RTG Mining Inc. — Management Reports 2017

Nov 13, 2017

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Management Discussion and Analysis

For the three and nine months ended September 30, 2017

RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

This Management Discussion and Analysis (“MD&A”) of RTG Mining Inc. (“RTG”, “Company” or the “Group”) provides a review of the operations and performance of the Company and compares its performance with those of the preceding year and quarters. This MD&A also provides an indication of future developments along with issues and risks that can be expected to impact future operations. This report has been prepared on the basis of available information up to September 30, 2017 and should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2016, and the related notes thereto, which have been prepared in accordance with International Financial Reporting Standards and the Annual Information Form (“AIF”) dated March 30, 2017 for the year ended December 31, 2016.

All figures are in US dollars unless otherwise indicated, and the effective date of this MD&A is November 14, 2017.

Additional information relating to the Company, including the Company’s financial statements and AIF can be found on SEDAR at www.sedar.com.

DESCRIPTION AND OVERVIEW OF BUSINESS

RTG was incorporated on December 27, 2012 in the British Virgin Islands. The Company’s registered office is AMS Trustees Ltd of Sea Meadow House, Blackburne Highway, (PO Box 116) Road Town, Tortola VG1110, British Virgin Islands. On June 4, 2014, RTG completed the implementation of the schemes of arrangement (the “Schemes”) pursuant to the terms of the previously announced scheme implementation deed dated February 24, 2014 (the “Deed”) between RTG and Sierra Mining Limited (“Sierra”) to acquire all of the outstanding securities of Sierra.

Pursuant to the Schemes, RTG has acquired a 40% interest in each of Mt. Labo Exploration and Development Corporation (“Mt. Labo”), St Ignatius Exploration and Mineral Resources Corporation, Bunawan Mining Corporation (“Bunawan Mining Corp”) and Oz Metals Exploration and Development Corporation, collectively known as the “Associates”.

Overview of the three and nine months ended September 30, 2017

Highlights for the three months to September 30, 2017 included:

• RTG has been nominated as the development partner with the joint venture company of the Special Mining Lease Osikaiyang Landowners Association (“SMLOLA”) and Central Exploration Pty Ltd (“Central”) in their proposal with respect to the redevelopment of the 1.5B tonne Copper-Gold Panguna Project located in the Central Region of the island of Bougainville, within the Autonomous Region of Bougainville, Papua New Guinea (“PNG”).

• Mt. Labo is continuing with the arbitration proceedings against Galeo Equipment Corporation (“Galeo”) in the Singapore International Arbitration Centre seeking a number of reliefs, including a declaration that the Joint Venture Agreement (“JVA”) was validly terminated and the compromise agreement was validly rescinded.

• Improvements in commodity prices from the original feasibility study have led to a 90% increase in the NPV of the Mabilo Project.

• General Cimatu was confirmed in the Philippines as the new Secretary of the Department of Environment and Natural Resources (“DENR”), replacing the previous Secretary Ms Gina Lopez. The mining industry has overwhelmingly supported the appointment of Secretary Cimatu, who has been quoted as supporting “responsible mining” in the Philippines.

• On October 25, 2017, Secretary Cimatu announced, as co-chair of the Mining Industry Coordinating Council (“MICC”), that a majority of MICC members voted to recommend a change in the policy of the DENR with regard to the ban on open-pit mining and plan before year end to issue a DENR Administrative Oder restoring open pit mining operations.

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

• Mt. Labo has been working with the DENR and Mines and Geosciences Bureau to progress and perfect the permitting process for the Mabilo Project.

• An order was received in the Philippine Courts on actions commenced there by Galeo against Mt. Labo and others that the proceedings were to be referred to Singapore for arbitration, so all current matters have been consolidated in Singapore.

• The Company continues to investigate a number of new business development opportunities diversifying its Philippine interests including the abovementioned opportunity in Bougainville, should the landowners be successful in their current efforts.

RTG has been nominated as the preferred development partner by the SMLOLA in their proposal with respect to the redevelopment of the 1.5B tonne[1] Copper-Gold Panguna Project located in the Central Region of the island of Bougainville, within the Autonomous Region of Bougainville, PNG. The proposal being led by the SMLOLA is a landowner initiative and will be subject to the success or otherwise of the SMLOLA in securing a role in the redevelopment of the mine and their minerals. The SMLOLA proposal is also ultimately conditional upon the support of the Autonomous Bougainville Government (“ABG”) and others.

The members of the SMLOLA are the owners of the customary land which is the subject of the old Bougainville Copper Limited (“BCL”) operated Panguna open pit mine area and BCL has been seeking to secure their consent to a renewal of EL1, a 2 year exploration licence that expired in September last year, given the SMLOLA members now own all the minerals in the old Panguna pit. It is also currently awaiting a review by the ABG under the Mining Act. To date, the ABG has expressed support for the return of BCL, however this position is opposed by the leadership of the SMLOLA, the owners of the minerals and is an ongoing process. Mr Phillip Miriori, the Chairman of the SMLOLA, successfully sought and was granted an injunction against the signing of a proposed Memorandum of Understanding (“MOU”) in relation to BCL. Subsequently Mr Phillip Miriori likewise successfully applied to the Court to mediate in respect of a challenge by the previous Chairman, Mr Lawrence Daveona to his leadership of the SMLOLA, and that mediation is ongoing. The next election of executive for the SMLOLA is not scheduled until December 2018.

At the Mabilo Project, the Company’s activities on site have been further reduced with the ongoing focus on continuing to progress the permitting and local issues given the uncertainty that was created for mining during the term of the previous Secretary of the DENR and the dispute with the joint venture partner of Mt. Labo. We believe the appointment of the new Secretary of the DENR will be constructive and positive for the industry.

General Cimatu was confirmed in the Philippines as the new Secretary of the DENR, replacing the previous Secretary Ms Gina Lopez. The mining industry has overwhelmingly supported the appointment of Secretary Cimatu, who has been quoted as supporting “responsible mining” in the Philippines.

