An anonymous director reports

NEVADA EXPLORATION ANNOUNCES PRIVATE PLACEMENT FOR TOTAL GROSS PROCEEDS OF UP TO C$1,430,000

Nevada Exploration Inc. has arranged a non-brokered private placement offering of up to 13 million units at a price of 11 cents per unit, for total gross proceeds of up to $1.43-million.

Each unit, priced at 11 cents, to comprise one common share and a full warrant

Each unit will consist of one common share in the capital of the company and one common share purchase warrant, with each warrant entitling the holder thereof to acquire an additional common share at an exercise price of 20 cents per common share for 36 months after the date of issuance. If after four months plus one day from the closing date, the closing price (or closing bid price on days when there are no trades) of Nevada Exploration's common shares is greater than 40 cents per share for 10 consecutive trading days, Nevada Exploration may accelerate the expiry date of the warrants to the 30th day after the date on which Nevada Exploration gives notice to the warrantholders of such acceleration, with such notice being the issuance of a news release by the company announcing the acceleration of the expiry date.

Use of proceeds

Proceeds from the offering will be used for general working capital purposes.

Offering subject to necessary approvals

The offering is subject to receipt of all necessary regulatory and TSX Venture Exchange approvals. The securities issued at closing of the offering will be subject to a four-month-plus-one-day hold period from the date of issue as well as to any other resale restrictions imposed by applicable securities regulatory authorities. Subject to approval by the TSX Venture Exchange and applicable securities legislation, Nevada Exploration may pay finders' fees with respect to certain subscriptions from arm's-length subscribers in accordance with the TSX Venture Exchange policies.

Offering available to existing shareholders and in accordance with other prospectus exemptions

In addition to other prospectus exemptions commonly relied on in private placements, such as the accredited investor exemption, the offering is being made available to qualifying existing shareholders of the company in reliance on British Columbia Instrument 45-534 exemption from prospectus requirement for certain trades to existing security holders and other provincial equivalents. To comply with the criteria of the existing securityholder exemption, the ability of existing shareholders to participate in the offering under the existing securityholder exemption shall be subject to, among other criteria, the following:

• June 26, 2023, has been set as the record date for the purpose of determining existing securityholders entitled to purchase units pursuant to the existing security holder exemption;
• To participate, a qualified shareholder must deliver an executed subscription agreement in the required form, which will include the requirements of the existing security holder exemption;
• The aggregate acquisition cost to a subscriber under the existing security holder exemption cannot exceed $15,000 per 12-month period unless that subscriber has obtained advice from a registered investment dealer regarding the suitability of the investment;
• Subscriptions will be accepted by the company on a first-come, first-served basis; therefore, if the offering is oversubscribed, it is possible that a shareholder's subscription may not be accepted by the company.

Further terms and conditions shall be set out in the form of subscription agreement that will be made available to interested shareholders, who are directed to contact the company as soon as possible. There is no material fact or material change of the company that has not been generally disclosed.

About Nevada Exploration Inc.

Led by an international team of explorers, Nevada Exploration is applying modern technology to systematically explore for the undiscovered second half of Nevada's gold endowment waiting to be uncovered within Nevada's valley basins. Nevada Exploration is advancing a portfolio of gold exploration projects, primarily focused on three district-scale Carlin-type gold projects, including its flagship South Grass Valley project, located near the Cortez complex of Nevada Gold Mines.

We seek Safe Harbor.