evergoldcorp.
gold4ever

Evergold Corp.
Management’s Discussion and Analysis
For the 9 months ended September 30, 2025 and 2024

evergoldcorp. gold4ever

Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

Introduction

The following management's discussion and analysis ("MD&A") of the financial condition and results of operations of Evergold Corp. ("Evergold" or the "Company") has been prepared by management as at November 18, 2025* and should be read in conjunction with the financial statements of the Company for the 9 months ended September 30, 2025 and 2024 (the "Financial Statements") and related notes. Additional information on the Company may be found at www.evergoldcorp.ca, or under the Company's profile at www.sedarplus.ca.

*Note: Following period end, the Company completed a consolidation of its common shares on a 1 new for 10 old basis, resulting in 12,007,569 shares outstanding post consolidation. The Company commenced trading on a consolidated basis on October 17, 2025. Because this MD&A is written effective November 18, 2025, the capital structure numbers herein reflect the Company's capital structure as at that date, rather than the higher pre-consolidation numbers in the accompanying Financial Statements and related notes, which reflect the Company's capital structure at period end, on September 30, 2025.

The Financial Statements have been prepared by management in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"). All amounts are expressed in Canadian dollars unless otherwise stated. Other information contained in this document has also been prepared by management and is consistent with the data contained in the condensed Financial Statements.

The Company's certifying officers are responsible for ensuring that the Financial Statements and MD&A do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made. The Company's certifying officers certify that the Financial Statements, together with the other financial information included in the filings, fairly present in all material respects the financial condition, financial performance, and cash flows of the Company as of the date of, and for the periods presented in, the filings.

The Company's Audit Committee and the Board of Directors provide an oversight role with respect to all public financial disclosures by the Company. The Board of Directors approves the Financial Statements and MD&A after the completion of its review and recommendation for approval by the Audit Committee, which meets periodically to review all financial reports, prior to filing.

Forward-Looking Statements

Certain statements contained in this document constitute "forward-looking statements". All statements other than statements of historical fact contained in this MD&A, including, without limitation, those regarding the Company's future financial position and results of operations, strategy, proposed acquisitions, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements.

evergoldcorp. gold4ever

Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to risks associated with: the highly unpredictable nature of geology; business interruption due to global pandemic; inability to generate earnings or pay dividends for the foreseeable future; no current assets other than cash; uncertain ability to raise additional funds when required; reliance on a small number of key managers lacking backup; potential conflicts of interest among directors and officers of the Company; lack of liquidity for shareholders; ability to secure needed permits; ability to physically access and work the Company's property assets due to poor weather or First Nations risks; a potential lack of key contract personnel and service providers needed to execute elements of the Company's exploration plans; and market risk consisting of fluctuations in the Company's share price, metal prices, credit market conditions and investor appetite for early-stage exploration companies. See "Risks and Uncertainties".

Management provides forward-looking statements because they believe such statements deliver useful guidance and information to readers when considering their investment objectives. Though management believes such statements to be as accurate as possible in the context of the information available to management at the time in which they are made, management cautions readers that the guidance and information contained in such statements may rapidly be superseded by subsequent events. Consequently, all forward-looking statements made in this MD&A and the related financial statements are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments suggested by such forward-looking statements will be realized or, even if substantially realized, that they will have the expected results, or effects upon, the Company. These forward-looking statements are made as of the date of this MD&A and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.

Quarterly Highlights

The following key developments occurred during, and subsequent to the quarter:

On July 9, 2025, the Company announced that it has entered into a binding letter of intent to acquire a 100% ownership interest in the Copper King inlier claim groups, located within the northern half of the Golden Lion property;
On July 9, 2025, the Company announced that Alvin W. Jackson, P.Geo., had joined the board of directors;
On July 9, 2025, the Company announced the deferral by one year, at no cost to the Company, of all staged cash payments and work commitments for the DEM property, further to a property option agreement entered into on August 1, 2023;
On September 15, 2025, the Company announced that it had received approval from shareholders for a 10:1 consolidation of its shares, resulting in 12,007,569 shares outstanding post consolidation. The Company's shares commenced trading with the tighter share structure on October 17, 2025;
On October 29, 2025, the Company announced a $350,000 convertible debenture placement with C.J. Greig Holdings Ltd., a company wholly-owned by Charlie Greig, a director of the Company and Evergold's Chief Exploration Officer, in support of drilling in November this year, a high-priority hole at the DEM prospect in follow-up to promising intersections achieved in two small drill programs carried out in 2023 and 2024.
On November 7, 2025, the Company announced the closing of the convertible debenture placement with C.J. Greig Holdings Ltd., and the start of drilling at the DEM prospect.

evergoldcorp. gold4ever

Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

Corporate History and Description of the Business

Evergold was incorporated as a privately held mineral exploration company on October 30, 2015 to serve as a vehicle for the acquisition, exploration and development of mineral properties. On October 4, 2019, the Company completed an initial public offering ("IPO") for gross proceeds of $3.45 million and listed its shares on the TSX Venture Exchange ("TSXV"), where it trades under the ticker 'EVER'. The Company's shares also trade in Germany (Frankfurt, Munich, Tradegate) with the unique identifier 'A2PTHZ'.

On its IPO the Company held four 100%-owned property assets in British Columbia, Canada: Snoball, located in the heart of northwestern B.C.'s so-called "Golden Triangle"; Golden Lion, located to the east of Snoball in similar Stikine terrane rocks, at the north end of the historical Toodoggone camp; Holy Cross, located in central B.C. 60 kilometres due north of Artemis Gold's Blackwater deposit; and Spanish Lake, located in the Cariboo region of central interior B.C. (collectively, "the original Canadian properties"). Spanish Lake was allowed to lapse in October 2022, as being non-material to the Company's future prospects. Snoball, Golden Lion, and Holy Cross are interpreted as intrusion-related, precious and base metals-enriched epithermal systems.

All of the Company's original Canadian properties were acquired in an all-stock transaction effective April 5, 2016, from vendor C.J. Greig Holdings Ltd. of Penticton, B.C., a company controlled by C.J. (Charles) Greig, who presently serves as a Director and the Company's Chief Exploration Officer, and remains a significant shareholder. C.J. Greig Holdings Ltd. retains a 0.5% Net Smelter Returns ("NSR") royalty on each of the remaining three original Canadian properties, i.e. Golden Lion, Snoball and Holy Cross.

Adding once again to its Canadian property portfolio, on August 2, 2023, the Company announced that it had entered into an option agreement with non-arms-length vendors Charles Greig and Alex Walcott, both of whom are directors and shareholders of the Company, for the exclusive right, subject to certain work commitments, staged payments of cash, and a 2% net smelter returns royalty detailed below, to acquire a 100% interest in the DEM gold-silver-copper property, located in central British Columbia.

In addition to the Canadian property assets, on February 11, 2021, the Company signed an option agreement giving it the right, subject to certain work commitments and staged payments of cash and shares detailed in the pages following, to acquire a 100% ownership position in the past producing Rockland gold-silver property, located in western Nevada's "Walker Lane" structural belt, south of Yerington. On October 29, 2024, the Company announced that it has granted Wolfden Resources Corporation an option to acquire in two stages up to a 75% interest in the Rockland property, following which the parties may elect to establish a joint venture on standard industry terms.

To date the Company has completed the financings listed below in support of its exploration plans:

Date	Financings	$ Raised	Shares Issued	Price per Share/Unit
4-Oct-19	Initial public offering, HD^{1}, no warrants	3,450,000	1,725,000	2.00
21-May-20	Private placement, FT^{2}, no warrants	1,177,450	175,739	6.70
22-Sep-20	Private placement, HD units (1/2 a warrant per share)	1,086,800	217,360	5.00
	Private placement, FT, no warrants	195,000	32,500	6.00
23-Feb-21	Private placement, FT units (1/2 a warrant per share)	4,500,000	2,045,455	2.20
	Private placement, HD units (1 full warrant per share)	3,500,000	1,750,000	2.00
29-Sep-23	Private placement, FT units (1 full warrant per share)	724,700	1,207,833	0.60
29-Sep-23	Private placement, HD units (1 full warrant per share)	517,500	986,364	0.55
11-June-24	Private placement, FT units (1 full warrant per share)	676,850	1,353,700	0.50
11-June-24	Private placement, HD units (1 full warrant per share)	395,000	933,333	0.45
Total shares outstanding as of November 18, 2025		15,151,450	12,007,570^{3}

evergoldcorp. gold4ever

Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

Notes:
(1) Hard Dollars
(2) Flow-Through Dollars
(3) Figure includes compensation units granted on financings to advisor Canaccord Genuity Corp., as well as shares issued pursuant to the exercise of warrants, options and the acquisition of the Rockland property.

