Fiore Gold : MD&A | 06/2021

Management's Discussion and Analysis of

FIORE GOLD LTD.

For the Three and Nine Months Ended June 30, 2021

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended June 30, 2021

MANAGEMENT'S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management's Discussion & Analysis ("MD&A") of Fiore Gold Ltd. (the "Company", "we", "our", "us" or "Fiore Gold") has been prepared to enable a reader to assess material changes in financial condition and results of operations as at and for the three and nine months ended June 30, 2021 ("Q3 2021"). The MD&A should be read in conjunction with the management's discussion and analysis and the audited consolidated financial statements for the years ended September 30, 2020 and 2019 (the "Consolidated Financial Statements"), prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS") and the unaudited condensed interim consolidated financial statements ("interim financial statements") of the Company for the three and nine months ended June 30, 2021 and 2020 (prepared in accordance with International Accounting Standard 34 - Interim Financial Reporting ("IAS 34")). The information provided herein supplements, but does not form part of, the interim financial statements and includes financial and operational information from the Company's subsidiaries. Additional corporate information, including our most recent Annual Information Form ("AIF") and other continuous disclosure documents can be accessed through the System for Electronic Document Analysis and Retrieval ("SEDAR") website at www.sedar.com.

This discussion contains forward-looking statements reflecting our current expectations, whose actual outcomes involve risks and uncertainties. Actual results and the timing of events may differ materially from those stated in or implied by these forward-looking statements due to a number of factors, including those discussed in the sections entitled "Risk Factors," and "Cautionary Statement Regarding Forward-Looking Statements" herein and within the MD&A for the years ended September 30, 2020 and 2019. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.

The report is dated as of August 18, 2021. All references to the Company include its subsidiaries unless the context requires otherwise.

OVERVIEW

Fiore Gold is a growing gold producer, developer and explorer focused on precious metal projects in the United States. Fiore operates the Fiore Gold Pan Mine ("Pan"), an open pit, heap leach mine in White Pine County, Nevada. The nearby Gold Rock project is a federally permitted evaluation stage gold project and the Golden Eagle project in Washington State is an exploratory stage project with significant identified gold mineralization. The newly acquired Illipah project, nearby our Pan and Gold Rock assets, is also an exploratory stage project.

The Pan Mine generated operating cash flow of $6.95 million during our fiscal Q3 2021, which was the result of 11,751 gold ounces produced, an average realized price per ounce of $1,815 and Pan Mine AISC per ounce1 of $1,100. The Pan Mine continues to demonstrate consistent generation of operating cash flow and net income.

We recognized consolidated net income of $4.14 million, operating cash flow of $6.01 million, a closing cash balance of $18.48 million and working capital of $42.12 million for Q3 2021. Through the nine months ended June 30, 2021, we have recognized $13.13 million of net income or $0.13 earnings per share, compared to $0.09 earnings per share during the prior year. All of these measures continue to demonstrate the operational and managerial efficiencies we have demonstrated quarter after quarter to steadily grow Fiore Gold into a solid performing gold company. With the phase III leach pad now operational at the Pan Mine, we expect further improvement in quarterly production in our fiscal Q4.

We are progressing with our Gold Rock program, which commenced during fiscal Q4 2020, of resource expansion, metallurgical, geotechnical and condemnation drilling to advance the Feasibility Study ("FS") through 2021. Assuming drill rig availability, we will look to expand the original 60,000 m drilling program. Once the program is completed, we will look to update the geology and resource models and provide an updated resource ahead of the FS.

As guided, we are working through the spend of approximately $20.0 million during FY2021 on non-sustaining capital, including the phase III heap leach pad at the Pan Mine, resource expansion drilling programs at the Pan Mine and capital expenditures in support of the FS at Gold Rock. Accordingly, we have incurred $16.72 million of investing cash outflows thus far through YTD Q3 of 2021, which includes $11.34 million of Pan Mine capital, primarily for the phase III heap leach pad, and $4.99 million for Gold Rock evaluation expenditures.

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MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended June 30, 2021

We continue to take precautions to reduce the risk to our employees from the COVID-19 pandemic. At our Nevada operations, enhanced safety measures continue to include reduced non-essentialwork-related travel, reduced visitors and non-essential consultants and contractors, isolating delivery drivers, reducing personal contact between onsite employees and contractors, and additional cleaning and sterilization measures. While there have been a few positive cases of COVID-19 at the Pan Mine, they have not had a meaningful impact on production. Through contact tracing and enhanced safety measures, we believe we have minimized cases and impacts of COVID-19. We are encouraging our employees to get vaccinated and providing proper accommodations to assist with the process. While we expect that precautions and risks related to COVID-19, and variants thereof, will persist into the future, the availability of vaccinations increases our ability to mitigate against the risks presented by COVID-19.

