Endurance Gold : 1st Quarter MD&A for the period ended March 31, 2023

ENDURANCE GOLD CORPORATION

MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

For the three-month period ended March 31, 2023

This Management's Discussion and Analysis ("MD&A") has been prepared as of May 15, 2023 (the "Report Date") and contains information up to and including the Report Date. This MD&A reviews the operating results and financial position of Endurance Gold Corporation and its U.S. subsidiary ("Endurance", or the "Company") for the three-month period ended March 31, 2023 with the comparable period in 2022. It should be read in conjunction with the unaudited condensed interim consolidated financial statements ("Condensed Interim FS") of Endurance for the three-month period ended March 31, 2023 and the related notes, which have been prepared in accordance with International Financial Reporting Standards ("IFRS"). All monetary amounts are in Canadian dollars. Additional information relating to the Company is available for viewing on the Company's website at www.endurancegold.comor under the Company's Profile on the SEDAR website at www.sedar.com.

Overview

Endurance is a company focused on the exploration and development of mineral properties in North America. The Company's common shares trade on the TSX Venture Exchange (the "Exchange") under the symbol "EDG", on the U.S. OTC Pink Open Market under the symbol "ENDGF" and on the Germany Börse Berlin Open Market under the symbol "3EG".

The Company's properties are in the exploration stage and the Company has not yet determined whether these properties contain ore reserves that are economically recoverable. The recoverability of amounts shown for exploration and evaluation assets and related deferred exploration expenditures are dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain necessary financing to complete the exploration and development of the exploration and evaluation assets and upon future profitable production or proceeds from the disposition thereof.

The Company formed a 100% owned U.S. subsidiary, Endurance Resources Inc. ("ERI"), on October 28, 2008 to acquire and evaluate several exploration project opportunities in the United States.

Exploration Activities

The Company incurred about $130,000 in acquisition and exploration expenditures in the current period. The exploration expenditures incurred during the current period were primarily incurred in relation to the Company's Reliance Gold Project in BC, Canada.

Some effort has been directed at the evaluation of new acquisition opportunities for the Company with such effort focused entirely in North America.

Dollar amounts stated in this document are expressed in Canadian currency unless otherwise indicated.

Reliance Gold Project, British Columbia, Canada (Options to earn 100% interest)

The Reliance Gold Project (the "Project") includes the Reliance Gold Property, the Olympic Property and the Sanchez Property. The Project is located 4 kilometres ("km") east of Gold Bridge and 10 km north of the Bralorne-Pioneer Gold Mining Camp which has historically produced over 4 million ounces of gold. The Project consists of twenty-three mineral claims and eight crown grants (about 3,250 hectares) situated primarily on the south shore of the Carpenter Lake B.C. Hydro Reservoir. The Project is subject to three option agreements: the initial option agreement on the Reliance Gold Property entered into in September 2019; the second option agreement on the Olympic Property initiated in April 2022 and finalized on October 13, 2022; and the third letter option agreement finalized on October 20, 2022.

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ENDURANCE GOLD CORPORATION

MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

For the three-month period ended March 31, 2023

The Reliance Gold Property hosts an "Epizonal" Orogenic gold system that extends over at least 1,500 metres ("m") of strike and 600 m vertically. The results from the exploration programs completed to date indicate mineralized potential for about 2 km of trend associated with a major relatively unexplored shear zone that is subparallel to the structural complex that hosts the former producing Bralorne-Pioneer mine. Gold (Antimony) mineralization is associated with breccias, silicification, sulphidation of altered host rock, quartz-stibnite veining, quartz-sulphide breccia veining and vein stockwork associated with wide zones of ankerite-sericite-clay alteration.

