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Western Exploration Reports Positive Doby George Metallurgical Results, Including Average Recoveries of 72%

Metallurgy & Processing

WESTERN EXPLORATION REPORTS POSITIVE DOBY GEORGE METALLURGICAL RESULTS,

INCLUDING AVERAGE RECOVERIES OF 72%

Vancouver, British Columbia – January 17, 2024 – Western Exploration Inc. (TSXV: WEX; OTCQX: WEXPF)

(the "Company " or " Western Exploration") is pleased to announce the results of 2023 m etallurgical

testing.

Highlights from the work include:

• C

olumn test work conducted by McClelland Laboratories, Inc. ("MLI") of Reno, Nevada on PQ core

from 2022 drilling returned (i) average leach recoveries of 65% (range 56.1% to 77.8%) for -50 mm

(2 inch) feed size, and (ii) average recoveries of 72% (range 64% to 81.8%) for 80%-12.7 mm (1/2

i

nch) feed size.

• Cyanide consumption was low and expected to be below 0.4 k ilogram Na CN/metric ton

(¨kgNaCN/mt¨) of ore for 12.7 mm crush size and hydrated lime consumption of between 0.7 to

2.0 kilogram/metric ton (¨kg/mt¨) of ore during commercial leaching.

• "Load permeability" tests on residual leached 12.7 mm material indicated adequate permeability

for commercial heap leach stack heights of up to 91 meters (300 feet) without any pretreatment

agglomeration.

Western Exploration CEO, Darcy Marud, said, "Western Exploration is pleased that the Doby George

metallurgical results report high leach recovery rates that are consistent with past metallurgical work. The

completed test work is a key milestone identified in the 2021 technical report and a key component needed

to advance the Doby George deposits towards a pre-feasibility study."

2023 Column Leach Metallurgy Results

A detailed heap leach testing program was conducted on drill composites representing gold bearing oxide

and mixed materials collected from the Doby George deposit with PQ drilling in 2022 (Figure 1). Agitated

cyanidation bottle roll tests were conducted on a total of 46 drill core composites to obtain preliminary

information regarding heap leach amenability and ore variability. The results of the bottle roll tests were

reported in the Company's news release dated July 10, 2023 and entitled "Western Exploration Reports

Average of 69.3% Gold Extraction from First Round of Metallurgical Test Work at Doby George, Aura

Project, NV" . Based on the results of the bottle roll testing, a total of seven master (column test)

composites were prepared for column leach testing . Five oxide and one blended oxide/mixed c olumn

leach tests were conducted at - 50 mm (2 inch) and 80% -12.7 mm (1/2inch) feed sizes . A seventh

composite, representing mixed ma terial from deep within the West Ridge area , was tested at an 80% -

12.7 mm feed size. The column tests were conducted to determine gold recovery, recovery rate, reagent

consumptions and feed size sensitivity u nder simulated heap leaching conditions . Summary results are

presented in Table 1.

2

Figure 1 :Location of 2022 PQ Metallurgical test holes and key intercepts, relative to resource zones and the modeled

US$1,300 grade shell for the Doby George deposit.

Table 1 : Summary Metallurgical Results, Cyanide Leach Tests, Doby George Column Composites

Gram Au/metric ton ore

Reagent Requirements,

kilogram/metric ton ore

Feed

Size

Test

Type*

Leach Time,

Days

Au Rec.,

% Extracted Tail

Calculated

Head

Avg.

Head

NaCN

Consumed

Lime

Added

4838-047, NW Ridge, DGC789, Oxide

-50 mm CLT 113 77.8 1.12 0.32 1.44 1.54 0.41 0.9

80%-12.7 mm CLT 114 81.8 1.35 0.30 1.65 1.54 0.78 0.9

80%-1.7 mm BRT 4 85.5 1.30 0.22 1.52 1.54 <0.10 0.9

4838-048, West Ridge Starter Pit - Upper, DGC790/DGC791, Oxide

-50 mm CLT 113 56.1 1.05 0.82 1.87 1.77 0.46 0.8

80%-12.7 mm CLT 114 64.0 1.26 0.71 1.97 1.77 0.82 0.8

80%-12.7 mm CLT 114 68.1 1.28 0.60 1.88 1.77 0.86 0.8

80%-1.7 mm BRT 4 71.9 1.23 0.48 1.71 1.77 0.26 0.8

4838-049, West Ridge Starter Pit - Lower, DGC790/791, Oxide

-50 mm CLT 113 60.2 1.12 0.74 1.86 1.73 0.50 0.7

80%-12.7 mm CLT 120 70.1 1.29 0.55 1.84 1.73 0.81 0.7

80%-1.7 mm BRT 4 77.1 1.31 0.39 1.70 1.73 0.20 0.7

4838-050, Daylight, DGC792, Oxide

-50 mm CLT 133 69.9 1.14 0.49 1.63 1.50 0.95 2.0

3

Gram Au/metric ton ore

Reagent Requirements,

kilogram/metric ton ore

Feed

Size

Test

Type*

Leach Time,

Days

Au Rec.,

% Extracted Tail

Calculated

Head

Avg.

