Mr. James Hocking reports

WESTGOLD METALS ANNOUNCES NON-BROKERED OFFERING OF UP TO $2 MILLION FULLY ALLOCATED

Westgold Metals Corp.'s previously announced non-brokered private placement for gross proceeds of up to $2-million has been fully allocated.

James Hocking, chief executive officer and director of Westgold, commented: "We are very pleased and humbled by the strong investor response to this offering. The support we have received reflects confidence in Westgold's strategy and the quality of the Idaho portfolio we are building. We look forward to closing in the coming weeks and deploying this capital to advance our technical work programs."

As previously announced on May 20, 2026, the offering consists of up to 25 million units at a price of eight cents per unit, with each unit comprising one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at an exercise price of 13.5 cents for a period of 36 months from the date of issuance. The company intends to use net proceeds to advance its exploration and acquisition strategy, including planned work programs on the Idaho portfolio.

Completion of the offering remains subject to customary closing conditions, including acceptance by the Canadian Securities Exchange. All securities issued pursuant to the offering will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable Canadian securities legislation.

Overview of the Idaho properties

The three properties comprising the Idaho portfolio cover a combined 79 unpatented lode mining claims on 660.5 hectares of BLM-administered (Bureau of Land Management) lands, spanning two distinct geological settings with strong historical mining pedigree and significant modern exploration upside.

Amie project, epithermal gold-silver, Owyhee county, Idaho

The Amie project is Westgold's flagship asset within the Idaho portfolio and the company's primary near-term exploration focus. The property comprises 53 unpatented lode mining claims covering approximately 392.79 hectares in Owyhee county, southwestern Idaho, located approximately 70 kilometres southwest of Mountain Home, accessible year-round by vehicle by paved State Highway 78 and secondary gravel roads.

The Amie project is situated on the northeastern flank of the Owyhee Mountains, at the margin of the Snake River Plain, within the same southeast-trending Miocene-age epithermal gold-silver belt that hosts Integra Resources' DeLamar project, a past-producing mine with a current measured and indicated resource of approximately 2.9 million ounces of gold and 144 million ounces of silver (Integra Resources, February, 2026, feasibility study). DeLamar is located approximately 30 miles northwest of the Amie property. Physical evidence of historical activity on the Amie property includes 11 adits, four shafts and 46 test pits across the property, including the past-producing Amie No. 1 and No. 2 shafts, the Big Shot mine, and the Roadside mine.

Since acquiring the property in 2021, IDEX conducted a systematic reconnaissance exploration program comprising soil geochemistry, rock-chip sampling and spectral mineralogy analysis:

• Soil geochemistry: Nine hundred eighty-four soil samples on a 100-metre-by-50-metre grid across approximately 80 per cent of the property returned anomalous gold, silver, lead, arsenic and antimony, with distinct mineralized trends interpreted to reflect pre-existing fault structures.
• Spectral mineralogy: Fifty-eight rock samples analyzed by short-wave infrared spectroscopy returned mineral assemblages consistent with an intermediate-sulphidation epithermal environment possibly transitioning to a low-sulphidation environment, the same deposit classification characteristic of the broader Silver City-DeLamar region.

Silver Rock project, epithermal silver-gold, Owyhee county, Idaho

The Silver Rock project is located in Owyhee county, southwestern Idaho, within the same Miocene-age epithermal belt as the Amie project. The property hosts a high-grade silver system with multiphase, northwest-trending epithermal veins and historical infrastructure, including eight adits and 15 pits. Elevated pathfinder elements (mercury, arsenic and antimony) support the epithermal signature. The property has received no modern systematic exploration or drilling.

Demming project, epithermal gold-silver, Owyhee county, Idaho

The Demming project is located in Owyhee county, southwestern Idaho. The property hosts a vertical gold-silver quartz fissure vein system extending over 1,000 feet in strike length, averaging six to 10 feet in width, associated with a historic mine that operated a 100-ton-per-day flotation mill with approximately 8,000 feet of underground development. Dozens of additional parallel veins remain undrilled, extending along a 20-mile structural belt. A stockpile of mineralized material remains on site.

There are no current mineral resources defined at any of the Amie, Silver Rock or Demming projects.

Exploration plans

Antoine Soucy-Fradette, vice-president, exploration, will lead the technical advancement of the Idaho portfolio. Westgold intends to prioritize the Amie project as its initial exploration focus and plans to initiate the project's maiden drill program based on targets generated through detailed geological mapping, geophysical surveys and systematic sampling. Reconnaissance programs will also be conducted at the Silver Rock and Demming projects to evaluate their near-term exploration potential. The company will provide further updates on its exploration plans and any financing activities in due course.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Darren Lefort, a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

The historical information of this news release relating to the Demming and Silver Rock properties is sourced from a government report titled "Site Inspection Report for Abandoned and Inactive Mines in Southern Idaho: Volume III: Miscellaneous Properties, Owyhee County, Idaho," prepared by Earl H. Bennet et al. in 2000 for the Bureau of Land Management.

About Westgold Metals Corp.

Westgold Metals is a Canadian mineral exploration company focused on the identification, acquisition and advancement of precious metal exploration opportunities in established North American mining districts. The company is building a portfolio of high-quality assets in politically stable, mining-friendly jurisdictions, led by an experienced management team with backgrounds in equity capital markets, commercial development and technical exploration. Westgold's common shares are listed on the Canadian Securities Exchange under the symbol WGM, quoted on the OTCQB under the symbol WGMTF and traded on the Frankfurt Stock Exchange under the symbol V0U.

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