Mr. James Hocking reports

WESTGOLD METALS ANNOUNCES OPTION TO ACQUIRE 90% INTEREST IN THREE IDAHO PRECIOUS METAL PROJECTS

Westgold Metals Corp. has entered into a mineral property option agreement with Silver Rock Resources Inc. (the optionor), a wholly owned subsidiary of Idex Metals Corp., pursuant to which Westgold has been granted an exclusive option to acquire a 90-per-cent interest in three precious and base metal exploration properties located in the state of Idaho, United States: the Amie project, the Silver Rock project and the Demming project.

The Idaho portfolio is located in one of Idaho's most historically significant and underexplored precious metal districts, the Owyhee district in southwestern Idaho. The option agreement marks Westgold's entry into North American precious metal exploration, consistent with the company's stated strategic focus announced in connection with its name change in March, 2026.

Strategic context

Since the appointment of the company's chief executive officer, James Hocking, in January, 2026, Westgold has been systematically building the management capability and technical expertise required to pursue high-quality mineral exploration assets in North America. The company's recently appointed vice-president, exploration, Antoine Soucy-Fradette, brings a record that includes contributing to the discovery and delineation of the Leviathan copper-molybdenum porphyry system at Hercules Metals Corp. and the advancement of Talisker Resources' maiden 1.6-million-ounce gold inferred resource at the historic Bralorne mine in British Columbia.

The addition of Tom Lee to the board of directors in April, 2026, with over a decade of institutional capital market experience and direct involvement in over $1-billion in transactions across Canada and the United States, further strengthens Westgold's capacity to finance and advance its exploration pipeline.

The Idaho portfolio represents the first concrete step in Westgold's North American growth strategy, targeting well-understood deposit types in established mining districts with proven infrastructure access and clear drill-ready upside.

Chief executive officer comment

"Acquiring an option on the Idaho portfolio is a defining moment for Westgold. These three properties sit in some of Idaho's most prolific and historically underexplored precious metal districts, in the shadow of a 2.9-million-ounce gold deposit at DeLamar, and yet they've seen virtually no modern systematic exploration. The Idaho portfolio, and in particular Amie, represents the kind of opportunity we've been looking for: a technically compelling entry point in a jurisdiction investors understand, where we can rapidly advance to drill-ready targets. With Antoine leading our technical team, we're well positioned to move quickly and create value for shareholders," said Mr. Hocking, chief executive officer and director, Westgold Metals.

Terms of the option agreement

Pursuant to the option agreement, Westgold may acquire a 90-per-cent undivided interest in the properties (free and clear of all encumbrances, other than a net smelter return royalty and certain permitted encumbrances) by satisfying the following conditions:

• Share consideration: issuing 5,737,000 common shares of Westgold to the optionor on the effective date, at a deemed price per share equal to the price per share in the concurrent equity financing, if applicable, or otherwise at the 20-trading-day volume-weighted average price of Westgold's common shares immediately preceding the effective date;
• Cash payment: paying the optionor $100,000 within 30 business days of the effective date; and
• Exploration expenditures: incurring a minimum of $5-million in aggregate exploration expenditures on the properties over a three-year period, as follows:
  • $1-million by the first anniversary of the effective date;
  • A cumulative $3-million by the second anniversary; and
  • A cumulative $5-million by the third anniversary.

Upon full exercise of the option, the parties will be deemed to have formed a joint venture, with Westgold holding a 90-per-cent participating interest and the optionor retaining a 10-per-cent carried interest until the commencement of commercial production. Westgold will serve as operator. A 1.5-per-cent net smelter return royalty will be granted to the optionor on exercise of the option, which Westgold may reduce to 1.0 per cent at any time by payment of $2-million.

Closing of the option agreement is subject to the satisfaction of customary conditions precedent, including: (i) acceptance by the Canadian Securities Exchange and TSX Venture Exchange of the transactions contemplated by the option agreement; and (ii) completion by Westgold of the equity financing on terms satisfactory to Westgold. The effective date will be two business days following satisfaction of these conditions.

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 Bureau of Land Management-administered 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 through 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: 58 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 Ag-Au, 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 Au-Ag, Owyhee county, Idaho

The Demming project is located in Owyhee county, southwestern Idaho. The property hosts a vertical Au-Ag 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 either Amie, Silver Rock or Demming projects.

Exploration plans

Mr. 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 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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