Plato Gold : MD&A (Q1 2024)

MANAGEMENT DISCUSSION AND ANALYSIS

Quarterly Report for the three months ended March 31, 2024

This Management Discussion and Analysis ("MD&A") of Plato Gold Corp (the "Company") provides an analysis of the Company's financial results for the three months ended March 31, 2024. The following information should be read in conjunction with the accompanying unaudited condensed interim consolidated financial statements and the related notes for the three months ended March 31, 2024 and the audited consolidated financial statements and the related notes for the year ended December 31, 2023.

The unaudited condensed interim consolidated financial statements and related notes of the Company have been prepared in accordance with International Financial Reporting Standards ("IFRS"). Refer to the notes of the March 31, 2024 unaudited condensed interim consolidated financial statements for disclosure of the Company's significant accounting policies. The Company's functional and reporting currency is the Canadian dollar.

The Company is publicly traded on the TSX Venture Exchange (TSX-V:PGC), OTCQB®

Venture Market (OTCQB: NIOVF), and the Frankfurt Exchange (Frankfurt: 4Y7 or WKN: A0M2QX).

International Financial Reporting Standards

The Company's unaudited condensed interim consolidated financial statements for the quarter ending March 31, 2024 and the December 31, 2023 audited consolidated financial statements have been prepared in accordance with IFRS as published by the International Accounting Standards Board.

Date of Report

This report is prepared as of May 22, 2024.

Forward Looking Statements

This MD&A includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address exploration

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drilling, exploration activities and events or developments that the Company expects are forward- looking statements. Although the Company believes the expectations expressed in such forward- looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploration successes, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.

Additional information, including press releases, have been filed electronically through the new System for Electronic Document Analysis and Retrieval ("SEDAR+") and are available online under our profile at www.sedarplus.caor the Company's website at www.platogold.com.

Company Overview

Plato Gold Corp is a Canadian exploration company focused on prospective properties in recognized mining districts worldwide, including Marathon and Timmins, Ontario, and Santa Cruz, Argentina.

The Company was first listed on the TSX Venture Exchange (TSX-V:PGC) in 2005. Plato Gold Corp was formed as a result of a reverse takeover by its predecessor corporation, Plato Gold Corp of Shatheena Capital Corp., a capital pool company, and the subsequent amalgamation of Plato Gold Corp and Shatheena Capital Corp. Plato Gold Corp, the private company, was started in 1996.

The Company has four regionally based projects. The first project is the Good Hope Niobium Project consisting of a total of 254 claims, consisting of 227 Single Cell Mining Claims and 27 Boundary Cell Mining Claims, and covers an area of approximately 5,146 hectares in Killala Lake Area and Cairngorm Lake Area Townships, near Marathon Ontario. The Company holds a 100% interest in the Good Hope Niobium Property.

The second project is the Pic River Platinum Group Metals (PGM) Project consists of a total of 111 Single Cell Mining Claims and covers an area of approximately 2,247 hectares in Foxtrap Lake and Grain Township, near Marathon Ontario of which 19 claims are contiguous to the western boundary of Generation Mining's Marathon PGM project where their Sally deposit is located. On January 28, 2020, the Company signed an option agreement to acquire a 100% interest in the Pic River PGM claims. As announced on March 20, 2024 the Company completed the terms of the option agreement and holds 100% interest in the Pic River Platinum Group Metals (PGM) Project.

The third project, the Lolita Project in Santa Cruz, Argentina, is comprised of a number of contiguous mineral rights totalling 9,672 hectares in Southern Argentina. On August 9, 2011, Winnipeg Minerals S.A. ("WMSA") was incorporated in Argentina. The mineral rights were

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subsequently transferred to WMSA as of November 14, 2011. As of August 31, 2020, Plato Gold Corp holds 95% of the outstanding shares of WMSA and Dr. P. Lhotka holds 5%.

The fourth project is the Timmins Gold Project in Northern Ontario which includes four properties (Guibord, Harker, Holloway, and Marriott) in what is sometimes referred to as the Harker/Holloway gold camp located east of Timmins. The Guibord, Harker, and Holloway properties consist of 4 mining leases, and the Marriott property consists of 142 claims and covers 2,728 hectares.

Plato Gold Corp is in the early stage of exploration on the Ontario and Argentina projects.

