Mr. Dan Gagnon reports

GOWEST CLOSES FINAL TRANCHE OF UPSIZED PRIVATE PLACEMENT OF FLOW-THROUGH UNITS FOR FURTHER PROCEEDS OF $150,000

Gowest Gold Ltd. has closed the final tranche of its previously announced upsized non-brokered private placement of flow-through units of the corporation. (See Gowest releases dated Dec. 12 and Nov. 21, 2023.)

Pursuant to the final tranche closing of the offering, the corporation issued and sold an additional 1,428,570 FT units at a price of 10.5 cents per FT unit for aggregate gross proceeds of $150,000. These funds are in addition to the $800,000 closed on previously by the corporation, bringing the total gross proceeds of the offering to $950,000.

Each FT unit comprises one common share and one-half 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 14 cents for a period of 24 months following the closing 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.

It is anticipated that the 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 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.

In connection with the offering, the corporation paid finder's fees of $9,000 in cash.

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 (NTGP). Gowest is exploring additional gold targets on its plus-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 (g/t Au) containing 422,000 ounces Au and an inferred resource of 3.6 million tonnes grading 6.47 g/t Au containing 755,000 ounces 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 million tonnes grading 4.82 g/t Au for 277,000 ounces Au.

We seek Safe Harbor.