Talisker Resources : Q1 2024 Management’s Discussion & Analysis

Management's Discussion & Analysis

For the three month period ended March 31, 2024

Dated May 15, 2024

Management's Discussion and Analysis

For the three month period ended March 31, 2024

(in Canadian dollars unless otherwise noted)

This management's discussion and analysis (this "MD&A") reflects the assessment by management of the results and financial condition of Talisker Resources Ltd. ("Talisker" or the "Company") and should be read in conjunction with the unaudited condensed interim consolidated financial statements for the three months ended March 31, 2024 and 2023 and related notes, and the audited consolidated financial statements of the Company for the years ended December 31, 2023 and 2022 and the notes thereto (the "Financial Statements"). Management is responsible for the preparation of the Financial Statements and this MD&A. The Financial Statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS"). This MD&A and the Financial Statements are available on SEDAR+ (www.sedarplus.ca) under Talisker's issuer profile and on Talisker's website (www.taliskerresources.com).

This MD&A has been prepared as of May 15, 2024. All dollar figures in this MD&A are expressed in Canadian dollars unless stated otherwise.

Qualified Person

The scientific and technical information contained in this MD&A has been approved by Leonardo de Souza (BSc, AusIMM (CP) Membership 224827), Talisker's Vice President, Exploration and Resource Development, who is a "qualified person" within the meaning of National Instrument 43-101Standards of Disclosure for Mineral Projects ("NI 43-101").

Recent Developments, Exploration Properties, Outlook and Strategy

RECENT DEVELOPMENTS

Talisker is a publicly listed company incorporated in British Columbia and continued in the Province of Ontario. The Company is engaged in exploration and evaluation of mineral properties in British Columbia.

On May 13, 2024, the Company announced it had signed an Ore Hauling Agreement (the "Ore Hauling Agreement") with Stromsten Enterprises in partnership with Bridge River Management Corporation to transport material from its 100% owned Mustang Mine at the Bralorne Gold Project. Under the Ore Hauling Agreement, gold ore will be trucked to either of the New Afton (owned by New Gold Inc. ("New Gold")) or Craigmont (owned by Nicola Mining Inc. ("Nicola") milling facilities for processing. Talisker is initiating the Ore Hauling Agreement with the transportation of previously stockpiled material comprising approximately 6,300 tonnes to be processed at the Craigmont milling facility. The first shipment is expected to occur on May 15th.

On April 15, 2024, the Company announced results from its summer 2023 mapping and surface sampling campaign at the Ladner Gold Project ("Ladner") where a total of 175 rock samples were collected between mid June and mid September 2023 by a small mapping team. The focus of the mapping was centered on the areas of known mineralization adjacent to the historic Carolin underground mine and the McMaster prospect. It was noted that these preliminary results demonstrated consistency of gold grades across a broad area and that the sampling program indicated there are additional mineralized zones in the same setting as the Caroline mine, along strike, yet to be fully explored.

On April 9, 2024, through its 100% owned subsidiary Bralorne Gold Mines Ltd., ("Bralorne"), the Company announced the signing of a milling agreement (the "Milling Agreement") with Nicola. As part of the Milling Agreement, Nicola will process up to 6,300 tonnes of stockpile mines at the Bralorne Gold Project and process it at Nicola's Craigmont Mill located in Merritt, British Columbia.

On April 4, 2024, the Company announced the signing of a non-binding Letter of Intent ("LOI") to form a joint venture with Regeneration Enterprises Inc. ("Regeneration") to process the Ladner Tailings Resource (the "Proposed JV")