First Quarter 2024 Highlights

In the first quarter of 2024:

• On the Good Hope Niobium Project, the Company is working to secure additional financing for the next stage of development.
• For the Pic River PGM Project in Foxtrap Lake and Grain Township, near Marathon Ontario, the Company is working to secure financing to advance the project. Final anniversary payments of shares and cash were made in January in keeping with the terms of the option agreement. The Company now owns 100% of the claims.
• For our Lolita Property in Santa Cruz, Argentina, the Company is in discussion with potential investors on the project.
• The Company is also working on converting the Marriott claims to a lease. The total claims for the Marriott property stands at 142 claims.
• A 2-hole drill program was completed on the Marriott gold property in 2023, with the results reported on January 25, 2024. The Marriott drill core displays typical characteristics of Abitibi gold deposits with elevated sulphides and base metals contents. The Company intends to complete additional drill holes as funding becomes available.

Overall Performance

On the Condensed Interim Consolidated Statements of Financial Position, total assets increased to $2,527,299 as of March 31, 2024, compared to $2,482,200 as at December 31, 2023. The increase is mainly due to recognition of the exploration costs for mineral properties, offset by the use of funds for exploration activities on two properties and normal operations of the Company.

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As per the note below about Exploration Properties Write-down, in 2015, the Company took the position to write off the entire carrying value of the Company's exploration properties in Timmins, Ontario and Santa Cruz, Argentina. In 2017, the Company optioned the Good Hope Niobium Project and subsequently acquired 100% ownership in 2019. In addition, in 2020, the Company optioned the Pic River PGM Project and subsequently acquired 100% ownership in 2024. Both projects are in their early stage with ongoing exploration and evaluation activities. Therefore, the Company will continue to substantiate the carrying value of these two properties as exploration and evaluation activities are active.

Cash increased to $21,714 from $14,308 at December 31, 2023, mainly due to funds used for exploration activities during the quarter and the Company's ongoing operations, with additional funds provided by related parties when required.

Prepaid expenses of $38,019 represent mainly advances made for the annual OTCMarkets listing paid in 2023 and prepaid mining conference in 2024.

The other receivables decreased to $9,885 from $30,167 at December 31, 2023, mainly due to GST and HST receivables.

Portfolio investments increased from $72,791 at December 31, 2023, to $79,859 at March 31, 2024, representing the securities holdings. The increase results from normal fluctuation in the market value of the shares.

Mineral properties and deferred exploration costs of $2,377,822 were recorded as of March 31, 2024, compared to $2,345,718 as of December 31, 2023, due to recognition of the carrying value of the Good Hope Niobium Project and the Pic River PGM Project. See the note below regarding the ongoing write-off for the entire carrying value of the Company's exploration properties in Timmins, Ontario and Santa Cruz, Argentina.

On the liabilities side, accounts payable and accrued liabilities decreased to $863,580 at March 31, 2024, from $872,115 at December 31, 2023, as a result of normal operating costs for the quarter. Accounts payable and accrued liabilities mainly include professional fees such as accounting, auditing, and legal. There are minimal current payables related to the Company's exploration activities.

During the quarter, funds from related party of $40,414 and funds from related company of $383,647 represents on going support from the related parties for the Company.

Shareholders' equity decreased to $1,239,658 as at March 31, 2024, from $1,287,822 at December 31, 2023. The decrease is a result of ongoing expenses for the operations of the Company, with no funds raised from private placements for the quarter.

On the Condensed Interim Consolidated Statements of Loss and Comprehensive Loss, the increase in net loss and comprehensive loss of $52,664 for the quarter ending March 31, 2024, compared to the net loss and comprehensive loss of $48,905 for the same period in fiscal 2023 is primarily

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due to the write-down of mineral properties, fair value adjustment on portfolio investments, and realized loss on disposition of portfolio investments in the quarter. Excluding these items, management has kept expenses low and stable.

Investment income of $513 was offset by expenses of $42,528 and other expenses of $10,649 during the quarter ending March 31, 2024, compared to investment income of $520, offset by expenses of $40,028 and other expenses of $9,397 for the same period last year. Basic and diluted loss per share was $Nil for the quarters 2024 and 2023.

On the Condensed Interim Consolidated Statements of Cash Flow, cash used in operating activities was $48,831 for the quarter ended March 31, 2024, compared to cash used of $9,448 for the same period last year. Cash provided by financing activities was $101,558 for the quarter ended March 31, 2024, compared to cash provided of $Nil in the same period last year. Cash flow from investing activities was cash used of $45,321 for the quarter compared with cash used of $40,404 in the same period last year.

