Wesdome Gold Mines Ltd. (TSX: WDO) (OTCQX: WDOFF) today provides an update on its exploration drilling activities completed at its wholly-owned Eagle River mine (Figure 1) near Wawa, Ontario, Canada and Kiena mine near Val-d’Or, Quebec (Figure 2).

Highlights: 

• A new 150-metre vertical mineralized corridor in Kiena Deep confirmed via N134-7152W1: 6.9 g/t Au uncapped over 42.1 m core length. This Norbenite Footwall area is open in all directions and represents a potential new mineralized corridor accessible from existing development levels.
• High-grade results extend multiple Kiena Deep zones, highlighted by 124.1 g/t Au uncapped over 2.5 metres core length (64.5 g/t Au capped, 0.7 m true width) in the A2 223 lens, confirming the high-grade Kiena Deep system continues to grow.
• Extended Eagle River’s 800 Zone another 300 metres below the existing mineralization wireframe, confirming the continuation of high-grade gold mineralization in a deformation corridor broader than previously understood, with the zone remaining open down-plunge and along strike.
• Intersected 618.2 g/t Au over 0.5 metres core length (200 g/t Au capped, 0.35 metres true width), approximately 70 metres to the east and outside of the high-grade domain within the 300 Zone at Eagle River. This intercept represents initial results of exploration and conversion drilling on global model target #19 and highlights potential for further higher-grade intercepts.
• Broad continuous step-out intercepts at Mishi support potential open pit at Eagle River, with down-plunge continuity indicating possible underground resource extensions at depth.
• Deeper drilling at the Cameron Lake Iron Formation at Eagle River continues to return broad gold intervals, confirming the zone remains open at depth and along strike and advancing the target as a longer-term mineable bulk-tonnage opportunity.

Anthea Bath, President and Chief Executive Officer, commented, “Our initial phase of step-out drilling at both Kiena and Eagle River delivered exciting results, underscoring the significant potential that remains to be unlocked.

“At Kiena Deep, we have discovered a new parallel zone in previously untested ground, confirming an entirely new mineralized corridor spanning at least 150 vertical metres. Importantly, this new zone remains open in all directions and lies within a structurally complex geological area that has seen limited drilling relative to its potential. We believe this discovery highlights the opportunity for meaningful resource growth beyond our current inventory and reinforces our belief that Kiena remains one of the most prospective high-grade gold systems in Canada. With access now established from the new level 134 exploration drift, we believe we are well positioned to systematically advance definition drilling and unlock further value from this emerging corridor.

“At Eagle River, drilling continues to demonstrate that the mineralized system extends well beyond the limits of our current block model. These results provide increasing confidence that we are only beginning to define the full scale of the system, while also highlighting the potential for additional high-grade corridors outside our currently known zones. The consistency of these results strengthens our conviction that Eagle River possesses significant long-term growth potential through continued exploration.

“At Mishi, the deposit continues to demonstrate impressive continuity and growth at depth, further supporting our view that it represents a compelling bulk-tonnage opportunity. As we continue to expand the mineralized footprint, we see increasing potential for Mishi to become an important future growth asset within the Eagle River district. At Cameron Lake Iron Formation, drilling continues to advance our understanding of the system, with deeper holes confirming broad gold intervals at depth. We look forward to completing a comprehensive technical review later this year to guide the next phase of exploration.

“Deep exploration remains one of the most powerful tools we have to create long-term shareholder value. What excites us most about these results is that they are not simply extending known zones – they are revealing entirely new opportunities across our portfolio. With multiple discoveries continuing to grow beyond current resource boundaries and several highly prospective targets still largely untested, we believe we are only beginning to unlock the full potential of our assets, and that some of our most impactful discoveries may still lie ahead.”