1

Management's Discussion and Analysis

For the three month period ended March 31, 2024

(in Canadian dollars unless otherwise noted)

owned by New Carolin Gold Corp. ("New Carolin"), a 100% owned subsidiary of Talisker. Ladner contains a National Instrument 43-101 compliant tailings indicated resource of 445,000 tonnes grading at 1.64 g/t for 24,000 oz of gold and an inferred resource of 93,000 tonnes grading at 1.64 g/t for 5,000 oz of gold, representing an estimated 60% of the tailings material. The remaining 40% remains undrilled. A 2011 study by the Engineering Department at University of British Columbia consisting of material regrind to P80 of 93µm returned average concentrate leach recoveries of 81.6% for the tailings material. The Proposed JV is planned to be undertaken in five phases (phase 1 - sampling (completion December 31, 2024); phase 2 - design (completion December 31, 2025; phase 3 - construction (completion December 31, 2026); phase 4 - production (throughout 2027, 2028, 2029); and phase 5 - site rehabilitation (completion December 31, 2030). Regeneration will secure funding for each phase, unless otherwise agreed in the Definitive Agreement.

On March 12, 2024, the Company announced the signing of a definitive Ore Purchase Agreement (the "Ore Purchase Agreement") between Bralorne and New Gold. As part of the Ore Purchase Agreement, New Gold will purchase up to 350,000 tonnes of material mined at Bralorne and process it at their mill located at its New Afton mine. The Ore Purchase Agreement can be extended by mutual agreement by New Gold and Talisker.

On February 12, 2024, the Company announced the completion of the Mustang Mine decline, which enhances the Company's ability to conduct exploration in the future. The 4 by 4 metres over 400 metres will allow for simultaneous access to planned stopes on the 3700, 3800 and 3900 levels. Additional work was completed to prepare for the extension of the decline to access lower stopes from the 3600 and 3500 levels and for a new decline close to the portal to access new material to the east of Mustang.

On November 6, 2023, the Company announced that it had closed the non-brokered private placement previously announced on October 18, 2023, raising total gross proceeds of approximately C$3.6 million (the "Offering"). In connection with the Offering, the Company issued an aggregate of 4,611,733 common share units (the "Units") at a price of C$0.30 per Unit and 6,363,178 flow-through units (the "FT Units, and together with the Units, the "Offered Securities") of the Company at a price of C$0.35 per FT Unit. Each Unit comprised one common share and one-half common share purchase warrant (each whole warrant, a "Warrant"), with each Warrant entitling the holder to purchase one common share at an exercise price of $0.50 until November 6, 2025. Each FT Unit comprised one common share issued as a "flow-through share" (each, a "FT Share") within the meaning of the Income Tax Act (Canada) (the "Tax Act") and one-half of one Warrant. In connection with the Offering, the Company also paid finder's fees equal to 6% of the gross proceeds of the Offering and issued finder's warrants ("Finder's Warrants") equal to 6% of the number of Offered Securities to certain finders (other than in respect of sales to certain purchasers on the Company's president's list). Each Finder's Warrant entitles the holder to purchase one common share at an exercise price of $0.33 until November 6, 2025.

On October 10, 2023, the Company announced the appointment of Felipe Castaneda as Vice President, Technical Services. Mr. Castaneda previously held the position of Technical Services Manager at Talisker, managing project quality control and quality assurance, mineral tenure and assessment reporting, procurement and contractor engagement.

On October 3, 2023, the Company and the Bridge River Indian Band ("Xwísten") announced the signing of a bridging agreement (the "Bridging Agreement") for the Bralorne Gold Project. The scope of the Bridging Agreement covers underground mining production up to 750 tonnes per day and shipping of ore through Xwísten Traditional Territory for offsite processing. The Bridging Agreement also defines a framework for pursuing collaborative economic development opportunities, environmental stewardship and monitoring, employment and training and the opportunity for a future Impact Benefit Agreement (IBA) between the two parties. The Bridging Agreement also works in conjunction with existing regional exploration agreements between Talisker and Xwísten.

