Co.'s Progress with Exploration "Impressive," Analyst Says
Research Report

1. Western Exploraiton Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of  Western Exploration Inc. and Agnico Eagle Mines Ltd.
3. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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Disclosures for Paradigm Capital, Western Exploration, September 17, 2025

DISCLAIMER SECTION Company Ticker Disclosures Agnico-Eagle Mines Ltd. AEM-CA 3 Banyan Gold Corp. BYN-CA 3 Dundee Precious Metals Inc. DPM-CA 3 Franco-Nevada Corp. FNV-CA 3 Freegold Ventures Corp. FVL-CA 2,3 Liberty Gold Corp. LGD-CA 2,3 Maple Gold Mines Ltd. MGM-CA 2,3 New Found Gold Corp. NFG-CA 2,3 Omai Gold Mines Corp. OMG-CA 2,3 Sitka Gold Corp. SIG-CA 2,3 Note: Please refer to above table for applicable disclosure numbers. 1. The analyst has an ownership position in the subject company. 2. Paradigm Capital Inc. has assumed an underwriting liability for, and/or provided financial advice for consideration to the subject companies during the past 12 months. 3. Paradigm Capital Inc. expects to receive or intends to seek compensation for investment banking services from the subject companies in the next 3 months. 4. Paradigm Capital Inc. has greater than a 1% ownership position in the subject company. 5. The analyst has a family relationship with an Officer/Director of subject company. 6. A partner, director, officer, employee or agent of Paradigm Capital Inc. is an officer or director of the issuer. Paradigm’s disclosure policies and research distribution procedures can be found on our website at www.paradigmcap.com. Paradigm Capital Inc. research is available on Bloomberg, CapitalIQ, FactSet and LSEG or at www.paradigmcap.com. Issued by Paradigm Capital Inc. Research Rating System Paradigm Capital Inc. uses the following rating recommendation guidelines in its research: About Paradigm Capital Inc. Paradigm Capital Inc. (PCI) is a research-driven, independent, institutional equity investment dealer focused on sectors and companies that have attractive longterm secular growth prospects. PCI’s research is available on our website at www.paradigmcap.com. Please speak to your Sales or Trading Representative if you require access to the website. The analyst (and associate) certify that the views expressed in this report accurately reflect their personal views about the subject securities or issuers. No part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations expressed in this research report. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is determined by revenues generated directly or indirectly from various departments including Investment Banking, based on a system that includes the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and investment guidance and client feedback. Analysts are not directly compensated for specific Investment Banking transactions. The opinions, estimates and projections contained herein are those of PCI as of the date hereof and are subject to change without notice. PCI makes every effort to ensure that the contents herein have been compiled or derived from sources believed reliable and contain information and opinions, which are accurate and complete. However, PCI makes no representation or warranty, express or implied, in respect thereof, and takes no responsibility for any errors and omissions that may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this research report or its contents. Information may be available to PCI, which is not reflected herein. This research report is not to be construed as an offer to sell or solicitation for or an offer to buy any securities. PCI, its affiliates and/or their respective officers, directors or employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. PCI may act as financial advisor and/or underwriter for certain of the corporations mentioned herein and may receive remuneration for same. PCI is a member of The Toronto Stock Exchange, The TSX Venture Exchange and The Canadian Investment Regulatory Organization (CIRO). Any products or services mentioned on this website are made available only in accordance with local law (including applicable securities laws) and only where they may be lawfully offered for sale. PCI will not open accounts except in jurisdictions in which it is registered. To U.S. Residents: This report was prepared by PCI which is not subject to U.S. rules with regard to the preparation of research reports and the independence of analysts. PCUS, affiliate of PCI, accepts responsibility for the contents herein, subject to the terms as set out above. Any U.S. person wishing to effect transactions in any security discussed herein should do so through PCUS. 

Western Exploration Inc. (WEX:TSX.V; WEXPF:OTC) again caught the attention of Paradigm Capital at the Sept. 9 to 12 Precious Metals Summit at Beaver Creek in Colorado, reported Senior Analyst Don MacLean in a Sept. 17 research note.

"WEX offers leveraged exposure to a district-scale Nevada gold-silver growth story," MacLean wrote.

In Nevada, about 120 kilometers north of Elko, the U.S.-based explorer is advancing its 100%-owned Aura project, host of three deposits: Doby George (oxide, near surface, heap leach), Gravel Creek (high grade, gold-silver sulfide) and Wood Gulch (past producer, oxide/sulfide).

"We have been following Western Exploration for some time now and are impressed by the progress it has made in the past year unlocking Nevada's emerging high-grade epithermal potential," MacLean commented.

Expanding the Resource

MacLean touched on the status of each deposit. Doby George is post preliminary economic assessment. The study, done in May, outlined an open-pit, heap-leach operation producing 7,500 tons per day of 1 gram per ton gold (1 g/t) over five years and generating more than US$100 million (US$100M) in cash flow per year at spot levels. At US$2,150 per ounce (US$2,150/oz) gold, the after-tax net present value discounted at 5% would be US$71M. At US$3,000/oz gold, it would be US$211M.

As for Gravel Creek, it now is a material, high-grade gold-silver system thanks to Western Exploration's work there. The mineral resource estimate (MRE), updated in June, consists of 254,000 ounces of silver equivalent (254 Koz of Ag eq) in the Indicated category and 683 Koz Au eq in the Inferred category. The new MRE reflects 54% more Inferred ounces than the previous one.. 

Further, drill programs in 2023, 2024 and this year confirmed bonanza-grade veins, up to 75 g/t gold and more than 4,000 g/t silver, at the Jarbidge rhyolite discovery. These support open-ended expansion, MacLean wrote.

Regarding the past-producing Wood Gulch, the company is drill testing it along the Tomasina Fault, a 3-km-long untested structural corridor similar to but shallower than Gravel Creek.

"Collectively, Western is targeting greater than 2 Moz gold and 30 Moz silver in its next resource update," reported MacLean.

Other Standout Elements

MacLean noted that Western Exploration has a CA$50M market cap and about CA$3.5M in cash. It has big name backers, including Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE) with 12% and Golkonda with 38%.

Its management team has exploration experience, having been involved in past discoveries made at Yamana Gold Inc. (YRI:TSX; AUY:NYSE; YAU:LSE) and Meridian Resources Corp. (TMR:NYSE) projects in the past.

Expect Lots of Explorer Financing

The analyst discussed how explorers as a group have fared during the past three years. He pointed out that the week in which the Precious Metals Summit was held, explorers were top performing, up 6%, on par with seniors. Weeks with this type of explorer movement have been few since the upcycle started in September 2022.

"The ongoing string of record-breaking gold prices is finally building sufficient investor confidence to lift interest on the small cap end of the gold equity spectrum," MacLean wrote.

The explorers are up 73% year to date, but they still lag the seniors significantly. Even so, wrote MacLean, they still are doing much better this year than they did in the past two years. They dropped 21% in 2023 and 18% in 2024 despite the gold price being up 13% and 27%, respectively.

"We can expect a very active explorer financing autumn," MacLean wrote. "We will see whether pent up explorer demand can offset the normal performance dampening that has occurred, historically, in the face of a substantial wave of financings."

Paradigm expects the small caps to continue to do well, supported by a strong gold price environment.

"All indications are that the wind is finally at the back of the small-cap golds after nearly a decade of it being in their face," wrote MacLean.

According to Paradigm's gold cycle model, an average upcycle could lead to US$4,750/oz gold in the next year or so. A median cycle would have peaked at US$3,190/oz.

"However," MacLean wrote, "today's circumstances feel neither median nor average."