Mr. Dan Noone reports

G2 DRILLING SIGNIFICANTLY EXPANDS MINERALIZED ENVELOPE AT OKO PROJECT; GUYANA

G2 Goldfields Inc. has provided an update on its continuing exploration program at the company's 58,000-acre Oko-Aremu gold project, Guyana. In April, 2024, G2 announced a mineral resource estimate (MRE) comprising 922,000 ounces (oz) gold (Au) (indicated) and 1,099,000 oz Au (inferred) (see news release dated April 3, 2024). To date, G2 has drilled a total of 509 diamond drill holes totalling 139,180 metres (m) at the 2.2-kilometre-long Oko-Ghanie gold system. Subsequent to the April MRE, the company has completed an additional 200 drill holes totalling 56,887 m, which will provide additional data for the updated MRE to be announced in the first quarter (Q1) of 2025.

G2's Oko gold resource lies along a prominent 2.5 km long north-south structure that is defined by the high-grade OMZ (Oko main zone) resource to the north (688,000 oz Au at 9.03 grams per tonne (g/t) Au (indicated) and 495,000 oz Au at 6.38 g/t Au (inferred)) and the Ghanie open pit and underground resource to the south. In the latter half of 2024, the company's exploration program focused on the southern portion of this regional trend. In doing so, it targeted:

1. Expansion of the Ghanie open pit along strike and to depth;
2. Possible new gold zones in between the Ghanie and Oko deposits;
3. Strike extensions to the OMZ high-grade deposit to the south;
4. Depth extensions to the Ghanie central deposit.

The exploration program was successful in achieving each of the four stated objectives.

Assay results from a total of 54 diamond drill holes are reported in this news release. A complete set of drill results is available here and on the company's website.

A drill plan in the oblique view is posted on the company's website.

New high-grade zone discovered in gap

Drilling has defined a parallel high-grade shoot, partially closing the 800 m gap between the April, 2024, Ghanie and OMZ resources. Highlights of the drilling include hole GDD-228, which returned nine m at 2.6 g/t Au and four m at 36.8 g/t Au, as well as GDD-233, which assayed 5.7 g/t Au over a core length of 13.5 m, and GDD-210, which assayed 3.2 g/t Au over 17.7 m. The attached table displays the highlights of intercepts from this new zone.

The intercepts reported are downhole widths. True widths are estimated between 75 per cent and 85 per cent of reported downhole widths. Gold grades are uncapped.

Central Ghanie zone depth extensions

G2 successfully targeted the downplunge extensions of holes GDD-192 and GDD-194, which returned 51.8 m at 2.1 g/t Au and 51.4 m at 5.3 g/t Au, respectively (see news release dated Nov. 18, 2024). Hole GDD-208 returned four m at 11.6 g/t Au and hole GDD-218W1 (which has three intersections) returned three m at 12.1 g/t Au, 4.5 m at 5.7 g/t Au and 4.5 m at 9.1 g/t Au. GDD-208 and GDD-218W1 intercepted the structure at vertical depths approximately 100 m below the GDD-192 and GDD-194 intercepts.

OMZ extensions to shear 3

Boaz Wade, vice-president of exploration, stated: "Some encouraging drilling intercepts, which included zones of visible gold, confirm that high-grade mineralization occurs downplunge of the existing OMZ resource. This program demonstrates growth potential at the OMZ deposit by targeting well-defined structural geometries."

The most successful holes included OKD-234 and GDD-213, which returned 18 m at 3.1 g/t Au and 5.6 m at 2.0 g/t Au, respectively.

OMZ infill drilling

Infill drilling continued to further define the Oko main zone deposit. Drilling has intersected a high-grade zone in the shear 1 part of the OMZ structure, which returned 4.9 g/t Au over 11 m, illustrating the prospectivity of the OMZ shear 1 structure, which was omitted from the April MRE.

Dan Noone, G2 chief executive officer, stated: "These new results definitively demonstrate that despite almost 500 holes being completed to date, the Oko project remains very much a growth story. In 2025, we will continue to aggressively explore this emerging gold district."

A long section illustrating the distribution of drill intersections is available on the company's website.

QA/QC (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 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 with atomic absorption finish (MSA Labs method FAS-121). Samples returning over 10.0 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' QA/QC. No QA/QC issues were noted with the results reported herein.

About G2 Goldfields Inc.

The G2 Goldfields team comprising 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 (RPA, 43-101, technical report on the Aurora gold mine, March 31, 2020).

In April, 2024, G2 announced an updated MRE for the Oko property in Guyana (see news 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:

• 495,000 oz Au inferred contained within 2,413,000 tonnes at 6.38 g/t Au;
• 686,000 oz Au indicated contained within 2,368,000 tonnes at 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 at 1.54 g/t Au;
• 236,000 oz Au indicated contained within 3,344,000 tonnes at 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 m 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 14.99 per cent of the issued and outstanding shares of G2. G2 currently has cash holdings exceeding $38-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 Mr. Noone, who is a qualified person within the meaning of NI 43-101. Mr. Noone (BSc, geology, and MBA) is a fellow of the Australian Institute of Geoscientists.

Additional information about the company is available on SEDAR+ and the company's website.

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