Gold79 Mines : Interim MD&A

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the Three and Six Month Periods Ended June 30, 2022 (Information as at August 25, 2022 unless otherwise noted)

INTRODUCTION

The following provides management's discussion and analysis of results of operations and financial condition for the three and six month interim periods ended June 30, 2022 and 2021. Management's Discussion and Analysis ("MD&A") was prepared by Gold79 Mines Ltd. ("Gold79" or the "Company") management and approved by the Board of Directors on August 25, 2022.

The following discussion and analysis should be read in conjunction with the Company's condensed consolidated interim financial statements for the periods ended June 30, 2022 and 2021 which have been prepared in accordance with International Financial Reporting Standards ("IFRS") for interim financial statements. The following discussion and analysis should also be read in conjunction with the Company's consolidated financial statements for the years ended December 31, 2021 and 2020 which have been prepared in accordance with IFRS for annual financial statements. All figures are presented in United States dollars (unless otherwise indicated). The consolidated financial statements include all of the assets, liabilities and expenses of the Company and its wholly-owned subsidiaries, Gold79 Holding One Corp., Gold79 USA Corp., Territory Metals Ltd., Aura Resources Mexico S.A. de C.V. and Au Martinique Inc. (which is inactive). All intercompany balances and transactions have been eliminated upon consolidation.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This document may contain or refer to certain forward-looking statements relating but not limited to Gold79 Mines Ltd.'s expectations, intentions, plans and beliefs. Forward-looking information can often be identified by forward- looking words such as "anticipate", "believe", "expect", "goal", "plan", "intend", "estimate", "may" and "will" or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information may include reserve and resource estimates, estimates of future production, unit costs, costs of capital projects and timing of commencement of operations, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, the failure to obtain sufficient funding for operating, capital and exploration requirements and other factors. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results. Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Shareholders are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Gold79 Mines Ltd. undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

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NATURE OF OPERATIONS AND DESCRIPTION OF BUSINESS

The Company is an exploration stage junior mining company which is publicly listed on the TSX Venture Exchange (TSX-V: AUU) and the OTCQB Venture Market (OTCQB: AUSVF). The Company is engaged in the identification, acquisition, evaluation and exploration of mineral properties in North America. The Company has not determined if its properties contain mineral resources that are economically recoverable. The recoverability of amounts recorded for mineral exploration properties and deferred exploration expenditures is dependent upon the discovery of economically recoverable resources, the ability of the Company to obtain the necessary financing to complete the development of these resources and upon attaining future profitable production from the properties or sufficient proceeds from disposition of the properties.

Pursuant to a resolution passed by the directors of the Company on July 28, 2020, the Company changed its name to Gold79 Mines Ltd. which became effective August 5, 2020. On July 27, 2020, the Company continued from the laws of Canada under the Canada Business Corporations Act to the Province of British Columbia under the Business Corporations Act (British Columbia).

As at June 30, 2022, the Company's mineral exploration property interests included: Gold Chain, Arizona; Jefferson Canyon, Nevada; Tip Top Gold, Nevada; Greyhound, Nunavut; and, Taviche, Mexico. Details regarding each mineral property interest are contained in the section entitled Overall Performance and Results of Operations in this MD&A.

ACTIVITY HIGHLIGHTS FOR 2021 AND TO DATE

Recent activity highlights are provided below. Additional details are provided in the following sections of this MD&A.

Sale of 20% residual interest in the Taviche project, Mexico / Promissory note financing

On August 17, 2022, the Company announced that Minaurum Gold Inc. and its subsidiary Minera Minaurum Gold, S.A. de C.V., together "Minaurum" have exercised its exclusive option for CDN$1,000,000 for the remaining 20% interest in the Taviche project under the terms of the option and free carried interest agreement with the Company and its subsidiary Aura Resources Mexico, S.A. de C.V., originally entered into in 2019. Upon completion of the option exercise in accordance with its terms along with certain other transactions between the parties, Gold79 paid CDN$800,000 for a full and final release regarding any claims associated with the project to Minaurum. This resulted in the Company receiving net cash proceeds of CDN$200,000 in addition to a full and final release regarding any claims in respect of the Taviche project. This transaction will close upon the filing of title transfer documents with authorities in Mexico.

Additionally, the Company announced that it would not proceed with the private placement financing announced on July 28, 2022 and that certain officers of the Company had agreed to loan the Company up to CDN$230,000 in the form of unsecured promissory notes. The promissory notes will bear interest at a rate of 10% per annum and will be repayable on demand with earlier repayment at the option of the Company. Interest will only be paid on money loaned to the Company. There are no other payments, securities or warrants associated with these promissory notes.

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Sampling from Sheep Trail patented claims returns 19.52 g/t gold over 3.7 metres

On June 8, 2022, the Company announced it had completed additional mapping and sampling at the Sheep Trail mine area within its Gold Chain project, located in northwest Arizona. Highlights from these results include:

• 6.0 m of 3.96 grams per tonne (g/t) gold (composite of samples 752-754);
• 7.0 m of 5.06 g/t gold (composite of samples 755-757);
• 3.7 m of 19.52 g/t gold (composite of samples 758-759).

