CEO.CA Chairman's Briefing

Toronto, Ontario--(Newsfile Corp. - September 6, 2024) - Gowest Gold Ltd. (TSXV: GWA) ("Gowest" or the "Company") announced today that its shareholders ("Shareholders") and holders ("Warrantholders") of common share purchase warrants of the Company ("Warrants") have approved the previously announced plan of arrangement of the Company under the Business Corporations Act (Ontario) (the "Arrangement"), pursuant to which a group of existing shareholders of Gowest (the "Acquiring Group") propose to acquire all of the outstanding common shares of Gowest ("Shares") not already owned by the Acquiring Group, for cash consideration of $0.15 per Share. For additional details concerning the Arrangement, see the Gowest news release dated June 24, 2024.

Approval of the Arrangement was obtained at a special meeting of Shareholders and Warrantholders held yesterday, September 5. The special resolution approving the Arrangement (the "Arrangement Resolution") was required to be passed by: (i) at least 66 2/3% of the votes cast in person or by proxy at the meeting by Shareholders and Warrantholders, voting together as a single class, each being entitled to one vote per Share held and one vote per Share underlying the Warrants held; (ii) at least 66 2/3% of the votes cast in person or by proxy at the meeting by Shareholders, voting as a separate class, each being entitled to one vote per Share held; and (iii) a simple majority (more than 50%) of the votes cast at the meeting by Shareholders, excluding Shares held by members of the Acquiring Group (and their related parties and joint actors of the Acquiring Group and their related parties) and Shares otherwise required to be excluded pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions.

A total of 596,030,277 Shares were represented in person or by proxy at the meeting, representing approximately 88.83% of the issued and outstanding Shares, and a total of 78,931,105 Warrants were represented in person or by proxy at the meeting, representing approximately 89.03% of the issued and outstanding Warrants.

Set out below is a summary of the voting results on the Arrangement Resolution:

(i) Two-Thirds vote of Shareholders and Warrantholders (voting together as a single class)

(ii) Two-Thirds Vote of Shareholders

(iii) Majority of Minority Vote

Closing of the Arrangement remains subject to certain customary closing conditions, including approval by the Ontario Superior Court of Justice (Commercial List). The hearing in respect of the final order to approve the Arrangement (the "Final Order") is currently scheduled to take place on September 13, 2024. If the Final Order is obtained, and all other conditions to completion of the Arrangement are satisfied or waived, it is expected that the Arrangement will be completed on or about September 19, 2024.

For further information regarding the Arrangement, please refer to the management information circular of the Company dated as of July 24, 2024, a copy of which is available under the Company's profile on SEDAR+ (www.sedarplus.ca).

About Gowest

Gowest is a Canadian gold exploration and development company focused on the delineation and development of its 100% owned Bradshaw Gold Deposit (Bradshaw) on the Frankfield Property, part of the Corporation's North Timmins Gold Project (NTGP). Gowest is exploring additional gold targets on its +100‐square‐kilometre NTGP land package and continues to evaluate the area, which is part of the prolific Timmins, Ontario gold camp.

Forward-Looking Information

Certain statements in this release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this press release include, without limitation, statements relating to: the proposed Arrangement; the ability of the parties to satisfy the conditions to closing of the Arrangement; the Final Order; and the anticipated completion of the Arrangement. Words such as "may", "would", "could", "should", "will", "anticipate", "believe", "plan", "expect", "intend", "potential," and similar expressions may be used to identify these forward-looking statements although not all forward-looking statements contain such words.

Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including risks associated with the Arrangement and acquisitions generally, such as the failure to satisfy the closing conditions contained in the arrangement agreement, the absence of material adverse changes or other events which may give the parties a basis on which to terminate the arrangement agreement, and the ability of the parties to obtain the Final Order. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by this press release. These factors should be considered carefully and reader should not place undue reliance on the forward-looking statements. These forward-looking statements are made as of the date of this press release and, other than as required by law, Gowest does not intend to or assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222352