Major Step Forward for High-Grade Nevada Gold-Silver Project

1. Western Exploration 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, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Western Exploration and Agnico Eagle Mines Ltd.
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Western Exploration Inc. (WEX:TSX.V; WEXPF:OTC) has taken a key step in advancing its Aura Gold-Silver Project in Elko County, Nevada, by engaging Stantec Consulting Services Inc. to prepare and initiate a Notice of Intent (NOI) and Mine Plan of Operations (MPO). The company announced the engagement on November 6, 2025, marking progress toward permitting and development readiness at the project's Doby George deposit.

Stantec, based in Elko, Nevada, has been a long-term partner on the Aura Project. The firm brings experience in environmental assessments, baseline reporting, and regulatory processes specific to mineral development in Nevada. Its current responsibilities will align with ongoing baseline environmental studies and engineering optimization efforts previously outlined in Western Exploration's Preliminary Economic Assessment (PEA).

Darcy Marud, Chief Executive Officer of Western Exploration, stated in the announcement, "Engaging Stantec represents an important milestone as we continue to advance the Aura Project toward production." He described the Doby George deposit as having merit based on its grade, location, and economic potential.

Hayley Barnes, environmental project manager at Stantec, emphasized the importance of environmental responsibility, saying, "We're excited to continue our work supporting Western Exploration on the Aura Gold-Silver Project, providing strategic guidance and regulatory insight to help shape a comprehensive and sustainable Plan of Operations."

The Doby George deposit is a near-surface oxide gold deposit averaging approximately 1 gram per tonne. According to the company's May 8, 2025, PEA, the project demonstrates an after-tax Net Present Value (NPV) of US$211.2 million and an internal rate of return (IRR) of 62.2% using a gold price of US$3,000 per ounce. The project's life-of-mine cash flow was estimated at US$271.2 million, with an all-in sustaining cost of US$1,197 per ounce.

Western Exploration holds 100% ownership of the Aura Project, which hosts three known deposits: Doby George, Gravel Creek, and Wood Gulch. The project is located approximately 120 kilometers north of Elko, Nevada.

Precious Metals Policy and Market Pressures Shape Sector Outlook

In a November 5 report from What's Chen Buying? What's Chen Selling?, Chen Lin discussed tightening financial conditions in the United States and their impact on precious metals. He wrote that "we are in a liquidity crunch," citing the ongoing government shutdown and the expansion of the Treasury General Account (TGA). Lin explained that "the TGA account ballooned to almost 1 trillion. This is equivalent to QT of half a trillion," noting that the resulting strain on liquidity affected a range of assets, including gold, silver, and miners.

Despite the short-term pressure, Lin highlighted structural supply issues in the silver market, stating that "silver has been running a deficit for 5 years and there is no end in sight." He added that potential trade responses from the United States could give additional attention to domestically sourced silver assets as China moves to control silver exports in 2026.

Jeff Clark of TheGoldAdvisor.com stated, "I really like this company . . . I own this stock, and you might want to check it out."

According to a November 6 update from VBL, the United States formally added silver to its official list of critical minerals, alongside copper and uranium. The updated U.S. Geological Survey list, which now includes 60 materials, was designed to strengthen domestic supply chains and support resource independence. The report stated that "the designation signals that silver is no longer treated as a simple commodity but as an asset tied to industrial capacity, technological development, and national security."

The publication further noted that this classification "highlights essential demand, reveals insecure supply, and creates a government-backed floor for consumption." The expanded list was expected to influence mining investment, tax policy, and potential trade actions affecting key metals.

A November 7 analysis from Stockhead reported that State Street Investment Management revised its gold price outlook upward, reflecting strong macroeconomic fundamentals and continued institutional interest. Strategists Aakash Doshi, Mohamad Abukhalaf, and Diego Andrade wrote that "global bullion ETF tonnage remains below the 2020 pandemic high and money manager net length on Comex gold futures/options are well below historical peaks." The firm raised its base case for gold to a range of US$3700-4100 per ounce, with a 35% probability for US$4100-4500, and stated that a US$4800-5000 range remained possible in 2026. They cited factors such as elevated U.S. debt levels, central bank buying, and a record US$72 billion in year-to-date ETF inflows as contributing to gold's continued strength. The report added, "The cost to service U.S. government debt has more than doubled since 2000 to a record US$1.1 trillion this year," reinforcing gold's role as a hedge against fiscal uncertainty.