This sampling program focused on the Sheep Trail patented claim block (113.15 acres) and followed up initial sampling focused on the numerous small pits and mine dumps which revealed multiple high-grade sample results. The results reported reflect chip-channel samples collected from widely mineralized outcrops spatially proximal to the initial results and likely reflect source material.

The Company has identified drill targets at Sheep Trail where gold mineralization is mostly hosted in the Miocene rhyolite dike complex near contacts with the hosting Precambrian granite. The primary structural corridor here is the Sheep Trail ledge (fault zone) where historical mining has occurred. At a pronounced bend, referred to as the Golden Elbow, quartz-chalcedony-calcite veins and veinlets attain greater widths (50 to 75 metres) and suggest a southwest-plunging shoot. The rhyolite intrusive within this jog displays strong quartz-pyrite-illite alteration consistent with gold mineralization at depth. Alteration of the rhyolite dike complex remains strong throughout this area.

Sampling of underground workings at the Tyro Mine

On April 28, 2022, the Company announced it had completed a mapping and sampling program of the 200- foot level ("200L") of the Tyro mine at the Gold Chain project. Results from the chip-channel sampling returned similar grades and widths to the fall 2021 drill program, approximately 600 metres south of that drilling.

This program has detailed about 400 metres of mine workings along a mineralized N30oE trend which accessed 200 metres of the Tyro vein system. Along this portion of the vein system, which has been mapped for over 1 kilometre on the surface, a multistage hydrothermal breccia is flanked by parallel, subvertical quartz-chalcedony-adularia veins up to a metre in width. One crosscut has revealed that the breccia/vein complex measures 25.4 metres (true width) at 2.53 g/t Au and a partially exploited mineralized zone about 30 metres wide contains 12.7 metres at 2.44 g/t Au and 5.3 metres at 2.63 g/t Au. Within this interval, about 12 metres of the vein complex had been exploited suggesting higher grades within this broad 2.5 g/t Au interval.

New historical drill results and permitting update for Jefferson Canyon

On April 7, 2022, the Company announced that it was granted access to a number of paper documents related to the exploration and project development work completed at Jefferson Canyon in the late 1980's. The documentation included: exploration results, detailed drill logs for all known holes, preliminary metallurgical work, a small-scale development plan, detailed sections and maps, historical surface sampling, etc. The key takeaway from the Company's review of this data was the addition of 11 historical drill holes to our database, increasing our database to 145 drill holes. New historical drill hole highlights include angled drill holes across the B Zone where drill hole JDD-10 returned 36.6m at 1.0 grams per tonne (g/t) gold (Au); hole RMJ-108 which returned 1.5m at 6.8 g/t Au; and, RMJ-109 which returned 12.2m at

2.1 g/t Au. The new data confirms the Company's view that Jefferson Canyon has the potential to be a large disseminated mineralized system containing some higher-grade zones.

Additionally, the Company provided an update on the current permitting program for the Company's maiden drill program at Jefferson Canyon. Permits are tracking to be completed in Q3 2022, with most of

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the necessary documentation (baseline studies, finalized application) submitted to the United States Forest Service ("USFS"). The block coverage of baseline surveys will allow for flexibility in locations of surface disturbance in the current permit application and in future permitting efforts.

Acquisition of the Sheep Trail patented claims and initial sampling results

On January 13, 2022, the Company announced it had purchased the Sheep Trail group of patented claims and provided initial sampling results from these claims. The new patented ground covers 113.2 acres and is located within the boundaries of the Company's Gold Chain project immediately east of the Banner patented claims. The Sheep Trail claim block encompasses an extensively altered and mineralized zone which has been traced for over 1.2 kilometres and forms a portion of the approximately 10-kilometre North Oatman trend the Company is exploring at Gold Chain. Widespread, shallow mine workings (pre-1920) can be seen throughout the claim block. Preliminary grab samples of mine dumps have yielded up to 51.9 g/t Au and rock chip samples have returned up to two metres at 20.4 g/t Au.

The Company's Gold Chain project in Arizona now comprises 15 patented claims, covering approximately 264 acres and 361 lode claims on Bureau of Land Management ("BLM") land comprising approximately 7,180 acres (2,907 hectares (ha)).

Private placement financing raising CDN$1,293,704

On December 15, 2021, the Company closed a non-brokered private placement financing raising gross proceeds of $1,011,740 (CDN$1,293,704) with the issuance of 21,561,733 units at CDN$0.06 per unit. Each unit consisted of one common share of the Company and one-half common share purchase warrant. Each whole warrant entitles the holder to purchase one common share of the Company at a price of CDN$0.10 per share until December 15, 2024.

