Mr. Dan Gagnon reports

SECURITYHOLDERS OF GOWEST GOLD APPROVE GO PRIVATE TRANSACTION

Gowest Gold Ltd.'s shareholders and holders of common share purchase warrants of the company have approved the previously announced plan of arrangement of the company under the Business Corporations Act (Ontario), pursuant to which a group of existing shareholders of Gowest (the acquiring group) proposes to acquire all of the outstanding common shares of Gowest not already owned by the acquiring group for cash consideration of 15 cents per share. For additional details concerning the arrangement, see the Gowest news release dated June 24, 2024.

Approval of the arrangement was obtained at a special meeting of shareholders and warrantholders held yesterday, Sept. 5, 2024. The special resolution approving the arrangement was required to be passed by: (i) at least 66-2/3rds per cent of the votes cast in person or by proxy at the meeting by shareholders and warrantholders, voting together as a single class, each being entitled to one vote per share held and one vote per share underlying the warrants held; (ii) at least 66-2/3rds per cent of the votes cast in person or by proxy at the meeting by shareholders, voting as a separate class, each being entitled to one vote per share held; and (iii) a simple majority (more than 50 per cent) of the votes cast at the meeting by shareholders, excluding shares held by members of the acquiring group (and their related parties and joint actors of the acquiring group and their related parties) and shares otherwise required to be excluded pursuant to Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions.

A total of 596,030,277 shares were represented in person or by proxy at the meeting, representing approximately 88.83 per cent of the issued and outstanding shares, and a total of 78,931,105 warrants were represented in person or by proxy at the meeting, representing approximately 89.03 per cent of the issued and outstanding warrants.

A summary of the voting results on the arrangement resolution is set out in the attached tables.

Closing of the arrangement remains subject to certain customary closing conditions, including approval by the Ontario Superior Court of Justice (Commercial List). The hearing in respect of the final order to approve the arrangement is currently scheduled to take place on Sept. 13, 2024. If the final order is obtained and all other conditions to completion of the arrangement are satisfied or waived, it is expected that the arrangement will be completed on or about Sept. 19, 2024.

For further information regarding the arrangement, please refer to the management information circular of the company dated as of July 24, 2024, a copy of which is available under the company's profile on SEDAR+.

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 gold camp in Ontario.

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