Big Ridge Gold : MD&A - three months ended September 30, 2021

BIG RIDGE GOLD CORP.

(An Exploration Stage Company)

MANAGEMENT'S DISCUSSION AND

ANALYSIS

For the Three Months Ended

September 30, 2021

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Table of Contents
FORWARD LOOKING INFORMATION ....................................................................................	3
QUALIFIED PERSONS AND CAUTIONARY NOTE REGARDING MINERAL
RESOURCES .................................................................................................................................	4
CAUTIONARY NOTE TO U.S. INVESTORS .............................................................................	4
OVERVIEW OF BIG RIDGE ........................................................................................................	5
OPERATIONAL HIGHLIGHTS ...................................................................................................	5
SUMMARY OF FINANCIAL RESULTS.....................................................................................	9
SELECTED ANNUAL INFORMATION....................................................................................	10
SUMMARY OF QUARTERLY RESULTS ................................................................................	10
LIQUIDITY AND CAPITAL RESOURCES ..............................................................................	10
OUTLOOK ...................................................................................................................................	11
RELATED PARTY TRANSACTIONS.......................................................................................	12
FULLY DILUTED SHARE CAPITAL .......................................................................................	13
OFF-BALANCE SHEET ARRANGEMENTS............................................................................	13
SUBSEQUENT EVENTS ............................................................................................................	13
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS ...............................................	13
DISCLOSURE FOR VENTURE ISSUERS WITHOUT SIGNIFICANT REVENUE ...............	13
DIVIDENDS.................................................................................................................................	13
LEGAL PROCEEDINGS.............................................................................................................	14
DISCLOSURES ABOUT RISKS ................................................................................................	14
FINANCIAL RISK MANAGEMENT .........................................................................................	14
ADDITIONAL INFORMATION.................................................................................................	15

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management's Discussion and Analysis ("MD&A") of Big Ridge Gold Corp. ("Big Ridge" or "the Company") provides information relevant to an assessment and understanding of the financial condition and results of operations of the Company. This MD&A should be read in conjunction with the Company's condensed interim consolidated financial statements for the three months ended September 30, 2021 and 2020 and the notes thereto, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, including International Accounting Standard 34 - Interim Financial Reporting.

This MD&A includes information available to and is dated November 23, 2021. Unless otherwise stated, all currency amounts are stated in Canadian dollars, and all financial information provided in this MD&A is prepared in accordance with IFRS.

FORWARD LOOKING INFORMATION

Certain information contained in this MD&A constitutes forward-looking information within the meaning of Canadian securities laws ("forward-looking statements"). All statements in this MD&A, other than statements of historical fact, which address events, results, outcomes or developments that Big Ridge expects to occur are forward-looking statements.

Forward-looking statements relate to future events or future performance and reflect management's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, permitting risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company's interim and annual financial statements which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Other than as specifically required by law, Big Ridge undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results otherwise.

In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public

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health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company's business or results of operations at this time.

QUALIFIED PERSONS AND CAUTIONARY NOTE REGARDING MINERAL RESOURCES

The disclosure in this MD&A of a scientific or technical nature for the Company's Hope Brook Gold Project, including disclosure of mineral resources, is based on the HBGP Technical Report (as hereinafter defined) prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), as summarized under "Hope Brook Gold Project" in this MD&A, and other information that has been prepared by or under the supervision of "qualified persons" (as such term is defined in NI 43-101) with the consent of such persons. The HBGP Technical Report has been filed on SEDAR and can be reviewed at www.sedar.com. Actual recoveries of mineral products may differ from reported mineral reserves and resources due to inherent uncertainties in acceptable estimating techniques. In particular, "indicated" and "inferred" mineral resources have a greater amount of uncertainty as to their existence, economic and legal feasibility. It cannot be assumed that all or any part of an "indicated" or "inferred" mineral resource will ever be upgraded to a higher category of resource or, ultimately, a reserve. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that all or any part of a mineral deposit with resources in these categories will ever be converted into proven or probable reserves.

Except where specifically indicated otherwise, the scientific and technical information contained in this MD&A was reviewed and approved by Nick Tintor, Chair of the Board of Directors of the Company, and Richard Mazur, P.Geo., a Director of the Company. Messrs. Tintor and Mazur are Qualified Persons in accordance with NI 43-101.

