The following management discussion and analysis (“MD&A”), prepared as of April 28, 2025 should be read in conjunction with the Batero Gold Corp. (the “Company” or “Batero”) interim unaudited condensed consolidated financial statements and the accompanying notes for the period ended February 28, 2025 and 2024.

MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE SIX MONTHS ENDED FEBRUARY 28, 2025 AND 2024