Avidian Gold : Management’s Discussion & Analysis June 30, 2022

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE YEAR ENDED JUNE 30, 2022

• INTRODUCTION

The following Management's Discussion and Analysis ("MD&A") is a review by management ("Management") of the operations, results, and financial position of Avidian Gold Corp. ("Avidian" or the "Company") for the year ended June 30, 2022 (the "Reporting Period"). This MD&A is prepared as of October 28, 2022, unless otherwise indicated, and should be read in conjunction with the Company's audited financial statements and related notes for the year ended June 30, 2022 ("Reporting Period") and ("Annual Financial Statements"), which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). All figures are presented in United States dollars ("$") unless otherwise indicated. Additional information relevant to the activities of the Company has been filed electronically through the System for Electronic Document Analysis and Retrieval ("SEDAR") - http://www.sedar.comand are also available on the Company's website http://www.avidiangold.com.

• CAUTIONARY NOTE

FORWARD-LOOKING STATEMENTS

Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans", "intends", "anticipates", "should", "estimates", "expects", "believes", "indicates", "suggests" and similar expressions.

This MD&A contains forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions, and involve known and unknown risks, uncertainties and other factors. Information concerning mineral resource estimates and the interpretation of drill results may also be considered as forward-looking statements as such information constitutes a prediction of what mineralization might be found to be present if and when a project is actually developed.

Readers are cautioned not to place undue reliance on forward-looking these statements as the Company's actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company's business, or if the Company's estimates or assumptions prove inaccurate. Therefore, the Company cannot provide any assurance that forward-looking statements will materialize. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, possible variations in mineral resources, labour disputes, operating or capital costs; availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; failure of equipment or processes to operate as anticipated; and political, regulatory, environmental and other risks of the mining industry.

Subject to applicable laws, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.

1

For a description of material factors that could cause the Company's actual results to differ materially from the forward-looking statements in this MD&A, please see "Risks and Uncertainties" in Section 4.15.

• HIGHLIGHTS EXPLORATION
• At Golden Zone property, Alaska:

Highlights from the exploration activity carried out during the reporting period on the property over the last two field seasons include:

• 27 Reverse Circulation ("RC") drill holes were completed on the property for 3,288 metres ("m").
• Of the RC holes completed, 17 were drilled on the Mayflower Extension Zone ("MEZ"), located adjacent to the Breccia Pipe Deposit and 10 were completed in the Copper King prospect area.
• Drilling at the MEZ established a northeast trending gold mineralized corriodor along a 600 m strike length and that remains open at depth and along strike in both directions.
• Highlight drill results from the MEZ (see Press Releases dated January 19, 2022 and February 1, 2022)
  are as follows:
  o Hole GZ21RC-02 intersected 46.63 m of 1.08 g/t Au, including 15.24 m of 2.03 g/t Au - hole ended in mineralization.
  o Hole GZ21RC-03 intersected 4.57 m of 2.87 g/t Au; hole ended in mineralization.
  o Hole GZ21RC-18 intersected 6.10 m of 2.06 g/t Au, including 3.05 m of 3.89 g/t Au. o Hole GZ21RC-22 intersected 15.24 m of 2.65 g/t Au, including 3.05 m of 11.70 g/t Au.
  o Hole GZ21RC-23 intersected 4.57 m of 2.43 g/t Au and 4.58 m of 2.22 g/t Au within a broader zone of 73.45 m grading 0.45 g/t Au.
  o Hole GZ21RC-24 intersected 6.10 m of 2.14 g/t Au within a broader zone of 60.96 m of 0.68 g/t Au.
  o Hole GZ21RC-26 intersected 7.62 m of 1.55 g/t Au.
  o Hole GZ21RC-27 intersected 50.29 m of 0.70 g/t Au including 7.62 m of 2.52 g/t Au.
• A helicopter LiDAR and Orthophoto survey was flown over the entire property.
• A 1,788.7 line km Drone-Mag magnetometer survey was flown over the property with interpretation now completed and being evlauated and compiled to establish and follow-up targets.
• Staked an additional 1,683.5 hectares (4,160 acres) of claims adjoining the southwestern portion of the property along the strike extension of the newly discovered MJ mineral occurrence (grab samples of 5.17 g/t Au and 4.2 g/t Au plus 2.77% Cu) extending the mineralized trend to 19 km in strike length and overall property size to 141.1 sq km. This portion of the property is referred to as the Southwest Prospects and hosts five (5) large gossanous gold-bearing zones, all within the same stratigraphic sedimentary package of rock
  defined along a NE-SW direction over a strike length of 4.5 km within the 19 km mineralized trend.
  Some highlights of the Southwest Prospects are as follows:
  o At the JJ prospect grab samples in gossan zones ranged from 2.08 g/t Au to 6.14 g/t Au and samples from interbedded siltstone sediments ranged from 0.098 g/t Au to 0.965 g/t Au. The mineralized gossan can be traced over an area of 400 m x 150 m x 100 m and open in all directions.
  o Approximately 200 m to the southwest of the JJ prospect is the the J4 prospect. The J4 prospect has been intermittently sampled (due to exposure issues as many of the gossanous veins are covered by colluvium or talus or trend into difficult to access areas) across an approximate stratigraphic thickness of 120 m. The area between the JJ and J4 prospects remains open and unsampled. The JJ-J4 prospect area extends over a combined strike length of >650 m and is approximately 120 m wide and 300 m in height to the valley floor.
  o A new zone of gold mineralization called CC was discovered approximately 750 m southeast of the JJ discovery area with samples up to 0.43 g/t Au and 1.2 g/t Ag from float samples collected in steep terrain at the base of a talus slope located directly below the source outcrop. This new minerlized area has yet to be fully sampled.
  o The MJ prospect, located approximately 2,750 m to the southwest of the J4 propsect returned results ranging from 0.10 g/t Au to 5.17 g/t Au. This sulfide-rich gossan zone has been defined over an area of 800 m x 300 m x 100 m and remains open along strike in both directions.

