Gowest Gold Ltd. announced that on December 22, 2023, the Corporation entered into a loan agreement with Greenwater Investment Hong Kong Limited (the "Lender"), an investment company incorporated under the laws of Hong Kong, pursuant to which the Lender has agreed to advance to the Corporation an aggregate principal amount of up to $10,000,000. The loan will be funded in tranches on a monthly basis from the date of the Loan Agreement until October 2024, in accordance with a funding schedule set out in the Loan Agreement. Each tranche is conditional on Gowest achieving certain milestones set out in an exploration plan, and budget agreed to with the Lender.

The loan is unsecured, and funds advanced under the Loan Agreement will bear interest at a rate of 12% per annum. The outstanding principal balance, together with accrued and unpaid interest thereon, will be due and payable on December 31, 2025. The outstanding principal balance and accrued interest may be prepaid by the Corporation at any time during the term of the loan without penalty.

The proceeds of the loan are to be used to continue the Corporation's previously noted exploration program at Bradshaw as well as on previously identified areas of the NTGP with the objective of increasing Gowest's gold resources.