Western Exploration Files Amended NI 43-101 Technical Report for the AURA Gold Silver Project
Western Exploration (OTCQX:WEXPF) has filed an amended NI 43-101 technical report for its Aura Gold-Silver Project in Elko County, Nevada. The amendment primarily addresses inconsistencies in capital and operating cost tables from the initial report, with the only material change being a revision to the Base Case all-in sustaining cost (AISC) from $1,152 to $1,172 per gold ounce.
The project's economic assessment remains robust, with a Base Case after-tax NPV5 of $70.7M and an IRR of 25.4% at a gold price of $2,150/oz. The project requires initial capital of $127.6M and sustaining capital of $10.5M. Operating costs are estimated at $22.24 per tonne processed, with a payback period of 2.7 years under the Base Case scenario.
Western Exploration (OTCQX:WEXPF) ha presentato un rapporto tecnico NI 43-101 modificato per il Progetto Aura Gold-Silver situato nella contea di Elko, Nevada. La modifica riguarda principalmente incoerenze nelle tabelle dei costi in capitale e di esercizio del rapporto iniziale, con l'unico cambiamento sostanziale una revisione del costo base all-in sustaining cost (AISC) da $1,152 a $1,172 per oncia d'oro.
La valutazione economica del progetto rimane robusta, con un NPV5 di Base Case dopo tasse di $70,7 milioni e un IRR del 25,4% a un prezzo dell'oro di $2.150/oz. Il progetto richiede un capitale iniziale di $127,6 milioni e un capitale di sostentamento di $10,5 milioni. I costi operativi sono stimati in $22,24 per tonnellata processata, con un periodo di rimborso di 2,7 anni nel contesto della Base Case.
Western Exploration (OTCQX:WEXPF) ha presentado un informe técnico NI 43-101 enmendado para su Proyecto Aura Gold-Silver en el condado de Elko, Nevada. La enmienda aborda principalmente inconsistencias en las tablas de costos de capital y operación del informe inicial, siendo el único cambio material una revisión del costo base de mantenimiento total (AISC) de $1,152 a $1,172 por onza de oro.
La evaluación económica del proyecto continúa siendo sólida, con un NPV5 de Base Case tras impuestos de $70.7 millones y un IRR del 25.4% a un precio del oro de $2,150/oz. El proyecto requiere capital inicial de $127.6 millones y un capital de sostén de $10.5 millones. Los costos operativos se estiman en $22.24 por tonelada procesada, con un periodo de recuperación de 2.7 años bajo el escenario Base Case.
Western Exploration (OTCQX:WEXPF)는 네바다주 엘코 카운티의 Aura 골드-실버 프로젝트에 대한 NI 43-101 기술 보고서를 수정 제출했습니다. 수정은 주로 초기 보고서의 자본 및 운영비 표의 불일치를 다루며, 실질적인 유일한 변경은 기본 사례(Base Case) 모든 비용(AISC)을 $1,152에서 $1,172 per gold ounce로 재정정한 것입니다.
프로젝트의 경제성 평가는 여전히 견고하며, 세후 Base Case의 NPV5는 $70.7M, 금 가격이 온스당 $2,150일 때 내부수익률(IRR)은 25.4%입니다. 프로젝트는 초기 자본 $127.6M과 유지자본 $10.5M이 필요합니다. 운용비는 톤당 처리비용 $22.24이며, Base Case 시나리오에서 회수기간은 2.7년입니다.
Western Exploration (OTCQX:WEXPF) a déposé un rapport technique NI 43-101 amendé pour son projet Aura Gold-Silver dans le comté d'Elko, Nevada. L’amendement traite principalement des incohérences dans les tableaux de coûts en capital et d’exploitation du rapport initial, le seul changement matériel étant une révision du coût toutes dépenses courantes (AISC) de $1,152 à $1,172 par once d’or.
L’évaluation économique du projet demeure robuste, avec une valeur actuelle nette après impôt Base Case à 5 ans (NPV5) de 70,7 M$ et un TAIIR (IRR) de 25,4% à un prix de l’or de $2 150/oz. Le projet nécessite un capital initial de 127,6 M$ et un capital d’entretien de 10,5 M$. Les coûts d’exploitation sont estimés à $22,24 par tonne traitée, avec une période de remboursement de 2,7 ans dans le scénario Base Case.
Western Exploration (OTCQX:WEXPF) hat einen geänderten NI 43-101-Technikbericht für das Aura Gold-Silver Project im Elko County, Nevada, eingereicht. Die Änderung befasst sich vor allem mit Inkonsistenzen in Kapital- und Betriebskosten-Tabellen des ursprünglichen Berichts; die einzige wesentliche Änderung ist eine Anpassung des Base-Case All-In Sustaining Cost (AISC) von $1,152 auf $1,172 pro Unze Gold.