On October 25, 2017, Secretary Cimatu announced, as co-chair of the MICC, that a majority of MICC members voted to recommend a change in the policy of the DENR with regard to the ban on open-pit mining and plan before year end to issue a DENR Administrative Order restoring open pit mining operations.

Mt. Labo has commenced arbitration proceedings against Galeo in the Singapore International Arbitration Centre in accordance with the provisions of the JVA and the compromise agreement. In those arbitration proceedings, Mt. Labo seeks a number of reliefs, including a declaration that the JVA was validly terminated and the compromise agreement was validly rescinded. Under the JVA, on termination the innocent party is then given the right to buy out the guilty party at a 10% discount to

1 Refer to BCL’s JORC 2012 Statement released to ASX on 7 February 2013, available at http://www.asx.com.au/asxpdf/20130207/pdf/42cx2byq5n5lkg.pdf. This historical estimate only refers to Indicated Resources. If the SMLOLA proposal is successful, a compliant NI 43-101 report needs to be completed by the Company to upgrade and or verify the historical estimate as a current Mineral Resource.

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

book value, which for the joint venture is nominal given it was still in the exploration phase of the project. Galeo had commenced a number of actions against Mt. Labo and others in the Philippine Courts which has now been referred for arbitration in Singapore, consolidating all current actions in the Singapore Arbitration process.

As we have stated previously, Mt. Labo had hoped to avoid commencing proceedings, but the actions of Galeo to date have left the company with no other option to protect its interests.

MABILO PROJECT (“Mabilo” or the “Project”)

Project Background

The Mabilo Project is located in Camarines Norte Province, Eastern Luzon, Philippines. It is comprised of one granted exploration permit (EP-014-2013-V) of approximately 498 ha; and two exploration permit applications (EXPA-000209-V) covering 498 ha and (EXPA-000188-V) covering 1,991 ha. The Project area is relatively flat and is easily accessed by 15 km of all-weather road from the highway at the nearby town of Labo.

Massive magnetite mineralisation containing significant copper and gold grades occurs as replacement bodies together with mineralized garnet skarn and calc-silicate altered rocks within a sequence of hornfels sediments of the Eocene aged Tumbaga Formation. The garnet and magnetite skarn rocks were extensively altered by argillic retrograde alteration and weathering prior to being covered by 25-60 metres of post mineralisation Quaternary volcaniclastics (tuff and lahar deposits) of the Mt. Labo Volcanic Complex. The deposits are localised along the margins of a diorite stock which does not outcrop within EP-014-2013-V.

The primary copper mineralisation (predominantly chalcopyrite with lesser bornite) occurs as disseminated blebs and aggregates interstitial to magnetite grains and in voids within the magnetite. A strong correlation between gold and copper values in the un-weathered magnetite skarn indicates the gold is hosted by the chalcopyrite. A late stage phase of sulphide mineralisation (predominantly pyrite) veins locally brecciates the magnetite mineralisation.

In places the more shallow upper parts of the magnetite skarn bodies were weathered to form hematite skarn. Copper in the weathered zone was remobilised forming high-grade supergene copper zones (chalcocite and native copper) at the base of the weathering profile. The gold is more variable, remobilised throughout the hematite skarn and is domained within garnet skarn and calc-silicate altered country rocks in places. The average iron grade of the hematite skarn is consistent with the magnetite skarn.

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

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Figure 1- RTP ground magnetic image with modelled South, North and East magnetic bodies, showing exploration upside targets.

Mt. Labo discovered the mineralisation in 2012 during a reconnaissance drilling program targeted on magnetic anomalies from a ground magnetic survey conducted by a former explorer. Mt. Labo subsequently conducted a new ground magnetic survey in early 2013, remodelled the data and commenced a second phase of drilling in mid-2013.

Extensive drilling has been undertaken during 2014 and 2015 with significant extensions in known strike beyond the magnetic model in the north and south directions. A total of 69 drill holes totalling 11,231m were used for the maiden Resource estimate (ASX released on November 24, 2014). An updated Resource estimate (ASX released on November 5, 2015) was completed using 98 drill holes totalling 18,200.9m. By the end of December 2015, 111 drill holes had been completed at the project. The current Resource is open down plunge and along strike.

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

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OXIDE
RESOURCE
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Figure 2 - North and Southern Mineralised Zones with intercept highlights - Schematic Oblique view 3D.

Mabilo Mineral Resource

The current November 2015 Mineral Resource was prepared by independent resource consultancy CSA Global Pty Ltd (“CSA”) and was reported in accordance with the JORC Code (2012) and National Instrument 43-101 – Standards of Disclosure for Mineral Projects. There has been no additional drilling on the deposit since the release of the last Resource.

Table 1 - Mineral Resource Estimate as at November 2015 for the Mabilo Project

	Weathering State	Classification	Million Tonnes	Cu %	Au g/t	Ag g/t	Fe %	Cu Metal (Kt)	Au Oz ('000s)	Fe Metal (Kt)
	Oxide + Supergene	Indicated	0.78	4.1	2.7	9.7	41.2	32.1	67.1	320.8
		Inferred	0.05	7.8	2.3	9.6	26	3.7	3.5	12.3
	Fresh	Indicated	8.08	1.7	2	9.8	46	137.7	510.5	3,713.70
		Inferred	3.86	1.4	1.5	9.1	29.1	53.3	181.5	1,121.80
	Combined	Indicated (Total)	8.86	1.9	2	9.8	45.6	169.8	577.6	4,034.50
	Combined	Inferred (Total)	3.91	1.5	1.5	9.1	29	57	184.9	1,134.10
	Note: Differences may occur due to rounding. All elements reported as total estimated in-situ for blocks above 0.3 g/t Au lower cut-off, no recovery factors have been considered. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

Feasibility Study (“FS”)[2]

The Company announced on March 18, 2016 the results from an independent NI 43-101 compliant FS for 100% of the high grade Mabilo Project in Southeast Luzon, Philippines[3] . The Mabilo Project is both high grade and low cost, underpinning the robust economics presented in the FS including a 33% IRR after tax at US$5,000/t Cu US$1,200/oz Au prices (43.6% with only a 10% lift in commodity prices) and an equivalent operating cost of US$0.80/lb copper equivalent or US$425/oz gold equivalent for concentrate production at a throughput rate of 1.35mtpa[4] . Since the preparation of the Feasibility Study, commodity prices for both copper and gold have improved materially. On a copper price of US$6,900/t and a gold price of US$1270/oz, the net present value of the project has increased by 90%.

