Mr. Kit Marrs reports

WESTERN ALASKA MINERALS ANNOUNCES $5 MILLION BROKERED AND $1.5 MILLION NON-BROKERED OFFERING

Western Alaska Minerals Corp. has entered in to an agreement with Roth Canada Inc., as co-lead agent and sole bookrunner, Canaccord Genuity Corp., as co-lead agent with Roth, and Agentis Capital Markets LP as agent on its own behalf and on behalf of a syndicate of agents, which have agreed to sell, on a commercially reasonable efforts basis, up to 7,692,308 units of the company, at a price of 65 cents per unit, for aggregate gross proceeds of up to $5-million. The brokered offering will be conducted by way of prospectus supplement to the company's base shelf prospectus dated Nov. 21, 2023. The company has agreed to grant the agents an option to increase the size of the brokered offering by up to 15 per cent, exercisable in whole or in part at any time for a period of 30 days after the closing date of the brokered offering.

The company will be conducting a non-brokered private placement of units at the offering price for aggregate gross proceeds of up to $1.5-million (the non-brokered offering and together with the brokered offering, the offering).

Each unit will comprise one subordinate voting share in the authorized share structure of the company plus one share purchase warrant. Each warrant will entitle the holder thereof to purchase one share at an exercise price of 90 cents per warrant share for 36 months from the date of issuance.

The units issued pursuant to the non-brokered offering will not be qualified for distribution by the prospectus supplement and will be subject to a four-month hold period.

The net proceeds of the offering will be used to finance the company's 2024 exploration program, including stepout drilling at the LH and Warm Springs target zones that are new targets identified by the 2023 completed geophysical program, and for general corporate purposes.

In consideration for the agents' services with respect to the brokered offering, the company will: (i) pay the agents a cash fee of 6 per cent of the aggregate gross proceeds of the brokered offering (including the agents' option); and (ii) issue warrants to purchase that number of shares of the company equal to 6 per cent of the aggregate number of units sold pursuant to the brokered offering (including the agents' option). Each agent's warrant will be exercisable to acquire one share at the offering price for a period of 36 months from the date of issuance.

Closing of the brokered offering is expected to occur on or about April 26, 2024, and closing of the non-brokered offering is expected to occur on or about May 3, 2024. Each closing is subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange.

About Western Alaska Minerals Corp.

Western Alaska's mission is to advance a minable and scalable CRD, ultimately reshaping the mineral landscape of western Alaska and establishing a new CRD district.

Western Alaska's 100-per-cent-owned claims cover 73,120 acres (114.25 square miles or 29,591 hectares), approximately 45 kilometres east of an ocean barge-compatible section of the Yukon River. Western Alaska's intact mineralized CRD system encompasses the (past-producing) Illinois Creek gold-silver mine, the Waterpump Creek high-grade silver-lead-zinc deposit, open to the north, and the Honker gold prospect. Twenty-five kilometres northeast of the Illinois Creek CRD lies the Round Top copper and the TG North CRD prospects. All prospects were originally discovered by Anaconda Minerals Co. in the early 1980s. Since 2010, Western Alaska, along with its precursor company, Western Alaska Copper & Gold, reassembled the Anaconda land package and has been engaged in exploring the district.

Headquartered in both Alaska and Arizona, Western Alaska brings together a team of seasoned professionals with a shared vision of pioneering new frontiers in mineral exploration. The company's strategic approach is underpinned by cutting-edge technology, innovative techniques and a deep understanding of the geological intricacies of the region.

We seek Safe Harbor.