Mr. Shane Williams reports

WEST RED LAKE GOLD ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OFFERING OF FLOW-THROUGH COMMON SHARES TO RAISE UP TO $6,000,000

West Red Lake Gold Mines Ltd. has arranged a non-brokered private placement offering of common shares to be issued on a flow-through basis, pursuant to the Income Tax Act (Canada). The company intends to issue up to 8,571,428 flow-through shares at an issue price of 70 cents per flow-through share for gross proceeds of up to $6-million.

The company intends to use the proceeds from the offering for the exploration and advancement of the company's properties in Red Lake, Ont.

Proceeds from the sale of flow-through shares will be used to incur Canadian exploration expenses, as defined in Subsection 66.1(6) of the Income Tax Act (Canada), and flow-through mining expenditures, as defined in Subsection 127(9) of the Income Tax Act (Canada). Such proceeds will be renounced to the subscribers with an effective date of no later than Dec. 31, 2023, and incurred no later than Dec. 31, 2024, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT shares.

A finder's fee on the gross proceeds of the offering may be paid.

The securities issued in connection with the offering are subject to TSX Venture Exchange approval, and all securities will be subject to a four-month statutory hold period after closing.

Further to the news release dated June 19, 2023, upon determination by the Supreme Court of British Columbia, the company has issued 8,164,503 common shares to a fund managed by Sprott Resource Lending Corp.

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 Northwest 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 kilometres, including three past-producing gold mines -- Rowan, Mount Jamie and Red Summit.

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