Westward Gold Announces Closing of Non-Brokered Private Placement Financing with Participation from Strategic Investors Crescat Capital LLC and Concept Capital Management

(TheNewswire)

Vancouver, British Columbia, October 8, 2025 – TheNewswire - Westward Gold Inc. (CSE: WG, OTCQB:WGLIF, FSE: IM50) ( “Westward” or the “Company” ) is pleased to announce that it has closed itspreviously-announced non-brokered private placement (the “Offering” ) (see press releasedated September 23, 2025), and has issued 45,454,544 units (each, a “Unit” ) at a price of C$0.11 perUnit, for aggregate gross proceeds to the Company of approximatelyC $5,000,000. Each Unit is comprised of onecommon share of the Company (each, a “Common Share” ) and one common share purchase warrant(each, a “Warrant” ). EachWarrant entitles the holder thereof to purchase one Common Share ofthe Company at a price of C$0.15 for a period of 24 months followingthe closing date of the Offering.

The Company is also pleased to welcome its newest strategicshareholder, Concept Capital Management Ltd. ( “Concept Capital” ), who hassubscribed for 22,727,272 Units for gross proceeds of approximately$2,500,000. This represents a post-Offering basic ownership interestof approximately 9.9% (18.0% on a partially-diluted basis). Existingstrategic shareholder Crescat Capital LLC ( “Crescat” ) has subscribed for9,090,910 Units for gross proceeds of approximately $1,000,000,through Crescat Portfolio Management LLC on behalf of its PooledInvestment Funds. This investment, combined with Crescat’s priorholdings, represents a post-Offering basic ownership interest ofapproximately 12.1% (approximately 21.7% on a partially-dilutedbasis). Crescat continues to retain its pre-emptive right to maintainits pro-rata interest for as long as it owns 2% or more of thethen-outstanding common shares of the Company, on an undiluted basis.The Offering will not result in the creation of a new Control Personof the Company (as such term is defined in the policies of the CSE),as the Warrants are not exercisable if such exercise would result inthe holder, together with any person or company acting jointly or inconcert with the holder, owning, or exercising control or discretion,over 20% or greater of the issued and outstanding shares of theCompany.

Quinton Hennigh, PhD, Westward Chairman, commented: “Westward’sexecution of the first drill program at the well-defined CampfireTarget Complex has exceeded expectations thus far. We’ve managed toget holes down to considerable depth, at direct drilling costs thatare under budget – allowing us to consistently test thick sectionsof the lower-plate carbonate host rocks over a large surface area.Observations from the RC cuttings to date point to significant,vertically-extensive Carlin-style alteration, providing proof that avery robust hydrothermal system underlies much of the target area. Thelast thing the Company wanted to do at this point was take our footoff the gas, and with this capital we’ll now be able to extenddrilling for as long as weather permits.”

The net proceeds from the Offering will be used primarily for (i) anexpanded drilling program at Westward’s flagship Toiyabe HillsProperty in Nevada, where a 5,000-meter program is already underwaytesting the Company’s Campfire Target Complex ( see press releases dated July 8, August11, and September 18, 2025, for additional information ), and(ii) general working capital purposes. The Common Shares and Warrantsissued in relation to the Offering will be subject to a hold period offour months and one day, in accordance with applicable securitieslaws. In connection with the Offering, an aggregate total of C$ 14,190 in cash finder’s fees were paid, 1,492,636 finder’s warrants (the “Finder’s Warrants” ) wereissued, and 1,363,636 Units (the “Finder’s Units” ) were issued to qualified finders. TheFinder’s Warrants are exercisable at a price of $0.13 per CommonShare for a period of 24 months, and the Finder’s Units were issuedon the same terms as the Units issued in the Offering.

Certain insiders of the Company acquired Units in the Offering, for anaggregate total of 10,195,455 Units and gross proceeds ofapproximately $1,121,500 (including $1,000,000 invested by Crescat).The participation by such insiders in the Offering constituted a“related party transaction” as defined under MultilateralInstrument 61-101 – Protection ofMinority Security Holders in Special Transactions ( “MI 61-101” ). Such participationwas exempt from the formal valuation and minority shareholder approvalrequirements of MI 61-101 based on the fact that neither the fairmarket value of the Units subscribed for by the insiders, nor theconsideration for the Units paid by such insiders, exceeded 25% of theCompany’s market capitalization.

