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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$35.27M which is a fall of roughly 16% over the last three months. As of 05/04/2026 they have no debt and ~C$2.13M 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 $35.27M 05/04/2026 $-6.93M
MCap (OS): $30.28M $25.31M 05/04/2026 $-4.97M
Total Assets: $6.61M $6.40M 05/04/2026 $-0.21M
Total Liabilities: $0.73M $0.71M 05/04/2026 $-0.02M
Current Assets: $2.20M $2.13M 05/04/2026 $-0.07M
Current Liabilities: $0.18M $0.18M 05/04/2026 $-0.01M
Total Debt: $0.00M $0.00M 05/04/2026 $0.00M
Cash: $2.20M $2.13M 05/04/2026 $-0.07M
Debt (Net): $-2.20M $-2.13M $0.07M
Enterprise Value: $40.00M $33.14M $-6.86M
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 3.40M
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 2.31M
Maximum Profit (Gold): $937.21M $784.49M n/a $-152.72M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $937.21M $784.49M n/a $-152.72M
Max Profit / Current MCap: 22.208 22.240 n/a 0.032
Max Profit Per Share (Gold): $10.77 $9.02 n/a $-1.76
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $10.77 $9.02 n/a $-1.76
Total Free Profit Per Share: $10.11 $8.45 n/a $-1.67
FD MCap / Gold Eq.: $95.48 $79.80 n/a $-15.68
FD MCap / Silver Eq.: $1.54 $1.18 n/a $-0.35
FD MCap / Per Metal
as % Spot Price:		 2.11% 1.91% n/a -0.20%
EV / Gold Eq.: $90.49 $74.98 n/a $-15.52
EV / Silver Eq.: $1.46 $1.11 n/a $-0.34
EV / Per Metal
as % Spot Price:		 2.00% 1.80% n/a -0.21%

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 7.58M
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 4.09M
Maximum Profit (Gold): $1,658.14M $1,387.94M n/a $-270.20M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,658.14M $1,387.94M n/a $-270.20M
Max Profit / Current MCap: 39.290 39.348 n/a 0.057
Max Profit Per Share (Gold): $19.06 $15.95 n/a $-3.11
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $19.06 $15.95 n/a $-3.11
Total Free Profit Per Share: $18.40 $15.38 n/a $-3.02
FD MCap / Gold Eq.: $53.97 $45.11 n/a $-8.86
FD MCap / Silver Eq.: $0.87 $0.67 n/a $-0.20
FD MCap / Per Metal
as % Spot Price:		 1.19% 1.08% n/a -0.11%
EV / Gold Eq.: $51.15 $42.38 n/a $-8.77
EV / Silver Eq.: $0.82 $0.63 n/a $-0.19
EV / Per Metal
as % Spot Price:		 1.13% 1.02% n/a -0.12%

Future Valuation (Cash Flow & Totals)

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