On September 19, 2023, the Company announced the appointment of Stephen Burleton to the board of directors with immediate effect. Mr. Burleton has over 18 years of experience in the Canadian investment banking industry

2

Management's Discussion and Analysis

For the three month period ended March 31, 2024

(in Canadian dollars unless otherwise noted)

as Managing Director of Investment Banking at Wellington West Capital Markets Inc., Scotia Capital Inc. and BMO Capital Markets, advising on strategic transactions and executing debt and equity financing for companies in the mining, fertilizer and industrial products sectors. Mr. Burleton is on the boards of Angus Gold Inc., Banyan Gold Corp. and Kirkland Lake Discoveries Corp. He is a CFA Charterholder and holds an MBA from York University and received his ICD.D from the Rotman School of Management.

On September 1, 2023, the Company announced that it had completed the proposed consolidation of the Company's issued and outstanding common shares on the basis of one post-consolidation common share for every five pre- consolidation common shares (the "Consolidation"). As a result of the Consolidation, the number of issued and outstanding common shares was reduced from 384,856,151 to 77,085,501.

On June 20, 2023, the Company announced the appointment of William (Bill) Curry as General Manager for its 100% owned subsidiary Bralorne. Mr. Curry is a professional engineer (P. Eng.) with over 25 years of underground mining experience in gold and base metal operations throughout Canada and the United States having worked in senior engineering and mine management positions with Kirkland Lake Gold (Macassa, Holt) Lake Shore Gold (Timmins West, Bell Creek), Newmont (Leeville, Golden Giant), Xstrata (Kidd Creek) Hudson Bay Mining and Smelting (Ruttan) and Sinomine Resources (Tanco). Bill holds a Bachelor of Engineering (B.Eng) from the Technical University of Nova Scotia and a Masters of Business Administration (MBA) from Lansbridge University, New Brunswick.

On June 23, 2023, the Company received the initial draw of US$7,000,000 under the royalty agreement, receiving proceeds in the amount of $9,239,300 (US$7,000,000) less $652,594 in transaction fees, which was recorded as a reduction in exploration and evaluation assets for the year ended December 31, 2023.

On June 12, 2023, the Company announced it has entered into a royalty agreement with Sprott Resource Streaming and Royalty Corp. ("Sprott") in relation to the Company's Bralorne Gold Project to provide non-dilutive and necessary capital for the pathway to long-term production at the Bralorne Gold Project. Under the terms of the agreement, Sprott will pay the Company up to US$31,250,000 for a net smelter returns royalty (the "Sprott Royalty") covering all minerals produced from the Bralorne Gold Project. Highlights of the Sprott Royalty include:

• A maximum of US$31,250,000, with a minimum consideration of US$18,750,000, payable as to:
• • an initial grant of a 1.12% Royalty for a draw of US$7,000,000 for drilling, detailed engineering and working capital (completed);
  • a further 1.88% Royalty for a subsequent draw of US$11,750,000 on, among other things, the signing of a toll milling agreement for mobilization, site infrastructure, resource conversion drilling and working capital; and
  • up to a further 2% Royalty, to a maximum of a 5% Royalty, for US$12,500,000 available as needed for site infrastructure, mine start-up capital and working capital;
• An option, exercisable solely at the discretion of the Company until December 31, 2028, to repurchase 50% of the Royalty (as more particularly described below);
• The residual Royalty will be reduced by an additional 50% for no additional consideration following 1.5 million ounces of gold production; and

On February 6, 2023, the Company announced the appointment of Christy Smith and Robert Power as directors and the resignation of founding director, Brent Gilchrist. Mr. Gilchrist continued as an advisor to the Company's board of directors (the "Board" or "Board of Directors").

On January 24, 2023, the Company announced its first Mineral Resource Estimate ("MRE") for the Bralorne Gold Project. The MRE is reported in accordance with the Canadian Institute of Mining (CIM), Metallurgy and Petroleum Definition Standards (2014) incorporated by reference in NI 43-101, and the 2019 CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines. The MRE provides for 117,000 tonnes with an average grade of 8.9 g/t Au for 33,000 ounces gold in the indicated category and 8.0 million tonnes at 6.3 g/t Au for 1.63

3

Management's Discussion and Analysis

For the three month period ended March 31, 2024

(in Canadian dollars unless otherwise noted)

million ounces of gold in inferred category. The MRE is defined approximately along a strike length of 4.5 km, to a depth of 700 m and remains open along strike and at depth. Details on the MRE are included in the Exploration Update below. The MRE was filed on March 10, 2023.

