An anonymous director reports

NEVADA EXPLORATION CLOSES OVERSUBSCRIBED $605,000 FINANCING

Nevada Exploration Inc. has closed the previously announced private placement offering, pursuant to which it has issued 5.5 million units at a price of 11 cents per unit, for gross proceeds of $605,000 -- an increase of $55,000 from the $550,000 contemplated in the news release dated Feb. 20, 2024.

Each unit consists 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 NGE'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.

The offering is subject to final TSX Venture Exchange approval. All securities issued are subject to a four-month-plus-one-day hold period expiring July 20, 2024, as well as to any other resale restrictions imposed by applicable securities regulatory authorities. In connection with the offering, the company paid finders' fees totalling $12,449.

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

The participation by certain placees in the private placement is a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, and TSX-V Policy 5.9. The company is relying upon the exemption from the valuation requirement for related party transactions provided in Section 5.5(a) of MI 61-101 and the exemption from the requirement to obtain shareholder approval in respect of the related party participation provided in Section 5.7(1) (a) of MI 61-101 on the basis that the fair market value of the related party participation was less than 25 per cent of the company's market capitalization, calculated in accordance with MI 61-101.

About Nevada Exploration Inc.

Nevada Exploration has, for the past several years, been 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. The company is examining other opportunities in its quest to create shareholder value.

We seek Safe Harbor.