Our vision is to enhance the value of the Company to shareholders by improving our profitability and return on investment, maintaining a strong balance sheet position and increasing cash flows from operations. Our strategy to enhance the value of the Company is to grow Fiore Gold into a 150,000 ounce per year gold producer focused on stable jurisdictions. To achieve this, we intend to:

• grow gold production at the Pan Mine while increasing the resource and reserve base;
• advance exploration and development of the nearby federally permitted Gold Rock project; and
• acquire additional production or near-production assets to complement our existing operations.

Fiore Gold Ltd. was formed on September 25, 2017 pursuant to an Arrangement Agreement (the "Arrangement") dated July 24, 2017, whereby GRP Minerals Corp. ("GRP") acquired Fiore Exploration Ltd. ("Fiore Exploration"), combining their businesses to create Fiore Gold Ltd., a new U.S. based gold production and development company. Our shares are publicly listed on the TSX Venture Exchange ("TSX-V") under the symbol "F" in Canada and on the OTCQB in the United States under the symbol "FIOGF". The address of our registered and records office is 400 - 725 Granville Street, P.O. Box 10325, Vancouver, British Columbia, V7Y 1G5.

Q3 2021 CONSOLIDATED FINANCIAL, OPERATIONAL AND ORGANIC GROWTH HIGHLIGHTS

Financial Highlights

• Recorded quarterly revenues of $21.31 million with mine operating income of $7.20 million
• Generated Pan operating cash flow1 of $6.95 million and consolidated operating cash flow of $6.01 million
• Closing cash balance of $18.48 million at June 30, 2021, an increase in cash from March 31, 2021 despite continued capital investment in the expansion of the Pan heap leach pad to accommodate added mine life, and on-going drilling and Feasibility Study activities to advance Gold Rock
• Pan stand-alone operating income1 of $7.20 million and consolidated operating income of $5.41 million
• Net income of $4.14 million and adjusted net earnings1 of $4.27 million
• Basic and diluted earnings per share of $0.04

Operating Highlights

• Q3 gold production of 11,751 ounces, an 8% increase compared to Q2 2021
• Gold sales of 11,741 ounces at an average realized price of $1,815 per ounce
• Mined ore production in Q3 of 12,557 tons per day ("tpd") with a stripping ratio of 1.8:1.0 and grade of 0.013 ounces/ton
  ("opt") or 0.46 grams per tonne ("g/t")
• First ore placed on the new leach pad in June 2021 and irrigation commenced in early July, which is expected to further improve gold production in fiscal Q4
• 82,028 hours worked in Q3 with no reportable environmental incidents at a Total Recordable Injury Frequency Rate of 3.7
• Q3 2021 cash costs per ounce sold1 of $1,073
• Q3 Pan Mine AISC1 per ounce sold of $1,100 and Q3 2021 Fiore consolidated AISC1 of $1,247

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MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended June 30, 2021

Organic Growth Highlights

• Gold Rock drill results announced during the quarter were headlined by 24.4 metres of 2.85 g/t gold and 40.3 metres of 0.70 g/t gold
• During the quarter, we agreed to acquire a 100% interest in the past producing Illipah project, adding further exploration ground in Nevada (refer to our June 14, 2021 news release for additional details) and subsequent to quarter end on July 22, 2021, announced the completion of the acquisition

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1 This is a non-IFRS financial measure. Please refer to "Non-IFRS Financial Measures" at the end of this MD&A for a description of these non-IFRS financial measures and a reconciliation to operating costs from the Company's annual financial statements.

REVIEW OF OPERATING RESULTS
		Three Months Ended June 30,		Nine Months Ended June 30,
Operating Results		2021	2020	2021	2020
Ore Mined	(t)	1,142,648	1,353,799		3,596,215	4,050,585
Waste Mined	(t)	2,013,618	1,795,385	5,109,495	6,548,694
Total Mined	(t)	3,156,266	3,149,184		8,705,710	10,599,279
Gold Ounces Mined	(oz)	15,382	21,622	49,270	62,906
Ore Grade Mined	(oz/t)	0.013	0.016		0.014	0.016
Ore Grade Mined	(g/t)	0.462	0.548	0.470	0.532
Strip Ratio	waste/ore	1.8	1.3		1.4	1.6
Gold Ounces Produced	(oz)	11,751	12,764		31,870	33,599
Gold Ounces Sold (Payable)	(oz)	11,741	12,761	31,835	33,880
Average Realized Price1	$/oz	1,815	1,720	1,815	1,593
Total Cash Costs per Ounce1	$/oz	1,073	916		998	969
Cost of Sales per Ounce1	$/oz	1,201	1,070	1,138	1,122
Pan Mine AISC per Ounce1	$/oz	1,100	1,010		1,049	1,049
Fiore Consolidated AISC per Ounce1	$/oz	1,247	1,128	1,218	1,163
Mine, Processing and Site G&A Costs	$ millions	13.02	10.15	36.50	33.20
Royalties and Treatment/Refining Costs	$ millions	0.88	0.91		2.42	2.26
Inventory Movements	$ millions	(1.25)	0.64	(7.00)	(2.56)
Total Production Costs	$ millions	12.65	11.70		31.92	32.90
Sustaining Capital Expenditures1	$ millions	0.15	0.46	1.12	0.61

