Wesdome Gold Mines Ltd. - Operations

The Kiena Mine is located in the highly prospective Val d’Or, Quebec gold camp. The Kiena Deep A Zone, discovered in 2016 is located within the mines existing infrastructure, including a 930 metre deep shaft and 2,000 tonne per day mill, and is fully permitted. After successful completion of a PFS study, a restart of operations was announced on May 26, 2021.

Located on prospective Abitibi Greenstone Belt

PFS IRR 98%

Low CAPEX and fast restart timeline

Average annual gold production of 84,000 ounces per year, with over 100,000 per year run rate expected in 2024

Significant upside to current reserve and resources

Average annual FCF (2022 – 2027) of $85.5 million at US$1,600/oz of gold, or $109.5 million at US $1,900/oz

Kiena Overview
Location	Val D'or, Quebec
Stage	Production
Type	Underground
Deposit	Gold
Ownership	100%
Tailings	Wet Deposition
Life of Mine	7 Years (PFS)
Workforce	142 employees
2022 production	64,000 – 73,000 ounces
Head grade	10.6 – 11.8
2P Reserves	651,000 ozs @ 11.1 g/t
M + I Resources	113,000 ozs @ 4.8 g/t
Inferred	761,000 ozs @ 5.9 g/t

KIENA PRE-FEASIBILITY STUDY HIGHLIGHTS
IRR	98%
Average annual gold production	84,000 ounces of gold per year
Mine life	7 years (Oct 31, 2020 resource update)
LOM average cash costs	$502 (US$308/oz)
All-in Sustaining Costs	$894 (US$676/oz)
Tailings	Wet Deposition
Average Annual FCF (2022-2027)	$85.5 million at US$1,600/oz
Life of mine capital	$230 million fully funded
After-tax NPV_5%	$367 million at US$1,600 per ounce gold

Exploration Potential

Two geological maps, displaying parallel drill zones and drill results. Call out text reads; A-zone and VC zone continues to suggest robust upside to current resource inventory. Below map titled Parallel Zones. To the right map titled Open to Depth – Transition to High Grade

Reserves & Resources

Kiena Reserves

Mine	Category	Tonnes (‘000s)	Grade (gAu/tonne)	Contained Ounces
Kiena	Proven	71	13.2	30,000
	Probable	1,758	11.0	621,000
	Proven and Provable	1,829	11.1	651,000

Mineral reserves are founded on measured and indicated mineral resources with an effective date of December 31, 2021
The Qualified Person for the Mineral Reserves estimate as per NI 43-101 is Simon Fontaine P. Eng, Mining Engineer at Kiena Mine and employee of the Company
Mineral Reserves are reported using a 3.7 g/t Au cut off
Mineral Reserves demonstrated economic viability with the following parameters:
1. gold price of C$1,820 (US$1,400) per ounce for the Reserves, with a USD:CAD exchange rate of 1.3.
2. a 2.1 m minimum width,
3. 15% external dilution in the A Zone, H1ZA1, BZA1, BZA2, S50, and Martin, 12% external dilution in the VC Zone and 25% external dilution in the A1 and A2 Zones,
4. S50 considers a dilution grade of 0.7 g/t Au, all other zones consider 0.0 g/t Au dilution grade.
5. 90% mine recovery,
6. mining cost of C$113.7/t,
7. milling cost of C$40.3/t,
8. surface and G&A cost of C$58.3/t,
9. selling cost of C$ 1.59/t, and 97% metallurgical processing recovery for the S50, VC & Martin Zones and 98.5% for the Kiena Deep Zones
10. A bulk density factor of 2.8 tonnes per cubic m (t/m³)
Kiena Deep incorporates, Zone A, A1, A2, H1ZA, BZA1, BZA2
Mineral Reserves have been estimated in accordance with the Standards of the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”)
Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade, and metal content.

Kiena Resources

Mine	Category	Tonnes (‘000s)	Grade (gAu/tonne)	Contained Ounces
Kiena	Measured	21	9.6	6,000
	Indicated	713	4.6	106,000
	Measured + Indicated	734	4.8	113,000
	Inferred	4,011	5.9	761,000

The effective date of the estimate is December 31, 2021
The estimate was prepared by Karine Brousseau, P. Eng., Senior Engineer – Mineral Resources of the Company, who is a “Qualified Person” under NI 43-101
Mineral resources are reported exclusive of mineral reserves; mineral resources that are not mineral reserves do not have demonstrated economic viability
Mineral resources are considered for underground extraction and have been reported below a 100m crown pillar and within potentially mineable volumes without external dilution. Must take material inside these volumes below the stated block grade cut-off has been included in the total.
A bulk density factor of 2.8 tonnes per cubic m (t/m³) was applied
Resources have been reported considering mining progress as of December 31, 2021
Resources are reported using a 3.0 g/t Au cut-off grade
Economic parameters for the determination of the cut-off grade include:
1. a gold price of US$1,500 per ounce, a USD/CAD exchange rate of 1.30 (resulting in C$1,950 per ounce gold price);
2. mining cost C$85.7/t milled;
3. processing cost C$40.3/t;
4. G&A C$58.3/t milled;
5. 98.5% mill recovery and
6. selling cost at C1.59$/oz
Mineral resources are classified in accordance with CIM standards
Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade, and metal content.

