Companies · Mining & Resources

Western Exploration Inc.

Reno · Mining & Resources · refined from filed group “Other

Diligence memoA one-page analyst read on Western Exploration Inc. — recommendation, valuation, rhythm, risks.
$4.3M
Total raised · real
2
Rounds
6.2×
Latest step-up
Top 34%
Sector rank · raised
Seed
Latest stage · inferred · Tue Feb 03 2026 00:00:00 GMT+0000 (Coordinated Universal Time)

Western Exploration Inc. looks over-valued against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the extractive sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Over-valued
  • Modeled value is 2.72× the median modeled value of Seed Mining & Resources companies in 2025–2027 (77 peers) — value vs value, same stage and era.
Active
  • Last raise 5 mo ago; this sector typically re-raises about every 11 months.
  • Raising on or ahead of the sector's normal rhythm.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Mining & Resources

Western Exploration Inc. is one of 701 Mining & Resources companies tracked from Reno. By capital raised it ranks mid-pack (ahead of 67% of sector peers), and in the upper tier by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
7
Investors (latest)
2026-02-03
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$2.5M$5.0M$7.5M$10MPre-Seed · 2010-03-12 Raised $594K (real) Modeled valuation $4.0M (est)$594K$4.0MPre-Seed2010Seed · 2026-02-03 Raised $3.7M (real) Modeled valuation $7.5M (est)$3.7M$7.5MSeed2026+$3.7MCumulative $4.3M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Pre-Seed$594K · 2010
Seed$3.7M · 2026

Stages are modeled from round size (public records carry no series label). Ladder is contiguous — every modeled rung has a record.

Modeled valuation trajectory
$7.5M
Base estimate est.
$3.2M
Conservative case
$13.0M
Upside case
$18.4M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Seeda $1.0M–$4.0M round). Valuation is modeled from stage benchmarks scaled by the extractive sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $4.0M · 2010-03-122010Seed · modeled $7.5M · 2026-02-032026
Model inputs · modeled:benchmark-stage-stepup-v1
20%
Dilution assumption
Implied ownership sold in the financing.
38%
Survival probability
17% low · 59% high
1.19×/yr
Annual markup
1.56×/yr upside case
0.4 yr
Elapsed time used
0.4 yr actual, capped for stale marks
extractive
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
191 mo
Avg between rounds
$269K/yr
Capital velocity
16.3 yr
On record since
2010
First round
2
Rounds on file
How it compares to the market

Benchmarked against 701 companies in Mining & Resources. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 1.9× above median
This company$4.3M
Sector median$2.3M
Latest round — vs other Seed rounds in sector (real $, this stage) 3.5× above median
This company$3.7M
Sector median$1.1M
Modeled value — vs sector median (estimate, all stages) 3.0× above median
This company$7.5M
Sector median$2.5M

Raised more than 67% of sector peers (real $). Modeled value above 75% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Seed) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #4 of 77.

