Dolby George is Carlin-type oxide deposit with 525,000 ounces at 1 gram per ton right at surface 95% oxidized, representing straightforward heap leach opportunity that can be advanced quickly with PAA showing economic viability

Western's marketing approach is selective, spending ~$20,000 monthly from $50,000 GNA budget on marketing primarily when news catalysts exist, building awareness before hits while hitting marketing harder when results released to maximize context understanding

Western has observed no faulting or shearing at depth so far with mineralization and alteration appearing where expected, suggesting continuity rather than structural disruption, though 3D modeling will provide clear indication once all results are back

Metallurgical samples for Gravel Creek came from same drilling location (456 and 457) showing similar alteration signature as current drilling, with flotation test recovering 95% gold and silver to concentrate and gravity recovery adding 22% at higher grades

Darcy Morid CEO of Western Exploration is a geologist with 41 years industry experience starting in uranium in 1980s, moving to gold with Homestake Mining, making important El Pinon discovery in Chile producing 5 million ounces and 120 million ounces silver

Western's exploration philosophy is to understand what economics are needed for minability and then test if potential exists to reach that number, avoiding exploration that identifies something that will never become economic

Western is permitted on Forest Service land through 2028 for Dolby George exploration and 2029 for Gravel Creek, with continuous permitting since 1997 without interruption creating good relationship with Forest Service who nominated company for Reclamation award won in 2019

Mountain City has mining history with Riotinto copper mine operating post-WWII through 1980s and Jericho Canyon operations, with local population having prior mining experience, providing favorable social context for Western's development plans

Dolby George silification in host rock and fine-grain gold may be limiting 72% recovery versus potential 80%, but finer grinding doesn't show recovery improvement justifying additional capital, representing optimization to be studied in PAA

Gravel Creek mineralization is dated identical age (15.4 million years old) as Midas and Sleeper epithermal deposits by USGS in February, representing same rocks, mineralization style, and mineralogy, with Midas and Sleeper being high-grade most productive epithermal deposits

Morid worked as VP Exploration for Meridian Gold and then Senior VP Exploration for Yamana Gold where he ran worldwide exploration portfolio and became EVP in charge of strategy putting together exploration/development/mind plans for growth

Western Exploration team keeps GNA as low as possible while rewarding management through future success via options and shares rather than cash, trying to keep cash going into the ground

Morid's 500,000 shares have average cost basis of ~$1.50-$1.70 after purchasing some shares on open market last year when stock was underperforming, with previous entry at >$2 when private

Western Exploration royalties are held by third parties but one 1% royalty is buyable by the company for $5 million ramping to maximum $10 million after 10 years, providing optionality for management

Morid doesn't own service companies delivering to Western Exploration and doesn't have royalty personally on the project, maintaining clear separation of interests

Western Exploration's most pressing immediate priority is completing current high-grade vein discovery drilling adjacent to Gravel Creek resource which is only 250 meters away and expected to be near-term connection, with updated resource planned that could add significant grade to 5-6 g/ton baseline

Western completed 1.7 million Canadian financing in September specifically for Dolby George oxide deposit resource update and PAA to be completed in Q1 2025 with pre-feasibility study target end of 2025

Western Exploration has two permanent water wells sufficient for exploration, with both expandable for future production; the company is in an area with good snowfall in winter that regenerates aquifers, and has water-sharing rights with Nevada Gold Mines joint venture.

PAA will be important milestone to understand water usage, land usage, environmental issues and power issues, with power line coming down main access road within 5 km of both Gravel Creek and Dolby George providing power infrastructure advantage