Global Markets Dip as Traders Gauge Fallout From U.S. Strikes on Iran

Stocks edged lower and oil prices climbed in Monday trading in Asia, reflecting investor concern over potential economic fallout from the U.S. strikes on three Iranian nuclear facilities over the weekend.
Futures contracts for the S&P 500, indicating how the index might perform when markets open in New York, slipped by about 0.3 percent. The price of West Texas Intermediate, the benchmark for U.S. crude, gained roughly 3 percent. Gold, a traditional safe-haven asset, also rose.
Markets in Asia, the first to open after the strikes in Iran, were down. Stocks in Taipei, Taiwan, fell more than 1 percent. Benchmark indexes in Japan, Hong Kong and South Korea also dipped.
Traders were waiting for clearer indications of whether there would be an escalation in conflicts in the Middle East — particularly any moves by Iran to disrupt shipping through the Strait of Hormuz.
The Strait of Hormuz is a critical transit point for global oil supplies. Last year, about 20 million barrels of oil were shipped through the waterway each day, representing about 20 percent of the world's total supply. Most of that oil was bound for Asia.
Places like Japan and Taiwan rely on the Middle East for almost all of their crude oil imports, meaning that any disruption to traffic through the strait could inflict a large economic blow. China is the largest purchaser of Iranian oil.
Oil prices, hovering around $76 a barrel, are expected to enter the $80 range, but if the risk of Iran blocking the Strait of Hormuz is seen as increasing, they will rise even further, said Takahide Kiuchi, executive economist at Nomura Research Institute. In that case, 'the Japanese economy could be exposed to downside risks that exceed those of the Trump tariffs,' he said.
Other analysts expect fallout from the U.S. strikes to be relatively short-lived.
The oil market is better equipped to respond to shocks than it has been in the past because of spare capacity held by exporters, according to Daniel Hynes, a senior commodity strategist at ANZ Research. Geopolitical events involving producers can have a big impact on oil markets, but in recent years, prices have tended to quickly retreat as risks ease, Mr. Hynes said.
Daniel Ives, an analyst at Wedbush Securities, said there could be more volatility in stock movements this week. But, he said, the market may view the Iran threat as 'now gone.' In that case, he said, 'the worst is now in the rearview mirror.'
Joe Rennison contributed reporting from New York.

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Western Exploration Announces a 54% Increase in Inferred Gravel Creek Gold Equivalent Mineral Resources

83% Increase in Silver ounces attributable to Jarbidge Discovery Reno, Nevada--(Newsfile Corp. - June 23, 2025) - Western Exploration Inc. (TSXV: WEX) (OTCQX: WEXPF) (the "Company" or "Western Exploration") is pleased to report an updated mineral resource estimate (the "MRE"), prepared in accordance with National Instrument 43-101 ("NI 43-101"), for its Gravel Creek and Wood Gulch deposits, which are part of its, 100% owned Aura Project, located 120 kilometers north of Elko, Nevada. Highlights of the updated MRE include: A significant increase in grades and ounces, at a 3.0g AuEq/t cutoff*, in the inferred mineral resource category, reflecting the positive contribution from the high-grade vein discovery hosted in Jarbidge rhyolite east of Gravel Creek. Increased ounces of gold in the inferred mineral resource category from 367,000 oz/Au to 571,000 oz/Au, representing a 56%* increase in ounces of gold and a 9% increase in grade of gold. Increased ounces of silver in the inferred mineral resource category from 5,307,000 oz/Ag to 9,726,000 oz/Ag, representing an 83%* increase in ounces of silver and a 28%* increase in grade of silver. Indicated gold equivalent grade and ounces, reported at a 3.0 g Aueq/t cutoff, remained relatively constant between 2021 and 2025 with 216,000 ounces Au and 3,367,000 ounces Ag being reported in the current MRE. Watch the CEO news summary HERE Cannot view this video? Visit: "The updated MRE at Gravel Creek-Wood Gulch validates our exploration model and reinforces two years of drilling success," said Darcy Marud, CEO and President of Western Exploration. "Our revised geologic models highlight new exploration opportunities along the GC Fault at Gravel Creek and the potential to expand high-grade veins in the Jarbidge rhyolite. This update reinforces our strategy and underscores Western Exploration's momentum