Mr. Dan Noone reports

G2 GOLDFIELDS ANNOUNCES FILING OF MANAGEMENT INFORMATION CIRCULAR AND TECHNICAL REPORT FOR PROPOSED SPIN-OUT OF NON-CORE ASSETS

G2 Goldfields Inc. has filed the management information circular and related meeting materials (collectively, the meeting materials) for the annual general and special meeting of G2 shareholders to be held on Jan. 28, 2025. The purpose of the meeting is, among other things, to consider and, if deemed advisable, pass a special resolution (the arrangement resolution) approving the previously announced proposed spinout of G2's interest in certain non-core assets into a wholly owned subsidiary of G2, G3 Goldfields Inc., through a plan of arrangement under the Canada Business Corporations Act. Further to the company's press releases dated Nov. 29, 2024, and Dec. 12, 2024, the spinout is expected to be effective in February, 2025.

The board of directors of the company has determined that the spinout is fair and in the best interests of the company and the company's shareholders and recommends that the company's shareholders vote in favour of the arrangement resolution. G2 believes that its current share price does not fully recognize the value of the non-core assets, and that by completing the spinout, shareholders will benefit from unlocking the value of the non-core assets. Additionally, the spinout will allow the company to concentrate its efforts on its OKO project in Guyana, while providing G3 with sufficient working capital to advance the exploration and development of the non-core assets.

The mailing of the meeting materials has commenced, and shareholders should receive them shortly. The meeting materials are also available under the company's profile on SEDAR+. Shareholders are encouraged to vote on the matters before the meeting by proxy in the manner set out in the meeting materials.

Technical report

Concurrently with the filing of the meeting materials, the company also announces that it has filed an independent technical report prepared by Micon International Ltd. in respect of one of the properties in the non-core assets which will be considered material to G3 for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, titled "NI 43-101 Property of Merit Technical Report for the New Aremu Oko Gold Project, Guyana, South America." The technical report is available for review under the company's profile on SEDAR+.

About G2 Goldfields Inc.

The G2 Goldfields team is composed of 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 (National Instrument 43-101 Technical Report on the Aurora Gold Mine, March 31, 2020).

In April, 2024, G2 Goldfields announced an updated mineral resource estimate for the Oko property in Guyana (see press release dated April 3, 2024). Highlights of the updated MRE include the following.

Total combined open-pit and underground resource for the Oko Main zone (OMZ):

• 495,000 ounces gold -- inferred, contained within 2,413,000 tonnes of 6.38 grams per tonne gold;
• 686,000 oz Au -- indicated, contained within 2,368,000 tonnes of 9.03 g/t Au.

Total combined open-pit and underground resource for the Ghanie zone:

• 604,000 oz Au -- inferred, contained within 12,216,000 tonnes of 1.54 g/t Au;
• 236,000 oz Au -- indicated, contained within 3,344,000 tonnes of 2.20 g/t Au.

The MRE was prepared by Micon International Ltd. with an effective date of March 27, 2024. Significantly, the updated mineral resources lie within 500 metres of surface. 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.

Anglo Gold Ashanti currently holds 35,948,965 shares, representing approximately 15 per cent of the issued and outstanding shares of G2 Goldfields. G2 Goldfields currently has cash holdings exceeding $43-million and is well financed to execute on this regional exploration program.

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 of geology, MBA) is a fellow of the Australian Institute of Geoscientists.

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