| Note: Table 2: Updated Mineral Resource Estimate contains the mineral resource estimates for the Aura Project expected to be included in the Technical Report.
Notes: 1. The effective date of the Wood Gulch-Gravel Creek mineral resource estimate is May 27, 2025. 2. In-situ mineral resources are classified in accordance with CIM Definition Standards for Mineral Resources & Mineral Reserves prepared by the CIM Standing Committee on Reserve Definitions. 3. The average grades of the tabulations are comprised of the weighted average of block-diluted grades within the underground shells and optimized pits. 4. The Gravel Creek MRE is reported using a cut-off grade of 3.0g AuEq/t. Gold equivalent values were calculated using metal prices of US$2,025 per oz for gold and US$24 per oz for silver, and metallurgical recoveries of 95% for gold and 92% for silver. The AuEq calculation accounts for metal prices and recoveries only. The 3.0g AuEq/t cut-off grade was applied to constrain the reported mineral resource estimates to material with reasonable prospects for economic extraction. 5. The Au cut-off grade for Wood Gulch Mineral Resources is based on an Au price of US$2,150/oz, an average recovery of 66% Au, a processing rate of 7,500 tonnes per day and cost assumptions including: US$3.02/t mining cost for open-pit mining; US$6.52/t processing cost; US$1.89/t processed G&A cost; and US$5.00/oz Au refining cost. 6. The effective date of the Doby George mineral resource estimate is January 27, 2025. 7. The project mineral resources are comprised of all model blocks at a cutoff grade of 0.17 g Au/t for all material within optimized pits. 8. The gold cutoff grade for Doby George mineral resource estimate is based on an gold price of US$2,150/oz, an average recovery of 66% Au, a processing rate of 7,500 tonnes per day, and cost assumptions including: US$3.02/t mining cost for open-pit mining; US$6.52/t processing cost; US$1.89/t processed G&A cost, and US$5.00/oz Au refining cost. An average royalty of 3% has also been applied to cutoff grade determination. 9. The mineral resource estimates described herein may be materially affected by geology, environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. 10. There are no known factors related to metallurgical, environmental, permitting, legal, title, taxation, socio-economic, marketing or political issues which could materially affect the mineral resource estimate described in this news release. 11. Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grade, and contained metal content. 12. Mineral resources are not mineral reserves and do not have demonstrated economic viability. An inferred mineral resource estimate has a lower level of confidence than an indicated mineral resource estimate, and has not been converted into a mineral reserve. It is reasonably expected that a majority of the inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.
2025 Exploration Plan
Exploration will continue in 2025 with an approximate 4,000 meter drill program focused on the Tomasina Fault Zone at Wood Gulch. Wood Gulch is a former producing open pit mine and geological reinterpretation based on prior drill results has reprioritized Wood Gulch as a highly prospective target. While Wood Gulch is the focus of Western Exploration's 2025 exploration program, the significant resource increase at Gravel Creek (as described in this news release) supports a more extensive drill program aimed at infill drilling and resource expansion. In addition, the Company will continue to de-risk the project through project refinement, both in terms of potential processing and cost parameters, continued geotechnical work, ongoing environmental studies, and permit planning.
MRE Methodology
The Wood Gulch-Gravel Creek mineral resource estimate includes the Gravel Creek, Saddle, and Southeast deposits. RESPEC modeled and estimated gold and silver mineral resources as follows: - Constraining Gravel Creek low-, mid-, and high-grade gold and silver mineral domains were modeled on 50 meter-spaced vertical sections and transposed to long sections centered at mid-block locations. The Gravel Creek geological model and other relevant geological data were used to guide the modeling of mineral domains.
- A block model – with 4m by 4m by 4m blocks – was coded with the gold and silver domains using the long section interpretations.
- Drill-hole assays were composited to a 3 meter length, honoring the mineralized gold domains.
- Gold and silver grades were interpolated into the block model using the mineral domains to explicitly constrain grade estimations. RESPEC utilized Inverse Distance Cubed (ID3) and Quadrupled (ID4) interpolations for a two-pass estimation. The first pass used a maximum search distance of 400 meters and applied ID3 interpolation to all domains. The second pass applied ID3 interpolation to the low- and mid-grade domains and ID4 interpolation to the high-grade domain to a maximum search distance of 80 meters. Individual domain grades were weighted-averaged to produce fully block-diluted reported mineral resources.