During 2020 through 2022, the Company conducted a systematic exploration program that included airborne and ground magnetic surveys, an airborne LiDAR survey, a ground 3DIP survey, geological mapping, alteration mapping, talus fine/soil sampling, biogeochemical sampling, rock sampling, systematic channel sampling, three reverse-circulation ("RC") drill programs with a total of 84 RC drill holes, including 33 RC drill holes in 2,455 m of RC drilling in 2022, a 2021 diamond drilling program that completed 22 drill holes in 4,332 m, and a 2022 diamond drilling program which has completed 38 drill holes in 8,274 m. A 2023 diamond drill program was initiated in early May 2023.

During 2022, the Company completed thirty-three (33) RC drill holes for 2,455 m. Since RC drilling commenced in November 2020, the Company has completed a total of eighty-four (84) RC drill holes for 6,045 m. Highlight results from the 2020 and 2021 RC drill campaigns include 14.08 grams per tonne ("gpt") gold over 15.4 m, 10.5 gpt gold over 6.1 m and 9.7 gpt gold over 12.2 m at the Eagle Zone, 16.49 gpt gold over 4.6 m at the Diplomat Zone, and 7.23 gpt gold over 4.6 m at the Imperial Zone. Highlight results from the 2022 RC drill campaign include 6.64 gpt gold over 30.48 m, 8.57 gpt gold over 10.66 m, 6.11 gpt gold over 18.29 m, and 3.89 gpt gold over 30.48 m at the Eagle Zone.

During 2022, the Company completed thirty-eight (38) diamond drill holes for 8,274 m. Since diamond drilling commenced in August 2021, the Company has now completed two phases of drilling with a total of sixty (60) diamond drill holes for 12,606 m The Eagle Zone was initially discovered with RC drilling but prior to 2021, had never been previously tested with diamond drilling and results for 2021 and 2022 have returned excellent results such as 15.7 gpt gold over 24.8 m, including

1. gpt gold over 4.1 m, 8.62 gpt gold over 24.4 m including 17.02 gpt gold over 4.3 m, 8.41 gpt gold over 12.0 m, 8.06 gpt gold over 13.5 m, 7.65 gpt gold over 12.7 m, 7.58 gpt gold over 11.9 m, 7.55 gpt gold over 8.9 m, 4.16 gpt gold over

1. m, 2.59 gpt gold over 31.6 m, and 4.95 gpt gold over 12.1 m including 12.55 gpt gold over 4.3 m. The Eagle area drilling has defined the zone over 550 m of strike with drilling results to date very encouraging with seventy percent of the 60 diamond drill holes returning significant gold intersections (meaning at least 3 m width of greater than 3.4 gpt gold) and eleven (11) drill holes with outstanding gold intersections between 63 and 426 grams x metres, with ten of these outstanding holes consistently mineralized over at least 11 m of drilled width.

To facilitate these RC and diamond drilling programs new drill trails were excavated along the southeast trend soil anomaly resulting in the discovery of new surface exposures of the Eagle Zone with the best 2022 channel sample result on these road cuts of 7.68 gpt gold over 12.0 m including 9.89 gpt gold over 8.0 m.

The Olympic Property includes the Minto gold mine which produced about 17,500 ounces of gold prior to 1945 from narrow quartz-stibnite veins. During that period at least six other quartz-stibnite gold prospects were explored with short exploration adits on the Reliance Project. Subsequently, both the original Reliance option and the Olympic option were explored with trenching and some diamond drilling from 1985 through 2008 with about 80% of the historic drilling completed between 1986 and 1988 primarily at the Imperial Zone. The most explored structure is the Royal Shear which hosts the Imperial, Crown, Diplomat, Senator, Eagle, and Eagle South Zones. The Imperial Zone was diamond core drilled in 2008 and this campaign, returned highlight drill intersection widths of 13.30 gpt gold over 4.20 m (est 3.3 m true width),

1. gpt gold over 5.06 m (est 4.3 m true width), 5.70 gpt gold over 12.05 m (est 10.8 m true width), 5.43 gpt gold over

1. m (est 12.9 m true width) and 2.16 gpt gold over 12.13 m (est 6.5 m true width).