Mabilo Mineral Reserves

The March 2016 Probable Reserve estimate represents an equivalent gold grade for the Reserves of 5.26 g/t[5] (before recoveries) containing 1.32 Moz of equivalent gold or an equivalent copper grade of 4.1%[5] (before recoveries) containing 316Kt of equivalent copper .

Table 2 - Probable Mineral Reserve Estimate

Ore							Waste	Strip Ratio
Class	Type	Mt	Fe %	Au g/t	Cu %	Ag g/t	Mt
Probable	Gold Cap Supergene Oxide Skarn Fresh	0.351 40.1 3.11 0.38 3.26 0.104 36.5 2.20 20.7 11.9 0.182 43.6 2.52 4.17 19.9 7.155 45.9 1.97 1.70 8.73					77.713	10.0
Total Probable Ore		7.792 45.5 2.04 1.95 8.79

The November 2015 Resource estimation provided by CSA classified the Resource for the Mabilo Project as Indicated and Inferred. Only Indicated Mineral Resources as defined in NI 43-101 were used to establish the Probable Mineral Reserves. No Reserves were categorized as Proven.

Mineral Reserves are quoted within specific pit designs based on Indicated Resources only and take into consideration the mining, processing, metallurgical, economic and infrastructure modifying factors.

2 The Company confirms that all the material assumptions underpinning the Feasibility Study as announced to the ASX on the 18th of March continue to apply and have not materially changed. A copy of the announcement can be found on the Company’s website at www.rtgmining.com.

3 The FS is based on a treatment rate of 1Mtpa. A treatment rate of 1.35Mtpa was also considered in an upside case. Factored indicative capital and operating cost estimates were developed for a planned throughput of 1.35 Mtpa. The capital cost estimates were derived from first principles for the 1 Mtpa process plant to an accuracy of +/- 15% and then the capital cost estimates were factored with an accuracy of +/- 25% for the 1.35 Mtpa process plant. The operating cost estimates were derived from first principles for the 1Mtpa process plant and then plant costs were factored with an accuracy of +/- 25% for the

1.35Mtpa operating scenario. All costs are in 2015 US dollars.

4 The Copper equivalent tonnes and gold equivalent ounces are based on the following formulas – CuEq = (Cu produced/contained$5000) + (Au produced/contained$1200+ (Any Contained Fe metal produced $50))/$5000 AuEq = (Cu produced/contained$5000) + (Au produced/contained$1200+ (Any Contained Fe metal produced $50))/$1200 5 The gold equivalent grade is based on the following formula – AuEq=((((AuOz$1,200)+(CuMetal$5,000)+(FeMetal$50)+ (AgOz$14)) / $1,200)/Total ore tonnes) The copper equivalent grade is based on the following formula – CuEq=((((AuOz$1,200)+(CuMetal$5,000)+(FeMetal$50)+ (AgOz$14)) / $5,000)/Total ore tonnes)

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

BUNAWAN PROJECT

The Bunawan Property is located in the east of Mindanao Island in Agusan del Sur province, approximately 190 km north-northeast of Davao and adjacent to the Davao – Surigao highway.

The Bunawan Project (Figure 3) is centred on a diatreme intrusive complex (Mahunoc diatreme) approximately five km NE of Medusa Mining’s Co-O mine in eastern Mindanao. Historical production at the Co-O Mine has demonstrated a significant high grade gold system and there is active artisanal mining throughout the region which further reinforces the gold potential of the area. A number of the artisanal mining operations occur within and adjacent to the Mahunoc diatreme and the area is highly prospective for the discovery of economic epithermal Au-Ag mineralisation of intermediate sulphidation / carbonate-base metal type.

The ground magnetics and mapping suggest that the southern margin of the diatreme is a relatively flat-lying apron shallowly overlying andesite wall rock and that Au mineralisation in the diatreme within the “mineralised corridor” is derived from veins in the structural zone in the underlying andesite.

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Figure 3 - Bunawan Location Plan with Regional Geology

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

Two drilling campaigns to date have intercepted broad widths of mineralisation including:

Table 3 – Bunawan Project Significant Down-hole Intersections

Hole	From	To	Metres	Au g/t
BDH-01	163	186	23	1.23
BDH-06	111	147	36	1.49
BDH-08	229	239	10	5.09
BDH-10	163	167	3.6	4.58
BDH-15	39	48	9	2.02
Previously reported and released on ASX on February 5, 2015 and April 18, 2017

This drilling has also confirmed the presence of breccia/epithermal vein systems within and below the diatreme that is similar geologically to the nearby Co-O vein system. The discovery of a favourable mineralised dacite host also adds to the increased mineral potential of the property. Hydrothermal alteration assemblage in the dacite suggests that it may be a component of a high-sulphidation system in the general area. With the various geological conditions identified, the region has the potential to see another major gold discovery.

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Figure 4 – Bunawan Geological Map showing locations of completed drill holes and artisanal gold workings. Holes of latest program marked in green

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

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Figure 5 – Bunawan BDH15 & BDH10 interpretive geological cross-section showing mineralisation on the edge of the diatreme and the newly found mineralised Dacite.

NALESBITAN PROJECT

The Nalesbitan Project comprises Mining Lease Contract MRD-459 of 500 Ha which was renewed as an MPSA in June 2016. The Nalesbitan Project covers a large zone of alteration in which widespread zones of epithermal gold, silver and copper mineralisation have been outlined.

