Wesdome Gold Mines Ltd. (TSX:WDO) (OTCQX:WDOFF) provides an update on its exploration activities at its wholly-owned Eagle River mine near Wawa, Ontario, Canada (Figures 1 and 2).

Anthea Bath, President and Chief Executive Officer, commented, “We’re highly encouraged by the latest underground exploration results at Eagle River, particularly in the 6 Central Zone, which has now been extended by 300 metres to over 600 metres down-plunge. High-grade intercepts over mineable widths are reminiscent of early drill results at similar depths in Eagle River’s 300 Zone, and the zone’s location at intermediate depth near existing infrastructure supports its potential for future resource conversion.

“Work also remains on track across other underground targets. At Falcon 311, drilling is extending mineralization down-plunge and to the west, while early surface drilling at Falcon 720 has returned visible gold and anomalous intercepts. In the 300 Zone, structural reinterpretation indicates the 300 Fold Zone comprises discrete mineralized lenses on a separate structure, with high-grade trends open down dip and laterally. This reinterpretation is consistent with publicly disclosed models for other Archean orogenic systems in the Michipicoten belt (e.g. Island Gold), where high-grade mineralization occurs as discrete stacked lenses on separate shear splays and remains open laterally and at depth. This opens new exploration avenues with high-grade trends continuing down dip and laterally. Drilling will continue into 2025 to follow up on these promising developments.

“Regionally, drilling across multiple targets continues to validate our exploration model. High-grade surface drilling results near the 6 Zone and 2 Zone to the east, together with encouraging intercepts at IP anomalies to the west, point to strong potential for extensions. Additionally, ongoing drilling at Dorset, Birch Vein, Cameron Lake Iron Formation, and Eagle River Splay underscores the broader discovery potential across our 400 km² land package.

“Another major focus in the first half of this year has been on conversion drilling underground with almost 80,000 metres at Eagle River drilled since January. With our global model program and upcoming technical report in 2026, our primary aim is to convert as much material as we can before the year-end drilling cutoff date.”

Highlights

6 Central Zone (Figure 3, Table 1)¹

Drilling confirms high-grade trend and resource expansion potential

• Hole 758-E-580: 115.9 g/t Au uncapped over 1.8 m core length (115.9 g/t Au capped, 1.6 m true width)
• Hole 758-E-570: 49.1 g/t Au uncapped over 2.2 m core length (49.1 g/t Au capped, 2.0 m true width)
• Hole 25-805-12: 47.0 g/t Au uncapped over 3.4 m core length (47.0 g/t Au capped, 3.2 m true width)

300 and 300 Fold Zones (Figure 4, Table 1)²

Geological model confirmed with the interpretation of the 300 Fold as a separate structure

• Hole 1201-E-87: 18.5 g/t Au uncapped over 1.5 m core length (18.5 g/t capped, 0.8 m true width)
• Hole 1224-E-04: 23.8 g/t Au uncapped over 2.3 m core length (17.5 g/t capped, 1.7 m true width)
• Hole 1224-E-03: 10.6 g/t Au uncapped over 1.5 m core length (10.6 g/t capped, 1.2 m true width)

720 Falcon Zone (Figure 5, Table 1)⁴

Confirming exploration potential open up-plunge and to the west

• Hole 25-355-07: 32.6 g/t Au uncapped over 1.8 m core length (32.6 g/t capped, 1.7 m true width)
• Hole ERS-2025-027: 11.0 g/t Au uncapped over 1.7 m core length (11.0 g/t capped, 1.0 m true width)

Falcon 311 Zone (Figure 6, Table 1)⁵

Infill drilling confirms the potential to add to mineable inventory

• Hole 857-E-108: 28.0 g/t Au uncapped over 10.0 m core length (14.6 g/t capped, 3.9 m true width)

Dorset Zone (Figure 7, Table 1)⁶

Deposit remains open with extensions to the east

• Hole GS-25-219: 35.2 g/t Au uncapped over 1.0 m core length
• Hole GS-25-208: 1.8 g/t Au uncapped over 19.0 m core length
• Hole GS-25-205: 1.7 g/t Au uncapped over 18.0 m core length
• Hole GS-25-240: 6.8 g/t Au uncapped over 3.8 m core length

¹ No top cut was defined for this vein.
² Assays capped at 295 g/t.
³ Assays capped at 60 g/t.
⁴ Assays capped at 180 g/t.
⁵ Assays capped at 30 g/t.
⁶ No top cut or true width defined.