Indigenous Relationships and Engagement

Talisker prides itself on the meaningful and constructive relationships that have been built with Indigenous communities throughout the southern parts of British Columbia. This includes members of the St'át'imc nations whose lands the Bralorne Gold Project is a part of the St'át'imc are the original inhabitants of the territory which extends north to Churn Creek and to South French Bar; northwest to the headwaters of Bridge River; north and east toward Hat Creek Valley; east to the Big Slide; south to the island on Harrison Lake and west of the Fraser River to the headwaters of Lillooet River, Ryan River and Black Tusk.

Talisker is also engaged with several Indigenous communities in and around the areas surrounding other exploration properties such as Ladner Creek, Dora and Spences Bridge. In all cases, the Company approaches these discussions in a spirit of openness, reconciliation and long term beneficial relationship development.

Talisker has an Exploration Agreement with one of the St'át'imc communities, Xwísten and close working relationships with several of the other seven St'át'imc communities. This includes a working Environmental Monitoring Board (EMB) that meets quarterly and includes representatives from four of the 10 St'át'imc communities as directed by the BC Ministry of Environment and Climate Change Strategies.

In the context of the future expansion and development of the Bralorne Gold Project and consistent with commitments under the existing Exploration Agreement, on September 21, 2023, Talisker entered into a Bridging Agreement with Xwísten at the Bralorne Gold Project. Talisker is also working with other St'át'imc communities who have expressed interest in the Bralorne Gold Project on mutually beneficial economic and communications opportunities and protocols.

All activities being proposed in the permit amendment process will continually be shared with and discussed with the management, technical advisors and leadership of Xwísten and the other designated St'át'imc communities, to ensure all necessary measures are in place to protect the natural environment, culture and heritage of the Bridge River area.

Community Engagement

Talisker also prides itself on having strong relationships with the communities of southern British Columbia in which the Company operates. This includes Bralorne, the Bridge River Valley and the other communities of the Squamish Lillooet Regional District. The approach of the Company throughout considering the future of the Bralorne Gold Project will be to engage openly and transparently, seek input through the conceptualization, design and permitting process, listen and act on concerns when they are brought forward from the community.

4

Management's Discussion and Analysis

For the three month period ended March 31, 2024

(in Canadian dollars unless otherwise noted)

EXPLORATION PROPERTIES

The exploration and evaluation expenses for the Company are summarized as follows:

	Three months	Three months
		ended		ended
	March 31,	March 31,
		2024		2023
Bralorne Gold Project	$	3,638,390	$	756,520
Spences Bridge Gold Project		7,169		123,187
Ladner Gold Project		-		144,120
Exploration and evaluation expenditures	$	3,645,559	$	1,023,827

The exploration and evaluation expenses for the Company by expenditure classification are summarized as follows:

	Three months	Three months
		ended		ended
	March 31,	March 31,
		2024		2023
Consulting	$	718,468	$	214,278
Salaries and wages		667,058		484,618
Drilling		1,200,474		-
Assays		130,138		(8,867)
Field supplies and administrative		739,017		204,047
Travel and other		19,513		7,352
Equipment rentals		105,359		113,452
Share based payments		-		1,130
Equipment repairs and maintenance		65,532		7,817
Exploration and evaluation expenditures	$	3,645,559	$	1,023,827

The mine care and maintenance costs for the Company by expenditure classification are summarized as follows:

			Three months	Three months
				ended		ended
			March 31,	March 31,
				2024		2023
Consulting			$	126,185	$	128,365
Salaries and wages				108,402		74,948
Field supplies and administrative				27,456		52,228
Assays				11,653		-
Share based payments				-		542
Equipment repairs and maintenance				-		6,609
Mine care and maintenance costs		$	273,696	$	262,692

Talisker's exploration projects include the Bralorne Gold Project and the Ladner Gold Project, both advanced stage projects with significant exploration potential from historical high-grade producing gold mines, as well as its Spences Bridge Gold Project where the Company holds ~85% of the emerging Spences Bridge Gold Belt and several other early-stage Greenfields projects listed below.