Jono Lawrence, Senior Vice President, Exploration and Resources, added, “What today’s results demonstrate is the effectiveness of our systematic exploration approach. At Kiena, the Level 134 exploration drift has provided a new platform to drill targets that were previously challenging to access, including the new Norbenite Footwall area. With approximately 300 metres of untested ground above this new zone and mineralization remaining open in all directions, the area provides a clear path for follow-up drilling. At Eagle River, the volcanic host rock in the 800 Zone intercept is a detail that meaningfully changes how we think about the broader deformation zone, and it will influence how we design follow-up programs later this year. Mishi and Cameron Lake Iron Formation continue to mature on their own timelines, with resource estimate updates and metallurgical work advancing in parallel. The drill results in this release post-date the January 2026 database cut-off for the upcoming year-end 2025 mineral resource update and are expected to inform a future update targeted for year-end 2026.”

KIENA DEEP DRILLING HIGHLIGHTS (Figure 3)

Norbenite Footwall (Figure 4, Table 1)¹
Drilling at depth intersects a new mineralized zone 40 metres into the Norbenite Footwall, beyond the Norbenite Fault, which correlates geologically with intercept of historic hole 6752W10. The new intercept flags a 150-metre vertical mineralized zone, hosted in basaltic rock, that remains open up-plunge, laterally and at depth

• N134-7152W1: 6.9 g/t Au uncapped over 42.1 m core length, (6.9 g/t Au capped, 42.1 m core length) including,
  • 8.3 g/t Au uncapped over 29.5 m core length, (8.3 g/t Au capped over 29.5 m core length)

A, A1 and A2 Zones (Figure 4, Table 1)¹
Exploration holes confirm continuity of A and A2 Zones, and A1 and A2 extensions by 20 metres and 30 metres, respectively, to the east

• N134-7152: 33.9 g/t Au uncapped over 3.4 m core length (33.9 g/t Au capped, 3.0 m true width)
• N134-7152: 52.2 g/t Au uncapped over 4.3 m core length (32.7 g/t Au capped, 3.8 m true width)
• N134-7152: 8.5 g/t Au uncapped over 4.7 m core length (8.5 g/t Au capped, 4.1 m true width)
• N134-7152W1: 67.9 g/t Au uncapped over 3.3 m core length (44.8 g/t Au capped, 2.7 m true width)

A2 223 Zone (Figure 5, Table 1)¹
New lens confirmed – A2 223 Zone and up-dip extension from delineation drilling

• N134-K022: 124.1 g/t Au uncapped over 2.5 m core length (64.5 g/t Au capped, 0.7 m true width)
• N134-K023: 49.7 g/t Au uncapped over 3.6 m core length (26.9 g/t Au capped, 1.6 m true width)

Basalt Zone 1 (BZ1) (Figure 6, Table 1)¹
Extension over 30 metres of BZ1 toward south-east from exploration drilling

• N134-7144 6.1 g/t Au uncapped over 4.3 m core length (6.1 g/t capped 3.2 m true width).

EAGLE RIVER DRILLING HIGHLIGHTS

800 Zone (Figure 7, Table 1)²
Drilling confirms continuation of structures 300 metres below currently modelled mineralization

• ERS-2026-001: 9.7 g/t Au uncapped over 2.0 m core length (9.7 g/t Au capped, 1.0 m true width) including,
  • 19.0 g/t Au uncapped over 1.0 m core length

• ERS-2026-003: 31.9 g/t Au uncapped over 0.5 m core length (31.9 g/t Au capped, 0.2 m true width)

300 Zone (Figure 7, Table 1)³
Conversion drilling intersects high-grade gold mineralization 70 metres east of the 300 Zone’s plunging high-grade corridor

• 26-1201-20: 618.2 g/t Au uncapped over 0.52 core length (200 g/t Au capped, 0.35 m true width)

Mishi (Figure 8, Table 1)⁴
Drilling continues to expand the mineralized system at depth, highlighting potential for both open pit and underground resource growth

