West Red Lake Gold Mines Ltd. (TSXV:WRLG) entered into a binding letter agreement to acquire Pure Gold Mining Inc. (TSXV:PGM.H) for CAD 18.5 million on April 17, 2023. West Red Lake Gold Mines Ltd. (TSXV:WRLG) entered into a Share Purchase Agreement to acquire Pure Gold Mining Inc. (TSXV:PGM.H) for CAD 18.5 million on May 18, 2023. WRLG has agreed to pay CAD 6.5 million in cash and issue 28.46 million common shares and grant a 1.0% secured Net Smelter Royalty (?NSR?) on the Madsen Gold Project as consideration for the Acquisition, as well as make up to CAD 13.4 million in deferred consideration payments. The share and NSR consideration is expected to accrue to Sprott as a fund managed by Sprott is the senior secured lender to the Company. In connection with the Acquisition, WRLG has entered into a bought deal engagement letter with Canaccord Genuity Corp. (the ?Underwriter?) for a private placement of 57,143,000 subscription receipts at a price of CAD 0.35 per Subscription Receipt for aggregate gross proceeds of CAD 20,000,050 (the ?Offering?). The Underwriter has been granted an option to sell up to an additional 14,286,000 Subscription Receipts for additional gross proceeds of CAD 5,000,100. The net proceeds from sale of the Subscription Receipts will be used to satisfy the initial cash consideration payable in connection with the Acquisition and for working capital purposes. As of May 9, 2023, the bought deal offering of subscription receipts was closed for gross proceeds of CAD 25.00015 million.

Closing of the Acquisition will be subject to several conditions precedent, including the negotiation and execution of a definitive agreement for the Acquisition by no later than May 1, 2023, Court approval of the Transaction, including the grant of a reverse vesting order from the Court, WRLG shareholder approval, and all requisite regulatory approvals, including the approval of the TSX Venture Exchange. The court hearing for approval for the sale of Pure Gold is set for May 29, 2023. As of May 30, 2023, the British Columbia Supreme Court (the ?Court?) has approved a transaction. Pure Gold Mining Inc., West Red Lake, and Sprott Resource Lending Corp. are working to close the Transaction prior to June 28, 2023. This transaction is highly accretive to WRLG shareholders. Fiore Management and Advisory Corp. acted as financial advisor to WRLG and will receive 5% in advisory fees.

West Red Lake Gold Mines Ltd. (TSXV:WRLG) acquired Pure Gold Mining Inc. (TSXV:PGM.H) on June 16, 2023. In addition, on June 16, 2023, the Company completed the previously announced non-brokered financing of 1,714,286 flow-through common shares to Frank Giustra at $0.35 per share for proceeds of CAD 600,000 (the ?Flow-Through Financing?). The common shares issued on the Flow-Through Financing are subject to a four month hold period. Tony Makuch has been appointed to Board of Directors.