in growing the resource footprint. "While Wood Gulch remains the focus of our 2025 exploration program, the significant increase at Gravel Creek supports a more extensive drill program aimed at additional resource growth. The strength of this updated resource, combined with favorable market conditions for both gold and silver, positions us to deliver shareholder value in the near term." Join Darcy for a live webinar on Thursday, June 26, at 1 pm PT where he will discuss key highlights from the Mineral Resource Estimate news release. Please Register here. The MRE was prepared by RESPEC Company LLC ("RESPEC"), based in Reno, Nevada. A technical report is being prepared in accordance with NI 43-101 (the "Technical Report"), which will include the results of the updated MRE described in this news release and the preliminary economic assessment for Doby George, as described in the news release of the Company dated May 8, 2025 (entitled "Western Exploration Announces Positive Preliminary Economic Assessment for the Doby George Resource at the Aura Project") (the "PEA News Release"). The Technical Report will be filed within 45 days of the PEA News Release. Significance of Results The significant expansion of the inferred mineral estimate at the Gravel Creek deposit demonstrates that the Company has executed on its strategic initiative to expand the mineralized footprint. The MRE is based on 96 drill holes exhibiting a remarkable success rate in drilling, which management expects could translate into additional resource expansion with continued drilling and exploration activities. Table 1: Resource Comparison Indicated - Gravel Creek 2025 2025 vs 2021 Indicated - Gravel Creek 2021 CutoffAuEqg/t Tonnes Au(g/t) Au(ozs) Ag(g/t) Ag(ozs) AuEq(g/t) AuEq(ozs) Tonnes Au(g/t) Au(ozs) Ag(g/t) Ag(ozs) AuEq(g/t) AuEq(ozs) CutoffAuEqg/t Tonnes Au(g/t) Au(ozs) Ag(g/t) Ag (ozs) AuEq(g/t) AuEq(ozs)2.0 2,079,000 3.72 249,000 59.6 3,986,000 4.58 306,000 3.0 1,331,000 5.04 216,000 78.7 3,367,000 5.95 254,000 1% 7% 8% 5% 6% 2% 4% 3.0 1,315,000 4.73 200,000 75.0 3,169,000 5.81 245,000Inferred - Gravel Creek 2025 2025 vs 2021 Inferred - Gravel Creek 2021 CutoffAuEqg/t Tonnes Au(g/t) Au (ozs) Ag(g/t) Ag(ozs) AuEq(g/t) AuEq(ozs) Tonnes Au(g/t) Au(ozs) Ag (g/t) Ag(ozs) AuEq(g/t) AuEq(ozs) CutoffAuEqg/t Tonnes Au(g/t) Au(ozs) Ag(g/t) Ag (ozs) AuEq(g/t) AuEq(ozs)2.0 5,394,000 3.12 540,000 45.5 7,897,000 3.77 653,000 3.0 3,933,000 4.52 571,000 76.9 9,726,000 5.39 683,000 43% 9% 56% 28% 83% 7% 54% 3.0 2,744,000 4.16 367,000 60.2 5,307,000 5.02 443,000 Note: Table 1: Resource Comparison contains a comparison of indicated and inferred mineral resource estimates between 2021 and 2025, describing the updated MRE at 3.0 g AuEq/t cut-off grade and the prior mineral resource estimates in the Prior Report (which applied a 2.0g AuEq/t cutoff grade) at a 3.0g AuEq/t cutoff grade contained in a sensitivity table in the Prior Report. The current resource increase is attributed primarily to the 2023-2024 high-grade vein discovery in the Jarbidge rhyolite hanging wall zone east of Gravel Creek, and the positive impact of a revised geologic and structural model. At Jarbidge, initial geologic and resource modelling has demonstrated remarkable continuity for an area that has currently only been tested by 19 diamond drill holes. The new zone contributed approximately half of the gold ounces and a majority of the silver ounces in the inferred mineral resource category, representing significant increases in the updated MRE. The mineral resource estimate applied the same methodology at Gravel Creek, including 4-meter estimation block sizes. Additional drilling will be required to provide better definition of the high-grade veins and upgrade resource classification. The new Gravel Creek geologic/structural model shows that mineralization is controlled by the northwest-trending GC Fault, with Au-Ag mineralization along the Paleozoic-Eocene unconformity and in favorable volcanic host lithologies. The model displays better continuity of mineralization and highlights significant potential for resource expansion along the strike. In combination with the prospective target along 3.0 km of the Tomasina Fault zone (see the news release of the Company dated February 24, 2025 entitled "Western Exploration Expands Exploration Footprint at Gravel Creek with 3.0 Km Untested Structural Corridor at the Past Producing Wood Gulch Mine"), Western Exploration now has three high priority targets to pursue that have potential to increase the Gravel Creek-Wood Gulch resource