Manitou Gold : Year End - MD&A - December 31, 2022

Manitou Gold Inc.

Management's Discussion & Analysis

For the Year Ended December, 2022

Dated: April 20, 2023

Introduction

The following management's discussion and analysis ("MD&A") of the financial condition and results of the operations of Manitou Gold Inc. (the "Company" or "Manitou") constitutes management's review of the factors that affected the Company's financial and operating performance for the years ended December 31, 2022 and 2021. This MD&A has been prepared in compliance with the requirements of National Instrument 51-102 - Continuous Disclosure Obligations. This discussion should be read in conjunction with the audited consolidated financial statements of the Company for the years ended December 31, 2022 and 2021, together with the notes thereto. Results are reported in Canadian dollars, unless otherwise noted. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and interpretations of the IFRS Interpretations Committee ("IFRIC"). Information contained herein is presented as of April 20, 2023, unless otherwise indicated.

For the purposes of preparing this MD&A, management, in conjunction with the Board of Directors (the "Board"), considers the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of Manitou common shares; (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. Management, in conjunction with the Board, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity.

Further information about the Company and its operations can be obtained from the offices of the Company, its website at www.manitougold.comor from www.sedar.com.

Technical Disclosure

The technical disclosure in this Interim MD&A has been prepared under the supervision of Mr. Richard Murphy, P.Geo. and a "qualified person" within the meaning of National Instrument 43-

101. Mr. Richard Murphy is the Chief Executive Officer ("CEO"), President, and a Director of the Company.

Description of Business

The principal business of the Company is the acquisition, exploration and development of mineral property interests located in the Goudreau-Lochalsh area of Northern Ontario and in the Gold Rock District of Northwestern Ontario. To date, the Company has not earned any revenue from operations.

The principal mineral assets of the Company at the date of this Interim MD&A consist of a 100% interest in the Goudreau area properties, located northeast of Wawa, Ontario (the "Goudreau Project"), subject to certain royalties and other encumbrances.

The Company is a reporting issuer in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario and trades on the TSX Venture Exchange under the symbol "MTU".

Operational Highlights

On March 4, 2022, the Company entered into an option agreement (the "Agreement") to sell a 100% interest in its Kenwest, Gaffney, Canamerica, and Sherridon Properties (collectively, the

Manitou Gold Inc.

Management's Discussion & Analysis

For the Year Ended December, 2022

Dated: April 20, 2023

"Dryden Property") to Dryden Gold Corp. ("Dryden Gold"). Under the terms of the Agreement, Dryden Gold can acquire a 100% interest in the properties by completing the following:

• Cash payment of $1,000,000 on the effective date and the issuance of 4,000,000 Dryden Gold shares (the "Initial Payment") (received);
• $2,000,000 payable as 50% cash and 50% in Dryden Gold shares on the first anniversary of the effective date;
• $2,000,000 payable as 50% cash and 50% in Dryden Gold shares on the second anniversary of the effective date; and
• $2,000,000 payable as 50% cash and 50% in Dryden Gold shares on the third anniversary of the effective date.

Except the Initial Payment, all share issuances are contingent on Dryden Gold completing an initial public offering ("IPO") and shall be priced at the volume weighted average price of the shares on the principal stock exchange upon which they trade for the 20 trading days immediately preceding the respective option payment dates. If an IPO has not been completed by the respective option payment date, such option payment shall be payable entirely in cash.

Dryden Gold must also complete minimum exploration work on the Dryden Property totaling $1,400,000 over a 3 year period, of which Dryden Gold has made a firm commitment to complete $600,000 prior to the first anniversary of the effective date.

Upon payment in full of all cash payments, issuances of all shares, and completion of all work commitments, Dryden Gold will vest a 100% interest in the Dryden Property, subject to a 1% NSR to be retained by the Company (one half of which may be purchased, aside from the Kenwest Property, for a cash payment of $1,000,000).

On August 17, 2022, the Company granted 1,000,000 stock options at an exercise price of $0.10 to an employee of the Company. The options vest immediately and have a five-year term.

Mineral Exploration Property

The Company's exploration activities are at an early stage, and it has not yet been determined whether its properties contain an economic mineral reserve. There are no known deposits of minerals on any of the Company's mineral exploration properties and any activities of the Company thereon will constitute exploratory searches for minerals. See "Risk Factors" below.

Goudreau Project

The Goudreau Project is located approximately 50 kilometres northeast of the town of Wawa, Ontario and covers a significant, highly prospective land package totaling approximately 366 square kilometres in the northeastern portion of the Michipicoten greenstone belt. The majority of the property was acquired through a combination of eight purchase and option agreements between 2017 and 2020. All option agreements have been fully exercised resulting in 100% ownership of the tenure related to such option agreements. In addition to the eight purchase and option agreements, the Company also acquired several mineral claims by staking, which are 100% owned by the Company.

