SEDAR Interim Financial Statements

WESTWARD GOLD INC. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED DECEMBER 31, 2025 (EXPRESSED IN CANADIAN DOLLARS) (UNAUDITED – PREPARED BY MANAGEMENT) NOTICE TO READER: NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS In accordance with National Instrument 51-102, Part 4, subsection 4.3 (3) (a), if an auditor has not performed a review of these condensed interim consolidated financial statements, they must be accompanied by a notice indicating that the condensed interim consolidated financial statements have not been reviewed by an auditor. The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by and are the responsibility of the Company's management. The Company's independent auditor has not performed a review of these condensed interim consolidated financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of condensed interim consolidated financial statements by an entity's auditor. Westward Gold Inc. 1 Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) As at December 31, 2025 As at March 31, 2025 ASSETS Current assets Cash $ 4,939,487 $ 841,336 Receivables 66,793 71,121 Prepaid expenses (Note 8) 40,371 89,522 Total current assets 5,046,651 1,001,979 Non-current assets Mineral advances (Note 6) 65,615 - Exploration and evaluation assets (Note 6) 13,037,166 9,060,390 Reclamation deposit (Note 6) 218,524 199,330 Total assets $ 18,367,956 $ 10,261,699 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable and accrued liabilities (Note 8) $ 185,585 $ 173,290 Total liabilities 185,585 173,290 Shareholders’ equity Share capital (Note 7) 23,900,897 14,604,244 Reserves (Note 7) 2,486,717 1,722,956 Subscription received in advance (Note 7) - 350,035 Deficit (8,205,243) (6,588,826) Total shareholders’ equity 18,182,371 10,088,409 Total liabilities and shareholders’ equity $ 18,367,956 $ 10,261,699 Approved on behalf of the Board: (Signed) " Quinton Hennigh " Director (Signed) " Allan Fabbro " Director The accompanying notes are an integral part of these condensed interim consolidated financial statements Westward Gold Inc. 2 Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) Three months ended December 31, Nine months ended December 31, 2025 2024 2025 2024 Operating expenses Consulting fees (Note 8) $ 20,119 $ 38,189 $ 90,193 $ 116,207 Corporate communications 26,679 42,514 125,994 134,451 Filing fees 6,605 9,976 28,219 29,354 Foreign exchange loss 21,997 2,015 74,157 21,473 General and administrative 17,280 9,721 36,659 24,433 Management fees (Note 8) 142,028 202,863 415,479 425,213 Professional fees 35,434 40,483 91,324 68,346 Share-based payments (Notes 7 and 8) 163,525 40,691 716,361 160,696 Travel 9,909 10,109 38,031 22,042 Net loss and comprehensive loss for the period $ (443,576) $ (396,561) $ (1,616,417) $ (1,002,215) Basic and diluted net loss per share $ (0.00) $ (0.00) $ (0.01) $ (0.01) Weighted average number of common shares outstanding 226,973,168 120,051,003 195,593,711 117,557,456 The accompanying notes are an integral part of these condensed interim consolidated financial statements Westward Gold Inc. 3 4 Condensed Interim Consolidated Statements of Changes in Shareholders’ Eq --- uity (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) Reserves Number of Shares Share Capital Options and RSUs Warrants Subscription received in advance Deficit Total Balance, March 31, 2024 95,792,258 $ 11,912,517 $ 1,415,376 $ 62,900 $ 407,612 $ (5,239,864) $ 8,558,541 Units issued for cash 35,477,646 2,838,212 - - (407,612) - 2,430,600 Units issuance costs - cash - (81,060) - - - - (81,060) Units issuance costs - warrants - (32,000) - 32,000 - - - Restricted share units - - 152,796 - - - 152,796 Share-based payments - - 7,900 - - - 7,900 Exercise of restricted share units 400,000 40,000 (40,000) - Net loss for the period - - - - - (1,002,215) (1,002,215) Balance, December 31, 2024 131,669,904 14,677,669 1,536,072 94,900 - (6,242,079) 10,066,562 Units issued for cash - (73,425) - 73,425 - - - Restricted share units - - 18,559 - - - 18,559 Subscription received in advance - - - - 350,035 - 350,035 Net loss for the period - - - - - (346,747) (346,747) Balance, March 31, 2025 131,669,904 14,604,244 1,554,631 168,325 350,035 (6,588,826) 10,088,409 Units issued for cash 95,454,543 9,000,000 - - (350,035) - 8,649,965 Units issued for finder’s fee 1,363,636 150,000 - - - - 150,000 Units issuance costs - cash - (157,907) - - - - (157,907) Units issuance costs - finder’s unit - (150,000) - - - - (150,000) Units issuance costs - warrants - (118,400) - 118,400 - - - Units returned to treasury (100,000) (8,000) - - - - (8,000) Units returned to treasury – issuance costs - 560 - - - - 560 Restricted share units - - 277,461 - - - 277,461 Share-based payments - - 438,900 - - - 438,900 Exercise of restricted share units 650,000 71,000 (71,000) - - - - Exercise of warrants 4,245,000 509,400 - - - - 509,400 Net loss for the period - - - - - (1,616,417) (1,616,417) Balance, December 31, 2025 233,283,083 $ 23,900,897 $ 2,199,992 $ 286,725 $ - $ (8,205,243) $ 18,182,371 The accompanying notes are an integral part of these condensed interim consolidated financial statements Westward Gold Inc. Condensed Interim Consolidated Statements of Cash Flows (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 4 Nine months ended December 31, 2025 2024 Operating activities Net loss $ (1,616,417) $ (1,002,215) Adjustments for: Share-based payments 716,361 160,696 Foreign exchange loss 74,157 21,473 Changes in non-cash working capital items: Receivables 4,328 (25,982) Prepaid expenses 49,151 (27,902) Accounts payable and accrued liabilities 12,982 (207,259) Net cash used in operating activities (759,438) (1,081,189) Investing activities Exploration and evaluation expenditures (4,042,972) (754,896) Mineral advances (65,615) - Reclamation deposit (27,842) (10,785) Net cash used in investing activities (4,136,429) (765,681) Financing activities Proceeds from issuance of units 8,649,965 2,430,600 Unit issuance costs - cash (157,907) (81,060) Units returned to treasury (8,000) - Units returned to treasury – issuance costs 560 - Exercise of warrants 509,400 - Net cash provided by financing activities 8,994,018 2,349,540 Net change in cash 4,098,151 502,670 Cash, beginning of period 841,336 420,312 Cash, end of period $ 4,939,487 $ 922,982 Supplemental cash flow information Fair value of broker’s warrants $ 118,400 $ 32,000 Exploration and evaluation expenditures in accounts payable and accrued liabilities $ 79,741 $ 76,251 Exercise of restricted share units $ 71,000 $ 40,000 The accompanying notes are an integral part of these condensed in --- terim consolidated financial statements Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 5 1. Nature of operations and going concern Westward Gold Inc. (the “Company” or “Westward” or “WG”) was incorporated under the Canada Business Corporations Act on April 19, 2017. The Company is in the business of acquiring, exploring and evaluating mineral resource properties. The Company’s common shares are currently trading on the Canadian Securities Exchange (the “CSE”) under the symbol “WG”. The address of the Company’s corporate office and registered office address is 1055 West Georgia Street, Suite 1500, Vancouver, BC, V6E 4N7. These condensed interim consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operations for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. During the period ended December 31, 2025, the Company incurred a net loss of $1,616,417 (2024 - $1,002,215) and, as of that date, had an accumulated deficit of $8,205,243 (March 31, 2025 - $6,588,826). The mineral properties of the Company are in the exploration stage and, as a result, the Company has no source of operating cash flow. The exploration and development of the Company’s properties depend on the ability of the Company to obtain financing. The Company’s future viability will depend upon its ability to secure financing for ongoing exploration activities at its current mineral properties, or the acquisition and financing of any additional mineral properties. If these mineral properties are to be successful, additional funds will be required for development and, if warranted, to place them into commercial production. The sources of future funds presently available to the Company are through the issuance of common shares or through the sale of an interest in any of its properties or assets in whole or in part. The ability of the Company to arrange such financing or the sale of an interest will depend, in part, on prevailing market conditions as well as the business performance of the Company. These events and conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. There can be no assurances that the Company will be successful in its efforts to arrange the necessary financing, if needed, on terms satisfactory to the Company. If additional financing is arranged through the issuance of shares, control of the Company may change, and shareholders may suffer significant dilution. These condensed interim consolidated financial statements do not include any adjustments related to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Such adjustments could be material. 