Slide 1: Growing Gold-Silver Discovery in Northern Nevada
Growing Gold- Silver Discovery in Northern Nevada TSXV: WEX Investor Presentation VRIC | May 2022 WesternExploration.com | May 2022
Slide 2: Cautionary Information
2 Cautionary Information This corporate presentation (the "Presentation") is being furnished on a confidential basis in order to provide readers certain In making the forward-looking statements in this Presentation, the Company has applied certain factors and assumptions that it information with res
Slide 3: Who is Western Exploration?
3 Who is Western Exploration? Established Nevada precious metals 1 exploration company with 25 years of history Public listing went live on the TSX on January 2 19, 2022 and OTC on February 14, 2022 TSXV: WEX Assets are virtually unknown as they have 3 not been in the public markets since the early
Slide 4: Market Share & Capitalization
4 Market Share & Capitalization Exchanges: TSXV: WEX; OTC: WEXPF Shares Outstanding: 30.4M Fully Diluted Shares: (1) 33.5M VWAP Share Price: (1/19 trading began) $1.36 CAD Cash: (2) $5M CAD TSXV: WEX Debt: (long term) $600k CAD Major Shareholders Golkonda LLC 65.6% Agnico Eagle (USA) Ltd 17.9% Weste
Slide 5: Western Exploration Highlights
5 Western Exploration Highlights Nevada, Leading Jurisdiction(1) High Quality Asset with Near Term Growth Catalysts Team Focused on Delivery 100% owned – with gold resources in excess of 1M Proven management team ounces and 10M ounces of silver(2): involved in precious metals discoveries: • Mercedes
Slide 6: Project Impact
6 Project Impact Increased Ounces | Improved Project Economics | Company Valuation Grows Project Goal’s Preliminary Economic Assessment ~ 2 year Development Plan ($10M Investment following drilling (Targeting 2024) Prefeasibility on a 5,000 – 7,000 tpd open pit, over 18 months) heap leach mine
Slide 7: Nevada Leads the Way
7 Nevada Leads the Way A Leading Jurisdiction for Gold Discovery and Mining • Historical production of over 185 million ozs(1) • 5.58M gold ozs produced in 2019 (Nevada hosted 84% of US gold production)(2) TSXV: WEX • Located in 4th biggest gold producing “country”(3) USA is in Top 5 of Most Attract
Slide 8: Aura Project Overview
8 Aura Project Overview Summary Property: 3.2 km to Nevada • 100% owned by WEX state highway 225 • 61.6 km², Mineral claims are 100% owned by WEX 3 Deposits: Project • Gravel Creek Access • Doby George TSXV: WEX • Wood Gulch Location: Approx. 100 km north of Elko. Infrastructure: Water and power gri
Slide 9: Target Rich Environment, Significant Expansion Potential
9 Target Rich Environment, Significant Expansion Potential Gravel Creek (New Discovery) Indicated • 200k Au ozs @ 4.73 g/t • 3,169k Ag ozs @ 75.0 g/t (from 1,315Mt) Inferred • 367k Au ozs @ 4.16 g/t • 5,307k Ag ozs @ 60.20 g/t (from 2,744Mt) Doby George TSXV: WEX Indicated 407k Au ozs comprised of:
Slide 10: Gravel Creek – A New Discovery
10 Gravel Creek – A New Discovery Asset Valuation Objectives • Initial Underground Sulfide Resource (3.0 g/t Au cutoff) (1) • Expand Mineral Envelope through Indicated: 200k Au ozs, 3,169k Ag ozs, (1.315Mt, 4.73 g/t Au and 75.0 g/t Ag ) exploration and infill drilling Inferred: 367k Au ozs, 5,30
Slide 11: Gravel Creek/Wood Gulch – Exploration Targets
11 Gravel Creek/Wood Gulch – Exploration Targets Surface alteration in Jarbidge Rhyolite Gravel Creek 1 Resource Area Gravel Creek NW Fault Extension 2 (Geophysical and As-in-soil anomalies) TSXV: WEX 5 “GAP” ZONE 3 (1.0 km drill gap between Wood Gulch, past producing open pit, and Gravel Creek) 2 4
Slide 12: Gravel Creek - Cross Section and Potential
12 Gravel Creek - Cross Section and Potential • Low sulphidation epithermal B B’ • Mineralization in sulphide (marcasite and pyrite) stockworks and breccias within alteration zones of clay-silica-pyrite • The current resource has been traced along strike for 400 meters and >600 meters down dip • Foo
Slide 13: Wood Gulch to Gravel Creek - High Au +/- Ag grades
