Generic Gold : MD&A ending December 31, 2021

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE YEAR ENDED DECEMBER 31, 2021

The following Management's Discussion and Analysis ("MD&A") of the financial condition and results of operations of Generic Gold Corp. ("Generic Gold" or the "Company") constitutes Management's review of the factors that affected the Company's financial and operating performance for the year ended December 31, 2021 and 2020. This MD&A was written to comply with the requirements of National Instrument 51-102 - Continuous Disclosure Obligations. This MD&A should be read in conjunction with Company's audited consolidated financial statements for the year ended December 31, 2021 and 2020 together with the notes thereto. Results are reported in Canadian dollars, unless otherwise noted. The Company's audited consolidated financial statements and the financial information contained in this MD&A are prepared in accordance with International Financial

Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the IFRS Interpretations Committee ("IFRIC"). In the opinion of management, all adjustments (which consist only of normal recurring adjustments) considered necessary for a fair presentation have been included. Information contained herein is presented as at April 22, 2022, unless otherwise indicated.

For the purposes of preparing this MD&A, management, in conjunction with the Board of Directors, 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 Generic Gold's common shares; or (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 of Directors, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity.

Cautionary Note Regarding Forward-Looking Statements

This MD&A contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). These statements relate to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions,events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this MD&A speak only as of the date of this MD&A or as of the date specified in such statement. 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.

Inherent in forward-looking statements are risks, uncertainties and other factors beyond Generic

Gold's ability to predict or control. Please also make reference to those risk factors referenced in the "Risk Factors" section below. Readers are cautioned that the information in this MD&A does not

contain an exhaustive list of the factors or assumptions that may affect the forward-looking statements, and that the assumptions underlying such statements may prove to be incorrect. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this MD&A.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Generic Gold's actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement.

Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law.

DESCRIPTION OF BUSINESS

Generic Gold was incorporated by articles of incorporation dated May 30, 2017 under the Business Corporations Act (Ontario). Generic Gold's principal business activity is the acquisition and exploration of potentially high-grade gold properties in Canada. The registered head office of the Company is located at 217 Queen Street West, Suite 401, Toronto, Ontario, M5V 0R2.

The Company acquired the rights to explore eight gold properties in the Yukon Territory of Canada.

On July 7, 2020, Generic Gold acquired three blocks of claims (the "Belvais Project") in the Abitibi

region of northwestern Quebec, proximal and to the east of the town of Normétal. The Project is comprised of 169 mineral claims covering approximately 8,148 hectares of prospective Archean stratigraphy of felsic through to mafic volcanic rocks, sediments, and numerous intrusions of varying age and compositions. On November 25, 2020, the Company acquired an additional 4,415 hectares (the "De Meloizes Property"), which increased the land position of the overall Belvais project to 12,563 hectares (125.65 km2).

OVERALL PERFORMANCE

As at December 31, 2021, the Company had total consolidated assets of $3,878,687 (the Company expenses all of its exploration and acquisition costs), and total shareholders' equity of $3,359,301 compared to total consolidated assets of $5,657,327 and total shareholders' equity of $4,816,718 as at December 31, 2020. The Company had current liabilities of $484,634 as at December 31, 2021 compared to $749,882 as at December 31, 2020, resulting in working capital of $3,307,311 as at December 31, 2021 compared to working capital of $4,765,917 as at December 31, 2020.

EXPLORATION ACTIVITIES

During the year ended December 31, 2021, the Company continued its exploration activities on its Belvais property in the Abitibi, Québec. Phase 1 of the announced 7,500m diamond drill program was completed. It total, 13 drill holes were completed for 4,303m of drilling. Phase 1 principally targeted EM plates that had been identified and modelled from the VTEM survey that was previously conducted. On October 28, 2021, the Company announced the results from Phase 1 of drilling and outlined targets for Phase 2. On December 2, 2021, the Company announced the beginning on Phase 2 drilling. New targets for this phase include systematic drilling along the Normétal Mine Horizon, where neighbouring companies Starr Peak Mining and Amex Exploration have both recently made VMS discoveries. A splay fault disrupting the main Normétal fault has also been identified as a target. Other targets include IP anomalies identified from a 2019 survey and off-hole BHEM (borehole electromagnetics) anomalies identified during Phase 1 operations. Drilling operations continued into 2022, with the drill rig leaving the property in mid March. In total, a further 4,496m was drilled during Phase 2 bringing the combined total conducted on Belvais to 8,799m. All drill core samples are now with AGAT Laboratories in Val d'Or, Quebec and results are pending.

An airborne geophysical VTEMTM (time versatile electromagnetic) survey that had commenced in November, 2020 was completed in late January, 2021. Initial results were received at the end of February with final data sets obtained at the end of March, 2021. The entirety of the Belvais property was flown as part of a larger project in conjunction with neighbouring companies. Many EM (electromagnetical) anomalies were identified across the property, with some large EM plates modelled surrounding and along strike to the historic Normétal copper/zinc mine. This information has been instrumental in drill hole planning, with important identified anomalies not having seen any previous drilling. An external geophysicist was engaged to complete a full structural analysis of the Belvais project with magnetic and VTEM data and to suggest drill hole targets. A 3D compilation of all historic geological data was completed by consultants Laurentia Exploration and combined together with current results, which has provided a clear geological picture of the Belvais area.

