EARLY WARNING REPORT FILED PURSUANT TO NATIONAL INSTRUMENT 62-103

On December 22, 2025, Kenneth E. MacNeill filed an Early Warning Report pursuant to National Instrument 62-103 concerning his holdings in Wescan Goldfields Inc. (TSXV: WGF). This report is a required disclosure due to MacNeill’s acquisition of securities of the company, which now total 9,832,711 common shares, amounting to approximately 18.3% of Wescan’s 53,684,320 issued and outstanding shares.

MacNeill's stake in Wescan includes a significant prior investment made in two private placements. In November 2015, he acquired 5,000,000 shares at $0.02 each, leading to an increased ownership of around 17.53% at that time. Following another private placement in September 2016, where he obtained an additional 2,300,000 shares at $0.05, his total holdings rose to approximately 19.86%.

Before these acquisitions, MacNeill held 1,532,711 shares, equating to 7.83% of Wescan's shares as of December 31, 2012. He indicates that the securities were acquired for investment purposes and that he may adjust his ownership depending on market conditions through various means, including market transactions or private agreements.

The Early Warning Report and associated details have been filed on SEDAR+, allowing shareholders and potential investors to review MacNeill's stake and investment perspective. For more information or to obtain a copy of the report, Kenneth E. MacNeill can be contacted directly.

This filing underscores the regulatory framework in place for significant shareholders, ensuring transparency regarding changes in ownership that might affect market perception and investor decisions in Wescan Goldfields Inc.

The recent early warning report regarding Wescan Goldfields Inc. (TSXV: WGF), filed by Mr. Kenneth E. MacNeill, indicates a significant stake taken in the company, with Mr. MacNeill increasing his beneficial ownership to approximately 18.3% of the outstanding common shares. His track record of acquiring shares through various private placements suggests a long-term investment strategy aimed at leveraging Wescan’s potential in the precious metals sector.

Investors should consider a multi-faceted approach when reacting to this situation. Firstly, Mr. MacNeill’s incremental share acquisitions over the years reflect both his confidence in the company’s future performance and his willingness to increase exposure at various price points. The private placements he participated in demonstrate strategic confidence even during earlier phases of share dilution.

Given Mr. MacNeill's pattern of increasing his holdings, market participants may interpret this as a bullish signal, potentially driving up demand for shares in the near term. Investors might wish to closely monitor the company’s upcoming developments, particularly any news related to exploration results or partnerships that could enhance Wescan's growth outlook.

Additionally, the overall market conditions for gold and precious metals should be factored into any decision-making process. With geopolitical tensions and inflation often leading to increased demand for gold, Wescan may benefit from these macroeconomic factors, alongside its management's strategic decisions.

In conclusion, prospective investors should view Mr. MacNeill’s increased stake as a positive indicator, while also conducting their own comprehensive analysis of Wescan’s operational performance and market positioning. A well-rounded understanding of both the company’s fundamentals and external factors driving commodity markets will be essential for making informed investment decisions moving forward.