West Red Lake Gold Mines Ltd. Closes $15,080,000 Upsized Brokered Private Placement of Units - Seite 2

As consideration for services provided by the Agents in connection with the Offering, the Company: (i) paid a cash commission in the amount of $675,376; and (ii) issued an aggregate of 1,298,800 non-transferrable broker warrants (the "Broker Warrants"). Each Broker Warrant is exercisable to acquire one common share at the Offering Price until November 28, 2025. The Company also paid a cash finders fee in the amount of approximately $12,542 to RedPlug Inc.

All securities issued in connection with the Offering are subject to a four month and one day statutory hold period after the date of issuance, expiring on March 29, 2024. The Offering remains subject to the final approval of the TSXV.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the Units, Common Shares or Warrants in the United States. The Units, Common Shares or Warrants have not been and will not be registered under the U.S. Securities Act, or any state securities laws and may not be offered or sold within the United States except pursuant to an available exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

ABOUT WEST RED LAKE GOLD MINES LTD.

West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 km2 highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world's richest gold deposits. WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 km2 including three past producing gold mines - Rowan, Mount Jamie, and Red Summit.

ON BEHALF OF WEST RED LAKE GOLD MINES LTD.

“Shane Williams”

Shane Williams
President & Chief Executive Officer

FOR FURTHER INFORMATION, PLEASE CONTACT:

Amandip Singh, VP Corporate Development
Tel: [phone]
Email: [e-mail]
or visit the Company’s website at https://www.westredlakegold.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.