Mr. Shane Williams reports

WEST RED LAKE ANNOUNCES $30 MILLION BOUGHT DEAL PUBLIC OFFERING OF UNITS

West Red Lake Gold Mines Ltd. has entered into an agreement with Raymond James Ltd. (RJL) as sole bookrunner, on behalf of a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 27,778,000 units and 11,236,000 charity flow-through units of the company at a price of 72 cents per unit and 89 cents per charity flow-through unit, respectively, for aggregate gross proceeds to the company of approximately $30-million.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder to acquire one common share of the company for an exercise price of $1 per share for 24 months from the closing date. The warrants will be subject to an acceleration provision pursuant to which, in the event that the 10-trading-day volume-weighted average closing price of the company's shares on the TSX Venture Exchange is equal to or greater than $1.70 (or such other price to be determined and agreed to by both RJL and the company), then the company will earn the right, by providing notice to the warrant holder(s), to accelerate the expiry date of the warrants to that date which is 30 days from the date of the acceleration notice.

The company has agreed to grant the underwriters an overallotment option to purchase up to an additional 15 per cent of the aggregate number of units at the unit issue price, exercisable in whole or in part at any time for a period ending 30 days from the closing of the offering.

The net proceeds pursuant to the issuance of the units are expected to be used to continue to advance the development of a restart plan for the Madsen gold mine as well as for working capital and general corporate purposes. The gross proceeds pursuant to the issuance of the charity flow-through units will be used to incur qualifying Canadian development expenses on the company's assets.

The units and charity flow-through 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 the underwriters, where the units can be issued on a private placement basis, exempt from any prospectus, registration or other similar requirements.

The offering is expected to close on or about May 15, 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 Gold Mines is a mineral exploration 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 Gold Mines also holds the wholly owned Rowan property in Red Lake, with an expansive property position covering 31 square km, including three past-producing gold mines -- Rowan, Mount Jamie and Red Summit.

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