Property Assets and Exploration Activities

DEM Property

On August 1, 2023, the Company announced that it had entered into an option agreement with non-arms-length vendors Charles Greig and Alex Walcott, for the exclusive right and option to acquire a 100% interest in the now 12,728-hectare DEM gold-silver-copper property, located in moderate terrain some 40 kms as the crow flies northwest of Fort St. James in central British Columbia. The DEM property hosts the DEM prospect, a roughly 4 square kilometre target area exhibiting strong multi-element geochemical anomalies in soils, including highs to 2.1 ppm Au, 160 ppm Ag, 0.5% Pb, 0.41% Zn, 0.76% As, and 651 ppm Cu, directly associated with an underlying large-scale donut-shaped magnetic anomaly and exceptionally strong, deep-running Induced Polarization ("IP") chargeability. Logging operations are common in the immediate area of the property and well-maintained forest service roads provide drive-on access directly to the property and the DEM prospect itself.

The DEM claims lie within and close to the western boundary of the Quesnel Terrane, a major B.C. porphyry belt hosting large deposits and long-life mines including Lorraine, Mount Milligan (50 kms to the northeast of DEM), Mount Polly, Highland Valley, Afton, and Copper Mountain.

Attention was first drawn to the DEM property by strong, multi-element Au-Ag-Cu-Zn-Pb-As soil geochemical anomalies developed in 1991 by Noranda Exploration Company ("Noranda"), associated with a limited area of volcanic and sedimentary outcrop intruded by high-level porphyritic dykes, located on a local topographic high known as DEM Mountain. Noranda concluded at the time that "the geochemical-geological setting suggests high level veins above a porphyry system at shallow depth" (B.C. Assessment Report #22277) and recommended additional work. However, with gold and commodity prices in sharp decline, Noranda allowed the DEM claims to lapse. Other than a single-line IP survey directly over the DEM prospect in 2012 by Xstrata Copper as part of their "Hat Super Block" exploration effort, no further work of consequence occurred until the acquisition by C.J. Greig and Alex Walcott of the claims overlying the DEM prospect in 2016.

In 2016 and 2017, C.J. Greig and Alex Walcott added to the historical geochemical data with a high-resolution magnetic survey and a single northwest-oriented line of deep-looking IP over the immediate area of the DEM prospect, followed by a gridded soil sampling program and two east-west oriented lines of IP in 2021. The results were encouraging, revealing a large-scale magnetic anomaly and coincident broad, deep-running, exceptionally high intensity IP chargeability and flanking resistivity anomalies, underlying the strong soil geochemical anomalies.

The combined geochemical, geological, and geophysical datasets, coupled with knowledge of local geography and topography, provided confidence in the high discovery potential of the DEM prospect area which, to that point in time, had never been drilled. Accordingly, on August 1, 2023, the Company optioned the property.

Terms of the DEM Property Option Agreement

The Company has the right to earn a 100% ownership interest in the DEM property in exchange for staged cash payments to the optionors over four years cumulatively totaling $980,000, in addition to escalating work commitments totaling $5,000,000 over the same time frame, as set out below. The option agreement does not require the issuance of any shares of the Company. In addition, the optionors retain a 2% Net

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Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

Smelter Returns royalty, subject to the right of the Company to buy back 1.5% for $4.5 million, inflation adjusted to 2023.

Schedule of DEM Property Cash Payments¹:

Date	Payment
On signing August 1, 2023	$5,000 (paid)
By the first anniversary or start-up of drilling, whichever comes first	$125,000 (paid)
On the first anniversary	$100,000 (paid)
On the second anniversary	$150,000
On the third anniversary	$100,000
On the fourth anniversary	$500,000
TOTAL	$980,000

Schedule of DEM Property Work Commitments²:

Date	Work Expenditures
By the first anniversary	at least $250,000 (met)
By the second anniversary	an additional $1,000,000 (partially met)
By the third anniversary	an additional $1,750,000
By the fourth anniversary	an additional $2,000,000
TOTAL	$5,000,000

¹,² Shortly after quarter's end, on July 9, 2025, the Company announced that all staged cash payments and work commitments for the DEM property as per the above schedules, have been deferred for one year by the property vendors, at no cost to the Company.

In mid-August, 2023, a 5-year MYAB (Multi-Year, Area-Based) exploration permit for the DEM property was received, allowing for as many as 50 drill sites. Later the same month the Company also received an independent NI 43-101 compliant technical report, authored by Linda Dandy, P.Geo..

In late October 2023, the Company carried out a program of reconnaissance drilling (947 metres in 3 holes from 2 pads) designed to test below the north-south geochemical trend atop DEM Mountain and into the underlying IP and CSAMT anomalies. Laboratory assays from this program returned, in January 2024, broad anomalous to low-grade intercepts of precious metals (gold, silver) encompassing, locally, narrow intercepts of high-grade precious and, notably, high-grade / high value strategic metals (molybdenum, cobalt, tungsten, tellurium and rhenium). Examples include:

135 metres of 0.12 g/t Au, 2 g/t Ag from 6 to 141 metres in hole DEM23-01 and 48.2 metres (estimated true width) of 0.58 g/t Au and 11 g/t Ag from 303 to 351.2 metres in hole DEM23-03
High-grade porphyry-hosted intercepts including individual sample highs of molybdenum (0.82%) with associated gold (1.2 g/t), rhenium (3.7 g/t) and silver (8 g/t)
High-grade vein-hosted intercepts including individual sample highs of gold (29.5 g/t), silver (182 g/t), cobalt (0.12%), copper (0.19%) and tellurium (41 g/t).

In February 2024, the Company completed a 1490 line-km high resolution heli-borne magnetic survey over the entire DEM property, followed in May by a 5 line-km CSAMT (Controlled Source Audio-frequency Magneto-tellurics) deeper-looking geophysical survey directly over the DEM target itself. This was followed, in June and July, the Company gathered an additional 249 gridded soil samples over the DEM prospect area, extending existing coverage north, south and west down off the heights of DEM Mountain and over

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Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

the surrounding DEM Lowlands. This work was complemented by a further 7 line-kms of IP surveying in September, also extending coverage north, south and west.

The data from the foregoing programs was used to target a limited program of follow up drilling (654 metres in two holes from two pads), which completed in October 2024 with encouraging results, including new intersections of the DEM sulphide vein system within DEM Mountain, in what is now interpreted to be the alteration "halo" around a large intrusion anchoring the DEM system and located downslope to the west beneath the DEM Lowlands, and masked by thick glacial till.

The latest results, combined with those of the fall 2023 program, continue to demonstrate a broad zone endowed locally with elevated precious and high-value critical elements, each locally exhibiting high grades at the level of individual half to two metre lengths in core samples, or consecutive samples, including values to highs of 8.37% antimony (DEM24-05), 29.5 g/t gold (DEM23-03), 182 g/t silver (DEM23-03), 0.12% cobalt (DEM23-03), 42 g/t tellurium (DEM23-03), 0.83% molybdenum (DEM23-02), 3.7 g/t rhenium (DEM23-02), and 0.32% tungsten (DEM23-01). In general, all of the higher-grade intervals are associated with, or encompassed by, an envelope of anomalous pathfinder elements and gold and silver.

Of special note from the 2024 program were the high, to very high, grades of antimony delivered in assays from hole DEM24-05, which was drilled to an azimuth perpendicular to that of DEM23-03, and targeted the same broad intersection – i.e. 48.2 metres (estimated true width) of 0.58 g/t Au and 11 g/t Ag from 303 to 351.2 metres - achieved in that hole. DEM24-05 returned assay highs to 8.37% antimony over 0.50 metre within a broad 40 metres of 0.42% antimony, including 3.60% antimony over 2.5 metres. The breadth of intersection in this hole, recognizing that it was drilled perpendicular to that of DEM23-03 and came into the zone an estimated 80 metres further along apparent strike from that of DEM23-03, suggests the DEM Mountain Zone has substantial breadth both across and along strike.

The high antimony results from DEM24-05, and the heightened market interest in antimony due to its soaring price, caused the Company to re-evaluate the results of 2023 core hole DEM23-03 which, as it turned out, also held high grades of antimony, including, for example, 1.67% antimony with 182 g/t silver and 2.89 g/t gold over half a metre.

The Company would like to carry out additional drilling at DEM, especially to drill deeper below the hole DEM23-03 and DEM24-05 intercepts where the high-grade system roots are postulated to lie. As the DEM Mountain Zone is localized to a magnetic low within the overall magnetic highs of DEM Mountain, a top priority would also be to test the much larger magnetic lows believed to centre the porphyry system downslope to the west of drilling to date, below glacial cover.

Quarterly Exploration Activities

No significant exploration work was carried out on the DEM property during the quarter. However, following period end, on October 29, 2025, the Company announced a $350,000 convertible debenture placement with C.J. Greig Holdings Ltd., a company wholly-owned by Charlie Greig, a director of the Company and Evergold's Chief Exploration Officer, in support of drilling a high-priority hole at the DEM prospect in follow-up to promising intersections achieved in two small drill programs carried out in 2023 and 2024. At the time of writing this work is underway.

