Evergold : MD&A for the nine months ended September 30, 2022 and 2021

Evergold Corp.

Management's Discussion and Analysis

For the Nine Months Ended September 30, 2022 and 2021

Evergold Corp.

Management's Discussion and Analysis

Nine Months Ended September 30, 2022 and 2021

Introduction

The following management's discussion and analysis ("MD&A") of the financial condition and results of operations of Evergold Corp. ("Evergold" or the "Company") has been prepared by management as at November 22, 2022 and should be read in conjunction with the financial statements of the Company for the nine months ended September 30, 2022 and 2021 (the "Financial Statements") and related notes. Additional information on the Company may be found at www.evergoldcorp.ca, or under the Company's profile at www.sedar.com.

The Financial Statements have been prepared by management in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"). All amounts are expressed in Canadian dollars unless otherwise stated. Other information contained in this document has also been prepared by management and is consistent with the data contained in the condensed Financial Statements.

The Company's certifying officers are responsible for ensuring that the Financial Statements and MD&A do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made. The Company's certifying officers certify that the Financial Statements, together with the other financial information included in the filings, fairly present in all material respects the financial condition, financial performance, and cash flows of the Company as of the date of, and for the periods presented in, the filings.

The Company's Audit Committee and the Board of Directors provide an oversight role with respect to all public financial disclosures by the Company. The Board of Directors approves the Financial Statements and MD&A after the completion of its review and recommendation for approval by the Audit Committee, which meets periodically to review all financial reports, prior to filing.

Forward-Looking Statements

Certain statements contained in this document constitute "forward-looking statements". All statements other than statements of historical fact contained in this MD&A, including, without limitation, those regarding the Company's future financial position and results of operations, strategy, proposed acquisitions, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward- looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements.

Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to risks associated with: the highly uncertain nature of geology; limited operating history; business interruption due to global pandemic; inability to generate earnings or pay dividends for the foreseeable future; no current assets other than cash; uncertain ability to raise additional funds when required; reliance on a small number of key managers lacking backup; potential conflicts of interest among directors and officers of the Company; lack of liquidity for shareholders; ability to secure needed permits; ability to physically access and work the Company's property assets due to poor weather or First Nations risks; a potential lack of key contract personnel and services providers needed to execute elements of the

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Evergold Corp.

Management's Discussion and Analysis

Nine Months Ended September 30, 2022 and 2021

Company's exploration plans; and market risk consisting of fluctuations in the Company's share price, metal prices, credit market conditions and investor appetite for early-stage exploration companies. See "Risks and Uncertainties".

Management provides forward-looking statements because they believe such statements deliver useful guidance and information to readers when considering their investment objectives. Though management believes such statements to be as accurate as possible in the context of the information available to management at the time in which they are made, management cautions readers that the guidance and information contained in such statements may rapidly be superseded by subsequent events. Consequently, all of the forward-looking statements made in this MD&A and the related financial statements are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments suggested by such forward-looking statement will be realized or, even if substantially realized, that they will have the expected results, or effects upon, the Company. These forward-looking statements are made as of the date of this MD&A and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.

Corporate History and Description of the Business

Evergold was incorporated as a privately held mineral exploration company in October 2015 to serve as a vehicle for the acquisition, exploration and development of mineral properties. On October 4, 2019, the Company completed an initial public offering ("IPO") for gross proceeds of $3.45 million and listed its shares on the TSX Venture exchange, where it trades under the ticker 'EVER'. The Company's shares also trade in Germany (Frankfurt, Munich, Tradegate) with the unique identifier 'A2PTHZ'.

On its IPO the Company held four 100%-owned property assets in British Columbia, Canada: Snoball, located in the heart of northwestern B.C.'s so-called "Golden Triangle"; Golden Lion, located to the east of Snoball in similar Stikine terrane rocks, at the north end of the historical Toodoggone camp; Holy Cross, located in central B.C. 60 kilometres due north of Artemis Gold's Blackwater deposit; and Spanish Lake, located in the Cariboo region of central interior B.C. Spanish Lake was allowed to lapse shortly after period end, in October, as being non-material to the Company's future prospects. Snoball, Golden Lion, and Holy Cross are interpreted as intrusion-related, precious and base metals-enriched epithermal systems.

