WVM.V · 2020-08-13 12:00:00

WEST Vault Closes Fully Subscribed Brokered Private Placement Including Investment from Eric Sprott

Financings

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News Release

No. 129

2020

August 13, 2020

Not for dissemination in the United States or to United States newswire services

WEST VAULT CLOSES FULLY SUBSCRIBED BROKERED PRIVATE PLACEMENT

INCLUDING INVESTMENT FROM ERIC SPROTT

VANCOUVER, BRITISH COLUMBIA,

August 13, 2020

–

West

Vault Mining Inc.

M:TSXV) (“West

Vault

”

or the “Company

”)

is pleased to announce that it has closed its previously announced brokered

private placement (the “Brokered Offering”) to raise aggregate gros

s proceeds of $6,348,000 including

the exercise in full of the agents’ over

allotment option. Under the Brokered Offering, the Company

issued a total of 5,520,000 common shares (“Shares”) of the Company at a price of $1.15 per Share

(the “Issue Price”). To

gether with the non

brokered private placement of the Company

closed earlier

today

(see press release dated August

, 2020) (the “Non

Brokered Private Placement”), the

Company has raised total gross proceeds of $16,531,250.

Eric Sprott, through

2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 2,608,700

Shares under the Brokered Offering for total consideration of $3,000,005.

“The closing of both the Non

Brokered Private Placement and the Brokered Offering allows us to

comp

lete the purchase of the 25% interest in our Hasbrouck Gold Project not already held by West

Vault, thereby consolidating 100% ownership of the asset. We expect closing of this acquisition to be

completed imminently, and we look forward to continuing our w

ork in Nevada to advance the

development of Hasbrouck in due course

” stated R. Michael Jones, CEO of West Vault. “We are also

pleased to welcome Eric Sprott as a new shareholder of West Vault and appreciate the continued

support of other key institutional

shareholders

including Sun Valley Gold LLC and

Ruffer LLP.”

The Brokered Offering was co

led by Haywood Securities Inc. and PI Financial Corp. (collectively, the

“Agents”). In consideration for the services provided by the Agents in connection with the

Brokered

Offering, the Company has paid to the Agents a cash commission equal to 6% of the gross proceeds

raised under the Brokered Offering, and issued non

transferable warrants of the Company to the

Agents, exercisable at any time on or before August 13

, 2022, to purchase that number of common

shares of the Company which is equal to 6% of the aggregate number of Shares sold under the

Brokered Offering at an exercise price per share equal to the Issue Price.

The securities issued pursuant to the Brokered

Offering have a hold period of four months and one

day from closing, expiring

December 14, 2020

The Company intends to use the net proceeds of the Brokered Offering and the

rokered

rivate

lacement (together the “Financings”) to fund the cash cons

ideration payable to complete the

purchase of a 25% interest in the Hasbrouck Gold Project (

see press released dated July 22, 2020

to fund continued work on the Hasbrouck Gold Project and for general working capital purposes.

The Financings have not been, and will not be, registered under the U.S. Securities Act of 1933, as

amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold

in the United States or to, or for the account or bene

fit of, U.S. persons absent registration or any

applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S.

…/

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ESTVAULT

MINING

COM

state securities laws. This press release shall not constitute an offer to sell or the solicitation of an

offer

to buy

securities in the United States, nor shall there be any sale of these securities in any jurisdiction

in which such offer, solicitation or sale would be unlawful.

West Vault is focused on advancing the Hasbrouck Gold Project in

Tonopah, Nevada. The Company

owns a 75% interest in, and a 1.1% net smelter return royalty over, the Hasbrouck Gold Project and

has announced the execution of definitive agreements for the purchase of the remaining 25% interest

from Clover Nevada LLC, a w

holly owned subsidiary of Waterton Precious Metals Fund II Cayman,

LP (“Waterton”). Closing of the acquisition

is expected to be completed imminently.

The Company is

working towards completing full permitting for the Hasbrouck Gold Project’s

mineral

reserv

es while

keeping corporate G&A costs lean and efficient.

The Hasbrouck Gold Project, comprised of the planned Three Hills

ing area

and the nearby

planned Hasbrouck Mine, hosts an estimated 762,000 ounces of proven and probable gold reserves

and 10,56

9,000 ounces of proven and probable silver reserves

roven

mineral r

eserves of 6,242,00

tons at a grade of 0.02 Au oz/ton plus 0.41 Ag oz/ton and

robable

mineral r

eserves of 39,028,000

tons at a grade of 0.016 Au oz/ton plus 0.205 Ag oz/ton

)

For detai

see the “Technical Report and

Updated Preliminary Feasibility Study: Hasbrouck and Three Hills Gold

Silver Project, Esmeralda

County, Nevada” dated September 14, 2016 as filed on SEDAR

under the Company’s profile

www.sedar.com

Sandy McVey, P.Eng., Chief Operating Officer

the Company, as a non

independent Qualified

Person as defined by National Instrument 43

101

Standards of Disclosure for Mineral Projects (“NI

101”), has reviewed and approved the

technical information disclosed in this news release.

