Western Exploration
Western Exploration is a Canadian-incorporated, publicly traded junior miner developing its 100%-owned Aura Project in Nevada, hosting ~1.5 million gold equivalent ounces across three deposits, and currently raising capital through private placements to advance permitting and resource expansion.
- Company typePublic
- Founded1997
- HeadquartersReno, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Western Exploration does
Western Exploration is a Canadian-incorporated, publicly traded precious metals exploration and development company (TSXV: WEX; OTCQX: WEXPF) that has been actively advancing its 100%-owned Aura Project in Elko County, Nevada since 1997. The company operates as a single-asset developer with a small team (1-10 employees) headquartered in Vancouver, with operational and field support based in Reno, Nevada. The Aura Project spans 61.6 km² and hosts three distinct NI 43-101 compliant deposits — Doby George (near-surface oxide heap-leach, 394k oz indicated Au at 0.90 g/t), Gravel Creek (high-grade underground sulfide epithermal, 254k oz indicated AuEq at 5.95 g/t and 683k oz inferred at 5.39 g/t), and Wood Gulch (past-producing oxide, 73k oz inferred AuEq) — for a combined ~1.5 million gold equivalent ounces. The company employs conventional mineral exploration technologies (reverse circulation and core drilling, bottle rolls, column leach tests, ALS-GoldSPOT spectral and geochemical analysis, 3D geological modeling) supplemented by AI-assisted alteration and geochemistry evaluation, with reported ~95% Au and ~90% Ag recovery potential at Gravel Creek and ~70% oxide recovery at Doby George.
Western Exploration is pre-revenue and pre-production; it generates no operating revenue and funds its exploration and development program exclusively through equity capital raises. The business model is to advance Aura through resource expansion, metallurgical studies, a Preliminary Economic Assessment (completed May 2025), and federal permitting toward a future construction decision, with the primary near-term catalyst being the Q2 2026 Mine Plan of Operations submission to the USFS. Capital is raised via brokered and non-brokered private placements (LIFE offerings in Canada) through a network led by Paradigm Capital as sole bookrunner and Velocity Capital Partners, with strategic insider participation from major gold producer Agnico Eagle Mines Limited. The company's customer base, in the limited sense applicable to a pre-revenue developer, consists of mining-focused institutional and retail investors acquired through conference participation (Beaver Creek, Metals Investor Forum), analyst coverage (Paradigm Capital initiated April 2026), corporate website and IR communications, and broker distribution channels.
Western Exploration firmographics
Firmographics- Name
- Western Exploration
- Legal name
- Western Exploration Inc.
- Website
- https://westernexploration.com
- Company type
- Public
- Founded year
- 1997
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Western Exploration is a Canadian-incorporated, publicly traded junior miner developing its 100%-owned Aura Project in Nevada, hosting ~1.5 million gold equivalent ounces across three deposits, and currently raising capital through private placements to advance permitting and resource expansion.
- Ownership category
- akta.pro rank
Western Exploration industry classification
Industry- Product category
- Gold and Silver Mining
- NAICS
- Support Activities for Metal Mining (213114), Support Activities for Mining (2131), Support Activities for Mining (213)
- SIC
- Gold And Silver Ores (1040), Metal Mining (1000)
- akta.pro primary industry
- Precious Metals Exploration & Project Development (IMAKAEAI)
- akta.pro secondary industries
- Mineral Exploration & Geoscience Services (Geology, Geophysics, Geochemistry, Resource Modeling) (IMAKAKAA), Mine Surveying & Geospatial Services (Survey, Drone/LiDAR, GIS, Grade Control) (IMAKAKAK)
Keywords
Where Western Exploration is headquartered
LocationHeadquarters
- HQ city
- Reno
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Western Exploration business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Technology or R&D, Marketing or Sales, Others
Revenue model
- Capital Raising via Private Placements: As a pre-revenue exploration company with no current production, Western Exploration raises capital through brokered and non-brokered private placement offerings. These include units comprising voting shares and warrants, conducted under Listed Issuer Financing Exemption (LIFE) in Canada. Recent financings include C$8-9 million offerings in Q1 2026 and C$5 million in mid-2025. The company also completed a ~$6.54 million private placement in March 2024.