All of the Company's Canadian properties were acquired in an all-stock transaction effective April 5, 2016, from vendor C.J. Greig Holdings Ltd. of Penticton, B.C., a company controlled by C.J. (Charlie) Greig, who presently serves as the Company's Chief Exploration Officer, and remains a significant shareholder. C.J. Greig Holdings Ltd. retains a 0.5% Net Smelter Returns ("NSR") royalty on each of the Company's three Canadian properties.

In addition to the Canadian property assets, on February 11, 2021, the Company signed a definitive option agreement giving it the right, subject to certain work commitments and staged payments of cash and shares detailed below, to acquire a 100% ownership position in the high-grade, past producing Rockland property, located in western Nevada's "Walker Lane" structural belt, south of Yerington. The Rockland property hosts

1. large, robust, epithermal gold-silver vein system, including known zones of high-grade and bulk-tonnage style gold-silver mineralization that are open for further expansion and that the Company believes it can grow, and add to, with systematic exploration. For the purpose of holding the Rockland property asset, the

Company established in 2021 a wholly-owned,Nevada-incorporated,Reno-based subsidiary called Evergold (U.S.) Corp..

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Evergold Corp.

Management's Discussion and Analysis

Nine Months Ended September 30, 2022 and 2021

To date the Company has completed the financings listed below in support of its exploration plans.

	Date		Financings		$ Raised		Shares		Price per
				Issued		Share/Unit
	4-Oct-19		Initial public offering, HD1, no warrants	3,450,000	17,250,000	0.20
	21-May-20		Private placement, FT2, no warrants	1,177,450	1,757,388	0.67
	22-Sep-20		Private placement, HD units (1/2 a warrant per share)	1,086,800	2,173,600	0.50
			Private placement, FT, no warrants	195,000		325,000	0.60
	23-Feb-21		Private placement, FT units (1/2 a warrant per share)	4,500,000	20,454,546	0.22
			Private placement, HD units (1 full warrant per share)	3,500,000	17,500,000	0.20
			Totals		13,909,250		59,460,5343

Notes:

1. Hard Dollars
2. Flow-ThroughDollars
3. As of November 22, 2022, the Company had a total of 74,843,393 shares outstanding, including shares issued pursuant to the exercise of warrants, options and the acquisition of property.

Recent Developments

Market conditions in the junior mining and exploration space softened considerably through the first six months of fiscal 2022 and, for the last quarter the market and the share prices of most junior exploration and mining companies within it, have essentially been range-bound at levels far below those of recent years. An overriding "risk off" sentiment pervades the market, with investor interest in exploration results greatly reduced, and available capital limited. In this difficult environment management has been conserving capital and operating with a heightened degree of caution.

Plans formulated in the first half of 2022 to carry out another round of drilling on the Company's remote but promising Golden Lion property (GL1 Main Zone target), accessible by helicopter only, were postponed on the expectation that lower-cost access to the target area will be gained in future years through construction of a new bridge and road to Thesis Gold's nearby Ranch camp.

Instead, the Company re-oriented exploration plans for the 2022 field season to carrying out a first-ever drill test of the Holy Cross Au-Ag property, located in central B.C. south of Fraser Lake, which has drive-on access, moderate topography, and requires neither helicopter support nor an on-site camp. For all these reasons the property can be explored at much lower cost per metre drilled. Drilling got underway on October 11 and at the time of writing the program has successfully wrapped up for 1556 metres in 4 holes, on time and under budget. Assay results are anticipated for the first quarter of 2023.

Quarterly Highlights

• July 14, 2022 - Due to cost concerns and current market conditions the Company postponed plans to carry out more drilling at its promising but remote Golden Lion property, in follow-up to high grade holes drilled in 2021.
• August 4, 2022 - The Company released an updated exploration model for the easily-accessible, high discovery potential, lower exploration cost Holy Cross Au-Ag property, and announced plans for a first-ever drill program on the property, to get underway in October.
• September 6, 2022 - C.J. "Charlie" Greig re-joined the Board of Directors and was appointed Chief Exploration Officer. Concurrently, Bernice Greig, LLB, stepped down as a Director.

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Evergold Corp.