This companyCohort peer
$1.0M$10.0M$1.0M$10.0M$100.0MCapital raised (log)Blue Gold Ltd · Seed Raised $3.8M · modeled $8.4M (est)Sierra Madre Gold & Silver Ltd. · Seed Raised $4.0M · modeled $8.1M (est)Metal Powder Works Ltd · Seed Raised $3.2M · modeled $7.7M (est)Mayfair Gold Corp. · Seed Raised $16.2M · modeled $7.3M (est)Great Pacific Gold Corp. · Seed Raised $3.4M · modeled $6.8M (est)Cuprum Metals Inc. · Seed Raised $2.8M · modeled $6.7M (est)Lavras Gold Corp. · Seed Raised $2.6M · modeled $6.2M (est)B & N Mining, Inc. · Seed Raised $3.0M · modeled $6.1M (est)Pirate Gold Corp. · Seed Raised $2.8M · modeled $6.1M (est)West Red Lake Gold Mines Ltd. · Seed Raised $12.9M · modeled $5.9M (est)Thunder Mountain Gold Inc · Seed Raised $4.9M · modeled $5.4M (est)Western Exploration Inc. (this company) Raised $4.3M · modeled $7.5M (est)Western Exploration Inc.
CompanyStageRaised · realValue · estvs peer med.
Blue Gold LtdSeed$3.8M$8.4M3.03×
Sierra Madre Gold & Silver Ltd.Seed$4.0M$8.1M2.94×
Metal Powder Works LtdSeed$3.2M$7.7M2.78×
Western Exploration Inc. this companySeed$4.3M$7.5M2.72×
Mayfair Gold Corp.Seed$16.2M$7.3M2.64×
Great Pacific Gold Corp.Seed$3.4M$6.8M2.47×
Cuprum Metals Inc.Seed$2.8M$6.7M2.44×
Lavras Gold Corp.Seed$2.6M$6.2M2.25×
B & N Mining, Inc.Seed$3.0M$6.1M2.22×
Pirate Gold Corp.Seed$2.8M$6.1M2.20×
West Red Lake Gold Mines Ltd.Seed$12.9M$5.9M2.12×
Thunder Mountain Gold IncSeed$4.9M$5.4M1.94×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Pre-Seed$594K2010-03-12$3.3M$4.0M85%
Seed$3.7M2026-02-03$18.4M$7.5M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Pre-Seed$594K2010-03-12
    • First recorded raise — entered as Pre-Seed.
    • 13 investors on this round.
  2. Seed$3.7M2026-02-03
    • Raised again after 191 mo — slower than the ~11 mo sector norm.
    • Round 6.2× larger than the prior — scaling up.
    • Switched to Rule 506(b) (was Rule 06).
    • 7 investors on this round.
Intelligence
2041 ~Q4
Modeled next raise · ~191mo cadence
$11.1M
Modeled next size est.range $7.2M$17.7M
6.2×
Last step-up
$269K/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
John Rogers19 other2026-02
Brian Kennedy5 other2026-02
Curtis Turner2 other2026-02
Gerard Munera2 other2026-02
Darcy Marud1 other2026-02
Stephen M. Jones1 other2010-03
Arthur H. Ditto2010-03
Marceau Schlumberger2026-02
Nicolas Schlumberger2026-02
Thomas J. Pladsen2010-03
Registry & provenance

Western Exploration Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
842622
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Candelaria Mining Corp.Mining & ResourcesSeed$2.8M$1.4Mnetwork1 shared operator · same sector · same stage
Tier One Silver Inc.Mining & ResourcesSeed$4.3M$3.4Msame sector · same stage
Star Gold Corp.Mining & ResourcesSeed$4.1M$5.8Msame sector · same stage
B & N Mining Properties, LLCMining & ResourcesSeed$4.1M$5.1Msame sector · same stage
Otis Gold Corp.Mining & ResourcesSeed$4.5M$2.2Msame sector · same stage
Azimut Exploration Inc.Mining & ResourcesSeed$4.1M$11.6Msame sector · same stage
Sierra Madre Gold & Silver Ltd.Mining & ResourcesSeed$4.0M$8.1Msame sector · same stage
Canamex Gold Corp.Mining & ResourcesSeed$4.6M$3.2Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Nevada Exploration IncMining & ResourcesPre-Seed$551K89%
US American Exploration, Inc.Mining & ResourcesSeries A$18.5M86%
Westmountain Gold, Inc.Mining & ResourcesSeries A$19.7M85%
Westward Gold Inc.Mining & ResourcesSeed$2.1M85%
Resource Exploration, Inc.Mining & ResourcesPre-Seed$1.6M85%
Western Alaska Minerals Corp.Mining & ResourcesSeries B$4.6M85%
Western Uranium & Vanadium Corp.Mining & ResourcesSeries A$3.0M85%
Discovery Exploration Group IncMining & ResourcesPre-Seed$667K85%
Frequently asked
How much funding has Western Exploration Inc. raised?
Western Exploration Inc. has raised approximately $4.3M in disclosed capital across 2 recorded financing rounds, aggregated from public filings.
What is Western Exploration Inc.'s estimated valuation?
Provath's modeled valuation for Western Exploration Inc. is approximately $7.5M (modeled range $3.2M–$13.0M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Western Exploration Inc. at?
Western Exploration Inc.'s latest modeled financing stage is Seed. Its most recent recorded round closed around Tue Feb 03.
What does Western Exploration Inc. do and where is it based?
Western Exploration Inc. operates in the Mining & Resources sector, based in Reno.
Explore related

See where Western Exploration Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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