Nevada Drill Campaign Hits High Grade Gold in New Target Area

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1. Disclosure for the quote from the John Newell article published on September 16, 2025

1. For the quoted article (published on September 16, 2025), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$3,000.
2. Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a  U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Westward Gold Inc. (WG:CSE; WGLIF:OTC; IM50:FSE) has reported new assay results from its ongoing 2025 drilling campaign at the Toiyabe Hills Property in Lander County, Nevada. The company intersected a new Carlin-type gold zone in hole CF25-04, returning 10.7 meters of 0.94 grams per tonne (g/t) gold, including 3.1 meters of 2.50 g/t gold. These results came from the Campfire Target Complex, part of Westward's flagship 61 square kilometer land package.

The framework drill campaign was expanded from 5,000 meters to 7,090 meters of reverse circulation drilling following early technical success. Drilling has confirmed a vertically extensive hydrothermal system within the Wenban Formation, with associated elevated concentrations of arsenic, antimony, and mercury. These elements are typically indicative of Carlin-type gold systems. According to Kelly Cluer, Director, in the news release, "This is precisely what we've been hoping to see at this early stage: geochemical evidence of a system that can produce both tonnage and grade."

A total of eleven holes have been drilled in the Phase 1 campaign, with nine intersecting the favorable lower-plate carbonate host rocks. Eight of the ten holes that began in upper-plate rocks encountered lower-plate units at shallower-than-expected depths. Drilling has also confirmed the presence of a 132-meter-thick shear zone with characteristics similar to compressional structures that control mineralization in the nearby Cortez District.

Reverse circulation drilling costs at Campfire have been reported at US$64 per foot, and the company noted that the gold intervals in CF25-03 and CF25-04 represent a new gold zone at Toiyabe Hills. Assays are being conducted by Paragon Geochemical Services Inc., and additional data is expected from the remaining holes.

Gold Reaffirms Safe Haven Status Amid Shifts in Global Reserve Strategies

Gold has continued to demonstrate its resilience as a core reserve asset, with recent analysis suggesting growing institutional confidence despite price fluctuations.

A report by Jeff Carlyle for Goldfix on October 28 noted that the metal remains strategically important, even as its pricing becomes increasingly detached from traditional indicators such as real interest rates and U.S. dollar strength. Carlyle identified key drivers of demand, including concerns over currency debasement, global de-dollarization trends, and heightened geopolitical risk, factors that have prompted central banks to diversify away from conventional holdings.

Jeff Clark of The Gold Advisor weighed in on the company's early drill results. He maintained his overweight position in the stock, noting that these early results were akin to laying the "first brick to what will be a beautiful new home."

According to the report, the 2022 freeze of approximately US$300 billion in Russian central bank reserves acted as a turning point for many emerging markets.

In response, several central banks began reducing exposure to U.S. Treasuries and increasing their gold allocations. By September 2025, gold made up 27% of global central bank reserves, surpassing U.S. Treasuries at 23%. Carlyle highlighted that this shift had been building since 2018 but accelerated significantly in recent years, underscoring gold's appeal due to its lack of counterparty risk and role as a long-term store of value.

Commentary from Matthew Piepenburg of Von Greyerz on November 2 reinforced this perspective. He described recent gold price volatility as consistent with a broader bull market pattern and encouraged investors to focus on gold's function as a safeguard against macroeconomic instability. "We're saving in gold and spending in fiat," he remarked, citing rising debt levels and persistent fiscal deficits as key reasons for central banks increasing their gold exposure.

Institutional momentum was further underscored by a November 3 update from Bloomberg, in which Marcus Ashworth reported that major U.S. financial institutions, including Citigroup, are re-entering the gold storage market after years of absence. The shift signals a revival of interest in physical bullion as both a hedge and a high-margin service offering. Ashworth emphasized that this return reflects a long-term view: "That tells you the major players think high gold prices are here to stay." He also noted that the physical gold market, largely over-the-counter, is now increasingly influenced by central banks and high-net-worth investors prioritizing asset security.

Analysis Highlights Strong Endorsements for Westward Gold

On August 18, Greg McCoach of The Mining Speculator described Westward as "on the verge of something very big," following a site visit to the company's Campfire target at the Toiyabe Hills property. McCoach highlighted the presence of key geological features consistent with major Carlin-type discoveries, including lamprophyre dikes, deep oxidation, anticline traps, and favorable carbonate stratigraphy. He emphasized that all five major geological indicators seen in other multi-million-ounce discoveries in Nevada are present at Campfire.