First Nation Relationships, DEM property

The DEM property falls within the traditional territories of the Binche and Nak'azdi Whut'en First Nations, with reserves located at Fort St. James in the case of the latter, and on the eastern shore of Stuart Lake some 20 km to the northwest in the case of the former. Both bands are part of the Dakelh (Carrier) grouping of First Nations people. Company management has met and established good relationships with both, has hosted visits to site, and anticipates the future signing of exploration agreements. Members of the two communities have been actively engaged by contractors on the Company's DEM project.

evergoldcorp. gold4ever

Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

Rockland Property

On February 11, 2021, the Company signed an option agreement (the Enigma-Evergold Option Agreement) with Enigma Resources LLC (Enigma) to purchase 100% of the Rockland gold-silver property, located on U.S. Forest Service (USFS) lands in western Nevada, along the northern portion of the Walker Lane structural trend, encompassing 1,054 hectares.

Over the subsequent 3 ½ years the Company considerably advanced the Rockland property with additional claim staking, compilation of historical datasets, extensive gridded soil sampling, mapping, a drone-based magnetometer survey, programs of IP and CSAMT, data evaluation and 3D modelling, hyperspectral scans of drill chips, an Aster survey, initial archaeological and environmental surveys and, most significantly, completion of drilling Plans of Operation for both the Rockland East and Rockland Mine parts of the property. Given challenging market conditions, the Company sought a partner for the Rockland project.

On October 28, 2024, the Company signed with Enigma a First Amendment to the Enigma-Evergold Option Agreement to accommodate terms of an option granted to Wolfden Resources Corporation by the Company and signed the same day (the Evergold-Wolfden Option Agreement). Under the terms of the Evergold-Wolfden Option Agreement, and as allowed for and accommodated by the First Amendment to the Enigma-Evergold Option Agreement, Wolfden, as project Operator, may earn an initial 51% interest in the Rockland property by completing US$1,175,000 in exploration work expenditures, including 5,000 feet of drilling, by January 1, 2026, in addition to posting an estimated US$100,000 drilling bond with the USFS (paid), making a cash payment of US$100,000 to Enigma on March 1, 2025 (paid), and making additional cash payments of US$100,000, US$150,000, and US$250,000 on each of March 1, 2026, March 1, 2027, and March 1, 2028 respectively. Wolfden can elect to earn an additional 24% interest, bringing its total interest to 75%, by completing a pre-feasibility study within 5 to 8 years, following which the parties may elect to establish a joint venture on standard industry terms.

Quarterly Exploration Activities

Rockland property optionee Wolfden Resources Corp. commenced a 3-hole diamond drill program on the property in early September this year. At the time of writing all three holes have been completed and drilling is paused, awaiting laboratory assays.

Golden Lion Property

The helicopter accessible, 5,099-hectare Golden Lion property is located at the north end of the historical Toodoggone mining camp of north-central British Columbia, approximately 308 kilometres north of Smithers, immediately adjacent to Thesis Gold's 'Ranch' exploration prospect, and 24 kilometres north of Benchmark's Lawyers (former Cheni Mine) project. The property is situated within the traditional territories of the Tahltan and Kaska Dena Nations. The Kaska Dena village of Kwadacha (Fort Ware), located over mountains some 85 kilometres to the east, is the nearest community. The Company holds a 100% ownership interest in the property, and a 0.5% NSR royalty is payable on any future production.

The Golden Lion property exhibits high grades of gold, silver, zinc, lead and copper in selected outcrop, and high values of a spectrum of gold indicator elements in soil sampling, across three broad target areas known, respectively, as "GL1", "GL2" and "GL3". Styles of mineralization identified to date on the property include high-grade vein-hosted epithermal gold-silver, and copper-gold-silver carbonate replacement/skarn.

The Golden Lion showing (GL1 Main Zone) was the focus of considerable work by Newmont in the period from 1982 to 1984, including sampling, mapping, bulldozer trenching, and geophysics, and culminating in the drilling of 22 holes for 2,475 metres in 1984. Despite achieving broad intercepts of epithermal mineralization commencing at surface in several holes, including 87 metres of 1.01 g/t Au in GL-84-020, by

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Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

drilling only a single shallow-angle hole from each pad, and opting for wide spacing between pads, Newmont's work left the depth potential entirely untested, and large untested gaps at surface between drill setups.

In 2020 the Company carried out a Phase 1 drill program on the property, comprising 3,017 metres in 16 shallow angle holes, along with an induced polarization ("IP") geophysical survey, and extensive soil sampling programs. At the GL1 Main Zone, where the majority of the 2020 drilling took place and the program's best results were achieved, drilling returned multiple broad assay intercepts of lower-tenor gold and silver-bearing epithermal-style mineralization with local intervals of moderate grade, comparable to historical Newmont drill results. Hole GL-20-009, for example, returned 88.62 metres of 0.71 g/t Au from 4.88 to 93.50 metres, including 16.50 metres of 1.59 g/t Au from 45.00 to 61.50 metres, and hole GL-20-006 returned 61.70 metres of 0.76 g/t Au from 6.80 to 68.50 metres, including 17.50 metres of 1.51 g/t Au from 42.50 to 60.00 metres.

Encouraged by the results of the drilling and IP survey work carried out at GL1 Main in 2020, the latter of which suggested potential system strengthening with depth below previous drilling, the Company returned to the property in 2021 and drilled an additional 1,811 metres in 9 holes on the GL1 Main Zone, in a program cut short by drilling contractor equipment and crew labour shortage issues.

Importantly, the final three holes of this program, all drilled from the same pad, delivered the discovery of the GL1 Main Zone's first high-grade domain, including the highest grades of gold, silver, zinc and lead ever achieved in drilling on the Golden Lion property, definitively establishing that the GL1 Main Zone carries high grades of gold, silver and base metals within a broader envelope of moderate grade mineralization. Deep hole GL21-025, for example, returned 2.8 metres of 10.4 g/t Au, 651 g/t Ag, 10.9% Zn, 3.7% Pb, within 40.3 metres of 2.0 g/t Au, 24 g/t Ag, 1.2% Zn, 0.5% Pb, whereas shallow overcut GL21-024 delivered, at an estimated vertical depth from surface of just 20 metres, 3.3 metres of 11.30 g/t Au, 12 g/t Ag, 1.9% Zn, 2.3% Pb within 66.0 metres (estimated true width) of 1.36 g/t Au, 11 g/t Ag, 0.3% Zn, 0.2% Pb. Program highs for individual core samples, each 0.5-0.6 metres in length, achieved 44.70 g/t Au, 924.0 g/t Ag, 20.2% Zn and 10.0% Pb. The results point to excellent potential to build high-grade ounces, and rock value, both near-surface and down dip, as well as along adjacent areas of the major fault associated with the GL1 Main Zone.

Given the considerable exploration expenditures by the Company on Golden Lion in 2020 and 2021, the property remains in good standing until 2031 and 2032.

Quarterly Exploration Activities

During the quarter, on July 9, 2025, the Company entered into a binding letter of intent to acquire a 100% ownership interest in the Copper King inlier claim groups, located within the northern half of the Golden Lion property. The acquired tenures cover the non-contiguous Goat, Chuck, Copper King and Claw prospects, collectively known as the 'Copper King' property. Historical drilling in 1975 at Claw of five shallow holes (assessment reports #05635 and 05657) each returned numerous references in drill logs to copper mineralization including native copper, bornite, chalcopyrite, malachite, azurite and chrysocolla, for the most part hosted within porphyritic andesite. None of the holes were assayed at the time. Subsequent rock sampling carried out over the area of the claims in 1984 (assessment report #12871) returned "widespread" areas containing high values of copper and silver mineralization in vein-fracture systems and disseminations in altered country rock. Reports at the time recommended waiting for higher metal prices prior to carrying out additional work, and no exploration activity is known to have occurred in the years since.

evergoldcorp. gold4ever

Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

First Nation Relationships, Golden Lion Property

The Golden Lion property falls within the traditional territories of the Tahltan and Kaska Dena people. The closest settlement is the Kaska Dena community of Kwadacha (Fort Ware), located 85 kms to the east. The Company has in the past engaged with the Tahltan and Kwadacha communities through periodic meetings and presentations, employment fairs, contributions to community newsletters and websites, and the hiring of First-Nations linked contractors and band personnel.

Holy Cross Property

The drive-on access, 1,872-hectare Holy Cross property is located in central British Columbia, approximately 30 kilometres south of the community of Fraser Lake, and north of the Blackwater gold deposit, presently being advanced to mining by Artemis Gold. A new powerline to serve Blackwater will cross a corner of the property. The Company holds a 100% ownership interest in Holy Cross, and a 0.5% NSR royalty is payable on any future production.

