Unigold : Management Discussion and Analysis 2023

UNIGOLD INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For The Three Months ended March 31, 2023

Unigold Inc. - Management Discussion and Analysis March 31, 2023 - Page 1

MANAGEMENT'S DISCUSSION AND ANALYSIS

The following discussion and analysis ("MD&A") of the operating results and financial condition of Unigold Inc. ("Unigold" or the "Corporation") for the three months ended March 31, 2023 ("Reporting Period") and should be read in conjunction with the audited consolidated financial statements and notes thereto at December 31, 2022 ("Annual Financial Statements") and the interim financial statements and notes thereto at March 31, 2023 and 2022 (the "Interim Financial Statements"). All financial information in this MD&A has been prepared in accordance with International Financial Reporting Standards ("IFRS"), and all dollar amounts are expressed in Canadian dollars ($) unless otherwise indicated. Additional information, including the Corporation's press releases, has been filed electronically through the System for Electronic Document Analysis and Retrieval ("SEDAR") and is available online at www.sedar.com. The date of this report is May 30, 2023.

1. Corporation Overview

Unigold is a Canadian-based,growth-oriented, junior natural resource corporation focused on exploring and developing its significant land position in the Dominican Republic ("DR"), within the highly prospective Cretaceous-age Tireo Formation. Unigold operates through its wholly-owned subsidiaries Unigold Resources Inc., (Canada) and Unigold Dominicana, S.R.L. (DR).

2. Forward-Looking Statements

This MD&A contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes but is not limited to, information concerning Unigold's exploration program and planned gold production as well as Unigold's strategies and future prospects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Assumptions upon which such forward-looking information is based include, without limitation, availability of skilled labour, equipment, and materials; the potential of the Corporation's properties to contain economic metals deposits; the Corporation's ability to meet its working capital needs for the twelve-month period ending March 31, 2024; and the plans, costs, timing, and capital for future exploration and development of the Corporation's property interests in the DR. Many of these assumptions are based on factors and events that are not within the control of Unigold and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information include changes in market conditions, variations in ore reserves, resources, grade or recovery rates, risks relating to international operations (including legislative, political, social, or economic developments in the jurisdictions in which Unigold operates), economic factors, government regulation and approvals, environmental and reclamation risks, actual results of exploration activities,

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fluctuating metal prices and currency exchange rates, costs, changes in project parameters, conclusions of economic evaluations, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and the availability of skilled labour, failure of plant, equipment or processes to operate as anticipated, capital expenditures and requirements for additional capital, risks associated with internal control over financial reporting, and other risks of the mining industry. Although Unigold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Unigold undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

3. Nature of Operations

The Corporation published the results of its Oxide Deposit Feasibility Study on November 10, 2022, which included an updated Mineral Resource Estimate ("MRE"). The Study is based on the oxide mineral resources, estimated by Mr. W. Lewis, P.Geo. and Mr. A. San Martin, MAusIMM (CP) and the oxide mineral reserves, estimated by Mr. Abdoul Aziz Dramé, P.Eng. all of whom are employees of Micon. Micon is independent of Unigold and Messrs. Lewis, San Martin and Dramé each meet the requirements of a "Qualified Person" as established by NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards for Mineral Resources and Mineral Reserves (May 2014). The effective date of the mineral reserve estimate is October 7, 2022. The effective date of the mineral resource estimate is August 8, 2022. An NI 43-101-compliant Technical Report summarizing the estimation methodology and procedures was filed on SEDAR and the Corporation's website on December 23, 2022.

The recoverability of the amounts shown for mineral properties and deferred exploration and evaluation costs are dependent upon the existence of economically recoverable mineral reserves, the ability of the Corporation to obtain the necessary financing to complete its exploration programs, and upon future profitable production or proceeds from the disposition of such properties.

The interim Financial Statements have been prepared on a going-concern basis which assumes that the Corporation will continue in operation for the foreseeable future and be able to realize its assets and discharge its liabilities and commitments in the normal course of business. Because of continuing operating losses, the Corporation's continuance as a going concern is dependent upon its ability to obtain and manage adequate financing to meet the financial obligations of the Corporation or to reach profitable levels of operation. To address its financing requirements, the Corporation may seek financing through measures that may include joint venture agreements, debt and equity financings, asset sales, and rights offerings to existing shareholders and/or other financial transactions.