To date, the Company has conducted a systematic exploration program with the exploration focus on the Royal Shear Zone. Channel sampling and drilling activities in 2020 through 2022 to date has included:

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ENDURANCE GOLD CORPORATION

MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

For the three-month period ended March 31, 2023

Channel Sampling - Between 2020 and 2022 systematic channel sampling was completed along the altered outcrop exposures in pre-existing road cuts and drill trials. Excellent 2020 channel sample results were identified at the Eagle Zone including road cuts with 5.80 gpt gold over 31.5 m including 9.69 gpt gold over 9.1 m, 4.88 gpt gold over 23.5 m including 8.61 gpt gold over 9.1 m, and 3.83 gpt gold over 17.1 m including 7.19 gpt gold over 3.7 m. At the Eagle South Zone channel samples results included 8.9 gpt gold over 9.6 m within a wider mineralized zone of 6.92 gpt gold over 13.4 m. In 2022 additional newly exposed road cuts were channel sampled with six (6) new exposures of the Eagle and Eagle South identified. Results highlights were: 7.68 gpt gold over 12.0 m including 9.89 gpt gold over 8.0 m and 6.35 gpt gold over

8.0 m. During 2021 channel sampling was completed on shear zone targets identified along the Treasure Structural trend. 2021 Channel sample results include 4.43 gpt gold over 8.5 m at the Bona Zone and 9.19 gpt gold over 4.7 m at the Grey Rock Prospect.

Reverse Circulation Drilling - In 2020, 2021 and 2022, eighty-four (84) RC holes have been completed in three track-mountedcompressed-air assisted RC drill programs to test the encouraging surface channel sample results at the Eagle, Eagle South, Imperial and Imperial North Zones. Highlights of the RC Drilling are summarized above with the majority of the RC holes having significant drill intersections. A tabulation of the complete gold and antimony assay results from the three RC drilling programs is available on the Company's website.

Diamond Drilling - The Company completed a 22-hole diamond drilling program in 2021 and a 38-hole diamond drilling program in 2022 for a combined total of 12,606 m drilled. The diamond drilling program primarily explored and extended the new zones identified at the Eagle Zone, and Eagle South Target area and also drilled the Imperial Zone. Highlights of the Diamond Drilling are summarized above with seventy percent of the diamond drill holes containing significant drill intersections. A complete tabulation of the 2021 and 2022 drilling results is available on the Company website.

Other exploration activities have included:

Airborne Geophysics - The 2020 airborne magnetics survey identified a magnetic anomaly associated with the host mafic volcanics which host the best gold occurrences on the Royal Shear which has a contiguous strike length of about 2.5 km on the Property. This airborne magnetics survey data combined with observations from the initial field work has also identified four (4) other subparallel lineaments on the original Reliance Property option. An additional airborne magnetics survey was recently completed on the expanded option area with final results pending.

Soil and Vegetation Sampling - The Talus fines/C-horizon soil survey demonstrates a robust and continuous northwest- southeast trending gold, silver, arsenic ("As") and antimony ("Sb") anomaly that exceeds 100 parts per billion ("ppb") gold along a strike length of at least 1,500 m and width of between 100 and 300 m associated with the Royal Shear. The multi- element soil geochemical anomaly remains open to expansion along strike in both directions. Of the 330 samples collected and analyzed in 2020 and 2021, 87 samples exceeded 100 ppb gold (26.4% of total) and 16 samples exceeded 1,000 ppb gold (4.8% of total). The over-limit soil samples were re-analyzed and returned peak values of 27 parts per million ("ppm"), 11 ppm, 8.42 ppm, 5.55 ppm, 3.77 ppm and 3.66 ppm gold. There is a strong positive geochemical correlation in the soil samples between gold and associated elements silver (+0.69), As (+0.86) and Sb (+0.84). A 2020 orientation and test biogeochemical sampling program of Douglas Fir tree branch cuttings identified an anomaly coincident with the greater than 100 ppb gold-in-soil anomaly. Given these results, the Company completed an extensive 240-hectare biogeochemical sampling program on the Reliance option property consisting of 1,207 samples which successfully extended the biogeochemical anomaly associated with the Royal Shear Zone to 2 km of strike.

