Mr. Colin Moore reports

WESTWARD GOLD ANNOUNCES AMENDMENT TO TOIYABE OPTION AGREEMENT

Westward Gold Inc. has executed an amending agreement with Minquest Ltd. to revise the terms of the option agreement as it relates to the Toiyabe gold project in Lander county, Nevada. Under the terms of the option agreement, which was assigned to Westward by Starcore International Mines Ltd. on April 19, 2021 (see press release dated April 22, 2021), the company has the option to acquire a 100-per-cent ownership interest in Toiyabe from Minquest.

Pursuant to the amendment executed on March 22, 2023, the coming final payment of $400,000 (U.S.) in cash (due on or before Oct. 15, 2023) has been modified as follows:

• $100,000 (U.S.) in common shares of the company, to be issued following execution of the amendment;
• $300,000 (U.S.) in cash due on or before Oct. 15, 2023.

The shares issued in relation to the amendment were priced based on the trailing 30-day volume-weighted average price on the Canadian Securities Exchange, and the daily U.S. dollar/Canadian dollar exchange rate published by the Bank of Canada on March 22, 2023. This resulted in a total of 1,172,968 shares issued to Minquest at a deemed price of 11.69 cents per share. The shares will be subject to a four-month hold period expiring on July 23, 2023. Following the issuance, Minquest will own 2,320,968 shares of Westward representing approximately 2.8 per cent of the total issued and outstanding shares.

Colin Moore, president and chief executive officer of Westward, noted: "We'd like to thank Minquest for continuing to be a supportive partner as we make significant strides in advancing Toiyabe to the benefit of both of our companies. Our relationship has been one of meaningful collaboration over the last couple of years and we're very pleased to have them as one of our most important shareholders."

Drilling update

Diamond drilling remains continuing at Toiyabe through the company's strategic transaction with EMX Royalty Corp. (see press releases dated Feb. 15 and Feb. 23, 2023). Hole T2301 has now reached a total vertical depth of approximately 1,200 feet/365 metres, with minimal downtime related to rig maintenance and weather.

The company's technical team is monitoring progress closely from site, and the ultimate depth of T2301 remains flexible based on real-time feedback. Several options for the placement of the next hole (T2302) are under evaluation and the final determination will be made following completion of T2301 -- at which point shareholders can expect a more fulsome technical update. Westward expects first assays to be available from the program by the beginning of May.

Option grant

In addition, the company announces that it has granted an aggregate of 1.35 million stock options to certain consultants and members of Westward's technical team. The options, which vest immediately, are exercisable at a price of 15 cents per share for a period of five years from the date of grant. The company's CEO, chief financial officer and directors have not been allocated any options in this grant.

About Westward Gold Inc.

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.

We seek Safe Harbor.