It is not possible to predict whether financing efforts will be successful or if Unigold will attain profitable levels of operation. The interim Financial Statements do not include any adjustments to the carrying values of assets and liabilities and the reported expenses and statement of financial position classification that would be necessary should the Corporation be unable to continue as a going concern and therefore be required to realize its assets and liquidate its liabilities and commitments in other than the normal course of business and at amounts different from those in the Interim Financial Statements. These adjustments could be material.

Unigold Inc. - Management Discussion and Analysis March 31, 2023 - Page 3

Looking forward - Strategy and Objectives for 2023

• Secure additional funding for the Corporation through private placements, joint venture agreements, or other financing activities; and
• Utilize the funds raised to continue the development of the Neita Concession with the following objectives:
• • Continue to work with the Government of the Dominican Republic in order to convert a part of the Neita Concession to a Mineral Exploitation (Mining) permit;
  • Commence an Environmental and Social Impact Assessment covering the development of the oxide portion of the deposit and complete government and community consultations;
  • Begin systematic exploration of the known sulphide targets at the Candelones Extension deposit in order to enhance available resources and provide baseline information for preliminary mine design; and
  • Establish a preliminary underground resource, basic mine plan, process flow sheet, and process plant design for the sulphide mineralization.

In early 2022, the Corporation submitted an application to convert a part of the Neita Concession to a Mineral Exploitation (Mining) permit. The Corporation's long-term objective is to establish sustainable operations within the Neita Concession for the benefit of all stakeholders. The application passed a review and the Corporation moved to the next phase of the application process with the publication of the application details in the national press with a request for public comment. The comment period for the second and final publication of the application details closed on June 5, 2022, with no material comments being received from the public. The technical review by the General Directorate of Mining ("DGM") has been completed and all questions addressed by us or our consultants. The application has been forwarded for Ministerial approval, and/or subsequent Presidential approval. The Corporation is hopeful that this Exploitation Concession Licence will be granted no later than Q2 of 2023, but the process remains constrained by the DR government schedules and there can be no surety that the concession will be granted in a timely manner.

The Corporation's long-term objective is to establish sustainable operations within the Neita Concession for the benefit of all stakeholders.

Unigold Inc. - Management Discussion and Analysis March 31, 2023 - Page 4

Exploration & Evaluation ("E&E") Expenditures

The following table summarizes the E&E expenditures incurred during the three-month periods ended March 31, 2023, and 2022:

	2023	2022
Geology/Field
Wages and salaries	$101,184	$120,504
Camp and field expenses (including geochemistry and geophysics)	72,420	179,463
Consulting (contract geologists and other technical specialists)	25,584	241,898
Drilling (including supplies and logistics expenses)	13,123	118,630
Travel, domestic and international	3,026	13,342
Environment	-	9,063
Community Relations	39,426	6,404
Technical Studies/Analysis
Laboratory analysis	7,195	191,269
Financial/Administrative Support
Project management including Country Director	111,080	230,408
Taxes and duties	182	24,083
Other G&A, legal, depreciation	36,664	84,912
Balance	$409,884	$1,219,976

MD&A Highlights

CORPORATE

• On February 14, 2023, Unigold announced the resignation of the COO. No replacement of the COO is contemplated until the Company has some clarity on the granting of the Exploitation Concession. The Company thanks Gord Babcock for assisting Unigold in the completion of a 43- 101 technical report and feasibility study.
• On April 27, 2023, Unigold announced that the Neita Norte Exploration Concession was granted for a 3-year period with the possibility of two one-year extensions. The Neita Norte concession is the northern half of the Neita Concession which the Company has held since 2002. This 10,900- hectare exploration concession is underexplored but holds a number of high-priority targets that are prospective for gold-copper and silver zinc mineralization. This area will be examined over the next 5-year period in order to define economic mineralization that may be amenable to expanding our operations in the Dominican Republic.
• On May 16, 2023, Unigold closed a non-brokered private placement with the issuance of 48,125,000 Units of the Corporation at a price of $0.08 per Unit for gross proceeds of $3,850,000. Each Unit consists of one common share and one-half of one common share purchase warrant. A total of 24,062,500 share purchase warrants were issued in connection with the Offering. See Financing Activities.

TECHNICAL

• In Q2/2022, Micon International Limited ("Micon"), Tierra Group International Ltd. ("Tierra") and Promet 101 Consulting Pty Ltd. ("Promet") were contracted to provide services and design work for an Oxide feasibility study (the "Study"). Promet was responsible for design and costing related

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