Wesdome Establishes At-The-Market Equity Program

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PRESS

RELEASE

December 2, 2022

TSX:WDO

Wesdome Establishes At-The-Market Equity Program

All values contained herein are in Canadian dollars unless otherwise indicated

NOT FOR DISTRIBUTION IN THE UNITED STATES

Toronto, Ontario – December 2, 2022 – Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or

the “Company”) today announces it has established an at -the-market equity program (the “ATM

Program”) allowing Wesdome to issue and sell up to $100 million common shares from treasury (the

“Common Shares”) to the public from time to time at the Company’s sole discretion and at the

prevailing market price. Sales of the Common Shares under the ATM Program will be made pursuant

to the terms of an equity distribution agreement (the “Distribution Agreement”) dated December 2,

2022 entered into among the Company and a syndicate of agents including National Bank Financial,

BMO Capital Markets and Desjardins Capital Markets (collectively, the “Agents”). The volume and

timing of distributions under the ATM Program, if any, will be determined at the Company’s sole

discretion, subject to applicable regulatory limitations.

The Company currently intends to use the net proceeds, if any, from the ATM Program to repay

indebtedness, for working capital, and general corporate purposes. In addition to its cash on hand and

its recently upsized $150 million revolving credit facility, the ATM Program will provide Wesdome

with a flexible tool to efficiently access the capital markets , opportunistically as needed, in order to

continue executing on its growth strategy. Management of the Company will have discretion with

respect to the actual use of the net proceeds of the ATM Program.

All Common Shares sold pursuant to the ATM Program will be sold through the Toronto Stock

Exchange (the “TSX”) or on any other “marketplace” within the meaning of National Instrument 21-

101 – Marketplace Operation upon which the Common Shares are listed or quoted or where the

Common Shares are traded in Canada, at prices related to prevailing market price at the time of sale.

Since the Common Shares will be distributed at the prevailing market prices at the time of the sale or

certain other prices, prices may vary among purchasers and during the period of distribution. The TSX

has conditionally approved the listing of the Common Shares that may be sold under the ATM

Program.

The offering of Common Shares under the ATM Program is qualified by a prospectus supplement

dated December 2, 2022 (the “Prospectus Supplement”), which supplements the Company’s short

form base shelf prospectus dated November 25, 2022 (the “Base Shelf Prospectus”), which have been

filed in each of the provinces and territories of Canada. A copy of the Prospectus Supplement, the

Base Shelf Prospectus and the Distribution Agreement will be available on our SEDAR profile at

www.sedar.com. Alternatively, a copy of the Prospectus Supplement and accompanying Base Shelf

Prospectus are available upon request by contacting National Bank Financial Inc. , Attention: Gavin

Brancato, by e-mail at [email protected] or by phone at (416) 869-3707.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The Common

Shares have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)

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or any state securities laws. Accordingly, the Common Shares may not be offered or sold within the United States unless

registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the

registration requirements of the U.S. Securities Act and applica ble state securities laws. This news release does not

constitute an offer to sell or a solicitation of an offer to buy any securities of Wesdome in any jurisdiction in which such

offer, solicitation or sale would be unlawful.

ABOUT WESDOME

Wesdome is a Canadian focused gold producer with two high grade underground assets in Canada,

the Eagle River mine in Ontario and the recently commissioned Kiena mine in Quebec. The Company

also retains meaningful exposure to the Moss Lake gold deposit in Ontario through its equity position

in Goldshore Resources Inc. The Company’s primary goal is to responsibly leverage this operating

platform and high-quality brownfield and greenfield exploration pipeline to build Canada’s next

intermediate gold producer. Wesdome trad es on the Toronto Stock Exchange under the symbol

“WDO,” with a secondary listing on the OTCQX under the symbol “WDOFF.”

FORWARD-LOOKING INFORMATION

This news release contains “forward -looking information” which may include, but is not limited to,

statements with respect to the distribution of Common Shares under the ATM program and the

benefits associated therewith. Often, but not always, forward-looking statements can be identified by

the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”,

“forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such

words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might”

or “will” be taken, o ccur or be achieved. Forward -looking statements involve known and unknown

risks, uncertainties and other factors which may cause the actual results, performance or achievements

of the Company to be materially different from any future results, performance or achievements

expressed or implied by the forward -looking statements. Forward -looking statements contained

herein are made as of the date of this press release and the Company disclaims any obligation to update

any forward-looking statements, whether as a result of new information, future events or results or

otherwise. There can be no assurance that forward -looking statements will prove to be accurate, as

actual results and future events could differ materially from those anticipated in such statements. The

Company undertakes no obligation to update forward -looking statements if circumstances,

management’s estimates or opinions should change, except as required by securities legislation.

Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For further information, please contact:

Duncan Middlemiss or Lindsay Carpenter Dunlop

President and CEO VP Investor Relations

416-360-3743 ext. 2029 416-360-3743 ext. 2025

[email protected] [email protected]

220 Bay St, Suite 1200

Toronto, ON, M5J 2W4

Toll Free: 1-866-4-WDO-TSX

Phone: 416-360-3743, Fax: 416-360-7620

Website: www.wesdome.com