Troilus Gold : Management Discussion and Analysis

TROILUS GOLD CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

April 30, 2022 and 2021

Management's Discussion and Analysis

For the three and nine months ended April 30, 2022

The following Management's Discussion and Analysis ("MD&A") relates to the financial condition and results of operations of Troilus Gold Corp. ("we", "our", "us", "Troilus", "Troilus Gold" or the "Company") for the three and nine months ended April 30, 2022 and should be read in conjunction with the Company's condensed interim consolidated financial statements for the three and nine months ended April 30, 2022, as well as the audited annual consolidated financial statements and MD&A for the year ended July 31, 2021. The financial statements and related notes of Troilus have been prepared in accordance with International Financial Reporting Standards ("IFRS"). Certain Non-IFRS measures are discussed in this MD&A and are clearly disclosed as such. Additional information, including our press releases, has been filed electronically on SEDAR and is available online under the Company's profile at www.sedar.comand on our website at www.troilusgold.com.

This MD&A reports our activities through June 9, 2022 unless otherwise indicated. References to the 1st, 2nd and 3rd quarters of 2022 or Q1-, Q2- and Q3-2022, and the 1st, 2nd and 3rd quarters of 2021 or Q1-, Q2- and Q3-2021 mean the three months ended October 31, 2021, January 31, 2022 and April 30, 2022, and the three months ended October 31, 2020, January 31, 2021 and April 30, 2021 respectively. Unless otherwise noted, all references to currency in this MD&A refer to Canadian dollars.

Kyle Frank, P.Geo, Manager of Exploration for Troilus, is the in-house Qualified Person under National Instrument 43-101 and has reviewed and approved the scientific and technical information in this MD&A. Mr. Frank is an employee of Troilus and is therefore not considered to be independent under National Instrument 43-101. Mr. Gordon Zurowski, P. Eng Principal Mining Engineer with AGP Mining Consultants ("AGP"), who is an independent Qualified Person as defined under NI 43-101, has reviewed and approved the technical information pertaining to the Preliminary Economic Assessment ("PEA").

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Except for statements of historical fact relating to Troilus, certain information contained herein constitutes forward-looking information under Canadian securities legislation. Forward-looking information includes, without limitation, statements with respect to: possible events, the future price of gold, the estimation of mineral reserves and mineral resources, potential upgrades and/or expansion of the mineral resources, the realization of mineral reserve and mineral resource estimates, the results of the PEA, statements regarding the impact and implications of the economic statements related to the PEA, such as future projected production, costs, including without limitation, AISC, total cash costs, cash costs per ounce, capital costs and operating costs, the potential to extend mine life beyond the period contemplated in the PEA, opportunity to expand the scale of the project, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of projects and new deposits, success of exploration, development and mining activities, permitting timelines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage, the impact of the novel coronavirus (COVID-19) and the considerable uncertainties about the geographic, social and economic impact on the Company of its global spread. The words "anticipates", ''plans'', ''expects'', "indicative", "intend", ''scheduled'', "timeline", ''estimates'', ''forecasts", "guidance", "opportunity", "outlook", "potential", "projected", "schedule", "seek",

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"strategy", "study" (including, without limitation, as may be qualified by "feasibility" and "pre-feasibility"), "targets", "models", or ''believes'', or variations of or similar such words and phrases or statements that certain actions, events or results ''may'', ''could'', ''would'', or ''should'', ''might'', or ''will be taken'', ''occur'' or ''be achieved'' and similar expressions identify forward-looking information. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Troilus and its external professional advisors as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Forward-looking information is provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking statements made in this MD&A are qualified by these cautionary statements and those made in our other filings with the securities regulators of Canada including, but not limited to, the cautionary statements made in the ''Risk and Uncertainties'' section of the Annual Information Form dated October 14, 2021 and the Management Information Circular dated November 8, 2021 (both filed on SEDAR) and this MD&A. These factors are not intended to represent a complete list of the factors that could affect the Company. Economic analyses (including mineral reserve and mineral resource estimates) in technical reports are based on commodity prices, costs, sales, revenue and other assumptions and projections that can change significantly over short periods of time. As a result, economic information in a technical report can quickly become outdated. Troilus disclaims any intention or obligation to update or revise any forward-looking information or to explain any material difference between subsequent events and such forward-looking information, except to the extent required by applicable law and regulations.

TROILUS GOLD PROPERTY

The Troilus Gold property is located northeast of the Val-d'Or mining district, within the Frotêt-Evans Greenstone Belt in Quebec, Canada. The Company holds a strategic land position of 1,420 km2 and includes the former Troilus mine.

From 1997 to 2010 Inmet Mining Company ("Inmet") operated the Troilus mine, which produced in excess of 2,000,000 ounces of gold and 70,000 tonnes of copper. Inmet commissioned the Troilus mill in 1996 and achieved commercial production in April 1997 at a rate of 10,000 tonnes per day with recoveries of 86% gold and 90% copper and a concentrate grade of 18% copper, eventually reaching a production milestone of 18,000 tonnes per day. First Quantum Minerals Ltd. ("First Quantum") acquired the Troilus Gold property through its acquisition of Inmet in 2013.