Drilling at Gold Chain intersects 10.68 g/t gold over 3.1 metres

On November 2, 2021, the Company released additional results from its 16-hole drill program at the Gold Chain project. The 12 holes (852 metres) highlighted were focused on the northwesternmost two kilometres of the 10 km North Oatman trend. Highlights included drilling along the Red Hill Ledge within the Banner claim block was highlighted by:

• 3.1 metres of 10.68 g/t Au beginning 33.5 metres below the surface (GC21-08);
• 13.7 metres of 2.56 g/t Au beginning at 1.5 metres below the surface (GC21-10).

Drilling at Gold Chain intersects 21.3 metres of 2.0 g/t gold at the Tyro target

On October 25, 2021, the Company released preliminary results for the first four drill holes (223 metres) from its 16-hole program at the Gold Chain project. The four holes highlighted were drilled across the northernmost exposures of the Tyro target, optioned in September 2021, and tested broadly mineralized surface exposures at depths from 20 to 40 metres below the surface.

Highlights included:

• Drilling confirmed broad consistent gold mineralization at the Tyro target area;
• Drill hole GC21-15 returned 2.0 g/t Au over 21.3 metres starting 10.7 metres down hole;
• Drill hole GC21-14 returned 1.85 g/t Au over 19.8 m starting 29 metres down hole;
• Tyro is largely open at depth and on strike.

Tyro Group patented claims added to further consolidate the Gold Chain project land position

On September 27, 2021, the Company announced that it had completed a definitive lease and option to purchase agreement for the Tyro Group patented claims and also announced results of initial sampling from the Tyro claims. The claims, covering 57.4 acres, are immediately northeast of the Banner patented claims. The Tyro claims were subject to historical mining as recently as the 1980s and the Company's initial work has yielded positive gold results.

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As part of the Company's due diligence, a trenching, sampling and mapping program was undertaken; highlights from the trenching include:

• Trench 1 (T1) - 13 metres of 2.04 g/t Au (13 samples);
• Trench 2 (T2) - 12 metres of 1.26 g/t Au (12 samples); and,
• Trench 3 (T3) - 11 metres of 0.79 g/t Au (10 samples).

Highlight samples include:

• Two metres of 13.2 g/t Au (vein outcrop at northeast end of vein complex);
• Two metres of 1.02 g/t Au (chip sample of quartz veining in pit wall);
• Two metres of 1.23 g/t Au (chip sample of quartz veining in pit wall);
• One metre of 3.55 g/t Au (chip sample of quartz veining in pit wall); and,
• Five grab samples returned greater than 10 g/t Au with a high of 15.5 g/t Au.

Permitting and geophysics update at its Jefferson Canyon project

On July 23, 2021, the Company released the results of reprocessed geophysics and provided a permitting update for its Jefferson Canyon project in Nevada. The geophysics coincides well with both the results from historical drilling and the 2020 geochemical sampling program supporting the potential for Jefferson Canyon to become a significant deposit.

Following up on the 2020 soil sampling campaign and strong historical drilling results from the Jefferson Canyon project, the Company reprocessed the data from previously completed resistivity, magnetic and gravity geophysical surveys. The results of the reprocessed magnetic survey, in light of the historical drilling and the gold and silver soil anomalies, reveal a coincident magnetic low likely related to a mineralizing event. The reprocessed CSMAT resistivity data suggest that the Jefferson Canyon fault is a deep structure which likely controls the mineralization. This spatial relationship to the gold-silver mineralization supports the potential to expand the mineralized footprint both along strike and depth. A large conductor is evident down plunge along the northeast-dipping Jefferson Canyon fault.

Additionally, the Company announced that it had submitted an application on July 21, 2021 for a plan of operations at its Jefferson Canyon project. The application is for 15 drill sites with multiple holes from each site and the corresponding roads to service them. As part of the application process, the Company has now completed biological and cultural surveys at the project. It is anticipated that the project should be drill- ready in Q3 2022.

Gold79 Mines commences trading on the OTCQB Venture Market

On July 8, 2021, the Company announced that its common shares began trading on the OTCQB Venture Market, operated by OTC Markets Group Inc., in the United States under the stock symbol AUSVF. The Company's common shares will also continue to trade on the TSX Venture Exchange under the symbol AUU.

New staking doubles land position following successful sampling at the Gold Chain project

On June 22, 2021, the Company announced that based on positive results from initial mapping and sampling in 2021, that it had again significantly expanded its land package with the staking of 171 new claims. The Gold Chain project now consists of 361 BLM claims covering approximately 7,180 acres (2,907 ha) and 15 patented claims covering approximately 264 acres.

Highlights from the 417 samples reported include:

• 25.47 g/t Au on the Sheep Trail ledge near the Banner mine;
• 8.78 g/t Au on the Red Hill ledge at the Banner mine;
• 18.4 g/t Au in the Sugarloaf Peak area;
• 11.47 g/t Au on the Sunset vein; and

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