Mr. Brian Skanderbeg reports

GFG DRILLS 10.21 G/T GOLD OVER 2.7 METRES FROM ITS DEEPEST DRILL INTERCEPT TO DATE AT ITS MONTCLERG GOLD PROJECT LOCATED IN THE TIMMINS GOLD DISTRICT

GFG Resources Inc. has released the final gold assay results from its 13-hole 2023 phase 1 drill program at the Montclerg gold project, located 40 kilometres east of Timmins, Ont. (see attached tables). The results released today are from five drill holes completed along the Montclerg gold system, where GFG has continuously proven and grown a robust gold system since the company acquired the asset in October, 2021.

The phase 1 drill program was designed to complete infill drilling to confirm continuity in the MC Central area and drill significant stepout holes up to one km to the east. Over all, the drill program was successful in proving continuity along strike and at depth in the MC Central, and proving the potential for additional discoveries over one kilometre east of MC Central.

"Our phase 1 drill program at Montclerg was a resounding success, revealing the potential to intersect high-grade gold and to grow the system in all directions. With our strategic focus on expanding the upper and lower footwall zones, coupled with the upper and lower main zones, we have effectively broadened the gold system both along strike and up dip," stated Brian Skanderbeg, president and chief executive officer of GFG. "The phase 1 drill program was pivotal in bolstering our understanding that the Montclerg geology remains consistent, while still holding untapped opportunities. As we move forward, anticipate our sustained commitment to Montclerg Central, recognizing its depth and surface potential. Moreover, we remain committed to stepout drilling at depth and to the east of Montclerg, and testing regional targets on our Goldarm project for the next discovery. Drilling is set to resume in the coming weeks, and we are confident that we can continue to demonstrate further success."

Commentary on assay results

Drill hole MTC-23-052 was drilled to test the mafic volcanic corridor 1.3 km east of MC Central. The hole was centred on an 800-metre-wide gap in drilling and intersected 1.09 grams per tonne gold over 0.6 m with weak-to-moderate quartz-carbonate veinlets rimmed by pyrite. The presence of significant alteration and sulphide coupled with gold mineralization shows that this new area hosts potential for additional mineralized zones within the eastern basalt panel that will be tested in future drill campaigns.

Drill hole MTC-23-053 was designed to test the up-dip extension of the upper footwall zone. One zone was intersected, yielding 1.27 grams per tonne gold over 0.8 m. The mineralization is characterized by strongly altered massive mafic volcanics with a 0.1 m wide smokey quartz vein with a strong mineralized halo of arsenopyrite and pyrite.

Drill hole MTC-23-055 tested the up-dip extension of the upper footwall zone and intersected 1.70 g/t Au over 2.8 m. The mineralization is characterized by strongly altered massive mafic volcanics with up to 15 per cent quartz-carbonate veins and up to 10 per cent arsenopyrite and pyrite.

Drill hole MTC-23-056 was designed to test the main zone and the up-dip extension of the lower footwall zone. Three mineralized intervals were intersected within this hole. A broad zone was intersected in the MC main zone, grading 0.92 g/t Au over 33.0 m. The main zone is characterized by sericite-altered felsic volcanics with up to 30 per cent quartz-carbonate veins and up to 3 per cent arsenopyrite and pyrite. The lower footwall zone yielded 4.05 g/t Au over 1.0 m and is characterized by strongly altered mafic volcanics with up to 8 per cent arsenopyrite and pyrite and 20 per cent quartz-carbonate veins. Additional mineralization was intersected down hole in the lower footwall zone, yielding 5.78 g/t Au over 1.1 m, and is characterized by strongly altered mafic volcanic, 2 per cent quartz-carbonate veins and up to 5 per cent pyrite and arsenopyrite.

Drill hole MTC-23-057 tested the down-dip extension of the lower footwall zone. Three mineralized intervals were intersected in this hole. A narrow zone was intersected in the main zone, yielding 2.25 g/t Au over 2.3 m. The main zone is characterized by sericite-altered felsic volcanics with up to 3 per cent quartz-carbonate veins and up to 5 per cent arsenopyrite, pyrite and pyrrhotite. The lower footwall zone yielded a high-grade intercept of 10.21 g/t Au over 2.7 m, including 16.20 g/t Au over 1.5 m, and is characterized by strongly altered mafic volcanic, minor veining and up to 20 per cent arsenopyrite and pyrite.

This hole is of particular significance, as it is the deepest high-grade intercept of the lower footwall at Montclerg to date. The intercept lies at a vertical depth of 330 m and clearly demonstrates continuity of the gold system at economic grades and widths.

Anders Carlson, vice-president, exploration, commented: "The presence of high-grade drill intersections at economic widths below 300 vertical metres at Montclerg is very encouraging for extending this gold system at depth. The upcoming phase 2 drill program will take aim at larger stepouts along the lower footwall zone to better test the overall gold endowment at Montclerg."

2023 exploration program

For the remainder of the year, the company's focus will be on defining and growing the Montclerg gold deposit and testing five high-priority gold and gold-copper targets within its Goldarm property. In addition, starting in a couple of weeks, the company plans to resume exploration at the Goldarm project with approximately 5,000 m of drilling. The phase 2 program is expected to be completed before year-end. In addition to the phase 1 and phase 2 drill programs, GFG is advancing an extensive surface exploration across the Goldarm property, which covers 30 km of the Pipestone and North Pipestone deformation zones. The 2023 exploration budget is approximately $3-million and is fully financed.

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.

Sampling and quality assurance/quality control

All scientific and technical information contained in this press release has been prepared under the supervision of Brian Skanderbeg, PGeo, president and chief executive officer of GFG, a qualified person within the meaning of National Instrument 43-101.

Drill core samples are being analyzed for gold by Activation Laboratories Ltd. in Timmins, Ont. Gold analysis consists of the preparation of a 500-gram pulp and an assay of a 50-gram aliquot by lead collection fire assay with an atomic absorption spectrometry finish (package 1A2-50). Samples assaying above five parts per million gold are routinely rerun using a gravimetric finish (package 1A3-50). Mineralized zones containing visible gold are analyzed by a screen metallic fire assay method. Selected samples are also undergoing multielement analysis for 59 other elements using a four-acid digestion and an ICP-MS finish (package MA250) by Bureau Veritas Commodities Canada Ltd. in Vancouver, B.C. Quality assurance/quality control measures include the monitoring of results for inserted certified reference materials, coarse blanks and preparation duplicates of drill core.

Drill intercepts are presented using a 0.20 g/t Au cut-off and as drilled length. Composites include internal dilution of up to three m at grades less than 0.2 g/t Au. True width is estimated to be 50 per cent to 90 per cent of drilled length. Sampling protocols, quality assurance/quality control measures and geochemical results related to historical drill core samples quoted in this news release have not been verified by the qualified person and, therefore, must be regarded as estimates.

We seek Safe Harbor.