5

Management's Discussion and Analysis

For the three month period ended March 31, 2024

(in Canadian dollars unless otherwise noted)

Bralorne Gold Project

Located in southern British Columbia, the Bralorne Gold Project comprises the tenure owned by Bralorne Gold Mines Ltd., a wholly-owned subsidiary of Talisker, that comprises several historic mine workings (Pioneer, Bralorne, King and BRX mines) as well as additional tenure acquired by Talisker in 2020 and 2021. The Bralorne Gold Project currently comprises over 12,995.93 hectares over 64 claims, three leases and 197 Crown Grant claims. The Bralorne Gold mine complex produced approximately 4.2 million ounces of gold at a grade of 17.7 g/t Au from 30 veins in three adjacent mines; Bralorne, Pioneer and King, until eventual closure in 1971 due to depressed gold prices.

Resource definition drilling comprising 130,971.157 metres (265 holes). Drilling commenced in February 2020 and ended in September 2022 in preparation for the technical report that was initiated in Q3 2022. During this time an additional 8,818.95 metres (14 holes) was drilled in BRX, which is north of the main Bralorne Mine Block.

In 2022, the Company engaged InnovExplo Inc. to prepare a technical report on the Bralorne Gold Project. The MRE was announced on January 24, 2023 with the following key points:

• 117,000 tonnes with an average grade of 8.9 g/t Au for 33,000 ounces gold in the indicated category;
• 8.0 million tonnes at 6.3 g/t Au for 1.63 million ounces of gold in the inferred category;
• The mineral resource is defined approximately along a strike length of 4.5 km, to a depth of 700 m and remains open along strike and at depth;
• A total of 86 veins have been identified with 63 veins open along strike and at depth, 18 remain open at depth, and two remain open along strike;
• Talisker believes that exploration potential exists as proximal extensions of currently defined mineralized zones, laterally and at depth, and may yield somewhere between 2.0 and 2.5 million tonnes at grades between 6.0 and 9.0 g/t Au for 400,000 - 700,000 ounces gold. This exploration potential is supported by the drill hole and channel sample data used for the MRE at drill hole spacings greater than the inferred category resources. These targets are not mineral resource estimates, potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the exploration targets being delineated as a mineral resource.
• Regionally, mineralization has been identified to 2 km below surface, and along a strike length of 33 km.

Table 1: Bralorne Gold Project 2023 Mineral Resource Estimate

	Bralorne Gold Project			Category			Cut-off Grade			Tonnes			Grade			Ounces
					(g/t Au)			(t)			(g/t Au)			(oz Au)
	King		Indicated		Long Hole > 2.65	111,300	8.61		30,800
							Cut and Fill > 3.10	5,900	13.45		2,600
				Inferred		Long Hole > 2.65	1,598,400	5.76		296,200
							Cut and Fill > 3.10	76,000	7.89		19,300
	Bralorne		Inferred		Long Hole > 2.65	3,958,100	7.02		893,200
							Cut and Fill > 3.10	82,500	7.95		21,100
	Pioneer		Inferred		Long Hole > 2.65	1,436,500	5.72		264,400
							Cut and Fill > 3.10	16,700	14.93		8,000
	Charlotte		Inferred		Long Hole > 2.65	859,600	4.70		129,900
							Cut and Fill > 3.10	5,600	4.54		800
	Total Indicated							117,200	8.85		33,400
	Total Inferred							8,033,400	6.32		1,632,900
															6

Management's Discussion and Analysis

For the three month period ended March 31, 2024

(in Canadian dollars unless otherwise noted)

MRE Notes:

• The independent and qualified persons, as defined by NI 43-101, are Carl Pelletier, P.Geo., Vincent Nadeau-Benoit, P.Geo., and Eric Lecomte, P.Eng. (InnovExplo). The effective date of the MRE is January 20, 2023.
• The mineral resources are not mineral reserves as they do not have demonstrated economic viability.
• The MRE follows the 2014 CIM Definition Standards on Mineral Resources and Reserves and the 2019 CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines.
• A total of 86 veins were modelled for the Bralorne, King, Charlotte, and Pioneer deposits. Quartz vein core wireframes were modelled with a minimum thickness of 0.50 m. A brecciated alteration halo wireframe was modelled around each quartz vein core to produce two nested wireframes with a combined minimum total true thickness of 1.2 m.
• High grade capping, supported by statistical analysis, was applied to composited data inside the high-grade quartz veins for Pioneer (1.4 m) at 100 g/t Au, Bralorne (1.4 m) at 100 g/t Au, Charlotte (1.0 m) at 31 g/t Au and King (1.2 m) at 110 g/t Au for the drill hole samples and at 400 g/t Au for the underground samples and was applied to composited data inside the brecciated alteration halo for Pioneer (1.4 m) at
• 1. g/t Au, Bralorne (1.2 m) at 9.5 g/t Au, Charlotte (1.2 m) at 5.2 g/t Au and King (1.0 m) at 7.5 g/t Au. Compositing was completed using the grade of the adjacent material when assayed, or a value of zero when not assayed.
• The mineral resources for the Bralorne Gold Project deposit were estimated using Datamine StudioTM RM 1.9.36.0 software using hard boundaries on composited assays. The ID2 method was used to interpolate a sub-blocked model (parent block size = 5 m x 5 m x 5 m);
• Indicated mineral resources were defined for blocks inside geological resource solids within 20 m of an underground chip sample (King only). Inferred mineral resources were defined for blocks inside geological resource solids within 50 m of a composite for the King and Charlotte Domains and within 60 m of a composite for the Bralorne and Pioneer Domains.
• Supported by measurements, a density ranging from 2.65 to 2.69 g/cm3 was established for the high-grade quartz vein and from 2.69 to
• 1. g/cm3 for the brecciated alteration halo. Historical underground infrastructures, underground mined volumes and a 5 m buffer around them were given a density value of 0 g/cm3.
• The reasonable prospect for an eventual economic extraction is met by having used reasonable cut-off grades for underground scenarios, a minimum mining width, and constraining volumes (Deswik shapes). The estimate is reported for a potential underground scenario at cut- off grades, depending on the mining method, of 2.65 g/t Au (Long hole stoping mining method) or 3.10 g/t (Cut and Fill mining method) and were calculated using a gold price of US$1,650 per ounce, a US$:CA$ exchange rate of 1.30, a mining cost of C$98.49/t using the long hole stoping mining method or a mining cost of C$127.49/t using the Cut and Fill mining method, transport cost of C$8.00/t, environment and G&A cost of C$24.00/t, rehabilitation cost of C$4.00/t and processing cost of C$32.00/t. The cut-off grades should be re-evaluated considering future prevailing market conditions (metal prices, exchange rate, mining cost, etc.).
• Ounce troy is metric tons multiplied by grade (g/t) and divided by the constant of 31.10348. The number of tonnes and ounces has been rounded to the nearest thousand. Any discrepancy in the totals is due to rounding effects. The rounding followed the recommendations of NI 43-101.
• The qualified persons are not aware of any problem related to the environment, permits, mining titles or related to legal, fiscal, socio- political, commercial issues or any other relevant factor not mentioned in this MD&A, that could have a significant impact on the MRE.

The MRE incorporates the Bralorne, King, Charlotte, and Pioneer Deposits. The MRE is defined approximately over a strike length of 4.5 kilometres within the Bralorne Gold Project's 33-kilometre-long land package with a maximum width of approximately 750 metres, down to a maximum depth of 700 metres, with an average depth of 300 metres below surface.