• MSH-2025-040: 1.5 g/t Au uncapped over 14.8 m core length (1.5 g/t Au capped, 14.4 m true width) including,
  • 3.1 g/t Au uncapped over 5.5 m core length
• MSH-2025-041: 8.7 g/t Au uncapped over 5.7 m core length (8.7 g/t Au capped, 5.1 m true width)
• MSH-2025-049: 17.5 g/t Au uncapped over 0.5 m core length (17.5 g/t Au capped, 0.5 m true width)
• MSH-2025-051: 5.0 g/t Au uncapped over 20.0 m core length (4.2 g/t Au capped, 19.5 m true width) including,
  • 27.2 g/t Au uncapped over 3.1 m core length

Cameron Lake Iron Formation (Figure 9, Table 1)⁵
Deeper drilling continues to intercept broad zones grading greater than 1.0 g/t at this open pit target, and confirms the deposit remains open at depth and along strike

• GS-25-269: 1.1 g/t Au uncapped over 41.0 m core length including,
  • 1.9 g/t Au uncapped over 7.0 m core length and,
  • 8.4 g/t Au uncapped over 2.0 m core length

• GS-25-272: 1.2 g/t Au uncapped over 61.5 m core length including,
  • 3.4 g/t Au uncapped over 2.0 m core length and,
  • 2.4 g/t Au uncapped over 5.0 m core length and,
  • 8.8 g/t Au uncapped over 1.0 m core length
• GS-25-276: 1.0 g/t Au uncapped over 38.7 m core length including,
  • 7.3 g/t Au uncapped over 1.0 m core length and,
  • 3.7 g/t Au uncapped over 3.2 m core length and,
  • 5.7 g/t Au uncapped over 1.4 m core length

¹Assays capped at 90 g/t for Kiena Deep zones (assays capped).
²Assays capped at 184.0 g/t for 800 Zone (composites capped).
³Assays capped at 200.0 g/t for 300 Zone (composites capped).
⁴Assays capped at 50.0 g/t for Mishi Zone (composites capped).
⁵ No top cut or true width defined.

TECHNICAL DETAILS

Kiena Deep

Norbenite Footwall

Two drill holes completed from the Level 134 exploration drive have provided compelling new evidence of a new gold-bearing zone on the far side of the Norbenite Fault, a major geological boundary that runs through the Kiena deposit at depth.

The first hole (N134-7152W1) returned a broad, high-grade intercept of 6.9 g/t Au over 42.1 metres, including 8.3 g/t Au over 29.5 metres, hosted within a quartz vein system in basalt. The basalt host rock is significant, as it may provide more favourable mining conditions than the schist mineralization that characterizes much of Kiena Deep. Significantly, this intercept sits approximately 40 metres beyond the Norbenite Fault, which was previously interpreted as barren footwall. The new mineralized intercept, and its structural setting, suggests that meaningful gold mineralization may exist beyond existing geologic and structural interpretations of the Norbenite Fault. The intercept potentially links geologically to a significant historic intercept from 2022 located approximately 150 metres vertically at depth, which returned 9.9 g/t Au over 83.2 metres. The historical drill hole 6752W10 was completed by Wesdome and has been reviewed by a Qualified Person. The drilling, sampling, and analytical procedures are considered consistent with current industry practices, and the Qualified Person considered the results sufficiently reliable for the purposes of this news release.

The second hole (N134-7207) was drilled to test the ground between the N134-7152W1 and historic 6752W10 drill holes to test the continuation of basalt host rock and evidence of mineralization. Hole N134-7207 intersected a 65-metre interval of the same basalt rock type with quartz veining and local observations of visible gold encountered in both above-mentioned W1 and W10 drill holes. While assay results are pending, the observations are encouraging and suggest this may represent the same emerging mineralized zone.

Now referred to as the Norbenite Footwall, this newly identified zone has been flagged across 150 vertical metres and remains open in all directions. Notably, the N134-7152W1 and historic hole 6752W10 intercepts suggest the mineralized zone is potentially as thick as the existing A Zone and Footwall Zone mineralized lenses, though further drilling is required to delineate the geometry and extent. Above the new zone lies approximately 300 metres of ground reaching the upper levels of the existing Footwall Zone mineralization, which remains relatively untested by drilling to date with holes terminating within the Norbenite Fault structure. This ground beyond the Norbenite Fault represents a significant new exploration opportunity.

