Mr. Brian Skanderbeg reports

GFG ANNOUNCES SENIOR MANAGEMENT CHANGES

GFG Resources Inc. has appointed Anders Carlson as vice-president, exploration, effective May 15, 2023. In connection with the change, Dr. Natalie Pietrzak-Renaud will remain as a consultant in an advisory role for a period of time to ensure a smooth transition.

"We are grateful to Natalie for her unwavering commitment and significant contributions towards advancing our exploration efforts in Timmins. We recognize Natalie as a very talented geologist with exemplary management skills. We sincerely wish her well in all her future professional endeavours following her role with GFG. As we move forward, we are thrilled to welcome Anders to the GFG team. With his vast experience and proven track record in mineral exploration and resource development, Anders undoubtedly brings tremendous value and expertise to our organization," said Brian Skanderbeg, president and chief executive officer of GFG.

Mr. Carlson is a seasoned mining professional with 17 years of experience in mineral exploration and economic geology. He holds an applied MSc in mineral exploration from Laurentian University and a BSc (honours) in geology from the University of Manitoba. Throughout his career, Mr. Carlson has held various positions with notable companies such as SSR Mining, Anglo American PLC, Cadillac Ventures Inc. and Wildcat Exploration Ltd. Over the past 12 years, Mr. Carlson has held multiple titles in exploration and resource development with SSR, most recently serving as the senior manager of exploration for Canada. During his tenure at SSR, Mr. Carlson was part of the team responsible for adding more than two million ounces of high-grade gold to the resource base. He has also worked extensively with SSR's business development group over the past seven years, reviewing merger and acquisition targets that resulted in the merger with Alacer Gold Corp. in 2020 and the acquisition of Taiga Gold Corp. in 2022. In addition to his exploration expertise, Mr. Carlson has spent the past three years working with SSR's global growth team to strengthen and derisk exploration pipelines, as well as unlock value at near-mine to greenfield opportunities in Turkey, Argentina, Nevada and Canada. Furthermore, he has been an integral part of the community relations team in Canada, successfully developing inaugural exploration and capacity sharing agreements with regional stakeholders.

In connection with Mr. Carlson's appointment and pursuant to the company's stock option incentive plan, the company granted Mr. Carlson incentive stock options to purchase 600,000 common shares of the company. These stock options vest over two years and are exercisable for a period of five years and will be priced according to the company's stock option plan.

The stock options are subject to the terms of the company's stock option plan and regulatory approval.

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. In Wyoming, the company has partnered with Group 11 Technologies Inc. through an option and earn-in agreement to advance the company's Rattlesnake Hills gold project with a technology that could revolutionize the gold mining industry.

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