Mr. Dan Noone reports

G2 GOLDFIELDS SIGNIFICANTLY INCREASES GOLD OUNCES IN AN UPDATED MINERAL RESOURCE ESTIMATE AT THE OKO PROJECT IN GUYANA

G2 Goldfields Inc. has released an updated mineral resource estimate (MRE) within the company's 27,719-acre Oko project, Guyana. The updated MRE is composed of a discrete high-grade resource for the Oko Main zone (OMZ) and a disseminated bulk minable resource for the Ghanie zone. Total contained gold increased by 69 per cent to two million ounces (Moz). Total indicated gold increased by 320 per cent to 922,000 ounces.

The total combined open-pit and underground resource reported in the MRE for the OMZ includes 686,000 ounces (oz) of gold (Au) in indicated resource contained within 2.36 million tonnes (Mt) grading 9.03 grams per tonne (g/t) Au, with an additional 495,000 oz of gold in inferred resources, contained within 2.41 Mt grading 6.38 g/t Au.

The total combined open-pit and underground resource reported in the MRE for the Ghanie zone includes 236,000 ounces of gold in indicated resource contained within 3.34 million tonnes grading 2.20 grams per tonne (g/t) Au, with an additional 604,000 oz of gold in inferred resources, contained within 12.22 Mt grading 1.54 g/t Au.

The MRE was prepared by Micon International Ltd., with an effective date of March 27, 2024.

Patrick Sheridan, executive chairman, comments: "The OMZ has proven to yield exceptional high grade at minable widths as we drill deeper, and Ghanie is taking shape to be highly complementary to the Oko gold system. We will continue to aggressively explore the Oko to Aremu trend, and anticipate an updated resource in Q4."

Ghanie zone maiden MRE

This maiden mineral resource estimate at Ghanie signifies a major shift toward realizing the district-scale nature of the Oko gold system. The Ghanie zone represents a disseminated bulk-minable and open-pittable deposit which strongly complements the adjacent high-grade underground deposit at the OMZ.

Ghanie South (GS), Central (GC) and North (GN) all remain open with substantial depth potential. A recent high-grade discovery at Ghanie North (GDD-93) returned 24.5 metres at 5.3 g/t Au from 124 metres downhole (including 4.5 m at 25.2 g/t Au from 134.5 m). This intercept is indicative of additional near-surface mineralization and there is much evidence to suggest the potential for further zones to be discovered along the 1.75-kilometre strike.

OMZ updated MRE

Since April, 2022, the Oko Main zone has been further defined with additional indicated resources confirmed. The OMZ is characterized by shear-vein-hosted mineralization with spectacularly high grade. Notably, the Shear 5 indicated underground resource averages 15.78 g/t Au. The resource at the OMZ has been diluted to a minimum mining width of two metres.

Exploration update

The company's geological model is evolving and becoming more predictive, leading to regular discoveries along the 20-kilometre-long Oko-Aremu trend. Approximately 500 metres to the northwest of the OMZ lies the recent NW Oko discovery where NWOD-22 intercepted 15 m at 6.3 g/t (see press release dated Feb. 13, 2024). The company will be introducing an additional drill rig at NW Oko.

The company's mandate is to add value through additional discoveries to complement the continuing expansion of the OMZ and Ghanie resource with a focus on exploring near-surface mineralization. In April, 2024, the company is to commence drilling at Tracy, located a further five kilometres along strike. Subsequently, G2 will initiate drilling at Aremu.

Dan Noone, chief executive officer, comments, "The updated MRE provides an excellent platform from which to continue district-wide target definition and drill programs in parallel with resource expansion at OMZ and Ghanie." To this end, the company is targeting a further resource estimate update in Q4 2024.

Data validation

The drilling database used to estimate the mineral resources reported in this press release was reviewed by Micon International. A site visit was conducted by Alan J. San Martin, MAusIMM (CP), to inspect mineralized intervals, alteration assemblages and quality assurance/quality control (QA/QC) protocols, and to conduct field checks of trenches and to validate drill collars. Database verifications consisted of drill logs (including lithology, alteration and weathering), assay certificates, sample intervals, drill hole collars, downhole survey information and QA/QC results validations.

QA/QC

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 MSA Labs 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 (MSA Labs method MSC 550). All other samples are analyzed for gold using standard fire assay atomic absorption with atomic absorption finish (MSA Labs method; FAS-121). Samples returning over 10 g/t gold are analyzed utilizing standard fire assay gravimetric methods (MSA Labs method; FAS-425). Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of G2 Goldfields' quality assurance/quality control program (QA/QC). No QA/QC issues were noted with the results reported herein.

Technical report and qualified person

The company intends to file a technical report to support the updated MRE on SEDAR+ within 45 days of this news release in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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

About Micon International Ltd.

Micon's qualifications and QPs

Micon International is a firm of senior geological, mining, metallurgical and environmental consultants headquartered in Toronto, Canada, with an office in the United Kingdom. The professionals of Micon have extensive experience in mineral resource estimation. Micon's practice is worldwide and covers all base and precious metals. The firm's clients include major and junior mining companies, all the major Canadian banks and investment houses, and a large number of financial institutions in other parts of the world, including developmental financial institutions and export credit agencies. Micon's technical, due diligence and valuation reports are accepted by regulatory agencies such as the United States Securities and Exchange Commission, the Ontario Securities Commission, the Australian Securities Exchange and the London Stock Exchange.

Qualified persons for the technical report

Mineral resources are estimated by Alan San Martin, MAusIMM (CP), and William J. Lewis, PGeo, consultants of Micon with more than 20 years of experience in mineral exploration, resource estimation and mining, including in South America and Canada. Both are considered qualified persons for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and have reviewed and approved the scientific and technical disclosure contained in this news release. The qualified persons have verified the data underlying the MRE contained in this news release. There were no limitations imposed on the qualified persons for verification of the data.

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. 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.

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