Technical Disclosure

The technical content of this release has been compiled, reviewed and approved by Jacqueline Wheeler, P. Eng, Director, Corporate Development and Technical Projects and Michael Michaud, P.Geo., Vice President, Exploration of the Company and each a "Qualified Person" as defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects.

Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources

The mineral reserve and resource estimates reported in this news release were prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) as required by Canadian securities regulatory authorities. The United States Securities and Exchange Commission (the “SEC”) applies different standards in order to classify and report mineralization. This news release uses the terms “measured”, “indicated” and “inferred” mineral resources, as required by NI 43-101. Readers are advised that although such terms are recognized and required by Canadian securities regulations, the SEC does not recognize such terms. Canadian standards differ significantly from the requirements of the SEC. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories constitute or will ever be converted into mineral reserves. In addition, “inferred” mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource exists, is economically or legally mineable or will ever be upgraded to a higher category of mineral resource.

Geology and Mineralization

Kiena Deep A Zone

The Kiena Deep A Zone is localized within the Marbenite Fault deformation corridor. The Kiena Deep A Zone is divided into three main lenses: ZA, ZA1 and ZA2. A fourth smaller lens (H1ZA) is located in the hanging wall of the ZA at the contact between the basalt and the flow breccia units. The lenses occur along an isoclinal fold associated with the MF and a subsidiary fault. All lenses in the Kiena Deep A Zone are variably altered to chlorite, albite, carbonate and amphibole. Pyrite content is less than 2% with traces of pyrrhotite and chalcopyrite. Two styles of gold mineralization occur in the zone; the first style largely dominates Kiena Deep and the second style is seen occasionally: Laminated veins (shear veins) hosted within sheared ultramafic rocks (grade is up to several ounces of gold per ton). Folding is observed in shear zones. Veins are composed of vitreous to milky to grey quartz with carbonates. There is more than one gold bearing vein generation. Sulphides range from traces to 1% locally (pyrite, pyrrhotite, chalcopyrite, sphalerite and galena). Stockworks of quartz-carbonate veins and veinlets hosted in basalt (like the S50 style of gold mineralization) typically yielding less than 10 g/t Au. The 2020 underground development in the ZA at level 111, allowed to observe the geological complexity associated to ZA gold mineralization. A metric deformed corridor containing gold mineralization characterized the ZA. Intense folding of quartz veins is observed within a sheared corridor. An important amphibolization seen to be closely related to the folded laminated veins. It is probable that the protolith of the amphibolitized rock is an ultamafic rock. Mineralization also seems to have taken place during multiple veining events. Although visible gold is frequently seen in deformed quartz veins, it has also been possible to observe visible gold several times with the amphiboles corresponding to the amphibolitized corridor. Despite the geological complexity and the intense deformation observed, the ZA corridor shows good geological continuity over several tens of metres.

The main lenses ZA, ZA1 and ZA2 are coplanar to the MF to the SW, conforms to the fold hinge in the middle part and is sub-vertical to the NE. The axial plan of the isoclinal fold undulates and plunges abruptly to the ESE. Lens ZA is located at the contact of the basalt domain and the chlorite-carbonite schist. We generally observe a feldspar porphyry dyke in the hanging wall of the ZA, which is a guide for the interpretation. This dyke seems to have undergone the same deformation as the host schist. The ZA has a horizontal footprint of 150 m and a vertical extent of 460 m with thicknesses ranging from 3 m to 18 m. ZA1 and ZA2 lenses are sub-parallel to the ZA and are entirely in the chlorite-carbonate schist of the fault along with minor intermediate dykes. ZA1 shows a vertical extent of 550 m and a horizontal footprint of 120 m with thicknesses ranging from 3 m to 8 m. ZA2 is less drilled than ZA and ZA1 and is actually separated in two domains by a low-grade area. The lower part of the ZA2 has a much higher grade than the upper part and is also thicker with thicknesses of up to 15 m in the lower part. The overall vertical extent of the ZA2 is 590 m. The lenses ZA1 and ZA2 still have to be defined on the sub-vertical contact. Definition drilling is ongoing in this area.

Foot Wall Zone

To date, the Footwall Zone is defined by many new intersections of gold mineralization located within a 50 metre (‘m’) wide corridor adjacent to the footwall of A2 Zone. Gold mineralization is associated with quartz ± visible gold veins that are spatially associated with amphibolite altered komatiite and basaltic komatiite units. In some areas, gold mineralization is also observed in deformed basalt and/or flow breccias present within ultramafic units. Similar to the Kiena Deep A Zone, gold mineralization is deformed by subsequent folding, shearing, and faulting.

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