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.

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.

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).