Gowest Gold Obtains Final Order Approving Go Private Transaction

Toronto, September 16, 2024 - Gowest Gold Ltd. (TSXV: GWA) ("Gowest" or the "Company") is pleased to announce that the Company has obtained the final order of the Ontario Superior Court of Justice (Commercial List) approving the previously announced plan of arrangement of the Company under Section 182 of 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.

The Arrangement was approved by shareholders and warrantholders of the Company (the "Securityholders") at a special meeting of Securityholders held on September 5, 2024. Completion of the Arrangement remains subject to certain customary closing conditions. Assuming the satisfaction or waiver of these closing conditions, the Arrangement is expected to close on or about on or about September 19, 2024. It is anticipated that the Shares will be delisted from the TSX Venture Exchange ("TSXV") following the completion of the Arrangement.

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; 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, and the absence of material adverse changes or other events which may give the parties a basis on which to terminate the arrangement agreement. 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 TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) 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/223391