Ms. Anthea Bath reports

WESDOME DRILLING RETURNS HIGH GRADES IN VOLCANIC ROCKS ALONG WESTERN EXTENSION OF MINERALIZATION AT THE EAGLE RIVER MINE

Wesdome Gold Mines Ltd. has released results from the continuing surface and underground exploration drilling program at the company's wholly owned Eagle River mine in Wawa, Ont. Initial surface drilling to the west of the mine diorite has returned high grades within 200 metres from surface while the first underground hole 750 metres down plunge has also intersected similar mineralization. Highlights of recent results are outlined below.

Initial surface drilling to the west of current mine infrastructure in the volcanic rocks:

• Hole ERS-2023-001: 64.4 grams per tonne gold over 0.4-metre core length (64.4 g/t Au capped, 0.4-metre true width);
• Hole ERS-2023-005: 7.0 g/t Au over 2.6-metre core length (7.0 g/t Au capped, 2.2-metre true width).

Underground drilling indicating continuity directly down plunge within the volcanic rocks:

• Hole 857-E02: 33.4 g/t Au over 0.4-metre core length (within 6.4 g/t Au capped over 1.5-metre true width).

All assays capped at 125 g/t Au. True widths are estimated based on 3-D model construction.

Anthea Bath, president and chief executive officer, commented: "The results of the initial surface and underground drilling suggests the potential of a parallel structure in the volcanic rocks west of the mine diorite, with results consistent with those seen in early drilling at the Falcon 7 zone in 2019. Not only are these results near existing mine infrastructure, but they demonstrate potential for high-grade mineralization in a rock type that has seen limited drilling to date.

"This drilling is part of a renewed strategy focused on the upper areas of the mine and will include the assessment of previously mined areas. By developing and optimizing the strategic mine plan from these additional resources, this could add incremental tonnes for processing at our underutilized mill.

"Additionally at Eagle River, drilling continues to confirm the geometry, spatial continuity and high grades of the 300 East zone at depth. This suggests that many other similar parallel zones, namely the 8 and 7 zones, have the same potential to continue at depth."

Further technical details

During the first part of this year, an updated 3-D geologic model was created west of the mine diorite to guide exploration. It is interpreted that the gold mineralization occurs within an intermediate volcaniclastic, known to be more brittle and a better host for the gold mineralization than the relatively ductile encompassing mafic volcanic flow units.

Initial surface and underground exploration drilling commenced in July to explore for additional gold mineralization in this area, which has intersected well-altered and mineralized quartz veins with visible gold (VG) over narrow widths.

In addition, several drill holes have recently intersected mineralization in the hangingwall of the Falcon 7 zone, thus indicating the potential for parallel or folded limbs. Additional plunging shoots of gold mineralization have been discovered farther to the west near the historic 9 zone. It appears that theses gold shoots have a similar periodicity to the gold mineralization to that of the mine diorite.

Technical disclosure

The sampling of, and assay data, from drill core is monitored through the implementation of a quality assurance/quality control (QA/QC) program designed to follow industry best practice. Underground drill samples are transported in sealed bags to the Eagle River mine assay office in Wawa, Ont. Samples are analyzed for gold using standard fire assay technique with gravimetric finish. Wesdome inserts blanks and certified reference standards into the sample sequence for quality control at the laboratory. The QA/QC procedure is described in more detail in the 2022 technical report filed on SEDAR+ on April 22, 2022.

The technical content of this release has been compiled, reviewed and approved by Nathan Forslund, PGeo, surface exploration manager, and Aliou Sene, PGeo, chief mine geologist, at Eagle River complex, who are the company's qualified persons as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

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'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.

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