Westward Gold Exercises Option to Acquire 100% Ownership of the Toiyabe Project

The Company has completed its final share-based payment to Minquest Ltd. ("Minquest", or the "Optionor"), pursuant to the terms of the option agreement (the "Option Agreement"), originally assigned to Westward by Starcore International Mines Ltd. on April 19, 2021 (see press release dated April 22, 2021). Under the terms of the eighth amending agreement entered into by Westward and Minquest on February 20, 2024, the total deemed value of the final payment was increased to $318,493.68, and the Company has issued 3,391,839 common shares (the "Shares") to Minquest at a deemed price of $0.0939 per Share.

Colin Moore, President & CEO of Westward, noted: "Today's final share payment marks a major milestone for our Company, which has been nearly three years in the making. The entirety of our flagship land position along the Cortez Trend - totaling approximately 40 square kilometers of contiguous exploration ground - is now 100% owned by Westward. On behalf of management and our Board of Directors, I'd like to sincerely thank Minquest for their steadfast support and flexibility, and we are grateful to have them as significant shareholders moving forward."

Figure 1: Westward's Consolidated Land Position (Cortez Trend)

The Shares issued in relation to the final option payment were priced based on the trailing 30-day volume-weighted average price on the Canadian Securities Exchange ending on February 8, 2024, and the daily USD/CAD exchange rate published by the Bank of Canada on the same date. The Shares will be subject to a statutory 4-month hold period expiring on June 21, 2024. Following the issuance, Minquest will own approximately 3.5% of the total issued and outstanding Shares of Westward.

Following the Company's exercise of its option, 100% ownership of 248 unpatented mining claims administered by the Bureau of Land Management ("BLM") will be transferred from Minquest to one of Westward's Nevada-incorporated subsidiaries. These claims (the "Minquest Claims") include:

• 165 claims which make up the Toiyabe Project (the "Toiyabe Claims")

• 83 claims which make up a portion of the East Saddle Project that fell within an area of interest when staked by Westward (the "AoI Claims")

As per the terms of the Option Agreement, Minquest will be issued a 3.0% net smelter returns ("NSR") royalty on the Minquest Claims, which can be reduced by up to half (1.5%) for a cash payment of US$2,000,000 per 1.0% (the "Buy-Back Rights"). As part of a previously-announced letter agreement entered into by the Company and EMX Royalty Corporation ("EMX") (see press release dated February 15, 2023), Westward assigned the Buy-Back Rights to EMX. Under the terms of the agreement, should EMX exercise the Buy-Back Rights in full (by making a cash payment to Minquest of US$3,000,000 to extinguish 1.5% of the NSR royalty), Westward will grant EMX a new 1.0% NSR royalty on the Toiyabe Claims for no additional consideration (no new royalty will be granted on the AoI Claims).

About Westward Gold

Westward Gold is a mineral exploration company focused on developing the Toiyabe, Turquoise Canyon, and East Saddle Projects located in the Cortez Hills area of Lander County, Nevada, and the Coyote and Rossi Projects located along the Carlin Trend in Elko County, Nevada. From time to time, the Company may also evaluate the acquisition of other mineral exploration assets and 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 has neither approved nor disapproved the contents of this news release. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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