O2Gold Provides Update on Quebec Aur Transaction

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TORONTO, Dec. 11, 2025 (GLOBE NEWSWIRE) -- O2Gold Inc. (NEX:OTGO.H) (“O2Gold” or the “Company”) is pleased to provide an additional update on its pending acquisition of a gold mining exploration property in Quebec through the purchase of all of the issued and outstanding shares of Quebec Aur Ltd. (the “Target”) pursuant to a share exchange agreement entered into by the Company with the Target and its shareholders dated April 15, 2024, as amended November 14, 2024 (the “Acquisition”).

The Company received an extension from the TSX Venture Exchange to close its previously announced non-brokered private placement financing of 18 million units and 16 million flow-through common shares for aggregate gross proceeds to the Company of $1.7 million (the “Offering”). The Company now has until January 7, 2026, to close the Offering.

In addition, the Company has amended the terms of the Offering to contemplate finder’s fees being paid to eligible finders in accordance with the policies of the TSX Venture Exchange consisting of a cash commission equal to up to 8% of the gross proceeds raised under the Offerings and finder warrants (“Finder Warrants”) in an amount equal to up to 8% of the number of common shares and units sold pursuant to the Offerings. Each Finder Warrant will continue to entitle the holder thereof to purchase one common share of the Company at a price of $0.10 per share for a period of 24 months following the closing date of the Offerings.

The parties continue to work diligently to complete the remaining legal formalities in relation to the Acquisition, which is now expected to close (along with the Offering) on or about January 7, 2026, subject to the satisfaction or waiver of certain conditions. The Acquisition is more fully described in the Company’s press releases dated April 15, 2024, April 23, 2024, April 24, 2024, May 30, 2024, and August 23, 2024, as well as the Company’s management information circular (the “Circular”) which was mailed to shareholders of record as of August 26, 2024. Additional information respecting the Offering can be found in the Company’s press releases dated April 8, 2025, and August 7, 2025. The press releases and Circular are available under O2Gold’s profile on SEDAR+ at www.sedarplus.ca.