Mr. Warwick Morley-Jepso reports

WESDOME ANNOUNCES ANNUAL MINERAL RESOURCE AND RESERVE UPDATES FOR EAGLE RIVER AND KIENA MINE COMPLEXES

Wesdome Gold Mines Ltd. has provided mineral resource and mineral reserve updates at the company's 100-per-cent-owned Kiena mine complex in Val d'Or, Que., and at the Eagle River mine near Wawa, Ont.

• High-grade mineral reserve base -- at Dec. 31, 2022, Wesdome's combined proven and probable mineral reserves totalled one million ounces (2.4 million tonnes grading 12.9 grams per tonne gold); combined measured and indicated mineral resources (exclusive of reserves) were 350,000 ounces (1.4 million tonnes grading 7.7 g/t gold); and combined inferred mineral resources were 1.1 million ounces (6.4 million tonnes grading 5.2 g/t gold). Reserves and resource estimates at both sites reflect higher cut-off grades, reduced exploration budget in H2, a higher allocation toward definition and infill drilling (including 25,000 metres in the Falcon zone at Eagle River), as well as a more stringent and robust approach to reconciliation, 3-D modelling and resource classification.
• Upgrading near-mine discoveries a focus -- in 2023, the company has budgeted 137,000 metres of drilling, with a primary focus on the expansion of mineral reserves and mineral resources and delineating the new discoveries made in 2022. At Kiena, the company is following up on multiple initial discoveries made last year, including the south limb of the A zone and several adjacent hangingwall zones which remain outside of mineral reserves. An exploration ramp is specifically budgeted to follow up and expand on the near-surface Presqu'ile zone. To the west of Eagle River, the company believes there is potential for the delineation of a parallel Falcon structure, and farther to the east, a down-dip extension of the high-grade 300 zone that could meaningfully enhance future operational flexibility of the asset. With an existing large resource base, efforts in 2023 will focus on converting a portion of these resources to reserves. Additionally, Wesdome has a number of recently discovered zones and exploration targets at both projects.
• Kiena ramp development tracking well -- since year-end, ramp development has continued to track slightly ahead of budget, with completion of the ramp to the 129-metre level scheduled by year-end. Completion of this ramp segment will provide access to the high-grade Kiena Deep A zone, which is associated with areas with the highest ounces per vertical metre located within the zone.

Technical disclosure

The underground technical and geoscientific content of this release has been compiled, reviewed and approved by Michael Michaud, PGeo, vice-president, exploration, 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.

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 restarted Kiena mine in Quebec. The company also retains meaningful exposure to the Moss Lake gold deposit in Ontario through its equity position in Goldshore Resources Inc. 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.

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