Neither

the

TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

elease.

On behalf of West Vault Mining Inc.

“R. Michael Jones”

Chief Executive Officer

FOR FURTHER INFORMATION PLEASE CONTACT:

R. Michael Jones

Chief Executive Officer

T: (604) 685 8311

lease see the Company’s website at

www.

westvaultmining

.com

or contact us by email at

info@

westvaultmining.com

Disclaimer for Forward

Looking Information

This press release may contain forward

looking information or forward

looking statements (collectiv

ely

"forward

looking information") within the meaning of applicable securities laws. Forward

looking

information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”,

“postulate” and similar expressions, or are

those, which, by their nature, refer to future events.

Forward

looking information in this news release includes, without limitation, discussion of the

purchase of a 25% interest in the Hasbrouck Gold Project

; that the purchase of said interest will

…/

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ESTVAULT

MINING

COM

comp

lete imminently, if at all

; the use of proceeds of the Financings; permitting

;

and costs. Estimates

of mineral reserves and mineral resources are also forward

looking information because they

incorporate estimates of future developments including future m

ineral prices, costs and expenses and

the amount of minerals that will be encountered if a property is developed. Although West Vault

believes that such information as set out in this press release is reasonable, it can give no assurance

that such expecta

tions and estimates will prove to be correct. The Company cautions investors that

any forward

looking information provided by the Company is not a guarantee of future results or

performance, and that actual results may differ materially from those in forw

ard

looking information as

a result of various factors

, including the following:

the Company or Waterton may be

delayed

satisfying the closing conditions to the purchase of the 25% interest in the Hasbrouck Gold Project;

risks related to the novel coron

avirus (COVID

19) global health pandemic

other

global epidemics,

pandemics or public health crises

;

the state of the financial markets for the Company's equity

securities; the state of the market for gold or other minerals that may be produced generally; significant

increases in any of the machinery, equipment or supplies required to develop and operate

a mine; a

significant change in the availability or cost of the labor force required to operate a mine; a significant

increases in the cost of transportation for the Company’s products; variations in the nature, quality and

quantity of any mineral deposits

that may be located; and the Company's ability to obtain any

necessary permits, consents or authorizations required for its activities, to raise the necessary capital

or to be fully able to implement its business strategies and other risks associated with

the exploration

and development of mineral properties. The reader is referred to the Company's public filings for a

more complete discussion of such risk factors and their potential effects which may be accessed

through the Company's profile on SEDAR at

www.sedar.com.

Cautionary Note to U.S. Investors Regarding the Use of Mining Terms

This press release has been prepared in accordance with the securities laws in effect in Canada,

which differ from the requirements of U.S. securities laws. Unless

otherwise indicated, all reserve

estimates reported by the Company are in relation to a 2016 Updated Pre

Feasibility Study and have

been prepared in accordance with NI 43

101 and the Canadian Institute of Mining, Metallurgy, and

Petroleum Definition Standa

rds on Mineral Resources and Mineral Reserves. NI 43

101 is a rule

developed by the Canadian Securities Administrators which establishes standards for all public

disclosure an issuer makes of scientific and technical information concerning mineral projects

Canadian standards, including NI 43

101, differ significantly from the requirements of the U.S.

Securities and Exchange Commission (the “SEC”) Industry Guide 7, and reserve information

contained herein may not be comparable to similar information disclos

ed by U.S. companies. In

particular, and without limiting the generality of the foregoing, “reserves” established under NI 43

101

standards may not qualify as “reserves” under U.S. standards. Under U.S. standards, mineralization

may not be classified as a

“reserve” unless the determination has been made that the mineralization

could be economically and legally produced or extracted at the time the reserve determination is made.

In addition, under U.S. standards, a “Final” or “Bankable” feasibility study is

required to report reserves,

the three

year historical average price is used in any reserve or cash flow analysis to designate

reserves and the primary environmental analysis or report must be filed with the appropriate

governmental authority. Disclosure o

f “contained ounces” in a resource is permitted disclosure under

Canadian regulations; however, the SEC normally only permits issuers to report mineralization that

does not constitute “reserves” by SEC standards as in

place tonnage and grade without refere

nce to

unit measures. Accordingly, information concerning mineral deposits set forth in this press release

may not be comparable with information made public by companies that report in accordance with

U.S. standards.

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