Mr. Richard Williams reports

WINSHEAR GOLD PROVIDES UPDATE ON TANZANIA ARBITRATION

Pursuant to Winshear Gold Corp.'s arbitration case against the Republic of Tanzania (see news release dated July 14, 2020), the company and Tanzania have suspended arbitration proceedings and have reached a conditional settlement agreement. There is no guarantee that the conditional settlement agreement will be concluded. The company will report any developments as they occur.

About Winshear Gold Corp.

Winshear holds 100-per-cent ownership in the Gaban gold project and Tinka IOCG (iron oxide copper/gold) projects in Peru. At Gaban, Winshear has discovered and delineated the Coritiri and Yanamayo bedrock gold anomalies to an area covering 2.2 kilometres by one kilometre.

Winshear, formerly Helio Resource Corp., has recently completed an evidentiary hearing in its arbitration case against the government of the United Republic of Tanzania to recover its investment in the SMP gold project in Tanzania. In 2020, Winshear secured up to $3.3-million (U.S.) in litigation financing from Delta Capital Management LLC to cover the costs of the arbitration proceedings. The arbitration hearing was held in February, 2023, whereby a judgment is expected within six months of the conclusion of the hearings. Any settlement or judgment paid to Winshear from the Tanzanian government is subject to a formula whereby a portion of any proceeds are paid to Winshear's financers and legal counsel.