Head

NaCN

Consumed

Lime

Added

80%-12.7 mm CLT 134 78.8 1.30 0.35 1.65 1.50 1.11 2.0

80%-1.7 mm BRT 4 80.1 1.25 0.31 1.56 1.50 0.12 2.0

4838-051, Daylight, DGC793, Oxide

-50 mm CLT 120 57.4 0.89 0.66 1.55 1.32 0.75 1.9

80%-12.7 mm CLT 120 66.7 1.00 0.50 1.50 1.32 1.05 1.9

80%-1.7 mm BRT 4 65.5 0.91 0.48 1.39 1.32 0.14 1.9

4838-054, Twilight, DGC794/DGC795, Oxide/Mixed

-50 mm CLT 113 67.9 1.65 0.78 2.43 2.42 0.64 0.9

80%-12.7 mm CLT 120 72.9 1.83 0.68 2.51 2.42 0.96 0.9

80%-1.7 mm BRT 4 71.4 1.80 0.72 2.52 2.42 0.19 0.9

4838-055, West Ridge Deep, DGC796, Mixed

80%-12.7 mm CLT 30 6.1 0.06 0.93 0.99 0.99 0.18 1.1

80%-1.7 mm BRT 4 3.2 0.03 0.91 0.94 0.99 0.26 1.1

*CLT is Column Leach Test

BRT is Bottle Roll Test (previously reported in the Company's news release dated July 10, 2023 and entitled "Western Exploration

Reports Average of 69.3% Gold Extraction from First Round of Metallurgical Test Work at Doby George, Aura Project, NV"

All five oxide composites were amenable to simulated heap leach cyanidation treatment at both feed sizes

evaluated. This includes composites from the West Ridge and Daylight areas. Gold recoveries obtained at

the -50 mm feed size ranged from 56.1% to 77.8% and averaged 64.3% in 113 to 133 days of leaching .

Crushing the composites to 8 0%-12.7 mm in size was effective in increasing gold recoveries . Gold

recoveries obtained from the oxide composites at the - 12.7 mm feed size ranged from 64 .0% to 81.8%

and averaged 71.6% in 114 to 134 days.

A single composite of material from the Twilight area was tested . That composite included a blend of

oxide and mixed material. Gold recoveries obtained from the composite at the -50 mm and -12.7 mm feed

sizes were 67.9% in 113 days and 72.9% in 120 days.

A single composite of deep mixed material from the West Ridge area was column tested at the -12.7 mm

size. That material was not amenable to heap leaching at that feed size. The column test gold recovery

was only 6.1% and leaching was complete in less than 30 days . This composite had an elevated sulfide

sulfur content (0.47%) and relatively low CN/FA ratio (7.7% Au) . Locking of gold in sulfide minerals may

be the cause for the refractory nature of the material.

Gold recovery rates were moderate, and with the exception of composite 4838-047, were not particularly

sensitive to feed size (Figure 2-Figure 4). In the c ase of composite 4838-047, crushing from -50 mm to -

12.7 mm in size significantly increased the gold recovery rate. In all cases gold extraction was progressing

at a slow rate (~1%/month average). On average after 60 days of leaching, approximately 95% of the final

gold recovery was completed for the 80%-12.7 mm feed size and 92% of the final gold recovery for the -

50 mm feed size.

4

Figure 2 : Gold Leach Rate Profiles, Column Leach Tests, Doby George Composites 4838-047 and 048.