CAUTIONARY NOTE TO U.S. INVESTORS

This MD&A has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ materially from the requirements of United States securities laws applicable to U.S. companies. For U.S reporting purposes, the United States Securities and Exchange Commission (the "SEC") has adopted amendments to its disclosure rules (the "SEC Modernization Rules") to modernize the mineral property disclosure requirements for issuers, referred to as "mining registrants", whose securities are registered with the SEC. These amendments became effective in February 2019 with compliance required for the first fiscal year beginning on or after January 1, 2021. While not applicable to Big Ridge, the SEC Modernization Rules replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7, which will be rescinded from and after the required compliance date of the SEC Modernization Rules. Information concerning our mineral properties has been prepared in accordance with the requirements of Canadian securities laws, which differ in material respects from the requirements of the SEC set forth in Industry Guide 7. In accordance with NI 43-101, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in accordance with CIM standards. While the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are recognized and required by NI 43-101, and now recognized under the SEC Modernization Rules, SEC Industry Guide 7 does not recognize them. Readers of this MD&A are cautioned that mineral resources do not have demonstrated economic viability. Inferred mineral resources have a high degree of uncertainty as to their existence and as to whether they can be economically or legally mined. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Therefore, readers are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be economically or legally mined, or that it will ever be upgraded to a higher category. Likewise, readers are cautioned not to assume that all or any part of measured mineral resources or indicated mineral resources will ever be upgraded into mineral reserves.

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OVERVIEW OF BIG RIDGE

Big Ridge is focused on the acquisition, exploration and development of precious metals properties located in Canada. The Company was incorporated under the provisions of the Business Corporations Act (British Columbia) on June 6, 1987. The Company is listed on the TSX Venture Exchange as a Tier 2 mining issuer under the trading symbol BRAU and is a reporting issuer in the provinces of British Columbia and Alberta.

The Company is currently advancing the Hope Brook Gold Project under the terms of an option agreement with First Mining Gold Corp., discussed below, pursuant to which it may earn an interest of up to 80%. Big Ridge considers the Hope Brook Gold Project its only material resource property interest.

In addition, the Company owns 100% interests in the following resource properties:

• The Destiny Gold Property in Quebec. Big Ridge has entered into an option agreement with Clarity Gold Corp (CSE:CLAR)., described below, pursuant to which Clarity may earn an interest of up to 100% in this property, and consequently has ceased to incur costs related to Destiny.
• The Oxford Gold Property in Manitoba. Big Ridge has entered into an Exploration Agreement with the Bunibonibee Cree Nation ("BCN"), which will enable the Company to recommence exploration activity at Oxford once a Heritage Resource Impact Assessment can be completed. As reported below, the completion of this study has been delayed as a result of public health protection measures undertaken by the BCN as a response to COVID-19.
• The Miner Lake Gold Property located near Beardmore, Ontario. Big Ridge has entered into an agreement to sell its interest in Miner Lake and four additional properties located close to Miner Lake, and consequently the Company has made no expenditures on these properties in the current period.

OPERATIONAL HIGHLIGHTS

During the period ended September 30, 2021, the Company commenced operations at the Hope Brook Gold Project. This involved the following work, all of which was undertaken in advance of the first meaningful exploration program at Hope Brook since 2012.

• Refurbishment of existing equipment on site, acquisition of equipment and support vehicles, and construction and refurbishment of buildings at Hope Brook to support a planned year-round exploration and drilling program.
• Completion of line-cutting and a Controlled Source Audio-frequency Magnetotellurics (CSAMT) geophysical survey designed to test the large 1,200 meter ("m") gap between the 240 Zone and Main Zone and extensions to the southwest and northeast of the 240 and Main Zones. This program is expected to better define current targets and identify new ones across the large concession package striking for more than 30 kilometers. The results of this work are pending at the date of this MD&A.
• Commencement of work to update an ore sorting study undertaken in 2013.
• Securing the services of key service providers, including a drilling contractor and water- based and fixed-wing logistical support.

This followed on from a number of changes made by the Company in the fiscal year ended June 30, 2021 in preparation for taking on a more advanced exploration/development project, including:

• Entering into an option agreement with First Mining Gold Corp. pursuant to which the Company may earn an interest of up to 80% in the Hope Brook Gold Project.
• Strengthening the board and management team.
• Completing two financings and the acquisition of Empress Resources Corp., which resulted in aggregate gross proceeds of $8.3 million becoming available to the Company.
• Entering into an exploration agreement with the Bunibonabee Cree Nation ("BCN") that creates a pathway to the resumption of exploration activity at the Oxford gold project, subject to the completion of an archeological study in conjunction with the BCN.

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