The Board of G2 Goldfields Inc. (TSXV:GTWO) announced the spin-off of Sandy Lake Project on February 2, 2021. Under the terms, G2 and S2 entered into an arrangement agreement pursuant to which G2 shareholders will be entitled to receive one S2 Minerals Inc.'s share for every ten G2 shares. S2 is expected to have the same Board of Directors and senior management team as G2. S2 will also issue rights to the holders of the common shares of S2 to raise gross proceeds of approximately CAD 1.2 million. Changes and additions to the S2 management team will be made as needed and as the Sandy Lake Project progresses. The transaction is subject to regulatory approval, including the approval of the TSX Venture Exchange and court approval, as well as approval by not less than two-thirds of the votes cast at the special meeting of the G2 shareholders, to be scheduled for on or about March 29, 2021. The record date for the meeting will be set as February 15, 2021. G2 has applied for a listing of the S2 Shares on the Canadian Securities Exchange (the “CSE”). Any such listing will be subject to S2 fulfilling all of the requirements of the CSE. As of March 5, 2021, The Board of Directors of the G2 has determined that the Arrangement is fair and in the best interests of the G2 and the G2 's shareholders and recommends that the G2's shareholders vote in favour of the Arrangement. As of March 29, 2021, the court meeting is scheduled to occur on March 31, 2021. As of March 29, 2021, the Arrangement is subject to final approval of the TSX Venture Exchange and court approval. As of March 31, 2021, G2 has received a final order from Ontario Superior Court of Justice approving this transaction and the record date is April 9, 2021. The transaction has been approved by the shareholders of G2 Goldfields Inc. The transaction is expected to close on April 7, 2021. As of March 29, 2021, the transaction is expected to complete on April 9, 2021.

G2 Goldfields Inc. (TSXV:GTWO) completed the spin-off of Sandy Lake Project on April 9, 2021.