13 Wood Gulch to Gravel Creek - High Au +/- Ag grades High Au and Ag grades at mineable UG widths intersected over a +1.0 km vertical range and 1.5 km horizontal range • Grades and intercept widths are comparable in core and From To Interval Ag AuEq Host Area Hole Type Elev (m) Au g/t (m) (m) (m) g/
Slide 14: Wood Gulch
14 Wood Gulch Asset Value • Future exploration potential based on Producer in the 80’s, historical high-grade resource Gravel Creek geology model • Current Near Surface, Oxide Deposit 4.359Mt containing: 93k Gold ozs @ 0.66 g/t Au Historical Metallurgy and Production 808k Silver ozs @ 0.74 g/t AuEq
Slide 15: Doby George
15 Doby George Asset Valuation Objectives Near Surface, Oxide Deposit: • Expand Mineral Envelope • Resource defined by 827 Drill Holes Metallurgy Objective • 28 bottle roll and 26 column leach test completed by previous operators indicate recoveries of approx. 70% with 2 stage crush • Assess Crush S
Slide 16: Doby George – Grade, width and open at depth
16 Doby George Grade, width and open at depth • Drilling completed by WEX has demonstrated very good continuity in grade and width • Best grades near surface with potential low strip ratio • Open down dip, transitions to mixed and unoxidized material TSXV: WEX DG87A 7.6 m @ 5.5 g/t Au ? ? D758 35 m
Slide 17: Doby George – Comparable grade to other US open pit oxide deposits
17 Doby George Comparable grade to other US open pit oxide deposits Select North American Open Pit Gold Projects – Grade (Au g/t) 1.77 1.47 1.39 1.42 1.42 TSXV: WEX 1.11 1.15 0.92 0.93 0.81 0.74 0.75 0.56 0.58 0.61 0.64 0.65 0.66 0.5 0.5 0.4 0.44 0.49 0.49 0.34 0.35 0.38 0.22 WesternExploration.com
Slide 18: Comparable Company Valuation Analysis
18 Comparable Company Valuation Analysis Selected North American Gold Exploration & Development Companies Market Enterprise Key Asset Global Resource1 EV/ Company Cap. Value Name Stage Location P&P M&I Inferred MI&I2 MI&I (C$M) (C$M) (Moz AuEq) (Moz AuEq) (Moz AuEq) (Moz AuEq) (US$/oz AuEq) Marathon
Slide 19: Compelling Valuation with Potential Upside
19 Compelling Valuation with Potential Upside Experienced 607K/3,169K A Leading Gold & Proven Indicated Mining Management 578K/6,115K Jurisdiction, Team Inferred TSXV: WEX Nevada Au/Ag oz Gravel Creek Doby George Near term Expansion 5 targets on open pit Drilling property 3 Additional production Dep
Slide 20: Thank You!
20 Thank You! WesternExploration.com TSXV: WEX WesternExploration.com | May 2022
Slide 21: Management Team
21 Management Team Strong culture of discovery based on former success at Meridian Gold Inc. Darcy Marud Mark Hawksworth Chief Executive Officer, President and Director P. Geo., Aura Project General Manager • Former executive roles in exploration and development at • Former Senior Director of North
Slide 22: Experienced Board of Directors
22 Experienced Board of Directors Marceau Schlumberger Brian Kennedy Nicolas Schlumberger Chairman of the Board Lead Director Director • Founder and Managing Member of Coral Reef • Founder and former Chairman of Argonaut • Former Managing Director at Drexel Burnham Capital, a natural resources priva
Slide 23: Aura Project NI 43-101 Mineral Resource Estimate – Appendix A
23 Aura Project NI 43-101 Mineral Resource Estimate – Appendix A RESERVES & RESOURCES (October 14, 2021) INDICATED INFERRED Au Au Ag Ag AuEq AuEq Au Au Ag Ag AuEq AuEq Tonnes Tonnes (g/t) (ozs) (g/t) (ozs) (g/t) (ozs) (g/t) (ozs) (g/t) (ozs) (g/t) (ozs) Doby George1 12,922,000 0.98 407,000 0.98 407,
Slide 24: Appendix A – Aura Project NI 43-101 Mineral Resource Estimate (cont'd)
24 Appendix “A” – Aura Project NI 43-101 Mineral Resource Estimate (cont’d) • Darcy Marud, P.Geo. (APGO, Practising Member, 1928), geologist, CEO of Western Exploration & Development LLC a “qualified person” under NI 43 - 101 - Standards of Disclosure for Mineral Projects, has reviewed and approved
Slide 25: Thank You
TSXV: WEX Thank You Darcy Marud - CEO Nichole Cowles – Director of IR 1-775-240-4172 info@westernexploration.com www.westernexploration.com WesternExploration.com | May 2022