Mr. Dan Gagnon reports

GOWEST ANNOUNCES AMENDED TERMS FOR PRIVATE PLACEMENT OF FLOW-THROUGH UNITS

Gowest Gold Ltd. has amended the terms of its previously announced non-brokered private placement of flow-through (FT) units of the corporation.

Pursuant to the amended terms of the non-brokered private placement, the corporation proposes to issue up to 14,285,715 FT units, at a price of 14 cents per FT unit, for aggregate gross proceeds of up to $2-million. Each FT unit will comprise 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 20 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.

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 8.0 per cent of the gross proceeds received from the sale of shares sold to subscribers introduced to the corporation by the finder.

All 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 corporation's North Timmins gold project.