Battle North Gold : Annual Information Form

Battle North Gold Corporation

Annual Information Form

for the year ended December 31, 2020

March 29, 2021

CAUTIONARY STATEMENTS REGARDING FORWARD-

LOOKING STATEMENTS AND OTHER MATTERS

Forward-Looking Statements

All statements, other than statements of historical fact, contained in this annual information form ("AIF"), including any information as to the outlook and future performance of the Company, constitute "forward-looking statements" and "forward looking information" (collectively, "forward-lookingstatements") within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipates", "assumption", "believes", "budget", "conceptual", "contemplated", "contingencies", "could", "demonstrates", "dependent", "design", "development", "efforts", "emerging", "estimate", "evaluating", "expect", "exploration", "feasibility", "focus", "forecast", "future", "indicated", "inferred", "initial", "in process", "intended", "likely", "may", "measures", "next", "ongoing", "opportunities", "options", "outlook", "path", "plan", "potential", "preliminary", "probable", "profile", "program", "progress", "project", "proven", "provision", "risk", "safeguard", "should", "shovel-ready", "strategic", "study", "target", "uncertainties", "upgrade", "view" and "will", or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, will (or not) be achieved or occur in the future. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements include statements regarding Mineral Reserve and Mineral Resource estimates (including the 2020 MRMR and the Pen Zone Mineral Resource estimate reported herein, and upgrading or expanding any such estimates) and any other mineralization; mine plans and life; Mill capacity; the results of the Project Feasibility Study (including any financial and/or economic metrics and results, such as return on capital (including internal rate of return (IRR)), payback period, net present value (NPV), free cash flow (FCF), cut-off grade, production and Mill head grade profile, gold production (payable or otherwise), capital and operating costs, life of mine (or LOM), estimated tonnes and grade, plans, timelines (including pre-Commercial Production (or pre-CP) and Commercial Production (or CP) periods), closure costs, and other results of the Feasibility Study (all of which are estimates only) and impact thereon of existing infrastructure and planned and historical activities, future infill and step-out drilling of the F2 Gold Deposit and exploration programs (including at the McFinley Zones and Pen Zones) and Red Lake properties (including incremental tonnes or Mill feed therefrom or other impacts thereof), geological and structural modelling (including understanding of deposit geology including openness along strike and at depth); the Project Feasibility Study and results thereof (including development and construction plans and schedules and forecast expenditures); Project feasibility and viability; closure and reclamation (including activities, expenditures, costs and provisions, and timing thereof); the negotiation and planned entry into of the Credit Facility ; funding of development of the Project; future gold price and USD/CAD exchange (or FX) rates; renewal, replacement or refinancing of the current closure and reclamation surety bond; and health, safety and security safeguards, measures or protections, and other protocols, implemented by the Company's (or in the works) in response to COVID 19, and the Company's ability to respond in the future to that situation, including the implementation any new such or other measures or protections and the impact thereof.

Forward-looking statements are based on the assumptions, estimates, expectations and opinions of management and Qualified Persons, which management and the Qualified Persons consider reasonable and represent their best judgment based on available facts, as of the date such statements are made. If such opinions and estimates prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements.

The estimates, expectations and opinions referenced or contained in this AIF, which may prove to be incorrect, are subject to a number of assumptions which include the various assumptions set forth herein as well as set forth in the 2021 Technical Report and the Company's Management's Discussion and Analysis for the year ended December 31, 2020 ("2020 MD&A"), both of which are available under the Company's profile at www.sedar.comand on its website at www.battlenorthgold.com, as well as: (1) permitting, exploration and development at the Project being consistent with the Company's current expectations including the maintenance of existing permits, licenses and other approvals and the timely receipt of other permits, licenses and other approvals necessary from time-to-time; (2) political and legal developments being consistent with its current expectations; (3) the completion of necessary work, evaluations and studies, and provision of services, on the timelines currently expected (notwithstanding the risks, uncertainties, contingencies and other factors described below including COVID-19) and the results being consistent with the Company's current expectations; (4) development and construction at the Project being consistent with the Company's

