Mr. Darcy Marud reports

WESTERN EXPLORATION GRANTS INCENTIVE STOCK OPTIONS

Western Exploration Inc., on Aug. 5, 2024, in accordance with its omnibus equity incentive plan, granted to certain directors, officers, employees and consultants of the company a total of 1,265,000 stock options, with each option exercisable for one common share of the company at a price of $1.10 per common share for a period of three years from the date of grant. The options will vest according to the following schedule: one-half immediately; one-fourth at 12 months after the date of grant; and the remaining one-fourth at 24 months after the date of grant.

In addition, the company has issued 150,000 stock options in accordance with the plan (each an IR (investor relations) option) to Peak Investor Marketing Corp., for certain investor relations services being provided to the company, as previously announced in the news releases of the company, dated June 28, 2024, and July 24, 2024. Each IR option is exercisable for a common share at a price of $1.10 per common share for a period of three years from the date of grant. The IR options will vest according to the following schedule: one-half at six months after the date of grant; one-fourth at 12 months after the date of grant; and the remaining one-fourth at 18 months after the date of grant.

The options and IR options are subject to TSX Venture Exchange policies and regulations, and, where applicable, are subject to a hold period of four months and one day in accordance with Canadian securities laws.

About Western Exploration Inc.

Western Exploration is focused on advancing the 100-per-cent-owned gold-silver Aura project, located approximately 120 kilometres (75 miles) north of the city of Elko, Nev. The project includes three unique gold and silver deposits, Doby George, Gravel Creek and Wood Gulch, and benefits from well-established infrastructure, including year-round access by highway and county-maintained road, and nearby access to water and electricity.

Western Exploration comprises an experienced team of precious metals experts who aim to lead the company to becoming North America's premiere gold and silver development company.

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.