Mr. Warwick Morley-Jepson reports

WESDOME DRILLING SOUTHEAST OF KIENA MINE IDENTIFIES POTENTIAL BULK TONNAGE UNDERGROUND TARGET; RETURNING 2.3 G/T GOLD OVER 72 M CORE LENGTH

Wesdome Gold Mines Ltd. has released its surface exploration drilling results from the Shawkey and Dubuisson zones located east of the Kiena mine at the company's 100-per-cent-owned Kiena mine complex in Val d'Or, Que.

Since 2021, surface exploration at Kiena has been ramping up with the initial focus on exploration targets proximal to the Kiena mine. Initially, these drilling programs have been completed along strike (Shawkey zones) or east (Dubuisson zones) from the Kiena mine within the prospective Jacola formation in order to discover gold-rich zones that could provide additional feed for the Kiena mill. Most recently, surface drilling two to three kilometres southeast of the Kiena mine has identified wide zones of low-grade gold mineralization potentially amenable to bulk tonnage underground mining similar to other operations in the region.

Shawkey zone

Initial surface drilling completed along strike and deeper than the previously mined Shawkey 10 zone, intersected wide zones of alteration and mineralization with one hole (S-21-831) returning 2.3 grams per tonne Au over 72.0 metres within a diorite. Mineralization, which consists of disseminated pyrite with locally visible gold is associated with stockwork of white narrow quartz-carbonate and tourmaline veins with associated albite and sericite alteration cross-cutting diorite. The mineralization defines a large, low-grade zone defined by increased percentage of stockwork veins and gold grades rather than by individual veins and shear zones. Notably, this style of mineralization and alteration, hosted in diorite, is different from the Kiena mine farther to the west.

The diorite hosted gold mineralization at Shawkey has been extended to 200 metres up dip and along strike (holes S-21-823 and S-22-852) and remains open along strike to the north-west as well as down dip. Highlights of the recent drilling northwest to the Shawkey 10 zone are listed below and are summarized in the attached table.

• Hole S-21-831: 2.3 grams per tonne over 72.0 m core length (2.1 grams per tonne Au capped*);
• Hole S-21-823: 2.3 g/t Au over 29.4 m core length (2.1 g/t Au capped*);
• Hole S-21-852: 3.0 g/t Au over 20.1 m core length (3.0 g/t Au capped*).

* All assays capped at 35 g/t. Au. True width cannot be estimated at this stage of the exploration program as the exploration model is not updated for Shawkey.

Dubuisson zone

Recent drilling and updating 3-D modelling of the Dubuisson zone has confirmed that the mineralization occurs along shear zones (DUB zone 1, 2 and 3) and at their intersections. Shear zones are mainly located at the contact between diorite and ultramafic rocks or crosscut diorite. Mineralization is characterized by disseminated pyrite (traces to 7 per cent) with visible gold occurring locally in quartz-carbonate and tourmaline veins (stockwork). Albite and chlorite alteration occur in veins selvages.

Highlights of the recent drilling at Dubuisson zone are listed and are summarized in the attached table.

• Hole DB-22-001 (new zone) : 5.0 g/t Au over 24.0 m core length (4.6 g/t Au capped*);
• Hole DB-22-002 (DUB zone 1): 5.0 g/t Au over 9.3 m core length (5.0 g/t Au capped*, 4.6 m true width);
• Hole DB-22-003 (DUB zone 2): 9.8 g/t over 25.2 m core length (9.8 g/t Au capped*, 17.2 m true width);
• Hole DB-22-004 (DUB zone 3): 11.4 g/t Au over 4.2 m core length (11.4 g/t Au capped*, 2.6 m true width).

* All assays capped at 50 g/t Au. True widths are estimated based on 3-D model construction. True width cannot be estimated at this stage of the exploration program for DB-22-001.

Warwick Morley-Jepson, board chair and interim chief executive officer, commented: "We are pleased with the recent surface exploration results at Shawkey and Dubuisson zones which could potentially increase our resource base in areas adjacent to the mine. These zones present an opportunity to provide a second source of mill feed for the underutilized Kiena mill. Additionally, these zones remain open at depth and along strike and require further exploration. Both of these zones are proximal to the 33 level track drift development that extends over three kilometres east of the Kiena mine shaft towards the Dubuisson zone. These results also continue to show the potential of discovering new zones elsewhere on the Kiena property with more exploration and improving our understanding of the geology.

"Elsewhere at the Kiena mine, the company is following up on multiple initial discoveries made last year, including the south limb of the A zone and several adjacent hangingwall zones which remain outside the current mineral reserves. Further, the excavation of an exploration ramp from surface to access the near-surface Presqu'ile zone is expected to proceed in H2 2023 after the required permits are secured.

"These exploration results, combined with strong execution of the ramp development to Kiena Deep, pave the way for increased production growth in 2024 and beyond."

Technical disclosure

The technical and geoscientific content of this release has been compiled and reviewed by Denys Vermette, PGeo, (OGQ No. 564) exploration manager of the company, and a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

Analytical work was performed by ALS minerals of Val d'Or (Quebec), a certified commercial laboratory (accredited lab No. 689). Sample preparation was completed at ALS minerals in Lachine (Quebec). Assaying comprised fire assay methods with an atomic absorption finish. Any sample assaying greater than three g/t Au was rerun by fire assay method with gravimetric finish, and any sample assaying greater than 10 g/t Au was rerun with the metallic sieve method. In addition to laboratory internal duplicates, standards and blanks, the geology department inserts blind duplicates, standards and blanks into the sample stream at a frequency of one in 20 to monitor quality control.

About Wesdome Gold Mines Ltd.

Wesdome is a Canadian-focused gold producer with two high-grade underground assets, the Eagle River mine in Ontario and the recently commissioned Kiena mine in Quebec. The company also retains meaningful exposure to the Moss Lake gold deposit in Ontario through its equity position in Goldshore Resources Inc. The company's primary goal is to responsibly leverage this operating platform and high-quality brownfield and greenfield exploration pipeline to build Canada's next intermediate gold producer. Wesdome trades on the Toronto Stock Exchange under the symbol WDO, with a secondary listing on the OTCQX under the symbol WDOFF.

We seek Safe Harbor.