Mr. Dan Gagnon reports

GOWEST ANNOUNCES PRIVATE PLACEMENT OF FLOW-THROUGH UNITS

Gowest Gold Ltd. has arranged a non-brokered private placement of up to 7,619,048 flow-through (FT) units of the corporation at a price of 10.5 cents per FT unit for aggregate gross proceeds of up to $800,000. Each FT unit will comprise one common share and one-half common share purchase warrant, issued on a flow-through basis, with each whole warrant being exercisable to acquire one additional common share of the corporation at a price of 14 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 mineable 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: "As we've recently reported, we are continuing our aggressive exploration work focused on continuing to expand our already substantial resources at and around the Bradshaw mine, as well as in other demonstrated gold zones within other parts of our large and highly prospective NTGP area. Our recently completed exploration drilling around Bradshaw has proven very successful and earlier testing, particularly at both the Roussain and Sheridan zones, continued to provide strong support for additional resource and reserve potential across our large property area. We remain very excited as we advance this next phase of drilling and anticipate still greater growth for the benefit of all of our investors."

Please see Gowest Gold news release dated Nov. 14, 2023.

It is anticipated that the closing of the offering will occur on or about Nov. 24, 2023; provided, however, the offering may be completed in 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.

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 comprising (i) a cash fee equal to up to 6.0 per cent of the gross proceeds received from the sale of FT units sold to purchasers introduced to the corporation by the finder and (ii) warrants exercisable for a period of 24 months from the date of issuance to acquire that number of common shares of the corporation, at a purchase price of 14 cents per share, equal to up to 6.0 per cent of the number of FT units sold to purchasers 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 corporation's North Timmins gold project.

We seek Safe Harbor.