Wescan Goldfields closes first tranche of private placement

Canada NewsWire /NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES/ SASKATOON, SK , June 4, 2026 /CNW/ - Wescan Goldfields Inc. (TSXV: WGF) (" Wescan " or the " Company ") is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement of units of the Company (the " Units ") at a price of $0.22 per Unit, for gross proceeds of $2,240,862 through the issuance of 10,185,737 Units (the " Offering "), which was initially announced on April 30, 2026. Each Unit consists of one common share in the capital of the Company (each, a " Common Share ") and one half Common Share purchase warrant of the Company (each, a " Warrant "). Each whole Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.35 for a period of twenty-four months from the date of issuance thereof.

In connection with the Offering, the Company paid finder's fees in an aggregate amount of $115,264.93, in cash, and issued an aggregate of 523,930 Common Share purchase warrants to certain eligible finders in accordance with the policies of the TSX Venture Exchange (the " Exchange "). All securities issued pursuant to the Offering are subject to a statutory hold period of four months and one day in accordance with applicable securities legislation and the policies of the Exchange. Completion of the Offering remains subject to final acceptance of the Exchange.

The Company intends to use the proceeds from the Offering to fund the 2026 summer exploration program at the Munro Lake Project, and for general working capital purposes. The program is designed to follow up on the encouraging results from the 2013 drill campaign, which totalled 1,052 metres and intersected significant high-grade mineralization, including 67.1 g/t gold over 1.00 metres in EXML-002 and 7.1 g/t gold over 1.02 metre in EXML-001 (see news release dated June 17, 2013). The Munro Lake Project is located approximately 7 km Northeast of the SSR Mining Inc Seabee Mine/ Mill complex.

The Company anticipates closing the second and final tranche of the Offering in the coming weeks, subject to customary closing conditions and final acceptance of the TSX Venture Exchange, to support its planned 2026 work programs and advance the next phase of exploration across its highly prospective Saskatchewan gold project portfolio. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or in any jurisdiction in which the offer, sale or solicitation would be unlawful. The offer and sale of the securities offered in the Offering has not been and will not be registered under the US Securities Act of 1933, as amended, or any state securities laws, and such securities may not be offered or sold in the United States absent registration or applicable exemption from such registration requirements.

Technical Information All technical information has been prepared under the supervision of Gary Billingsley, P. Eng, P.Geo, Professional Geoscientist in the Province of Saskatchewan, who is a director of the Company and is the Company's "Qualified Person" under the definition of National Instrument 43-101. About Wescan Wescan is a Canadian based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of Wescan trade on the Exchange under the trading symbol "WGF".