Western Exploration Inc. (TSX-V: WEX) (OTCQX: WEXPF) is pleased to announce that it has closed its previously-announced non-brokered private placement of units of the Company.

Under the Offering, the Company issued an aggregate of 1,603,773 Units at a price of CDN $1.06 per Unit for gross proceeds of approximately CDN $1.7 million to a new strategic investor, TXAU Ventures LLC of Houston, Texas.

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 Warrant entitles the holder thereof to purchase one variable voting share of the Company at a price of CDN $1.36 per Warrant Share at any time on or before the date which is 24 months after the closing date of the Offering, subject to adjustment in certain events.

In relation to the Offering, Risher Randall III, Manager of TXAU Ventures commented: “After months of discussions, we are excited to become a capital partner of Western Exploration as we aim to support the Company as they develop the Aura Project in Northeastern, Nevada. We see the Doby George as a high quality, mid-sized heap leach project, and we are excited about the exploration potential at Gravel Creek based on the drilling results from 2023. Our investment is expected to be used to advance the Doby George into a pre-feasibility and permitting stage as we believe this deposit is largely derisked and ready for advancement. Furthermore, we think highly of the Western Exploration team, and we are excited to support them as they push the Doby George project forward and continue exploration work at Gravel Creek which we believe could shape up to be the next high-grade deposit in the region.”

Darcy Marud, CEO of Western Exploration added: “We are grateful for the support of TXAU Ventures and the belief they have placed in Western Exploration’s management. We look forward to ramping up activities at Doby George in parallel with the continued exploration effort at Gravel Creek creating additional value for all of our stakeholders.”

All securities issued pursuant to the Offering will be subject to a hold period in accordance with applicable Canadian securities laws, expiring four months and one day following the Closing Date.

The Company intends to use the net proceeds raised from the Offering to advance a pre-feasibility study of the Doby George Deposit, undertake baseline studies, commence permitting of the Doby George Deposit, and for general corporate purposes.

Completion of the Offering remains subject to the receipt of all final approvals of the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Western Exploration

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 metals 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% owned Aura gold‐silver project, located approximately 120 kilometers/75 miles north of the city of Elko, Nevada, and 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+ (www.sedarplus.ca) under the Company’s issuer profile.