As of March 31, 2024, the cash balance was $21,714 compared to cash of $78,774 as of December 31, 2023.

Exploration Properties Write-down (2015)

As part of the 2015 audit, the Company was required to complete an impairment analysis to compare the carrying value of the two exploration properties the Company held in 2015 to the fair market value at that time. In order to substantiate the carrying values of the exploration properties, the Company would have had to complete a valuation analysis of the properties. Due to the mineral exploration market conditions at that time, it was determined that the extreme volatility of the market and the depressed value of gold, that a valuation analysis of the properties would likely result in a reduced market value for the properties. The Company is of the view that the prohibitive cost of a valuation analysis does not justify the end result of determining a reduced market value just for reporting purposes.

As a result, the Company has taken the unique position to preserve working capital and to ensure available funds are allocated to exploration activities, by foregoing a valuation analysis and writing down the properties to $Nil. For these two properties in Timmins, Ontario and in Argentina, the Company has continued to write-down all exploration expenditures and investments until such time as when it is beneficial to the Company to complete an assets analysis.

The Company intends to complete an asset analysis on these two exploration properties when appropriate, which is anticipated to be greater than the $Nil value reported. In this situation, the carrying amount could be increased to an amount that does not exceed the carrying amount that would have been reported had no write-down been recognized in prior years.

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Based on consultations with the Company's directors, accounting professionals and auditors, the Company, starting 2015, has taken the position to write-off annually the entire carrying value of the Company's two exploration properties in Timmins, Ontario and in Argentina.

As of	Write Down for	Cumulative Write
December 31	the Year	Down
2015	$1,331,521	$1,331,521
2016	$18,005	$1,349,526
2017	$23,199	$1,372,725
2018	$22,120	$1,394,845
2019	$52,629	$1,447,474
2020	$35,134	$1,482,608
2021	$15,027	$1,497,635
2022	$88,409	$1,586,044
2023	$190,427	$1,776,471
2024*	$17,717	$1,794,188

* As of reporting period.

As of March 31, 2024, no asset analysis was completed and the Company continues to report a nil value for the Company's two exploration properties in Timmins, Ontario and in Argentina.

Accordingly, during the quarter ended March 31, 2024, the Company has written off exploration expenditures and investments totalling $17,717 for cumulative impairment loss to date of $1,794,188 as of March 31, 2024, for the two properties.

The Company's historic valuation of the exploration properties in previously reported financial statements is available on the Company's website and in SEDAR+. Shareholders are encouraged to review the previous statements to determine the historic asset value prior to the write-down.

Selected Annual Information

Unless otherwise noted, all currency amounts are stated in Canadian dollars.

The following selected financial data for each of the three most recently completed financial years are derived from the audited annual financial statements of the Company, which were prepared in accordance with International Financial Reporting Standards.

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For the Years Ended December 31,	2023	2022	2021
	$	$	$
Income	2,052	2,222	1,167
Net income (loss) and comprehensive income (loss)	(347,405)	(239,259)	(360,432)
Net income (loss) and comprehensive income (loss), per share	-	-	-
Net income (loss) and comprehensive income (loss), per share	-	-	-
fully diluted
Total assets	2,482,200	2,471,566	2,288,227
Total long-term liabilities	-	-	32,079
Cash dividends	-	-	-

The Company has recorded losses in all three most recently completed fiscal years and expects to continue to record losses until such time as the Company's projects are identified, developed, and brought into profitable commercial operation.

Results of Operations

Exploration and Development Activities

Mineral properties expenditures during the quarter totalled $49,821 compared to expenditures of $49,404 for the same period in the previous year. Funding of projects was mainly from proceeds from a related company.

During the quarter ended March 31, 2024, the Company was focused on the raising funds for exploration work on the Good Hope Niobium Project, Pic River PGM Project, Timmins Gold Project and the Lolita Project in Argentina. With the successful raising of funds, exploration work will be conducted on the Company's properties in the coming year.

Good Hope Niobium Project, Marathon Ontario

As announced on August 27, 2019, the Company announced that it had met all of the terms of the KL37 and KL226 Option Agreements and the Company owns 100% of the Good Hope Niobium claims.

On May 31, 2017, the Company signed two Option Agreements, KL226 Option Agreement and KL37 Option Agreement to acquire 100% interest in the Good Hope Niobium Project in Killala Lake area, near Marathon Ontario.

