Toronto, Ontario--(Newsfile Corp. - May 11, 2026) - Wesdome Gold Mines Ltd. (TSX: WDO) (OTCQX: WDOFF) ("Wesdome" or the "Company") today provides an update on its exploration activities at its wholly-owned Eagle River mine ("Eagle River") near Wawa, Ontario, Canada (Figures 1 and 2).

Anthea Bath, President and Chief Executive Officer, commented, "Recent drilling results continue to deliver high-grade results, validating our approach to targeting and prioritization at Eagle River. The combination of high-grade intercepts and demonstrated continuity across multiple zones reinforces our confidence in both near-term conversion opportunities and the broader potential for resource growth at the Eagle River mine.

"The 6 Central Zone now extends to more than 700 metres down plunge, while drilling in the adjacent 800 Zone has confirmed the presence and continuity of high-grade shoots at depth. This high-priority area is growing rapidly, remains open at depth, and has the potential to become a significant source of high-grade ore.

"The Falcon 311 and 720 Zones are also growing, with drilling in the Falcon 311 extending mineralization along strike to the west by 100 metres and down dip by 150 metres beyond the current interpretation. We're also excited to report intercepts in the 700 Zone and the central portion of the 711 Zone that exceeded our expectations. Both areas returned high grades in the upper areas of the mine where global model work identified gaps in mineralization and they both remain open for expansion, providing low-cost incremental ore near existing infrastructure."

HIGHLIGHTS

6 Central Zone and 800 Zone (Figure 3, Table 1)¹
Drilling confirms extension of high-grade trend approximately 100 metres down-plunge in 6 Central Zone

• Hole 25-805-31: 20.2 g/t Au (uncapped) over 3.4 m core length (20.2 g/t Au capped, 1.7 m true width)
• Hole 25-805-40: 16.5 g/t Au (uncapped) over 4.1 m core length (16.5 g/t Au capped, 2.6 m true width)

Falcon 311 and 711 Zones (Figure 4, Table 2)²
Drilling identifies potential to extend the Falcon 311 Zone 100 metres to the west and 150 metres down dip while drilling results at 711 Zone support the current interpretation of a continuous mineralized corridor

• Hole 25-1119-12: 11.8 g/t Au (uncapped) over 2.0 m core length (11.8 g/t Au capped, 1.8 m true width)
• Hole 25-1119-14: 17.1 g/t Au (uncapped) over 2.2 m core length (11.1 g/t Au capped, 1.9 m true width)
• Hole 25-1201-15: 10.6 g/t Au (uncapped) over 2.2 m core length (10.6 g/t Au capped, 1.8 m true width)

711 Zone (Figure 5, Table 3)³
Drilling reports high-grade intercepts in previously unreported central portion of the zone

• Hole 25-756-24: 16.6 g/t Au (uncapped) over 2.8 m core length (16.6 g/t Au capped, 1.8 m true width)
• Hole 25-756-28: 16.4 g/t Au (uncapped) over 5.0 m core length (16.4 g/t Au capped, 3.8 m true width)
• Hole 25-756-31: 14.2 g/t Au (uncapped) over 4.1 m core length (14.2 g/t Au capped, 2.6 m true width)

700 Zone (Figure 6, Table 4)⁴
Drilling at global model target identifies high grades outside of existing resources

• Hole 25-470-01: 43.2 g/t Au (uncapped) over 1.9 m core length (25.7 g/t Au capped, 1.9 m true width)
• Hole 25-470-07:13.0 g/t Au (uncapped) over 3.5 m core length (12.7 g/t Au capped, 1.7 m true width)

720 Falcon Zone (Figure 7, Table 5)³
Drilling continues to support a continuous mineralized system and presence of high-grade shoots

• Hole ERS-2025-056: 6.2 g/t Au (uncapped) over 2.8 m core length (6.2 g/t Au capped, 1.6 m true width)
• Hole ERS-2025-060: 10.3 g/t Au (uncapped) over 4.4m core length (10.3 g/t Au capped, 3.8m true width)
• Hole ERS-2025-062: 9.6 g/t Au (uncapped) over 1.9 m core length (9.6 g/t Au capped, 1.5 m true width)

¹ Assays capped at 125 g/t for 6 Central and 184 g/t for 800 Zone.
² Assays capped at 30 g/t for Falcon 311 and 180 g/t for 711 Zone.
³ Assays capped at 180 g/t.
⁴ Assays capped at 72 g/t.

TECHNICAL DETAILS

Global Model

The Company's global model is a dynamic, near-mine, geological modelling and targeting framework. Global model targets are reviewed and refined to support drilling prioritization, capital allocation, and resource conversion opportunities. The targets generated through global model work may represent a source of potentially lower-cost incremental ore, subject to mine planning considerations, without necessarily displacing higher-grade feed.