The securities being offered have not, nor will they be registeredunder the United States Securities Act of 1933, as amended, and maynot be offered or sold within the United States or to, or for theaccount or benefit of, U.S. persons in the absence of U.S.registration or an applicable exemption from the U.S. registrationrequirements. This press release shall not constitute an offer to sellor the solicitation of an offer to buy nor shall there be any sale ofthe securities in the United States or in any other jurisdiction inwhich such offer, solicitation or sale would be unlawful.

About Westward Gold

Westward Gold is a mineral exploration company focused on developingthe Toiyabe Hills Project located in the Cortez Hills area of LanderCounty, Nevada, and the Coyote and Rossi Projects located along theCarlin Trend in Elko County, Nevada. From time to time, the Companymay also evaluate the acquisition of other mineral exploration assetsand opportunities.

For further information contact:

Andrew Nelson
Chief Financial Officer
Westward Gold Inc.

+1 (604) 828-7027
andrew@westwardgold.com

www.westwardgold.com

The Canadian Securities Exchange hasneither approved nor disapproved the contents of this news release.The Canadian Securities Exchange does not accept responsibility forthe adequacy or accuracy of this news release.

This news release contains orincorporates by reference “forward-looking statements” and“forward-looking information” as defined under applicable Canadiansecurities legislation. All statements, other than statements ofhistorical fact, which address events, results, outcomes, ordevelopments that the Company expects to occur are, or may be deemed,to be, forward-looking statements. Forward-looking statements aregenerally, but not always,identified by the use of forward-looking terminology such as"expect", "believe", "anticipate","intend", "estimate”, “potential”, “ontrack”, “forecast", "budget", “target”,“outlook”, “continue”, “plan” or variations of such wordsand phrases and similar expressions or statements that certainactions, events or results “may”, “could”, “would”,“might” or “will” be taken, occur or be achieved or thenegative connotation of such terms.

Such statements include, but may notbe limited to, the Company’s intended use of the net proceeds fromthe Offering, information as to strategy, plans or future financial oroperating performance, such as the Company’s expansion plans,project timelines, expected drilling targets, and other statementsthat express management’s expectations or estimates of future plansand performance.

Forward-looking statements orinformation are subject to a variety of known and unknown risks,uncertainties and other factors that could cause actual events orresults to differ from those reflected in the forward-lookingstatements or information, including, without limitation, the need foradditional capital by the Company through financings, and the riskthat such funds may not be raised; the speculative nature ofexploration and the stages of the Company’s properties; the effectof changes in commodity prices; regulatory risks that development ofthe Company’s material properties will not be acceptable for social,environmental or other reasons, availability of equipment (includingdrills) and personnel to carry out work programs, that each stage ofwork will be completed within expected time frames, that currentgeological models and interpretations prove correct, the results ofongoing work programs may lead to a change of exploration priorities,and the efforts and abilities of the senior management team. This listis not exhaustive of the factors that may affect any of theCompany’s forward-looking statements or information. These and otherfactors may cause the Company to change its exploration and workprograms, not proceed with work programs, or change the timing ororder of planned work programs. Additional risk factors and detailswith respect to risk factors that may affect the Company’s abilityto achieve the expectations set forth in the forward-lookingstatements contained in this news release are set out in theCompany’s latest management discussion and analysis under “Risksand Uncertainties”, which is available under the Company’s SEDAR+profile at www.sedarplus.ca. Although the Company has attempted toidentify important factors that could cause actual results to differmaterially, there may be other factors that cause results not to be asanticipated, estimated, described or intended. Accordingly, readersshould not place undue reliance on forward-looking statements orinformation. The Company’s forward-looking statements andinformation are based on the assumptions, beliefs, expectations, andopinions of management as of the date of this press release, and otherthan as required by applicable securities laws, the Company does notassume any obligation to update forward-looking statements andinformation if circumstances or management’s assumptions, beliefs,expectations or opinions should change, or changes in any other eventsaffecting such statements or information.

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