Mr. Darcy Marud reports

WESTERN EXPLORATION FILES NI 43-101 TECHNICAL REPORT FOR THE AURA GOLD SILVER PROJECT

Western Exploration Inc. has filed on SEDAR+ a technical report prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, on the Aura project, titled "Preliminary Economic Assessment of the Doby George Deposits and Updated Resource Estimate for the Gravel Creek Gold-Silver Deposits, Aura Gold-Silver Project, Elko County, Nevada." The technical report supports disclosures dated May 8, 2025, and June 23, 2025. There are no material differences in the technical report from the results disclosed in the May 8, 2025, and June 23, 2025, news releases.

Highlights of the updated Gravel Creek mineral resource estimate (MRE) include:

• A significant increase in grades and ounces, at a 3.0-gram-per-tonne-gold-equivalent cut-off, in the inferred mineral resource category, reflecting the positive contribution from the high-grade vein discovery hosted in Jarbidge rhyolite east of Gravel Creek:
  • Increased ounces of gold in the inferred mineral resource category from 367,000 ounces gold to 571,000 ounces gold, representing a 56-per-cent increase in ounces of gold and a 9-per-cent increase in grade of gold;
  • Increased ounces of silver in the inferred mineral resource category from 5,307,000 ounces silver to 9,726,000 ounces silver, representing an 83-per-cent increase in ounces of silver and a 28-per-cent increase in grade of silver.
• Indicated gold equivalent grade, reported at a 3.0-gram-per-tonne-gold-equivalent cut-off, remained relatively constant between 2021 and 2025, with 216,000 ounces gold and 3,367,000 ounces silver being reported in the current MRE;
• Highlights of the updated Doby George heap-leach PEA include:
  • Base-case after-tax NPV (net present value) of $70.7-million (U.S.) and an IRR (internal rate of return) of 25.4 per cent using a gold price of $2,150 (U.S.), increasing to $211.2-million (U.S.) with a 62.2-per-cent IRR utilizing a $3,000 (U.S.) per ounce gold price;
  • Total life-of-mine (LOM) after-tax net cash flow of $271.2-million (U.S.) over a five-year project life using a gold price of $3,000 (U.S.);
  • Average annual operating cash flow of $112.1-million and a less-than-18-month payback period using a gold price of $3,000 (U.S.);
  • LOM all-in sustaining cost of $1,197 (U.S.) per ounce at a gold price of $3,000 (U.S.) and $1,152 (U.S.) per ounce at the base-case gold price of $2,150 (U.S.);
  • LOM average grade of 1.01 grams per tonne gold, creating potential for significant profit margins;
  • Estimated preproduction capital costs of $115.2-million (U.S.), excluding upfront working capital of $12.4-million (U.S.), which is credited back to the operation on year 5.

The technical report was prepared by Respec Company LLC and Kappes Cassidy & Associates (KCA), both based in Reno, Nev., with an effective date of June 17, 2025. The technical report can be found on the company's website and on SEDAR+ under the company's issuer profile.

2025 exploration plan

Exploration will continue in 2025 with an approximate 4,000-metre 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 derisk the project through project refinement (both in terms of potential processing and cost parameters), continued geotechnical work, continuing environmental studies and permit planning.

Webinar reminder

Join chief executive officer Darcy Marud for a live webinar on Thursday, June 26, 2025, at 1 p.m. PT, where he will provide an update on the latest company developments.

Technical information

The Gravel Creek, Wood Gulch and Doby George MREs were prepared for Western Exploration by Michael S. Lindholm, CPG, of Respec in Reno, Nev., 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 PEA has been prepared by independent representatives of KCA and Respec, each of whom is a qualified person (within the meaning of NI 43-101) and independent of Western Exploration for purposes of Section 1.5 of NI 43-101. At the effective date of the PEA, each qualified person has certified that, to the best of his knowledge, information and belief, the parts of the PEA for which he was responsible contain all scientific and technical information required to be disclosed to make the PEA not misleading. The affiliation and areas of responsibility for each qualified person involved in preparing the PEA are provided below:

• Travis Manning, PE, of KCA -- processing design and costs, metallurgy, recovery and cash flow;
• Mr. Lindholm of Respec -- geology, database and MRE;
• Kyle Murphy, PE, of Respec -- open-pit design, mine planning, scheduling and costing.

About Western Exploration Inc.

Western Exploration is focused on advancing the 100-per-cent-owned Aura project, located approximately 120 kilometres/75 miles north of the city of Elko, Nev. The Aura project includes three unique gold and silver deposits: Doby George, Gravel Creek and Wood Gulch. Western Exploration comprises an experienced team of precious metals experts that aim to lead the company to becoming North America's premier gold and silver development company.

We seek Safe Harbor.