Figure 3: Gold Leach Rate Profiles, Column Leach Tests, Doby George Composites 4838 -049 and 055

0

10

20

30

40

50

60

70

80

90

100

0 10 20 30 40 50 60 70 80 90 100 110 120

Cumulative Au Recovery, % of total

Leach Time, # days

4838-047, 50mm 4838-047, 80%-12.7mm Blank

4838-048, 50mm 4838-048 (A), 80%-12.7mm 4838-048 (B), 80%-12.7mm

0

10

20

30

40

50

60

70

80

90

100

0 20 40 60 80 100 120 140

Cumulative Au Recovery, % of total

Leach Time, # days

4838-049, 50mm 4838-049, 80%-12.7mm 4838-055, 80%-12.7mm

5

Figure 4 :Gold Leach Rate Profiles, Column Leach Tests, Doby George Composites 4838-050, 051 and 054

Oxide and oxide/mixed column test cyanide consumptions were moderate and ranged from 0.41 to 1.11

kgNaCN/mt of ore. Commercial consumptions should be significantly lower and would probably not

exceed 0.4 kgNaCN/mt ore for heap leaching of the oxide material at an 80% -12.7 mm feed size. The 0.7

to 2.0 kg/mt hydrated lime added before leaching was sufficient for maintaining protective alkalinity

during leaching.

Fixed wall hydraulic conductivity tests conducted on the - 12.7 mm feed size column leached residues

showed that the material types tested are expected to be adequately permeable for commercial heap

stack heights to up to 91 meters (330 feet) without the need for agglomeration.

MLI recommends additional column leach test work on low grade drill composites to further study the

relationship of grade and recovery, the evaluation of high-pressure grinding roll crushing on higher grade

material and additional ore variability bottle roll test work for geometalurigical modeling of the deposit.

About Doby George

Doby George is one of the highest-grade, undeveloped open pit heap leach resources in Nevada and one

of three mineral deposits on Western Exploration's 100% owned Aura gold -silver project located in

Nevada (the "Aura Project"). The Aura Project is located 32 kilometers north of the Jerritt Canyon mine,

which has been in continual operation since 1981. The deposit is an outcropping, high -grade sediment-

hosted mineral deposit, with multiple zones of mineralization identified by drilling in a 1.7 x 0.8 kilometer

area (see Figure 5 below). The zone of oxidation extends 150 to 200 meters below surface, while limited

deep drilling has encountered unoxidized gold mineralization at depths of over 600 meters below surface.

Homestake Mining Company initially discovered the deposit in the mid -1980s. Since that time, 836 drill

holes have been completed, totaling 116,355 meters of drilling. This includes 83 drill holes totaling 23,760

meters that were drilled by Western Exploration LLC between 1998 and 2022. Metallurgical test work

completed on oxidized material by Homestake Mining Company, Independence Mining Company, and

Atlas Precious Metals Inc., has indicated favorable metallurgy for standard cyanide heap leach processing.

0

10

20

30

40

50

60

70

80

90

100

0 20 40 60 80 100 120 140

Cumulative Au Recovery, % of total

Leach Time, # days

4838-050, 50mm 4838-051, 50mm 4838-054, 50mm

4838-050, 80%-12.7mm 4838-051, 80%-12.7mm 4838-054, 80%-12.7mm

6

Results from the previous metallurgical testing completed on 52 bottle rolls and 23 column leach samples

indicate that heap leach gold recoveries approaching seventy percent can be expected via a crush of 1 to

1.5 inches.

Figure 5 : Doby George deposit with +1.0 g/t Au resource blocks and US$1,800 Au pits.

In addition to an established mineral resource estimate (as determined in accordance with National

Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101")) as outlined in the NI 43-

101 technical report entitled "2021 Updated Resource Estimates and Technical Report for the Aura Gold-

Silver Project, Elko County, Nevada" dated October 20, 2021 (with an effective date of October 14, 2021)

(the "Technical Report"), the Aura Project has well established infrastructure including year- round

accessibility by highway and county -maintained road and nearby access to water and electricity (see

Figure 6 below). Western Exploration has exploration, development, and mining rights on 930 hectares

of privately owned land through a mineral lease agreement with a local landowner and may purchase

those fee lands at any time for the development of Doby George.

Figure 6 : Aura Project – Landholdings and Infrastructure.

7

The 6,000-hectare Aura Project has identified mineral resources in three different deposits (Doby George,

Gravel Creek, and Wood Gulch), as supported by Technical Report (see Table 2 below).

Table 2: Updated mineral resource estimates for the Aura Project as contained in the Technical Report .

MINERAL RESOURCE ESTIMATE(1)

Indicated Inferred

Tonnes

Au

(g/t)

Au

(ozs)

Ag

(g/t)

Ag

(ozs)

AuEq

(g/t)

AuEq

(oz.) Tonnes

Au

(g/t)

Au

(ozs)

Ag

(g/t)

Ag

(ozs)

AuEq

(g/t)

AuEq

(oz.)