significantly. Drilling of the Tomasina target is scheduled to begin in late July or early August of 2025. Figure 1. View looking N-NW showing comparative dimensions of the +2.0 g/t AuEq grade shells for the Gravel Creek and Jarbidge resource areas. Gravel Creek Resource shows dominant control by the N45W, 70NE GC Fault system, with shallower mineralization reflecting stratigraphic control within the Eocene Frost Creek tuff. Mineralization within the Jarbidge Discovery Zone reflects control of dominantly N-S trending, moderately west dipping vein/stockwork/breccia zones. To view an enhanced version of this graphic, please visit: Table 2: Updated Mineral Resource Estimate MINERAL RESOURCE ESTIMATE(1,6) Indicated InferredTonnes Au(g/t) Au (ozs) Ag (g/t) Ag(ozs) AuEq(g/t) AuEq (oz) Tonnes Au(g/t) Au(ozs) Ag (g/t) Ag (ozs) AuEq(g/t) AuEq(oz.) Gravel Creek(4) 1,331,000 5.04 216,000 78.7 3,367,000 5.95 254.000 3,933,000 4.52 571,000 76.9 9,726,000 5.39 683,000 Wood Gulch(5) - - - - - - - 2,741,000 0.75 66,000 6.2 545,000 0.82 73,000 Doby George (8) 13,662,000 0.90 394,000 - - 0.90 394,000 3,270,000 0.68 71,000 - - 0.68 71,000 TOTAL 14,993,000 1.27 610,000 7.0 3,367,000 1.35 648,000 9,944,000 2.22 708,000 32.1 10,271,000 2.58 827,000 Note: Table 2: Updated Mineral Resource Estimate contains the mineral resource estimates for the Aura Project expected to be included in the Technical Report. Notes: The effective date of the Wood Gulch-Gravel Creek mineral resource estimate is May 27, 2025. In-situ mineral resources are classified in accordance with CIM Definition Standards for Mineral Resources & Mineral Reserves prepared by the CIM Standing Committee on Reserve Definitions. The average grades of the tabulations are comprised of the weighted average of block-diluted grades within the underground shells and optimized pits. The Gravel Creek MRE is reported using a cut-off grade of 3.0g AuEq/t. Gold equivalent values were calculated using metal prices of US$2,025 per oz for gold and US$24 per oz for silver, and metallurgical recoveries of 95% for gold and 92% for silver. The AuEq calculation accounts for metal prices and recoveries only. The 3.0g AuEq/t cut-off grade was applied to constrain the reported mineral resource estimates to material with reasonable prospects for economic extraction. The Au cut-off grade for Wood Gulch Mineral Resources is based on an Au price of US$2,150/oz, an average recovery of 66% Au, a processing rate of 7,500 tonnes per day and cost assumptions including: US$3.02/t mining cost for open-pit mining; US$6.52/t processing cost; US$1.89/t processed G&A cost; and US$5.00/oz Au refining cost. The effective date of the Doby George mineral resource estimate is January 27, 2025. The project mineral resources are comprised of all model blocks at a cutoff grade of 0.17 g Au/t for all material within optimized pits. The gold cutoff grade for Doby George mineral resource estimate is based on an gold price of US$2,150/oz, an average recovery of 66% Au, a processing rate of 7,500 tonnes per day, and cost assumptions including: US$3.02/t mining cost for open-pit mining; US$6.52/t processing cost; US$1.89/t processed G&A cost, and US$5.00/oz Au refining cost. An average royalty of 3% has also been applied to cutoff grade determination. The mineral resource estimates described herein may be materially affected by geology, environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. There are no known factors related to metallurgical, environmental, permitting, legal, title, taxation, socio-economic, marketing or political issues which could materially affect the mineral resource estimate described in this news release. Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grade, and contained metal content. Mineral resources are not mineral reserves and do not have demonstrated economic viability. An inferred mineral resource estimate has a lower level of confidence than an indicated mineral resource estimate, and has not been converted into a mineral reserve. It is reasonably expected that a majority of the inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. 