Management's Discussion and Analysis

Nine Months Ended September 30, 2022 and 2021

• October 1, 2022 - Geological staff mobilized to the Holy Cross property. Drilling got underway on October 11 and wrapped up on October 31, 2022, for a total of 1,556 metres drilled in 4 holes. Assays are pending at the time of writing.
• October 27, 2022 - The Spanish Lake claims were allowed to lapse, as being non-material to the Company's future prospects.

Property Assets and Exploration Activities

Golden Lion Property

The helicopter accessible, 5,099-hectare Golden Lion property is located at the north end of the historical Toodoggone mining camp of north-central British Columbia, approximately 308 kilometres north of Smithers, immediately adjacent to Thesis Gold's 'Ranch' exploration prospect, and 24 kilometres north of Benchmark's Lawyers (former Cheni Mine) project. The property is situated within the traditional territories of the Tahltan and Kaska Dena Nations. The Kaska Dena village of Kwadacha (Fort Ware), located over mountains some 85 kilometres to the east, is the nearest community. The Company holds a 100% ownership interest in the property, and a 0.5% NSR royalty is payable on any future production.

The Golden Lion property exhibits high grades of gold, silver, zinc, lead and copper in selected outcrop, and high values of a spectrum of gold indicator elements in soil sampling, across three broad target areas known, respectively, as "GL1", "GL2" and "GL3". Styles of mineralization identified to date on the property include high-gradevein-hosted epithermal gold-silver, and copper-gold-silver carbonate replacement/skarn.

The Golden Lion showing (GL1 Main Zone) was the focus of considerable work by Newmont in the period from 1982 to 1984, including sampling, mapping, bulldozer trenching, and geophysics, and culminating in the drilling of 22 holes for 2,475 metres in 1984. Despite achieving broad intercepts of epithermal mineralization commencing at surface in several holes, including 87 metres of 1.01 g/t Au in GL-84-020, by drilling only a single shallow-angle hole from each pad, and opting for wide spacing between pads, Newmont's work left the depth potential entirely untested, and large untested gaps at surface.

In 2020 the Company carried out a Phase 1 drill program on the property, comprising 3,017 metres in 16 shallow angle holes, along with an induced polarization ("IP") geophysical survey, and extensive soil sampling programs. At the GL1 Main Zone, where the majority of the 2020 drilling took place and the program's best results were achieved, drilling returned multiple broad assay intercepts of lower-tenor gold and silver-bearingepithermal-style mineralization with local intervals of moderate grade, comparable to historical Newmont drill results. Hole GL-20-009, for example, returned 88.62 metres of 0.71 g/t Au from

4.88 to 93.50 metres, including 16.50 metres of 1.59 g/t Au from 45.00 to 61.50 metres, and hole GL-20- 006 returned 61.70 metres of 0.76 g/t Au from 6.80 to 68.50 metres, including 17.50 metres of 1.51 g/t Au from 42.50 to 60.00 metres.

Encouraged by the results of the drilling and IP survey work carried out at GL1 Main in 2020, the latter of which suggested potential system strengthening with depth below previous drilling, the Company returned to the property in 2021 and drilled an additional 1,811 metres in 9 holes on the GL1 Main Zone, in a program cut short by contractor equipment and labour issues. Importantly, the final three holes of this program, which the Company was unable to immediately follow up on, all drilled from the same pad, delivered the discovery of the GL1 Main Zone's first high-grade domain, including the highest grades of gold, silver, zinc and lead ever achieved in drilling on the Golden Lion property, definitively establishing that the GL1 Main Zone carries high grades of gold, silver and base metals within a broader envelope of moderate grade mineralization. Deep hole GL21-025, for example, returned 2.8 metres of 10.4 g/t Au, 651 g/t Ag, 10.9% Zn, 3.7% Pb, within 40.3 metres of 2.0 g/t Au, 24 g/t Ag, 1.2% Zn, 0.5% Pb, whereas shallow overcut GL21-024 delivered, at an estimated vertical depth from surface of just 20 metres, 3.3 metres of 11.30 g/t Au, 12 g/t Ag, 1.9% Zn, 2.3% Pb within 66.0 metres of 1.36 g/t Au, 11 g/t Ag, 0.3% Zn, 0.2% Pb. Program

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