O2Gold Announces $500,000 Private Placement

TORONTO, Sept. 14, 2022 - O2Gold Inc. (TSX-V: OTGO.H) ("O2Gold" or the "Company") announces that it intends to complete a best efforts non-brokered private placement financing of up to 10,000,000 units (each, a "Unit") at a price of $0.05 per Unit for gross proceeds of up to $500,000 (the "Offering"). Each Unit will consist of one common share of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder to acquire one additional Common Share at an exercise price of $0.075 for a period of 12 months from issuance.

Closing of the Offering is expected to occur on or about September 30, 2022. All securities issued in connection with the Offering will be subject to a statutory hold period of four-months and one day. Completion of the Offering is subject to a number of conditions, including without limitation, receipt of NEX ("NEX") approval. No finder's fees will be paid in connection with the Offering. The Company intends to use the net proceeds of the Offering for general corporate purposes.

About O2Gold Resources

O2Gold is a mineral exploration company with its exploration activities in Colombia.

For additional information, please contact:

Aaron Atin, Corporate Secretary
Phone: (416) 861-5888
Email: aaron.atin@fmresources.ca

Cautionary statements

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Offering, including the Company's intended use of proceeds, closing conditions and timing, and other matters relating thereto. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of O2Gold to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future mineral prices; and other risks of the mining industry. Although O2Gold has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. O2Gold does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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