Mr. Paul John reports

WEST OAK ANNOUNCES CLOSING OF PRIVATE PLACEMENT AND CHANGES TO ITS BOARD

Further to West Oak Gold Corp.'s news releases dated Nov. 27, 2023, and Dec. 11, 2023, it has closed the non-brokered private placement financing of 6.41 million units of the company at a price per unit of five cents for aggregate gross proceeds of $320,500. Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant is exercisable to acquire one additional common share in the capital of the company at an exercise price of five cents for a term of three years from the date of issuance thereof.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 -- Prospectus Exemptions, 3.2 million of the units issued were offered for sale to purchasers resident in Canada (other than Quebec) and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 (the listed issuer financing exemption) (the LIFE offering). As the LIFE offering was completed pursuant to the listed issuer financing exemption, the securities issued under the LIFE offering are not subject to a hold period pursuant to applicable Canadian securities laws.

The remainder of the securities issued under the offering are subject to a hold period expiring on April 23, 2024, in accordance with applicable securities laws.

There is an offering document related to the LIFE offering that can be accessed under the company's profile at SEDAR+ and on the company's website.

The company expects to use the available funds raised in connection with the offering for the continued mineral exploration activities on the Hedgehog project, including the review of all data obtained to date and the design of the 2024 exploration program. The balance of any amounts raised under the offering will be allocated to general and administrative expenses as well as general working capital. In the event less than sufficient funds are raised under the offering to achieve its business objectives, the company shall prioritize deployment of capital for such business objectives as deemed fit by the company in its sole discretion.

The company further announces the resignation of Paul Reynolds and Kevin Dodds as directors of the company and the appointment Morgan Good and Adrian Smith as directors of the company, each effective as of Dec. 22, 2023. Additionally, the company has cancelled an aggregate of 650,000 options to purchase common shares in the capital of the company, which were previously granted at an exercise price of 10 cents, expiring April 15, 2024.

Morgan Good -- Mr. Good is a venture capitalist with approximately 20 years of experience as a stock market professional focusing in areas of finance, M&A (mergers and acquisitions), corporate restructuring, and development, as well as marketing. Mr. Good has served on various boards across several sectors including but not limited to technology, health care, but most notably within the small-cap junior mining resource arena. Mr. Good has been directly and indirectly responsible for raising in excess of $100-million over his career relating to many private and public issuers alike.

Adrian Smith -- Mr. Smith, PGeo, BSc, is a registered professional geologist with over 15 years experience working in mineral exploration industries. Mr. Smith began working for active mining companies as an underground mine geologist responsible for identifying, modelling and producing ore in addition to known reserves. Since then, Mr. Smith has taken his mineral exploration experience from underground and applied it to exploration projects across Canada and the United States. Currently Mr. Smith is chief executive officer of Avante Mining Corp., sits on the boards of M3 Metals Corp. and Usha Resources Ltd., and is the founder of Divitiae Resources Ltd. Mr. Smith graduated from Simon Fraser University with a bachelor of science degree specializing in geology, and has been a member of the Engineers and Geoscientists B.C. since 2008.

About West Oak Gold Corp.

West Oak is focused on gold exploration in Canada. It is currently actively exploring the Hedge Hog gold project located 15 kilometres north of the town of Wells in the Caribou mining division of central British Columbia. Investors are encouraged to review West Oak's prospectus and the technical report for the Hedge Hog property available at SEDAR+. Management and the board of directors of West Oak currently consists of Paul John (chief executive officer and director), Morgan Good (director), Adrian Smith (director) and Robert Doyle (chief financial officer).

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