OTGO O2Gold Inc

O2Gold Inc. (TSX-V: OTGO) (“O2Gold” or the “Company”) announced today that it has received final approval from the TSX Venture Exchange (“TSXV”) for its previously announced settlement (the “Settlement”) with, among others, one of its largest shareholders, Bullet Holding Corp. (“Bullet”), and Magnolia Capital LLC (“Magnolia”), pursuant to which O2Gold has returned all of the issued and outstanding shares of Buenaventura Gold, Inc., a Panamanian company (“Buenaventura”), to Bullet and Magnolia. Buenaventura indirectly owns, or has been irrevocably transferred, 26 mining claim titles and applications in the Segovia/Zaragoza regions of Antioquia in Colombia (the “Project”). The Project was returned as consideration for (among other things) Bullet and Magnolia relinquishing their entitlements to a US$2.5 million payment that would otherwise have been payable later this year. For more information about the Settlement, please see the Company’s press releases dated June 14, 2022 and July 29, 2022, which are available under the Company’s SEDAR profile at www.sedar.com.

In addition, as a result of the Settlement, the Company announces that the TSXV has determined that the Company does not currently meet the continued listing requirements for a Tier 2 listed company, and therefore, the Company’s listing will be transferred to the NEX on or about August 8, 2022.

About O2Gold

O2Gold is a mineral exploration company with activities in Colombia.

For additional information, please contact:

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

Cautionary Notes

Certain of the information contained in this news release constitutes ‘forward-looking statements’ within the meaning of securities laws. Such forward-looking statements, including but not limited to statements with respect to the transfer of the Company’s listing to the NEX, involve risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such factors include, among others, obtaining regulatory approval. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements 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 statements. The Company does not undertake to update any forward-looking statements, 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.