants to confirm the team's re-interpretation that CE21-003 potentially 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 Kinross Gold Corp.'s Bald Mountain, Alligator Ridge, Yankee and Illipah deposits as well as the undeveloped Butte Valley Cu-Au porphyry system located adjacent to the western boundary of the project area. The Company completed a Phase IV program in Q2, 2021, which successfully expanded the original shallow-oxideAg-Au footprint with high-grade intercepts in SE21-024,SE21-025 and SE21-027 showing highly elevated Pb-Zn mineralization associated with intercepts of Ag-Au (Figure 4). The Company has since reinterpreted the geologic model for the property and completed a high-resolution drone magnetics survey in Q1, 2022, which identified multiple structural targets located directly between the Company's original shallow-oxide discovery

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