WESCAN GOLDFIELDS INC. ANNOUNCES PROPOSED PRIVATE PLACEMENT

• The most recent news release dated April 30, 2026, announces a proposed private placement of up to 11,363,636 units.
• Offering price is set at $0.22 per unit, targeting gross proceeds of up to $2,500,000.
• Each unit consists of one common share and one-half of a common share purchase warrant.
• Warrant terms include an exercise price of $0.35 per share, exercisable for 24 months from issuance.
• Proceeds are designated primarily for the 2026 summer drilling program at the Munro Lake Project and general working capital.
• Drilling is scheduled to commence in June 2026, building on historical high-grade mineralization found in 2013.
• Insider participation is permitted up to 20% of the offering.
• Finders' fees include a cash component of 6% and warrants equal to 6% of units issued.
• Expected closing date is between May 22, 2026, and May 29, 2026.

• The financing represents a significant capital injection relative to the company's market cap (~15% of current equity value).
• Unlike previous financings in December 2025 which raised only $500k-$600k at $0.05/unit, this offering raises $2.5M at $0.22/unit.
• The pricing ($0.22) is a modest discount to the current market price of $0.25 (April 30 close), indicating strong investor demand or management confidence in the valuation.
• This is not a "Game Changer" event as it does not involve M&A, strategic investment by major funds like Sprott, or a discovery announcement.
• The move from a $600k raise to a $2.5M raise within five months suggests accelerated capital requirements for the exploration program.
• While positive for operational continuity (funding drilling), the dilution impact is material and must be weighed against potential resource expansion.

• Company Name: Wescan Goldfields Inc. (TSX-V: WGF).
• Strategy: Growth-oriented mineral exploration in Saskatchewan's La Ronge Greenstone Belt.
• Flagship Project: Munro Lake Gold Project.
• Location: ~5 km from the only current gold producer in Saskatchewan (SSR Mining Seabee Mine).
• Status: Exploration/early-stage development.
• History: 2013 drilling intercepted high-grade gold (67.1 g/t over 1m; 7.1 g/t over 1.02m).
• Secondary Projects:
• Jojay Gold Deposit: NI-43-101 resource of ~137,000 oz Au indicated & inferred.
• Fork Lake (Jasper): Past-producing mine (closed 1991), currently under exploration for depth extension.
• Ownership: All projects are 100% owned by Wescan.