The K2 Principal Fund L.P. Seeks to Replace Directors of GT Gold Corp.

TORONTO, Dec. 15, 2020 - The K2 Principal Fund L.P. ("K2"), holder of not less than five percent of the issued and outstanding common shares (the "Common Shares") in the capital of GT Gold Corp. (the "issuer"), announced today that it has submitted a requisition (the "Requisition"), pursuant to section 167 of the BCBCA, to the issuer requesting that the issuer call and hold a general meeting of shareholders of the issuer (the "Meeting") for the purposes of (i) removing Ashwath Mehra, James Rutherford and Charles Tarnocai from the board of directors of the issuer (the "Board"), (ii) electing Darren McLean, Josef Vejvoda, William Lamb, Margot Naudie and Harry Pokrandt to the Board, and (iii) requesting the Board terminate the position of Executive Chairman and appoint an independent Chairman of the Board. In connection with the foregoing, the issuer has filed a Form 62-103F1 – Required Disclosure under the Early Warning Requirement filed on the issuer's SEDAR profile on www.sedar.com (the "Early Warning Report"). No securities were acquired in connection with the filing of the Early Warning Report.

K2 may solicit proxies from securityholders in connection with the Requisition and the Meeting. In addition to the Requisition, K2 may from time to time have discussions with management of the issuer and may make suggestions concerning the issuer's operations, prospects, business and financial strategies, assets and liabilities, business and financing alternatives and such other matters as such person may deem relevant to its investments in the Common Shares. K2 may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over, or exercise its current rights to acquire, Common Shares or other securities of the issuer through market transactions, private agreements or otherwise. Depending its assessment of these conditions, K2 may change its present intentions as stated above.

Prior to submission of the Requisition and immediately after submission of the Requisition, K2 held 14,553,700 Common Shares representing approximately 11.24 % of the issued and outstanding Common Shares.

The issuer's head office is located at 1100 Melville Street, Suite 610 Vancouver, British Columbia, V6E 4A6. K2's office is located at 2 Bloor Street West, Suite 801, Toronto, Ontario, M4W 3E2. It was formed under the laws of the Province of Ontario and is engaged in the business of investing in securities.

SOURCE GT Gold Corp.