Western Exploration Updates 2025 Exploration Program Targeting the Tomasina Fault Zone, as Part of the Aura Project

The most recent news, dated October 30, 2025, provides an update on Western Exploration Inc.'s 2025 Reverse Circulation (RC) drill program at the Tomasina Fault Zone, part of the Aura Gold-Silver Project in Nevada. The company reports that 3,239 meters of drilling in 9 holes have been completed, out of a planned 4,000-meter program. Initial visual results are encouraging, with drilling confirming widespread clay alteration and local quartz-sulfide veining, particularly in three of five holes in the Saddle area where Frost Creek tuff, stockwork veining, and hydrothermal breccia zones were intersected. Assay results for these drill holes are pending.

CEO Darcy Marud expressed confidence in the initial visual results, noting that only about 20% of the total strike length of the Tomasina target has been tested so far, with key areas remaining to be drilled. He believes these results support the potential for resource expansion at Tomasina, complementing the growing resource base at Gravel Creek and the Jarbidge discovery.

This update follows a series of developments, including: - October 1, 2025: Filing of an amended NI 43-101 Technical Report for the Aura Project. The amendment corrected inconsistencies in capital and operating cost tables, which led to a minor increase in the Base Case All-in Sustaining Cost (AISC) from US$1,152/oz to US$1,172/oz. Crucially, the company stated this had "no impact on underlying inputs, capital cost estimates, or economic outcomes of the PEA." - August 22, 2025: Release of Interim Financial Statements for the period ended June 30, 2025, showing improved cash reserves and positive working capital following a recent financing. - August 5, 2025: Commencement of the 4,000-meter RC drill program at the Tomasina fault zone, targeting extensions down-dip from the Wood Gulch and Saddle resource areas, building on exploration success at Gravel Creek. - July 22, 2025: Mobilization of crews for the 2025 drill program at the Wood Gulch target. - June 25, 2025: Filing of the initial NI 43-101 Technical Report for the Preliminary Economic Assessment (PEA) of the Doby George deposits and the updated Mineral Resource Estimate (MRE) for Gravel Creek. - June 23, 2025: Announcement of a 54% increase in Inferred Gravel Creek Gold Equivalent Mineral Resources, driven by a high-grade vein discovery in the Jarbidge rhyolite and a revised geological model. - June 6, 2025: Closing of a C$5.0 million private placement, with proceeds earmarked for Aura project exploration, general corporate purposes, and working capital. This financing was essential given the company's financial position at March 31, 2025. - May 8, 2025: Announcement of a positive PEA for the Doby George resource, highlighting an After-Tax NPV5% of US$70.7 million and an IRR of 25.4% at a US$2,150/oz gold price. Pre-production capital was estimated at US$115.2 million (excluding working capital). - February 24, 2025: Definition of the Tomasina Fault system as a major new exploration target zone (3.0 km strike length) 1.0 km west of Gravel Creek, with planned drill testing in 2025. - January 8, 2025: Reporting on the extension of high-grade mineralization at Gravel Creek, specifically in the Jarbidge rhyolite discovery area from the 2024 core drilling program.

The most recent news (October 30, 2025) indicates progress on the 2025 exploration program at the Tomasina Fault Zone. The completion of drilling and the observation of encouraging visual results are positive indicators for an exploration-stage company. However, "visual results" are inherently subjective and do not provide definitive economic or resource-defining information. The true impact will only be known once assay results are released.

This news is in line with previous expectations outlined in the February 24, 2025, and subsequent drilling initiation announcements (July 22, August 5). The company has successfully executed the drilling phase as planned. The CEO's comments are optimistic but cautious, focusing on the potential and the fact that a large portion of the target remains untested.

Considering the company's recent achievements: - Positive PEA for Doby George (May 8, 2025): This was a significant milestone, providing initial economic viability for a portion of the Aura project. While the amended report (October 1, 2025) slightly increased AISC, it confirmed the economic outcomes, which is important for derisking the project. - Significant MRE increase for Gravel Creek (June 23, 2025): A 54% increase in inferred gold equivalent resources at Gravel Creek is a material positive development, expanding the known mineralization and adding to the project's overall potential. The Jarbidge rhyolite discovery, contributing significantly to this increase, represents new high-grade mineralization. - Successful C$5.0 million financing (June 6, 2025): This financing addressed the company's immediate capital needs, as evidenced by the improved cash balance in the June 30, 2025 financials. This de-risked the company financially for the near term and allowed for the funding of the current drill program.

The current news, while positive, is a step in the ongoing exploration process. It confirms operational progress but does not yet deliver the definitive results (assays) that would materially impact the stock price in the same way a PEA or a significant resource upgrade does. The market is likely to react more significantly to the forthcoming assay results.

One minor inconsistency to note: the July 22 news stated a "diamond drill" program, while subsequent news (August 5 and October 30) refers to an "RC drill" program. This is likely an error in the initial reporting or a change in plans, but the current update confirms RC drilling.

Overall, the news is a routine positive update on an anticipated exploration program, demonstrating execution but lacking the definitive data for a material re-rating.

Western Exploration Inc. (TSXV: WEX, OTCQX: WEXPF) is a Canadian mineral exploration company focused on gold and silver projects in Nevada, USA. Its flagship asset is the Aura Gold-Silver Project, located approximately 120 kilometers north of Elko, Nevada. The Aura Project comprises 709 unpatented lode mining claims (12,848 acres) and mineral leases on 2,296 acres of fee land.

The Aura Project hosts several deposits, including Doby George, Gravel Creek, and Wood Gulch. The project has year-round accessibility and access to water and electricity.

Recent developments at the Aura Project include: * Doby George: A Preliminary Economic Assessment (PEA) was completed in May 2025 (amended in Oct 2025), demonstrating positive economics with an After-Tax NPV5% of US$70.7 million and an IRR of 25.4% at a US$2,150/oz gold price. The PEA envisions a 5-year project life with estimated pre-production capital costs of US$115.2 million. * Gravel Creek: An updated Mineral Resource Estimate (MRE) in June 2025 showed a 54% increase in Inferred Gold Equivalent Mineral Resources to 683,000 ounces, driven by a new high-grade vein discovery in the Jarbidge rhyolite. Indicated resources are 254,000 AuEq ounces. * Wood Gulch / Tomasina Fault Zone: This area, which includes a past-producing open pit, has been identified as a major new exploration target zone with a 3.0 km strike length along the Tomasina Fault system. The company is currently drilling this zone, targeting extensions of high-grade mineralization.

The project is subject to multiple royalties: - 2% NSR on precious metals and 1.4% NSR on base metals payable to IL Minerals LLC. - RG Royalties holds a 2% NSR after the first 400,000 ounces of gold production at Doby George, at which point the IL Minerals NSR on that specific area decreases to 1%. - An additional 1% NSR and production royalties ranging from 0.1% to 1% payable to Tyler Shepard on claims overlying the Wood Gulch. - A 1% royalty on the entire Aura project to Agnico Eagle, with a buyback option for $5,000,000 for 2 years (from Dec 22, 2021), escalating thereafter.