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Western Exploration Inc

www: www.westernexploration.com   email: info@westernexploration.com
Category: Junior: Late Stage Developer
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Notes
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Symbol Data

Symbol Currency
CVE:WEX CAD
OTCMKTS:WEXPF USD

Description

Western Exploration Inc are a gold focused junior, late stage developer with one mine in development in USA. They have approximately 1.45Moz. of gold in the reserves and resources category of which 0.65Moz. are in the measured and indicated category. They have a market capitalisation of ~C$42.8M which is a rise of roughly 1% over the last days. As of 05/04/2026 they have no debt and ~C$2.2M cash. They have 62M shares outstanding and trade on the Canadian Venture Exchange and the over-the-counter markets.

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General Details

Financial 05/04/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $42.20M $42.80M 05/04/2026 $0.60M
MCap (OS): $30.28M $30.71M 05/04/2026 $0.43M
Total Assets: $6.61M $6.61M 05/04/2026 $-0.01M
Total Liabilities: $0.73M $0.73M 05/04/2026 $0.00M
Current Assets: $2.20M $2.20M 05/04/2026 $0.00M
Current Liabilities: $0.18M $0.18M 05/04/2026 $0.00M
Total Debt: $0.00M $0.00M 05/04/2026 $0.00M
Cash: $2.20M $2.20M 05/04/2026 $0.00M
Debt (Net): $-2.20M $-2.20M $0.00M
Enterprise Value: $40.00M $40.60M $0.60M
Cash Flow: $0.00M $0.00M never $0.00M
Cash Flow Multiple: 0.00 0.00 never 0.00
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 05/04/2026 n/a
Misc 05/04/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 62,427,269 62,427,269 05/04/2026 0
Shares (FD): 87,000,000 87,000,000 05/04/2026 0
Insider Ownership: 30% 30% 05/04/2026 n/a
Dividend (Annual): n/a n/a 05/04/2026 n/a
Company Type: Mostly Gold Mostly Gold never n/a
Group: Developer Developer never n/a
Production ETA: n/a 01/01/2029 05/04/2026 n/a
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 05/04/2026
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 05/04/2026
Development Phase: PFS Underway PFS Underway 05/04/2026 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 8
Developer: Location Risk for Production
 8
Developer: Location Risk for Production
 05/04/2026 0
Cash Flow Multiple: 3 3 05/04/2026 0.00

Resource Data

GOLD 05/04/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 05/04/2026 0.00M
Measured & Indicated: 0.65M 0.65M 05/04/2026 0.00M
Inferred: 0.80M 0.80M 05/04/2026 0.00M
Reserves & Resources: 1.45M 1.45M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 05/04/2026 0.00M
Measured & Indicated: 0.44M 0.44M 05/04/2026 0.00M
Inferred: 0.34M 0.34M 05/04/2026 0.00M
Reserves & Resources: 0.78M 0.78M never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 05/04/2026 $0.00
Extra Operating Cost: n/a n/a 05/04/2026 $0.00
Total: $2,400 $2,400 05/04/2026 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AuEq): n/a n/a n/a
EV / Production (AuEq): n/a n/a n/a
G
R
A
D
E		 Underground (Avg): 5.00 g/t 5.00 g/t 05/04/2026 n/a
Open Pit (Avg): n/a 0.90 g/t 05/04/2026 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 05/04/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 1.50M 1.50M 05/04/2026 0.00M
Annual Production: 70,000oz. 70,000oz. 05/04/2026 0oz.
Cash Cost: $1,500 $1,500 05/04/2026 $0
Extra Operating Cost: $900 $900 05/04/2026 $0
SILVER 05/04/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 05/04/2026 0.00M
Measured & Indicated: n/a n/a 05/04/2026 0.00M
Inferred: n/a n/a 05/04/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 05/04/2026 0.00M
Measured & Indicated: n/a n/a 05/04/2026 0.00M
Inferred: n/a n/a 05/04/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 05/04/2026 $0.00
Extra Operating Cost: n/a n/a 05/04/2026 $0.00
Total: n/a n/a 05/04/2026 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): n/a n/a n/a
EV / Production (AgEq): n/a n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 05/04/2026 n/a
Open Pit (Avg): n/a n/a 05/04/2026 n/a
Recovery Rate: n/a n/a 05/04/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 05/04/2026 0.00M
Annual Production: n/a n/a 05/04/2026 n/a
Cash Cost: n/a n/a 05/04/2026 n/a
Extra Operating Cost: n/a n/a 05/04/2026 n/a

Property

Last Analysis Data  (05/04/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Aura
100 115.00 show
1.1M oz at 1.4 gpt.
No PEA yet

Size: 6,000 ha
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Aura
100 115.00 show
1.1M oz at 1.4 gpt.
No PEA yet

Size: 6,000 ha

Profitability (by resource)

Proven &
Probable		 05/04/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: n/a n/a n/a $0.00M
Max Profit / Current MCap: n/a n/a n/a 0.000
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: n/a n/a n/a $0.00
Total Free Profit Per Share: n/a n/a n/a $0.00
FD MCap / Gold Eq.: n/a n/a n/a $0.00
FD MCap / Silver Eq.: n/a n/a n/a $0.00
FD MCap / Per Metal
as % Spot Price:		 n/a n/a n/a 0.00%
EV / Gold Eq.: n/a n/a n/a $0.00
EV / Silver Eq.: n/a n/a n/a $0.00
EV / Per Metal
as % Spot Price:		 n/a n/a n/a 0.00%
Measured &
Indicated		 05/04/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 0.65M 0.65M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -0.50M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.44M 0.44M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -0.34M
Maximum Profit (Gold): $937.21M $1,002.48M n/a $65.27M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $937.21M $1,002.48M n/a $65.27M
Max Profit / Current MCap: 22.208 23.422 n/a 1.214
Max Profit Per Share (Gold): $10.77 $11.52 n/a $0.75
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $10.77 $11.52 n/a $0.75
Total Free Profit Per Share: $10.11 $10.85 n/a $0.74
FD MCap / Gold Eq.: $95.48 $96.84 n/a $1.36
FD MCap / Silver Eq.: $1.54 $1.58 n/a $0.04
FD MCap / Per Metal
as % Spot Price:		 2.11% 2.07% n/a -0.04%
EV / Gold Eq.: $90.49 $91.85 n/a $1.36
EV / Silver Eq.: $1.46 $1.50 n/a $0.04
EV / Per Metal
as % Spot Price:		 2.00% 1.97% n/a -0.03%

Reserves &
Resources		 05/04/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 1.45M 1.45M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -1.11M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.78M 0.78M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -0.60M
Maximum Profit (Gold): $1,658.14M $1,773.62M n/a $115.48M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,658.14M $1,773.62M n/a $115.48M
Max Profit / Current MCap: 39.290 41.438 n/a 2.148
Max Profit Per Share (Gold): $19.06 $20.39 n/a $1.33
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $19.06 $20.39 n/a $1.33
Total Free Profit Per Share: $18.40 $19.72 n/a $1.32
FD MCap / Gold Eq.: $53.97 $54.73 n/a $0.77
FD MCap / Silver Eq.: $0.87 $0.89 n/a $0.02
FD MCap / Per Metal
as % Spot Price:		 1.19% 1.17% n/a -0.02%
EV / Gold Eq.: $51.15 $51.92 n/a $0.77
EV / Silver Eq.: $0.82 $0.85 n/a $0.02
EV / Per Metal
as % Spot Price:		 1.13% 1.11% n/a -0.02%

Future Valuation (Cash Flow & Totals)

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