Drilling is actively underway from the level 134 exploration drift to better define the geometry and extent of the Norbenite Footwall, which is structurally complex but increasingly compelling as a source of potential future resource growth at Kiena.

A, A1 and A2 Zones

From the level 134 exploration drive, two holes were drilled targeting the lower Kiena Deep zones and extensions beneath level 186.

The first hole, N134-7152 intersected three zones of mineralization (A, A1, A2 zones) prior to reaching the Norbenite Fault, with challenging ground conditions limiting advancement to the original target depth. The Norbenite Fault is a large regional fault structure that bisects the Kiena deposit at depth, acting as a geological boundary to the known Kiena Deep A and Footwall Zone mineralized lenses.

The three zones of mineralization intersected by hole N134-7152 correspond to existing mineralized zones; 33.9 g/t over 3.4 metres in A Zone, 8.5 g/t over 4.7 metres in A1 Zone and 52.2 g/t over 4.3 metres in A2 Zone. The A1 Zone intercept extends the current A1 interpretation by 20 metres further toward the east, with the zone remaining open.

The second hole from the level 134 exploration drive, N134-7152W1, intersected 44.8 g/t Au over 2.7 metres in the A2 Zone, extending this zone by 30 metres toward the east as well. The hole successfully progressed beyond the Norbenite Fault and intersected the A Zone Norbenite Footwall mineralization.

A2 223 Zone

Recent drilling has confirmed and extended the high-grade A2 223 lens, located 20 metres below the 136 level, with results highlighting a 10-metre extension in the up-dip direction. Two new drill holes returned strong gold grades, further demonstrating the quality and continuity of mineralization in this area. The lens remains open up-dip, and additional drilling is actively underway to continue defining the full extent of the lens.

Basalt Zone BZ1

The BZ1, located 120 vertical metres from existing development, has been extended by 30 metres along strike, with the latest drilling intersecting 6.1 g/t Au over 4.3 metres (3.2 metres true width). These results demonstrate the continuity of mineralization within the zone, which remains open and untested beyond the current drill envelope. Additional holes are being planned to further evaluate the zone’s extent and potential, and drilling will commence in the second half of the year.

Eagle River

800 Zone

During the first quarter of 2026, a 1,700-metre step-out drill hole was completed from surface at Eagle River, targeting a potential extension of the high-grade 800 Zone at depth, one of the longest holes drilled at the property from surface. The hole successfully intersected the hallmarks of gold mineralization at the target depth, including structure, shearing, alteration, and quartz veining, returning 12.9 g/t Au over 1.5 metres, including a higher-grade interval of 19.0 g/t Au over 1.0 metre. Importantly, this extends the 800 Zone approximately 300 metres deeper than the existing mine model, in ground that had not previously been drill-tested at this depth.

Perhaps equally significant is where the mineralization was found. Rather than being hosted in the diorite rock type associated with the known 800 Zone, the intercept occurred within highly deformed volcanic units, suggesting that the gold system at Eagle River is more complex and potentially more expansive at depth than previously understood. This opens the door to a broader exploration target beyond the known mine contact.

The 800 Zone remains open both down-plunge and along strike, making it a high-priority growth target. Follow-up drilling is being designed for later in 2026, including options for further wedge holes.

300 Zone

The lower extremities of the 300 Zone host global model target #19. The target represents a gap in existing drill hole information. The approximately 100-metre-wide high-grade shoot of the 300 Zone plunges toward this target and previously reported high-grade intercepts from holes beyond the target support the continuation of the high-grade zone.

Long underground drill holes in late Q1 and Q2 of 2026 have been targeting global model #19 as part of this year’s exploration in-fill drilling program. Initial results from hole 25-1201-20 have returned a high-grade intercept of 618.2 g/t over 0.5 metres core length (200 g/t Au capped, 0.35 m true width). The intercept is approximately 70 metres to the east and outside of the plunging high-grade shoot, and whilst drilling continues, the result highlights the potential for further high-grade mineralized zones to be delineated. Results of drilling will be released as part of an overall Eagle River exploration update planned for late 2026.

