West Point Gold Announces Proceeds of $3.0 Million from Warrant Exercises; Expands Ongoing Drill Program at Gold Chain to 15,000m by Adding a Second Drill Rig

On December 16, 2025, West Point Gold announced it had received proceeds of $3.0 million from the exercise of 6,271,071 warrants at an average price of $0.478 per share. This influx of non-dilutive capital has increased the company's cash position to approximately $7.2 million.

As a result of this strengthened financial position, the company is expanding its ongoing drill program at the flagship Gold Chain project in Arizona from 10,000 metres to 15,000 metres. To facilitate this expansion, a second drill rig will be added in early January 2026.

To date, 3,229 metres have been completed in the current program, with assay results for 1,594 metres pending. The expanded program will target the 1.2 km extension of the Tyro Main Zone, known as Tyro South, and aim to expand the Tyro Main Zone at depth.

The most recent news is materially positive and builds upon a sequence of strong operational updates and strategic moves throughout 2025.

• Financial Strength: The $3.0 million from warrant exercises is a significant, non-dilutive (in the context of a new placement) cash injection. As of the Q3 financials (September 30, 2025), the company had $4.6 million in cash. This new funding brings the pro-forma cash balance to a robust $7.2 million, removing any near-term financing overhang and fully funding the company's aggressive exploration plans well into 2026. The exercising of these warrants by existing shareholders, while the stock trades significantly higher, signals strong confidence in the company's direction and exploration results.

• Operational Acceleration: The decision to increase the drill program by 50% to 15,000 metres and add a second rig is a direct consequence of both drilling success and financial strength. This move significantly accelerates the timeline towards the company's key catalyst: a maiden resource estimate for the Tyro Main Zone, guided for 2026. The program expansion was foreshadowed by a series of excellent drill results, culminating in the November 25 release of 36.6 m of 7.35 g/t Au, which confirmed that the high-grade system was strengthening at depth.

• Progression and Execution: Reviewing the historical news shows a clear pattern of management executing on its plans. The company set out to define a resource at Tyro and has consistently delivered drill results that support and, in some cases, exceed expectations set in their September 4 exploration target update. Key de-risking milestones, such as the positive preliminary metallurgical results on July 10, have been met. The strengthening of the board with the appointment of Andrew Bowering (Prime Mining) on November 10 added significant credibility.

This latest news is the logical and positive next step in the company's progression. It confirms they have the cash to aggressively pursue the high-grade discovery at Gold Chain without needing to go to the market for capital, thus avoiding shareholder dilution and financing fees.

West Point Gold Corp. is a junior exploration company focused on gold projects within the Walker Lane Trend of Arizona and Nevada. Its flagship asset is the 100%-owned Gold Chain Project in Mohave County, Arizona. The primary focus at Gold Chain is the Tyro Main Zone, a mineralized structure with over 1 km of strike length where the company is aggressively drilling to delineate a maiden resource. The project benefits from being on patented land, which simplifies the permitting process. The company also holds the Jefferson Canyon project (under an option agreement with Kinross) and the recently acquired Baxter Spring project, both in Nevada.