The mineralisation identified to date includes both low sulphidation and high sulphidation epithermal gold veins, potentially proximal to porphyry copper at depth. Induced Polarisation chargeability anomalies, interpreted to be due to sulphides associated with porphyry copper mineralisation, have been outlined in the southern part of the alteration zone. The Nalesbitan Project system has similarities to the giant Lepanto / Far South-East copper and gold porphyry system in northern Luzon.

The continuing focus at the Nalesbitan Project is the advancement of community relations activities.

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

JOINT VENTURE

Mt. Labo rescinded the previous settlement agreement with its joint venture partner, Galeo due to non-performance and had served notice of termination and arbitration during the prior year. During the March quarter following a 60 day notice period pursuant to the JVA, the joint venture was automatically terminated on January 31, 2017, due to Galeo not remedying the notified breaches of the JVA.

Mt. Labo has now also commenced arbitration proceedings against Galeo in the Singapore International Arbitration Centre in accordance with the provisions of the JVA and the compromise agreement. In those arbitration proceedings, Mt. Labo seeks a number of reliefs, including a declaration that the JVA was validly terminated and the compromise agreement was validly rescinded. Under the JVA, on termination the innocent party is then given the right to buy out the guilty party at a 10% discount to book value, which for the joint venture is nominal given it was still in the exploration phase of the project. Galeo had commenced a number of actions against Mt. Labo and others in the Philippine Courts which has now been referred for arbitration in Singapore, consolidating all current actions in the Singapore Arbitration process.

OTHER PHILIPPINES PROJECTS

Bahayan Project

The Bahayan Project in the Philippines comprises exploration permit application 123 (“EXPA-123-XI”) covering 69.2km[2] of ground near the Diwalwal mining camp. High-grade gold veins were discovered at Diwalwal in the early 1980’s, although there has been little modern exploration at Diwalwal and surrounding areas. Based on the MGB XI MTSR as of December 2016, EXPA-123-XI has been endorsed to the MGB Central Office and is awaiting the clearance of the MGB Director.

Production from the low sulphidation epithermal quartz veins at Diwalwal is estimated to have exceeded 8 million ounces of gold. Geologically the steep dipping veins strike west-northwest and occur in highly fractured zones which are deeply oxidized, silicified and chloritised.

Historic work at the Bahayan Project has included the completion of 60.2 line kms of ground magnetic survey, further geological mapping, rock chip sampling and petrographic work. The Bahayan Project has potential and the ground magnetic work has highlighted a number of areas that warrant further interpretation and follow up resistivity work. No work was conducted on this project during the quarter.

Mawab Project

The Mawab Project in the Philippines comprises two contiguous applications which have a combined area of 65.66km[2] . They are located in the Masara Mineral Field, one of most highly mineralised section of the Pacific Cordillera where there are a number of past mines and deposits currently at an advanced stage of development. No work was conducted on this project during the quarter.

Taguibo Project

The Taguibo Project in the Philippines comprises one granted exploration permit and two applications for exploration permits covering a combined area of 128.7km[2] . The exploration permit (000001-06-XI) was granted on October 18, 2016. No work was conducted on this project during the quarter.

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

OTHER INVESTMENTS

RTG announced on August 29, 2013 that it had sold its interest in the Mkushi Copper Project for $13.1M to Elephant Copper Ltd (“Elephant Copper”), to date the Company has fully provided for the consideration to be received under the agreement.

On August 22, 2016 the Company announced the completion of the sale of its Segilola Gold Project in Nigeria to Thor, a TSX-V listed company, for total consideration of $8.5M, including $3.0M consideration upfront, including $1.5M in cash and $1.5M in Thor listed shares. The listed shares are still held and as at the September 30, 2017 had a fair market value on RTG’s balance sheet of $3.1M. An additional $2.0M cash payment and a capped royalty on the Segilola Gold Project of $3.5M was included as part of the consideration for the sale; however, has not yet been received as it is not due yet.

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

RESULTS OF OPERATIONS

The Company recorded a net loss for the three and nine month period ended September 30, 2017 of $2.932M and $8.896M respectively, as compared to losses of $0.486M and $3.328M for the three and nine month period ended September 30, 2016. The increased loss result compared to the prior period was primarily due to impairment expenses recognised over the Company’s loan advanced to its Associates.

Adjusting for impairment, the loss for the three month period ended September 30, 2017 was $0.586M higher than the previous period. There was a decrease in costs related to business development, exploration and evaluation expenses, administration expenses as well as RTG’s share of Associate losses, offset by the gain from discontinued operations received in the prior period.

Adjusting for impairment, the loss for the nine month period ended September 30, 2017 was $0.613M higher than the previous period. There was a decrease in costs related to exploration and evaluation expenses and administration expenses offset by higher business development expenses, RTG’s share of Associate losses as well as the gain from discontinued operations received in the prior period, .

Consolidated year to date results

(US$000’s, except per share information)

	Nine month period ended
Profit and loss results for the year to date	Sep 30,	Sep 30,
	2017	2016
Other income	102	247
Business development expenses	(1,047)	(787)
Administrative expenses	(2,004)	(2,380)
Impairment expense	(4,955)	-
Exploration and evaluation expenditure	-	(405)
Share of Associates loss	(1,196)	(832)
Foreign exchange gain / (loss)	204	129
Loss from continuing operations	(8,896)	(4,028)
Gain from discontinued operations	-	700
Net loss for the period	(8,896)	(3,328)
Loss per share from continuing operations
Basic loss per share (US$ cents)	(5.31)	(2.09)
Diluted loss per share (US$ cents)	(5.31)	(2.09)
Loss per share attributable to ordinary shareholders
Basic loss per share (US$ cents)	(4.19)	(1.86)
Diluted lossper share(US$ cents)	(4.19)	(1.86)

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

Consolidated quarterly results

(US$000’s, except per share information)

