Mr. Shane Williams reports

WEST RED LAKE GOLD ANNOUNCES UPSIZE TO PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT

Due to strong demand, West Red Lake Gold Mines Ltd. has agreed with Raymond James Ltd. as lead agent, on behalf of a syndicate of agents, to increase the size of its previously announced private placement of units to $23-million (U.S.) from $20-million (U.S.). The agents will have the option to sell up to an additional 15 per cent of the units offered, exercisable, in whole or in part, at any time up to 48 hours prior to the closing date (as defined below) to cover overallotments, if any.

Each unit will contain gold-linked notes in the aggregate principal amount of $1,000 (U.S.) and 710 common share purchase warrants. Each whole warrant will entitle the holder to purchase one common share of the company at an exercise price of 95 cents per share for a period of 60 months following the closing of the offering.

The notes will represent senior unsecured obligations of the company. The notes will bear a 12-per-cent-per-annum coupon, calculated and payable quarterly in arrears, and will mature on Dec. 31, 2029. Commencing Jan. 1, 2026, the company will cause gold to be placed in escrow on a quarterly basis into a gold trust account. The aggregate principal amount of notes outstanding will be reduced by the company on a quarterly basis, commencing on March 31, 2026, and with the final payment on Dec. 31, 2029, in accordance with the payment schedule to be set forth in the indenture that will govern the notes. The notes will amortize based on a guaranteed floor price of $1,800 (U.S.) per ounce of gold. Any excess proceeds by which the gold price exceeds the floor price will be paid to investors as a premium.

The net proceeds of the offering are expected to be used to continue to advance the development of a restart plan for the Madsen gold mine as well as for working capital and general corporate purposes.

The units may be offered: (i) in Canada, to accredited investors in each of the provinces and territories of Canada; (ii) in the United States, to qualified institutional buyers (QIBs) and accredited investors, as defined in Rule 144A(a)(1) and Rule 501(a) of Regulation D, respectively, under the United States Securities Act of 1933, as amended. The units may be distributed in jurisdictions outside of Canada and the United States in such jurisdictions as the company and the agents may agree, where they may be lawfully sold on a basis exempt from the prospectus, registration and similar requirements of any such jurisdiction.

All securities issued in connection with the offering will be subject to a four-month-and-one-day hold period from the closing date. Subject to meeting minimum listing requirements, the company will use commercially reasonable efforts to list the notes and warrants following the statutory hold period. There can be no assurance that a listing for the notes or the warrants will be obtained.

The offering is expected to close on or about March 19, 2024, subject to customary closing conditions, including the approval of the TSX Venture Exchange.

About West Red Lake Gold Mines Ltd.

West Red Lake Gold Mines is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen gold mine and the associated 47-square-kilometre highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake gold district of Northwestern Ontario, Canada, has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world's richest gold deposits. West Red Lake also holds the wholly owned Rowan property in Red Lake, with an expansive property position covering 31 square km, including three past-producing gold mines -- Rowan, Mount Jamie and Red Summit.

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