Die wirtschaftliche Bewertung des Projekts bleibt robust, mit einem Base-Case-NPV5 nach Steuern von 70,7 Mio. USD und einem IRR von 25,4% bei einem Goldpreis von 2.150 USD/Unze. Das Projekt erfordert Anfangskapital von 127,6 Mio. USD und eine Instandhaltungskapital von 10,5 Mio. USD. Betriebskosten werden auf 22,24 USD pro Tonne verarbeitet geschätzt, mit einer Amortisationszeit von 2,7 Jahren im Basisszenario.
Western Exploration (OTCQX:WEXPF) قد قدّمت تقريراً تقنياً NI 43-101 معدل لمشروع Aura Gold-Silver الذهبي-الفضة في مقاطعة Elko، نيفادا. التعديل يتعامل أساساً مع تضارب جداول التكاليف الرأسمالية والتشغيلية من التقرير الأول، مع أن التغير الجوهري الوحيد هو تعديل التكلفة الأساسية المستمرة (AISC) من $1,152 إلى $1,172 لكل أونصة ذهب.
تظل التقييمات الاقتصادية للمشروع قوية، مع NPV5 الأساس بعد الضرائب 70.7 مليون دولار وIRR بنسبة 25.4% عند سعر ذهب قدره $2,150/أونصة. يتطلب المشروع رأس مال ابتدائي قدره 127.6 مليون دولار ورأس مال تراكمي للصيانة قدره $10.5 مليون. وتُقدّر تكاليف التشغيل بمبلغ $22.24 لكل طن مُعالَج، مع فترة استرداد قدرها 2.7 سنوات تحت سيناريو Base Case.
Western Exploration (OTCQX:WEXPF) 已就其位于内华达州Elko县的Aura Gold-Silver Project提交了修订后的NI 43-101技术报告。此次修订主要解决初始报告中的资本与运营成本表不一致的问题，唯一实质性变动是将基础情景下的全成本维持成本(AISC)从$1,152提高至 $1,172/盎司黄金。
该项目的经济评估保持稳健，在税后Base Case的5年净现值(NPV5)为$70.7M，在黄金价格为$2,150/oz时IRR为25.4%。项目需要初始资本$127.6M和维持资本$10.5M。运营成本估计为$22.24/吨，在Base Case情景下回收期为2.7年。
- Strong Base Case economics with after-tax NPV5 of $70.7M and IRR of 25.4%
- Upside Case shows potential for $211.2M after-tax NPV5 and 62.2% IRR at $3,000/oz gold
- Average annual operating cash flow of $63.3M in Base Case scenario
- Relatively short payback period of 2.7 years in Base Case scenario
- Increased all-in sustaining cost from $1,152 to $1,172 per gold ounce
- Significant initial capital requirement of $127.6M
- Total operating costs of $22.24 per tonne processed
There is no impact to the capital costs or economic results. The only change is a slightly revised all-in sustaining cost for the "Base Case" from
Reno, Nevada--(Newsfile Corp. - October 1, 2025) - Western Exploration Inc. (TSXV: WEX) OTCQX: WEXPF) (the "Company" or "Western Exploration") announces that it has filed on SEDAR+ an amended technical report prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") on the Aura Project ("Aura" or the "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" dated October 1, 2025, as amended (with an effective June 17, 2025) (the "Amended Technical Report"). The Amended Technical Report supports disclosures contained in the news release of the Company dated May 8, 2025, titled "Western Exploration Announces Positive Preliminary Economic Assessment for the Doby George Resource at The Aura Project" (the "PEA News Release") and the news release of the Company dated June 23, 2025 titled "Western Exploration Announces
The Amended Technical Report - Key Clarifications
- The Amended Technical Report corrects inconsistencies included in certain capital and operating cost summary tables in sections 1.10, 1.11, 21, and 21.1 of the Initial Technical Report.
- Any corrections made to the Initial Technical Report were only made to the tables of information contained in the Initial Technical Report and does not impact any of the underlying inputs, capital cost estimates, or economic outcomes of the Preliminary Economic Assessment (the "PEA") reported in the PEA News Release.
- The only revision to the calculations contained in the Initial Technical Report relates to the "Base Case" all-in sustaining cost (AISC), which is now correctly reported at US
$1,172 per gold ounce, as compared to US$1,152 per gold ounce included in the Initial Technical Report.
The corrections made in the Amended Technical Report, with the exception of the all-in sustaining cost, do not affect any of the results or parameters of the preliminary economic assessment as reported in the Initial Technical Report or the PEA News Release. The Company reconfirms these results below.