				Three month period ended	Three month period ended	Three month period ended
Profit and loss results for the quarter	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015
Other income	67	9	25	18	210	2	35	2	-
Business development expenses	(237)	(312)	(498)	(388)	(299)	(317)	(171)	(241)	(217)
Administrative expenses	(656)	(590)	(759)	(491)	(871)	(962)	(546)	(762)	(427)
Impairment expense	(1,859)	(3,096)	-	(80,747)	-	-	-	-	-
Exploration and evaluation expenditure	-	-	-	(126)	(84)	(204)	(117)	(137)	(244)
Share of Associates loss	(278)	(344)	(574)	446	(298)	(205)	(329)	(415)	(610)
Foreign exchange gain / (loss)	31	(9)	182	(207)	156	2	(28)	25	(198)
Loss from continuing operations	(2,932)	(4,342)	(1,623)	(81,495)	(1,186)	(1,685)	(1,157)	(1,528)	(1,695)
Gain from discontinued operations	-	-	-	-	700	-	-	-	-
Net loss for the period	(2,932)	(4,342)	(1,623)	(81,495)	(486)	(1,685)	(1,157)	(1,528)	(1,695)
Loss per share from continuing operations
Basic loss per share (US$ cents)	(1.75)	(2.59)	(0.97)	(54.70)	(0.31)	(1.25)	(0.86)	(1.17)	(1.31)
Diluted loss per share (US$ cents)	(1.75)	(2.59)	(0.97)	(54.70)	(0.31)	(1.25)	(0.86)	(1.17)	(1.31)
Loss per share attributable to ordinary	shareholders
Basic loss per share (US$ cents)	(1.52)	(2.02)	(0.65)	(54.61)	(0.09)	(1.17)	(0.93)	(1.13)	(1.19)
Diluted loss per share (US$ cents)	(1.52)	(2.02)	(0.65)	(54.61)	(0.09)	(1.17)	(0.93)	(1.13)	(1.19)

Specific items discussed below:

Other income

The Company earned other income for the three and nine month periods ended September 30, 2017 of $0.067M and $0.102M respectively compared to the three and nine month periods ended September 30, 2016 of $0.210M and $0.247M respectively. For the three month period ended September 30 2017, other income included interest receipts from cash held in short-term deposits of $0.001M and receipts from a research and development tax credit of $0.066M compared to the three month period ended September 30, 2016 comprising of $0.002M of interest receipts and $0.208M from a research and development tax credit. During the nine month period ended September 30, 2017, other income was lower than the comparable period due to higher interest receipts and research and development tax credits received in the prior period.

Business development expenses

The Company incurred business development expenses for the three month period ended September 30, 2017 of $0.237M, compared to the three month period ended September 30, 2016 of $0.299M. Prior period costs were higher primarily due to a write off of business development expenditure related to loans advanced to Central prior to Central being successful in securing a role in the redevelopment of Panguna.

Business development expenses for the nine month period ended September 30, 2017 of $1.047M were higher than the nine month period ended September 30, 2016 of $0.787M, primarily relate to new business development opportunities diversifying its Philippine interests, including the abovementioned opportunity in Bougainville.

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

Administrative expenses

The Company incurred administrative expenses for the three and nine month periods ended September 30, 2017 of $0.655M and $2.004M respectively, compared to the three and nine month periods ended September 30, 2016 of $0.871M and $2.380M respectively.

Prior period costs were higher due to legal costs associated with the sale of the Segilola Project and the Heads of Agreement for the Mabilo Joint Venture as well as costs associated with the private placement completed on July 22, 2016.

Share of Associates loss

The Company incurred a share of losses of its Associates of $0.277M and $1.196M for the three and nine month periods ended September 30, 2017 respectively, compared with the three and nine month periods ended September 30, 2016 of $0.298M and $0.832M respectively. The share of Associates losses are generated from the investment in Philippine entities acquired in the merger with Sierra. Costs for the three month period ended September 30, 2017 were comparable to the prior three month period ended September 30, 2016. Higher costs incurred during nine month period ended September 30, 2017 primarily relate to project and legal related costs in the Philippines.

Foreign exchange gain

The Company holds its cash in different currencies including Australian dollars, Canadian dollars and United States dollars which exposes the Company to foreign exchange gains and losses. For the three and nine month periods ended September 30, 2017 the Company incurred foreign exchange gains of $0.031M and $0.204M respectively, compared to a foreign exchange gain of $0.156M and $0.129M for the three and nine month periods ended September 30, 2016 respectively. The Company’s foreign exchange movements are driven by fluctuations in AUD and CAD exchange rates with the US dollar in relation to its cash reserves.

Commitments, events, risks or uncertainties

As detailed above, the joint venture between Mt. Labo and Galeo was terminated on January 31, 2017 and is subject to actions in both the Philippine Courts and Singapore Arbitration plan. The previous Secretary of the Department of Environment and Natural Resources announced a moratorium on new mining developments in the country and a ban on open pit mining, resulting in increased uncertainty with regard to the Mabilo Project. The Company believes the appointment of the new Secretary of the DENR will be constructive and positive for the industry. The Company intends to continue to work with Mt. Labo to help progress the Mabilo Project.

The Company’s risks are further detailed in the AIF for the year ended December 31, 2016 dated March 30, 2017 in the “Risk Factors” section; this Risk Factors section is incorporated into the MD&A by reference.

LIQUIDITY AND CAPITAL RESOURCES

The Company does not have any operations that generate cash inflow at this stage. RTG’s financial success relies on management’s ability to find economically viable mineral deposits. This process can take many years and is largely based on factors beyond the control of RTG.

In order to finance its project exploration and development activities, and corporate overhead, the Company is dependent on investor sentiment being positive towards the exploration business, so that funds can be raised through the sale of the Company’s securities.

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

Cash and financial conditions

As at September 30, 2017, the Company had cash and cash equivalents of $4.433M compared to $7.084M at June 30, 2017 and $11.207M at December 31, 2016.

The Company had working capital of $6.259M at September 30, 2017 compared to working capital of $6.885M at June 30, 2017 and $11.851M at December 31, 2016. The decrease in working capital during the three month period can be attributed to general office expenses, new business development opportunities and costs associated with the Company’s Philippines assets.

The Company received A$0.081M during the quarter as part of its Research and Development tax claim from the Australian Government. The claims received to date total A$0.400M.

