NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES SASKATOON, Saskatchewan, March 02, 2023 (GLOBE NEWSWIRE) - GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“ GFG ” or the “ Company ”) announces that due to investor demand it has increased the size of its previously announced private placement financing (the “ Offering ”) ( see news release dated February 17, 2023 ) to raise gross proceeds of up to C$4.2 million (the “ Offering ”). In connection with the Offering, the Company is pleased to announce that Alamos Gold Inc. ( TSX: AGI; NYSE: AGI ) has committed to purchasing securities to increase their position to a 9.99% interest in the Company upon completion of the Offering. The Offering will consist of any combination of (i) units of the Company (“Units”) at a price of C$0.13 per Unit; (ii) common shares of the Company that will qualify as “flow-through shares” for the purposes of the Income Tax Act (Canada) (“FT Shares”) at a price of C$0.15 per FT Share; and (iii)

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New drill results from 8 holes continue to show strong continuity and extend high-grade gold mineralization of the Upper and Lower Footwall Zones at the Montclerg Gold Project (“Montclerg”). Hole MTC-22-036 returned near surface high-grade gold: 6.67 grams of gold per tonne (“g/t Au”) over 6.0 metres (“m”) in the Upper Footwall zone, up dip of holes MTC- 22-035 (9.85 g/t Au over 16.0 m) and MTC-21-005 (4.82 g/t Au over 26.0 m). To date, Hole MTC-22-042 returned the broadest and highest-grade intercept at depth in the Lower Footwall Zone: 8.46 g/t Au over 5.0 m in the Lower Footwall Zone . Assay results from the remaining 5 holes are pending and will be announced once received. Since acquiring Montclerg in October 2021, GFG has completed 11,000 m of drilling from 47 holes and achieved approximately a 90% drilling hit rate. Drilling is planned to resume in Q1 with a focus on Montclerg and testing high-priority gold targets across the Goldarm Property. SASKATOON,