OTGO O2Gold Inc

O2Gold Inc. (“O2Gold” or the “Company”) (TSXV: OTGO) is pleased to announce that it has completed its shares for debt settlement with Geominas Serviminas JV that was previously announced on September 3, 2021 (the “Shares for Debt Settlement”).

Pursuant to the Shares for Debt Settlement, the Company has issued 800,323 common shares of the Company at a deemed price of $0.22 per share in satisfaction of outstanding debt of approximately $176,000. The common shares issued pursuant to the Shares for Debt Settlement are subject to a four month and one day hold period expiring on January 22, 2022.

About O2Gold

O2Gold is a mineral exploration company with activities in Colombia. The Company’s contiguous 30,000 ha land package includes several brownfields and largely under-explored greenfields.

For additional information, please contact:

Jaime Lalinde, President and CEOPhone: (57) 312 350 5864Email: jlalinde@fmresources.ca

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.