Gowest Gold Ltd. announced that it has entered into a loan agreement with Lush Land Investment Canada Inc. (the "Lender"), pursuant to which Gowest may borrow up to an aggregate principal amount of $10,000,000. The proceeds of this loan are intended to be used by Gowest for ongoing general working capital requirements, the payment of outstanding accounts payable due to Northern Sun Mining Corp. ("Northern Sun") of approximately $4,550,000, and proposed advances to be made to Northern Sun as a prepayment for future milling services, such advances to be used by Northern Sun for certain expenses to be incurred in connection with the construction of the tailings pond at the Redstone Mill and/or other capital investments, in preparation for milling Gowest's ore mined from Bradshaw.

Definitive terms for such a milling agreement between the Corporation and Northern Sun are currently being negotiated. On January 19, 2024, the Corporation entered into a loan agreement (the "Loan Agreement") with the Lender, an investment company incorporated under the laws of Ontario, pursuant to which the Lender has agreed to advance to the Corporation an aggregate principal amount of up to $10,000,000. The aggregate principal amount under the LoanAgreement will be funded in tranches at the written request of the Corporation.

Each tranche advanced under the Loan Agreement will be for a minimum principal amount of $500,000. 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 Loan Agreement remains subject to the final approval of the TSX Venture Exchange.