G3 Exploration Regulatory News (G3E)

2 July 2021

G3 EXPLORATION LIMITED

("G3 Exploration", "G3E" or the "Company")

Corporate Update

Please be advised that on 11 November 2020 in accordance with the Cayman Islands Companies Winding Up Rules ("CWRs"), the Joint Official Liquidators ("JOLs") determined that the Company should be treated as of doubtful solvency. Due to that certification of doubtful solvency both the Company's creditors and shareholders were deemed to potentially have an economic interest in the official liquidation.

On 2 July 2021, again in accordance with the CWRs, the JOLs changed their determination of solvency and now hereby determine that the Company should be treated as insolvent. The JOLs have filed the formal certificate with the Grand Court of the Cayman Islands to confirm this determination. The effect of this change in the determination of solvency is that now only the Company's creditors are deemed to have an economic interest in the official liquidation.

Please be advised that the JOLs may change their determination again in the light of future changes of relevant circumstances and / or their assessment of the Company's financial position.

Yours faithfully,

Christopher Kennedy

Joint Official Liquidator