Report

Anticipating Significant Resource Expansion / Raising Our Fair Value Estimate

Western Exploration Inc. (TSXV: WEX / OTC: WEXPF) has made substantial progress at its Aura gold-silver project in Nevada, which includes three deposits: Doby George, Wood Gulch, and Gravel Creek. The project currently hosts indicated resources of 652 Koz gold equivalent (AuEq) and inferred resources of 665 Koz AuEq. Notably, Doby George's near-surface oxide resources are amenable to heap leach processing, offering potential for lower operational and capital expenses, with recent tests showing improved gold recovery rates at 72%. Gravel Creek has also shown impressive preliminary recovery rates of 95% for its high-grade sulfide resources, with recent drill intercepts reporting exceptionally high gold and silver grades. Western Exploration is targeting a resource update for H1-2025 and a preliminary feasibility study for Doby George by Q4-2025. With gold’s outlook strengthened by expected Fed rate cuts and increased M&A activity in the sector, Western Exploration, backed by major shareholder Agnico Eagle, is positioned as a compelling acquisition target.
Underlying
Crystal Peak Minerals

Crystal Peak Minerals is an exploration stage company engaged in the development of Sulphate of Potash project on the Sevier Lake in southwestern Utah. Co. is in the process of exploring its Sevier Lake property and has not yet determined whether its mineral reserves are economically recoverable.

Provider
Fundamental Research
Fundamental Research

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Analysts
Sid Rajeev

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