2. Basis of preparation Statement of compliance These condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting, under International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board (“IASB”). These condensed interim consolidated financial statements should be read in conjunction with the Company’s --- audited annual consolidated financial statements for the year ended March 31, 2025, as some disclosures from the annual consolidated financial statements have been condensed or omitted. These condensed interim consolidated financial statements were authorized for issue by the Board of Directors of the Company as of February 27, 2026. Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 6 2. Basis of preparation (continued) Basis of measurement These condensed interim consolidated financial statements have been prepared on a historical cost basis. In addition, these condensed interim consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. In the preparation of these condensed interim consolidated financial statements, management is required to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed interim consolidated financial statements, and the reported amounts of expenses and revenues during the year. Actual results could differ from these estimates. Principles of consolidation These condensed interim consolidated financial statements include the accounts of the Company and its subsidiaries. Where the Company has the power, either directly or indirectly, to govern the financial and operating policies of another entity or business so as to obtain benefits from its activities, it is classified as a subsidiary. The condensed interim consolidated financial statements present the results of the Company and its subsidiaries as if they were a single entity. All inter-company transactions and balances between the Company and its subsidiaries, or between individual subsidiaries, are therefore excluded and eliminated in full. As of December 31, 2025, the condensed interim consolidated financial statements include the financial information of the Company and its subsidiaries listed in the following table: Name of Subsidiary Country of Incorporation Ownership Interest at December 31, 2025 Ownership Interest at March 31, 2025 Principal Activity Momentum Minerals Ltd. (“Momentum”) Canada 100% 100% Exploration Golden Oasis Exploration (“GOE”) United States 100% 100% Holding company Turquoise Canyon Corp. (“TCC”) United States 100% 100% Holding company The functional and reporting currency of the Company and its subsidiaries is the Canadian dollar. Significant accounting estimates and judgments The preparation of the Company’s condensed interim consolidated financial statements in accordance with IFRS Accounting Standards requires the Company to make estimates and judgments concerning the future. The Company’s management reviews these estimates and underlying judgments on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are adjusted for prospectivity and anticipated likelihood in the period in which the estimates are revised. The significant area requiring the use of management estimates include: • Share-based payments The value of share-based payments is subject to the limitations of the Black-Scholes option pricing model that incorporates market data and involves uncertainty in estimates used b --- y management in the assumptions. Because the Black-Scholes option pricing model requires the input of highly subjective assumptions, including the volatility of share prices, changes in subjective input assumptions can materially affect the fair value estimate. Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 7 2. Basis of preparation (continued) Significant accounting estimates and judgments (continued) The significant judgments applying to these consolidated financial statements include: • Impairment of exploration and evaluation assets Impairment of exploration and evaluation assets is assessed at the cash-generating unit (“CGU”) level. A CGU is the smallest group of assets that generate cash inflows that are largely independent of the cash inflows from the other assets or group of assets. The Company has used each of its mineral properties to establish its CGUs. The Company considers both internal and external sources of information when making the assessment of whether there are indications of impairment for the Company’s exploration and evaluation assets. In respect of costs incurred for its exploration and evaluation assets, management has determined that exploratory costs, which have been capitalized, continue to be appropriately recorded on the condensed interim consolidated statements of financial position at its carrying value as management has determined there are no indicators of impairment for its exploration and evaluation assets as at December 31, 2025 and 2024. • Going concern The assessment of the Company’s ability to continue as a going concern and to raise sufficient funds to pay for its ongoing operating expenditures, meet its liabilities for the ensuing year, and to fund planned and contractual exploration programs, involves significant judgment based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. 3. Material accounting policies Financial instruments The following is the Company’s accounting policy for financial instruments under IFRS 9 Financial Instruments: Classification The Company classifies its financial instruments in the following categories: at fair value through profit and loss (“FVTPL”), at fair value through other comprehensive income (“FVTOCI”) or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument- by-instrument basis) to designate them as FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL. Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 8 3. Material accounting policies (continued) Financial instruments (continued) Classification (continued) The Company’s financial instruments --- consist of the following: Financial assets: Classification: Cash FVTPL Reclamation deposit Amortized cost Financial liabilities: Classification: Accounts payable and accrued liabilities Amortized cost Initial recognition and measurement Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities at FVTPL Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in profit or loss in the period in which they arise. Debt investments at FVTOCI These assets are initially measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in Other Comprehensive Income (“OCI”). Equity investments at FVTOCI These assets are initially measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. Impairment of financial assets at amortized cost The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve month expected credit losses. The Company shall recognize in profit or loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized. Derecognition Financial assets The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 9 3. Material accounting policies (continued) Financial instruments (continued) Derecognition (continued) Financial liabilities The Company derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expire. The Company also derecognizes a financial liability when the terms of the liability are modified such that the terms and/or cash flows of the modified instrument are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. Gains and losses on derecognition are generally recognized in profit or loss. Exploration and evaluation --- assets Costs incurred before the Company has obtained the legal rights to explore an area are expensed as incurred. Exploration and evaluation expenditures include the costs of acquiring licenses and costs associated with exploration and evaluation activity. Exploration and evaluation expenditures are capitalized. The Company capitalizes costs to specific blocks of claims or areas of geological interest. Option payments are capitalized. Property option agreements are exercisable entirely at the option of the optionee. Therefore, option payments (or recoveries) are recorded when payment is made (or received) and are not accrued. Exploration and evaluation assets are tested for impairment if facts or circumstances indicate that impairment exists. Examples of such facts and circumstances are as follows: • The period for which the Company has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed; • Substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned; • Exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and • Sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale. After technical feasibility and commercial viability of extracting a mineral resource are demonstrable, the Company stops capitalizing expenditures for the applicable block of claims or geological area of interest and tests the asset for impairment. The capitalized balance, net of any impairment recognized, is then reclassified to either tangible or intangible mine development assets according to the nature of the asset. Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 10 3. Material accounting policies (continued) Restoration and environmental obligations The Company recognizes liabilities for statutory, contractual, constructive or legal obligations associated with the retirement of long-term assets, when those obligations result from the acquisition, construction, development or normal operation of the assets. The net present value of future restoration cost estimates arising from the decommissioning of plant and other site preparation work is capitalized to the related asset along with a corresponding increase in the restoration provision in the period incurred. Discount rates using a pre-tax rate that reflects the time value of money are used to calculate the net present value. The Company’s estimates of restoration costs could change as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to the related asset with a corresponding entry to the restoration provision. The Company’s estimates are reviewed annually for changes in regulatory requirements, discount rates, effects of inflation and changes in estimates. Changes in the net present value, excluding changes in the Company’s estim --- ates of restoration costs, are charged to profit or loss for the year. The net present value of restoration costs arising from subsequent site damage that is incurred on an ongoing basis during exploration or production are charged to profit or loss in the period incurred. There were no restoration and environmental obligations as of December 31, 2025 and March 31, 2025. The costs of restoration projects included in the provision are recorded against the provision as incurred. The costs to prevent and control environmental impacts at specific properties are capitalized in accordance with the Company’s accounting policy for exploration and evaluation assets. Impairment of assets The carrying amount of the Company’s assets (which include exploration and evaluation assets) is reviewed at each reporting date to determine whether there is any indication of impairment. If such an indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in profit or loss. The recoverable amount of assets is the greater of an asset’s fair value less cost to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. An impairment loss is only reversed if there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount. Any reversal of impairment cannot increase the carrying value of the asset to an amount higher than the carrying amount that would have been determined had no impairment loss been recognized in previous years. Assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment. Loss per share Basic loss per share is calculated by dividing the loss attributable to common shareholders by the weighted average number of common shares outstanding in the period. For all periods presented, the loss attributable to common shareholders equals the reported loss attributable to owners of the Company. Diluted loss per share is calculated by the treasury stock method. Under the treasury stock method, the weighted average number of common shares outstanding for the calculation of diluted loss per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the year. Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 11 3. Material accounting policies (continued) Share-based payments The Company grants stock options and equity-settled restricted share units (“RSUs”) to acquire common shares of the Company to directors, officers, employees and consultants. An individual is classified as an employee when the individual is an employee for legal or tax purposes, or provides service --- s similar to those performed by an employee. The fair value of stock options is measured on the date of grant, using the Black-Scholes option pricing model, and is expensed over the vesting term. Consideration paid for the shares on the exercise of stock options is credited to share capital. When vested options are forfeited or are not exercised at the expiry date, the amount previously recognized in reserves are not transferred to accumulated losses (deficit). The Company estimates a forfeiture rate and adjusts the corresponding expense each period based on an updated forfeiture estimate. The fair value of RSUs is measured on the date of grant, using the fair market value of the common share. The grant date fair values of equity-settled RSUs granted are recognized as an expense, with a corresponding increase in contributed surplus in equity, over the vesting period. Upon exercise of equity-settled RSUs, the related contributed surplus associated with the RSU is reclassified into share capital. In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the Company as consideration cannot be specifically identified, they are measured at the fair value of the share-based payment. Otherwise, share- based payment is measured at the fair value of goods or services received. Share capital The Company engages in equity financing transactions to obtain the funds necessary to continue operations and explore and evaluate resource properties. These equity financing transactions may involve issuance of common shares or units. A unit comprises a certain number of common shares and a certain number of share purchase warrants. Depending on the terms and conditions of each equity financing agreement, the warrants are exercisable into additional common shares prior to expiry at a price stipulated by the agreement. Warrants that are part of units are valued using the residual value method which involves comparing the selling price of the units to the Company’s share price on the announcement date of the financing. The market value is then applied to the common share, and any residual amount is assigned to the warrants. In situations where share capital is issued, or received, as non-monetary consideration and the fair value of the asset received, or given up, is not readily determinable, the fair market value of the shares is used to record the transaction. The fair market value of the shares issued, or received, is based on the trading price of those shares on the date of the agreement to issue shares. Share issuance costs Share issue costs are deferred and charged directly to share capital on completion of the related equity financing. If the financing is not completed, share issue costs are charged to profit or loss. Costs directly identifiable with the raising of capital will be charged against share capital. Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 12 3. Material accounting policies (continued) Income taxes Current income tax: Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date, in the countries where the Company ope --- rates and generates taxable income. Current income tax relating to items recognized directly in other comprehensive income or equity is recognized in other comprehensive income or equity and not in profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred income tax: Deferred income tax is recognized using the asset and liability method on temporary differences at the reporting date arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and recognized only to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred income tax assets and deferred income tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. Adoption of New and Future Accounting Standards The Company has performed an assessment of new standards issued by the IASB that are not yet effective. The Company has assessed that the impact of adopting these accounting standards on its condensed interim consolidated financial statements would not be significant. The following accounting standards and amendments are effective for future periods: IFRS 18 – Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements. This standard aims to improve the consistency and clarity of financial statement presentation and disclosures by providing updated guidance on the structure and content of financial statements. Key changes include enhanced requirements for the presentation of financial performance, financial position, and cash flows, as well as additional disclosures to improve transparency and comparability. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027. The Company is currently assessing the impact that the adoption of IFRS 18 will have on its consolidated financial statements. Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 13 4. Capital management The Company's policy is to maintain a strong capital base so as to maintain investor and creditor confidence, safeguard the Company’s ability to support the exploration and development of its exploration and evaluation assets, and to sustain future development of the business. The capital structure of the Company consists of equity, net of cash. The Company’s objective in managing capital is to maintain adequate levels of funding to safeguard the Company’s ability to continue as a going concern in order to pursue the exploration and development of its mineral property interests and to maintain a flexibl --- e capital structure allowing it to optimize the costs of capital at an acceptable risk. The Company plans to manage its capital structure in a manner that provides sufficient funding for operational activities through funds primarily secured through equity capital obtained in private placements. There can be no assurances that the Company will be able to continue raising capital in this manner. Although the Company has been successful at raising funds in the past through the issuance of share capital, it is uncertain whether it will be able to continue this form of financing due to the current difficult conditions for junior mineral exploration companies. The Company makes adjustments to its management of capital in the light of changes in economic conditions and the risk characteristics of its assets, seeking to limit shareholder dilution and optimize its costs of capital while maintaining an acceptable level of risk. There are no externally imposed restrictions on the Company’s capital and there were no changes in the Company's approach to capital management during the reporting period. 5. Financial and risk management Fair value Fair value is the amount at which a financial instrument could be exchanged between willing parties based on current markets for instruments with the same risk, principal and remaining maturity. Fair value estimates are based on present value and other valuation techniques using rates reflective of those that the Company could currently obtain, on the market, for financial instruments with similar terms, conditions, and maturities. The Company classifies the fair value of the financial instruments according to the following hierarchy based on the observable inputs used to value the instrument: • Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. • Level 2 – Inputs other than quoted prices included in Level 1 that are observable, either directly (i.e., as prices) or indirectly (i.e., derived from prices). • Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The Company determined that the carrying values of its short-term financial assets and liabilities approximate the corresponding fair values because of the relatively short periods to maturity of these instruments and the low credit risk. Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur financial loss. The Company’s primary exposure to credit risk is on its cash. The Company doesn’t believe there is significant credit risk associated with cash as these amounts are held with major Canadian banks. Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 14 5. Financial and risk management (continued) Foreign exchange risk Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currency. The Company’s current exposure to foreign exchange risk consists of fluctuations in the Canadian Dollar/U.S. Dollar exchange rate, with expenses at the Toiyabe Hills Property and th --- e Carlin Properties being paid in U.S. Dollars and the Company’s operating and fundraising currency being in Canadian Dollars. The Company is exposed to nominal foreign currency risk. Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is not exposed to significant interest rate risk. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company has a planning and budgeting process in place to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis. As at December 31, 2025, the Company had $4,939,487 (March 31, 2025 - $841,336) of cash to offset $185,585 (March 31, 2025 - $173,290) of accounts payable and accrued liabilities due on standard trade payable terms not exceeding 90 days. 6. Exploration and evaluation assets The Company's exploration and evaluation assets consist of the following: Toiyabe Hills Property Carlin Properties Total Acquisition costs $ $ $ Balance, March 31, 2024 5,253,406 102,172 5,355,578 Cash 303,152 32,684 335,836 Balance, March 31, 2025 5,556,558 134,856 5,691,414 Cash 208,568 30,640 239,208 Balance, December 31, 2025 5,765,126 165,496 5,930,622 Exploration costs Balance, March 31, 2024 2,933,824 10,518 2,944,342 Assays 76,510 140 76,650 Geological consulting 110,239 1,806 112,045 Field expenses 134,456 31,372 165,828 Meals and lodging 62,890 810 63,700 Staking 6,411 - 6,411 Balance, March 31, 2025 3,324,330 44,646 3,368,976 Assays 269,253 - 269,253 Geological consulting 160,933 1,384 162,317 Drilling 2,314,203 - 2,314,203 Field expenses 852,687 18,421 871,108 Meals and lodging 51,166 506 51,672 Survey 69,015 - 69,015 Balance, December 31, 2025 7,041,587 64,957 7,106,544 Total balance, March 31, 2025 8,880,888 179,502 9,060,390 Total balance, December 31, 2025 12,806,713 230,453 13,037,166 Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 15 6. Exploration and evaluation assets (continued) Toiyabe Hills Property, Nevada The Toiyabe Hills Property (“Toiyabe Hills”) is comprised of several groups of fully-contiguous claims that have