Mr. Dan Gagnon reports

GOWEST CLOSES OFFERING OF FLOW-THROUGH UNITS

Gowest Gold Ltd. has closed its previously announced non-brokered private placement of 6,221,428 flow-through units at a price of 14 cents per FT unit for aggregate gross proceeds of $871,000. Each FT unit comprised one common share and one common share purchase warrant, issued on a flow-through basis. Each warrant will be 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 funds from the offering are anticipated to be used to expand the minable resource at the 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 (see Gowest news releases dated June 1, 2020, and June 27, 2019).

Dan Gagnon, president and chief executive officer of Gowest, commented: "With these latest new funds, we have initiated an aggressive drill program focusing on increasing the minable gold resources at Bradshaw. At the same time, we are continuing our mine restart, which is advancing very well on all fronts."

The corporation recently began its planned 5,000-metre surface diamond drilling around Bradshaw. This program, which will require additional funds in order to be completed, is set to expand the minable resource at Bradshaw and further test gold zones in other areas on the NTGP. The initial phase (approximately 880 m) is targeting the eastern Bradshaw gold zones to extend current stopes for mining below the 80 m level.

As previously reported (see Gowest news releases dated May 17 and June 7, 2023), 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 of 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 Income Tax Act (Canada).

Certain directors of the corporation purchased an aggregate of 864,286 FT units for an aggregate purchase price of $121,000. Participation by insiders in the offering is exempt from the formal 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.

In connection with the offering, the corporation paid finders' fees, in cash, totalling $60,000.

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. Gowest is exploring additional gold targets on its greater-than-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 grading 6.19 grams per tonne gold containing 422,000 ounces Au and an inferred resource of 3.6 million tonnes grading 6.47 g/t Au containing 755,000 oz Au. Further, based on the prefeasibility study produced by Stantec Mining and released 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 million tonnes grading 4.82 g/t Au for 277,000 oz Au.

We seek Safe Harbor.