The MRE for the Bralorne Gold Project is comprised of modern data collected by Talisker and validated historic data collected by previous operators. A total of 660 diamond drill holes (modern and historic), 13 modern reverse circulation drill holes, nine modern surface channel samples and 1,724 validated historic underground channel samples were used to constrain, model, and calculate the mineral resource bodies. A strong understanding of the controls of mineralization enabled the Company's technical team to construct a MRE constrained by lithology, alteration, structure, and mineralization. The MRE is supported by a robust 3D litho-structural model of the gold- bearing orogenic vein system.

See the technical report on the Bralorne Gold Project available on the Company's profile on SEDAR+ at www.sedarplus.cafor more information.

7

Management's Discussion and Analysis

For the three month period ended March 31, 2024

(in Canadian dollars unless otherwise noted)

Exploration Drill Program

Throughout 2022, the Company announced multiple high-grade results from its drill program that commenced in 2020. Talisker's drilling to date has produced 409 vein intersections with a combined weighted average diluted grade of 9.48 g/t Au over an average intersection of 1.72 metres. Major vein structures intersected are considered classic Bralorne crack-sealquartz-carbonate veins with densely banded sulphide septae. Crack-seal septae host fine-grained arsenopyrite and pyrite mineralization. Alteration halos consist of strong silica-sericite±mariposite alteration halos.

All reported drill assay results are available on the Company's website and details on the drill program including assay results are included in the Company's press releases.

The Company believes that exploration potential exists as proximal extensions of currently defined mineralized zones, laterally and at depth, and may yield somewhere between 2.0 and 2.5 million tonnes at grades between 6.0 and 9.0 g/t gold for 400,000 - 700,000 ounces gold. This exploration potential is supported by the drill hole and channel sample data used for the MRE at drill hole spacings greater than the inferred category of mineral resources. These targets are not mineral resource estimates, potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the exploration targets being delineated as a mineral resource.

Exploration Targets

Million Tonnes	Grade (g/t Au)	Au (oz)
2 - 2.5	6.0 - 9.0	400,000 - 700,000

In addition, there are 23 veins with one or more conceptual targets that have been identified based on non- compliant historic data. Non-compliant data does not meet the CIM requirements for the NI 43-101 standards of disclosure and may include assays from a lab that is not ISO certified, or drill holes without downhole survey data. These conceptual targets have not yet been drill tested by Talisker.

Based on the Company's plans, in conjunction with recommendations provided by the QP's for the MRE, future work to advance the project is separated into two phases. Phase 1 includes:

• Approximately 22,000 m of infill drilling to potentially convert inferred mineral resources to the indicated category in the currently defined high-grade quartz vein bodies;
• Approximately 20,000 m of exploration drilling within the current footprint of the MRE focusing on discovering new veins and expanding known veins at depth and laterally using 50 m step-outs to potentially increase the bulk of the inferred mineral resources down to a depth of around 700 m.
• Approximately 5,000 m of regional exploration drilling outside of the MRE footprint, following up on isolated intersections, surface geochemical anomalies, geophysical anomalies and geological and structural trends.
• Initiate engineering studies: mineral processing and mine plan design for Mustang Test Mining.
• Update the MRE using drill results completed in Phase 1 and preliminary results from the engineering studies to refine the optimization and cut-off grade parameters.
• In support of the MRE update, complete an updated NI 43-101 Technical Report.

Talisker completed some of the infill drilling recommended between September 2022 and December 2022 with 3,199 m being drilled in five holes. In Q4 2023, infill drilling re-commenced between mid-October 2023 to mid- December 2023 with a total of 47 holes drilled totaling 8,179.20 m. After a brief break in December 2023, drilling recommenced from January - February 2024. A total of 6,829.50 m was drilled in 34 holes in Q1 2024. Details of the drilling results were announced by the Company in press releases dated November 30, 2023, January 11, 17 and 22,

8

Management's Discussion and Analysis

For the three month period ended March 31, 2024

(in Canadian dollars unless otherwise noted)

February 6 and 29, March 4 and April 2 and 17, 2024.

