Mr. Dan Noone reports

G2 GOLDFIELDS DRILLS 1275 G/T AU OVER 0.8 M & 53 G/T AU OVER 5.7 M

G2 Goldfields Inc. has released additional high-grade gold intercepts from the company's continuing drill program at the 19,200-acre Oko project in Guyana. G2 currently has five diamond drill rigs operating on the project. Highlights from the current round of exploration results include:

• 13.0 grams per tonne gold over 8.9 metres (hole 180):
  • And 1,275.1 g/t Au over 0.8 m;
• 53.1 g/t Au over 5.7 m (hole 181W2);
• 36.8 g/t Au over 4.0 m (hole 181W2A);
• 5.6 g/t Au over 6.2 m (hole 182):
  • And 14.4 g/t Au over 3.6 m.

The intercepts reported are downhole widths. True widths are estimated between 58 per cent and 91 per cent of reported downhole widths. Weighted average grades are calculated based on uncapped gold assays as insufficient drilling has been completed to determine capping limits for gold assays.

The results reported herein provide G2 with further confidence in the continuity of gold mineralization whilst expanding the mineralized zones downplunge.

Shear 3 drill intercepts

High-grade gold zones in the Shear 3 structure appear to be hosted in distinct upper and lower zones. The upper zone was further defined by hole OKD-180, which intercepted 13.0 g/t Au over 8.9 m, followed by an extensional quartz vein a further 6.6 m downhole, which assayed 1,275.1 g/t Au over 0.8 m (40.8 ounces per ton over 2.6 feet). Hole 182 expanded this upper high-grade zone a further 70 m downplunge and returned 14.4 g/t Au over 3.6 metres.

Hole OKD-181W2 expanded the lower zone area of Shear 3 by intercepting 53.1 g/t Au over 5.7 m (from 345.6 m downhole). This high-grade structure lies 65 m downplunge of hole 121 (12.7 g/t Au over 6.0 m). All of the Shear 3 zones remain open to depth.

Shear 5 extensions to depth

In Shear 5, OKD-181W2A intercepted 4.0 m of 36.8 g/t Au from 508 m. This intercept lies 50 metres downplunge from hole OKD-178, which returned 32 g/t Au over 6.7 m (see press release dated Sept. 11, 2023). The lower part (below 225 metres) of the Shear 5 high-grade zone is now defined by 15 pierce points of which nine exceed 100 gram-metres of which two exceed 200 gram-metres. Shear 5 remains open to depth and represents an outstanding target for additional high-grade gold.

Shear 1 zone drilling

In addition to high-grade intercepts in Shear 3, hole OKD-182 also intercepted Shear 1 at a downhole depth of 88.1 m. This near-surface zone assayed 5.6 g/t Au over 6.2 m. Shear 1, omitted from the original maiden resource estimate due to lack of data, is now the subject of a continuing drilling campaign targeting northeast-plunging shoots. The Shear 1 zone appears to be geologically similar to the Ghanie area, located approximately one kilometre to the south.

Greenfield exploration update

Soil and stream sampling programs have been completed across both the Tracy and Amsterdam zones. Scout drilling has commenced at the Oko North and Oko Northwest areas. Dan Noone, chief executive officer, stated: "We continue to explore the Oko district with five drill rigs and multiple exploration teams. As we increase our knowledge and understanding of the district, we also increase the probability of additional exploration success. We look forward to publishing a new, updated resource estimate in early 2024 and also to drilling multiple new target areas in the coming months."

Quality assurance/quality control (QA/QC)

Drill core is logged and sampled in a secure core storage facility located on the Oko project site in 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 AA with atomic absorption finish (MSALABS method FAS-121). Samples returning over 10.0 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 QA/QC program. 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 gold -- inferred mineral resource contained within 3,274,000 tonnes at 9.25 g/t Au;
• 220,000 ounces gold -- indicated mineral resource contained within 793,000 tonnes at 8.63 g/t Au.

Significantly, all of the maiden mineral resources lie within 350 m of surface and remain open downplunge. 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 (chief executive officer of G2 Goldfields), a qualified person within the meaning of National Instrument 43-101. Dan Noone, BSc (geology), MBA, is a fellow of the Australian Institute of Geoscientists.

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