1 This is a non-IFRS financial measure. Please refer to "Non-IFRS Financial Measures" at the end of this MD&A for a description of these non-IFRS financial measures and a reconciliation to operating costs from the Company's financial statements.

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MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended June 30, 2021

Three Months Ended June 30, 2021

Mining

• During the third quarter of 2021, we mined 1,142,648 ore tons, with 487,216 soft ore tons and 655,432 hard ore tons. During the third quarter our ore mining rate was 12,557 tpd, below our planned 14,000 tpd as our contract miner continued to work through training of new personnel and a concentration on waste mining. During the comparable period of FY2020, we mined 1,353,799 ore tons at a mining rate of 14,877 ore tpd.
• Pan mined 2,013,618 waste tons leading to a strip ratio during the third quarter of 2021 of 1.8:1.0 waste tons to ore tons mined. The strip ratio was higher for the quarter as the mining contractor worked to catch up on waste mining from Q1 and Q2. During the comparable period of FY2020, 1,795,385 waste tons were mined at a strip ratio of 1.3:1.0.
• Ore grade mined during the third quarter of 2021 was 0.013 gold ounces per ore ton, in line with the mine plan, compared to 0.016 during the same period of FY2020. Grade variance relates to pit sequencing.

Processing

• We mined 1,142,648 ore tons, and 1,163,400 ore tons were placed on the leach pad during the third quarter of 2021. We placed 1,162,628 ore tons on the leach pad as crushed ore and the remaining 772 ore tons were placed directly on the leach pad and leached as run-of-mine. With an average ore grade was 0.013 gold ounces per ore ton, we mined 15,382 contained ounces and placed 15,514 contained ounces on the heap leach pad during the quarter. We currently estimate crushed ore recoveries to be 60% on hard ore and 80% on soft ore and run-of-mine gold recoveries to be 50% on hard ore and 75% on soft ore. Total recoverable ounces mined was 10,517 with 10,741 recoverable ounces placed.
• Total ore tons placed decreased by 202,154 from the third quarter of 2020 due to 211,151 less ore tons mined during the period. All but 772 placed ore tons were crushed, compared to 99,592 during Q3 2020, reflecting our commitment to the placement of crushed tons over run of mine tons to increase overall recoveries from the leach pad.
• We produced 11,751 gold ounces and sold 11,741 gold ounces during the third quarter of 2021. During the comparable period of FY2020, we produced 12,764 gold ounces and sold 12,761 gold ounces. The lower production is primarily a reflection of lower grade tons placed on the leach pad.

Costs - Operations

• Total production costs were $13.02 million for the third quarter of 2021, or $4.12 per ton mined and $11.39 per ore ton mined. The third quarter of 2020 had total production costs of $10.15 million, or $3.22 per ton mined and $7.50 per ore ton mined. The 28% increase in gross costs was tied to higher commodity prices, additional reagent usage to further improve the leach solution pH, and higher waste stripping and labor rates.
• Total mining costs were $7.84 million for the third quarter of 2021, or $2.48 per ton mined and $6.86 per ore ton mined. During the third quarter of 2020 production mining costs were $6.17 million, or $1.96 per ton mined and $4.56 per ore ton mined. The $1.67 million increase in mining costs from the prior year comparable period is due to increased commodity prices, waste stripping, labor rates and lower mining efficiency experienced by our mining contractor as they work through training new personnel.
• Total processing costs were $3.98 million for the third quarter of 2021, or $1.26 per ton mined and $3.48 per ore ton mined. During the third quarter of 2020 processing costs were $3.05 million, or $0.97 per ton mined and $2.25 per ore ton mined. The increase in costs is due to increased commodity prices and the additional usage of chemical and reagents to optimize, and maintain leach solution pH and alkalinity, and in turn maximize gold recovery.

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