Total metres drilled by Talisker from February 2020 to February 2024 is 157,997.80 m in 365 diamond drill hole and RC holes.

Ladner Gold Project

Located in southern British Columbia, the Ladner Gold Project is comprised of mineral claims over an area of approximately 28 by 5 kilometres (14,749 hectares) covering the northern part of the Coquihalla Gold Belt. The property is accessible by the Coquihalla Highway, with the former Carolin Gold Mine located approximately 6 kilometres from the Coquihalla Highway. The Ladner Gold Project has excellent infrastructure and an existing mine permit (1,300 tonnes per day), tailings storage facility, mine site and mill site. The most recent technical report titled "Technical Report on the Ladner Gold Project, British Columbia" with an effective date of May 29, 2015 (the "Ladner Gold Technical Report") provides for a combined total of 691,540 inferred ounces of gold (including 12,132,000 tonnes grading 1.53 g/t gold for 607,000 oz at the Carolin Mine, 3,575,000 tons grading 0.69 g/t gold for 79,540 oz at the McMaster Zone, and 93,000 tons grading 0.053 oz/ton for 5,000 oz at the Tailings deposit). Key assumptions, parameters, and methods used to prepare the mineral resource estimate are disclosed in the Ladner Gold Technical Report, which is available under New Carolin Gold Corp.'s SEDAR+ issuer profile at www.sedarplus.ca. More recent exploration results include a 2018 drill hole (18NC10) that intersected 93m averaging 1.39 g/t Au, including 7m of

5.75 g/t gold. Historic exploration drill results at the Ladner Gold Project were highlighted by 17.05 g/t Au over 10m (hole 716-6), 10.85 g/t Au over 21.4m (hole 600-3) and 4.97 g/t Au over 62.3m (hole IU-37).

In 2022, the Company compiled, reviewed, and interpreted historic geological, geochemical, and geophysical data from historic exploration programs to aid in targeting and exploration across the Ladner Gold Project. In 2023, the Company executed a three-month geological mapping program which included the collection of 180 rock samples. In 2024, the Company anticipates entering into a joint venture to process the NI 43-101 compliant tailings indicated resource of 445,000 tonnes grading 1.64 g/t for 24,000 oz of gold and an inferred resource of 93,000 tonnes grading at 1.64 g/t for 5,000 oz of gold, which represent an estimated 60% of the tailings material. The remaining 40% remains undrilled.

Spences Bridge Gold Project

The Spences Bridge Gold Project consists of a 203,029 hectares (136 claims) land package covering ~85% of the Spences Bridge Gold Belt in southern British Columbia and comprises the Company's Spences Bridge and Blustry Mountain claims. The Spences Bridge Gold Project, among other properties, was acquired from Sable Resources Ltd. ("Sable") and since the acquisition in April 2019, the Company has been actively involved in negotiations with small third party claim holders with a view to fully consolidate the belt. In connection with the acquisition, the Company assumed a strategic alliance that Sable had entered into with Westhaven Gold Corp. (formerly Westhaven Ventures Inc.) ("Westhaven") which owns the Shovelnose Project, Prospect Valley, Skoonka and Skoonka North properties that are contiguous to the Company's claims. The strategic alliance provides for an agreement whereby any ground staked within 5 kilometres of Westhaven's existing projects will be subject to a 2.5% net smelter royalty ("NSR"). Additionally, Westhaven has a 30 day right of first refusal for any properties within the same 5 kilometre radius.

OUTLOOK AND STRATEGY

With the portal rehab of the Mustang Mine (formerly the BK zone) completed in Q1, and agreements for ore processing (New Gold and Nicola) and ore hauling (Stromsten) completed, the Company anticipates ore extraction to begin in Q2-Q3 of 2024 at the rate of 100 tpd. In addition, Talisker will undertake exploration activities on its greenfield projects to maintain mineral claims in good standing and advance drill permit applications.

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