Western Exploration Inc · TSXV:WEX
Western Exploration — Investor Presentation (June 2025)
23 slides from Western Exploration's investor presentation, June 2025
Slide 1: Three High-Grade Gold Deposits, One Asset. The Aura Project, Nevada
Three High-Grade Gold Deposits, One Asset. The Aura Project, Nevada June 2025 TSX.V: WEX OTCQX: WEXPF
Slide 2: Cautionary Notes
2 Cautionary Notes This corporate presentation (this "Presentation") has been prepared to provide readers phrases or statements that certain actions, events or results "may", "could", "would", relating to mining activities; changes in international, national and local government, certain information
Slide 3: Cautionary Notes
3 Cautionary Notes Cautionary Note to U.S. Investors approved the scientific and technical information in this Presentation. This Presentation and considered to be "independent“ of Western Exploration for purposes of Section 1.5 contains information regarding mineral resources that are not mineral r
Slide 4: Opportunity
4 Western Exploration Opportunity Two Value Creating Projects in One Doby George: 1 g/t oxide heap leach that can generate >US$100M of operating cash flow annually Wood Gulch/Gravel Creek: Preserved epithermal district with multiple discoveries and resources World Class Nevada, The Top Management Te
Slide 5: Aura Project Overview
Overview 5 Aura Project Property • Covers approximately 61.6 km² • Mineral claims are 100% owned by WEX • Access to private fee land for exploration and development Endowment Independence trend hosts +15M ounces of Au resource and past production: • Aura(1) • Jerritt Canyon(2) • Big Springs(3) Locat
Slide 6: Aura Project Overview
6 Overview Aura Project The Aura project hosts 1.3M gold equivalent ounces in a N.I. 43-101 compliant resource across three unique gold and silver deposits: Doby George, Gravel Creek and Wood Gulch Doby George NPV5 of US$211M at $3,000 gold price 1 g/t Au at surface oxide deposit 2022 drilling
Slide 7: Significant High Grade Epithermal Discovery
7 Gravel Creek Deposit Significant High Grade Low sulfidation deposits in Northern Great Basin Epithermal Discovery Gravel Creek is analogous to significant world class past and current producers (1,2). • Midas 2.45M oz Au and 29.5M oz Ag • Sleeper 1.68M oz Au and 2.17M oz Ag • Delamar 1.0M oz Au an
Slide 8: High Grade Discovery
8 Gravel Creek High Grade Discovery Immediately Adjacent To Current Gravel Creek Resource Aggressive 80 m step outs Grades up to 257 g/t Au and 4,380 g/t Ag1 Open in all directions: Northern most hole: WG 417 - 3.05m drill width at 53.5 g/t AuEq Southern most hole: WG 458 - 1.98m at 7.41 g
Slide 9: Pathway to Resource Growth
9 Wood Gulch Gravel Creek Pathway to Resource Growth 2025 DRILL TARGET Wood Gulch Target open along Wood Gulch 3 kilometers of strike length ADVANCED DRILL TARGETS Gravel Creek open along strike Jarbidge and down dip Discovery Jarbidge Discovery open in all directions Gravel Creek TSX.V: WEX O
Slide 10: 2025 Drill Program
10 Wood Gulch 2025 DRILL PROGRAM Underexplored Past Producer Untested along 3-kilometer strike length 3 holes adjacent Tomasina Fault intersected anomalous to economic Au and Ag values in strongly altered preferred host rock Identical geology and geochemistry to Gravel Creek Potential for
Slide 11: District Scale Potential
11 Wood Gulch Gravel Creek District Scale Potential Well understood geology and ore controls leads to discovery Geochemistry, geology and geophysics all support multiple targets from discovery (North Badger) to mine (Wood Gulch) that are open for expansion TSX.V: WEX OTCQX: WEXPF
Slide 12: 2025 PEA Economic Results