The Good Hope Niobium Property consists of a total of 254 claims, consisting of 227 Single Cell Mining Claims and 27 Boundary Cell Mining Claims, and covers an area of approximately 5,146 hectares in Killala Lake Area and Cairngorm Lake Area Townships, northwest of Marathon, Ontario. The Good Hope Property is located approximately 45 kilometers northwest of Marathon and 28 km north of Highway 17. The property is readily accessible from Trans-Canada Highway 17 and Dead Horse Road. The Property is also in close proximity to the Hemlo gold mining camp.

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The regional geology around the Good Hope Property consists of alkaline and carbonatite intrusions formed during Midcontinental rifting within the Trans-Superior Tectonic zone. The Good Hope Property forms a doughnut around the Prairie Lake Complex. The Prairie Lake Complex is composed of carbonatite, ijolite and potassic nepheline syenite. The most common rock types on the Good Hope Property are carbonatite, syenite breccia and ijolite. The Good Hope Property hosts Niobium mineralization in pyrochlore. The Niobium mineralization differs from that in Prairie Lake Complex in that it is low in Th and U contents.

The discovery of Niobium mineralization at Good Hope was made by Rudy Wahl in 2010 when he identified 1.63 % Nb2O5 in a small outcrop on site #28. In 2014, he followed up with mapping and prospecting in 5 pits that he dug in the area. Subsequent exploration work on the property includes: grab sampling, channel sampling, trenching, ground radiometrics survey, airborne magnetic - radiometrics surveys and mineralogical studies. Mineralogical studies completed in 2014 by Professor Roger H. Mitchell on samples from site #28 shows that the pyrochlore minerals are ThO2-free and contain very low UO3 so radionuclide problems are low for future extraction.

During the summer of 2015, a detailed prospecting-geological survey was completed on the Good Hope Property with the objective of finding larger zones of mineralized, non-radioactive carbonatite. The first trench, TR-01, revealed a non-radioactive carbonatite at the contact with a syenite. The carbonatite is at least 5 meters wide by 15 meters long, and observations indicate that it extends underneath the swamp for an unknown distance. The best result from 26 channel samples in trench TR-01 is 1.205% Nb2O5 over 1.10 meters. Trench TR-04 revealed a contact between ijolite breccia and syenite breccia, both matrix being carbonatite, with a chunk of massive carbonatite. Again, the carbonatite most likely extends underneath the swamp. The best channel sampling result for TR-04 is 0.437% Nb2O5 over 0.60 meters. In summary, the 2015 exploration program was successful in discovering a new type of niobium mineralization which is potentially a non-radioactive carbonatite intrusion. As the discovery coincides with a low magnetic/low topography sector, all the multi square-kilometers low topography, low magnetics area covered by the Good Hope Property, is considered highly prospective.

Two drill holes were completed in 2016 for a total of 280.7 m on an airborne radiometric anomaly near the discovery site #28. The assay highlights for drill hole PL-01 include 0.45 % Nb2O5 over

1.0 m and 6.25 % P2O5 over 1.0 m. The assay highlights for drill hole PL-02 include 0.34 % Nb2O5 over 1.0 m and 5.81 % P2O5 over 1.0 m. The Niobium mineralization in drill core is associated with carbonatite and syenite carbonatite breccia.

In June 2017, Plato initiated a data compilation on the Property to use for exploration targeting and program planning. A geological mapping and sampling program was completed in the summer of 2017. The goal of the program is to identify additional Niobium mineralization on the Property. Geophysics surveys suggest that the Prairie Lake Complex has a non-magnetic ring dyke and radial fracture system around it on Plato's Good Hope Property. The geological mapping will search for Niobium mineralization within the ring dyke. Another goal of the June geological mapping program was to collect more geological data for drill targeting for the drill program in 2018.

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In May 2018, Plato completed 5016 metres of diamond drilling on the Good Hope Property. The drilling focused on outcropping mineralization at 'Site 28' in the northwestern part of the property and encompassed an area of approximately 500m by 500m. All holes were drilled in a northwesterly direction. The nine completed drill holes ranged in length from 372 to 672 metres, testing the area to a vertical depth of between 285 and 580 metres. All holes intersected zones (up to 27m wide) of massive carbonatite within a brecciated system consisting of variably fenitized syenite/quartz-syenite intruded by carbonatite dykes and crosscutting carbonatite veins. Although the brecciated nature of the host rocks makes any orientation or trend of mineralization difficult to determine, the intersection of massive carbonatite in every drill hole from surface up to approximately 500m depth suggests that significant potential exists for niobium mineralization over a large area.

