Mr. Dan Gagnon reports

GOWEST COMPLETES DEBT CONVERSION AND RAISES PROCEEDS OF $11,000,000 FROM EXERCISE OF WARRANTS

Gowest Gold Ltd. has completed its previously announced conversion of indebtedness in an aggregate amount of $6,859,900.24 into common shares of the company. Pursuant to the debt conversion, the company issued an aggregate of 50,814,076 common shares at a price of 13.5 cents per share. For further details, see the Gowest press release dated June 21, 2023.

Gowest also announced today that certain holders of outstanding common share purchase warrants of the company have exercised these warrants for aggregate gross proceeds to the company of $11,000,460.90. Specifically, an aggregate of 110,004,609 common shares of the company were issued at a price of 10 cents pursuant to the warrant exercises.

All securities issuable in connection with the debt conversion are subject to a hold period expiring four months and one day after the date of issuance.

C. Fraser Elliott, chairman, commented, "I would like to thank our shareholders for their continued financial support for the company as we develop Gowest into the newest gold miner in the Timmins camp."

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.