The Company manages liquidity risk through maintaining sufficient cash, loan facilities or credit terms with its suppliers to meet the operating requirements of the business and investing excess funds in highly liquid short term cash deposits. The Company’s liquidity needs can likely be met through existing cash on hand, and access to debt and equity raisings subject to current operating parameters and budgets being met.

The Company currently has in place an active program of financial forecasting and budgeting both at a corporate and project level to manage both the application of funds and planning for future financial needs to ensure that any shortfall in revenue funds is adequately covered by cash reserves or planned new sources being either debt or equity based on the then most cost effective weighted average cost of capital. Expenditure to date for the Company has been largely in line with the overall initial budget forecasts, save for any costs related to legal disputes.

Credit risk represents the loss that would be recognised if counterparties failed to perform as contracted. The Group’s maximum exposures to credit risk at the reporting date in relation to each class of financial asset is the carrying amounts of those assets as indicated in the Company’s balance sheet.

Investing activities

The Company recognised net investing cash outflows of $1.742M and $4.000M for the three and nine month periods ended September 30, 2017 respectively, compared to a cash inflow of $0.125M for the three months ended September 30, 2016 and cash outflow of $1.495M for the nine month period ended September 30, 2016.

For the three and nine month periods ended September 30, 2017, outflows primarily relate to loans extended to the Company’s Associates for a share of project and legal related costs in the Philippines. During the three and nine months ended September 30, 2016, outflows also primarily related to loans extended to the Company’s Associates offset by $1.450M of cash inflows received from the sale of the Segilola Gold Project.

Financing activities

For the three and nine month periods ended September 30, 2017, the Company had no financing activities, compared to cash inflows of $13.669M for both the three and nine month periods ended September 30, 2016. During the three and nine month periods ended September 30, 2016, the Company successfully completed a private placement of 33 million shares at a price of A$0.60 per share to institutional and sophisticated investors.

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

SECURITIES OUTSTANDING

The total outstanding capital of the Company as at the date of this report was 167,585,577 fully paid common shares.

FUTURE OUTLOOK

At the Mabilo Project, work going forward will be focused on finalising all necessary permits and seeking to further reduce operating costs where possible while the disputes between Mt. Labo and Galeo are outstanding and the position on new developments in the Philippines is clarified. Environmental and community development continues at Mabilo and Bunawan in line with agreed programs with the local community and in line with lease requirements.

The focus will be on seeking a resolution of Mt. Labo’s issues with Galeo, including the litigation and arbitration matters, and in parallel identifying and delivering on new business opportunities to diversify the Company’s exposure to the Philippines, including the opportunity in Bougainville.

OFF-BALANCE SHEET ARRANGEMENTS

At the date of this report, the Company had no off-balance sheet arrangements.

TRANSACTIONS WITH RELATED PARTIES

Transactions with related parties consist of companies with directors and officers in common and companies owned in whole or in part by executive officers and directors as follows for the three months ended September 30, 2017:

Name

Nature of transactions

Coverley Management Services Pty Ltd Consulting as Director

The Company paid the following fees in the normal course of operation in connection with companies owned by directors.

Directors fees Total	Three month period ended Nine month period ended Sep 30, 2017 $US Sep 30, 2016 $US Sep 30, 2017 $US Sep 30, 2016 $US 10,723 12,623 33,764 38,601
	10,723 12,623 33,764 **38,601 **

During the nine month period ended September 30, 2017 the Group entered into transactions with related parties:

• Loans of $89,213 were advanced on short term inter-company accounts, and

• Loans of $3,949,355 were advanced on to Associates of the Company.

These transactions were undertaken on the following terms and conditions:

• Loans are repayable at call, and

• No interest is payable on the loans at present.

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

CONTRACTUAL OBLIGATIONS

September 30, 2017 Contractual obligations	Payments due by period Total Within one year One year and not later than five years More than 5 years
Lease obligations1 Total contractual obligations	279,533 157,725 121,808 -
	279,533 157,725 121,808 -

1 Corporate office lease payments due.

Contingent Liabilities

Mt. Labo has estimated contingent liabilities relating to the legal proceedings for both the civil case in the Philippines and arbitration through the Singapore International Arbitration Centre. In the event that Mt. Labo is found to be liable to Galeo’s claims, Mt. Labo’s costs are estimated as PHP1,500,000 for the civil case against Galeo and USD3,500,000 under arbitration. The Directors consider that it is not probable that these cash outflows will occur and have therefore not recorded a liability.

At the date of this report the Company had no other contingent liabilities.

CRITICAL ACCOUNTING ESTIMATES

The significant accounting policies used by RTG are disclosed in note 1 to the audited financial statements for the year ended December 31, 2016. Certain accounting policies require that management make appropriate decisions with respect to the formulation of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Management reviews its estimates on a regular basis. The emergence of new information and changed circumstances may result in actual results or changes to estimated amounts that differ materially from current estimates.

ACCOUNTING POLICIES

The Group’s consolidated financial statements as at December 31, 2016 complies with IFRS as issued by the International Accounting Standards Board. The accounting policies of the Group are set out in note 1 to the December 31, 2016 audited financial statements, available on www.sedar.com.

There were no changes in the Group’s accounting polices during the quarter.

Income taxes

The determination of income and other tax liabilities requires interpretation of complex laws and regulations. All tax filings are subject to audit and potential reassessment after the lapse of considerable time. Accordingly, the actual income tax liability may differ from that estimated and recorded by management.

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

Financial instruments and related risks

Categories of Financial Assets and Financial Liabilities

Financial instruments are classified into one of the following categories: Financial assets at fair value through profit or loss (“FVTPL”); held-to-maturity investments; loans and receivables; available-forsale; or other liabilities. The carrying values of the Company’s financial instruments are classified into the following categories:

Financial Instrument	Category	September 30, 2017
Cash	Level 1 (FVTPL)	$4,433,210
Other receivables and	Level 1 (loans and receivables )	$2,265,588
prepayments
Financial assets	Level 1 (available-for-sale)	$3,113,811*
Trade and other payables	Level 1 (other liabilities)	$247,770

• During the quarter, the Group recognised a gain on fair value measurement of $250,833

The Company’s financial instruments recorded at fair value require disclosure about how the fair value was determined based on significant levels of inputs described in the following hierarchy:

• Level 1 Quoted (unadjusted) market prices in active markets for identical assets or liabilities

• Level 2 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

• Level 3 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

The recorded amounts for cash, other receivables and prepayments, and trade and other payables approximate their fair value due to their short-term nature.

