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Source: Sid Rajeev 11/12/2024

Western Exploration Inc. (WEX:TSX.V; WEXPF:OTC) had its fair value increased by Fundamental Research Corp. (FRC) to CA$2.67 per share from CA$2.07 on anticipation of a material resource expansion at the Aura gold-silver project in Nevada, FRC Head of Research Sid Rajeev reported in an Oct. 31 research note.

"[The company] has made notable strides at its Aura gold-silver project, showcasing promising drill results, and improved recoveries," Rajeev wrote. "With mergers and acquisitions (M&A) activity on the rise, we believe Western Exploration Inc. is emerging as a strong acquisition target."

At the time of the report, the explorer was priced at CA$1.24 per share. As such, the new fair value implies a potential return for investors of 115%.

Western Exploration remains a Buy.

Current Project Highlights

Rajeev provided a current overview of the Aura project, noting the company has made significant progress there since FRC's last report, in January.

This Nevada property hosts sediment-hosted, Carlin-style gold deposits. Three have been identified there to date: Doby George, Gravel Creek, and Wood Gulch.

Doby George hosts near-surface, high-grade oxide gold, and mineralization amenable to heap-leach processing, thereby having the potential for relatively low capex and opex. Recent metallurgical heap-leach tests at Doby George yielded a higher gold recovery rate of 72%, up from 69%. This is on the higher end of recoveries for a typical open-pit mine.

Gravel Creek, in contrast, hosts underground, high-grade sulfide gold mineralization. Initial results from an ongoing resource expansion drill program there have been "highly promising," wrote Rajeev. Intercepts have returned unusually high grades, up to 75 grams per ton (75 g/t) gold and 3,080 g/t silver. Assay results from drill hole WGC459 indicate that high-grade mineralization extends at least 80 meters north of the Discovery zone. Preliminary metallurgical test results from Gravel Creek showed "impressive recoveries of 95%" toward the upper end of the usual range for an underground operation.

Resource Expansion Potential

The current aggregated resource of all three deposits is 652,000 ounces of gold equivalent (652 Koz of Au eq) in the Indicated category and 665 Koz Au eq in the Inferred category.

"We believe there is potential for resource expansion as the deposits remain open in multiple directions," Rajeev wrote. He noted which areas remain prospective, and they are Wood Gulch, Gravel Creek, The Gap (the undrilled area between them), the Jarbidge Hanging Wall (without a resource), and the Northeast Extension (undrilled).

Catalysts To Watch For

Rajeev noted future events that could boost Western Exploration's share price. Results of ongoing drilling at Aura is one. Next year, an update to the Gravel Creek and Doby George resource is expected in H1/25. A preliminary feasibility study for Doby George is slated to follow in Q4/25.

Another catalyst is the gold sector, the outlook for which is favorable. M&A activity has picked up as majors are looking for projects to boost their production profile. The trend is positive for this company advancing its precious metals project.

"We maintain a positive outlook on gold in light of the anticipated rate cuts by the U.S. Federal Reserve and elevated geopolitical tensions," the analyst wrote. "We see [Western Exploration] as a prime acquisition target."

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Important Disclosures:

1. Western Exploration Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
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.
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 Fundamental Research Corp., Western Exploration Inc., October 31, 2024

Disclaimers and Disclosure The opinions expressed in this report are the true opinions of the analyst about this company and industry. Any “forward looking statements” are our best estimates and opinions based upon information that is publicly available and that we believe to be correct, but we have not independently verified with respect to truth or correctness. There is no guarantee that our forecasts will materialize. Actual results will likely vary. The analyst and Fundamental Research Corp. “FRC” does not own any shares of the subject company, does not make a market or offer shares for sale of the subject company, and does not have any investment banking business with the subject company. Fees were paid by WEX to FRC. The purpose of the fee is to subsidize the high costs of research and monitoring. FRC takes steps to ensure independence including setting fees in advance and utilizing analysts who must abide by CFA Institute Code of Ethics and Standards of Professional Conduct. Additionally, analysts may not trade in any security under coverage. Our full editorial control of all research, timing of release of the reports, and release of liability for negative reports are protected contractually. To further ensure independence, WEX has agreed to a minimum coverage term including an initial report and three updates. Coverage cannot be unilaterally terminated. Distribution procedure: our reports are distributed first to our web-based subscribers on the date shown on this report then made available to delayed access users through various other channels for a limited time. The distribution of FRC’s ratings are as follows: BUY (67%), HOLD (3%), SELL / SUSPEND (30%). To subscribe for real-time access to research, visit https://www.researchfrc.com/website/subscribe/ for subscription options.

This report contains "forward looking" statements. Forward-looking statements regarding the Company and/or stock’s performance inherently involve risks and uncertainties that could cause actual results to differ from such forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products/services in the marketplace; acceptance in the marketplace of the Company's new product lines/services; competitive factors; new product/service introductions by others; technological changes; dependence on suppliers; systematic market risks and other risks discussed in the Company's periodic report filings, including interim reports, annual reports, and annual information forms filed with the various securities regulators. By making these forward-looking statements, Fundamental Research Corp. and the analyst/author of this report undertakes no obligation to update these statements for revisions or changes after the date of this report. A report initiating coverage will most often be updated quarterly while a report issuing a rating may have no further or less frequent updates because the subject company is likely to be in earlier stages where nothing material may occur quarter to quarter. Fundamental Research Corp DOES NOT MAKE ANY WARRANTIES, EXPRESSED OR IMPLIED, AS TO RESULTS TO BE OBTAINED FROM USING THIS INFORMATION AND MAKES NO EXPRESS OR IMPLIED WARRANTIES OR FITNESS FOR A PARTICULAR USE. ANYONE USING THIS REPORT ASSUMES FULL RESPONSIBILITY FOR WHATEVER RESULTS THEY OBTAIN FROM WHATEVER USE THE INFORMATION WAS PUT TO. ALWAYS TALK TO YOUR FINANCIAL ADVISOR BEFORE YOU INVEST. WHETHER A STOCK SHOULD BE INCLUDED IN A PORTFOLIO DEPENDS ON ONE’S RISK TOLERANCE, OBJECTIVES, SITUATION, RETURN ON OTHER ASSETS, ETC. ONLY YOUR INVESTMENT ADVISOR WHO KNOWS YOUR UNIQUE CIRCUMSTANCES CAN MAKE A PROPER RECOMMENDATION AS TO THE MERIT OF ANY PARTICULAR SECURITY FOR INCLUSION IN YOUR PORTFOLIO. This REPORT is solely for informative purposes and is not a solicitation or an offer to buy or sell any security. It is not intended as being a complete description of the company, industry, securities or developments referred to in the material. Any forecasts contained in this report were independently prepared unless otherwise stated and HAVE NOT BEEN endorsed by the Management of the company which is the subject of this report. Additional information is available upon request. THIS REPORT IS COPYRIGHT. YOU MAY NOT REDISTRIBUTE THIS REPORT WITHOUT OUR PERMISSION. Please give proper credit, including citing Fundamental Research Corp and/or the analyst, when quoting information from this report. The information contained in this report is intended to be viewed only in jurisdictions where it may be legally viewed and is not intended for use by any person or entity in any jurisdiction where such use would be contrary to local regulations or which would require any registration requirement within such jurisdiction.

( Companies Mentioned: WEX:TSX.V;WEXPF:OTC, )

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