E2Gold : Interim Management Discussion and Analysis April 30, 2022

E2GOLD INC.

INTERIM MANAGEMENT'S DISCUSSION AND ANALYSIS

QUARTERLY HIGHLIGHTS

THREE AND NINE MONTHS ENDED APRIL 30, 2022

(EXPRESSED IN CANADIAN DOLLARS)

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The following interim Management's Discussion and Analysis ("interim MD&A") of the financial condition and results of the operation of E2Gold Inc. (the "Company" or "E2Gold") constitutes management's review of the factors that affected the Company's financial and operating performance for the three and nine months ended April 30, 2022. This interim MD&A has been prepared in compliance with section 2.2.1 of Form 51-102F1, in accordance with National Instrument 51-102 - Continuous Disclosure Obligations. This interim MD&A should be read in conjunction with the audited financial statements of the Company for the fiscal year ended July 31, 2021 and 2020, together with the notes thereto, and the unaudited condensed interim financial statements of the Company for the three and nine months ended April 30, 2022, together with the notes thereto. The unaudited condensed interim financial statements have been prepared in accordance with International Standard 34, Interim Financial Reporting. Information contained herein is presented as of June 27, 2022, unless otherwise indicated. Results are reported in Canadian dollars, unless otherwise noted. In the opinion of management, all adjustments (which consist only of normal recurring adjustments) considered necessary for a fair presentation have been included.

For the purposes of preparing this interim MD&A, management, in conjunction with the Board of Directors (the "Board"), considers the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of the Common Shares; (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. Management, in conjunction with the Board, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity.

The April 30, 2022, unaudited condensed interim financial statements were prepared in accordance with accounting principles applicable to a going concern, which assumes that the Company will be able to realize its assets and discharge liabilities in the normal course of business. The Company's ability to continue as a going concern is always dependent on its ability to raise new funds to meet its obligations and continue its exploration activities.

Further information about the Company and its operations is available on the Company's website at www.e2gold.caor on SEDAR at www.sedar.com.

This interim MD&A contains forward-looking information as further described in the "Cautionary Note Regarding Forward-Looking Statements" at the end of this interim MD&A. Please also make reference to those risk factors identified or otherwise indirectly referenced in the "Risks and Uncertainties" also at the end of this interim MD&A.

OVERALL PERFORMANCE

Description of Business and Nature of Operations

The Company was incorporated pursuant to the Business Corporations Act (Ontario) under the name "5003754 Ontario Inc." on October 25, 2018. Articles of amendment were subsequently filed on February 11, 2020 to change the name of the Company to "E2Gold Inc." Articles of amendment were subsequently filed on October 14, 2020 to remove the private company restrictions contained in the articles of the Company. The Company's head office is located at 8 King Street East, Suite 1700, Toronto, Ontario M5C 1B5.

In December 2020, the Company completed its Initial Public Offering ("IPO") and its common shares commenced trading on the TSX Venture Exchange ("TSXV") at the opening of business on January 4, 2021. The common shares of the Company trades under the symbol "ETU".

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On February 22, 2022, the Company announced that it received approval for trading its common shares in the United States on the OTCQB Market, under the symbol "ETUGF", effective February 23, 2022. The Company's common shares will continue to trade on the TSX Venture Exchange under the symbol "ETU".

The principal business of the Company is the acquisition, exploration and evaluation of mineral properties and developing these properties further or disposing of them when evaluation is complete. Its principal project is the 75 km long Hawkins Gold Property located in the province of Ontario, Canada. Optioned from Pavey Ark in January 2020, the project is anchored by an at-surface Inferred Mineral Resource (The McKinnon Zone), compliant with National Instrument 43-101, of 6.2 million tonnes grading 1.65 g/t Au for 328,800 oz of gold. The Company intends to focus its exploration activities on the Hawkins Gold Property in the near term to determine its mineral potential.

TRENDS AND ECONOMIC CONDITIONS

Management regularly monitors economic conditions and estimates their impact on the Company's operations and incorporates these estimates in both short-term operating and longer-term strategic decisions.

On March 11, 2020, the World Health Organization declared the rapidly spreading COVID-19 outbreak as a global pandemic. The Company has closely monitored developments in the COVID-19 outbreak and is following all applicable governmental protocols in order to ensure the safety of the Company's workforce and local communities. There have been no outbreaks of COVID-19 at the Company's operations to date.

While the COVID-19 pandemic restrictions have been lifted by different level of governments over the last few months, material uncertainties may still arise that could influence management's going concern assumption. In addition, management cannot accurately predict the future impact COVID-19 may have on the global gold prices, the demand for gold, the ability to explore for gold, the severity and if any new potential measures that might be taken by governments to manage a possible other wave and spread of the virus and their effect on labour and supply lines, the availability of common resources such as water and electricity and the Company's ability to obtain funding.

Apart from this and the risk factors noted under the heading "Risks and Uncertainties", management is not aware of any other trends, commitments, events or uncertainties that would have a material effect on the Company's business, financial condition or results of operations.

OUTLOOK

Since the IPO in December 2020, E2Gold has raised $6.8 million in equity financings, allowing it to operate an aggressive early-stage exploration program on its Hawkins gold project. This program has included the completion of 37 diamond drill holes to-date, totaling - 13,048 metres of drilling. This program was completed in the first quarter of 2022.