been consolidated by Westward over the last several years; it now totals 737 unpatented mining claims administered by the U.S. Bureau of Land Management (“BLM”). In previous reporting periods, the Company has broken out these sub-properties in its disclosure (those being the Toiyabe Property, the Turquoise Canyon Property, the East Saddle Property, and the East Saddle Extension Property); however, moving forward it will be referred to in its totality as one single property. The reasoning for this change in methodology includes the following: • All sub-properties form a single contiguous block, and Westward has a 100% ownership interest in the entire land position with no remaining option payments to any previous underlying owners; • The consolidation of sub-properties will now be consistent with the Company’s other disclosure, including press releases and publicly-available marketing material; and • The exploration programs at Toiyabe Hills are designed to advance the property in its entirety with any prior internal sub-property borders having no bearing. Westward will continue to provi --- de relevant disclosure on the sub-properties that make up Toiyabe Hills as it relates to (i) past option agreements, payments made to acquire ownership, and any royalty agreements; and (ii) legacy exploration programs conducted by the Company and previous operators, which were specific to a sub-property at that time. Toiyabe Property, Nevada The Toiyabe Property (“Toiyabe”) is a sub-property comprised of 165 unpatented mining claims out of the 737 total claims in the Toiyabe Hills Property. On April 21, 2021, the Company entered into a binding agreement with Starcore International Mines Ltd. (“Starcore”), which set forth the terms for the assignment of Starcore’s option to acquire a 100% interest in the Toiyabe Property from Minquest Ltd. (“Minquest”) to the Company. Starcore assigned all of its rights and obligations under its option agreement with Minquest to the Company. Following the assignment, the Company had the right to acquire a 100% ownership position in the Toiyabe Property (which it exercised in full during the year ended March 31, 2024), subject to a 3.0% net smelter return royalty (“NSR”) to be retained by Minquest, up to half of which (1.5%) can be bought back by the Company for US$2,000,000 per 1.0% (that right was subsequently assigned by the Company, see “EMX Royalty Corporation – Letter Agreement”, described in further detail below). As consideration for the assignment of Starcore’s option to acquire the project, the Company made cash and share payments to Starcore in the following amounts: • US$150,000 ($188,505) in cash, paid upon closing of the transaction; • 4,100,000 common shares of the Company, issued upon closing of the transaction (fair valued at $984,000). The common shares issued to Starcore were subject to a contractual escrow period of 12 months following the date of issuance, with 25% being released every three months, with the first release having occurred three months after the closing of the transaction. Following closing of the transaction and payments as described above, the Company had the option to exercise its right to earn a 100% ownership position in the property by making the following cash payments to Minquest (for an aggregate total of US$760,000): • US$100,000 ($121,800) on May 31, 2021 (paid); • US$120,000 ($153,302) on or before October 15, 2021 (paid); • US$140,000 on or before October 15, 2022 (paid, see below); and • US$400,000 on or before October 15, 2023 (paid, see below). Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 16 6. Exploration and evaluation assets (continued) Toiyabe Hills Property, Nevada (continued) Toiyabe Property, Nevada (continued) On May 5, 2022, the Company executed an amending agreement to revise the terms of the US$140,000 cash option payment (due on or before October 15, 2022) as follows: • US$35,000 ($44,736) in cash due on or before October 15, 2022 (paid) • US$105,000 in common shares of the Company (issued 1,148,000 common shares valued at $163,016) During the year ended March 31, 2023, the Company executed an amending agreement, amended again during the year ended March 31, 2024, to revise the terms of the US$400,000 cash option payment (originally due on or before October 15, 2023) as follows: • US$100,000 in common shares of the Company (issued 1,172,968 common shares valued at $158,350); • US$100,000 in cash (paid on --- October 13, 2023); and • US$200,000 in common shares due on or before January 15, 2024.(1) (1) During the year ended March 31, 2024, the Company executed another amending agreement whereby the value of the final payment was increased to $237,429; the Company satisfied this payment by issuing 3,391,839 common shares at a deemed value of $0.0939 per share. As of December 31, 2025, the Company held a reclamation bond for the Toiyabe Property with the BLM in the amount of US$139,270 ($190,661) (March 31, 2025 - US$139,270 ($199,330)) through its wholly-owned subsidiary, GOE. During the period ended December 31, 2025, the Company paid a survey deposit in the amount of US$46,950 ($64,275) (March 31, 2025 - $Nil), related to its planned 2026 drilling campaign at the Toiyabe Hills Property (multiple sub-properties). Turquoise Canyon Property, Nevada The Turquoise Canyon Property (“Turquoise Canyon”) is a sub-property comprised of 197 unpatented mining claims out of the 737 total claims in the Toiyabe Hills Property; 188 of the Turquoise Canyon claims were acquired via an option agreement with First Mining Gold Corp. (“First Mining”) as detailed below. On June 16, 2021, the Company entered into an agreement to acquire an option on the Turquoise Canyon Property through its acquisition of 100% of the common shares of Momentum Minerals Ltd. (“Momentum”). In addition to the 188 unpatented mining claims covered under the option agreement with First Mining, the Company also acquired a 100% ownership position in 9 unpatented mining claims adjacent to the Turquoise Canyon Property; those claims were referred to as the Momentum Claims. The Momentum Claims were staked by then-Momentum subsidiary TCC prior to Momentum’s acquisition by the Company and were not subject to any obligations related to the option agreement with First Mining. For prior reporting purposes, costs related to the Momentum Claims (capitalized or otherwise) were included in the Turquoise Canyon Property. The underlying option agreement with First Mining gave the Company the right to acquire a 100% interest in Turquoise Canyon, comprised of 188 unpatented mining claims located in Lander County, Nevada. The agreement had a maximum term of 4 years from the date of signing, being August 20, 2019. On January 30, 2023, the Company announced that it had exercised its option on the Turquoise Canyon Property, and 100% ownership of the 188 unpatented mining claims was transferred to its wholly-owned subsidiary, TCC. On January 30, 2023, the Company issued 1,701,732 common shares to First Mining valued at $137,500 to complete the final payment for the Turquoise Canyon Property. Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 17 6. Exploration and evaluation assets (continued) Toiyabe Hills Property, Nevada (continued) Turquoise Canyon Property, Nevada (continued) In consideration for the option, the Company was required to pay First Mining up to $500,000, payable as follows: • $25,000 in cash within 30 days from the date of execution (paid); • 10% of the then-outstanding common shares of Momentum, to be credited towards the second anniversary payment on August 20, 2021 (issued 1,000,000 common shares at a deemed value of $100,000); • $50,000 in cash or common shares on or before August 20, 2020 (issued 500,000 common shares of Momentum at a fair value of $50,000 --- ); • $150,000 in cash or common shares on or before August 20, 2021 (previously issued 1,000,000 common shares of Momentum at a deemed value of $100,000; issued an additional 310,889 common shares of the Company at a fair value of $48,188(1)); • $137,500 in cash or common shares on or before August 20, 2022 (issued 1,544,944 common shares at a fair value of $139,045(1)); and • $137,500 in cash or common shares on or before August 20, 2023 (issued 1,701,732 common shares at a fair value of $136,139(1)). (1) Payments pursuant to the option agreement were calculated based on a trailing 30-day volume-weighted average price of common shares traded on the Canadian Securities Exchange (CSE), hence there may have been a discrepancy between calculated value paid to First Mining and fair value at the time of payment. The Company was also required to pay all mining claim maintenance fees with respect to the Turquoise Canyon Property and incur $750,000 in exploration expenditures as follows: • $50,000 by August 20, 2020 (incurred); • An additional $100,000 by August 20, 2021 (incurred); and • An additional $600,000 by August 20, 2023 (incurred with any outstanding amount waived by First Mining). The 188 claims comprising the portion of Turquoise Canyon acquired from First Mining are subject to a 2.0% NSR, payable to First Mining. The Company may buy back half (1.0%) of the NSR for US$1,000,000 up until the first anniversary of the commencement of commercial production. On January 30, 2023, the Company announced that it had entered into a transaction with EMX Royalty Corporation (“EMX”), whereby it assigned its buy-back right on the Turquoise Canyon Property to EMX. Separately, First Mining also announced that it had assigned its 2.0% NSR to Elemental Altus Royalties Corp. As of December 31, 2025, the Company held a reclamation bond for the Turquoise Canyon Property with the BLM in the amount of US$20,353 ($27,863) (March 31, 2025 - $Nil) through its wholly-owned subsidiary, TCC. EMX Royalty Corporation – Letter Agreement On February 15, 2023, the Company entered into a binding letter agreement with EMX, whereby EMX would fulfill certain obligations in exchange for the assignment of royalty buyback rights and the conditional future granting of royalties on the Company’s Toiyabe and Turquoise Canyon Properties (covering 353 claims). i) EMX acquired 3,000,000 units of the Company in a non-brokered private placement at a price of $0.10 per unit, for gross proceeds to the Company of $300,000. Each unit was comprised of one common share of Westward and one common share purchase warrant. Each warrant entitles EMX to purchase one common share at a price of $0.15 for a period of 36 months following the closing date of the EMX private placement, being March 8, 2023. Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 18 6. Exploration and evaluation assets (continued) Toiyabe Hills Property, Nevada (continued) EMX Royalty Corporation – Letter Agreement (continued) ii) EMX and the Company entered into a drilling services agreement (“Service Agreement”), whereby EMX, through its wholly-owned subsidiary Scout Drilling LLC, completed a diamond drilling campaign at the Toiyabe Property. EMX subsidized direct drilling expenses associated with the program, with the Company paying a total of $100,000 in cash. Indirect costs – such as s --- now clearing for safe site access, core cutting, and sample assays – were borne by the Company. iii) Upon completion of the terms of the Service Agreement, the Company granted EMX a right to exercise certain NSR royalty buy-back rights associated with the Toiyabe Property and Turquoise Canyon Property, along with the conditional granting of new NSR royalties to EMX in the event they exercise such rights in the future. a) Upon the Company’s earn-in and exercise of its option on Toiyabe under the agreement by and between Westward and Minquest, originally dated January 23, 2005 and subsequently amended (the “Toiyabe Option Agreement”), and the concurrent granting of a 3.0% NSR royalty on Toiyabe to Minquest, the Company granted EMX a right (the “EMX Toiyabe Buyback”) to exercise the royalty buyback rights (the “Toiyabe Buyback”) as outlined in the Toiyabe Option Agreement. The Toiyabe Buyback stipulates that Minquest’s 3.0% NSR Royalty on Toiyabe can be reduced by up to 1.5% for a cash payment of US$2,000,000 per 1.0%. In the event that EMX exercises the EMX Toiyabe Buyback in full, reducing Minquest’s NSR royalty to 1.5%, the Company will grant a 1.0% NSR royalty on Toiyabe to EMX for no additional consideration. Additionally, the Company will concurrently grant EMX a right of first refusal (“ROFR”) on future royalty or streaming transactions as it relates to Toiyabe. b) The Company granted to EMX a right to exercise (the “EMX TC Buyback”) the royalty buyback rights (the “TC Buyback”) as outlined in the Turquoise Canyon Royalty Agreement entered into by and between TCC and First Mining on January 30, 2023. The TC Buyback stipulates that First Mining’s 2.0% NSR royalty on Turquoise Canyon can be reduced by half (1.0%) for a cash payment of US$1,000,000. As per First Mining’s press release dated February 6, 2023, the NSR royalty on Turquoise Canyon was subsequently sold to, and is now held by, Elemental Altus Royalties Corp. In the event that EMX exercises the EMX TC Buyback, Westward will grant a 1.25% NSR royalty on Turquoise Canyon to EMX for no additional consideration. East Saddle & East Saddle Extension Properties, Nevada The East Saddle (“East Saddle”) and East Saddle Extension (“East Saddle Extension”) Properties are sub-properties comprised of 375 unpatented mining claims out of the 737 total claims in the Toiyabe Hills Property; these were acquired via direct staking by the Company. On December 21, 2021, the Company acquired East Saddle through the staking of 101 unpatented mining claims registered with the BLM. The East Saddle Property lies south of, and contiguous with, both Toiyabe and Turquoise Canyon. Of the 101 total claims, 83 fell within a defined area of interest as it relates to the Toiyabe Property (the “Toiyabe AOI”). Per the option agreement between Westward and Minquest, the claims within the Toiyabe AOI were registered under Minquest ownership at that time and were subject to the same option terms and conditions as the Toiyabe Property. The Toiyabe option agreement was exercised in full during the year ended March 31, 2024. The 18 remaining claims were registered under the Company’s wholly-owned U.S. subsidiary, TCC. Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 19 6. Exploration and evaluation assets (continued) Toiyabe Hills Property, Nevada (continued) East Saddle & East Saddl --- e Extension Properties, Nevada (continued) On June 4, 2024, the Company announced that it had acquired the East Saddle Extension Property through the staking of 202 unpatented mining claims registered with the BLM. The East Saddle Extension Property lies immediately south of, and contiguous with, the Turquoise Canyon Property, and immediately east of, and contiguous with, the East Saddle Property. The claims are 100% owned by the Company and are registered under its wholly owned U.S. subsidiary TCC. In previous reporting periods, exploration expenditures incurred at East Saddle Extension were included in East Saddle. During the year ended March 31, 2025, the Company further added to the East Saddle Extension Property through the staking of 72 unpatented mining claims registered with the BLM. This portion of the East Saddle Extension Property lies immediately south and west of, and contiguous with, the East Saddle Property. The claims are 100% owned by the Company and are registered under its wholly owned U.S. subsidiary TCC. In previous reporting periods, exploration expenditures incurred at East Saddle Extension were included in East Saddle. Carlin Properties, Nevada On October 7, 2022, the Company entered into a definitive claims acquisition agreement with Fremont Gold Ltd. (“Fremont”) to acquire a 100% interest in the Coyote and Rossi Claim Blocks, located along the Carlin Trend in Elko County, Nevada (collectively, the “Carlin Properties”). Pursuant to the terms outlined in the agreement, the Company made payments and considerations as follows: • US$19,647 ($27,467) in cash (paid) • 600,000 common shares of the Company (issued and valued at $48,000), with the following escrow provisions: o 200,000 shares released after four-month from date of issuance (released). o 400,000 shares released eight-months from date of issuance (released). • A 2.0% net smelter return royalty on the Coyote Claims (the “Coyote NSR”) o 1.0% of the Coyote NSR may be repurchased by the Company at any time for a payment of US$2,000,000 in cash. • A 1.0% net smelter return royalty on the Rossi Claims (the “Rossi NSR”) o 0.5% of the Rossi NSR may be repurchased by the Company at any time for a payment of US$1,500,000 in cash. o An existing 2.0% NSR on the 12 Rossi Claims, held by Nevada Select Royalty, Inc. (“NV Select”); the Company must abide by the material terms of the royalty deed entered into by Fremont and NV Select on April 10, 2019. 