Mr. Shane Williams reports

WEST RED LAKE GOLD ANNOUNCES CLOSE OF UPSIZED $41 MILLION BOUGHT DEAL PUBLIC OFFERING

West Red Lake Gold Mines Ltd. has closed its previously announced bought deal public offering of 37,526,800 common shares of the company at a price of 95 cents per common share for gross proceeds of $35,650,460, which includes the full exercise of the overallotment option, and 3.76 million charity flow-through shares at a price of $1.33 per charity flow-through share for gross proceeds of $5,000,800. In combination, the company has closed on aggregate gross proceeds totalling $40,651,260 through the issuance of the common shares and the charity flow-through shares. The offering was led by Raymond James Ltd., as sole underwriter and bookrunner.

The net proceeds from the issuance of the common shares will be used to continue to advance the Madsen gold mine, including completing ramp-up to commercial production and pursuing growth opportunities, as well as for working capital and general corporate purposes.

The gross proceeds pursuant to the issuance of the charity flow-through shares will be used to incur qualifying Canadian exploration expenses on the company's assets, primarily at the Rowan project, where the company plans to complete infill drilling, engineering and continuing environmental work in support of a pending prefeasibility study.

"We are excited for the opportunities this financing creates as we complete the ramp up of the Madsen mine," said Shane Williams, president and chief executive officer. "At Madsen we are developing, mining, milling and balancing priorities weekly to set up the mine for steady-state operations. The additional funding accelerates specific capital projects that have the potential to result in greater output from Madsen, allowing us to capitalize on the current strong gold price environment. The flow-through capital will fund drilling to support a prefeasibility study for Rowan next year, providing West Red Lake Gold a clear near-term path to producing over 100,000 ounces of gold annually in Red Lake."

In connection with the offering, the company filed a prospectus supplement dated Sept. 17, 2025, to the company's short form base shelf prospectus dated April 30, 2024, with the securities regulatory authorities in each of the provinces of Canada (except Quebec). Copies of the shelf prospectus and the supplement can be found on the company's profile on SEDAR+. An electronic or paper copy of the shelf prospectus supplement and the corresponding base shelf prospectus may be obtained, without charge, from the company at Suite 3123, 595 Burrard St., Vancouver, B.C., V6X 1J1, or by e-mail at investors@westredlakegold.com.

About West Red Lake Gold Mines Ltd.

West Red Lake Gold Mines is a gold development and mining company that is publicly traded and focused on 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. Western Red Lake Gold Mines also holds the wholly owned Rowan property in Red Lake, with a property position covering 31 square kilometres, including three past-producing gold mines -- Rowan, Mount Jamie and Red Summit.

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