Technical Details

6 Central and 6 Central Parallel Zones

Drilling in the 6 Central and 6 Central Parallel zones in the first half of 2025 totaled almost 18,000 metres across 65 holes. Results to date have demonstrated that both zones remain open down dip and laterally with geologic logging and assays confirming the extension of the 6 Central high-grade trend approximately 300 metres down dip and bringing the total extent of the high-grade zone to over 600 metres down-plunge.

Importantly, drilling to date is closing the drill spacing towards hole 758-E-500, which intersected 40.0 g/t Au over 8.0 metres (uncapped, downhole thickness). This significant intercept, located more than 150 metres down-plunge of the existing resource, was excluded from the year-end 2024 resource update as there were insufficient drill holes nearby to meet resource classification criteria. The aim is to extend drilling and incorporate the hole and intercept into the next resource update.

Assay results suggest the potential to define additional mineralized lenses in the 6 Central Zone with oriented core drilling and the collection of supporting structural data currently underway.

300 and 300 Fold Zones

In the 300 Zone, drilling has been focused primarily on infilling and validating the year-end 2024 interpretation of the 300 Fold Zone. Previous interpretations in the 300 Fold Zone highlighted a potential fold hinge, which was interpreted as contributing to higher grades and thicker intercepts observed during drilling. This interpretation presented important implications for the geological and structural projections of mineralization in the area and guided subsequent follow-up drilling.

New drill results and oriented drill core have resulted in a revised interpretation from a folded domain to more discrete mineralized lenses. The 300 Fold Zone is now interpreted as being a separate structure to the main 300 Zone mineralization, and the mineralization is plunging at a more moderate angle than the steeper plunging 300 Zone. Further drilling is planned later in 2025 to evaluate down-plunge continuity. The high-grade trend remains fully open down dip and laterally.

Falcon 311 and 720 Zones

Drilling at Falcon 311 has been aimed at converting lower category resource material and evaluating the down-plunge continuation of mineralization to the southwest and southeast with hole 857-E-94 successfully extending high-grade mineralization by approximately 50 metres down-plunge. The Falcon 311 Zone remains a key focus for resource conversion and potential expansion, and further drilling is scheduled in the fall to evaluate the western continuation of mineralization beyond that intercepted in hole 857-E-64 (15.2 g/t over 2.5 metres).

The Falcon 720 Zone remains open both up-plunge and to the west and drilling has been completed from both surface and underground to evaluate the potential. Surface drilling to advance understanding of this area has commenced with the first 10 surface holes drilled in the first half of 2025. These holes were designed to evaluate the up-plunge continuation of the mineralization towards surface. Several of the holes intersected visible gold and quartz veining. Assays from the program have been received, with five anomalous intercepts reported. Early results and geological interpretation suggest this area may represent a new exploration frontier for Eagle River, warranting follow-up drilling.

A second phase of drilling is planned to evaluate the continuity of mineralization and to test material extending into the 60-metre-thick crown pillar above the Falcon 720 Zone. The results of this program will be included in the model updates for the technical report with further drilling from underground to begin after review of assay results.

Global Model (Figure 8)

The global model initiative, a key element of Eagle River’s fill-the-mill strategy, is targeting both underground and surface material situated near existing infrastructure. Subject to successful infill and QA/QC drilling, together with favorable economic evaluations, this material has the potential to be upgraded to a higher-confidence resource category. As a source of potentially lower-cost incremental ore, it could then enhance mill throughput without displacing higher-grade material.

A total of 32 underground target areas were initially identified for follow-up work, however, a recent data review uncovered additional zones with similar resource conversion potential previously excluded from the current database. To advance this work, a nine-month program has been launched, with four rigs currently drilling the first 40,000 metres. Results from this program will be incorporated into an updated technical report in mid-2026.

All 12 surface holes completed to date across a 300-metre strike length between the 6 Zone and 2 Zone mineralized domains have intersected quartz veining with sulphide mineralization. While the majority of assay results are pending, two holes have returned results to date, each yielding one anomalous intercept, including hole ERS-2025-035, which intersected 1.1 metres at 19.0 g/t Au from 71.5 metres (downhole thickness, uncapped). Further drilling is planned following receipt of the remaining assays.