7. Share capital a) Authorized share capital Authorized share capital consists of an unlimited number of common shares without par value. Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 20 7. Share capital (continued) b) Issuance For the period ended December 31, 2025 i) On April 8, 2025, the Company completed a non-brokered private placement by issuing 49,999,999 units at a price of $0.08 per unit for gross proceeds of $4,000,000 of which $350,035 was received during the year ended March 31, 2025. Each unit was comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the Company at a price of $0.12 up until April 8, 2027. The Company paid cash finder’s fees of $132,387 and granted 1,404,388 finder’s warrants valued at $44,600 using the Black-Scholes pricing model with the following assumptions: risk-fre --- e interest rate of 2.45%, dividend yield of 0%, volatility of 85.29% and expected life of two years. Each finder’s warrant entitles the holder to purchase one additional common share of the Company at a price of $0.12 up until April 8, 2027. ii) On April 28, 2025, 100,000 common shares valued $8,000 were returned to treasury for cancellation. Cash finder’s fees of $560 were refunded for the transaction. iii) On May 1, 2025, the Company issued 650,000 common shares valued at $71,000 pursuant to the exercise of restricted share units. iv) On October 8, 2025, the Company completed a non-brokered private placement by issuing 45,454,544 units at a price of $0.11 per unit for gross proceeds of $5,000,000. Each unit was comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase on additional common share of the Company at a price of $0.15 up until October 8, 2027. The Company paid cash finder’s fees of $25,520, granted 1,492,636 finder’s warrants valued at $73,800 using the Black-Scholes pricing model with the following assumptions: risk-free interest rate of 2.46%, dividend yield of 0%, volatility of 91.06% and expected life of two years, and granted 1,363,636 finder’s units valued at $150,000 as share issuance costs. Each finder’s warrant entitles the holder to purchase one additional common share of the Company at a price of $0.13 up until October 8, 2027. Each finder’s unit is comprised of one common share and one common share purchase warrant, exercisable at a price of $0.15 up until October 8, 2027. v) During the period ended December 31, 2025, the Company issued 4,245,000 common shares valued at $509,400 pursuant to the exercise of warrants. For the year ended March 31, 2025 i) On April 5, 2024, the Company completed a non-brokered private placement by issuing 20,792,646 units at a price of $0.08 per unit for gross proceeds of $1,663,412, of which $407,612 was received during the year ended March 31, 2024. Each unit was comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the Company at a price of $0.12 until April 5, 2026. The Company paid cash finder’s fees of $39,634 and granted 341,950 finder’s warrants valued at $14,600 using the Black-Scholes pricing model with the following assumptions: risk-free interest rate of 4.21%, dividend yield of 0%, volatility of 109.01% and expected life of two years. Each finder’s warrant entitles the holder to purchase one additional common share of the Company at a price of $0.12 until April 5, 2026 ii) On May 14, 2024, the Company issued 400,000 common shares valued at $40,000 pursuant to the exercise of restricted share units. iii) On December 12, 2024, the Company completed a non-brokered private placement by issuing 14,685,000 units at a price of $0.08 per unit for gross proceeds of $1,174,800, of which $73,425 was allocated to the warrant portion of the unit. Each unit was comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the Company at a price of $0.12 until December 12, 2026. The Company paid cash finder’s fees of $41,426 and granted 517,825 finder’s warrants valued at $17,400 using the Black-Scholes pricing model with the following assumptions: risk-free interest rate of 2.98%, dividend yield of 0%, volatility of 88.87%, and expected life of two years. Ea --- ch finder’s warrant entitles the holder to purchase one additional common share of the Company at a price of $0.12 until December 12, 2026. Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 21 7. Share capital (continued) c) Share purchase warrants The changes in warrants outstanding are as follows: Number of warrants Weighted average exercise price Balance, March 31, 2024 39,916,596 $ 0.18 Issued pursuant to private placements 36,337,421 0.12 Expired (21,320,329) 0.20 Balance, March 31, 2025 54,933,688 0.13 Issued pursuant to private placements 99,715,203 0.13 Exercised (4,245,000) 0.12 Expired (11,701,267) 0.16 Cancelled (100,000) 0.12 Balance, December 31, 2025 138,602,624 $ 0.13 Details of warrants outstanding as at December 31, 2025 are as follows: Number of warrants outstanding Expiry date Exercise price Remaining contractual life 3,000,000 March 9, 2026 $0.15 0.19 years 20,792,646* April 5, 2026 $0.12 0.26 years 341,950 April 5, 2026 $0.12 0.26 years 14,335,000 December 12, 2026 $0.12 0.95 years 517,825 December 12, 2026 $0.12 0.95 years 49,899,999 April 8, 2027 $0.12 1.27 years 1,404,388 April 8, 2027 $0.12 1.27 years 46,818,180 October 8, 2027 $0.15 1.77 years 1,492,636 October 8, 2027 $0.13 1.77 years 138,602,624 * 200,000 warrants exercised subsequently d) Stock options The Company has adopted an incentive stock option plan, which provides that the Board of Directors of the Company may from time to time, in its discretion, and in accordance with CSE requirements, grant to directors, officers, employees and technical consultants to the Company, non-transferable stock options to purchase common shares, provided that the number of common shares reserved for issuance will not exceed 10% of the Company’s issued and outstanding common shares. Options vested may be exercised no later than 30 days following cessation of the optionee’s position with the Company, unless the Board of Directors determines otherwise. For all options already vested and outstanding as at December 31, 2025, this post- cessation exercise period duration was set at 90 days. Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 22 7. Share capital (continued) d) Stock options (continued) The changes in options are as follows: Number of options Weighted average exercise price Options outstanding, March 31, 2024 7,390,000 $ 0.17 Granted 205,000 0.12 Forfeited (200,000) 0.10 Options outstanding, March 31, 2025 7,395,000 0.17 Granted 5,000,000 0.12 Options outstanding, December 31, 2025 12,395,000 $ 0.15 Details of options outstanding as at December 31, 2025 are as follows: Exercise price Number of options outstanding Expiry date Number of options exercisable Remaining contractual life $0.18 1,000,000 April 9, 2026 1,000,000 0.27 years $0.167 240,000 April 14, 2026 240,000 0.28 years $0.12 205,000 May 7, 2026 205,000 0.35 years $0.30 200,000 June 2, 2026 200,000 0.42 years $0.24 950,000 July 5, 2026 950,000 0.51 years $0.24 200,000 July 22, 2026 200,000 0.56 years $0.24 200,000 August 16, 2026 200,000 0.62 years $0.24 50,000 September 23, 2026 50,000 0.73 years $0.15 1,350,000 March 22, 2028 1,350,000 2.22 years $0.15 600,000 June 13, 2028 600,000 2.45 years $0.15 2,400,000 November 24, 2028 2,400,000 2. --- 90 years $0.12 5,000,000 May 13, 2030 5,000,000 4.37 years 12,395,000 12,395,000 During the period ended December 31, 2025, the Company: i) Granted 5,000,000 stock options to officers, directors, advisors and consultants of the Company. The stock options are exercisable at a price of $0.12 per common share, expiring on May 13, 2030. The options vested immediately. The estimated fair value of these options was $438,900. During the year ended March 31, 2025, the Company: i) Granted 205,000 stock options to consultants of the Company. The stock options are exercisable at a price of $0.12 per common share, expiring on May 7, 2026. The options vested immediately. The estimated fair value of these options was $7,900. Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 23 7. Share capital (continued) d) Stock options (continued) The Company uses the Black-Scholes option pricing model to estimate the fair value for all share-based compensation. The weighted average assumptions used in this pricing model during the period ended December 31, 2025 and year ended March 31, 2025, respectively, are as follows: December 31, 2025 March 31, 2025 Exercise price $0.12 $0.12 Risk-free interest rate 2.81% 4.15% Expected life of options 5.00 years 2.00 years Dividend rate 0.00% 0.00% Annualized volatility 124.30% 108.06% The expected volatility used is based on the historical volatility of the Company’s common shares. The risk-free rate of return is the yield on a zero-coupon Canadian Treasury Bill of a term consistent with the assumed option life. The expected life of the option is the average expected period to exercise, based on the historical activity patterns for each vesting tranche. The expected dividend rate is estimated at 0.00% as the Company does not have a history of issuing and paying dividends. e) Restricted share units The Company has adopted an RSU plan (the “RSU Plan”), which provides for the grant of RSUs convertible into a maximum number of common shares equal to ten percent (10%) of the number of common shares then issued and outstanding, provided, however, the number of common shares reserved for issuance from treasury under the RSU Plan and pursuant to all other security based compensation arrangements of the Company shall, in the aggregate, not exceed ten percent (10%) of the number of common shares then issued and outstanding. Any common shares subject to a RSU which has been cancelled or terminated in accordance with the terms of the RSU Plan without settlement will again be available under the RSU Plan. The terms and conditions of vesting of each grant are determined by the Board at the time of the grant, subject to the terms of the RSU Plan. The Company uses the fair value method to recognize the obligation and compensation expense associated with the RSUs. The fair value of RSUs issued is determined on the grant date based on the market price of the common shares on the grant date multiplied by the number of RSUs granted. The fair value is expensed over the vesting term. Upon redemption of the RSU the carrying amount is recorded as an increase in common share capital and a reduction in the liability. During the year ended March 31, 2024, the Company granted 2,200,000 RSUs to officers and directors of the Company. These RSUs vest over a period of 24 months with 50% vesting on November 24, 2024, and th --- e remaining 50% vesting on November 24, 2025. The total estimated fair value of the RSU granted was $264,000 based on the market value of the Company’s shares at the grant date. The fair value of each RSU is recorded as a share-based payments over the vesting period. During the year ended March 31, 2024, the Company granted 300,000 RSUs to an advisor of the Company. These RSUs vest over a period of 24 months with 50% vesting on January 30, 2025, and the remaining 50% vesting on January 30, 2026. The total estimated fair value of the RSU granted was $22,500 based on the market value of the Company’s shares at the grant date. The fair value of each RSU is recorded as a share-based payments over the vesting period. During the period ended December 31, 2025, the Company granted 4,600,000 RSUs to officers, directors and advisors of the Company. These RSUs vest over a period of 24 months with 50% vesting on May 13, 2026, and the remaining 50% vesting on May 13, 2027. The total estimated fair value of the RSU granted was $483,000 based on the market value of the Company’s shares at the grant date. The fair value of each RSU is recorded as a share-based payments over the vesting period. Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 24 7. Share capital (continued) e) Restricted share units (continued) During the period ended December 31, 2025, the Company recorded share-based payment expense relating to the vested RSUs of $277,461 (2024 - $152,796). The changes in RSUs are as follows: Number of RSUs RSUs outstanding, March 31, 2024 4,350,000 Exercised (400,000) RSUs outstanding, March 31, 2025 3,950,000 Granted 4,600,000 Exercised (650,000) RSUs outstanding, December 31, 2025 7,900,000 Details of RSUs outstanding as at December 31, 2025 are as follows: Grant date Number of RSUs outstanding Number of RSUs exercisable April 27, 2022 1,100,000 1,100,000 November 24, 2023 1,900,000 1,900,000 January 30, 2024 300,000 150,000 May 13, 2025 4,600,000 - 7,900,000 3,150,000 8. Related party transactions Related parties include the Board of Directors, officers, close family members and enterprises that are controlled by these individuals as well as certain persons performing similar functions. The Company defines its key management as the Board of Directors, Chief Executive Officer, Chief Financial Officer, and Vice- President Exploration. Remuneration of directors and key management personnel of the Company was as follows: Nine months ended December 31, 2025 2024 Consulting fees $ 40,693 $ - Management fees 415,479 425,213 Share-based compensation to directors and officers 555,797 139,926 $ 1,011,969 $ 565,139 Westward Gold Inc. Notes to Condensed Interim Consolidated Financial Statements Nine Months Ended December 31, 2025 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 25 8. Related party transactions (continued) i) Incurred $130,000 (2024 - $120,000) for management services provided to a company related to the CEO of the Company. ii) Incurred $130,000 (2024 - $120,000) for management services provided to a company related to the CFO of the Company. iii) Incurred $155,479 (2024 - $185,213) for management services to the Vice-President Exploration of the Company. iv) Incurred $40,693 (2024 - $Nil) for consulting services to a director of the Company. v) Granted 3,700,000 (2024 – Nil) stock options --- to directors and officers of the Company and recorded share-based payments of $324,786 (2024 - $Nil). vi) Granted 3,700,000 (2024 - Nil) RSUs to directors and officers of the Company and recorded share-based payments of $231,011 (2024 - $139,926) pursuant to the vesting schedule of granted RSUs. As at December 31, 2025, the Company owed $54,448 (March 31, 2025 - $26,391) to directors and officers included in accounts payable and accrued liabilities. The amounts owing are non-interest bearing and due on demand. As at December 31, 2025, $15,000 (March 31, 2025 - $Nil) paid to CEO of the Company were included in prepaid expenses. As at December 31, 2025, $Nil (March 31, 2025 - $72,800) paid to CFO of the Company were included in prepaid expenses. 9. Segmented information The Company has one operating segment being the exploration and evaluation of resource properties. As at December 31, 2025 and March 31, 2025, all of the Company’s non-current assets by geographical location are located in the United States of America. 10. Subsequent events Subsequent to December 31, 2025, the Company: i) Issued 200,000 common shares pursuant to the exercise of warrants.