- Warrant Exercise Proceeds: Warrants issued as part of unit offerings provide potential future capital inflows when exercised. Warrants typically have 2-year terms with exercise prices (e.g., C$1.35 per warrant). The company may call warrants if stock exceeds specified thresholds (e.g., C$1.70 for 20 consecutive trading days).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| One time/ perpetual license | Pay-as-you-go | Private Placement Units - March 2024 |
| One time/ perpetual license | Pay-as-you-go | Private Placement Units - June 2025 |
| One time/ perpetual license | Pay-as-you-go | Private Placement Units - Q1 2026 LIFE Offering |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
Western Exploration product offering
Product offeringCore offering
Western Exploration is a precious metals exploration and development company advancing its 100%-owned Aura Project in Elko County, Nevada. The project spans 61.6 km² and hosts three distinct mineralized deposits — Doby George (near-surface oxide heap-leach), Gravel Creek (high-grade underground sulfide), and Wood Gulch (past-producing oxide) — with combined indicated and inferred resources of approximately 1.5 million gold equivalent ounces. The company is currently pre-revenue and funds exploration, resource expansion, and mine permitting through equity financings.
Product overview
Western Exploration is a Nevada-focused gold and silver exploration and development company operating the 100%-owned Aura Project. The Aura Project is a unified development platform comprising three distinct deposits: Doby George (near-surface oxide heap-leach deposit), Gravel Creek (high-grade underground sulphide deposit), and Wood Gulch (past-producing oxide deposit). Combined, these deposits host approximately 1.5 million gold equivalent ounces across indicated and inferred resource categories, positioning the company as a precious metals developer advancing toward production.
Differentiator
Problem solved
Functional benefit
Products and services
- Aura Project The Aura Project is Western Exploration's principal asset — a 100%-owned gold-silver exploration and development project in Elko County, Nevada. It spans 61.6 km² and hosts three distinct mineralized deposits (Doby George, Gravel Creek, and Wood Gulch) with combined NI 43-101 compliant resources of approximately 1.5 million gold equivalent ounces across indicated and inferred categories.
- Doby George Deposit Doby George is a near-surface, pit-constrained oxide heap-leach gold deposit located 130 km north of Elko, Nevada. It contains 394,000 indicated gold ounces at 0.90 g/t and 71,000 inferred gold ounces at 0.68 g/t. Metallurgical testing (98 bottle rolls and 35 column leach tests) demonstrates approximately 70% gold recovery from oxide material, with 37% mixed and 10% unoxidized recoveries.
- Gravel Creek Deposit Gravel Creek is a high-grade underground sulfide gold-silver deposit within the Aura Project, representing a Midas-style epithermal vein system. It contains 254,000 indicated gold equivalent ounces at 5.95 g/t and 683,000 inferred gold equivalent ounces at 5.39 g/t. Metallurgical testing demonstrates approximately 95% gold recovery and 90% silver recovery using combined gravity and flotation concentration.
- Wood Gulch Deposit Wood Gulch is a past-producing near-surface oxide deposit within the Aura Project. It contains 73,000 inferred gold equivalent ounces at 0.82 g/t, representing a historical heap-leach operation with remaining exploration potential.
Quantifiable outcome
- Doby George PEA: After-tax NPV of US$70.7M at US$2,150/oz gold (25.4% IRR), increasing to US$211.2M at US$3,000/oz gold (62% IRR)
- +4 more outcomes
Companies that use Western Exploration
Customer profileSegments2 records
Ideal customer profiles2 records
Western Exploration technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Western Exploration partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered secondary and core.
- Raft River Rural Electric Co-operative, Inc. (RRREC)secondaryRegional electric utility conducting feasibility study to evaluate grid power supply for Doby George project with expandability for Gravel Creek. Study evaluating connection from Riddle Substation to serve 3.5-5 MW load.
- WSP Global Inc.secondaryEngineering firm contracted by RRREC to conduct feasibility study evaluating existing utility infrastructure capability and presenting options for system extensions and upgrades to serve project power needs.
- ALS Global (ALS Chemex)secondaryLaboratory services provider conducting geochemical analysis including ALS-GoldSPOT spectral analysis and multi-element assay suite (ME-ICP41) for drill samples. Samples transported to ALS prep facility in Elko, Nevada.
- Envirotech DrillingsecondaryWinnemucca, Nevada-based drilling contractor engaged for reverse circulation and core drilling programs at Aura Project. Conducted 2025 RC drilling at Tomasina target and historical drilling programs.
- Kappes, Cassiday & Associates (KCA)corePrimary consultant for development planning and engineering work at Doby George. Part of PEA preparation team alongside RESPEC, responsible for processing design, costs, metallurgy, recovery and cash flow modeling.
- Stantec Consulting Services Inc.coreEngaged to develop Notice of Intent and Mine Plan of Operations for Doby George. Leading comprehensive baseline studies including biological, cultural, paleontological, air, noise, hydrology, geochemistry, and aquatic studies for USFS permitting.
- United States Geological Survey (USGS)secondaryUSGS conducting independent study on the genesis and formation of Gravel Creek deposit, expected to be completed March 2026. Study designed to assist company in understanding ore controls of mineralization.