Regional Exploration (Figure 9)

Wesdome’s company-wide exploration strategy, designed to support, extend, and expand operations over the long-term, is advancing and playing a key role in integrating the recently acquired land package from Angus Gold. Over the past six months, focused exploration efforts at Eagle River, including work on the Angus Gold properties, has identified 176 exploration targets beyond the currently defined resources. The broader objective is to develop tailored work programs and budgets for the next three years and to ensure their successful execution, ultimately supporting the extension of Eagle River’s mine life.

Near term focus on global model and updated technical report (next 12 months)

Of the 176 identified targets at Eagle River without a defined resource, 40 have been earmarked for short-term exploration work. Surface targets include the Mishi-Magnacon historic mine areas and the greater Dorset area.

In addition to the planned 40,000 metres of drilling underground at Eagle River, approximately 10,000 metres of drilling are planned at Mishi-Magnacon to assess the down-plunge continuity of the Mishi deposit below the open pit, testing gaps west of the current drilling areas and twinning historic intercepts. The aim of the Mishi work is to update the mineral resource and review potential extensions to the mineralization. Drilling at Magnacon will incorporate oriented drill core to obtain structural information, and is designed to twin historic intercepts, evaluate geologic ideas on controls of higher-grade mineralization, and confirm the positions of some key historic underground workings. Together with surface geologic and structural mapping programs, this data will be incorporated into geologic and resource model updates for both deposits.

Drilling commenced earlier in the year at Dorset with approximately 3,300 metres completed on the Dorset Main and Dorset West zones. The drilling was designed to twin historic intercepts, evaluate lateral continuity, and provide samples for geo-metallurgical test work in support of an update to the historical Dorset resource, as well as define the continuity of recently reported high-grade drill intercepts at the Dorset West target. Definition drilling has the potential to define a new resource in the area, underpinning a solid foundation for future exploration and resource growth.

Two notable new intersections have been reported along the eastern edge of the historic resource area where drill hole GS25-208 returned 19.0 metres at 1.8 g/t Au (downhole thickness, uncapped), including 5.3 metres at 6.0 g/t Au and GS25-205 returned 18.0 metres at 1.7 g/t Au (downhole thickness, uncapped) including 7.0 metres at 2.8 g/t Au and 3.0 metres at 2.2 g/t Au. The GS25-208 intersection represents a 100-metre step-out from previous drilling conducted by Angus Gold and demonstrates that the mineralized trend remains open. Assays are still pending for 22 holes drilled in the Dorset Zone.

Medium-term focus on developing longer-term targets on mining permit areas (1-3 years)

At Eagle River, 30 targets have been identified as medium-term priority, targeting discoveries in the one-to-three-year time horizon. The majority of these targets are down-plunge continuations of existing mineralized structures and when combined represent a significant endowment potential. These targets will require substantial amounts of drilling and initial proof-of-concept drill programs for these targets are in the design and budgeting stage, with drilling expected to commence in 2026.

Other medium-term targets include potential down-plunge extensions of the Magnacon and Mishi deposits, Induced Polarization targets generated proximal to the Eagle River mine, and the Cameron Lake Iron Formation target acquired from Angus Gold.

As part of the ongoing surface exploration program, an IP survey was completed in 2024, covering an area of 2 km² in the west-to-southwest area of the Eagle River mine. The survey identified several potential prospective geophysical features and potential drill targets with favorable chargeability and resistivity readings. Two areas were flagged for priority follow-up work. Anomaly A, which is located west of the Falcon Zone at the edge of the diorite hosting the Eagle River mine mineralization, and Anomaly D, which is located further south on the edge of a large granitic intrusive. Drill evaluation commenced before the end of 2024 and continued into 2025 with five holes completed to date.

Two of the five holes returned anomalous intercepts with follow-up drilling on both areas planned for later in the year. At Anomaly D, hole ERS-2025-002 intersected 0.6 metres at 33.4 g/t Au from 15.0 metres (downhole thickness, uncapped). Hole ERS-2025-003 was drilled to evaluate a geophysical response located 500 metres north of Anomaly D. The hole intersected 2.5 metres at 7.6 g/t Au from 73.5 metres (downhole thickness, uncapped). Follow up programs are being planned.

