Mr. Harry Dobson reports

WESTERN GOLD EXPLORATION APPOINTS TOM FRASER AS CHIEF EXECUTIVE OFFICER

Western Gold Exploration Ltd. has appointed Tom Fraser as chief executive officer, effective Oct. 19, 2026. Mr. Fraser succeeds Ross McLellan, who has led the company since its inception 10 years ago and will remain with the company as director of operations to support the transition.

Appointment of Tom Fraser

Mr. Fraser brings more than 15 years experience in mining finance and capital markets. Most recently, he was director, metals and mining specialist equity sales, at BMO Capital Markets, and he previously held mining advisory roles at Citigroup. Over his career, he has been involved in many notable capital raises and other transaction for mining and resource companies, including Rupert Resources, and he has built extensive relationships with institutional investors in the sector. Mr Fraser is based in Scotland and is a graduate of the University of Edinburgh. He brings deep capital market expertise together with local knowledge of the company's home market.

Mr. Fraser commented: "I'm excited to join Western Gold at such an important stage in its development. With the Caledonian gold project as our flagship, supported by the Lorne copper-gold porphyry project, encouraging early exploration results and a strong technical team, the company is well positioned for its next phase of growth. I look forward to working with the board and team to advance our projects and build value for shareholders."

Thanks to Ross McLellan

Mr. McLellan has led Western Gold since its inception, building it from an early-stage start-up into a two-project explorer with a substantial Scottish land position. He established the key relationships with landowners, regulators, Crown Estate Scotland and the joint venture partner Acrux Gold Ltd. that underpin the Caledonian gold project, oversaw the development of the Lorne copper-gold porphyry project and led the company from early exploration to its maiden drilling program at the Caledonian gold project in 2026.

Harry Dobson, chairman, commented: "On behalf of the board, I want to thank Ross for 10 years of dedicated service. Ross took Western Gold from an idea to an active explorer with strong stakeholder relationships and completion of initial drill programs at both of its projects. He leaves a solid foundation for the next stage of growth. We're delighted to welcome Tom, whose capital markets experience is exactly what the company needs as we advance the Caledonian gold project and the Lorne copper-gold porphyry project."

Mr. McLellan commented: "It has been a privilege to lead Western Gold through its formative years. With the initial drilling completed at the Caledonian gold project and a strong pipeline of targets, the time is right to hand over to someone who can take the company through its next phase. I'm delighted to be passing the baton to Tom and look forward to watching the company's continued success."

Stock option grant

In connection with Mr. Fraser's appointment as chief executive officer, the company has granted him 500,000 stock options pursuant to the company's stock option plan. Each option is exercisable to acquire one common share of the company at a price of 13 cents per share for a period of five years from the date of grant. The options vest immediately.

The grant is subject to acceptance by the TSX Venture Exchange.

About Western Gold Exploration Ltd.

The company is a mineral exploration company that is listed on the TSX Venture Exchange under the symbol WGLD. The company is focused on the exploration of gold, silver and critical minerals in Scotland.

In November, 2025, Western Gold formed the Glen Lyon joint venture with Acrux Gold to explore for gold, silver and critical minerals as part of the Caledonian gold project in central Scotland. The JV has applied for two Crown Estates Scotland Mines Royal option agreements (that is, exploration licences) across the Tyndrum mineral district, specifically the Glen Orchy and Lyon areas, which form the Caledonian gold project. The company also operates the Lorne copper-gold project, which includes the Lagalochan and Ardlochan prospects, located in the highly prospective Lorne porphyry district of the wider Caledonian belt.

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