Table 1: Doby George 2025 PEA Economics
| Base Case | Upside Case | |
| Gold Price (US$/oz) | 2,150 | 3,000 |
| Average Annual Operating Cash Flow(1) (US$) | 63.3M | 112.1M |
| Pre-Tax NCF(2) (US$) | 132.4M | 336.5M |
| Pre-Tax NPV5(3) | 94.7M | 265.9M |
| Pre-Tax IRR(4) | ||
| After-Tax NCF(2) (US$) | 103.7M | 271.2M |
| After-Tax NPV5(3) (US$) | 70.7M | 211.2M |
| After-Tax IRR(4) | ||
| Payback Period(5) (years) | 2.7 | 1.4 |
| Notes: (1) Averaged over full production years 1 to 4 (2) NCF means net cash flow (3) NPV5 refers to net present value at (4) IRR means internal rate of return (5) Pre-production capital, excluding sustaining capital | ||
Table 2: Project Capital Costs
| Pre Production | LOM Sustaining | |||
| (US$M) | (US$M) | |||
| Mining | 2.8 | 0.2 | ||
| Pre Stripping | 14.7 | 0 | ||
| Processing, Support, and Infrastructure | 78.5 | 10.3 | ||
| Owners Costs | 9.0 | 0 | ||
| Indirect Costs | 2.3 | 0 | ||
| Engineering, procurement and construction management | 7.9 | 0 | ||
| Working Capital (1) | 12.4 | 0 | ||
| TOTAL(2) | 127.6 | 10.5 | ||
| Notes: (1) Working Capital is credited in Year 5 (2) Values are rounded and may not sum perfectly | ||||
Table 3: Project Operating Costs
| LOM Total (US$ M) | Per Tonne Processed (US$) | |||
| Mining | 153.0 | 13.42 | ||
| Processing | 77.2 | 6.77 | ||
| General administrative cost | 23.4 | 2.05 | ||
| TOTAL | 253.6 | 22.24 | ||
The Amended Technical Report was prepared by RESPEC Company LLC ("RESPEC") and Kappes, Cassidy & Associates ("KCA") both based in Reno, Nevada with an effective date of June 17, 2025. The Amended Technical Report can be found on the Company's website at www.westernexploration.com and on SEDAR+ at www.sedarplus.ca under the Company's issuer profile.
Technical Information
The Gravel Creek, Wood Gulch and Doby George mineral resource estimate ("MRE") were prepared for Western Exploration by Mr. Michael S. Lindholm, C.P.G. of RESPEC in Reno, Nevada, 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) (each, a "qualified person") 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 their knowledge, information, and belief, the parts of the PEA for which they were 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, P.E. of KCA - processing design and costs, metallurgy, recovery and cash flow
- Mr. Michael S. Lindholm, C.P.G. of RESPEC - geology, database and MRE
- Kyle Murphy, P.E. of RESPEC - open pit design, mine planning, scheduling and costing
About Western Exploration
Western Exploration is focused on advancing the
Additional information regarding Western Exploration can be found on Western Exploration's corporate website (www.westernexploration.com) and on SEDAR+ (www.sedarplus.ca) under Western Exploration's issuer profile.
For further information, please contact:
Darcy Marud
Chief Executive Officer
Telephone: (775) 329-8119
Email: dmarud@westernexploration.com
Nichole Cowles
Investor Relations
Telephone: (775) 240-4172
Email: nicholecowles@westernexploration.com
Cautionary Statements Regarding Estimates of Mineral Resources
This news release uses the terms measured, indicated, and inferred mineral resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The mineral resource estimate disclosed in this news release may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing, or other relevant issues. The mineral resource estimate is classified in accordance with CIM Definition Standards for Mineral Resources & Mineral Reserves prepared by the CIM Standing Committee on Reserve Definition, which is incorporated by reference into NI 43-101. Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for preliminary economic assessments. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" within the meaning of the applicable Canadian and United States securities legislation (collectively, "forward-looking statements"). These forward-looking statements, by their nature, require the Company to make certain assumptions and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the significance of the results of the MRE and PEA; the accuracy of results from prior exploration activities conducted at the Project; the key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in this news release; the prospects, if any, of the Project, the estimated cost associated with, and economic viability of, developing the Project. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management's geological modelling; the ability of Western Exploration to complete further exploration activities, including drilling; the uncertain nature of exploration activities; property and royalty interests in respect of the Project; the ability of the Company to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Western Exploration cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Western Exploration nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Western Exploration does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
For additional information with respect to these and other factors and assumptions underlying the forward‐looking statements and forward-looking information made in this news release concerning Western Exploration, please refer to the continuous disclosure record of Western Exploration on SEDAR+ (www.sedarplus.ca) under Western Exploration's issuer profile. The forward-looking statements set forth herein concerning Western Exploration reflect management's expectations as at the date of this news release and are subject to change after such date. Western Exploration disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/268602
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