Mr. Dan Noone reports

DRILLING EXPANDS NEW GOLD DISCOVERY AT OKO PROJECT

G2 Goldfields Inc. has released further exploration results from the company's continuing exploration program at the 19,200-acre Oko project, Guyana. Drilling and trenching have expanded the Ghanie zone (see press release dated Feb. 7, 2023) to a strike length of one kilometre as shallow drilling has consistently intercepted near-surface gold mineralization. Additionally, recent assay results from mechanical trenching in the northern end of the target area demonstrate the zone remains open to the north and follow-up drilling is currently continuing.

To date, G2 has completed 55 diamond drill holes totalling 7,867 metres at the Ghanie discovery. Assay results are currently available for holes 21 through 30. Highlights of the current round of results include:

• Hole GDD-21 returned 2.3 grams per tonne Au over 44.5 m (25.5 to 70 m);
  • This hole is a 33 m stepout to the north of GDD-18, which intercepted 2.2 g/t Au over 25 m.
• Hole GDD-26 intercepted 4.1 g/t Au over 26.5 m (84.5 to 111 m);
  • This hole targeted the down-dip extension 31 m below hole GDD-19 (two g/t over 28.6 m).
• Hole GDD-30 returned 7.3 g/t Au over 16.5 m (105.5 to 125 m);
  • GDD-30 is one of the deepest holes drilled to date at Ghanie and demonstrates the down-plunge continuity of high grade intercepted in GDD-10 (5.1 g/t over 26.6 m).

Significantly, all the mineralized intercepts lie within 100 metres of surface with all areas remaining open to depth, as well as to the north. Within the broader zone of near-surface mineralization, several areas show potential for higher-grade gold at depth.

Intervals in this press release have been calculated using a grade cut-off of 0.3 g/t Au and up to 1.5 metres maximum length of internal waste. Gold grades are uncapped. Mineralized intersection lengths are not necessarily true widths.

Additionally, trenching 170 metres north of the most northerly drill hole released to date (GDD-23) has exposed a mineralized shear zone in which continuous channel samples have returned 1.1 g/t Au over 50 m, suggesting the possibility of further near-surface gold mineralization.

The deeper high-grade intercepts at the Ghanie discovery, as well as the trenching results to the north, suggest there is considerable potential to expand the discovery to depth and along strike.

G2 currently has active exploration programs throughout the southern part of the 19,200-acre property and will be systematically drill testing several new areas over the coming months. This fully financed program will include Oko East as well as numerous high-priority targets to the north of the Oko Main resource.

Boaz Wade, vice-president, exploration, stated: "The latest results confirm the existence of multiple high-grade shoots within the broader, near-surface gold zones. The Ghanie discovery is one of several geological targets which the company has identified for follow-up diamond drilling."

Dan Noone, chief executive officer, commented: "G2 Gold remains very much a growth story, with the Ghanie discovery shaping up to become a potentially significant new resource for the company. We also look forward to drilling new targets within the district in the coming months."

Quality assurance/quality control

Drill core is logged and sampled in a secure core storage facility located on the Oko project site, Guyana. Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Msalabs Guyana, in Georgetown, Guyana, which is an accredited mineral analysis laboratory, for analysis. Samples from sections of core with obvious gold mineralization are analyzed for total gold using an industry-standard 500-gram metallic screen fire assay (Msalabs method MSC 550). All other samples are analyzed for gold using standard fire assay-atomic absorption with atomic absorption finish (Msalabs method; FAS-121). Samples returning over 10 g/t gold are analyzed utilizing standard fire assay gravimetric methods (Msalabs method; FAS-425). Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of G2 Goldfield's quality assurance/quality control program (QA/QC). No QA/QC issues were noted with the results reported herein.

About G2 Goldfields Inc.

The G2 Goldfields team comprises professionals who have been directly responsible for the discovery of millions of ounces of gold in Guyana as well as the financing and development of the Aurora gold mine, Guyana's largest gold mine. G2 recently announced its maiden mineral resource estimate on the newly discovered Oko property in Guyana (see press release dated April 25, 2022), and has recently filed on SEDAR an independent technical report entitled "NI 43-101 Technical Report and Mineral Resource Estimate for the Oko Gold property, Cooperative Republic of Guyana, South America," with an effective date of April 14, 2022.

Highlights of the report include:

• 974,000 ounces Au -- inferred mineral resource contained within 3,274,000 tonnes at 9.25 g/t Au;
• 220,000 ounces Au -- indicated mineral resource contained within 793,000 tonnes at 8.63 g/t Au.

Significantly, all of the maiden mineral resources lie within 350 metres of surface and remain open down plunge. G2 continues to expand this maiden resource while discovering additional areas for diamond drilling.

All scientific and technical information in this press release has been approved by and prepared under the supervision of Mr. Noone (CEO of G2 Goldfields), a qualified person within the meaning of National Instrument 43-101. Mr. Noone, BSc (geology), MBA, is a fellow of the Australian Institute of Geoscientists.

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