Western Exploration Announces Closing of Private Placement of Units for Gross Proceeds of $4.55 Million

Western Exploration Inc. (TSXV: WEX; OTCQX: WEXPF) (the "Company" or "Western Exploration") is pleased to announce that it has closed its previously announced "best efforts" private placement offering of an aggregate 2,937,332 units (the "Units") at a price of $1.55 per Unit for aggregate gross proceeds of $4,552,864.60 (the "Offering"). Each 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 variable voting share purchase warrant, a "Unit Warrant"), with each Unit Warrant entitling the holder thereof to acquire one variable voting share of the Company (each, a "Warrant Share") 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 (collectively, the "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 (the "Compensation Options") to the Agents. Each Compensation Option is exercisable to acquire one unit of the Company (each, a "Compensation Option Unit") 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's options (the "Finder's Options") to Kilcona Capital Ltd. The Finder's Options were issued on substantially the same terms as the Compensation Options.