The Goudreau Project is traversed by several deformation corridors, which host the majority of the important gold deposits and mineral occurrences in the region. The Cradle-Lake and Goudreau- Localsh deformation zones pass through the eastern project area and extend for 15 kilometers and 6 kilometres, respectively on Manitou's property. Two subparallel regional deformation corridors,

Manitou Gold Inc.

Management's Discussion & Analysis

For the Year Ended December, 2022

Dated: April 20, 2023

the Baltimore and Easy Lake deformation zones extend through the eastern project area, with strike lengths of 18 kilometres and 26 kilometres, respectively on Manitou owned lands.

During 2021, the Company completed a comprehensive exploration program consisting of ground geophysics, geochemistry and geological surveys designed to generate priority drill targets along the Baltimore and the subparallel Easy Lake deformation zones. The former of which represents the eastern fault-offset extension of the Goudreau-Localsh deformation zone which hosts Alamos Gold's Island Gold mine and Argonaut Gold's Magino deposit.

Work completed during 2021 consisted of approximately 350 line-kilometres of induced polarization ('IP') surveying, approximately 23,000 soil samples and 1,900 line-kilometres of ground magnetic surveying and 59 diamond drill holes totaling 15,446 metres of diamond drilling. Ground magnetic surveying over portions of the Easy Lake deformation zone hosting the recently discovered Bald Eagle gold zone is largely completed and the resultant data is currently being analysed and investigated on the ground in order to help define new targets for drill testing.

Technical work during 2021 delineated a nearly two kilometre long orogenic gold system at the Stover zone, located along the southeastern segment of the Baltimore deformation zone with highlight intersections in hole MTU-21-10 grading 1.8 g/t over 9.9 m, including 4 g/t Au over 4.0 m within a wider interval of 49.0 m of 0.7 g/t Au. Reconnaissance drilling at the Bald Eagle gold zone located along the eastern margin of the Easy Lake deformation zone yielded significant intersections in the stratigraphic footwall of a zinc-rich sulfide lens referred to as the Zinc zone. The most significant intersections are from holes MTU-21-39 which returned 22.8 m at 0.9 g/t Au, including 9 meters at 1.4 g/t Au; MTU-21-56 which intersected the same zone approximately 50 m down-plunge of hole MTU-21-39 and returned 90.5 m at 0.3 g/t Au, including 3.0 g/t over 0.9 m; and hole MTU-21-59, which tested the zone encountered above 250 m down-plunge of MTU-21- 39 and intersected three broad zones of gold mineralization, between 299 m and 419 m down hole, with the best intersection returning 3.4 g/t Au over 2.5 m within a wider interval of 27.9 m at 0.6 g/t Au.

Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a Mineral Resource on the Goudreau Project to date and it is uncertain if future exploration will result in such project being delineated as a Mineral Resource.

In Q1 2022 the Company began to systematically test priority targets defined along a 10 kilometre strike length of the western portion of the 18 kilometre long Baltimore deformation zone. The winter drilling program is completed with 4,100 meters having been drilled in 16 holes. Pervasive deformation and alteration consistent with an orogenic gold setting were encountered throughout the winter drilling program. Hole MTU-22-01, which tested a lake bottom sediment anomaly and a coincident conductive trend, encountered three separate intervals of anomalous gold mineralization that returned 6 m grading 0.2 g/t Au, 10.3 m grading 0.2 g/t Au and 3 m grading 0.3 g/t Au, respectively.

Of particular importance in the winter drilling program, hole MTU-22-14 which was started in an altered ultramafic intrusive body intersected 0.25% Ni over 48 m in strongly serpentinized ultramafic rocks. Nickel mineralization started at the bedrock surface. Nickel grade and the geological setting are analogous to the Dumont (Quebec) and Crawford (Ontario) nickel deposits. The Company has identified numerous additional altered ultramafic intrusions in the northeastern portion of the Goudreau project which have never been drill tested. Individual bodies measure up to 1.5 kilometres long and 200 metres wide.

A drill program was designed as follow-up on the nickel-cobalt results returned from hole MTU-22- 14. Diamond drilling began in late August, with 1,152 metres of drilling completed by mid-

Manitou Gold Inc.