The Group’s principal financial instruments comprise cash and cash equivalents, receivables, payables and borrowings. The Company currently has in place an active program of financial forecasting and budgeting both at a corporate and project level to manage both the application of funds and planning for future financial needs to ensure that any shortfall in funds is adequately covered by cash reserves or planned new sources being either debt or equity based on the then most cost effective weighted average cost of capital.

Risk management is carried out by management, the Audit and Risk Committee and the Board under policies approved by the Board. The Board also provides regular guidance for overall risk management, including guidance on specific areas, such as mitigating foreign exchange, interest rate and credit risk.

The Group does not enter into financial instruments, including derivative financial instruments, for trade or speculative purposes.

Primary responsibility for identification and control of financial risks rests with the Board. The Board reviews and agrees policies for managing each of the risks identified below, including the setting of limits for trading in derivatives, credit limits and future cash flow forecast projections.

Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each financial asset, financial liability and equity instrument are disclosed in note 1 to the audited financial statements for the year ended December 31, 2016.

Net fair values

The carrying amount of financial assets and financial liabilities recorded in the financial statements approximates their respective net fair values, determined in accordance with the accounting policies disclosed in note 1 to the audited financial statements for the year ended December 31, 2016.

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

Credit risk

Credit risk represents the loss that would be recognised if counterparties failed to perform as contracted. The Group’s maximum exposures to credit risk at the reporting date in relation to each class of financial asset is the carrying amounts of those assets as indicated in the statement of financial position. Receivable balances are monitored on an ongoing basis and to the extent that recovery is deemed to be uncertain the Company raises a provision or impairs the asset against expected recovery. To date the only receivable provided for has been the Elephant Copper receivable of $1.4M and the Central receivable of $0.2M which has been fully provided for to date.

With respect to credit risk arising from the other financial assets of the Group, which comprise cash and cash equivalents, the Group’s exposure to credit risk arises from default of the counter party, with a maximum exposure equal to the carrying amount of these instruments. The Group monitors this credit risk through holding its cash through banks with a Standard and Poors credit rating of ‘A’ or greater. The credit risk associated with cash is considered negligible by the Group. The Group does not hold collateral as security.

Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity risk is to ensure, as far as possible, that it will maintain sufficient cash or credit terms with its suppliers to meet the operating requirements of the business and invest excess funds in highly liquid short term cash deposits. Maintaining surplus working capital in highly liquid short term deposits allows the Group to meet its primary objectives by being able to fund new development and acquisition opportunities at short notice.

Market risk

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates and commodity and equity prices. These fluctuations may be significant.

(a) Interest rate risk

The Group constantly analyses its interest rate exposure. Consideration is given to potential renewals of existing positions, alternative financing and the mix of fixed and variable interest rates.

The Group’s policy is to manage its exposure to interest rate risk by holding cash in short term fixed rate deposits and variable rate deposits. The Group’s exposure to interest rate risk on post-tax profit or loss arises from higher or lower interest income from cash and cash equivalents.

(b) Foreign currency risk

The Company has identified its functional currency as the US dollar. Transactions are transacted in US dollars, Canadian dollars and Australian dollars. The Company maintains Australian dollar bank accounts in Australia to support the cash needs locally, and US dollar and Canadian dollar bank accounts for its international purposes.

The Company does not intend to engage in transactions to hedge its foreign exchange risks. There can be no assurance that RTG will not be materially affected thereby.

(c) Commodity price risk

It is anticipated that any revenues derived from mining will primarily be derived from the sale of precious and base metals. Consequently, any future earnings are likely to be closely related to the price of these commodities and the terms of any off-take agreements which the Company enters into.

Metal prices fluctuate and are affected by numerous factors beyond the control of the Company. These factors include world demand for minerals and metals, forward selling by producers, and production cost levels in major mineral-producing regions.

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

Moreover, metal prices are also affected by macroeconomic factors such as expectations regarding inflation, interest rates and global and regional demand for, and supply of, the metal as well as general global economic conditions. These factors may have an adverse effect on the Company’s exploration, development and production activities, as well as on its ability to fund those activities.

Capital risk management

The Group’s total capital is defined as equity attributable to equity holders of the parent and cash and cash equivalents amounted to $142,809,895 at September 30, 2017 (June 30, 2017: $145,460,280; December 31, 2016: $149,584,107).

The Group’s capital management objectives are to safeguard the business as a going concern, to maintain a capital base sufficient to maintain future exploration and development of its projects. Management may issue more shares or raise or repay debt in order to maintain the optimal capital structure.

The Group does not have a target debt/equity ratio, but maintains a flexible financing structure so as to be able to take advantage of new investment opportunities that may arise. The Group monitors its capital risk management through annual cash flow projections and monthly reporting against budget.

The business of RTG should be considered speculative given the volatility in world stock markets (particularly with respect to mining and exploration companies) and the uncertain nature of mining and exploration activities generally. Amongst other things, the following are some of the key risk factors faced by RTG, its subsidiaries and associates:

• foreign exchange movements;

• movements in commodity prices (in particular gold, copper and iron ore prices and costs of production);

• securing offtake agreements for non-gold products;

• access to new capital (both debt and equity) and meeting liquidity requirements;

• the uncertain nature of exploration and development activities;

• increases in capital expenditures necessary to advance the Company’s projects;

• the ability to profitably exploit new development projects;

• political, security and sovereign risks of the Philippines and Bougainville;

• joint venture relationships and disputes;

• permitting and local government and community support; and

• environmental obligations.

