NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TORONTO, Dec. 15, 2022 (GLOBE NEWSWIRE) — G2 Goldfields Inc. (“

G2

” or the “

Company

”) (TSXV:GTWO) announces that it has filed a final short form base shelf prospectus (the “

Shelf Prospectus

”) with the securities regulatory authorities in each of the provinces and territories of Canada, other than Québec. This follows the completion of a regulatory review of the preliminary base shelf prospectus, which was filed on October 5, 2022.

The Shelf Prospectus will allow the Company to make offerings of up to $50 million of any combination of common shares, warrants, subscription receipts, units and debt securities (collectively, the “

Securities

”). The Shelf Prospectus will be effective for a 25-month period, expiring in January 2025. The specific terms of any offering of Securities, including the use of proceeds from any offering, will be set forth in a shelf prospectus supplement. The Company has filed this Shelf Prospectus to maintain financial flexibility but has no immediate intentions to undertake an offering.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About G2 Goldfields Inc.

The G2 Goldfields team is comprised 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. G2 recently announced its maiden mineral resource estimate on the newly discovered Oko property in Guyana (see press release dated April 25, 2022), and has recently 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 oz. Au – Inferred Mineral Resource contained within 3,274,000 tonnes @ 9.25 g/t Au; and
• 220,000 oz. Au – Indicated Mineral Resource contained within 793,000 tonnes @ 8.63 g/t Au.

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

G2 currently has three drills operating and is awaiting assays on thirty-two holes.

All scientific and technical information in this press release has been prepared under the supervision of Dan Noone (CEO of G2 Goldfields Inc.), a “qualified person” within the meaning of National Instrument 43-101. Mr. Noone (B.Sc. Geology, MBA) is a Member of the Australian Institute of Geoscientists.

For more information please contact:

Dan Noone

Chief Executive Officer

Phone: (416) 628-5904

E-mail: [email protected]

Forward-Looking Statements

This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. Forward-looking information contained in this new release includes, but is not limited to, statements with respect to how long the Shelf Prospectus will be effective and the terms of any future offerings, including the use of proceeds from any offering, being set forth in a prospectus supplement. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “might”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information and/or statements. Forward-looking statements and/or information are based on a number of material factors, expectations and/or assumptions of G2 which have been used to develop such statements and/or information, but which may prove to be incorrect. Although G2 believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements as G2 can give no assurance that such expectations will prove to be correct. Please refer to the Company’s Annual Information Form dated October 5, 2022 filed on SEDAR at



www.sedar.com



for risks that could materially affect the Company. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking information. The Company does not undertake to update any forward-looking information that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.