The primary target type on the Holy Cross property is epithermal-style Au-Ag. Work by the Company and previous operators including Noranda and Phelps Dodge has included IP, magnetic, and audio-magnetotellurics surveys, along with mapping, rock and soil geochemical sampling, and some 2 kilometres of trenching. This work had demonstrated the presence of a robust siliceous and pyritic alteration system carrying silver, gold, and copper values over a large area extending approximately 3,500 metres along a NW-SE trend, and across approximately 1,000 metres perpendicular to trend, coupled with attractive coincident geochemical-geophysical anomalies. Nonetheless until the Company's recently-concluded maiden drill program, the property had never been drilled.

Late in 2022 the Company drilled a total of 1,556 metres in 4 holes at Holy Cross. As announced on February 16, 2023, the assays returned from this work were disappointing, delivering only narrow intercepts of low-grade silver and copper, and locally elevated gold. No further work is anticipated on the property in the near future.

Quarterly Exploration Activities

During the quarter no exploration occurred on or in relation to the Holy Cross property.

Snoball Property

The helicopter accessible, 3,545-hectare Snoball property is located in northwestern British Columbia, approximately 140 kilometres north-northwest of the village of Stewart, 25 kilometres northwest of the Bob Quinn Lake gravel airstrip, and 12 kilometres as the crow flies from highway 37. The property is situated within the traditional territory of the Tahltan First Nation. The Company holds a 100% ownership interest in the property, and a 0.5% NSR royalty is payable on any future production.

The Snoball prospect is a precious metals-enriched, intrusion-related system, centred on a body of diorite emplaced along the northwest-trending, faulted contact between sedimentary rocks to the west, and volcanics to the east. Known mineralization styles include 1) high-grade vein-hosted gold-silver, 2) carbonate replacement/skarn, and 3) disseminated bulk tonnage style gold-silver in hornfelsed sediments overlying the intrusion.

The property has seen several historical work programs, including gridded geochemical sampling of soils and rocks, mapping, trenching and geophysics, culminating with the drilling of 12 holes for 1,500 metres by Noranda in 1992.

During the 2020 field season, Evergold carried out a Phase 1 drill program at Snoball encompassing a total of 2,799 metres in 13 holes on the Pyramid Peak target, all from a single pad located on top of the mountain.

evergoldcorp. gold4ever

Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

This work resulted in several narrow high-grade intercepts including 20.8 g/t Au and 54 g/t Ag over 0.70 metres in hole SB20-006, and 12.90 g/t Au and 54 g/t Ag over 1.44 metres in hole SB20-005.

In follow-up to the 2020 field season, four short holes totaling 400 metres were drilled in 2021 from a new pad located downslope to the southwest of the 2020 Apex drill pad. Drilling returned a best intercept of 6.2 g/t Au and 11.9 g/t Ag over 2.4 metres, at surface, in hole SB21-015, drilled to a southwest azimuth. Of note, holes SB21-016 and 017, drilled from the same pad as SB21-015, but to the opposite northeast azimuth, also both cut gold and silver mineralization at surface. Modelling of these results, including accounting for the several metres of casing atop each hole, suggest the pad from which the four holes were drilled was set up directly on top of a mineralized zone, and that the true width of the zone intercepted in all four holes is approximately 5 metres. The Company has decided to down-grade the property and the Pyramid Peak target area because of the uniquely challenging work conditions and associated high costs.

Quarterly Exploration Activities

No exploration activities took place on or in relation to the Snoball property during the quarter.

First Nation Relationships, Snoball Property

The Snoball property falls within the traditional territory of the Tahltan First Nation. The Company has in the past engaged with the Tahltan Nation through periodic in-community and/or virtual meetings, employment fairs, contributions to newsletters and websites, and the hiring of Tahltan linked contractors and personnel.

Overall Performance and Outlook

In an encouraging development, investor appetite for early-stage junior exploration companies showed a marked improvement during the year to date. Management continues to believe that the Company's key property assets have considerable value, and intends to continue to advance them either with its own resources, as is the case at the present time with DEM, or by partnering, as we have done with Rockland. Management is also considering renewing exploration activity on the Golden Lion property in 2026.

Selected Financial Information

The following is a summary of exploration expenditures by property during the period ended September 30, 2025:

Expense Category 2025	Snoball $	Golden Lion $	Holy Cross $	Rockland $	DEM $	Total $
Acquisition	-	-	-	5,500	-	5,500
Assaying	-	-	-	-	8,822	8,822
Geological	-	1,759	-	-	3,937	5,696
Miscellaneous	1,040	1,975	520	-	520	4,055
Total	1,040	3,734	520	5,500	13,279	24,073

evergoldcorp.
gold4ever
Evergold Corp.
Management's Discussion and Analysis
9 months ended September 30, 2025 and 2024

The following is a summary of exploration expenditures by property during the period ended September 30, 2024:

Expense Category 2024	Snoball $	Golden Lion $	Holy Cross $	Rockland $	DEM $	Total $
Acquisition	-	-	-	-	100,000	100,000
Aircraft	-	-	-	-	143,683	143,683
Assaying	-	-	-	-	26,787	26,787
Camp	-	1,050	-	-	20,905	21,955
Drilling	-	-	-	-	178,587	178,587
First Nations	-	-	-	-	4,650	4,650
Geological	-	839	81	34,796	50,707	86,423
Geophysics	-	746	-	-	155,832	156,578
Miscellaneous	4,172	5,482	1,221	3,593	1,615	16,083
Permitting	-	-	-	37,517	150	37,667
Surveys	-	1,150	-	-	26,243	27,393
Total	4,172	9,267	1,302	75,906	709,159	799,806

The following is selected financial information concerning loss and financial position for the nine months ended September 30, 2025 and September 30, 2024:

Summary of Loss, Assets & Liabilities by Period	For the 9 months and as at September 30, 2025 $	For the 9 months and as at September 30, 2024 $
Operating expenses	161,721	1,358,262
Loss from operations	(161,721)	(1,358,262)
Net gain (loss) for the period	(160,263)	(1,299,790)
Gain (loss) per share – basic and diluted	(0.00)	(0.10)
Total assets	129,401	646,805
Total liabilities	107,824	449,455

evergoldcorp. gold4ever

Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

The following is selected financial information concerning operating expenses for comparative periods in 2025 and 2024:

Summary of Operating Expenses and Loss by Period	3 Months Ended Sept 30,		9 Months Ended Sept 30,
	2025	2024	2025	2024
Operating expenses
Exploration expenditures	-	599,378	24,073	799,806
Management and consulting fees	-	57,750	-	173,250
Share-based compensation	-	31,425	-	211,312
Professional fees	24,830	10,538	70,801	61,561
General and administrative	32,982	21,071	66,847	112,333
Loss from operations	(57,812)	(720,162)	(161,721)	(1,358,262)
Interest income	-	-	-	-
Income before taxes	(57,812)	(720,162)	(161,721)	(1,358,262)
Tax expense (recovery)	-	(41,914)	(1,458)	(58,472)
Loss and comprehensive loss for the period	(57,812)	(678,248)	(160,263)	(1,299,790)
Gain on the forgiveness of debt	-	-	132,234	-
Net gain (loss) and comprehensive loss for the period	(57,812)	(678,248)	(28,029)	(1,299,790)

Results of Operations

Total operating expenses were $161,721 in the first nine months of 2025, compared to $1,358,262 for the same period last year. The decrease of $1,196,541 was the result of lower exploration expenditures and lower general and administrative expenses. In the first nine months of 2024, the Company incurred $211,312 in non-cash expense associated with the issuance of stock options in November 2023. In the first nine months of 2025 (2024 - $nil), six related parties – CEO, CFO and directors – forgave amounts totaling $74,670 owed to them and additionally forgave a further $108,674 owing to them for work performed during prior year 2024, bringing total debt forgiveness announced during the periods to $183,234.

Lower operating expenses in the first nine months of 2025 were due to a decline in exploration activities on all of the Company's properties, and a shifting of exploration expenses for the Rockland property to optionee Wolfden Resources Corp. Exploration expenditures on DEM totalled $13,279 in the first nine months of 2025, primarily assessment reporting, versus $709,159 in the same period in 2024. Exploration expenditures on the Snoball property totaled just $1,040, entirely core storage fees, compared to $4,172 spent in the same period during 2024. Expenditures on the Golden Lion property totaled $3,734, mostly core storage costs, compared to $9,267 spent during the first nine months of 2024. Exploration outlays on the Company's Holy Cross property, entirely core storage fees, were $520 to date in 2025 versus $1,302 spent in the same period last year.

In relation to the Company's U.S. operations, expenditures on the Rockland property consisted solely of acquisition costs related to the issuance of 275,000 shares at $0.02 in accordance with the Mineral Property Option Agreement dated February 11, 2021, and the First Amendment Option Agreement dated October 28, 2024.

Management and consulting fees were $nil in the first nine months of 2025, compared to $173,250 in the same period last year, as both the CEO and CFO waived all management fees for the period (see Related

evergoldcorp. gold4ever

Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

Party Transactions, below). Higher amounts were spent on professional fees ($70,801 in 2025 versus $61,561 in 2024) primarily due to higher amounts on audit and legal fees. Decreased amounts $66,847 in 2025 versus $112,333 in 2024) were spent in the general and administrative category, primarily reflecting much lower outlays on marketing and promotion during the period.

