North Berwick, Scotland–(Newsfile Corp. – August 28, 2026) – WESTERN GOLD EXPLORATION LTD. (TSXV: WGLD) (the “Company”) is pleased to provide an update on the progress of its Caledonian Gold Project drilling campaign and a general corporate update. The Caledonian Gold Project is held through the Glen Lyon Joint Venture (the “JV”), a joint venture between the Company, which holds a 90% interest, and Acrux Gold, which holds a 10% interest and owns the Cononish mine, Scotland’s only producing gold and silver mine.
Exploration and Drilling Progress
Drilling at the Caledonian Gold Project is progressing as planned. To date, approximately 650 metres of diamond drilling has been completed across four holes (GLDD26_001 to GLDD26_004) at Drill Pad 1, located at Coire a’ Ghabhalach, forming part of the initial programme outlined in the Company’s June 29, 2026, news release. That programme is planned to comprise a minimum of 8 diamond drill holes totalling at least 1,500 metres, targeting the highest-priority prospects identified within the Lyon licence area. All holes are being drilled using NQ diameter core, with drilling equipment mobilised by helicopter given the steep and remote terrain. The programme continues to be conducted by Mineral Exploration Drilling Ltd., an experienced diamond drilling contractor.
Drilling has now commenced at Drill Pad 2, located at the Creag Sheileach prospect, as the programme advances to its next target area. Across the programme, initial core logging and assay results from Drill Pad 1 are anticipated in late Q3 2026, with full results from the programme expected through Q4 2026.
The Company continues to advance regional exploration across the JV area, with Company geologists collecting drainage, rock chip and soil samples on an ongoing basis. Results will be disclosed to the market upon receipt of assay data.
Corporate Update
John Thomson has been appointed to the Company’s Audit Committee effective August 27, 2026. Mr. Thomson joined the Company as a director on May 29, 2026. As the former CFO of Kirkland Lake Gold during its important years of strategic exploration investment and growth, and as a resident of Scotland, Mr. Thomson will strengthen the Audit Committee during the Company’s next phase of growth.
The Company’s financial statements and MD&A for the three and six months ended June 30, 2026 have been filed and are available on the Company’s website (https://www.westerngoldexploration.com/news/) and on SEDAR+ (TSXV: WGLD).
About Western Gold Exploration
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 gold, silver and critical minerals in Scotland.
In November 2025, WGLD formed the Glen Lyon Joint Venture (the “JV”) with Acrux Gold Limited to explore for gold, silver, and critical minerals as part of the Caledonian Gold Project in central Scotland. The JV has applied for two Crown Estates Mines Royal Option Agreements (exploration licences) across the Tyndrum Mineral District, specifically the Orchy and Lyon licence areas, which form the Caledonian Gold Project. The Company also operates at the Lorne Project, which includes both Lagalochan and Ardlochan prospects, and are located in the highly prospective Lorne Porphyry District of the wider Caledonian belt.
David Pym (CGeol), a consultant of the Company, is the Qualified Person (as defined by National Instrument 43-101) who supervised, verified and approved the scientific and technical disclosure in this press release on behalf of the Company.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to timing and receipt of the Crown Estates Mines Royal Option Agreements (exploration licences) applied for by the JV, timing and completion of any drilling and work programs on the properties of the Company and the proposed properties of the JV, estimates of mineralisation from drilling and sampling, geological information projected from drilling and sample results, potential for minerals and/or mineral resources, and statements regarding the plans, intentions, beliefs, and current expectations of the Company and the JV with respect to the future business activities and operating performance of the Company and the JV that may be described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forward-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.
By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, accuracy of assay results, geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services, future operating costs, and the historical basis for current estimates of potential quantities and grades of target zones, as well as those risk factors discussed or referred to in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2025, and the period ended June 30, 2026 available at www.sedarplus.ca, many of which are beyond the control of the Company. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Western Gold Provides Exploration and Corporate Update ·newsfile_64