2

• Prospecting at the Silver Kitty area (approximately 850 m to the southwest of MJ prospect) yielded an assay result of 2.42 g/t Au and 12.35 g/t Au. The Silver Kitty prospect to date has been outlined over a 500 m wide by 300 m high gossanous slope that trends northwest-southeast and is perpendicular to the MJ prospect.
• Immediately west of the Silver Kitty occurrence, described as a chalcopyrite-bearing and sphalerite-bearing skarn adjacent to a porphyritic stock, a grab sample returned 12.5 g/t Au. This sample is located approximately 500 m southwest and on trend with the MJ discovery.

It should be noted that, due to their selective nature, assay results from grab samples noted may not be representative of the overall grade and extent of mineralization on the subject areas. All drill core assays and trench results noted above are presented in core/sample lengths as at this time there is insufficient data with respect to the orientation of the mineralized intersections to calculate true widths.

• At Amanita property, Alaska:
  The following is the most recent work that has been completed on this property as no field exploration oriented exploration activities were carried out during the reporting period:
• • A high-resolution drone magnetic survey (443.6 line km) over the entire property at 50 m line spacing with selected areas flown at a 25 m line spacing.
  • A helicopter-borne LiDAR survey over the entire property.
  • Nine HQ-diameter oriented core holes were drilled in 2021 for a total of 1,945 m.
  • Gold mineralization was encountered in all holes with highlights as follows:

• • • 22.72 m of 3.11 g/t Au (includes 12.87 m of 6.23 g/t Au) in Hole AM20-02 (this intersection occurs approximately 60 m below Trench D-West, which returned 27.0 m of 4.22 g/t Au).
    • 24.21 m of 1.30 g/t Au in hole AM20-03, approximately 60 m below surface, that includes a higher grade intersection of 5.77 m of 2.64 g/t Au.
    • 2.93 m of 4.26 g/t Au in Hole AM-20-08, approximately 10 m below surface, including 1.50 m of 8.07 g/t Au.
  • Drill hole and surface trench structural analysis was completed detailing the structural controls to the gold mineralization and outlined additional targets that could potentially expand on the gold mineralization encountered above. A drill program as has been outlined that will be executed at a later date to expnad on the known gold mineralization.
• At Amanita NE property, Alaska ("Amanita NE")

In late December 2021 a ground penetrating radar ("GPR") survey was completed in the southwest portion of the Amanita NE property in order to test the potential to use GPR as a tool to determine the overburden's depth to bedrock and identify paleo-river channels known to host placer gold deposits in the Fairbanks camp. The area selected for the GPR survey was drilled by an RC rig in 2004 and was known to have demonstrated potential for placer gold. The GPR test clearly identified the depth to bedrock and showed a dip in the reflective layers where a gold-bearing channel was anticipated indicating that, in this case, GPR may be an effective tool to scout for other paleo-placer channels on the property.

