Technical Study
Western Exploration Files Amended NI 43-101 Technical Report for the AURA Gold Silver Project
WEX · Price
Executive Summary
- Western Exploration filed an amended technical report (NI 43‑101) for the Aura Project, correcting cost table inconsistencies and updating the Base Case all‑in sustaining cost to US$1,172/oz Au.
- The amendment does not change any underlying inputs or economic outcomes of the previously announced PEA; the company reconfirms the original PEA economics (Base Case NPV US$94.7 M, IRR 31.8%).
- Detailed capital and operating cost tables for the Doby George deposit are provided, confirming total pre‑production capital of US$127.6 M and LOM sustaining costs of US$22.24/tonne processed.
Key Details
- Amended Technical Report – Effective June 17 2025; filed on SEDAR+. Prepared by RESPEC Company LLC and Kappes, Cassidy & Associates (qualified persons).
- Key Clarifications
- Corrected inconsistencies in capital and operating cost summary tables (sections 1.10, 1.11, 21, 21.1 of the Initial Report).
- Updated Base Case AISC: US$1,172/oz Au (previously reported US$1,152/oz). No impact on other PEA inputs or outcomes.
- PEA Economics – Table 1 (re‑affirmed)
| Metric | Base Case | Upside Case |
|---|---|---|
| Gold price (US$/oz) | 2,150 | 3,000 |
| Avg. annual operating cash flow (US$) | 63.3 M | 112.1 M |
| Pre‑tax NCF (US$) | 132.4 M | 336.5 M |
| Pre‑tax NPV₅ (US$) | 94.7 M | 265.9 M |
| Pre‑tax IRR (%) | 31.8% | 75.7% |
| After‑tax NCF (US$) | 103.7 M | 271.2 M |
| After‑tax NPV₅ (US$) | 70.7 M | 211.2 M |
| After‑tax IRR (%) | 25.4% | 62.2% |
| Payback period (years) | 2.7 | 1.4 |
- Project Capital Costs – Table 2
- Pre‑production capital: US$127.6 M (Mining $2.8 M, Pre‑stripping $14.7 M, Processing/Support $78.5 M, Owners’ costs $9.0 M, Indirect $2.3 M, EPCM $7.9 M, Working capital $12.4 M).
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LOM sustaining capital: US$10.5 M (Processing/support $10.3 M, Mining $0.2 M).
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Project Operating Costs – Table 3 (LOM total US$253.6 M; US$22.24 per tonne processed)
- Mining: US$153.0 M ($13.42/t)
- Processing: US$77.2 M ($6.77/t)
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General admin: US$23.4 M ($2.05/t)
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Qualified Persons – Michael S. Lindholm (RESPEC, geology & MRE), Travis Manning (KCA, processing design), Kyle Murphy (RESPEC, mine planning).
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Access – Full amended report available on Western Exploration’s website and SEDAR+ under the issuer profile.
Notable Quotes
(No direct quotes were included in the release.)
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