Mr. Kit Marrs reports

WESTERN ALASKA MINERALS ANNOUNCES UPSIZE TO BROKERED OFFERING TO UP TO $7 MILLION

Further to its news release dated April 18, 2024, Western Alaska Minerals Corp. and Roth Canada Inc., as co-lead agent and sole book runner, Canaccord Genuity Corp., as co-lead agent with Roth, and Agentis Capital Markets LP, as agent, on their own behalf and on behalf of a syndicate of agents, have increased the size of the company's previously announced brokered offering from up to $5-million to up to $7-million, due to significant demand. Under the upsized offering, the agents have agreed to sell, on a commercially reasonable efforts basis, up to 10,769,231 units of the company at a price of 65 cents per unit, for aggregate gross proceeds of up to $7-million. The brokered offering will be conducted by way of prospectus supplement dated April 22, 2024, 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.

As previously announced, the company will also 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 be composed of 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.

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.

Access to the prospectus supplement, the base shelf prospectus and any amendment to the documents is provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment. The prospectus supplement and the base shelf prospectus are accessible at SEDAR+.

An electronic or paper copy of the prospectus supplement, the base shelf prospectus and any amendment to the documents may be obtained, without charge, from Roth Canada, by e-mail at cbyers@rothcanada.ca, and by providing the contact with an e-mail address or address, as applicable.

About Western Alaska Minerals Corp.

The company's mission is to advance a minable and scalable carbonate replacement deposit (CRD), ultimately reshaping the mineral landscape of western Alaska and establishing a new CRD district.

Western Alaska Minerals' 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. The company'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, the company, 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 Minerals brings together a team of seasoned professionals with a shared vision of pioneering new frontiers in mineral exploration. Its 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.