expectations including budget, forecast cost and expenditures, and schedule thereof; (5) the exchange rate between the Canadian dollar and the U.S. dollar being approximately consistent with current expectations; (6) price assumptions for gold; (7) prices for diesel, natural gas, electricity and other key supplies being approximately consistent with current levels; (8) the accuracy of the Project Feasibility Study and the 2020 MRMR relied upon therein (including ore tonnage and grade estimates), and the Company's internal models; (9) labour and materials costs being consistent with the Company's current expectations; (10) continuing amenable relations with key stakeholders including local communities and First Nations; (11) the closing of the Credit Facility substantially on the terms of the Commitment Letter previously announced; and (12) the Company's ability to meet future debt obligations and/or complete future financings to raise additional capital as and when needed to fund ongoing operations and construction of the Project.

Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results, performance or achievements of Battle North to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: inherent risks relating to the timing and completion of development of the Project; a failure to complete Credit Facility on substantially the terms of the previously-announced Commitment Letter; the sufficiency of the proceeds of the Credit Facility, together with cash currently on the Company's balance sheet, to fund the development of the Project to Commercial Production; gold and other commodity price fluctuations; exchange rate fluctuations; possible variations in mineralization, grade or recovery or throughput rates; uncertainty of Mineral Reserve and Mineral Resource estimates; inability to realize exploration potential, mineral grades and mineral recovery estimates; actual results of exploration activities including their impact; delays in completion of exploration and other drilling or plans, and any modelling, re-interpretations or studies, for any reason including insufficient capital and other risks, uncertainties, contingencies and factors identified herein; labour issues at the Company or third parties, such as government and regulatory agencies, suppliers and service providers, including labour shortages and/or work curtailments or stoppages as may result from COVID-19; conclusions of economic, geological or structural evaluations and models including those reflected in the Project's Feasibility Study and Mineral Reserve and Mineral Resource estimates; changes in Project parameters as plans continue to be refined; failure of equipment or processes to operate as anticipated; accidents and other risks of the mining industry; delays and other risks related to operations; the ability to obtain and maintain permits and other regulatory approvals (as well as the timing and terms thereof) and to comply with such permits, approvals and other applicable regulatory requirements; the ability of Battle North to comply with its obligations under material agreements including Project development and construction contracts and any current or future financing agreements; the availability of financing for proposed programs and working capital requirements on reasonable terms and in a timely manner; the ability to meet, repay, or refinance, or replace, or renegotiate current and future debt obligations on reasonable terms and in a timely manner including the closure and reclamation surety bond; the ability of third-party service providers and other suppliers to deliver on reasonable terms and in a timely manner; risks associated with the ability to retain key executives and key operating personnel; cost of environmental expenditures and potential environmental liabilities; relations with local communities including First Nations; failure of plant, equipment or processes to operate as anticipated; cost of supplies; market conditions and general business, economic, competitive, political and social conditions; our ability to generate sufficient cash flow from operations or obtain adequate financing to fund our capital expenditures and working capital needs and meet our other obligations; the volatility of the Company's share price, and the ability of our Common Shares to remain listed and traded on the TSX; epidemics, pandemics and other public health crises, including COVID-19 or similar such viruses; the impact of any merger, acquisition or other strategic transaction involving the Company including any acquisition or other change in control of the Company; the "Risk Factors" in this AIF; and the risks, uncertainties, contingencies and other factors identified in the 2021 Technical Report and 2020 MD&A. The foregoing list of risks, uncertainties, contingencies and other factors is not exhaustive; readers should consult the more complete discussion of Battle North's business, financial condition and prospects that is included in this AIF.

The forward-looking statements referenced or contained herein are expressly qualified by these cautionary statements as well as the Cautionary Statements in the Company's applicable prior public disclosure including the 2021 Technical Report and 2020 MD&A. Forward-looking statements contained herein are made as of the date of this AIF and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable laws.