Doby

George(2)

12,922,000 0.98 407,000 - - 0.98 407,000 4,999,000 0.73 118,000 - - 0.73 118,000

Wood

Gulch(3)

- - - - - - - 4,359,000 0.66 93,000 5.80 808,000 0.74 104,543

Gravel

Creek(4)

1,315,000 4.73 200,000 75.0 3,169,000 5.81 245,271 2,744,000 4.16 367,000 60.20 5,307,000 5.02 442,814

TOTAL 14,237,000 1.33 607,000 75.0 3,169,000 1.43 652,271 12,102,000 1.48 578,000 15.74 6,115,000 1.71 665,357

Notes:

(1) Au equivalent oz assumes US$1,800 per oz Au and 70:1 ratio of Ag:Au.

(2) Pit constrained 0.2 g/t AuEq cutoff for oxide, 0.4 g/t Au cutoff for mixed and 1.4 g/t Au cutoff for unoxidized.

(3) Pit constrained 0.2 g/t AuEq cutoff.

(4) 3.0 g/t Au cutoff.

See "Cautionary Statements Regarding Estimates of Mineral Resources" below.

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 premiere 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.

For more information please contact:

Darcy Marud

Chief Executive Officer

Telephone: (775) 329-8119

Email: [email protected]

Nichole Cowles

Investor Relations

Telephone: (775) 240-4172

Email: [email protected]

8

Qualified Person Approval

The scientific and technical information in this news release has been reviewed and approved by Mark

Hawksworth, General Manager of the Aura Project , and Jack McPartland of MLI , each of whom is a

"qualified person" within the meaning of NI 43-101.

Quality Assurance / Quality Control

Exploration program design, Quality Assurance/Quality Control (" QA/QC") and the interpretation of

results is performed by qualified persons employing a QA/QC program consistent with NI 43 -101 and

industry best practices. For Western Exploration legacy samples, standards and blanks and duplicates

were generally included approximately every 20th sample for QA/QC purposes by the Company as well as

the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay . QA/QC

controls are not fully documented for legacy assays from the 1980s and 1990s but Mi ne Development

Associates conducted rigorous evaluation of adjacent assay intervals as part of the Technical Report

resource calculations. Please see below under the heading "Cautionary Note Regarding Forward-Looking

Information" for further details regarding the risks facing Western Exploration.

KLM Geophysics completed a three -line induced polarization & resistivity (IP) survey over the Doby

George area in July and August 2023. Oversight of acquisition & processing was done by Western

Exploration LLC ("WEX") geologists and R. Ellis acting as consultant to WEX . Data were collected using a

pole-dipole (PDP) array with electrode spacing of 200 metres designed to acquire data to depths of 500

metres southwest of the Doby George mineralization. Data processing and editing was done by S. Walker

of Campbell & Walker Geophysics Ltd. acting as consultant to KLM Geophysics. 2D inversion modeling was

done by S. Walker using the UBC code and by R. Ellis using the Seequent VOXI and Loki Res2DInv codes .

The results were comparable although the VOXI and UBC inversion were most similar and are used for

interpretation. Targeting comments in this press release are based on recommendations presented by R.

Ellis.

Metallurgical Test Work

Interval Preparation and Assay

A total of 431 drill hole interval samples were received for preparation and assay. The samples were whole

PQ drill core from nine drill holes (DGC789 through DGC797) with an average length of 2.0 meters. Each

interval sample was jaw -crushed to a nominal 50 mm (2 inches) topsize. Crushed intervals were each

thoroughly blended by repeated coning and were quartered to obtain a split for finer crushing. Each one-

quarter split was crushed to approximately 2 mm in size and was blended and split to obtain 0.3 kg for

pulverization. Each 0.3 kg split was pulverized to >95%-106µm (150-mesh) and used for assay.

QC samples (blanks and standards) were provided by WEX, with the drill hole interval samples. The blanks

were crushed (-19 mm) rock samples, which generally weighed <1 kg each. Those samples were prepared

with the corresponding drill interval samples in the order specified by WEX (as reported in the assay

certificates). Because of their size and fineness, only the crushing to 2 mm in size, splitting and pulverizing

was required for the blanks . The standards were received as assay pulps and were submitted fo r assay

with the drill hole interval assay pulps in the order specified by WEX . MLI internal blanks and standards

were also assayed as part of MLI's normal QA/QC protocols.