79North : 2021 Q4 MDA

79NORTH INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE YEAR ENDED NOVEMBER 30, 2021

79North Inc.

Management's Discussion and Analysis Year Ended November 30, 2021

Dated: March 25, 2022

Introduction

The following management's discussion and analysis ("MD&A") of the financial condition and results of the operations of 79North Inc. ("79North" or the "Company") constitutes management's review of the factors that affected the Company's financial and operating performance for the year ended November 30, 2021.

This MD&A was written to comply with the requirements of National Instrument 51-102 - Continuous Disclosure Obligations. This discussion should be read in conjunction with the audited financial statements of the Company for the years ended November 30, 2021 and 2020, together with the notes thereto. Results are reported in Canadian dollars, unless otherwise noted. The Company's 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 of March 25, 2022, unless otherwise indicated.

For the purposes of preparing this 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 Company's common shares (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.

Additional information relating to the Company is available free of charge on the System for Electronic Document Analysis and Retrieval (SEDAR) website atwww.sedar.com.

Caution 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 statements 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.

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79North Inc.

Management's Discussion and Analysis Year Ended November 30, 2021

Dated: March 25, 2022

Forward-looking statements	Assumptions	Risk factors
Potential of 79North's properties to contain economic deposits of gold and/or other metals	Financing will be available for future exploration and development of 79North's properties; the actual results of 79North's exploration and development activities will be favourable; operating, exploration and development costs will not exceed 79North's expectations; the Company will be able to retain and attract skilled staff; all requisite regulatory and governmental approvals for exploration projects and other operations will be received on a timely basis upon terms acceptable to 79North, and applicable political and economic conditions are favourable to 79North; the price of gold and/or other applicable metals and applicable interest and exchange rates will be favourable to 79North; no title disputes exist with respect to the Company's properties	Gold price volatility; uncertainties involved in interpreting geological data and confirming title to acquired properties; the possibility that future exploration results will not be consistent with 79North's expectations; availability of financing for and actual results of 79North's exploration and development activities; increases in costs; environmental compliance and changes in environmental and other local legislation and regulation; interest rate and exchange rate fluctuations; changes in economic and political conditions; the Company's ability to retain and attract skilled staff
The Company's ability to meet its working capital needs at the current level for the twelve-month period ending November 30, 2022 The Company expects to incur further losses in the development of its business Should the Company not raise sufficient capital, it may cease operations	The operating and exploration activities of the Company for the twelve-month period ending November 30, 2022, and the costs associated therewith, will be consistent with 79North's current expectations; debt and equity markets, exchange and interest rates and other applicable economic conditions are favourable to 79North	Changes in debt and equity markets; timing and availability of external financing on acceptable terms; increases in costs; environmental compliance and changes in environmental and other local legislation and regulation; interest rate and exchange rate fluctuations; changes in economic conditions
The Company's ability to carry out anticipated exploration on its property interests	The exploration activities of the Company for the twelve months ended November 30, 2022, and the costs associated therewith, will be consistent with 79North's current expectations; debt and equity markets, exchange and interest rates and other applicable economic conditions are favourable to 79North	Changes in debt and equity markets; timing and availability of external financing on acceptable terms; increases in costs; environmental compliance and changes in environmental and other local legislation and regulation; interest rate and exchange rate fluctuations; changes in economic conditions; receipt of applicable permits

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79North Inc.

Management's Discussion and Analysis Year Ended November 30, 2021

Dated: March 25, 2022

Plans, costs, timing and capital for future exploration and development of 79North's property interests, including the costs and potential impact of complying with existing and proposed laws and regulations	Financing will be available for 79North's exploration and development activities and the results thereof will be favourable; actual operating and exploration costs will be consistent with the Company's current expectations; the Company will be able to retain and attract skilled staff; all applicable regulatory and governmental approvals for exploration projects and other operations will be received on a timely basis upon terms acceptable to 79North; the Company will not be adversely affected by market competition; debt and equity markets, exchange and interest rates and other applicable economic and political conditions are favourable to 79North; the price of gold and/or other applicable metals will be favourable to 79North; no title disputes exist with respect to 79North's properties	Gold or silver price volatility, changes in debt and equity markets; timing and availability of external financing on acceptable terms; the uncertainties involved in interpreting geological data and confirming title to acquired properties; the possibility that future exploration results will not be consistent with 79North's expectations; increases in costs; environmental compliance and changes in environmental and other local legislation and regulation; interest rate and exchange rate fluctuations; changes in economic and political conditions; the Company's ability to retain and attract skilled staff
Management's outlook regarding future trends	Financing will be available for 79North's exploration and operating activities; the price of gold and/or other applicable metals will be favourable to 79North	Gold price volatility; changes in debt and equity markets; interest rate and exchange rate fluctuations; changes in economic and political conditions