Currently, a larger 7.4 km² IP grid is being surveyed west of the Falcon Zone, to build upon the coverage of the 2024 grid. Additionally, an IP survey is planned for the Abbey Lake exploration area in the fall of 2025. This upcoming work is expected to refine drill targets and enhance the geological understanding of the property’s subsurface potential.

Infill drilling is also underway within the previously defined Banded Iron Formation-hosted gold zone located on the property acquired from Angus Gold. The primary objective of the drilling program is to begin defining the geometry of the gold zones at depth, improving the geological model, obtaining material for preliminary deportment studies, and supporting future resource evaluations. In addition to infill work, exploration drilling is also planned both to the east and west of the known gold zone to test for potential extensions and continuity of mineralization along strike.

Long-term focus on target generation and testing early-stage concepts (3+ years)

The long-term target generation strategy at Eagle River includes regional geologic history, lithostructural frameworks, and pathways for gold migration and concentration. The work at the Eagle River mine, incorporating underground mapping and drill information to generate 3D models, is a small version of the concept and project-wide aims of this work. Analysis of these 3D models has identified further exploration targets within the diorite hosting the Eagle River mine (Figure 10).

There are currently 106 targets identified for long-term exploration work, including 15 surface targets on mine permit areas, and a further 91 targets on exploration claim areas reflecting various levels of exploration maturity. Three target areas that have been flagged for higher priority work are Birch Vein, Eagle River Splay, and Abbey Lake. Work programs and budgets to advance these target areas are in development.

At Birch Vein, located approximately 2 km northeast of the Eagle River mine, fifteen reconnaissance holes were drilled to evaluate high grade historic rock chip results (48 g/t Au and 194 g/t Au) in an area associated with a splay of the northwest trending Eagle River Splay Shear. Several of the holes intersected smoky quartz veins, up to 0.5 metres in thickness, with strong biotite alteration. Only two assays have been received to date, with two anomalous intercepts reported in hole ERS-2025-005 which intersected 1.8 metres at 0.6 g/t Au from 352.0 metres (downhole thickness, uncapped) and 0.8 metres at 1.0 g/t Au from 375.6 metres (downhole thickness, uncapped). The target is considered a high-priority area as the deformed and interlayered mafic and felsic volcanic rock units at the Eagle River Splay Shear closely mimic the geologic setting of Eagle River’s Falcon Zone.

The Eagle River Splay target is located to the northwest of the Birch Vein target and is interpreted as being the continuation of the Eagle River Splay shear structure. Drilling scheduled for the third quarter will follow up on previously reported anomalous intercepts drilled by Angus Gold, including holes GS23-100, which returned 1.5 metres at 48.7 g/t Au from 112.3 metres (downhole thickness, uncapped) and hole GS23-135, which returned 5.4 metres at 2.0 g/t Au from 158.8 metres (downhole thickness, uncapped). The upcoming program will also evaluate other newly identified IP anomalies which remain untested.

The Abbey Lake exploration target area is a 10-kilometre-long section of the Pukaskwa Deformation Zone, a northeast trending regional scale structure that is interpreted as extending towards and into the Island Gold mine owned by Alamos Gold Inc. This structural corridor remains largely untested with historic grab samples from the area returning gold values of up to 32 g/t Au at surface and historic drilling producing anomalous intercepts that were never followed up. The target area is close to the property access road and is considered a priority work area for the coming years. Field programs and scout drilling are being planned for 2026.

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 growing value-driven gold producer.

Figure 1: Eagle River Mine Long Section Looking North

Figure 2: Eagle River Mine Plan View¹ — Drilling Since Last News Release

Figure 3: 6 Central Zone Long Section Looking North

Figure 4: 300 Zone and 300 Fold Zone Long Section Looking North

Figure 5: 720 Falcon Zone Long Section Looking North

Figure 6: Falcon 311 Zone Long Section Looking North

Figure 7: Dorset Plan View

Figure 8: Global Model Targets Long Section Looking North

Figure 9: Eagle River 2025 Regional Work Plan

Figure 10: Eagle River Near Mine Targets Plan View

Table 1: Eagle River Drill Results (Previously Unreleased)

Composite Results
Figures in table may not add due to rounding

6 Central and 6 Central Parallel

300 and 300 Fold Zone

720 Falcon and Falcon 311 Zone

Dorset

Dorset

Assay Results

Figures in table may not add due to rounding

*Given that there is no conceptual geological model for Dorset, neither true width nor top cuts have been defined.