The following table sets out selected quarterly results of the Company for the eight quarters prior to the effective date of this report. The information contained herein is drawn from the unaudited interim financial statements of the Company.

Calendar Year	2025	2025	2025	2024
Quarter	September 30	June 30	March 31	December 31
Revenue	$nil	$nil	$nil	$nil
Working capital	(98,774)	(40,961)	(6,011)	(76,245)
Operating expenses	57,812	35,050	68,858	167,298
Net gain (loss)	(57,812)	(34,950)	64,734	(163,474)
Net gain (loss) per share (1)	(0.00)	(0.00)	0.00	0.00
Calendar Year	2024	2024	2024	2023
---	---	---	---	---
Quarter	September 30	June 30	March 31	December 31
Revenue	$nil	$nil	$nil	$nil
Working capital	77,000	723,823	(855)	228,533
Operating expenses	720,162	283,053	355,045	912,143
Net gain (loss)	678,248	(274,322)	(347,217)	(874,793)
Net gain (loss) per share (1)	0.10	0.00	0.00	0.10

Notes:
(1) Net loss per share on a diluted basis is the same as basic net loss per share as all factors which were considered in the calculation are anti-dilutive.

evergoldcorp. gold4ever

Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

Related Party Transactions

Evergold has entered into the following transactions with related parties:

	For the nine months ended		Amount payable as at
	September 30,		September 30,
	2025	2024	2025	2024
	$	$	$	$
Consulting fees paid or accrued to the Company's Chief Executive Officer(1)	-	112,500	-	110,554
Exploration expenses and property payments paid or accrued to C.J. Greig & Associates Ltd., an exploration services company controlled by the Company's Chief Exploration Officer(3)(4)	20,117	134,340	-	15,900
Exploration expenses and property payments paid or accrued to Alex Walcott & Associates Ltd., and Peter E. Walcott & Associates Limited, exploration services companies controlled by a Director of the Company, and/or a relative of a Director(4)	-	157,949	-	-
Consulting fees paid or accrued to the Company's Chief Financial Officer(2)	-	40,500	-	26,718
Consulting fees paid or accrued to a Company controlled by the Company's Corporate Secretary	20,545	18,897	6,612	1,848
Directors' fees paid or accrued	-	20,250	-	27,000
Totals	40,662	484,436	6,612	182,020

*Amounts payable are unsecured, non-interest bearing and are due on demand.

Notes:

(1) During the nine months ended September 30, 2025, the CEO forgave and waived all management fees and out-of-pocket expenses incurred in relation to corporate operations. For the prior 12 months ended December 31, 2024, the CEO forgave a total of $98,194 in management fees and expenses.

(2) During the nine months ended September 30, 2025, the CFO forgave and waived all management fees. For the prior 12-month period ended December 31, 2024, the CFO forgave a total of $10,370 in management fees and expenses. In August 2025, the Company paid $5,000 to the CFO for prior year amounts owed.

(3) The 2016 Agreement to acquire the Company's initial four Canadian exploration properties (Spanish Lake has since been dropped) was entered into with C.J. Greig Holdings Ltd., a company owned and controlled by a current director and officer of the Company, C.J. (Charlie) Greig. At the time of writing C.J. Greig Holdings Ltd. continues to hold three 0.5% NSRs on each of the Company's remaining three original Canadian mineral properties. C.J. Greig & Associates Ltd. continues to provide, under contract, the services of geologists and geotechnicians to the Company.

evergoldcorp. gold4ever

Evergold Corp.
Management's Discussion and Analysis
9 months ended September 30, 2025 and 2024

(4) On August 1, 2023 the Company entered into an option agreement with vendors Charles Greig and Alex Walcott for the right to acquire a 100% interest in the DEM gold-silver-copper property, located in central B.C. Under the terms of this agreement, a $5,000 signing payment was made to the vendors. In addition, on October 11, 2023, a $125,000 payment was made to the vendors upon drill start at the DEM1 prospect and, on August 2, 2024, a further $100,000 payment.

In accordance with IAS 24, key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company directly or indirectly, including directors (executive or non-executive) of the Company.

Amounts payable are unsecured, non-interest bearing and are due on demand. During the 9 months ending September 30, 2025, the Company expensed $nil in share-based compensation (September 30, 2024 - $210,510) to directors and officers in connection with the November 23, 2023 stock option grant. In the first nine months of 2025 (2024 - $nil), six related parties forgave amounts of $183,234 owed to them.

Liquidity, Capital Resources, and Outlook

Evergold is an exploration-stage company and does not generate revenues. As such, it finances all of its operations and the exploration of its mineral properties entirely through the issuance of share capital. Although the Company has to date been successful in its attempts to raise capital, there can be no assurance that its future efforts will likewise be successful. The mineral exploration business is high risk and the vast majority of exploration projects on which capital is spent will not result in producing mines. The success of future financings will depend on a variety of factors including geological success – i.e. obtaining superior results from exploration; strong metal prices and generally positive economic conditions; a receptive investment climate and a "risk-on" appetite among investors; and the Company's track record and its management's ability and experience. If such financing is unavailable, Evergold may be unable to retain its mineral interests and execute its business plans.

At quarter's end the Company was in a negative working capital position of ($40,961). It requires additional capital to support operations and exploration activities. There can be no assurance that the Company will be able to raise the required capital.

Off-Balance Sheet Arrangements

The Company had no off-balance sheet arrangements as at September 30, 2025 or at December 31, 2024.

Critical Accounting Estimates and Policies

The Company's significant accounting policies and the adoption of new accounting policies are disclosed in Note 3 to the financial statements prepared for the period ended December 31, 2024.

Critical accounting estimates used in the preparation of the financial statements include the Company's estimate of the recoverable value of its mineral exploration properties and related deferred exploration and evaluation expenditures, as well as the value of stock-based compensation. These estimates involve considerable judgment and are, or could be, affected by significant factors that are out of the Company's control.

The factors affecting stock-based compensation include estimates of when stock options and compensation warrants might be exercised and stock price volatility. The timing of exercise of options is out of the Company's control and will depend on a variety of factors, including the market value of the Company's shares and the financial objectives of the share-based instrument holders. The Company used historical data to determine volatility in accordance with the Black-Scholes option pricing model. However, the future volatility is uncertain and the model has its limitations.

evergoldcorp. gold4ever

Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

The recoverability of the recorded value of the Company's mineral exploration properties and associated deferred exploration and evaluation expenses is based on current market conditions for metals and minerals, underlying mineral resources associated with the properties, and future costs that may be required for the ultimate realization of value through mining operations or by sale. The Company operates in an industry that is dependent upon and subject to an array of factors and risks including environmental, legal and political risks, the existence of economically recoverable reserves, and the ability of the Company to obtain necessary financing to complete exploration and development, and/or achieve profitable production, or realize value through the disposition of property assets.

Commitments and Contingencies

Environmental Contingencies

The Company's exploration activities are subject to various provincial, state and federal laws and regulations governing the protection of archaeological heritage and the environment. Prior to the execution of any exploration programs involving site disturbance, such as on-site camps and drilling operations, application must be made to the appropriate B.C. (or in the case of operations in the state of Nevada) Nevada and/or U.S. federal government ministries for an exploration permit. Permit applications must provide specific detail with regard to the Company's plans including, among other things, the nature and estimated total area of surface disturbance, impacts on wildlife, surveys for cultural artifacts, plans for waste disposal, and use of locally-sourced water, etc. Prior to the start of work, reclamation bonds must be posted with the B.C., Nevada or U.S. federal government to cover remediation of disturbed sites following program completion. To the date of writing the Company has posted a $25,000 reclamation bond covering work on the Snoball property, a $34,000 reclamation bond covering work on the Golden Lion property, a $38,479 reclamation bond covering work on the Holy Cross property, and a $22,872 bond covering work on the DEM property, for a combined total of $120,351 (December 31, 2024 - $120,351).

Management Contracts

The Company has entered into an engagement agreement with Kevin M. Keough, of indefinite term, to provide President and CEO services and to undertake the duties and exercise the powers associated with this role. Mr. Keough's contract calls for the payment of $150,000 per annum plus reasonable expenses. However, since early in 2024 Mr. Keough has chosen to forgive all amounts owed under his contract other than time spent physically in the field on exploration activities, resulting in nil charges to date in 2025. Upon the occurrence of a change of control or termination without cause, the engagement agreement requires additional contingent payments equal to 12 months of salary. As a triggering event has not taken place, the contingent payments have not been reflected in these financial statements.

Indemnity Agreements

The Company has indemnified the directors and officers of the Company against amounts that may become due by the directors and officers in connection with their acting as directors or officers of the Company.