- GeoMax (Denver, Colorado)secondaryEngaged to incorporate geological data into comprehensive 3D model, refining current geological models and accelerating discovery targeting across the Aura district.
Scale indicators7 records
Recent moves7 records
Western Exploration competitors and assessment
Company assessmentBroad incumbents
- Calibre Mining: Mid-tier gold producer with Nevada and Nicaragua operations. Comparable to Western Exploration's high-grade epithermal targeting given Calibre's experience with similar low-sulphidation epithermal gold systems.
- Argonaut Gold: Multi-asset gold producer with producing Nevada operations. Comparable as a Nevada gold operator where several current directors and executives of Western Exploration (Brian Kennedy, Darcy Marud, Nichole Cowles) previously held senior roles.
- Coeur Mining: U.S.-focused precious metals miner with Nevada and other Western U.S. operations. Comparable for the silver-gold mix (Coeur is a meaningful silver producer with gold exposure) and Nevada operational footprint.
- Orla Mining: Gold developer/producer advancing oxide heap-leach projects in North America. Comparable to Western Exploration on development approach (oxide heap-leach with sulphide upside) and project economics modeling.
- Hecla Mining: Largest silver producer in the U.S. with a Nevada-focused operating portfolio. Comparable as a precious-metals (silver-gold) company operating in Tier-1 U.S. jurisdictions and providing a relevant scale benchmark.
Direct peers
- Ridgeline Minerals: Nevada-focused gold and silver explorer with district-scale Carlin-trend projects. Comparable as a small-cap Nevada precious-metals explorer using similar exploration techniques (RC/core drilling, geochemical targeting) and listed on TSX Venture Exchange.
- Gold Standard Ventures: Advancing the Railroad-Pinion gold project on Nevada's Carlin Trend. Directly comparable as a Nevada-focused gold developer with oxide heap-leach and sulphide resource bases targeting permitting and construction.
- i-80 Gold Corp: Nevada-focused gold developer advancing multiple deposits toward production. Most directly comparable to Western Exploration as a Tier-1 Nevada gold developer at a similar pre-production development stage with resource-stage assets.
- Contact Gold: Nevada-focused gold explorer with district-scale projects on the Carlin and Cortez trends. Comparable as a small-cap Nevada gold explorer at a similar pre-resource-development stage with single-jurisdiction exposure.
Emerging players
- West Red Lake Gold Mines: Canadian-listed gold developer with high-grade Canadian and U.S. assets. Comparable on a high-grade resource profile and gold-development stage, though operating in a different North American jurisdiction than Western Exploration's Nevada focus.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Western Exploration social profiles
Digital presenceWestern Exploration financial estimates
Financial estimateRevenue estimate
Valuation estimate
Western Exploration leadership team
Management profileNumber of profiles
Profiles10 records
Western Exploration funding detail
Funding detailFunding overview
Funding rounds5 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Western Exploration M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Western Exploration
What does Western Exploration do?
Western Exploration is a precious metals exploration and development company advancing its 100%-owned Aura Project in Elko County, Nevada. The project spans 61.6 km² and hosts three distinct mineralized deposits — Doby George (near-surface oxide heap-leach), Gravel Creek (high-grade underground sulfide), and Wood Gulch (past-producing oxide) — with combined indicated and inferred resources of approximately 1.5 million gold equivalent ounces. The company is currently pre-revenue and funds exploration, resource expansion, and mine permitting through equity financings.
Is Western Exploration a public or private company?
Western Exploration is a public company. It is classified as public and is currently operating.
When was Western Exploration founded?
Western Exploration was founded in 1997. It employs 1 to 10 people.
Where is Western Exploration based?
Western Exploration is headquartered in Reno, United States, in the North America region.
How does Western Exploration make money?
Two revenue lines are on record. Capital Raising via Private Placements are the primary driver. The others are warrant Exercise Proceeds.
Who are Western Exploration's main competitors?
Broad incumbents on record are Calibre Mining, Argonaut Gold, Coeur Mining, Orla Mining and Hecla Mining. Direct peers are Ridgeline Minerals, Gold Standard Ventures, i-80 Gold Corp and Contact Gold. West Red Lake Gold Mines is listed as an emerging player.
Does Western Exploration have an API?
No public API is recorded for Western Exploration.
What industry is Western Exploration in?
Western Exploration's product category is Gold and Silver Mining. Its primary akta.pro industry code is IMAKAEAI, Precious Metals Exploration & Project Development, with a secondary code of IMAKAKAA, Mineral Exploration & Geoscience Services (Geology, Geophysics, Geochemistry, Resource Modeling). Its NAICS code is 213114 and its SIC code is 1040.