The Company also continues to review its Yukon property portfolio. Of particular interest is the Goodman & Seattle property package, located near the town of Mayo, Yukon. The neighbouring property to Goodman, owned by Victoria Gold Corp., has been actively mining its Eagle Gold Mine in the commercial production phase. Victoria Gold Corp. is also actively drilling the past-producing Rex-Peso high-grade silver target 4km west of the Eagle Gold Mine. Generic Gold has 4 claims directly west of this activity and will continue to monitor results closely. The Company continues to review and compare the Goodman & Seattle project in contrast to the Eagle Gold Mine to identifynew exploration targets. Also of continuing interest to the Company is its VIP project, located directly west of Newmont Corporation's Coffee Project.

TECHNICAL INFORMATION

Aaron Stone, P.Geo., is the "qualified person" within the meaning of NI-43,101, who has approved all scientific and technical information disclosed in this MD&A. Mr. Stone is Vice President Exploration of the Company.

ENVIRONMENTAL LIABILITIES

As at the date of this report, the Company is not aware of any environmental liabilities or obligations associated with its mining property interests. The Company is conducting its operations in a manner that meets or exceeds governing environmental legislation.

OFF-BALANCE SHEET ARRANGEMENTS

As of the date of this MD&A, the Company does not have any off-balance-sheet arrangements.

SELECTED QUARTERLY FINANCIAL INFORMATION

Net income (loss) and comprehensive income (loss) ($)	Basic income (loss) per share ($)	Total assets ($)
Three months ended December 31, 2021	(338,479)	(0.00)	3,878,687
Three months ended September 30, 2021	(547,068)	(0.01)	4,120,890
Three months ended June 30, 2021	(1,419,956)	(0.02)	5,316,832
Three months ended March 31, 2021	(412,061)	(0.01)	5,214,509
Three months ended December 31, 2020	(1,716,180)	(0.04)	5,657,327
Three months ended September 30, 2020	(3,154,769)	(0.06)	6,261,588
Three months ended June 30, 2020	(46,930)	(0.00)	64,919

Three months ended March 31, 2020

49,213

(0.00)

52,490

Consolidated net loss and comprehensive loss for the year ended December 31, 2021 of $2,717,564 (2020 - $4,868,666) resulted from general and administrative expenses of $1,673,308 (2020 - $1,163,476) and exploration and evaluation expenses of $1,268,736 (2020 - $3,952,060). General and administrative expenses consist of consulting fees of $359,000 (2020 - $221,047); professional fees of $50,730 (2020 - $109,463); transfer agent fees and investor relations of $137,063 (2020 - $94,764); accounting fees of $60,000 (2020 - $45,000); office and administrative expenses of $67,052 (2020 - $7,638); depreciation of $54,786 (2020 - $22,827) and share-based payments of $944,677 (2020 - $662,735). During the year ended December 31, 2020, Generic reported $100,000 of other income. In addition, the Company recognized a gain on sale of flow-through rights in the amount of $224,480 during the year ended December 31, 2021 (2020 - $146,870).

Consolidated net loss and comprehensive loss for the three months ended December 31, 2021 of $338,479 (2020 - $1,863,050) resulted from general and administrative expenses of $140,157 (2020 - $230,990) and exploration and evaluation expenses of $198,322 (2020 - $1,632,060). General and administrative expenses consist of consulting fees of $81,000 (2020 - $74,450); professional fees of $7,843 (2020 - a gain of $27,494); transfer agent fees and investor relations of $10,233 (2020 - $10,778); accounting fees of $15,000 (2020 - $15,000); office and administrative expenses of $12,382 (2020 - a gain of $1,776); depreciation of $13,699 (2020 - $22,827) and share-based payments of $nil (2020 - $137,203). Company recognized a gain on sale of flow-through rights in the amount of $nil for the three months ended December 31, 2021 (2020 - $nil).

LIQUIDITY AND FINANCIAL POSITION

To date, the Company has not generated significant revenues from its operations and is considered to be in the exploration stage. The Company's long-term financial success is dependent on discovering properties that contain mineral reserves that are economically recoverable. All of the

Company's resource property agreements are option agreements and the exercise thereof are at the discretion of the Company. To earn its interest in the properties, the Company must incur certain expenditures in accordance with the agreements. At present, the Company is dependent on equity or debt financing for additional funding if required. Should one of the Company's projects proceed to the mine development stage, it is expected that a combination of debt and equity financing would be available

As at December 31, 2021, the Company had cash of $3,577,976 (2020 - $5,356,826) and amounts receivable and other assets of $213,969 (2020 - $158,973).

As at December 31, 2021, the Company had current assets of $3,791,945 (December 31, 2020 - $5,515,799) and current liabilities of $484,634 (December 31, 2020 - $749,882) resulting in working capital of $3,307,311 compared to working capital of $4,765,917 at December 31, 2020.

On August 11, 2020, the Company completed a brokered private placement financing through the issuance of an aggregate of 16,858,298 units (the "Units") of the Company at a price of $0.35 per Unit and an aggregate of 2,857,500 flow-through units (the "FT Units") of the Company at a price of $0.40 per FT Unit for gross proceeds of $7,043,404.

Each Unit is comprised of one common share (each, a "Common Share") in the capital of the Company and one Common Share purchase warrant (each, a "Unit Warrant"). Each Unit Warrant entitles the holder thereof to acquire one Common Share at a price of $0.50 until August 10, 2022.