Flow-Through Indemnity Provision

The Company indemnifies the subscribers of flow-through shares for certain tax related amounts that may become payable by the subscribers if the Company were found to have not completed expenditure requirements pursuant to the flow-through subscription agreements. The Company renounced $724,700 of qualifying exploration expenditures to the shareholders effective December 31, 2023. Under the "look-back" provision governing flow-through shares, the total amount was spent at December 31, 2024.

evergoldcorp. gold4ever

Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

Financial Instruments & Risks

The Company's financial instruments consist of cash, other receivables, reclamation bonds, trade and other payables, accrued liabilities and amounts due to related parties.

The Company's activities expose it to a variety of financial risks: liquidity risk, market risk (including interest rate, foreign exchange rate and price risk) and credit risk.

Risk management is carried out by the Company's management team with guidance from the Audit Committee under policies approved by the Board of Directors. The Board of Directors also provides regular guidance for overall risk management.

Credit Risk

The Company's credit risk is primarily attributable to cash and cash equivalents and receivables included in amounts receivable and prepaid expenses. The Company has no significant concentration of credit risk arising from operations. Financial instruments included in amounts receivable and prepaid expenses consist of goods and services tax due from the Federal Government of Canada. Accordingly, management believes that the credit risk associated with these financial instruments is low.

Liquidity Risk

The Company's goal in managing liquidity risk is to ensure that it will have sufficient capital on hand to meet liabilities when due, and to cover twelve months of corporate overheads. The Company's financial liabilities generally have contractual maturities of less than 30 days and are subject to normal trade terms.

As at September 30, 2025, the Company had a cash balance of $9,050 (December 31, 2024 - $147,874) to settle current liabilities of $107,824 (December 31, 2024 - $246,445). Working capital at September 30, 2025 stood at ($98,774) (December 31, 2024 – ($76,245)). The Company will in future require additional capital to support exploration activities and overheads, and to continue as a going concern. There can be no assurance that the Company will be able to raise the required capital when it has need of it.

Interest Rate Risk

The Company has cash, cash equivalents and short-term investment balances subject to interest. Management does not believe the Company is exposed to significant interest rate risk.

Foreign Currency Risk

The Company's functional currency is the Canadian dollar. The Company is exposed, though not presently in a material way, to a small degree of foreign exchange risk through its operations in Nevada, USA. This exposure may increase with time to the degree exploration activities in the state of Nevada increase.

Price Risk

The Company has noted some recent price inflation for goods and services. This trend has the potential to throw off program cost estimates in ways that are unpredictable and potentially damaging. To address this risk, the Company has taken steps to build higher contingencies into its exploration budgets.

evergoldcorp. gold4ever

Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

Capital Management

Evergold is essentially a capital pool established to carry out high-risk / potential high reward exploration. The Company considers its capital to be equity, which is comprised of capital stock, share purchase warrants, broker compensation warrants, contributed surplus and deficit. Given the nature of the business, the Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management team to generate discoveries and advance its properties which, in healthy economic and market circumstances, will usually in time be accompanied by share price appreciation.

When managing capital, the Company's foremost objective is to generate returns for shareholders in the form of capital gains, whether by achieving discoveries which, in the normal course, would result in share price appreciation, or by advancing those discoveries and properties toward development and in the longer term selling them, or the Company itself, to large mining concerns. Achieving this objective requires first ensuring that Evergold continues as a going concern and, secondly, that capital resources are deployed cost-effectively into only those properties and those specific exploration targets and activities, which management believes have the greatest potential to generate capital gains for shareholders. Management seeks to have sufficient capital on hand to cover twelve months of corporate overheads, achieve its near-term exploration objectives, and to advance discoveries, when achieved, as expeditiously as possible. In doing so, it seeks a balance between minimizing shareholder dilution and maintaining an attractive capital structure on the one hand, and the need to achieve and advance discoveries of merit (i.e. those that have the hallmarks of potential mines in the making) on the other.

The Company's five mineral properties are all in the exploration stage and the Company has neither revenues nor profits. As such the Company is wholly dependent upon external financing to fund its planned exploration programs and administration costs. The Company will therefore spend its existing working capital and raise additional amounts when conditions permit it to do so.

Management has chosen to mitigate the risk and uncertainty associated with raising additional capital in soft market conditions by:

1) redoubling efforts to identify new properties that management believes offer high discovery potential, because in the current very challenging junior resource market it appears to be the case that fresh new discoveries, or the prospect of same, are the only events that generate market excitement and share price appreciation;

2) reducing or eliminating exploration activity on selected properties where resulting news flow from such activities, even if expected to be positive and to add value to those properties, cannot reasonably be expected to generate a positive market response and share price appreciation, given a general lack of investor interest and overall soft market conditions;

3) reducing or eliminating certain marketing and promotional expenses that are, in normal markets, required to broaden awareness of the Company and to convey its plans and objectives to shareholders and would-be investors;

4) forgiving in whole or in part, CEO and CFO professional fees, out-of-pocket expenses, and director fees;

5) ensuring cost-effective deployment of existing funds;

6) avoiding project "overstretch" – i.e. too many properties and projects, and too many commitments;

7) minimizing discretionary disbursements;

8) attempting to maintain a liquidity cushion to address disruptions and industry downturns; and

9) exploring alternative sources of liquidity, including teaming arrangements and the optioning or outright sale of assets

evergoldcorp. gold4ever

Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is appropriate. The Company is not subject to any capital requirements imposed by a lending institution or regulatory body, other than that of the TSX Venture Exchange which requires adequate working capital or financial resources of the greater of (i) $100,000 and (ii) an amount required in order to maintain operations and cover general and administrative expenses for a period of 12 months.

Disclosure of Outstanding Share Data (as at November 18, 2025, adjusted for the 10:1 consolidation)

Listed below are the key terms of all financings closed by the Company since becoming an Issuer in 2019.

October 4, 2019: the Company completed an initial public offering of 1,725,000 units of the Company at a purchase price of $2.00 per unit for gross proceeds of $3,450,000. Each unit consisted of one common share of the Corporation and one half of one common share purchase warrant. Each whole warrant entitled the holder to purchase one common share for a period of 24 months from closing at a price of $2.50 per common share.

May 21, 2020: the Company completed a non-brokered private placement financing of 175,739 flow-through (FT) common shares and no warrants at a price of $6.70 per FT share, for gross proceeds of $1,177,450. In connection with the offering, the Company paid a finder's fee of $40,000 and issued 3,515 finder's warrants entitling the finder to purchase one common share at a price of $6.70 until May 21, 2022. The fair value of the 3,515 broker warrants issued, in the amount of $12,291, was estimated using the Black-Scholes option pricing model under the following assumptions: share price of $6.70, expected dividend yield of 0%, expected volatility of 100%, risk-free interest rate of 0.30%, at an exercise price of $6.70 and an expected life of 2 years.

September 22, 2020: the Company closed the sale of 217,360 hard dollar units for gross hard dollar proceeds of $1,086,800, and 32,500 flow-through shares, for gross flow-through proceeds of $195,000. Gross proceeds of hard dollars and flow-through combined, amounted to $1,281,800. Each hard dollar unit was comprised of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of $6.00 for the first 12 months and $7.00 for the remaining 12 months. The fair value of the 108,680 hard dollar unit warrants issued, in the amount of $180,038, was estimated using the Black-Scholes warrant pricing model under the following assumptions: share price of $4.20, expected dividend yield of 0%, expected volatility of 100%, risk-free interest rate of 0.26%, at an exercise price of $7.00 and an expected life of 2 years. In connection with the offering, the Company paid finder's fees of $46,801 and issued 8,985 finder's warrants entitling finders to purchase one common share at a price of $6.00 until September 22, 2021, and at a price of $7.00 until September 22, 2022. The fair value of the 4,493 broker warrants issued, in the amount of $4,276, was estimated using the Black-Scholes option pricing model under the following assumptions: share price of $3.80, expected dividend yield of 0%, expected volatility of 100%, risk-free interest rate of 0.22%, at an exercise price of $6.00 and an expected life of 1 year. The fair value of the second tranche of 4,493 broker warrants issued, in the amount of $3,601, was estimated using the Black-Scholes option pricing model under the following assumptions: share price of $3.80, expected dividend yield of 0%, expected volatility of 100%, risk-free interest rate of 0.26%, at an exercise price of $7.00 and an expected life of 2 years.

February 23, 2021: the Corporation closed a bought deal brokered private placement financing for gross proceeds of $8 million. Under the offering a total of 1,750,000 hard dollar units were sold at a price of $2.00 per hard dollar unit for gross proceeds of $3,500,000 and 2,045,455 flow-through units were sold at a price of $2.20 per flow-through unit for gross proceeds of $4,500,000. Each hard dollar unit consisted of one common share and one warrant. Each flow-through unit comprised one common share and one-half of one common share purchase warrant. Each warrant entitled the holder to purchase one common share of the Company at an exercise price of $3.00 for a period of 3 years from the closing date of the financing.

evergoldcorp. gold4ever

Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

September 29, 2023: the Company completed a non-brokered private placement financing for aggregate gross proceeds of $1,242,200 through the issuance of 1,207,833 flow-through units at a price of $0.60 per flow-through unit and 940,909 hard-dollar units at a price of $0.55 per hard dollar unit. Each flow-through unit was comprised of one common share and one common share purchase warrant exercisable at $0.80 for 2 years. Each hard dollar unit was comprised of one common share and one warrant exercisable at $0.80 for 2 years. Insiders of the Company subscribed to the offering for an aggregate of 140,909 hard dollar units and 45,833 flow-through units. In connection with the offering, the Company also paid a finder's fee of $42,990 and issued 72,500 broker's warrants entitling the finder to purchase one common share at a price of $0.55 until September 29, 2025.

