Western Gold closes $2.74-million private placement

Mr. Ross McLellan reports WESTERN GOLD COMPLETES $2.74 MILLION PRIVATE PLACEMENT Western Gold Exploration Ltd. has completed its previously announced non-brokered private placement for aggregate proceeds of $2,742,249. In connection with the private placement, 20,312,962 common shares of the company were issued at a price of 13.5 cents per share. The net proceeds from the private placement will be used for exploration drilling programs and related work on its mining properties and for general and administrative expenses. The shares issued in connection with the private placement are subject to a four-month hold period from the closing of the private placement in accordance with applicable securities laws. Subject to the final review by the TSX Venture Exchange, the company has agreed to pay finders' fees in respect of the aggregate sales to subscribers under the private placement that were introduced by certain parties, as follows: (a) to Haywood Securities Inc. a cash finder's fee of $21,937.50; and (b) to Canaccord Genuity Corp. a cash finder's fee of $2,700. Related-party disclosure Under the private placement: (i) Ross McLellan, the chief executive officer and a director of the company, acquired 274,000 shares at an aggregate subscription price of $36,990; and (ii) Zila Corp., an insider of the company because of it holding more than 10 per cent of the issued and outstanding common shares, acquired 3,703,704 shares at an aggregate subscription price of $500,000. Their participation in the private placement constitutes a related-party transaction as defined in Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transaction), which has been adopted by the TSX Venture Exchange pursuant to its Policy 5.9 (Protection of Minority Security Holders in Special Transaction). These transactions are exempt from the formal valuation and minority shareholder approval requirements of such instrument and policy, pursuant to subsections 5.5(a), 5.5(b), 5.5(c), 5.7(a) and 5.7(b) of MI 61-101 as the fair market value was not more than 25 per cent of market capitalization, the distribution of securities was for cash and the fair market value was not more than $2.5-million. The company did not file a material change report more than 21 days before the expected closing of the private placement because the details of the participation therein by related parties of the company were not settled until shortly prior to closing of such transactions and the company wished to close on an expedited basis for sound business reasons. 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 mineral properties in Scotland and discovering new opportunities across the underexplored Caledonian Appalachian and identifying locations of gold and critical metal deposits. The company's principal focus is its Lorne project, which includes the Lagalochan copper-gold porphyry property located in Argyll, Scotland, and the adjacent and nearby properties along the Lorne fault zone. The company's wholly owned subsidiary, Lorne Resources Ltd., recently entered into a joint venture with Acrux Gold Ltd., to explore for gold, silver and critical minerals as part of the Caledonian gold project in central Scotland. See the company's Nov. 25, 2025, press release for additional information. On Nov. 29, 2022, the company filed a National Instrument 43-101 Standards of Disclosure for Mineral Projects-compliant, independent technical report on the Lagalochan property. The technical report and additional information about the company are available on SEDAR+ under the company's profile and on the company's website. We seek Safe Harbor.