For further information on these and other risks inherent in the Company’s business, we direct readers to the Company’s AIF for the December 31, 2016 financial year, and the May 2, 2016 43-101 Technical Report lodged on SEDAR at www.sedar.com.

SUBSEQUENT EVENTS

No significant events have occurred subsequent to the reporting period that would have a material impact on the consolidated interim financial statements.

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

INTERNAL CONTROLS AND DISCLOSURE CONTROLS

The Company’s Chief Executive Officer (“CEO”) and interim Chief Financial Officer (“CFO”) are responsible for the design and effectiveness of internal controls over financial reporting (as such term is defined in National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings (“NI 52-109”)), to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements in accordance with International Financial Reporting Standards. The Company maintains an effective control environment and has used the Internal Control – Integrated Framework (COSO Framework) published by The Committee of Sponsoring Organizations of the Treadway Commission to design the Company’s internal controls over financial reporting. The Company’s CEO and interim CFO believe that the Company’s internal controls and procedures are effective in providing reasonable assurance that financial information is recorded, processed, summarized and reported in a timely manner.

During the quarter ended September 30, 2017, there have been no changes in the Company’s policies and procedures and other processes that comprise its internal control over financial reporting, that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

The Company’s CEO and interim CFO are also responsible for the design and effectiveness of disclosure controls and procedures (as such term is defined in NI 52-109) to provide reasonable assurance that material information related to the Company, including its consolidated subsidiaries, is made known to the Company’s certifying officers. The Company’s CEO and interim CFO believe that the Company’s disclosure controls and procedures are effective in providing reasonable assurance that information required to be disclosed under applicable securities legislation is recorded, processed, summarized and reported in a timely manner.

The Company’s CEO and interim CFO have each evaluated the effectiveness of the Company’s internal controls over financial reporting and disclosure controls and procedures as of September 30, 2017 and have concluded that these controls and procedures are effective in reasonably assuring the reliability of financial reporting and that material information relating to the Company is made known to them by others within the Company and that such controls and procedures have no material weaknesses and no limits on the scope of their design.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

Certain statements contained in this MD&A constitute forward looking statements within the meaning of applicable securities laws including, among others, statements made or implied relating to the Company’s objectives, strategies to achieve those objectives, the Company’s beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward looking statements generally can be identified by words such as “objective”, “may”, “will”, “expect”, “likely”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans” or similar expressions suggesting future outcomes or events. Such forward looking statements are not guarantees of future performance and reflect the Company’s current beliefs based on information currently available to management. Such statements involve estimates and assumptions that are subject to a number of known and unknown risks, uncertainties and other factors inherent in the business of the Company and the risk factors discussed in the AIF and other materials filed with the securities regulatory authorities from time to time 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 such forward looking statements. Those risks and uncertainties include, but are not limited to: the mining industry (including operational risks; risks in exploration and development; the uncertainties involved in the discovery and delineation of mineral deposits, resources or reserves; and the uncertainty of mineral resource and mineral reserve estimates); the risk of gold, copper and other commodity price and foreign exchange rate fluctuations; the ability of the Company to fund the capital and operating expenses necessary to achieve the business objectives of the Company; the uncertainty associated with commercial negotiations and negotiating with foreign governments; the risks associated with international business activities; risks related to operating in the Philippines and other international

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

jurisdictions like Bougainville; environmental risk; the dependence on key personnel; joint venture relationships and the ability to access capital markets.

Readers are cautioned not to place undue reliance on these forward looking statements, which speak only as of the date the statements were made and readers are advised to consider such forward looking statements in light of the risks set forth above. Except as required by applicable securities laws, the Company assumes no obligation to update or revise any forward looking statements to reflect new information or the occurrence of future events or circumstances.

QUALIFIED PERSON AND COMPETENT PERSON STATEMENT

The information in this release that relates to exploration results at the Mabilo and Bunawan Projects are based upon information prepared by or under the supervision of Robert Ayres BSc (Hons), who is a Qualified Person and a Competent Person. Mr Ayres is a member of the Australian Institute of Geoscientists and a consultant of RTG Mining Limited. Mr Ayres has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and to qualify as a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Ayres has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in the release. Mr. Ayres consents to the inclusion in the release of the matters based on his information in the form and the context in which it appears.

The information in this release that relates to Mineral Resources is based on information prepared by or under the supervision of Mr Aaron Green, who is a Qualified Person and Competent Person. Mr Green is a Member of the Australian Institute of Geoscientists and is employed by CSA Global Pty Ltd, an independent consulting company. Mr Green has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and to qualify as a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Green has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in the release. Mr Green consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

The information in this release that relates to Mineral Reserves and Mining is based on information prepared by or under the supervision of Mr Carel Moormann, who is a Qualified Person and Competent Person. Mr Moormann is a Fellow of the AusIMM and is employed by Orelogy Consulting, an independent consulting company. Mr Moormann has sufficient experience that is relevant to the type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and to qualify as a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr Moormann has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in the release. Mr Moormann consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

The information in this release that relates to Metallurgy and Processing is based on information prepared by or under the supervision of David Gordon, who is a Qualified Person and Competent Person. David Gordon is a Member of the Australasian Institute of Mining and Metallurgy and is employed by Lycopodium Minerals Pty Ltd, an independent consulting company. David Gordon has sufficient experience that is relevant to the type of process under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and to qualify as a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). David Gordon has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in the release. David Gordon

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RTG MINING INC. MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017

consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

The information in this release that relates to areas outside of exploration results, Mineral Resources, Mineral Reserves and Metallurgy and Processing is based on information prepared by or under the supervision of Mark Turner, who is a Qualified Person and Competent Person. Mark Turner is a Fellow of the Australasian Institute of Mining and Metallurgy and is employed by RTG Mining Inc, the Company. Mark Turner has sufficient experience that is relevant to the information under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and to qualify as a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mark Turner has verified the data disclosed in this release. Mark Turner consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

For the ASX Feasibility Study announcement including JORC tables Section 1 to 4 please refer to the RTG website (www.rtgmining.com) and on the ASX, under announcements (www.asx.com.au).

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