June 11, 2024: On June 11, 2024, the Company completed a non-brokered private placement financing of 1,353,700 flow-through common units at a price of $0.50 per unit and 877,778 hard-dollar units at a price of $0.45 per hard dollar unit, for gross proceeds of $1,071,850. Each flow-through unit consisted of one flow-through common share and one common share purchase warrant, and each hard-dollar unit consisted of one common share and one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $0.60 until June 11, 2026. In addition, the Company issued 55,555 broker units for total compensation valued at $25,000, where each broker unit consisted of one common share and one common share purchase warrant with the same terms as the hard dollar units.

Share Issuances Under the Company's Stock Option Plan

The Company has adopted a stock option plan (the "Option Plan") for directors, officers, employees and consultants of the Company. Under the Option Plan, the Company may grant non-transferable options to purchase common shares of the Company for a period of up to ten years from the date of grant. The maximum number of common shares reserved for issuance under the Option Plan together with any common shares reserved for issuance pursuant to any other stock options may not exceed 10% of the issued and outstanding common shares of the Company.

The exercise price of options is determined by the Board of Directors at the time of grant and cannot be less than the price permitted by any exchange on which the Company's common shares are listed or any regulatory body having jurisdiction. Currently, the TSX Venture Exchange requires that the exercise price of the options must be equal to or greater than the Discounted Market Price (as defined in the policies of the TSXV). The exercise price of options is solely payable in cash. The Board of Directors has the discretion to determine the term and vesting provisions of any options granted under the Option Plan at the time of grant subject to the policies of the TSXV.

Concurrent with the closing of the Company's IPO on October 4, 2019, the Company granted a total of 228,000 5-year options to directors, officers and consultants, exercisable in thirds at $2.00, $2.50 and $3.00 respectively.
On June 16, 2020, the Company granted 82,000 5-year options to directors, officers, and consultants, exercisable at $6.60 per common share until June 16, 2025.
On March 26, 2021, the Company granted 401,000 5-year options to directors, officers, and consultants, exercisable at $2.60 per common share.
On November 24, 2023, the Company granted 395,100 5-year options to directors, officers and consultants, exercisable at $0.85 per common share, and vesting in quarters on the 23rd of February, May, August and November, 2024 respectively.

The following is a description of the outstanding equity securities and convertible securities issued by the Company:

evergoldcorp. gold4ever

Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

Common Shares

Authorized: Unlimited number of common shares. Outstanding: 12,007,570 common shares.

Warrants

A summary of the Company's warrants outstanding and exercisable at November 18, 2025 is presented below:

Exercise price	Warrants outstanding	Number of warrants remaining to be exercised at each exercise price	Expiry date
$0.60	2,287,033	2,287,033	June 11, 2026
$0.45	123,222	123,222	June 11, 2026
Total	2,410,255	2,410,255

Stock Options

A summary of the Company's stock options outstanding and exercisable at November 18, 2025 is presented below:

Exercise price	Options outstanding	Options exercisable	Expiry date
$0.85	395,100	395,100	November 23, 2028
$2.60	366,000	366,000	March 26, 2026
$3.00	57,167	57,167	October 4, 2026
Total	818,267	818,267

Share Issuances Further to Property Agreements

On February 10, 2021 the Corporation entered into an agreement with vendor Enigma Resources LLC ("Enigma"), for an option to purchase 100% of the Rockland, Nevada gold-silver property. This option agreement was later amended, on October 28, 2024, to accommodate elements of an option agreement signed the same day between the Company and Wolfden Resources Corporation ("Wolfden"), under the terms of which Wolfden may earn up to a 75% interest in the Rockland property. The revised schedule of option and share payments required to acquire the Rockland property is now as follows, with all remaining cash payments to be covered by Wolfden, and the sole remaining share payment covered by Evergold:

Milestone	Payment
On signing	$US5,000 (paid)
On TSXV approval of transaction	$US35,000 and 4,000 shares (paid)
January 1, 2022	$US40,000 and 4,000 shares (paid)
January 1, 2023	$US50,000 and 4,500 shares (paid)
January 1, 2024	$US75,000 and 10,000 shares (paid)
March 1, 2025	$US100,000 and 27,500 shares (paid)1
March 1, 2026	$US100,0002
March 1, 2027	$US150,0003
March 1, 2028	$US250,0004
Total	$US805,000 and 50,000 shares

evergoldcorp. gold4ever

Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

Date reflects adjustment further to the First Amendment to the Enigma-Evergold Option Agreement dated October 28, 2024. Wolfden Resources paid the $US100,000 under the terms of the Evergold-Wolfden Option Agreement also dated October 28, 2024. Evergold has paid the 27,500 shares.
2, 3, 4 Dates and amounts reflect adjustments further to the First Amendment to the Enigma-Evergold Option Agreement dated October 28, 2024. Wolfden Resources Corporation to pay the $US100,000 due March 1, 2026, the $US150,000 due March 1, 2027, and the $US250,000 due March 1, 2028 under the terms of the Evergold-Wolfden Option Agreement also dated October 28, 2024.

Issuances of Equity Year to Date

There were no issuances of equity year to date in 2025. In the prior year, on June 11, 2024, the Company completed a non-brokered private placement financing of 1,353,700 flow-through common units at a price of $0.50 per unit and 933,333 hard-dollar units at a price of $0.45 per hard dollar unit, for gross proceeds of $1,071,850.

Issuances of Options Year-to-Date

There were no issuances of options year to date.

Risks and Uncertainties

The Company's securities should be considered high risk and highly speculative due to the nature of its business.

Capitalization and Commercial Viability Risks

The Company is in a negative working capital position and requires additional funds to continue as a going concern, cover overheads and further explore and advance its properties. Although the Company has in the past been successful in obtaining financing through the sale of equity securities, there can be no assurance that it will be able to obtain adequate financing on acceptable terms. Failure to obtain additional financing could result in the delay or indefinite postponement of further exploration and development of its properties, and the loss of part or all of its ownership position in its properties.

Global Financial and Economic Condition Risks

Global financial and economic conditions are subject to instability and volatility. Access to public capital markets for junior exploration companies has at times been, and is currently, restricted. These factors and

evergoldcorp. gold4ever

Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

circumstances negatively impact the ability of the Company to obtain equity or debt financing on terms favourable to the Company.

Exploration and Development Risks

Mineral exploration and development entails a very high degree of risk. Very few properties which are explored, ultimately develop into producing mines.

The Company's properties do not presently contain mineral "resources" or "reserves", as those terms are defined in National Instrument 43-101, nor is there any guarantee that they ever shall. The process of confirming, or alternatively disproving, the presence of resources or reserves on the Company's properties will require following an exploration and development pathway comprised of sequential steps, the execution of each of which is fraught with risk and predicated on successful results from the step immediately prior to it. Failure at any step generally, though not always, puts an end to exploration or development activities. As the exploration and development pathway is followed, the metal or mineral content of the area under exploration is quantified and assessed to an increasing degree of certainty, generally by increasing the density of drilling and the amount of sampling and assaying, coupled with volume and grade modelling.

With increasing certainty comes, initially, "Inferred" level resources, followed by resources in the "Indicated" and "Measured" categories, none of which have demonstrated economic viability. Only through the later application of technical (metallurgical, mining, processing, environmental etc.) and economic parameters appropriate to the resources under study, and the completion of pre-feasibility and ultimately, feasibility studies by qualified geologists, engineers and geoscientists, can resources potentially be converted to "reserves" ("ore"), which by definition would be potentially economic to mine and process, under the technical and economic criteria utilized in the feasibility study or studies applied to them. These steps and activities are costly.

Should ore reserves ultimately be demonstrated to exist on the Company's properties, a positive decision to take the ore reserves thus demonstrated to commercial production would not be a given. In addition to the steps and studies detailed above, a positive production decision would require environmental approvals, the securing of various permits, and consideration and evaluation of additional factors including, but not limited to: (1) the cost of construction of production facilities; (2) the availability and cost of financing; (3) anticipated ongoing costs of production; (4) market prices for the minerals to be produced; (5) environmental compliance regulations and restraints (including potential environmental liabilities associated with historical exploration activities); and (6) the political climate and/or governmental regulation and control.

