Mr. Frank Giustra, a shareholder, reports

FRANK GIUSTRA ANNOUNCES UPDATED POSITION IN WEST RED LAKE GOLD MINES LTD.

As of Oct. 24, 2024, Frank Giustra no longer holds shares representing over 10 per cent of the outstanding shares of West Red Lake Gold Mines Ltd. due to the dilution caused by West Red Lake's recent public offering of units.

As announced by West Red Lake on Oct. 24, 2024, West Red Lake completed a public offering of 41,666,800 units at a price of 69 cents per unit, for aggregate gross proceeds of $28,750,092. 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 90 cents per share for 36 months, expiring Oct. 24, 2027.

Mr. Giustra did not acquire or dispose of any securities of the issuer pursuant to the offering.

Mr. Giustra has direct or indirect ownership and/or control over an aggregate of 25,406,060 common shares and 5,327,000 warrants of West Red Lake.

Immediately prior to the offering these shares represented 8.95 per cent of the outstanding common shares (10.45 per cent on a partially diluted basis). The shareholdings of Mr. Giustra did not change as a result of the offering. Immediately following the offering, the shares held directly or indirectly by Mr. Giustra represent 8.00 per cent of the outstanding common shares (9.51 per cent on a partially diluted basis).

Mr. Giustra has filed a report on SEDAR+ pursuant to National Instrument 62-103F1 (Early Warning Report) as required to terminate his filing requirements. A copy of the report can be obtained from SEDAR+.