O2Gold Closes Fully Subscribed Private Placement

TORONTO, Sept. 27, 2022 - O2Gold Inc. (NEX: OTGO.H) ("O2Gold" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement financing (the "Offering"). The Company issued 10,000,000 units (each, a "Unit") at a price of $0.05 per Unit for gross proceeds of $500,000. For more information on the Offering, please see the Company's press release dated September 14, 2022, which is available under the Company's profile on SEDAR at www.sedar.com.

Pursuant to the Offering, each Unit consists of one common share of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to acquire one additional Common Share at an exercise price of $0.075 at any time prior to September 27, 2023.

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. All securities issued in connection with the Offering will be subject to a statutory hold period of four-months and one day, expiring on January 28, 2023. Completion of the Offering is subject to receipt of final approval of the NEX board of the TSX Venture Exchange.

Insiders of the Company subscribed for Units pursuant to the Offering (the "Insider Participation"). The Insider Participation is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Insider Participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. The Company did not file a material change report more than 21 days before closing the Offering as the details of the abovementioned Insider Participation were not settled until shortly prior to closing, and the Company wished to close the Offering on an expedited basis.

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. 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. 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.

NEITHER 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.