Western Exploration Grants Incentive Stock Options

Western Exploration Inc. (TSXV: WEX; OTCQX: WEXPF) (the "Company" or "Western Exploration") wishes to announce that on August 5, 2024, in accordance with its omnibus equity incentive plan (the "Plan"), the Company has granted to certain directors, officers, employees, and consultants of the Company a total of 1,265,000 stock options (each, an "Option"), with each Option exercisable for one common share of the Company (each a "Common Share") at a price of $1.10 per Common Share for a period of 3 years from the date of grant. The Options will vest according to the following schedule: one-half immediately, one-quarter at 12 months after the date of grant, and the remaining quarter at 24 months after the date of grant.

In addition, the Company wishes to announce that it has issued 150,000 stock options in accordance with the Plan (each an "IR 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 3 years from the date of grant. The IR Options will vest according to the following schedule: one-half at 6 months after the date of grant, one-quarter at 12 months after the date of grant, and the remaining quarter at 18 months after the date of grant.

The Options and IR Options are subject to TSX Venture Exchange ("TSXV") 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

Western Exploration is focused on advancing the 100% owned gold-silver Aura project, located approximately 120 kilometers/75 miles north of the city of Elko, Nevada. 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 is comprised of an experienced team of precious metals experts that 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+ (www.sedarplus.ca) under the Company's issuer profile.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240806930578/en/

For more information please contact:

Darcy Marud Chief Executive Officer Telephone: [phone] Email: [e-mail]

Nichole Cowles Investor Relations Telephone:  [phone] Email:  [e-mail]