Ms. Breanne Beh of Angus Gold reports

ANGUS GOLD COMPLETES PRIVATE PLACEMENT, INCLUDING A STRATEGIC INVESTMENT BY WESDOME GOLD MINES

Angus Gold Inc. has closed its non-brokered charity flow-through private placement for total gross proceeds of $4.64-million, as previously announced on Jan. 19, 2024.

The offering comprised the issuance of 5.8 million charity flow-through units of the company at a price of 80 cents per flow-through unit. Each flow-through unit consisted of one common share of the company that qualifies as a flow-through share (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)) and one-half of one common share purchase warrant of the company. Each warrant entitles the holder thereof to acquire one common share of the company at a price of 80 cents per warrant share for a period of 24 months from the date of issuance.

Following the closing of the flow-through offering, Wesdome Gold Mines Ltd. acquired all 5.8 million flow-through units issued under the flow-through offering from the subscribers to the flow-through offering. Upon closing, Wesdome holds approximately a 10.6-per-cent ownership interest in the company's issued and outstanding common shares on a non-diluted basis and 15.0 per cent on a partially diluted basis assuming the exercise in full of the warrants. In connection with the strategic investment, the company entered into an investor rights agreement with Wesdome, pursuant to which the company has granted Wesdome customary anti-dilution rights to maintain its equity ownership interest in the company through the right to participate in future equity financings and a top-up right.

The gross proceeds of the offering will be used to finance the company's exploration programs at the Golden Sky project in Ontario and will be used by the company to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada)) related to the company's mineral projects in Ontario, on or before Dec. 31, 2025. All qualifying expenditures will be renounced in favour of the subscribers of the flow-through units with an effective date not later than Dec. 31, 2024.

The offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the securities regulatory authorities. All securities issued in connection with the offering are subject to a four-month-and-one-day hold period.

About Angus Gold Inc.

Angus Gold is a Canadian mineral exploration company focused on the acquisition, exploration and development of highly prospective gold properties. The company's flagship project is the Golden Sky project in Wawa, Ont. The project is immediately adjacent to the Eagle River mine of Wesdome Gold Mines.

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