The ability of the Company to profit from the sale of any eventual production from any of the Company's properties, or the sale of the Company at any stage preceding production, will be subject to the prevailing conditions in the marketplace at the time of sale. Many of these factors are beyond the control of the Company and therefore represent a market risk which could impact the long-term viability of the Company and its operations.

Title Risks

While the Company has performed its own due diligence with respect to legal title to its five properties, this should not be construed as a guarantee of title. The properties may be subject to prior unregistered agreements, and title may be affected by undetected defects. Until any such competing interests have been determined, there can be no assurance as to the validity of title of the properties.

First Nations Risks

The nature and extent of First Nation rights and title remains the subject of active debate, claims, litigation and uncertainty in Canada including with respect to relations between First Nation authorities and federal,

evergoldcorp. gold4ever

Evergold Corp. Management's Discussion and Analysis 9 months ended September 30, 2025 and 2024

provincial and territorial authorities. There can be no guarantee that such claims and uncertainties will not cause permitting delays, unexpected interruptions or additional costs for the Company's projects.

Infrastructure Risks

Exploration, development, mining and processing activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supplies are important determinants which affect access to properties; the efficiency, timeliness and type of exploration activities carried out; the ability to develop prospects and associated development capital costs; and ongoing operating expenses. Several of the Company's properties lie in remote areas with limited infrastructure. In addition, weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect the Company's operations, financial condition and results.

Competition Risks

The exploration and mining industry is highly competitive, both for mineral properties and key personnel. Many of the Company's competitors for the acquisition, exploration and development of mineral properties, and for the capital required to finance such activities, will have greater financial and personnel resources available to them than the Company.

Environmental Risks

All phases of the exploration and mining business present environmental risks and hazards and are subject to environmental regulation pursuant to provincial, state, federal and, on occasion, municipal laws and regulations. Environmental legislation provides for, among other things, restrictions and prohibitions on spills, releases or emissions of various substances produced in association with exploration and mining operations. The legislation also requires that exploration and mine sites be operated, maintained, abandoned and reclaimed to the satisfaction of applicable regulatory authorities. Compliance with such legislation can require significant expenditures and a breach may result in the imposition of fines and penalties, some of which may be material. Environmental legislation is evolving in a manner resulting in stricter standards and enforcement, larger fines and liability, and increased capital expenditures and operating costs. Environmental assessments of proposed projects carry a heightened degree of responsibility for companies and directors, officers and employees. The cost of compliance with changes in governmental regulations has the potential to reduce the profitability of operations.

Failure to comply with applicable laws, regulations and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. Parties engaged in exploration and mining operations may be required to compensate those suffering loss or damage by reason of the exploration and mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations and, in particular, environmental laws.

Amendments to current laws, regulations and permits governing operations and activities of mineral resource companies, or more stringent implementation thereof, could have a material adverse impact on the Company and cause increases in capital expenditures or production costs or reduction in levels of production at any future producing properties or require abandonment or delays in the development of new mining properties.

Reliance on Key Employee Risks

The success of the Company is largely dependent upon the performance of its management and key employees. Potential investors should realize that they are relying upon the continued good health, experience, judgment, discretion, integrity and good faith of the management of the Company. The Company has no backup for any of its key people, the loss of any one of whom, whether due to poor health

evergoldcorp. gold4ever

Evergold Corp.
Management's Discussion and Analysis
9 months ended September 30, 2025 and 2024

or loss to competitors, would adversely affect the Company's ability to execute its business plans. The Company does not maintain life insurance policies in respect of its key personnel.

Trade War Risks

The trade wars initiated by Donald Trump, and the chaos of his early administration, is undermining investor confidence and damaging the economy and business prospects around the world, including in Canada. These developments are adding to the challenges companies face planning for the future, and raising funds to maintain and grow their operations.

Permitting and Licensing Risks

The exploration operations of the Company require licenses and permits from government authorities which are granted subject to various conditions and must be renewed from time to time. There can be no assurance that the Company will be able to obtain, or once obtained renew, the licenses and permits required to carry out exploration, development and mining operations at its projects.

No History of Earnings Risks

The Company has no history of earnings, and there is no assurance that any of its mineral properties will generate earnings or provide a return on investment in the future. The Company expects to incur losses and negative operating cash flow for the foreseeable future as it conducts its exploration activities on its properties. The Company has not paid dividends in the past and has no plans to pay dividends for the foreseeable future.

Negative Operating Cash Flow Risks

Since inception, the Company has had negative operating cash flow and incurred losses. The negative operating cash flow and losses are expected to continue for the foreseeable future. The Company may never achieve positive operating cash flow.

Uninsurable Risks

In the course of exploration and development of mineral properties, several risks and, in particular, unexpected or unusual geological or operating conditions, may occur. It is often not possible to insure against such risks and, even where coverage for particular risks is available, the Company may decide not to take out insurance against such risks because of high premiums or for other reasons. Evergold's camp contractors, for example, do not generally carry insurance on camp structures and equipment. In the unlikely event that such structures or equipment become damaged, Evergold may become liable for repairs and/or replacements. Should liabilities arise in consequence of such uninsured risks, they could potentially reduce or eliminate planned exploration operations and/or result in an increase in costs, in consequence of which the value of the Company's securities may decline.

The Company is not insured against most environmental risks. Insurance against environmental risks (including potential liability for pollution or other hazards resulting from exploration and production) has not been generally available to companies within the industry. Should the Company become subject to environmental liabilities, the payment of such liabilities could reduce or eliminate its available funds or result in bankruptcy.

Litigation Risks

Litigation risks to the Company may include, but are not limited to, contesting exploration, development or regulatory approvals, traditional title claims by First Nations, land tenure disputes, environmental claims, and occupational health and safety claims.

evergoldcorp. gold4ever

Evergold Corp.
Management's Discussion and Analysis
9 months ended September 30, 2025 and 2024

Contractual Risks

The Company will become a party to various contracts and it is always possible that contracts to which it is a party will not be adequately or fully performed by other contracting parties.

Disclosure of Internal Controls

Management has established processes to provide them with sufficient knowledge to support representations that they have exercised reasonable diligence that (i) the financial statements do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it is made, as of the date of and for the periods presented by the financial statements and (ii) the financial statements fairly present in all material respects the financial condition, results of operations and cash flow of the Company, as of the date of and for the periods presented.

Subsequent Events

On October 17, 2025, the Company effected a 10:1 consolidation of its common shares.
On October 29, 2025, the Company announced a $350,000 convertible debenture placement with C.J. Greig Holdings Ltd., a company wholly-owned by Charlie Greig, a director of the Company and Evergold's Chief Exploration Officer, in support of drilling in November this year, a high-priority hole at the DEM prospect in follow-up to promising intersections achieved in two small drill programs carried out in 2023 and 2024.
On November 7, 2025, the Company announced the closing of the convertible debenture private placement and the commencement of drilling at the DEM prospect.

Additional Information

Additional information relating to the Company may be obtained from www.evergoldcorp.ca or the Company profile at www.sedar.com.

AI assistant

Evergold Corp. — Management Reports 2025

47813_rns_2025-11-18_3c371686-7155-4044-9ffe-65a1a2ce6391.pdf

Introduction

Forward-Looking Statements

Quarterly Highlights

Corporate History and Description of the Business

Property Assets and Exploration Activities

DEM Property

Terms of the DEM Property Option Agreement

Quarterly Exploration Activities

First Nation Relationships, DEM property

Rockland Property

Golden Lion Property

Quarterly Exploration Activities

Holy Cross Property

Snoball Property

Quarterly Exploration Activities

First Nation Relationships, Snoball Property

Overall Performance and Outlook

Selected Financial Information

Results of Operations

Related Party Transactions

Notes:

Liquidity, Capital Resources, and Outlook

Off-Balance Sheet Arrangements

Critical Accounting Estimates and Policies

Commitments and Contingencies

Environmental Contingencies

Management Contracts

Indemnity Agreements

Flow-Through Indemnity Provision

Financial Instruments & Risks

Credit Risk

Liquidity Risk

Interest Rate Risk

Foreign Currency Risk

Price Risk

Capital Management

Disclosure of Outstanding Share Data (as at November 18, 2025, adjusted for the 10:1 consolidation)

Share Issuances Under the Company's Stock Option Plan

Common Shares

Warrants

Stock Options

Share Issuances Further to Property Agreements

Issuances of Equity Year to Date

Issuances of Options Year-to-Date

Risks and Uncertainties

Capitalization and Commercial Viability Risks

Global Financial and Economic Condition Risks

Exploration and Development Risks

Title Risks

First Nations Risks

Infrastructure Risks

Competition Risks

Environmental Risks

Reliance on Key Employee Risks

Trade War Risks

Permitting and Licensing Risks

No History of Earnings Risks

Negative Operating Cash Flow Risks

Uninsurable Risks

Litigation Risks

Contractual Risks

Disclosure of Internal Controls

Subsequent Events

Additional Information

More from Evergold Corp.

Evergold Corp. Management Reports 2025