Management's Discussion & Analysis

For the Year Ended December, 2022

Dated: April 20, 2023

September, 2022. The completion of this three-hole maiden nickel drill program confirmed the significant nickel discovery arising from the winter drill campaign. The assay results from hole MTU- 22-17, (which targeted the strongest portion of the magnetic anomaly to the north of discovery hole MTU-22-14) include an intersection of 230.6 m of 0.25% NiEq. The hole was collared approximately 100 metres south of discovery hole MTU-22-14 and intersected a single, strongly serpentinized interval of ultramafic rock with finely disseminated nickel-sulfides and nickel-alloys. Drill holes MTU-22-18 and MTU-22-19 were designed to test a separate intrusion west of the discovery hole that measures 850 metres long and 200-300 metres wide.

Highlights from drill hole MTU-22-18, collared 900 metres west of MTU-22-14, include 208.2 m grading 0.27% NiEq, including an interval of 27 m grading 0.32% NiEq starting 84.9 metres down hole. Results from drill hole MTU-22-19, collared 500 metres west of discovery hole MTU-22-14, include a continuous mineralized intersection of 252.1 m grading 0.27% NiEq starting at 90.5 metres down hole.

A total of thirty discreet bodies, interpreted to represent geologically similar ultramafic intrusions on the Company's Goudreau project have been clearly defined by the Company's geophysical dataset. Ten of these intrusions have been verified on the ground, Seven of these targets returned nickel values ranging from 0.18% to 0.31% nickel and from 70 ppm to 350 ppm cobalt. The average nickel grade of samples collected from serpentinized ultramafic rocks is 0.24%. In addition to nickel, one sample returned 1.84 g/t palladium and 0.24 g/t platinum.

Numerous well defined gold drill targets have been identified within the western 10 km of the Baltimore deformation zone and remain untested by drilling. These targets areas have not been drilled in the past and representpriority drill targets, as does the area of the Bald Eagle gold zone and its strike extents.

Current and Future Plans Related to the Goudreau Project

The following table summarizes the Company's current plans at the Goudreau Project, the total estimated costs, and total expenditures incurred to date.

1. Total cumulative exploration activities incurred on the Goudreau Project to December 31, 2022 amounted to $14,603,303 (December 31, 2021 - $12,251,657).

Manitou Gold Inc.

Management's Discussion & Analysis

For the Year Ended December, 2022

Dated: April 20, 2023

Qualifying Expenditures Relating to Flow-Through Shares

In connection with the flow-through share financings completed in 2021, the Company had committed to incur qualifying Canadian Exploration Expenditures (as such term is defined in the Income Tax Act (Canada)) totaling $6,129,500 by December 31, 2022. The Company has indemnified the subscribers of these financings as well as any past flow-through share subscribers for any tax and other costs payable by them in the event that the Company does not incur the required flow through expenditures.

As at December 31, 2022, the Company has incurred all qualifying exploration expenditures.

Overall Objective

The Company is a junior mineral exploration company with an experienced management team engaged in the acquisition, exploration and development of properties for the mining of precious metals. Manitou is in the process of exploring its mineral properties and has not yet determined whether these properties contain any economically recoverable mineral reserves. The success of the Company is dependent upon the existence of economically recoverable mineral reserves, the ability of the Company to obtain the necessary financing to complete exploration and development of its properties, the selling prices of minerals at the time, if ever, that the Company commences production from its properties, government policies and regulations and future profitable production, or proceeds from the disposition of such properties.

The Company may acquire additional mineral resource properties or companies holding such properties. The Company notes that mineral exploration in general is uncertain and the probability of finding economically recoverable mineral reserves on any one of its early stage prospects is low. However, the Company believes it is able to reduce overall exploration risk by acquiring additional mineral properties, thereby increasing its probability of finding economically recoverable mineral reserves. In conducting its search for additional mineral properties, the Company may consider acquiring properties that it considers prospective based on criteria such as the exploration history of the properties, their location, or a combination of these and other factors. Risk factors to be considered in connection with the Company's search for and acquisition of additional mineral properties include the significant expenses required to locate and establish economically recoverable mineral reserves, the potential that expenditures made by the Company may not result in discoveries of economically recoverable mineral reserves, environmental risks, risks associated with land title, the competition faced by the Company and the potential lack of adequate funding for any such acquisitions. See "Risk Factors" below.

Trends

Management regularly monitors economic conditions and estimates their impact on the Company's operations and incorporates these estimates in both short-term operating and longer-term strategic decisions. Apart from these and the risk factors noted under the heading "Risk Factors", management is not aware of any other trends, commitments, events or uncertainties that would have a material effect on the Company's business, financial condition or results of operations.

Environmental Liabilities

The Company is not aware of any environmental liabilities or obligations associated with its mineral property interests. The Company is conducting its operations in a manner that is consistent with governing environmental legislation.