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ENDURANCE GOLD CORPORATION

MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

For the three-month period ended March 31, 2023

Additional orientation soil and biogeochemical surveys were completed during 2022 on the Olympic Property option. The orientation survey, consisting of 432 talus fines soil samples and 317 Douglas Fir tree clippings, was designed to test two shear zones approximately 3 km east of the Royal Shear. The combination of talus fine samples and biogeochemical samples have identified a geochemical anomaly along the Olympic Trend with a strike length of 1.6 km which is open to expansion. The anomaly is defined by elevated arsenic (+/- antimony), giving a geochemical signature similar to the initial sampling that discovered the Eagle Zone in 2020. Related prospecting and sampling on the Olympic Property also identified high-gradegold-stibnite veins. Grab samples from a 75 m wide shear returned highlight assays of 9.66 gpt gold and 11.9% antimony and 4.1 gpt gold and 6.78% antimony at the Enigma Showing approximately 900 m east of the Olympic Anomaly.

Geological Mapping - In 2020, the Company completed an initial geological structural mapping program over a 1.0 km trend of the Royal Shear in the area of the known gold prospects. The Royal Shear is a multi-strand brittle ductile northwest trending shear zone complex which includes steeply southwest dipping reverse fault (Royal Shear Fault) that separates a dominantly mafic volcanic footwall sequence on the northeast from a dominantly ribbon chert argillite hanging wall sequence on the southeast. The most significant gold occurrences identified to date are located in the mafic volcanic that are sheared and iron-carbonate altered resulting in wide zones of modest to intense alteration with the most intense alteration associated with silicification spatially associated with altered feldspar porphyry. A complete geological map was completed in 2020 which encompassed the balance of the Royal Shear and three of the Company's twenty-three claims.

LiDAR and Orthophotography - A LiDAR and orthophotography survey was completed in 2021 that is providing very useful three-dimensional topographic controls for integration of geophysical, RC drilling and diamond drilling data and also proved useful at identifying areas of historic prospecting activity of the property. An additional survey is anticipated to be completed this year on the expanded option area.

3DIP Geophysics and Ground Magnetics - A 3DIP geophysical survey was completed in 2021. The survey encompassed about 2 km of the Royal-Treasure shear structural trend. Results have provided useful three-dimensional targeting information along the geophysical trends associated with the known gold mineralized areas. Geological observations have identified a magnetite-destructive alteration of the mineralized host volcanic rocks. As a result, in 2021 a ground magnetics survey was completed along existing trails on the property within the mineralized corridor. These results have confirmed a lower magnetic response associated with the known mineralized areas and identified additional lower-mag trends that will need to be further evaluated.

Community Consultation & Permits - The Company is committed to a mutually beneficial relationship with local First Nations. Dialogue has been active throughout 2020, 2021 and continuing into 2022. First Nation contractors were engaged to assist in several aspects of the 2020 through 2022 exploration activities. As a result, 913 man-days of training and employment has been provided to community members from Tsal'alh, the closest First Nation community. In addition, during 2021 and 2022, additional supply and service activities have been provided by contractors and members of the Bridge River First Nation (Xwísten). These consultation efforts have culminated in the execution of an exploration agreement between the Company and Xwísten that expresses the intent for a mutually beneficial arrangement in respect of current and proposed exploration activities within the Xwísten traditional territory and provides for protection of traditional activities and sensitive sites, including archaeological surveys, environmental protection measures, and the opportunity for the Xwísten community to participate in any business and employment opportunities that the Reliance project may generate. As compensation for impacts on Xwísten's traditional territory the Company, among other things, issued Xwísten 130,000 common shares of the Company.