CORPORATE/FINANCE

• In July 2021, the Company appointed John Schaff as Vice President Exploration. Mr. Schaff joined Avidian from Coeur Mining ("Coeur") where he was Exploration Manager for the past four years. During his tenure at Coeur, he played an integral part in the recent discovery of the C-Horst deposit, located in the highly active Bare Mountain Mining District near Beatty, Nevada.
• On February 25, 2022 the common shares of High Tide were listed on the CSE.

3

• DISCUSSION AND ANALYSIS

4.1 BACKGROUND

The Company

Avidian was incorporated pursuant to the provisions of the British Columbia Business Corporations Act on September 24, 2013. The Company was continued into the Province of Ontario on October 20, 2020. The registered head office of the Company is located at 18 King Street East, Suite #902, Toronto, Ontario, M5C 1C4.

Avidian is in the business of acquiring and exploring gold projects. At present date, the Company has acquired the rights to explore four gold properties in the United States of America and has significant influence over High Tide Resources Corp. which holds the right to explore three properties in Eastern Canada.

HIGH TIDE RESOURCES CORP. ("High Tide")

On February 24, 2022, High Tide completed a non-brokered private placement of 7,332,060 units for gross proceeds of CA$1,099,809 ($880,177). Further, the Company distributed a total of 9,360,822 of its High Tide common share holdings to its shareholders in conjunction with High Tide publicly listing its shares on the Canadian Securities Exchange. As a result of this transactions, the Company's equity interest in High Tide decreased from 67% to 32%. The reduction in the Company's equity interest of High Tide resulted in a loss of control. Accordingly, the Company derecognized the related assets, liabilities and non-controlling interest related to High Tide on February 24, 2022 and commenced equity accounting for its investment in High Tide thereafter.

Over the course of late 2019 and early 2020, High Tide applied for and was granted all exploration permits from the Government of Newfoundland & Labrador and commenced detailed planning for a diamond drill program at Labrador West. The compilation work and data review of the widely spaced historical drilling identified a large area of iron intercepts exceeding 200 m in thickness that would form the target area of a Phase One 1,000 m drill program. All support contracts - drilling, accommodation, geological and helicopter - were in place by February with the idea of starting the program in mid-March. By early March the COVID-19 pandemic had begun to spread to North America and by mid-March all non-essential travel and work in Newfoundland & Labrador was halted; consequently, the Phase One drill program was paused at that time. The drill program re-commenced in August 2020 using local consultants with 4 core holes completed for 999 m. A total of 564 samples were collected for assay.

Significant results therein included: 314.7 m of 29.6% total iron, 321.5 m of 26.8% total iron, 57.2 m of 31% total iron and 60.0 m of 33.8% total iron. An initial NI 43-101 report was completed on December 2, 2020 and can be viewed on SEDAR.

On January 8, 2021, Hide Tide announced it had entered into a purchase Agreement with Globex Mining Enterprises Inc. ("Globex" GMX-TSX,GLBXF-OTCQX International, G1MN-Frankfurt) to purchase 100% of the Lac Pegma Copper-Nickel-Cobalt sulphide deposit located approximately 50 km south of Fermont, Quebec.

The terms of the purchase agreement are as follows; the Company has paid Globex $10,000 in cash and will issue 650,000 shares of High Tide at the time of the Company's IPO/Liquidity event. In addition, Globex will retain a 2% Gross Metal Royalty ("GMR") with a 1% buy-back option for $1.5M CAD exercisable at any time at the discretion of the Company.

On April 12, 2021, High Tide announced the appointment of a new Board of Directors. New Board members include independent director Dr. Joseph Poveromo, a global authority in iron ore and steel making, Serge Pelletier a mining engineer with experience in small-to-large scale mining operations with BHP Billiton and, Carol Seymour, a senior geologist with Altius Resources Inc. with extensive experience in the Labrador Trough. Further Board appointments included Steve Roebuck, currently serving as President & CEO of Avidian, and Stephen Altmann who is currently serving as a director and Chairman of High Tide.