6 Central Zone

The 6 Central Zone is one of Eagle River’s primary high-grade gold systems, now confirmed to extend more than 700 metres. A drill hole completed in early 2026 was designed to test ground below the current resource model, approximately 500 metres beneath existing resource model shapes, targeting potential extensions beyond what has already been defined. The 1,368-metre-deep surface hole (ERS-2026-003) was completed in early Q2; however, it terminated 150 metres short of the target depth, where it was expected to intersect the 6 Central mineralization projection, due to operational issues which have since been resolved.

The hole did however intersect a mineralized shear zone at shallower depths, which was spatially located north of the mine diorite. The hole returned a high-grade intercept of 31.9 g/t Au over 0.5 metres in an area with very little previous drilling. Importantly, mineralization was found outside the diorite, further reinforcing the exploration potential of the broader Eagle River deformation zone. Further holes are being designed to evaluate the extent of the mineralized shear, especially at depth where the structure is projected to intersect the north dipping main diorite body. Drilling is scheduled for later in 2026, subject to rig availability.

Mishi

Mishi has become a focus area within Wesdome’s Eagle River exploration strategy as the Company evaluates its potential to support a mineable bulktonnage (open pit or underground) opportunity, one of several such areas identified across the consolidated land package. The goal is to compliment and sustain throughput at the Eagle River mill over the long term, diversifying the feed sources beyond the high-grade underground mine and potentially supporting a mill expansion scenario.

A 9,600-metre drill program was completed at Mishi in 2025, with three primary objectives; testing how far the mineralized zones extend at depth, verifying key historical drill results, and evaluating untested ground to the west of the existing open pit. The results of the program are incorporated in the upcoming 2025 year-end resource update. A further 10,000 metres are planned for drilling in 2026 and drilling is in progress. The results highlighted in this release are from the Q4 2025 drill program, where drilling was focused on down-plunge continuity and step-out drilling, both of which continue to support the case for resource growth at Mishi. Assays were received in Q1 and are to be included in the 2026 year-end resource update.

The standout result was a drill hole that intersected 5.0 g/t Au over 20.0 metres at a depth of approximately 370 metres, including a higher-grade interval of 27.2 g/t Au over 3.1 metres. This result is consistent with the current geological model and supports the continuity of mineralization at depth. Two additional step-out holes drilled along the eastern edge of the defined zone returned 1.5 g/t Au over 14.8 metres and 8.7 g/t Au over 5.7 metres, respectively, further demonstrating that the Mishi system remains open in all directions and continues to grow with each drill program.

Cameron Lake Iron Formation

Cameron Lake Iron Formation is a large-scale gold target located within Wesdome’s Eagle River land package that is defined by lower grades across much wider intervals of rock, with the potential for significant tonnage. It represents a different style of mineralization to the high-grade underground mines at Eagle River.

A 4,300-metre drill program was completed at the Cameron Lake Iron Formation in the fourth quarter of 2025, with assay results received in early 2026. The program focused on testing how far the currently defined one-kilometre gold zone extends at depth, and the results are encouraging. Two standout drill holes, both reaching approximately 200 metres vertical depth, the deepest drilling completed at Cameron Lake Iron Formation to date, returned broad intervals of gold mineralization. The first hole intersected 1.1 g/t Au over 41.0 metres, including a higher-grade core of 8.4 g/t Au over 2.0 metres. The second returned 1.0 g/t Au over 38.7 metres, with higher-grade intervals of 7.3 g/t Au over 1.0 metre and 3.7 g/t Au over 3.2 metres.

The zone remains open in all directions and continues to grow in scale and significance. True widths have not been determined for the reported intercepts, and additional drilling is required to establish the geometry, continuity, and full extent of the mineralized zones.

A comprehensive technical review is planned for the third quarter of 2026, alongside the collection of drill core for preliminary metallurgical testing – an important step in evaluating how the gold can be extracted economically. Follow-up drilling will be designed once this review is complete, as Cameron Lake Iron Formation continues to develop as a potential bulk-tonnage opportunity for Wesdome.

