Mr. Frank Giustra, a shareholder, reports

FRANK GIUSTRA ANNOUNCES HOLDINGS IN WEST RED LAKE GOLD MINES LTD

Frank Giustra and his related entities filed an early warning report pursuant to the early warning requirements of applicable securities laws in Canada with respect to holdings in West Red Lake Gold Mines Ltd. (the issuer).

As announced by the issuer on May 16, 2024, the issuer completed a public offering of 31,944,700 units and 11,236,000 charity-flow through units of the issuer at a price of 72 cents per unit and 89 cents per charity flow-through unit, respectively, for aggregate gross proceeds to the issuer of $33,000,224. Each unit comprised one common share of the issuer and one common share purchase warrant. Each unit warrant entitles the holder thereof to acquire one common share for an exercise price of $1.00 per share for 24 months, expiring May 16, 2026. Each charity flow-through unit comprised one common share and one unit warrant, issued as flow-through shares within the meaning of the Income Tax Act (Canada).

On May 16, 2024, Fiore Financial Corp., a company owned and controlled by Mr. Giustra participated in the offering, acquiring 700,000 units (at a price of 72 cents per unit), consisting of 700,000 common shares and 700,000 unit warrants for aggregate consideration of $504,000.

Following the offering and the transaction, Mr. Giustra owns and/or controls directly or indirectly, an aggregate of 25,406,060 common shares and 5,327,000 common share purchase warrants of the issuer representing 9.44 per cent of the outstanding shares and 11.19 per cent on a partially diluted basis assuming the exercise of 5,327,000 warrants.

Prior to the transaction, as reported on the last early warning report filed on June 16, 2023, Mr. Giustra had indirect ownership and/or control over an aggregate of 18,824,320 shares of the issuer representing 11.51 per cent of the outstanding common shares of the issuer. Since the last early warning report filed, the change in holdings of Mr. Giustra decreased by 2.13 per cent, triggering the filing of an early warning report in Form 62-103F1 pursuant to National Instrument 62-103.

Mr. Giustra acquired the units pursuant to the offering for investment purposes. Mr. Giustra has no present intention to acquire further securities of the issuer, although Mr. Giustra may in the future acquire or dispose of securities of the issuer, through the market, privately or otherwise, as circumstances or market conditions warrant.

Mr. Giustra has filed the report on SEDAR+ pursuant to National Instrument 62-103. A copy of the report can be obtained from SEDAR+.