Mr. Darcy Marud reports

WESTERN EXPLORATION ANNOUNCES "BEST EFFORTS" PRIVATE PLACEMENT OF UP TO $5.65 MILLION OF UNITS

Western Exploration Inc. has released the terms of a best effort private placement offering of up to 3,646,000 units at a price of $1.55 per unit for gross proceeds of up to $5,651,300. Each unit will consist of one variable voting share of the company and one-half of one variable voting share purchase warrant of the company. Each warrant will entitle the holder to purchase one variable voting share of the company at a price of $2.15 per warrant share at any time on or before the date which is 36 months after the closing date of the offering, subject to adjustment in certain events.

The offering will be completed pursuant to the terms of an agency agreement to be entered into among the company and a syndicate of agents co-led by Echelon Wealth Partners Inc. and Canaccord Genuity Corp., as co-lead agents and joint bookrunners, and including Velocity Trade Capital.

The company intends to use the net proceeds raised from the offering for exploration and development expenditures at the Aura project in Nevada, and for general corporate purposes.

At the closing of the offering, the company shall pay to the agents a cash commission equal to 7 per cent of the gross proceeds of the offering and will issue to the agents such number of non-transferable variable voting share purchase warrants of the company as is equal to 7 per cent of the number of units sold under the offering at a price of $1.55 per broker warrant. Each broker warrant will be exercisable to acquire one unit of the company at a price of $1.55 per broker warrant unit for a period of 36 months following the closing date. Each broker warrant unit will consist of one variable voting share of the company and one-half of one variable voting share purchase warrant of the company, each entitling the holder to purchase one variable voting share of the company at a price of $2.15 per share at any time on or before that date which is 36 months after the closing date. In addition, the company will have the right to sell units to certain president's list purchasers, provided, however, that compensation payable by the company to the agents for the first $3-million of subscriptions from president's list purchasers shall be reduced to a 3.5-per-cent cash commission and 3.5 per cent in broker warrants.

The offering is scheduled to close on or around June 1, 2023, and remains subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

Subject to compliance with applicable regulatory requirements and in accordance with the requirements of National Instrument 45-106 (Prospectus Exemptions), it is expected that up to 3,646,000 units will be offered for sale in each of the provinces and territories of Canada (other than Quebec) in reliance on the listed issuer financing exemption (the life exemption), in accordance with Part 5A of NI 45-106. The units will not be subject to resale restrictions pursuant to applicable Canadian securities laws.

In addition, the units will be offered in the United States on a private placement basis pursuant to available exemptions from the registration requirements under the U.S. Securities Act of 1933, as amended; and in such other jurisdictions outside of Canada and the United States, as agreed upon by the lead agent (as hereinafter defined) and the company, pursuant to available prospectus and registration exemptions in accordance with applicable laws.

There is an offering document related to the offering that can be viewed on SEDAR under the company's issuer profile and on the company's website. Prospective investors should read this offering document before making an investment decision. The securities issuable pursuant to the life exemption will not be subject to any statutory hold period under applicable Canadian securities laws. All securities not issued pursuant to the life exemption will be subject to a hold period in accordance with applicable Canadian securities law, expiring four months and one day following the closing date of the offering.

About Western Exploration Inc.

Born from a 25-year history of advancing exploration projects in Nevada as a private company, today, Western Exploration is composed of an experienced team of precious metal experts that aims to lead Western Exploration to becoming a premier gold and silver development company in North America. The company's principal asset is the 100-per-cent-owned Aura gold-silver project, located approximately 120 kilometres/75 miles north of the city of Elko, Nev., which includes three unique gold and silver deposits: Doby George, Gravel Creek and Wood Gulch. Additional information regarding Western Exploration and the Aura project can be found on the company's website and on SEDAR under the company's issuer profile.

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