As follow up to 2021 exploration activities, the Company anticipates drilling at its Band-Ore property in the summer 2022 and to continue its ongoing surface exploration program including mapping, prospecting, soil sampling, structural analysis, geophysics, and other activities on the Central Hawkins Corridor. These activities are aimed at developing drill targets on the property, in and around the McKinnon Zone. Targets both on and off the McKinnon Zone trend will be assessed for gold and base metal potential as the Company attempts to build gold ounces through discovery.

Beyond the Central Hawkins Corridor, E2Gold also anticipates a greater push for regional exploration on its western claims (the "KB" Claims), as well as the eastern claim block. Targets have already been

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identified for mapping and prospecting activities, with the aim of developing future drill targets on these claims.

The Company was active on the property acquisition front. In September, it substantially increased the size of its flagship Hawkins property, essentially tripling its size through staking. The Company now controls most of the Kabinakagami Greenstone Belt.

The Company also recently optioned the Band-Ore property from Golden Share Resources Corporation ("Golden Share"). Although E2Gold intends to maintain its principal focus on the Hawkins property, the Band-Ore property fits perfectly with E2Gold's Ontario portfolio, and the Company plans to conduct its first exploration efforts on the property during summer of 2022.

As a junior resource company, E2Gold has no income, and is reliant on capital markets for future funding. However, through its very active outreach, shareholder and marketing programs, the Company sees extensive interest in its activities, and monitors the capital markets and shareholder interest. Although the company is confident in securing future funding, there is no guarantee that such funding will come.

EXPLORATION UPDATE

Hawkins Gold Property

During winter and spring 2022, E2Gold focused on closing out the Phase 2 drilling program on the central 15 km long Central Hawkins Corridor, in and around the McKinnon Zone Inferred Resource. Exploration activities included geological mapping and prospecting, drilling and modelling.

During the period covered by this report, E2Gold:

• Completed 4 holes of the 37 in 2022 for a total of 2,088 meters. These holes represented the planned winter holes. This drilling completed the total 10,171 m drill program of 20 holes, in and around the McKinnon Zone Inferred Resource. Three targets were tested: 1) A series of deep step-out holes below the McKinnon Zone, 2) selected shallow level step-out targets below and along strike with the McKinnon Zone, and 3) off-trend geophysical targets. A total of 1477 core samples were shipped for assay for the summer/fall phase 2 drill program. A total of 2811 samples were shipped for all 37 drill holes drilled to date. All expected assay results have been received.
• Commenced a preliminary modelling of the McKinnon Zone by utilizing the assay and whole rock data, as well as lithological and geophysical information to identify potential targets for possible follow-up drilling.
• Completed reprocessing of government geophysical and other survey data, and in addition to recent and historic exploration data compilation, with the purpose to identify priority target areas for the spring and summer exploration field season.
• Completed one field rotation of prospecting and mapping property wide on the west, central and eastern Hawkins claims. During this time 190 samples were collected and submitted for assay and multi-metal and element analysis. The second rotation is in progress.
• Completed a LIDAR survey over the west, central and Hawkins claims. The data is currently being processed and is anticipated to be used for a property scale soil and/or till sampling program, program access planning, as well as structural interpretation.

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• Commenced a desk top structural study and interpretation of tele-optic data for the borehole survey data collected in 2021. This work is in progress and is anticipated to assist with identifying potential field exploration targets, as well as potential drill targets.
• Completed a 35.95 line-kmpole-dipole "IP" survey over the defined area called Grid #3, in the central Hawkins claims block, west of the McKinnon Zone. (see press release March 23, 2022).
• Completed reprocessing of the IP Grid#3 data over the central western Hawkins claims to identify potential drill targets

The current 2022 field season in underway.

Other Properties

In addition to the Hawkins property, E2Gold has three other projects in Ontario: the Band-Ore, Copperfield, and Strathearn projects.

In 2021, E2Gold optioned the 10 km-longBand-Ore gold project from Golden Share (see Press Release, October 14, 2021). Located approximately 75 km west of Thunder Bay, Ontario, in Hagey and Conacher Townships, the property consists of 109 staked mining claims, as well as 16 patented mining claims and one mining lease. The property hosts two historic mineral resources (not compliant with National Instrument 43-101): the Main Zone, with 706,000 tonnes grading 6.86 g/t gold for 155,728 ounces of gold, and the No. 4 Zone with 616,000 tonnes grading 4.84 g/t gold, for 95,668 ounces of gold.

Planning for 2022 exploration activities on the Band Ore property is underway. Initial work will likely consist of a small 1,000 metre drill program to test select targets.

The Strathearn and Copperfield projects are located to the southeast of E2Gold's Hawkins Project, in Strathearn and Copperfield Townships, respectively. Both are early-stage greenfield properties, staked by E2Gold in early 2021, based on geophysical similarities to Newmont's Borden Mine. During the period, a first-pass mapping and prospecting surveys were undertaken on both projects. Preliminary assessment reports were filed for these properties.

			Three months ended		Nine months ended
			April 30,			April 30,
			2022		2021		2022		2021
	Hawkins Gold Property
	Community relations	$	17,248	$	3,727	$	21,170	$	15,387
	Depreciation		2,439		-		7,317		-
	Drilling		631,398		749,326		2,528,175		790,569
	Geology		193,851		16,876		731,187		422,638
	Geophysics		3,550		59,811		282,188		203,712
	Mineral property / claims		-		12,324		88,225		12,324
	Option payments(1)		-		-		400,000		200,000
	Resource estimates		-		-		-		50,550
		$	848,486	$	842,064	$	4,058,262	$	1,695,180

(1) $400,000 includes $200,000 in cash and 1,459,854 common shares valued at $200,000.