Mr. Brian Skanderbeg reports

GFG CLOSES FIRST TRANCHE OF FINANCING

GFG Resources Inc. has closed the first tranche of its previously announced private placement financing for gross proceeds of $2,537,904. In connection with the offering, Alamos Gold Inc. (Toronto Stock Exchange: AGI; New York Stock Exchange: AGI) purchased securities and now holds an approximate 11.1-per-cent interest in the company. The company intends to close the final tranche of the offering on or about Nov. 7, 2025.

Pursuant to the offering, GFG issued 11,411,438 premium flow-through units of the company at a price of 22.24 cents per premium unit for gross proceeds of $2,537,904. Each premium unit consists of one common share of the company and one-half of one share purchase warrant, with each warrant entitling the holder thereof to acquire one additional common share of the company at an exercise price of 24 cents for a period of 24 months from the date of issuance. Each of the common shares and warrants comprising the premium units qualify as a flow-through share for the purposes of the Income Tax Act (Canada).

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 -- Prospectus Exemptions, the premium units sold pursuant to the offering have been issued pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, and accordingly such securities will not be subject to a hold period pursuant to applicable Canadian securities laws. There is an amended and restated offering document on Form 45-106F19 related to the offering that can be accessed under the company's profile at SEDAR+ and on the company's website. The offering remains subject to the final approval of the TSX Venture Exchange.

Related party transaction

Alamos purchased 2,211,438 units by way of a share purchase agreement with a third party on Nov. 3, 2025, for a total purchase price of $353,830. Prior to the closing of the offering, Alamos held 30,550,212 common shares and 1,397,906 share purchase warrants of GFG, representing a security holding percentage of approximately 10.8 per cent (or 11.3 per cent assuming exercise of such share purchase warrants only). Following the closing of the offering, Alamos will have beneficial ownership of, or control and direction over 32,761,650 common shares and 2,503,625 warrants of GFG, representing 11.1 per cent of the issued and outstanding common shares of GFG immediately following closing of the offering (or approximately 11.9 per cent assuming exercise of such share purchase warrants only). Alamos acquired the units for investment purposes, which will be evaluated and may be increased or decreased from time to time at Alamos's discretion. A copy of Alamos's November, 2024, early warning report is available on the SEDAR+ website or can be requested by contacting Scott K. Parsons, senior vice-president, corporate development and investor relations, at SParsons@alamosgold.com, 416-368-9932 (extension 5439) or by mail at Brookfield Place, 181 Bay St., suite 3910, Toronto, Ont., M5J 2T3.

In addition, an aggregate of 2,406,250 premium units were purchased by Brian Skanderbeg and Marc Lepage, each directors and/or officers of GFG, by way of a share purchase agreement with a third party on Nov. 3, 2025. The purchase of premium units by insiders of GFG is exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 on the basis that the transaction, insofar as it involved related parties, represented less than 25 per cent of the market capitalization of GFG, all in accordance with subsections 5.5(a) and 5.7(1)(a) of MI 61-101.

In connection with the offering, the company paid cash finders' fees on portions of the offering totalling $7,200.

About GFG Resources Inc.

GFG is a North American precious metals exploration company focused on district-scale gold projects in Tier 1 mining jurisdictions, Ontario and Wyoming. In Ontario, the company operates three gold projects, each large and highly prospective gold properties within the prolific gold district of Timmins, Ont., Canada. The projects have similar geological settings that host most of the gold deposits found in the Timmins gold camp which have produced over 70 million ounces of gold. The company also owns 100 per cent of the Rattlesnake Hills gold project, a district-scale gold exploration project located approximately 100 kilometres southwest of Casper, Wyo., United States.

We seek Safe Harbor.