Assays of the drill core samples collected from the program peaked at 0.950% niobium (Nb2O5) with 6.20% phosphorus (P2O5) over 1.1m in a sample of massive carbonatite. The two most significant intersections from the drilling program were 0.190% Nb2O5 and 2.04% P2O5 over 93.08m (drill hole PGH-18-06;354.18-447.26m) and 0.175% Nb2O5 and 2.03% P2O5 over 89.24m (drill hole PGH-18-10A;345.0-434.24m).

In 2020, the Company completed a study with an independent consulting firm to review the data from the drill program and to help with planning the next phase of drilling. The completion of this Preliminary Mineralogical and Metallurgical Study was announced on August 12, 2020, with encouraging results.

In November 2021, the Company completed a high-resolution airborne magnetic and radiometric survey with results from the survey reported on April 4, 2022. The geophysical survey data confirmed the Good Hope Niobium occurrences represent a discrete intrusion distinct from Prairie Lake Carbonatite complex located to the southeast. The geophysical data from the survey and 2018 diamond drilling indicate the potential size of the niobium rich zone to be at least 500 sq m in area with a confirmed depth of 500 m.

At the writing of this report, the Company is working to secure additional financing for the next stage of development for the Good Hope Niobium Project.

Pic River PGM Project, Marathon Ontario

As announced on March 20, 2024, the Company announced that it had met all of the terms of the Pic River PGM Option Agreements and the Company owns 100% of the claims.

On January 28, 2020, the Company signed an option agreement to acquire a 100% interest in the Pic River PGM claims. On April 28, 2020, the Company added an additional 6 new claims to the total property.

As a result, the Pic River Platinum Group Metals (PGM) Project consists of a total of 111 claims, Single Cell Mining Claims and covers an area of approximately 2,247 hectares in Foxtrap Lake and Grain Township, near Marathon Ontario.

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Mapping by Walker et al (1993) indicates the favourable layered gabbro series (the basal portion of the Coldwell Complex) of rocks that host the PGE-Cu-Ni mineralized zone of Generation Mining Inc.'s Sally, Willie, Skipper, Four Dams zones and the Marathon Deposit trend onto the Pic River PGM-Cu-Ni property. Previous ground magnetic surveys indicate magnetic highs that may correspond to the higher magnetic zones within the gabbroic rocks.

The Marathon deposit is "one of" the largest undeveloped platinum group metal mineral resources in North America hosting several PGM-Copper deposits, including the 7.1 million-ouncepalladium-equivalent Marathon Deposit. On January 6, 2020, Generation Mining Limited released a preliminary economic assessment (PEA) giving Marathon an after-tax net present value (NPV) of $871 million.

Mineralization hosted on the Marathon property is not necessarily indicative or representative of the mineralization hosted on the Company's property.

Generation Mining Inc.'s Sally Area 41 zone is indicated to be on strike to the Pic River PGM-Cu- Ni property. This PGM-Cu-Ni drill defined mineralized zone is located on the northern margin of the East Gabbro and is comprised of four mineralized zones.

Generation Mining announced favourable drill results during the third quarter of 2020, immediately to the west of their planned open pit development. As well, Generation Mining announced the start of a feasibility study, after releasing a favourable PEA, and any increase in the size of their project is favourable to Plato's strategic land position touching part of Generation's western boundary, and on strike to their Sally deposit.

In November 2021, the Company completed a high-resolution airborne magnetic and radiometric survey, and the Pic River PGM Project results were reported on March 9, 2022.

Plato's planned exploration going forward will focus on determining the PGM-Cu-Ni mineralization.

Lolita Project, Santa Cruz, Argentina

In 2007, Plato Gold successfully acquired, through a joint venture agreement, a majority interest in 29,000 hectares of strategically located property in Santa Cruz, Argentina. In the beginning, Plato holds a 75% interest in the joint venture with Dr. P. Lhotka holding the remaining 25% interest. The first three phases of work have involved prospecting, geochemical sampling as well as a Mag and IP survey over a large portion of the property.

The property is located in a geological metal rich province, hosted by Jurassic aged rocks of the Deseado Massif. The structures found to date are hosted by a felsite unit and felsic tuffs. To the immediate south significant base metal and precious metal vein systems occur and are held by some major Companies. The results to date have located a number of strong hydrothermal structures with chalcedonic silica, brecciation, iron oxides and pyrite with areas of weak to strong anomalous pathfinder elements of arsenic, antimony and mercury, which may be prospective for

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