Inherent in forward-looking statements are risks, uncertainties, and other factors beyond 79North's ability to predict or control. Please also refer to those risk factors outlined in the "Risk Factors" section below. Readers are cautioned that the above chart 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 79North'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 because 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.

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79North Inc.

Management's Discussion and Analysis Year Ended November 30, 2021

Dated: March 25, 2022

Description of Business

The Company was incorporated under the name "12 Exploration Inc." pursuant to the Business Corporations Act (Ontario) on November 27, 2017.

On June 12, 2020, the Company completed a reverse take-over transaction ("RTO Transaction") with 79North Ltd. ("79North Ltd.") whereby the Company acquired 100% of the issued and outstanding common shares of 79North Ltd. by way of a three-cornered amalgamation pursuant to which 79North Ltd. amalgamated with a wholly owned subsidiary of the Company. As a result of the share exchange, 79North Ltd. is considered to have control. While the Company is the legal acquirer, the accounting acquirer is 79North Ltd. and these financial statements are consolidated and presented with 79North Ltd. as the continuing entity. Following the RTO, the Company began trading on the Canadian Securities Exchange ("CSE") under the symbol "TWLV" on June 16, 2020. On August 19, 2020, the Company changed its name to "79North Inc." and began trading on CSE under the symbol "JQ". On December 3, 2020, the Company's Common Shares commenced trading on the Frankfurt Stock Exchange under the ticker symbol "6120" and on March 5, 2021, the Company's Common Shares commenced trading on the OTCQB Venture Market under the ticker symbol "SVNTF".

79North, is led by a team with extensive mineral exploration expertise and a track record of discoveries and exits in South America and globally. 79North currently holds an indirect interest in mineral concessions in northern Suriname and aims to become the premier junior exploration company in this under explored district of the prolific Guiana Shield. 79North's growing portfolio of high-quality targets which have not undergone modern exploration or drilling have a long history of artisanal mining and are strategically located near modern gold mines operated by major mining companies. 79North is a mineral exploration company focused on the acquisition, exploration, and development of properties for the mining of gold and other minerals. Both the registered and head office of the Company is located at The Canadian Venture Building, 82 Richmond Street East, Suite 306, Toronto, Ontario M5C 1P1.

The Company is in the exploration stage and is subject to the same risks and challenges as other companies at a comparable stage of development. These risks include, but are not limited to, the dependence on key individuals, successful exploration, and the ability to secure adequate financing to meet the minimum capital required to successfully complete its planned work programs on mineral properties. The financial statements for the year ended November 30, 2021, have been prepared using accounting policies applicable to a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business as they become due. The business of mining and exploring for minerals involves a high degree of risk and there can be no assurance that current exploration programs will result in profitable mining operations. The Company's continued existence is dependent upon the preservation of its interests in the underlying properties, the discovery of economically recoverable reserves and the Company's ability to dispose of its interests on an advantageous basis.

79North is at an early stage of exploring and acquiring gold properties and as is common with many small companies, it raises financing for its exploration and acquisition activities in discrete tranches. As at November 30, 2021, the Company has working capital of $1,044,196 (November 30, 2020 - working capital of $2,895,652). For the year ended November 30, 2021, the Company had a net loss and comprehensive loss of $2,627,923 (year ended November 30, 2020 - loss of $2,841,010) and had cash outflows from operations of $2,328,982 (year ended November 30, 2020 - cash outflows of $1,882,087). These conditions indicate the existence of some uncertainty that may cast doubt regarding the Company's ability to continue as a going concern and, accordingly, the ultimate use of accounting principles applicable to a going concern.

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