Mr. Patrick Power reports

LAKE WINN PROVIDES UPDATE ON SPINOUT FINANCING

Lake Winn Resources Corp.'s Gold Winn Resources Corp., the exploration company involved with the company's spinout of its Cloud and Quartz properties in Manitoba, intends to increase the size of its non-brokered private placement, as previously announced in a news release issued on Aug. 16, 2023, from a maximum of 7.5 million special warrants to 10 million special warrants at a price of 2.5 cents per special warrant, for gross proceeds of up to $250,000.

All other terms of the offering will remain the same as previously announced. Each special warrant will entitle the holder to one common share of Gold Winn. Each special warrant will automatically convert, without the payment of any additional consideration, into one Gold Winn common share on the date (the conversion date) that is the earlier of (i) the date on which the spinout is completed (immediately following the completion of the spinout), and (ii) Dec. 31, 2023. For greater certainty, no special warrants may be exercised by the holder thereof prior to the conversion date. Additional information on the spinout is can be found in the company's news releases dated July 12, 2023, and July 31, 2023 (copies of which are available under the company's SEDAR+ profile). The offering, including the increase in size, remains subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals.

About Lake Winn Resources Corp.

Lake Winn Resources is a mineral exploration company focused on advancing its 100-per-cent-owned Little Nahanni lithium project, which is located in the western Northwest Territories near the Yukon border. The project covers 7,080 hectares that encompasses a seven-kilometre-long, and up to 500 m wide, lithium, tantalum, cesium and tin pegmatite dike swarm. Lake Winn is listed on the TSX Venture Exchange.

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