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ENDURANCE GOLD CORPORATION

MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

For the three-month period ended March 31, 2023

As part of the consultation efforts, a preliminary archaeological study was completed in 2020 on the Reliance Gold Property. The field-oriented study did not identify any archaeological artifacts, or areas of concern. With the increase in the size of the Project and the Company's expanding exploration activities, additional consultation efforts were completed in 2022 and further preliminary archaeological studies are under consideration. The Company's Notice of Work drill permit application was submitted to the BC government early in 2020 and a five-year permit was granted in October ("MYAB Permit"). During 2021m 2022, and early 2023 the Company requested amendments to the original approved activity to facilitate additional drill road and drill pad disturbance. The requested 2021 and 2022 amendments were approved within the scope of the previously approved MYAB Permit. For the anticipated 2023 drilling activity an additional Notice of Work permit application was submitted in February 2023 and the amended MYAB Permit was approved on April 3, 2023. Subsequent to the 2020 approval of the MYAB Permit additional bonds were provided in 2021 and early 2023.

In addition to the First Nation communities, the Company has contracted several residents of the Gold Bridge area to provide services since 2020. To reach out to these other local communities, the Company joined in signing a Memorandum of Understanding (MOU) in 2021 to work together in the spirit of collaboration and partnership with the Bridge River Valley Community Association (BRVCA), Tsal'alh Development Corporation, Bralorne Gold Mines, Cobalt One Energy Corp, and the Squamish-Lillooet Regional District.

The Reliance Option Deal - Under the terms of the agreement with the Optionor, the Company can earn a 100% interest in the Reliance Gold Property for a cash consideration in the aggregate amount of $300,000 ($100,000 paid to date), the completion of defined exploration expenditures in the aggregate amount of $3,000,000 (incurred) by December 31, 2024, and the issuance of up to 4,000,000 common shares in stages (1,500,000 issued at a value of $364,000) by December 31, 2025. The Option is subject to a 2.5% Net Smelter Return ("NSR") royalty, three-fifths of which (1.5% NSR) can be purchased by the Company at any time for $1,000,000. In addition, for this option the Company issued 200,000 common shares with a value of $19,000 to PI Financial Corp. for introducing the Optionors to the Company.

The Olympic Property Deal - Under the terms of the option agreement with Avino Silver & Gold Mines Ltd. ("Avino"), the Company can earn a 100% interest in the Olympic Property, for an aggregate cash consideration of $100,000 ($25,000 paid), the completion of defined exploration expenditures totaling $300,000 by December 31, 2024, and the issuance of 1,000,000 common shares (200,000 issued at a value of $72,000) by December 31, 2024. The option is subject to a 2.0% NSR royalty, one-half of which (1.0% NSR) can be purchased by the Company for $750,000. The balance of the royalty can be purchased by the Company for $1,000,000.

As part of the final requirement to earn its interest, the Company has agreed to grant Avino share purchase warrants ("Warrants") by December 31, 2024 to purchase up to 750,000 Endurance shares for a period of three years from the date of issuance of the Warrants. The exercise price of the Warrants will be set at a 25% premium to the 20-day volume weighted average price ("VWAP") of the Company's shares at the issuance date. The issuance of the Warrants is subject to future Exchange acceptance. In addition, if the Company is successful in defining a National Instrument 43-101 compliant mineral resource of at least 500,000 gold-equivalent ounces on the Olympic Property by December 31, 2024, the Company will pay Avino a $1,000,000 discovery bonus. Any shares or Warrants issued will be subject to a four-month hold period from the date of issuance as per the policies of the Exchange.

The Sanchez Option Deal - The Company entered into a letter option agreement with a private vendor whereby the Company acquired an option to earn a 100% interest in the ten (10) Sanchez claims, which adjoin the eastern boundary of the Reliance Project area. Under the terms of the agreement, the Company can earn a 100% interest in the Sanchez claims for an aggregate consideration of $10,000 in cash payment (paid) by January 31, 2023, and the issuance of 300,000 common shares (40,000 issued at a value of $16,000) on or before December 31, 2025. There is no royalty obligation.

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