The Troilus Gold property was acquired in various transactions. The first consisted of the acquisition from First Quantum of 81 mineral claims and one surveyed mining lease that collectively covered approximately 4,700 hectares and included the former Troilus Mine. The second transaction consisted of the acquisition from Emgold Mining Corporation ("Emgold") of 209 mineral claims that covers approximately 11,300 hectares. The next transaction consisted of the acquisition of 3 mining claims from O3 Mining Inc. ("O3") that fall within the boundaries of the northern block of the Troilus Gold property and cover approximately 160 hectares. The Company had also acquired 627 claims from O3 representing approximately 33,000 hectares. The Company had acquired 91 claims from Globex Mining Enterprises Inc. ("Globex") and 21 claims from Canadian Mining House ("CMH"). In addition, the Company had staked 956 claims covering an area of approximately 52,000 hectares.

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In May 2021, the Company acquired 100% of the issued and outstanding shares of UrbanGold Minerals Inc. ("UrbanGold"), which added over 35,000 hectares to the Company's current land package. Included in the land package acquired are claims subject to a 50-50 Joint Venture. In October 2021, the Company effected a statutory amalgamation with UrbanGold.

The Company also has a local office in the city of Chibougamau, Quebec and an information center in the Cree Nation town of Mistissini. On February 1, 2022, the Company relocated its head office to Montreal, Quebec from Toronto, Ontario. The Company's registered office remains in Toronto, Ontario.

ACCOMPLISHMENTS AND OUTLOOK

The Company has:

• Raised approximately $168.4 million since the start of operations with a strong institutional shareholder base.
• Completed regional exploration field work including rock and soil sampling, trenching and an airborne survey on its claims, including those subject to the Joint Venture.
• The Company has been drilling since September 2020, having since drilled over 149,000 metres, approximately 75,000 metres during the nine months ended April 30, 2022. The cut-off for drill data from the Southwest Zone as well as definition drilling in the Z87 and J Zone for inclusion in the mineral resource estimate and PFS was reached in March 2022. The Company is now expanding drilling into the Gap Zone.
• Reported excellent metallurgical recovery results for the J Zone, where Knelson gravity separation and column flotation tests achieved gold, copper and silver recoveries of 92.9%, 90.4% and 88.8%, respectively.
• Promoted Ms. Jacqueline Leroux to Vice-President of Environment and Permitting.
• Promoted Mr. Blake Hylands, formerly Senior Vice President, Exploration, to President.

The Company is currently:

• Updating its mineral resource targeting release for July 2022.
• Progressing the Pre-feasibility Study ("PFS") which is planned to be published in July 2022. The PFS will further refine the engineering plans, metallurgical test work and economic viability of the Troilus project.
• Planning its summer field exploration program.

Subsequent to the end of the quarter, the Company:

• Filed the Initial Project Description and the Project Notice for the Troilus Project with both the federal and provincial levels of government. The filing of the Initial Project Description and the Project Notice are the first step in the Environmental and Social Impact Assessments ("ESIA").
• Continues to further evaluate proximal regional targets that could impact the mine life and/or scale of Troilus.
• Is continuing ongoing community engagement and consultation, particularly with the Cree Nation of Mistissini and Cree Nation Government to ensure our stakeholders voices and knowledge are included in our decision making and planning as we continue to move forward.

In March 2020, the World Health Organization characterized the outbreak of the novel strain of coronavirus, specifically identified as "COVID-19", as a global pandemic, and governments around the world have legislated measures to combat its spread. This, as well as recent developments with the war

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in the Ukraine, continue to generate uncertainty and volatility with respect to the global economy and the financial markets. The Company's focus has been on the health and safety of its employees and contractors, and the communities surrounding its operations. The Company has been closely monitoring the ongoing impact of Covid-19 and has policies and procedures in place to mitigate the risk of exposure to and spread of the virus.

EXPLORATION ACTIVITIES

Drilling Programs

In November and December 2019, the exploration team completed a small drill program of approximately 2,500 metres in the Southwest Zone. All seven drill holes successfully intersected gold including high- grade intersections which demonstrated geology similar to that of Z87. This zone is located just 3.5 km to the southwest of the Z87 pit and is readily accessible from the existing mine road. In January and February 2020, the Company completed a more focused drill program of approximately 6,000 metres in this area with the objective of covering a larger footprint and confirming that the mineralization being observed is homogeneous throughout. The results from the February 2020 program, coupled with the December 2019 program demonstrated geology similar to the main mineralized zone at Z87 and supported management's belief that the Troilus property is part of a regional scale system and remains materially underexplored.

The Company commenced drilling again in September 2020 with the objective being to upgrade current mineral resource estimates and continue the expansion and exploration of mineralization across the Troilus property, following the discovery of the Southwest zone in early 2020. Drilling included

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