12 Doby George Low Tech and High Grade = Strong Cash Flow 2025 PEA Economic Results Base Case: After-tax NPV of US$70.7M and an IRR of Base Case Upside Case 25.4% using a gold price of US$2,150 Gold Price (US$/oz) 2,150 3,000 Average Annual Operating Cash Flow(1) (US$) 63.3M 112.1M Pre-Tax NCF(2)
Slide 13: 2025 PEA Highlights
Doby George 2025 PEA HIGHLIGHTS Simple: Straight forward Operation open pit -> crush - > stack -> ARD recovery Compact: 7.5kT/day - Small footprint and short haulage distances Productive: 58,000 gold ounces recovered per year Economic: LOM 1.01 g/t gold grade drives US$75 per tonne/ $112M per year o
Slide 14: Long Term Resource Growth
14 Aura Project Long Term Resource Growth PEA 1 Doby George MRE / Advanced 2 Gravel Creek Drilling 3 Tomasina 2 Drill 4 NE Badger Gravel Creek 4 Target 6 5 Doby George Sulphides 7 3 Wood Gulch 6 GAP Conceptual 5 7 Maggie Summit 1 TSX.V: WEX OTCQX: WEXPF
Slide 15: Management Team
Western Exploration 15 Management Team Darcy Marud Curtis Turner, CPA Chief Executive Officer, President & Director Chief Financial Officer VP Finance and former executive roles at Former executive roles in exploration and development at Argonaut Gold and Meridian Gold inc. Meridian Gold Inc. and Ya
Slide 16: Capital Structure
16 TSX.V: WEX OTCQX: WEXPF Shareholder Breakdown Capital Structure As of January 2025 5% 3% 45.4M 3.0M Shares Outstanding Options 11% 12.4M 60.8M Institutions (1) Retail Warrants Outstanding Fully Diluted Shares Agnico Eagle 50% 14% High Net Worth Auramet Share Price Range C$0.61 – C$1.50 Dir and Ma
Slide 17: A World-Class Opportunity / Catalysts
17 Aura Project A World-Class Opportunity Catalysts Near Term Resource Expansion PEA on the Doby George resource Potential released May 2025 High-Quality Asset with Three High-Grade Deposits Technical report: late Q2 2025 Excellent Precious Metals Endowment Top Mining Jurisdiction 4,000m drill campa
Slide 18: Contact Us
Thank You Contact Us Darcy Marud, CEO Nichole Cowles, Director of IR 1-775-240-4172 info@westernexploration.com Head Office 121 Woodland Ave Ste 140 Reno, NV 89523 WesternExploration.com TSX.V: WEX OTCQX: WEXPF
Slide 19: 2024 Step out on Strike of High-Grade Discovery
* Intervals calculated with minimum 3.0 g/t AuEq; true width estimated at 60 - 100% of drill intervals ** Assays are uncut; AuEq calculated at 85:1 Ag:Au 19 Gravel Creek High - Grade FROM TO Interval FROM TO INTERVAL* AuEq ** Au Ag 2024 Step out on DRILL HOLE (ft) (ft) (ft) (m) (m) (m) (g/t) (g/t) (
Slide 20: High Grade Oxide
Doby George 20 High Grade Oxide Resource grade ranks in top quartile of Northern Nevada (US) open pit oxide deposits 1.77 *As of Q4 2022 1.47 1.39 1.42 1.42 Heap Leach Milled 1.15 1.11 Doby George Deposit 1.01 0.93 0.81 0.74 0.75 0.65 0.66 0.61 0.64 0.64 0.56 0.58 0.49 0.49 0.5 0.5 0.44 0.38 0.4 0.3
Slide 21: PEA Mine and Processing Parameters Production Schedule
Doby George 21 PEA Mine and Processing Production Schedule Parameters LOM Tonnes Ore Waste Tonnes Gold Gold Mining Mined Gold Grade Year Moved Contained Recovered Total Waste Tonnes Mined (Mt) 44.1 (g/t) (kT) (kT) (koz) (koz) Total Processed Tonnes Mined (Mt) 11.4 -1 179 2,659 0.64 4 Total Tonnes Mi
Slide 22: NI 43-101 Mineral Resource Estimate for Gravel Creek and Wood Gulch
Aura Project 22 NI 43-101 Mineral Resource Estimate for Gravel Creek and Wood Gulch Mineral Resources (October 20, 2021)(1)(2) 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) Wood Gulch(4) 4,359,000
Slide 23: NI 43-101 Mineral Resource Estimate for Doby George
Aura Project 23 NI 43-101 Mineral Resource Estimate for Doby George Mineral Resources (January 27, 2025)(1)(2) INDICATED INFERRED Au Au Au Au Tonnes Tonnes (g/t) (ozs) (g/t) (ozs) Doby George(5) 13,662,000 0.90 394,000 3,270,000 0.68 71,000 TOTAL 13,662,000 0.90 394,000 3,270,000 0.68 71,000 Notes:
Western Exploration — Investor Presentation (June 2025) on 6ix