Mr. Brian Skanderbeg reports

GFG ANNOUNCES WARRANT ACCELERATION

GFG Resources Inc. is electing to accelerate the expiry of outstanding share purchase warrants of the company originally issued on Oct. 6, 2022, March 21, 2023, and April 19, 2024. In connection with the acceleration of warrants, Alamos Gold Inc. has exercised 5,343,302 warrants for a total consideration of $694,629. In addition to Alamos, a large majority of warrantholders have confirmed their intent to exercise.

Pursuant to the terms of the warrants, the company may accelerate the expiry date of the warrants if the closing price of the company's common shares on the TSX Venture Exchange equals or exceeds 18 cents for 10 consecutive trading days to the date which is 30 days following the dissemination of a news release announcing the acceleration. The company hereby provides notice of the acceleration period covering the 10 trading days ended Nov. 1, 2024, and that the company is exercising its right to accelerate the expiry of the warrants to 5 p.m. (Toronto time) on Dec. 9, 2024. Any warrants remaining unexercised after the accelerated expiry date will expire, and be of no force and effect.

As of Nov. 7, 2024, an aggregate of 23,989,553 warrants remain outstanding. Accordingly, if all the outstanding warrants are exercised, gross proceeds to the company will total approximately $3.9-million. There is no assurance that all of the warrants will be exercised. Holders may exercise the warrants before the accelerated expiry date by observing the process as set out in the warrant certificates.

"This is an exciting opportunity for GFG," said Brian Skanderbeg, president and chief executive officer of GFG. "The warrant exercise could bring in nearly $4.0-million in capital, providing us with a strong financial foundation to aggressively advance drill programs at both the historic Aljo gold mine and the new Muskego gold target. We are confident that these programs will expand the Aljo gold system and potentially lead to a significant gold discovery at Muskego, ultimately aiming to find the next gold mine in the prolific and infrastructure-rich Timmins gold district."

Prior to the closing of Alamos's warrant exercise, Alamos held 23,809,004 common shares of GFG, representing a securityholding percentage of approximately 9.8 per cent, on an undiluted basis. Following the closing of the transaction, Alamos will have beneficial ownership of, or control and direction over, 29,152,306 common shares or 11.8 per cent of common shares of GFG, on an undiluted basis (based on 247,217,181 common shares outstanding as of Nov. 7, 2024), and no warrants. Alamos acquired the common shares for investment purposes, which will be evaluated and may be increased or decreased from time to time at Alamos's discretion. A copy of Alamos's early warning report will be available on the SEDAR+ website, or can be requested by contacting Scott K. Parsons, senior vice-president, corporate development and investor relations, at sparsons@alamosgold.com, 416-368-9932 (extension 5439) or by mail at Brookfield Place, 181 Bay St., Suite 3910, Toronto, Ont., M5J 2T3.

About GFG Resources Inc.

GFG is a North American precious metals exploration company focused on district-scale gold projects in Tier 1 mining jurisdictions, Ontario and Wyoming. In Ontario, the company operates three gold projects, each large and highly prospective gold properties within the prolific gold district of Timmins, Ont., Canada. The projects have similar geological settings that host most of the gold deposits found in the Timmins gold camp, which have produced over 70 million ounces of gold. The company also owns 100 per cent of the Rattlesnake Hills gold project (RSH), a district-scale gold exploration project located approximately 100 kilometres southwest of Casper, Wyo., United States. On Aug. 15, 2024, the company signed a definitive agreement with Patriot Gold Vault Ltd. Under the terms of the agreement, Patriot will purchase RSH by paying GFG an aggregate consideration of approximately $3.3-million.

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