Mr. Darcy Marud reports

WESTERN EXPLORATION ANNOUNCES CLOSING OF PRIVATE PLACEMENT OF UNITS FOR GROSS PROCEEDS OF $4.55 MILLION

Western Exploration Inc. has closed its previously announced best effort private placement offering of an aggregate 2,937,332 units at a price of $1.55 per unit for aggregate gross proceeds of $4,552,864.60. Each unit consists of one variable voting share of the company and one-half of one variable voting share purchase warrant of the company, with each unit warrant entitling the holder thereof to acquire one variable voting share of the company at a price of $2.15 per warrant share at any time until June 14, 2026, subject to adjustment in certain circumstances.

The offering was completed pursuant to the terms of an agency agreement dated June 14, 2023, among the company and a syndicate of agents.

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

In consideration for the services provided by the agents in connection with the offering, the company paid an aggregate cash commission of $196,061.13 and issued an aggregate 126,839 non-transferable compensation options to the agents. Each compensation option is exercisable to acquire one unit of the company at a price of $1.55 per compensation option unit, until June 14, 2026. Each compensation option unit consists of one variable voting share of the company and one-half of one variable voting share purchase warrant of the company, each whole warrant entitling the holder to purchase one variable voting share of the company at a price of $2.15 per share at any time until June 14, 2026. In addition, in consideration for the provision of certain finder services to the company in connection with the offering, the company also paid an aggregate cash finder's fee of $34,865.24 and issued an aggregate 22,493 finder options to Kilcona Capital Ltd. The finder options were issued on substantially the same terms as the compensation options.

In connection with the offering, an aggregate 2,681,526 units were issued and sold pursuant to the listed issuer financing exemption available under Part 5A of National Instrument 45-106 (Prospectus Exemptions). A copy of the offering document under the life exemption dated May 9, 2023, is available electronically on SEDAR under the company's issuer profile. All units issued pursuant to the life exemption are not subject to resale restrictions in Canada in accordance with applicable Canadian securities laws and the policies of the TSX Venture Exchange. All other securities not issued pursuant to the life exemption, including the compensation options and the finder options, are subject to a statutory hold period in accordance with applicable Canadian securities laws, expiring on Oct. 15, 2023. The offering remains subject to the final acceptance of the exchange.

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., and includes three unique gold and silver deposits: Doby George, Gravel Creek and Wood Gulch.

We seek Safe Harbor.