The Doby George MRE includes the West Ridge, Daylight, and Twilight deposits. RESPEC modeled the mineral resource estimate for gold as follows:
- Constraining gold mineral domains of low- and high-grade mineralization were modeled on 30 meter spaced vertical sections and transposed to long sections centered at 6 meter mid-block locations. The Doby George geological model and other relevant geological data were used to guide the modeling of mineral domains.
- A block model – with 6m by 6m by 6m blocks – was coded with the gold domains using the 6 meter spaced long section interpretations.
- Drill-hole assays were composited to a 3 meter length, honoring the mineralized gold domains.
- Gold grades were interpolated into the block model using gold mineral domains to explicitly constrain grade estimations. RESPEC utilized Inverse Distance Cubed (ID3) and Quadrupled (ID4) interpolations for the estimation, achieving a localizing effect in the high-grade domain, and applied ID3 interpolation to the low-grade domain estimate. Individual domain grades were weight averaged to produce fully block-diluted reported mineral resources.
Quality Assurance – Quality Control
Drill program design, Quality Assurance/Quality Control ("QA/QC") and the interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices.
Technical Information
The MRE was prepared for Western Exploration by Mr. Michael S. Lindholm, C.P.G. of RESPEC in Reno, Nevada, who is a qualified person for purposes of NI 43-101 and independent of Western Exploration as defined in Section 1.5 of NI 43-101. The scientific and technical information in this news release has been reviewed and approved by Mr. Michael S. Lindholm, C.P.G. of RESPEC.
For readers to fully understand the information in this news release, reference should be made to the full text of the Technical Report, once filed, including all assumptions, qualifications and limitations therein. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.
About Western Exploration
Western Exploration is focused on advancing the 100% owned Aura Project, located approximately 120 kilometers/75 miles north of the city of Elko, Nevada. The Aura Project includes three unique gold and silver deposits: Doby George, Gravel Creek, and Wood Gulch. Western Exploration is comprised of an experienced team of precious metals experts that aim to lead the company to becoming North America's premiere gold and silver development company.
Additional information regarding Western Exploration can be found on Western Exploration's corporate website (www.westernexploration.com) and on SEDAR+ (www.sedarplus.ca) under Western Exploration's issuer profile.
For further information, please contact:
Darcy Marud Chief Executive Officer Telephone: (775) 329-8119 Email: dmarud@westernexploration.com
Nichole Cowles Investor Relations Telephone: (775) 240-4172 Email: nicholecowles@westernexploration.com
Cautionary Statements Regarding Estimates of Mineral Resources
This news release uses the terms measured, indicated, and inferred mineral resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The mineral resource estimate disclosed in this news release may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing, or other relevant issues. The mineral resource estimate is classified in accordance with CIM Definition Standards for Mineral Resources & Mineral Reserves prepared by the CIM Standing Committee on Reserve Definition, which is incorporated by reference into NI 43-101. Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for preliminary economic assessments. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically.
Inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. On October 31, 2018, the SEC adopted new mining disclosure rules ("S-K 1300") that are more closely aligned with current industry and global regulatory practices and standards, including NI 43-101, although there are some differences in the two standards. Accordingly, information concerning mineral deposits contain in this release may not be comparable with information made public by U.S. companies that report in accordance with S-K 1300.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" within the meaning of the applicable Canadian and United States securities legislation (collectively, "forward-looking statements"). These forward-looking statements, by their nature, require the Company to make certain assumptions and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the significance of the results of the MRE; the Technical Report being filed within 45 days of May 8, 2025 (if at all) supporting the results of the MRE described in this news release; the ability of exploration activities, including drilling, to accurately predict mineralization; management's expectations on the grade and extension of mineralization; the accuracy of results from prior exploration activities conducted at the Aura Project; the key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in this news release; the prospects, if any, of the Doby George, Gravel Creek and Wood Gulch mineral deposits; and the schedule of further drilling and exploration activities. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management's geological modelling; the ability of Western Exploration to complete further exploration activities, including drilling; the uncertain nature of exploration activities; property and royalty interests in respect of the Aura Project; the ability of the Company to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Western Exploration cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Western Exploration nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Western Exploration does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. For additional information with respect to these and other factors and assumptions underlying the forward‐looking statements and forward-looking information made in this news release concerning Western Exploration, please refer to the continuous disclosure record of Western Exploration on SEDAR+ (www.sedarplus.ca) under Western Exploration's issuer profile. The forward-looking statements set forth herein concerning Western Exploration reflect management's expectations as at the date of this news release and are subject to change after such date. Western Exploration disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. | 
