Mr. Dan Noone reports

G2 FILES INDEPENDENT TECHNICAL REPORT; PROVIDES GREENFIELDS EXPLORATION UPDATE

G2 Goldfields Inc. has filed an independent technical report dated Dec. 13, 2024, on the company's newly acquired 32,906-acre New Aremu project in Guyana. The report, titled "NI 43-101 Property of Merit Technical Report for the New Aremu Oko Gold Project, Guyana, South America," is available on SEDAR+. Additionally, G2 is pleased to provide an update on the company's continuing greenfield exploration program across the entire exploration portfolio.

G2 intends to spin out its interest in certain greenfield, non-core assets, into a wholly owned subsidiary of G2, G3 Goldfields Inc., through a plan of arrangement under the Canada Business Corporations Act (see press release dated Jan. 6, 2025).

Following the completion of the proposed spinout, the exploration assets to be held by G3 include:

• The New Aremu project (including the historic Wariri mine), Cuyuni district, Guyana (32,340 acres);
• The Aremu mine property, Cuyuni district, Guyana (8,811 acres);
• The Amsterdam option, Cuyuni district, Guyana (7,148 acres);
• The Tiger Creek option, Puruni district, Guyana (3,685 acres);
• The Peters mine property, Puruni district, Guyana (8,316 acres).

It is anticipated that additional gold assets will be acquired for the G3 portfolio.

Technical report

The independent technical report describes geology of the New Aremu project as follows: "... The bedrock in the region is underlain by metavolcanics and metasediments of the late Proterozoic Cuyuni formation, including sandstones, conglomerates and volcanics, intruded by several granitoid plutons. The Lower Aremu and East Aremu properties are bounded by the Aremu batholith to the west and the Bartica intrusive complex to the east. The Upper Aremu properties are bounded by the Aremu batholith to the east."

The report notes gold mineralization in in situ quartz veins and boulder trains in two areas: "Large boulders of quartz interpreted as floats from nearby quartz reefs have been confirmed on both the Upper Aremu and Lower Aremu groups of properties. At the Upper Aremu properties, quartz boulders up to five metres in diameter were observed as subcrops along a 100-metre trend. The quartz boulders had a distinct laminated texture and were trending in a general north-south direction parallel to a nearby in situ vein within a felsic intrusive saprolite that is likely the Aremu batholith."

"Additionally, from a third area at the Aremu East group of properties, a quartz vein varying between five centimetres to 40 centimetres hosted by the Aremu batholith was investigated [...]. Two grab samples taken on this structure assayed 9.9 grams per tonne gold and 18.5 grams per tonne gold" (source: "NI 43-101 Property of Merit Technical Report for the New Aremu Oko Gold Project, Guyana, South America," 2024, sections 7.2.1.2 and 7.2.3, pages 40 to 44).

G2 is currently executing a full-sequence exploration campaign on its greenfield portfolio in the Oko-Aremu district. To date, the company has completed 2,862 auger samples for which assays have been received. The company is currently advancing several high-priority areas for drilling through detailed geological mapping and mechanical trenching.

Mobilization to Puruni area -- Peters mine drilling

G2 also wishes to announce that it is mobilizing geologists and field crews to its 100-per-cent-owned Peters mine project in the Puruni region, Guyana. The Peters mine (1904 to 1909) was Guyana's first gold mine and produced approximately 42,000 ounces at head grades of approximately 40 grams per tonne gold. Significantly, all the production came from workings within 100 metres of surface. In the late 1990s, drilling by Guyana Goldfields intersected significant mineralization below the old mine workings. Additionally, local artisanal miners have exploited several areas along strike from the main workings, suggesting there remains considerable exploration potential.

Dan Noone, chief executive officer of G2, stated: "We are excited about the gold-in-soil anomalies we discovered late last year in the Oko district and look forward to drilling several high-priority areas in the coming weeks. We also feel the Puruni district holds similar potential to what has been discovered to date in the Oko-Aremu district."

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 (RPA, National Instrument 43-101 technical report on the Aurora gold mine, March 31, 2020).

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

• Total combined open-pit and underground resource for the Oko Main zone (OMZ):
  • 495,000 ounces gold inferred contained within 2,413,000 tonnes at 6.38 grams per tonne gold;
  • 686,000 ounces gold indicated contained within 2,368,000 tonnes at 9.03 grams per tonne gold;
• Total combined open-pit and underground resource for the Ghanie zone:
  • 604,000 ounces gold inferred contained within 12,216,000 tonnes at 1.54 grams per tonne gold;
  • 236,000 ounces gold indicated contained within 3,344,000 tonnes at 2.20 grams per tonne gold.

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 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 (chief executive officer of G2 Goldfields), a qualified person within the meaning of NI 43-101. Mr. Noone (BSc (geology), MBA) is a fellow of the Australian Institute of Geoscientists.

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