4

On May 17, 2021, High Tide announced that it had commenced a Heliborne High-Resolution Magnetic and Time- Domain Electromagnetic Survey at the Lac Pegma Property.

In October 2021, High Tide initiated the process of becoming a reporting issuer with the intention to list its common shares on a recognized Canadian stock exchange (the "Listing Exchange"). In connection with the Listing (as defined hereinafter), High Tide issued 7,332,060 subscription receipts (each a "Subscription Receipt") in two tranches at a price of CDN$0.15 per Subscription Receipt (the "Offering"), with 3,371,732 Subscription Receipts issued on September 14th, 2021 and 3,960,331 Subscription Receipts issued on September 16th, 2021. Each Subscription Receipt is convertible into one unit of High Tide (each, a "Subscription Receipt Unit"), with each Subscription Receipt Unit comprised of one common share and one half of one common share purchase warrant (each whole, a "Subscription Receipt Warrant") with each Subscription Receipt Warrant entitling the holder to purchase one common share at a price of CDN$0.20 for a period of 36 months from the Exchange Date (as defined hereinafter).

Persons who acted as finders to the Offering will be issued an aggregate of 67,584 broker warrants ("Broker Warrant") with each Broker Warrant entitling the holder to purchase one Subscription Receipt Unit at a price of CDN$0.15 for a period of thirty-six months from the closing date of the Offering.

The subscription funds from the Offering (the "Escrowed Funds") will be held in escrow by the subscription receipt and escrow agent (the "Subscription Receipt and Escrow Agent") until the satisfaction of the following conditions: (i) the receipt of written confirmation from the Listing Exchange that all conditions precedent to High Tide listing its common shares on the Listing Exchange have been satisfied (the "Listing"), and (ii) the Listing to occur within six months of the closing date of the Offering (the "Escrow Release Conditions").

At the time the Escrow Release Conditions are satisfied, the Company will forthwith deliver a certificate (the "Release Certificate") executed by High Tide to the Subscription Receipt and Escrow Agent confirming that the Escrow Release Conditions have been met upon which the Subscription Receipts shall be deemed to be automatically exchanged (the "Exchange Date"), for no additional consideration and without further action on the part of the holders of the Subscription Receipts for Subscription Receipt Units of High Tide, and the Escrowed Funds will be released by the Subscription Receipt and Escrow Agent to High Tide. The Offering was completed on a "non-brokered" private placement basis pursuant to exemption under applicable securities legislation.

High Tide filed its final prospectus on February 9, 2022 and is scheduled to commence trading on February 25, 2022. In connection with the listing, Avidian has distributed 9,360,822 common shares of High Tide from its holdings to the shareholders of Avidian.

Labrador West - Exploration Activity

In April 2022, the Company, along with its contractors and consultants, mobilised and commenced a drill program with the goal of completing a maiden mineral resource estimate ("MRE") for the Labrador West iron ore project. Seven drill holes totalling ~2300 m of HQ diameter core was drilled during the program with the drill core being logged and sampled at the Company's core logging facility in Labrador City, Labrador. Samples were shipped to Activation Laboratories located in Ancaster, Ontario with the first set of assays released via press release dated August 10, 2022.

The Company is highly encouraged by the assay results as they continue to outline a large at-surface oxide iron formation that was first recognized and drilled by Rio Tinto in 2010 through 2012 (18 holes for ~4200m) and confirmed by the Company in 2020 by drilling four holes for a total of 1000m. To date, over 7500m of core has been drilled on the property with a large portion of that to be utilised for the upcoming MRE.

The following table highlights the key iron oxide facies drill intercepts from the 2022 program that have been released as of October 28, 2022.

Easting

Northing

Drill

(NAD83

(NAD83

Elevation

Dip

From

Fe Total

DDH ID

To (m)

Width

Zone

Zone

(m)

(Deg)

(m)

(%)*

(m) **

19N)

19N)

22LB0060

650892

5895630

559

-90

4.60

209.76

205.16

32.06

5