In 2025, approximately 13 global model targets were fully or partially tested through drilling, with results supporting potential wireframe extensions and mineral resource conversion, subject to further evaluation. Assay results available up to the December 31, 2025 database cut-off date will be incorporated into an updated technical report expected in mid-2026.

Of the initial 32 global model targets, along with two additional targets identified during the year, nine targets remain partially tested or yet to be drilled. To support the continued advancement of these programs near mine, Eagle River is currently operating four full-time underground drill rigs, one part-time underground drill rig, and one surface drill rig. Total global model drilling for 2026 is expected to be between 80,000 and 90,000 metres.

6 Central and 800 Zones

A total of approximately 6,000 metres of drilling was completed across 4 holes targeting the 6 Central Zone and 11 holes targeting the adjacent 800 Zone. Drilling at 6 Central focused on follow-up holes designed to test the continuity of the high-grade trend, while drilling at the 800 Zone was primarily aimed at infill and conversion to support upgrading of mineralization confidence.

Results from the current program continue to support the geological interpretation of a high-grade mineralized system at 6 Central. Assay results confirm the extension of the high-grade trend approximately 100 metres down-plunge, increasing the extent of the zone to greater than 700 metres. Mineralization remains open down-plunge and along strike, with ongoing drilling targeting further extensions.

At the adjacent 800 Zone, drilling has successfully intersected high-grade mineralization, confirming the presence of high-grade shoots within the interpreted mineralized corridor and demonstrating continuity of grade at depth. Conversion drilling has improved confidence in the geometry and grade distribution of the zone. Mineralization at the 800 Zone remains open down-plunge and along strike and continues to be an important target for further drilling.

Falcon 311 and 711 Zones

Drilling at the Falcon 311 and 711 Zones totalled approximately 11,000 metres across 14 holes at Falcon 311 and 19 holes at the 711 Zone. Drilling at Falcon 311 was primarily focused on step-out drilling, while drilling at the 711 Zone targeted conversion to support upgrading to reserves.

At Falcon 311, results from the current drilling program demonstrate improved grade and continuity and continue to support the interpreted extension of the mineralized system. Step-out drilling has extended mineralization along strike to the west and down dip, with results suggesting the potential to extend the system by approximately 100 metres to the west and 150 metres down dip beyond the current interpretation. Mineralization remains open in both directions and will be targeted for further drilling. The current program forms part of a broader evaluation aimed at defining a potential new regional ore shoot subparallel to the established 500 and 800 Zones.

At the 711 Zone, conversion drilling focused on the basal portion of the system has confirmed the continuity and grade distribution of mineralization consistent with the existing geological model. Results support the current interpretation of a continuous mineralized corridor and are expected to contribute to upgrading portions of the zone to the indicated mineral resource category, subject to further evaluation. The 711 Zone remains open down dip and along strike.

Drilling in a previously unreported central portion of the 711 Zone totalled approximately 2,500 metres across 17 holes and has returned encouraging results, including confirmation of continuity and the presence of higher-grade mineralization. This zone is situated in a central area of the mine with established underground access, which may support future development considerations, subject to further technical and economic evaluation. Assessments of the lateral and down dip extensions in this area are ongoing.

700 Zone

Drilling in the 700 Zone totalled approximately 3,400 metres across 15 holes and was primarily focused on conversion drilling to support upgrading of mineralization confidence. The 700 Zone was initially identified in the first iteration of the Company's Global Model as a prospective area for conversion drilling given its high grades. A focused conversion drilling campaign, initiated in late 2025, has returned results exceeding expectations intersecting high-grade mineralization that supports the presence of a continuous mineralized system and demonstrates potential to add mineable inventory in close proximity to existing underground infrastructure.

The extent of drilling in the 700 Zone remains limited, and the current interpretation of mineralization is constrained by drill density. Mineralization remains open, particularly toward the upper and eastern portions of the zone, where ongoing drilling is testing for potential extensions. The results to date continue to support the geological interpretation of this area, highlighting its potential for resource growth and upgrading, subject to additional drilling.

Falcon 720 Zone

Drilling at the Falcon 720 Zone totalled approximately 2,200 metres across 12 holes and was primarily focused on conversion drilling, with additional step-out drilling to test for extensions of the mineralized system. Results from the current program continue to support the interpretation of a continuous mineralized system that extends towards surface within the Falcon 720 Zone and confirm the presence of high-grade shoots within the zone.

