Superior Gold : MDA For the three and twelve months ended December 31, 2021

Management's Discussion and Analysis

For the three and twelve months ended December 31, 2021

March 7, 2022

(Expressed in thousands of United States dollars, except where

otherwise indicated)

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TABLE OF CONTENTS

Notes ---------------------------------------------------------------------------------------------------------------------------------	3
Description of the Business -----------------------------------------------------------------------------------------------------	3
Fourth Quarter Highlights -------------------------------------------------------------------------------------------------------	3
Full Year Highlights----------------------------------------------------------------------------------------------------------------	4
Impact of COVID-19---------------------------------------------------------------------------------------------------------------	4
Key Business Developments ----------------------------------------------------------------------------------------------------	5
Plutonic Gold Operations --------------------------------------------------------------------------------------------------	5
Exploration Activities--------------------------------------------------------------------------------------------------------	6
Outlook ------------------------------------------------------------------------------------------------------------------------------	7
Summary of Operational Results ----------------------------------------------------------------------------------------------	8
Summary of Annual Financial Statistics ------------------------------------------------------------------------------------	10
Summary of Quarterly Financial Results-----------------------------------------------------------------------------------	10
Results of Operations -----------------------------------------------------------------------------------------------------	11
Financial Condition --------------------------------------------------------------------------------------------------------	14
Liquidity and Capital Resources ----------------------------------------------------------------------------------------	16
Off-Balance Sheet Arrangements --------------------------------------------------------------------------------------	17
Commitments---------------------------------------------------------------------------------------------------------------	17
Related Party Transactions----------------------------------------------------------------------------------------------------	18
Critical Accounting Policies and use of Estimates -----------------------------------------------------------------------	18
Financial Instruments-----------------------------------------------------------------------------------------------------------	18
Adoption of New or Amended Accounting Policies---------------------------------------------------------------------	18
Recent Accounting Pronouncements---------------------------------------------------------------------------------------	18
Outstanding Share Data -------------------------------------------------------------------------------------------------------	19
Non-IFRS Performance Measures -------------------------------------------------------------------------------------------	19
Disclosure Controls and Procedures ----------------------------------------------------------------------------------------	22
Risks and Uncertainties --------------------------------------------------------------------------------------------------------	22
Forward Looking Information ------------------------------------------------------------------------------------------------	22
Technical Information ----------------------------------------------------------------------------------------------------------	24
Additional Information---------------------------------------------------------------------------------------------------------	24

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MANAGEMENT'S DISCUSSION AND ANALYSIS

OF THE COMPANY

Notes

This Management's Discussion and Analysis ("MD&A") dated March 7, 2022, should be read in conjunction with Superior Gold's audited consolidated financial statements and related notes for the twelve months ended December 31, 2021 and 2020 ("financial statements") which are prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The following is intended to supplement and complement the financial statements and notes thereto of the Corporation. All dollar figures stated herein are expressed in thousands of United States dollars, except for per share or per ounce amounts or unless otherwise specified. The Company's public filings can be viewed on the SEDAR website (www.sedar.com) and on the Company's website (www.superior-gold.com).

The following discussion contains forward-looking information that involves numerous risks and uncertainties. Actual future results could differ materially from those discussed in such forward-looking information as a result of these risks and uncertainties. Refer to the cautionary language at the end of this MD&A.

Description of the Business

Superior Gold Inc. (the "Company" or "Superior Gold") is a Canadian based gold producer that owns and operates the Plutonic Gold Operations located in Western Australia. The Plutonic Gold Operations include the Plutonic Gold Mine (which is a producing underground mine with additional surface operations), the Hermes Gold Mine (which includes open pits at Hermes and interests in tenements within the Bryah Basin joint venture ("BBJV") ranging from 70%-80%), and a central mill (located at the Plutonic Gold Mine).

Fourth Quarter Highlights

• Production of 20,983 ounces, a 32% increase over the comparative quarter of 2020
• Sold 21,143 ounces of gold at total cash costs1 of $1,290 per ounce sold, a reduction of $276 per ounce sold or 18% in comparison to the fourth quarter of 2020
• All-insustaining costs1 fell by $269 per ounce sold or 16% to $1,416 per ounce sold, below the realized gold price1 of $1,786 per ounce, after higher sustaining exploration and capital expenditures1
• Cash flow from operations, after working capital changes, of $8,548, an increase of $15,170 from the fourth quarter of 2020, exiting the quarter with a strong financial position of $23.8 million in cash and cash equivalents and a working capital1 position of $10,412
• The Company is now an unhedged producer following the delivery of the remaining ounces under call options related to the repaid Auramet Gold loan
• Net income for the period was $0.03 per share and Adjusted net income1 was $0.03 per share
• Appointment of Vice President, Investor Relations

1 Refer to the Non-IFRS Performance Measures disclosure included in this MD&A for a description and calculation of these measures.

