Desert Gold Ventures : 2022 Q2 MD & A

Desert Gold Ventures Inc.

Form 51-102F1

Management's Discussion and Analysis

Six Months Ended June 30, 2022

Desert Gold Ventures Inc.

Management Discussion & Analysis

Six months ended June 30, 2022

BACKGROUND

Desert Gold Ventures Inc. (the "Company") is an exploration stage company and is engaged in the acquisition, exploration and development of mineral resource properties. The principal business of the Company is conducting mineral property exploration in Mali and Rwanda. The Company's shares are traded on the TSX Venture Exchange (the "TSX-V") under the symbol DAU. Commencing March 30, 2021, the Company's shares began trading on the OTC market of the USA(OTCQB) under the symbol

DAUGF

The following management's discussion and analysis ("MD&A") is dated August 29, 2022 to provide an analysis of the Company's business and operating results for six months ended June 30, 2022. All the amounts presented within this MD&A are in US dollars unless specified otherwise. Readers are encouraged to review the Company's statutory filings including financial statements and other disclosure documents through Internet on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com,or to review general information, including maps, on the Company's website at www.desertgold.ca.

FORWARD LOOKING INFORMATION

This MD&A contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company, its projects, exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation of mining exploration, environmental risks, title disputes or claims and limitations of insurance coverage.

Readers are cautioned not to place undue reliance on these forward looking statements, which speak only to management's views as of the date the statements were made. Often, but not always, forward-looking statements can be identified by words and phrases about the future, such as: anticipate, expect, plan, intend, predict, goal, target, project, potential, strategy and outlook.

There are a number of factors which may cause results to vary considerably from these predictions, involving known and unknown risks, and uncertainties. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual cost of conducting our exploration program may differ significantly from estimates; we may be adversely affected by foreign currency exchange rates or taxes including fluctuations in the relative value of US and Canadian currency; we are subject to the risk inherent in variations in ore grade or recovery rates and commodity prices, equipment may fail, we may experience labour unrest, accidents and other risks inherent in mining; we may be subject to political risks in developing countries, insurrection or war; delays in obtaining required permits, licenses, and approvals. More specifically, although Desert Gold primarily operates in African countries with stable democratic governments with mining regulations in place, these countries may still be subject to political upheaval such as military coups or rebel insurrection by factions within the country; we discuss geopolitical, economic and other such factors in more depth in the section entitled "Risk and Uncertainties" in this MD&A. Although Desert Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. The Company does not undertake or assume any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by securities law.

Desert Gold Ventures Inc.

Management Discussion & Analysis

Six months ended June 30, 2022

The following table outlines certain significant forward-looking statements contained in this MD&A and provides the material assumptions used to develop such forward-looking statements and material risk factors that could cause actual results to differ materially from the forward-looking statements.

Forward-looking statements	Assumptions	Risk factors
The Company will need to raise additional	The Company will continue	Unexpected downturn of
funds to meet its long-term business	its exploration activities in	the price of precious metal
objectives.	2022	and the capital markets

Corporate update

Common shares

In April 2022, the Company completed a non-brokered private placement for the issuance of 11,742,334 security unit ("Unit') at a price of CAD $0.12 per Unit for net proceeds of $1,099,372 (gross proceeds of $1,108,185 (CAD$1,409,080) less finder's fees of $8,813 (CAD$11,206).) Each Unit consists of one common share and one common share purchase warrant. Each Warrant entitles the holder to purchase one common share at a price of CAD $0.18 per share for a period of two years from issuance.

During May and June 2022, the Company issued 250,000 and 50,000 common shares to meet annual obligation in connection with two option agreements for the acquisition of mineral with fair value of $19,662 and $4,326 respectively.

Exploration Update

This exploration update contains certain scientific and technical information. Don Dudek, P.Geo a director of Desert Gold and a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this MD&A.

Current exploration permits held by the company are focused around key areas of interest in Mali (Fig. 1).

Figure 1. Map of Africa - General Project Locations

We invite readers to visit our website at www.desertgold.ca,and www.sedar.com,to view details, including the exploration programs and results of Desert Gold's projects in Africa.

Desert Gold Ventures Inc.

Management Discussion & Analysis

Six months ended June 30, 2022

MALI

In Mali, the Company is exploring the Senegal Mali Shear Zone ("SMSZ") project. The SMSZ Project lies within in the Kenieba, Birimian-formation geological inlier along Mali's western border (see Figure 2).

During 2020, the Company completed two exploration programs on the SMSZ Project. The first program, which commenced in December 2019, was completed in March 2020, with drilling completed in January. The second exploration program commenced in late June and was completed in late July. Results from the drilling were released on August 31, 2020 with highlight drill intercepts of 3.09 g/t gold over 25 metres and 2.54 g/t gold over 15 metres (~65% true width) from a hole at the Gourbassi East Zone.

In late 2020, the Company commenced it largest ever exploration program at the SMSZ. During 2021 the company completed 21,051 metres of drilling (air core, reverse circulation and core), 21,111 metres of auger drilling, 90.8-line kilometres of IP geophysical surveys, the collection of 7,703 soil samples and mapping/prospecting. The goal of the program comprised drilling to advance known gold zones and soil, auger and IP surveys to identify new targets, with real-timefollow-up with drill testing of newly developed targets. The first phase of the program was competed by the end of July, 2021.

Drilling resumed over the Gourbassi West North target on the Project in late December 2021 with 72 air core holes totaling 2,890 metres completed before year-end.

This program was followed up with a 98-hole 4,965.5 metre drill program that focussed on the Gourbassi West North ("GWN") Zone. In addition, two holes were drilled at Mogoyafara South, one hole at Linnegukoto West and one hole at Barani East Zones.

Figure 2. Location Map and regional setting of the SMSZ projects.

Desert Gold Ventures Inc.

Management Discussion & Analysis

Six months ended June 30, 2022

SMSZ Project

The SMSZ project is centered 50 km south of the Sadiola Mine and spans both sides of the Senegal-Mali Shear Zone, which, regionally, is related to the Loulo, Sadiola, Yatela, Loulo, Gounkoto and Fekola Mines (Figure 2). The property was previously explored by other companies, whose work delineated more than 18 zones of gold mineralisation within the project area (Figure 3). Additional exploration opportunities included a significant amount of gold-in-soil anomalies that needed to be evaluated, and large, laterite- covered areas, associated with the Senegal Mali Shear Zone, which, in management's opinion, could hide a significant gold deposit. Exploration work has been carried out to test many of these exploration target areas.

As of June 30, 2022, the Project consists of a total of ten contiguous tenements (including a small-scale mining license over the Barani East Zone) totalling 440 km2 (see Table 1, Figure 3). All tenements are governed by a standard Convention Minière detailing the fiscal and legal regime under which the exploration permits are granted. The Project consists of the original 100% owned Faranbatourou Concession area (now the Farabantourou West (Quest) permit and the Petit Mine permits) In Q3, 2019, Desert Gold closed the acquisition of Ashanti Gold Corp. and the acquisition of two concessions, Kousilli West and Keniebandi East) from Mineral Management Consulting ("MMC"). Option deals for a two-concession block (Djelimangara and Sebessounkoto) from Altus and the Linguekoto and Sola West concessions, were also completed in late 2019 and 2020 and in September 2021, the Company was granted the rights to the Kolomba Concession from the government.