Western Exploration Confirms Geochemical Similarities of Gravel Creek to Other Northern Nevada High-Grade Miocene Epithermal Au-Ag Systems

Executive Summary of April 21 Release

• Western Exploration announced results from ALS-GoldSPOT geochemical-spectral analysis of drill core from the Jarbidge Vein Zone and Gravel Creek deposit at the Aura Project.
• The study identified strong elemental correlations (88-94% between Ag and Se-Au-As-Sb) consistent with high-grade Miocene volcanic-hosted low sulfidation epithermal gold-silver systems in the Great Basin.
• Long Wave Infrared (LWIR) scanning identified two distinct alteration assemblages: illite-rich clays at Gravel Creek (neutral pH) and montmorillonite-kaolinite clays at Jarbidge (slightly acidic pH).
• The analysis confirmed a lack of secondary K-feldspar or boiling textures, supporting the company's hypothesis that Au-Ag deposition was driven by mechanisms other than boiling.

Key Technical Details

• Geochemical Correlations: 88-94% Spearman's correlation between Ag and Se-Au-Ag-As-Sb; 44-68% correlation between Silver and Cu/Mo tracking thermal pathways.
• Alteration Findings: Gravel Creek dominated by illite assemblage (near neutral pH); Jarbidge discovery area dominated by montmorillonite-kaolinite assemblage (slightly acidic pH).
• Significant Drill Intercepts: WG457 returned 0.9m at 52.46 g/t Au and 1,278.0 g/t Ag; WG450 returned 0.31m at 37.10 g/t Au and 1,951.0 g/t Ag.
• Exploration Objective: To expand the global Wood Gulch-Gravel Creek (WG-GC) resource to 1.5M oz Au and 30.0M oz Ag.

Management Commentary

• CEO Darcy Marud stated the study provided multiple priority target areas warranting drilling for resource expansion, with the objective of doubling the Gravel Creek resource base.

Comparison to Historical Context

• March 17, 2026 Program Outline: The April news validates the technical assumptions made in the March program outline which included a fully funded exploration and development program through 2027. It does not introduce new economic metrics or resource numbers beyond what was previously estimated (~10.27 Moz AuEq total).
• January 2026 Permitting: The news complements the Doby George permitting milestone (USFS acceptance of NOI) by reinforcing the geological confidence in the broader Aura Project district, though it focuses on Gravel Creek rather than the near-term production asset at Doby George.
• Financing History: Following two LIFE offerings totaling C$17M in early 2026 ($8M announced Jan 22, $9M closed Feb 3), this news serves as a technical update to justify capital deployment rather than a catalyst for new financing.

Market Expectations vs. Reality

• Expectation: The market has been pricing in the PEA economics (NPV $70.7M base) and the permitting timeline announced in March 2026.
• Reality: This news confirms the geological model but does not materially alter the NPV or IRR calculations from the May 2025/June 2025 PEA updates. The high-grade intercepts are consistent with previous drilling results (e.g., Jan 2026 and Nov 2025 releases).
• Impact: Positive sentiment reinforcement but lacks the "new information" threshold required for a Material - Positive rating given the recent financing and program announcements.

Corporate Structure

• Western Exploration Inc. is a Nevada-based gold-silver exploration company focused on the Aura Project in Elko County, Nevada.
• The company operates under NI 43-101 compliance with Qualified Persons including Mark Hawksworth (General Manager) and Michael S. Lindholm (RESPEC).

Flagship Projects

• Doby George: Heap-leach project with a PEA showing NPV $70.7M (base case) and IRR 25.4%. Targeting permitting for open-pit heap-leach operation.
• Gravel Creek / Wood Gulch: High-grade epithermal system targeting resource expansion to 1.5M oz Au and 30.0M oz Ag. Current combined indicated + inferred resource ~10.27 Moz AuEq.
• Jarbidge Vein Zone: Discovery area with high-grade intercepts confirming the broader district potential.

Development Status

• Doby George: Permitting phase (USFS NOI accepted Jan 2026). Engineering and baseline studies ongoing.
• Gravel Creek: Exploration phase, targeting resource expansion via drilling and geochemical modeling.