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Full Year Highlights

• Exceeded top end of 2021 production guidance with 77,321 ounces produced, a 23% increase over the prior year and came in below the bottom end of 2021 all-in sustaining cost1 guidance
• Sold 77,061 ounces of gold at total cash costs1 of $1,355 per ounce sold and all-in sustaining costs1 of $1,472 per ounce sold, below the realized gold price1 of $1,784 per ounce, generating revenue of $137,660
• Both total cash costs1 and all-in sustaining costs1 fell by 6% or $81 per ounce sold and $92 per ounce sold, respectively despite the strengthening of the Australian dollar in the first half of 2021
• Cash flow from operations, after working capital changes, excluding the Gold loan repayment of $4,413 to Auramet was $25,960
• Net income for the year of $0.08 per share and Adjusted net income1 of $0.07 per share
• Fully repaid the Gold loan with Auramet and settled all remaining gold call options to end the year as an unhedged gold producer
• Began mining of the Plutonic East and Perch open pits and announced an early entry into the main pit pushback project for 2022
• Continued exploration success along the Western Mining Front and the Indian Access Mining Front

Impact of COVID-19

On March 11, 2020, the World Health Organization declared a global pandemic related to COVID-

19. The COVID-19 pandemic is still impacting business worldwide and current measures to combat the spread are vastly different depending on the location of an entity's operations. The unpredictable nature of the length of the COVID-19 pandemic and the severity of measures that may be taken is subject to significant variability and accordingly, estimates as to the impact on the Company's financial results in future periods is uncertain. The judgments, inputs and assumptions used as at December 31, 2021 and for the three and twelve months ended December 31, 2021, whether related to COVID-19 or otherwise, have been considered and, where appropriate, reflected in the condensed consolidated interim financial statements. The future impact of COVID-19 actions as at December 31, 2021 are unknown.

To date COVID-19 has not had a significant negative impact on the Company's operations. To address the risk of the pandemic to the Plutonic Gold Operations, the Company instituted a number of measures to reduce the potential risk to employees and communities, which includes steps to mitigate the effects of potential supply chain disruptions.

With respect to supply chain considerations, the Company has not experienced any significant disruptions with regards to its supply chain as a result of COVID-19 and continues to operate in a pre- COVID-19 manner albeit with an increase in inventories of critical consumables. The Company continues to work with its suppliers to ensure the ongoing availability of critical supplies. As a precautionary measure, the Company has established an inventory of key supplies at site. The government of Western Australia recently instituted a requirement that fly-in /fly-out operations ensure that all personnel working on site be vaccinated.

The Company's revenue stream has not been materially negatively impacted by COVID-19 to date and therefore has not been subject to emergency government measures to support the Company or its workers. The Company continues to monitor actions taken by governments in Australia and Western

1 Refer to the Non-IFRS Performance Measures disclosure included in this MD&A for a description and calculation of these measures.

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Australia to develop, optimize and execute plans to access any benefits that may become applicable or to react to any further restrictions imposed.

To date, the Company's ability to meet its borrowing and leasing obligations have not been impacted by COVID-19 and the Company is not subject to concessions nor has it received permission to defer payments, at this time. Credit markets remain open and as a gold producer, management believes it has access to additional credit should it become necessary, at costs that are not prohibitive.

The Company is in compliance with all covenants, as of the date of this MD&A. Barring further negative impacts of COVID-19, the Company currently has no plans to renegotiate covenants. There is no guarantee that the Company would be successful in renegotiating covenants should the need arise.

Developments

Key Business Developments

Plutonic Gold Operations

The Plutonic Gold Mine is located in the Archaean Plutonic Marymia Greenstone Belt and has been in continuous production since 1990, having produced over 5 million ounces of gold from both open pit and underground mining.

The Plutonic Gold Mine includes a producing underground gold operation and producing open pit operations in close proximity to the central mill.

The Hermes Gold Mine ("Hermes") is located approximately 65 kilometres south-west of the Plutonic Gold Mine. It includes the wholly-owned Hermes open pits and a 70-80% interest in the BBJV, which covers the Hermes South open pit project located approximately 20 kilometres south-west of the Hermes open pits.

The Company continues to advance other open pit opportunities near the mill, including the main pit pushback project where the Company announced positive results from an independent preliminary economic assessment filed on December 30, 2020 and is also developing the best long-term open pit operational scenario for the Hermes Gold Mine.

Quarterly performance summary

The Plutonic Gold Operations produced and sold 20,983 and 21,143 ounces of gold, respectively, for the fourth quarter of 2021. Total cash costs1 of $1,290/ounce sold and all-in sustaining costs1 of $1,416/ounce sold were below the realized gold price1 of $1,786/ounce for the three-month period ending December 31, 2021. In comparison, 15,838 and 15,855 ounces of gold were produced and sold, respectively for the fourth quarter of 2020. Total cash costs1 of $1,566/ounce sold and all-in sustaining costs1 of $1,685/ounce sold were below the realized gold price1 of $1,726/ounce for the three-month period ending December 31, 2020.

Total cash costs1 and all-in sustaining cash costs1 decreased by 18% or $276 per ounce sold and 16% or $269 per ounce sold, respectively, over the prior period primarily as a result of increased underground tonnages and higher grade open pit material mined that lead to an increased milled grade and subsequently higher number of ounces of gold sold. The decrease in all-in sustaining cash costs1 was partially offset by higher sustaining exploration and capital expenditures1 in comparison

1 Refer to the Non-IFRS Performance Measures disclosure included in this MD&A for a description and calculation of these measures