Mr. Shane Williams reports

WEST RED LAKE ANNOUNCES FINANCING PACKAGE TO FUND MADSEN MINE RESTART

West Red Lake Gold Mines Ltd. has secured commitments totalling in excess of $68-million to finance the restart of its Madsen gold mine. Madsen remains on track to recommence production in 2025.

The financing package is composed of the following:

• $35-million (U.S.) (approximately $48-million) loan facility with Nebari Natural Resources Credit Fund II LP, bearing interest of SOFR (secured overnight financing rate) plus 8 per cent, with a term of 42 months; a non-binding term sheet has been signed, and closing of the loan facility remains subject to entering into definitive documentation and due diligence;
• $20-million bought deal equity offering of 28,986,000 units of the company at a price of 69 cents per unit led by Raymond James Ltd.

"This finance package provides the capital anticipated to restart the Madsen mine, according to our detailed internal mine plan," said Shane Williams, president and chief executive officer. "Upon closing this $68-million package, along with existing cash on hand, we anticipate the company will be well positioned to complete the Madsen prefeasibility study, the ongoing test mining program, the pro-active capital projects under way at the mine site, and the restart and ramp-up of the mine, including working capital and corporate requirements.

"We worked closely with our partners to develop a finance package that addresses the balance of the capital required for Madsen, as currently estimated in our detailed internal mine plan, and preserves strong upside from the Madsen mine for West Red Lake Gold shareholders."

West Red Lake acquired the Madsen mine project in June, 2023. The company has completed 40,000 metres of definition drilling alongside significant mine engineering and multiple capital projects and studies to inform a prefeasibility study that is targeted for release within a month.

Following release of the prefeasibility study and the closing of the financing package announced today, it is anticipated that the company intends to work toward a formal mine restart decision. Mill restart and commissioning will then follow. Once the mill is operational, the company will process the batch-stockpiled bulk samples from the test mining program, enabling reconciliation calculations between estimated and milled gold grades.

The test mining program will run into first quarter 2025, after which time the mine will transition to production mining, with material stockpiled.

Bought deal equity offering

The company has entered into an agreement with Raymond James as sole underwriter, pursuant to which Raymond James has agreed to purchase, on a bought deal basis, 28,986,000 units of the company at a price of 69 cents per unit for aggregate gross proceeds to the company of $20,000,340.

Each unit is composed of one common share and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at a price of 90 cents for a period of 36 months following the closing of the offering.

The company has granted Raymond James an overallotment option, exercisable in whole or in part, at any time, and from time to time, for a period of 30 days following the closing of the offering, to purchase at the issue price up to such number of an additional units, common shares and warrants as is equal to 15 per cent of the number of units sold pursuant to the offering. Raymond James can elect to exercise the overallotment option for units only, common shares only or warrants only, or any combination thereof, to cover overallotments, if any, and for market stabilization purposes.

The company intends to use the net proceeds from the offering to continue to advance the restart plan for the Madsen gold mine, as well as for working capital and general corporate purposes.

The units will be offered under the short form base shelf prospectus of the company dated April 30, 2024, as supplemented by a shelf prospectus supplement to be prepared and filed in each of the provinces of Canada, other than the province of Quebec. The units will also be offered by way of a private placement in the United States, and in those jurisdictions outside of Canada and the United States which are agreed to by the company and Raymond James, where the units can be issued on a private placement basis, exempt from any prospectus, registration or other similar requirements. Copies of the base prospectus and the supplement will be available on the company's SEDAR+ page.

The offering is expected to close on or about Oct. 24, 2024, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

About West Red Lake Gold Mines Ltd.

West Red Lake is a mineral exploration and development 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 kilometres, including three past-producing gold mines: Rowan, Mount Jamie and Red Summit.

We seek Safe Harbor.