Ms. Anthea Bath reports

WESDOME ANNOUNCES FIRST QUARTER 2024 PRODUCTION RESULTS; PROVIDES TIMING OF FIRST QUARTER FINANCIAL RESULTS

Wesdome Gold Mines Ltd. has released first quarter 2024 production results. The company is also providing notice that it will release first quarter 2024 financial results after market close on Wednesday, May 8, 2024.

Anthea Bath, president and chief executive officer of Wesdome, commented: "The first quarter of 2024 saw combined production which was in line with expectations, as we begin a year focused on delivering significant production and free cash flow growth. Further to our annual guidance update in January, the remaining three quarters are expected to see stronger output levels, supporting total planned production of 160,000 to 180,000 ounces this year.

"At Eagle River, processing of higher-grade material drove outperformance compared to plan. Development performance related to the 300 zone continues to perform in line with budget.

"At the Kiena mine, development and stope preparation activities advanced during the quarter as the site readies to ramp up and process higher-grade material in the second quarter. We note that grade processed during the first quarter reflects a greater proportion of ore from the lower-grade Martin zone.

"On the back of gold price strength and an increase in cash generation by our operations, we also took the opportunity late in the quarter to reduce the outstanding balance under our revolving credit facility by $10-million. With cash flows expected to increase in the coming months, we remain on track to close out the remaining balance on the facility by the third quarter," Ms. Bath added.

First quarter 2024 conference call and webcast

The company will release its first quarter 2024 financial results after market close on Wednesday, May 8, 2024. At that time, the financial statements and management's discussion and analysis will be available on the company's website and on SEDAR+. A conference call and webcast to discuss these results will be held on Thursday, May 9, 2024, at 10 a.m. ET.

• Participants may register for the call to obtain dial-in details. Preregistration is required for this event. It is commended you join 10 minutes prior to the start of the event.
• The webcast will also be available under the news and events section of the company's website.

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.

The technical and geoscientific content of this release has been reviewed, and approved, by Michael Michaud, PGeo, senior vice-president, exploration and resources, of the company, and Frederic Langevin, Eng, chief operating officer of the company, each a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

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