Westward Gold Inc. announced that it has exercised its option to acquire a 100% ownership interest in the Toiyabe Project in Lander County, Nevada ("Toiyabe"). 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.

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 USD 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"), 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 USD 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).