Mr. Dan Gagnon reports

GOWEST ANNOUNCES PRIVATE PLACEMENT OF FLOW-THROUGH UNITS

Gowest Gold Ltd. has proposed a non-brokered private placement of up to 11,111,111 flow-through (FT) units of the corporation at a price of 18 cents per FT unit for gross proceeds of up to $2-million. Each FT unit will be composed of one common share and one common share purchase warrant, issued on a flow-through basis, with each warrant being exercisable to acquire one additional common share of the corporation at a price of 24 cents for a period of 24 months following the closing date of the offering. The common shares underlying the warrants will not be issued as flow-through shares.

The gross proceeds of the offering will be used to incur Canadian exploration expenses as defined in Subsection 66.1(6) of the Income Tax Act (Canada), and renounced to subscribers under the offering with an effective date no later than Dec. 31, 2023. Such Canadian exploration expenses will also qualify as flow-through mining expenditures as defined in Subsection 127(9) of the tax act.

More specifically, it is anticipated that the gross proceeds from the offering will be used to expand the minable resource at the corporation's 100-per-cent-owned Bradshaw gold deposit, as well as to further test other parts of the corporation's North Timmins gold project (NTGP) area where notable gold has previously been intercepted. The latter includes both the Roussain gold zone, located approximately two kilometres northeast of Bradshaw, and the Sheridan gold zone, located just west of Bradshaw.

Dan Gagnon, president and chief executive officer of Gowest, said: "While we continue to aggressively accelerate Bradshaw's restart, we will be using the funds from this flow-through financing with the intention of increasing our gold resource at both the mine and at other parts of our large and highly prospective NTGP area. As we have previously reported, the results of earlier drilling have convinced us that the Bradshaw deposit extends beyond the currently defined outline, in new areas adjacent to the existing underground infrastructure. Our objective is there to identify additional gold resources and reserves at the deposit. Earlier drilling has also intercepted good grades and widths of gold at both the Roussain and Sheridan zones, where we continue to see the potential to develop additional resources in the future."

It is anticipated that the closing of the offering will occur on or about June 15, 2023, provided, however, the offering may be completed with one or more tranches (including after such date). The closing of the offering is subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

The corporation anticipates that certain officers and/or directors of the corporation may participate in the offering. Participation by insiders in the offering will be exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions by virtue of the exemptions contained in sections 5.5(a) and (b), and 5.7(1)(a), respectively, of MI 61-101.

Further, subject to compliance with the policies of the TSX Venture Exchange and applicable securities legislation, the corporation may pay a finder's fee in connection with the offering equal to up to 8 per cent of the gross proceeds received from the sale of shares sold to subscribers introduced to the corporation by the finder.

All of the securities issued or issuable pursuant to the offering will be subject to a hold period in Canada expiring four months and one day after the date of issuance.

About Gowest Gold Ltd.

Gowest is a Canadian gold exploration and development company focused on the delineation and development of its 100-per-cent-owned Bradshaw gold deposit on the Frankfield property, part of the company's North Timmins gold project (NTGP). Gowest is exploring additional gold targets on its over-100-square-kilometre NTGP land package and continues to evaluate the area, which is part of the prolific Timmins, Ont., gold camp. Currently, Bradshaw contains a National Instrument 43-101 indicated resource estimated at 2.1 million tonnes (Mt) grading 6.19 grams per tonne gold (g/t Au) containing 422,000 ounces (oz) Au and an inferred resource of 3.6 Mt grading 6.47 g/t Au containing 755,000 oz Au. Further, based on the prefeasibility study produced by Stantec Mining and announced on June 9, 2015, Bradshaw contains mineral reserves (mineral resources are inclusive of mineral reserves) in the probable category, using a three g/t Au cut-off and utilizing a gold price of $1,200 (U.S.) per ounce, totalling 1.8 Mt grading 4.82 g/t Au for 277,000 oz Au.

We seek Safe Harbor.