Analysts Highlight Strong Project Fundamentals and Growth Potential

According to a September 30 research report from Don MacLean of Paradigm Capital, Western Exploration Inc. demonstrated notable progress at its 100%-owned Aura Gold-Silver Project in Nevada. MacLean wrote that "WEX offers leveraged exposure to a district-scale Nevada gold-silver growth story," emphasizing the company's ability to expand its resources across multiple deposits. He stated that Paradigm had been following Western Exploration "for some time now" and was "impressed by the progress it has made in the past year unlocking Nevada's emerging high-grade epithermal potential."

The report described the Doby George deposit as being positioned for development following a preliminary economic assessment completed in May, which outlined an open-pit, heap-leach operation producing 7,500 tons per day at an average grade of 1 gram per tonne gold over a five-year period. MacLean noted that the study projected annual cash flow exceeding US$100 million, with an after-tax net present value of US$71 million at US$2,150 per ounce gold and US$211 million at US$3,000 per ounce gold. He added that the Gravel Creek deposit had evolved into a "material, high-grade gold-silver system" due to continued exploration success, with recent drilling confirming "bonanza-grade veins, up to 75 g/t gold and more than 4,000 g/t silver." The updated mineral resource estimate showed a 54% increase in inferred ounces compared with the previous estimate.

MacLean also drew attention to the company's exploration work at the past-producing Wood Gulch deposit, where drilling was being conducted along the untested Tomasina Fault corridor. He summarized Western Exploration's broader objectives, writing that the company was "targeting greater than 2 Moz gold and 30 Moz silver in its next resource update."

In assessing the company's financial and operational position, MacLean pointed out that Western Exploration had a market capitalization of approximately CA$50 million and maintained around CA$3.5 million in cash. He further noted the company's strong institutional backing and management expertise, highlighting that its leadership team had previously been involved in discoveries at other major gold projects.

Beyond company-specific developments, MacLean discussed the improving environment for junior explorers. He observed that "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." He added that Western Exploration was well positioned to benefit from this sentiment, given its asset quality and consistent project advancement.

MacLean concluded that "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." Paradigm's gold cycle model suggested continued sector strength, with the report indicating that an average upcycle could lead to significantly higher gold prices, further supporting the value proposition of companies advancing high-grade assets in stable jurisdictions such as Nevada.

Jeff Clark of TheGoldAdvisor.com reinforced this view in a November video commentary filmed at Western Exploration's Reno headquarters. Clark disclosed his own position in the stock and called it a "likely long-term Hold" as the company progresses with project development and ongoing drilling. He described the recent 28% drop in the share price from its September high as "a clear buying opportunity for a first tranche," and suggested that those already holding shares could look to increase their position. According to Clark, Western Exploration remained one of his favored holdings in the gold sector, and he stated, "I really like this company . . . I own this stock, and you might want to check it out."

In the same video, Western Exploration CEO Darcy Marud reiterated the company's near-term priorities. He stated that Western was advancing the Doby George project "through to permitting," and confirmed that engineering and regulatory planning were underway. Marud indicated that permitting progress would be the focus of upcoming news, in line with efforts to move the deposit closer to development.

Progress Toward Permitting at Doby George

The commencement of work on the Notice of Intent and Mine Plan of Operations marks the next phase in the development of the Aura Gold-Silver Project. With Stantec managing environmental documentation and regulatory engagement, Western Exploration is advancing the Doby George deposit toward formal permitting, as per the company's latest investor presentation.

These activities are being completed in tandem with previously disclosed engineering and environmental optimization programs under the company's Preliminary Economic Assessment. The current focus underscores the company's efforts to move from exploration to development, anchored by established gold-silver resources and infrastructure accessibility in Nevada's mining-friendly jurisdiction.

As permitting milestones are met and baseline studies progress, the Aura Project's positioning in a well-known precious metals district may attract additional attention from the investment and mining community. 

Ownership and Share Structure¹

Directors and management own 3% of the company, high net worth individuals hold 9%, Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE) has 12%, Auramet holds 4%, and Institutions hold 48%. The rest is retail.

Western Exploration has 52.58 million outstanding shares and 24.96M free float traded shares. Its market cap is CA$40.61 million. Its 52-week range is CA$0.58–CA$1.46 per share.