McCoach stated that "this is very unusual from so many viewpoints" and concluded, "Westward Gold is the type of company that could deliver." He also underscored the strength of Westward's technical leadership, citing the extensive Nevada Carlin expertise of Dr. Quinton Hennigh, Kelly Cluer, Robert Edie, and Steve Koehler.

¹In a report from September 15, John Newell of John Newell & Associates issued a "Speculative Buy" recommendation for Westward Gold at CA$0.13. He noted the company's consolidated land package, modern exploration work, and strong technical leadership as critical differentiators in Nevada's competitive gold sector. Newell wrote, "From a risk-reward standpoint, the current setup offers a favorable balance, with limited downside relative to the upside potential typical of the junior miners." He highlighted the Campfire target as a well-defined system with shallow access and multiple structural and stratigraphic target types, calling attention to its location within a Tier-1 jurisdiction and proximity to world-class gold deposits. According to Newell, "Westward Gold offers exactly what Nevada-focused investors look for: a consolidated Cortez-trend land position, modern exploration defining a genuine feeder target, and an experienced team with discovery and capital markets credentials."

Both experts highlighted the experience of Westward's leadership, including CEO Colin Moore, VP Exploration Robert Edie, and Chairman Dr. Quinton Hennigh. Their combined discovery track record in Nevada and strategic focus on systematic exploration were seen as key factors positioning the company for a potential breakthrough. In McCoach's words, "This is truly an exciting moment . . . where we have a low-priced junior mining company that has such potential for a massive new discovery in Elephant Country for gold."

Most recently, on November 5, Jeff Clark of The Gold Advisor weighed in on the company's early drill results. He cited the 10.7 meters of 0.94 grams per tonne (g/t) gold, including 3.1 meters of 2.50 g/t from the Campfire Target, as meaningful because they were achieved during wide-spaced "framework" drilling. Clark quoted Chairman Quinton Hennigh, who said the intercept "constitutes a new discovery, one that's in a new unexplored area," and Director Kelly Cluer, who added, "We have a system that can make both tonnage and grade . . . now it's just a geometric exercise." Clark highlighted that the initial success had prompted the company to expand its drill program from 5,000 to 7,090 meters, and he maintained his overweight position in the stock, noting that these early results were akin to laying the "first brick to what will be a beautiful new home."

Systematic Discovery in Nevada's "Golden Triangle"

Westward Gold's Campfire Target Complex is emerging as a significant Carlin-type gold system, supported by structural, geochemical, and geophysical data. As explained in the company's October 2025 investor presentation, the project is located within the Cortez Trend and represents one of only three known lower-plate domes in the region, and the only one not held by a major mining company.

The 2025 Phase 1 drill campaign has verified that the lower-plate rocks, which are considered prime hosts for Carlin-type gold deposits, are present at accessible depths across the Campfire area. According to Westward's corporate presentation, the Campfire Complex is underlain by favorable stratigraphy with decalcification, dike intrusions, and alteration footprints that mirror known gold-producing systems in the Cortez District.

The company is currently developing subsurface geological models to guide the 2026 Phase II drill campaign. These models aim to define structural intersections and mineralized dikes where grade potential may be enhanced. Additionally, Westward is advancing other greenfield targets such as El Segundo, located in the footwall of the Hilltop Corridor, where surface mapping and geochemistry have identified prospective carbonate rocks at surface.

With drilling results confirming the presence of a fully preserved, lower-plate-hosted Carlin-type gold system spanning at least 1.6 kilometers by 1.0 kilometer, Westward has positioned itself as an active explorer in one of Nevada's most prolific gold districts. 

Ownership and Share Structure²

Management, directors, and advisors hold 9.3% of Westward Gold.. Institutional ownership was 23.3%, with Crescat Capital holding the most at 12.1%, Concept Capital Mgmt at 9.9%, and US Global Investors at 1.3%. Keith Neumeyer, CEO of First Majestic Silver, owns 2.7%. EMX Royalty Corp owns 1.3%, Starcore Intl Mines owns 1.7%, and MinQuest Ltd owns 1.5%. The rest are high-net-worth retail investors.

As of the most recent data, Westward Gold Inc. reported approximately 229.3 million shares outstanding and a public float of about 140.60 million shares.

The company's market capitalization stands at roughly CA$34.4 million. Its 52‑week trading range spanned from CA$0.07 to CA$0.165.