Western Exploration Announces Closing of Life Offering of Units for Gross Proceeds of C$5.0 Million

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Reno, Nevada--(Newsfile Corp. - June 6, 2025) - 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 (the "Offering") for aggregate gross proceeds of C$5,005,000, which includes the full exercise of the agent's option. Under the Offering, the Company sold 7,150,000 units (the "Units") at a price of C$0.70 per Unit. 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 " Warrant"). Each Warrant entitles the holder thereof to acquire one variable voting share of the Company (each, a "Warrant Share") at a price of C$0.95 per Warrant Share at any time until June 6, 2028, subject to adjustment in certain circumstances.

The Offering was completed pursuant to the terms of an agency agreement dated June 6, 2025 between the Company and Red Cloud Securities Inc. (the "Agent"), as sole agent and bookrunner.

The Company intends to use the net proceeds raised under the Offering for exploration and advancement of the Company's Aura Project located in Nevada, as well as for general corporate purposes and working capital.

Darcy Marud, President and CEO of Western Exploration commented, "This financing enables us to take the next steps at Gravel Creek for resource expansion with an extensive drill program at Wood Gulch. This is the next step in growing Gravel Creek with additional high grade exploration targets."

In consideration for the services provided by the Agent in connection with the Offering, the Company paid cash commission and advisory fees totaling C$280,325.01 and issued an aggregate of 400,464 non-transferable broker warrants (the "Broker Warrants") to the Agent. Each Broker Warrant is exercisable to acquire one variable voting share of the Company (each, a "Broker Warrant Share") at a price of C$0.70 per Broker Warrant Share at any time until June 6, 2028, subject to adjustment in certain circumstances. In addition, in consideration for the provision of certain finder services to the Company in connection with the Offering, the Company also paid certain parties an aggregate cash finder's fee of C$28,738.50 and issued an aggregate 41,055 finder's warrants (the "Finder's Warrants"). The Finder's Warrants were issued on substantially the same terms as the Broker Warrants.