Mr. Richard Williams reports

WINSHEAR AND UNITED REPUBLIC OF TANZANIA CONCLUDE US$30 MILLION SETTLEMENT AGREEMENT

Winshear Gold Corp. (the claimant) has successfully concluded the settlement agreement with the United Republic of Tanzania in relation to its dispute regarding the company's SMP gold project.

The parties agreed on an amount of $30-million (U.S.) to settle the case and terminate the arbitration proceedings. Funds were received by the company today, Oct. 16, 2023. After payment of funding and legal costs, the net amount to Winshear is approximately $25,275,000 ($18.5-million (U.S.)).

Richard Williams, chief executive officer of Winshear Gold, commented: "This settlement is good for both Tanzania and Winshear, and we are pleased to reach a mutually acceptable conclusion to this matter. It is time for both parties to move on and we wish Tanzania success in attracting new investment. The company sincerely thanks our legal team, Lalive, for their work in preparing and presenting our case."

The company will look at various options available to it before deciding on what to do with the funds and will announce a decision in due course.

About Winshear Gold Corp.

Winshear Gold is a Canadian-based mineral exploration company advancing the Gaban gold project in the Puno region of Peru. Gaban is a possible hard-rock source for the modern-day alluvial gold rush under way in the Madre de Dios basin downstream.

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