About Wesdome

Wesdome is a Canadian-focused gold producer with two high-grade underground assets, Eagle River in Northern Ontario and Kiena in Val-d’Or, Québec. The Company’s primary goal is to responsibly leverage its operating platform and high-quality brownfield and greenfield exploration pipeline to build a value-driven mid-tier gold producer.

For More Information

Technical Disclosure

Eagle River surface drilling, the drill core, NQ in size, was cut in half with a diamond saw resulting in a half core sample for assay and a half core sample to be retained for reference. Samples were transported in sealed bags by laboratory registered courier trucks and transported to AGAT Laboratories in Thunder Bay, Ontario (an ISO/IEC 17025:2017 accredited and independent laboratory, accredited lab No. 665) for preparation and analysis. Pulps are analyzed by fire assay and AAS finish (AGAT method 202-051). Samples that graded more than 10 g/t Au were subsequently tested by gravimetric (202-064) and metallic screen (202-121) assays. AGAT laboratories is an accredited lab (ISO/IEC 17025:2017, accredited lab No. 665). Halved drill core is kept stored at the Eagle River Complex in core racks for long-term storage. Pulps are returned to Wesdome and are stored in a sea-canister at the operations office in the Mishi camp. QA/QC is achieved with a 3-sample package (a blank, a pulp duplicate and a commercial gold standard) that are inserted into the sample stream at an interval of 20 samples. Consequently, 15 QA/QC samples are inserted for each 100 samples. Additionally, blanks were inserted after visible gold is observed to prevent contamination between samples.

Exploration Kiena drilling, the drill core NQ in size, was cut in half with a diamond saw resulting in a half core sample for assay and a half core sample to be retained for reference. Delineation drilling, in defined resource areas, is BQ in size and the entire core was sent for assay analysis. Analytical work is performed by ALS Minerals of Val-d’Or (Québec), a certified commercial laboratory (Accredited Lab #689). Sample preparation was completed at ALS Minerals in Val-d’Or (Québec). Assaying comprised fire assay methods with an atomic absorption finish. Any sample assaying >3 g/t Au was re-run using the fire assay method with gravimetric finish, and for any sample assaying >10 g/t Au was re-run with the metallic sieve method. Holes N033-7202 and N109-7204 were partly assayed by the Photon Assay method at ALS Minerals in Thunder Bay. In addition to laboratory internal duplicates, standards, and blanks, the geology department inserts blind duplicates, standards, and blanks into the sample stream at a frequency of one in twenty to monitor quality control.

Qualified Persons

The technical content of this release has been compiled, reviewed, and approved by the following employees of Wesdome: Renan Lopes, P.Geo., M.Sc., Director, Mineral Resources, Near Mine Geology, and UG Exploration; Breanne Beh, P.Geo., Director Surface and Greenfields Exploration; and Serge Gonthier, P.Geo., (OGQ #578) Principal Geologist, Resources and Geology. Each is a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

APPENDIX

Figure 1 – Eagle River Plan View

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Figure 2 – Kiena Plan View

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Figure 3: Kiena Deep Long Section

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Figure 4: Kiena Deep Depth Intercepts

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Figure 5: Positive Results from Exploration and Delineation Drilling in the A2 and BZ1

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Figure 6: Plan View of Kiena Deep Intercepts

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Figure 7: Eagle River Long Section
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Figure 8: Eagle River – Mishi Long Section (Looking North)

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Figure 9: Eagle River – Cameron Lake Iron Formation Long Section (Looking North)

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Table 1: Kiena and Eagle River Drill Composite Results (Previously Unreleased)

Figures in table may not add due to rounding

Kiena Deep

Mishi

Mishi

Cameron Lake Iron Formation

800 Zone, 6 Central Zone Deep, 300 Zone

Table 2: Kiena and Eagle River Drill Assay Results (Previously Unreleased)

Figures in table may not add due to rounding

Kiena Deep

Mishi

Cameron Lake Iron Formation