Conversion drilling has improved confidence in the geometry and grade distribution of the mineralization, supporting the potential upgrading of portions of the zone to the indicated mineral resource category, subject to further evaluation. Mineralization remains open along strike and down dip, and future drilling will target these extensions as part of the Company's broader strategy to define additional mineralized shoots.

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 value-driven mid-tier gold producer.

TECHNICAL DISCLOSURE

The sampling of, and assay data from, Eagle River mine drill core is monitored through the implementation of a quality assurance - quality control (QA/QC) program designed to follow industry best practice. Underground drill samples are transported in sealed bags to the Eagle River laboratory in Wawa, Ontario (which is operated by Wesdome, is not independent, and is not accredited), along with an electronic Chain of Custody that itemizes each sample. Samples are analyzed for gold using standard fire assay technique with gravimetric finish. Wesdome inserts blanks and certified reference standards into the sample sequence for quality control at the core shack, and the Wesdome laboratory also inserts their own standards and blanks for each certificate. The QA/QC procedure is described in more detail in the Technical Report for the Eagle River Gold Mining Complex, Ontario, Canada filed under the Company's profile on SEDAR+ on April 22, 2022. In 2024, core sample length was changed from 0.3 m to 0.5 m, while respecting lithological contacts. Pulps are sent to SGS (an ISO/IEC 17025:2017 accredited and independent laboratory), as an external laboratory check of Au assay, run in duplicate, with a sample frequency of 30 to 40 samples selected each month.

Surface drilling, the drill core, NQ in size, was cut in half with a diamond saw resulting in a half core sample for assay and a half core sample to be retained for reference. Samples were transported in sealed bags by laboratory registered courier trucks and transported to AGAT Laboratories in Thunder Bay, Ontario (an ISO/IEC 17025:2017 accredited and independent laboratory, accredited lab No. 665) for preparation and analysis. Pulps are analyzed by fire assay and AAS finish (AGAT method 202-051). Samples that graded more than 10 g/t Au were subsequently tested by gravimetric (202-064) and metallic screen (202-121) assays. AGAT laboratories is an accredited lab (ISO/IEC 17025:2017, accredited lab No. 665). Halved drill core is kept stored at the Eagle River Complex in core racks for long-term storage. Pulps are returned to Wesdome and are stored in a sea-canister at the operations office in the Mishi camp. QA/QC is achieved with a 3-sample package (a blank, a pulp duplicate and a commercial gold standard) that are inserted into the sample stream at an interval of 20 samples. Consequently, 15 QA/QC samples are inserted for each 100 samples. Additionally, blanks were inserted after visible gold is observed to prevent contamination between samples.

The technical content of this release has been compiled, reviewed, and approved by Renan Lopes, P.Geo., Director, Resources, Near Mine Geology and UG Exploration for Wesdome and Breanne Beh, P.Geo., Director Surface and Greenfields Exploration for Wesdome, whom are the Company's "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking statements or information". 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, occur or be achieved.

Forward-looking statements or information contained in this news release include, but are not limited to, the following statements relating to Eagle River with respect to: the 800 Zone having the potential to become a significant source of high-grade ore; the expected timing of release and contents of the Company's update technical reports; the expected total global model drilling for 2026; the drilling results at Falcon 311 suggesting the potential to extend the system west and down beyond the current interpretation; the Falcon 311 zone being targeted for further drilling; the 711 Zone expected to contribute to upgrading portions of the zone to the indicated mineral resource category; the 711 Zone potentially supporting future development considerations due to its location in the mine; the 700 Zone potentially adding mineable inventory and potential for resource growth and upgrading; portions of the Falcon 720 Zone potentially being upgraded to the indicated mineral resource category; and future drilling targeting the extensions of the Falcon 720 Zone.

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, except as required by securities legislation. 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. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors including those risk factors discussed in the sections titled "Cautionary Note Regarding Forward Looking Information" and "Risks and Uncertainties" in the Company's most recent Annual Information Form. Readers are urged to carefully review the detailed risk discussion in our most recent Annual Information Form which is available on SEDAR+ and on the Company's website.

APPENDIX

Figure 1: Eagle River Mine Long Section Looking North - Drilling Since Last News Release

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Figure 2: Eagle River Mine Plan View - Drilling Since Last News Release

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Figure 3: 6 Central Zone and 800 Zone - Long Section Looking North

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Figure 4: Falcon 311 and 711 Zones Long Section Looking North

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Figure 5: 711 Zone Long Section Looking North

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Figure 6: 700 Zone Long Section Looking North

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Figure 7: Falcon 720 Zone Long Section Looking North

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Table 1: Eagle River Drill Results (Previously Unreleased)

Composite Results
Figures in table may not add due to rounding

Assay Results
Figures in table may not add due to rounding

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Source: Wesdome Gold Mines Ltd.