Mr. Dan Noone reports

G2 GOLDFIELDS CLOSES C$22.05 MILLION STRATEGIC INVESTMENT BY ANGLOGOLD ASHANTI

G2 Goldfields Inc. has closed the previously announced strategic investment by AngloGold Ashanti PLC (AGA) of 24.5 million common shares of the company at a price of 90 cents per share for aggregate gross proceeds of $22.05-million. The net proceeds from the strategic investment are expected to be used to advance exploration activities at the company's Oko project in Guyana and for working capital and general corporate purposes.

In connection with the strategic investment, the company and AGA entered into an investor rights agreement, pursuant to which AGA was granted pre-emptive and top-up rights for future security issuances by G2.

Roth Canada Inc. and Cormark Securities Inc. acted as finders in connection with the strategic investment and were paid a cash commission equal to 6 per cent of the aggregate gross proceeds of the strategic investment.

The shares were sold on a private placement basis to AGA in the United States pursuant to one or more exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, and pursuant to one or more exemptions from the prospectus requirements under Canadian securities laws. The shares are subject to a four-month hold period in accordance with Canadian securities laws.

The strategic investment is subject to the final acceptance of the TSX Venture Exchange.

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 announced its maiden mineral resource estimate on the newly discovered Oko property in Guyana (see press release dated April 25, 2022) and has 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-ounce-gold inferred mineral resource contained within 3,274,000 tonnes at 9.25 grams per tonne gold;
• 220,000-ounce-gold indicated mineral resource contained within 793,000 tonnes at 8.63 grams per tonne gold.

Significantly, all of the maiden mineral resources lie within 350 metres of surface and remain open downplunge. The Oko district has been a prolific alluvial goldfield since its initial discovery in the 1870s, and modern exploration techniques continue to reveal the considerable potential of the district.

All scientific and technical information in this news release has been reviewed and approved by Dan Noone, chief executive officer of G2 Goldfields, a qualified person within the meaning of National Instrument 43-101. Mr. Noone (BSc (geology), MBA) is a member of the Australian Institute of Geoscientists.

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