2025 Exploration Plan Exploration will continue in 2025 with an approximate 4,000 meter drill program focused on the Tomasina Fault Zone at Wood Gulch. Wood Gulch is a former producing open pit mine and geological reinterpretation based on prior drill results has reprioritized Wood Gulch as a highly prospective target. While Wood Gulch is the focus of Western Exploration's 2025 exploration program, the significant resource increase at Gravel Creek (as described in this news release) supports a more extensive drill program aimed at infill drilling and resource expansion. In addition, the Company will continue to de-risk the project through project refinement, both in terms of potential processing and cost parameters, continued geotechnical work, ongoing environmental studies, and permit planning. MRE Methodology The Wood Gulch-Gravel Creek mineral resource estimate includes the Gravel Creek, Saddle, and Southeast deposits. RESPEC modeled and estimated gold and silver mineral resources as follows: Constraining Gravel Creek low-, mid-, and high-grade gold and silver mineral domains were modeled on 50 meter-spaced vertical sections and transposed to long sections centered at mid-block locations. The Gravel Creek geological model and other relevant geological data were used to guide the modeling of mineral domains. A block model — with 4m by 4m by 4m blocks — was coded with the gold and silver domains using the long section interpretations. Drill-hole assays were composited to a 3 meter length, honoring the mineralized gold domains. Gold and silver grades were interpolated into the block model using the mineral domains to explicitly constrain grade estimations. RESPEC utilized Inverse Distance Cubed (ID3) and Quadrupled (ID4) interpolations for a two-pass estimation. The first pass used a maximum search distance of 400 meters and applied ID3 interpolation to all domains. The second pass applied ID3 interpolation to the low- and mid-grade domains and ID4 interpolation to the high-grade domain to a maximum search distance of 80 meters. Individual domain grades were weighted-averaged to produce fully block-diluted reported mineral resources. The Doby George MRE includes the West Ridge, Daylight, and Twilight deposits. RESPEC modeled the mineral resource estimate for gold as follows: Constraining gold mineral domains of low- and high-grade mineralization were modeled on 30 meter spaced vertical sections and transposed to long sections centered at 6 meter mid-block locations. The Doby George geological model and other relevant geological data were used to guide the modeling of mineral domains. A block model — with 6m by 6m by 6m blocks — was coded with the gold domains using the 6 meter spaced long section interpretations. Drill-hole assays were composited to a 3 meter length, honoring the mineralized gold domains. Gold grades were interpolated into the block model using gold mineral domains to explicitly constrain grade estimations. RESPEC utilized Inverse Distance Cubed (ID3) and Quadrupled (ID4) interpolations for the estimation, achieving a localizing effect in the high-grade domain, and applied ID3 interpolation to the low-grade domain estimate. Individual domain grades were weight averaged to produce fully block-diluted reported mineral resources. Quality Assurance — Quality Control Drill program design, Quality Assurance/Quality Control ("QA/QC") and the interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Technical Information The MRE was 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 scientific and technical information in this news release has been reviewed and approved by Mr. Michael S. Lindholm, C.P.G. of RESPEC. For readers to fully understand the information in this news release, reference should be made to the full text of the Technical Report, once filed, including all assumptions, qualifications and limitations therein. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context. About Western Exploration Western Exploration is focused on advancing the 100% owned Aura Project, located approximately 120 kilometers/75 miles north of the city of Elko, Nevada. The Aura Project includes three unique gold and silver deposits: Doby George, Gravel Creek, and Wood Gulch. Western Exploration is comprised of an experienced team of precious metals experts that aim to lead the company to becoming North America's premiere gold and silver development company. Additional information regarding Western Exploration can be found on Western Exploration's corporate website ( and on SEDAR+ ( under Western Exploration's issuer profile. For further information, please contact: Darcy MarudChief Executive OfficerTelephone: (775) 329-8119Email: dmarud@ Nichole CowlesInvestor RelationsTelephone: (775) 240-4172Email: nicholecowles@ 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. Inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. On October 31, 2018, the SEC adopted new mining disclosure rules ("S-K 1300") that are more closely aligned with current industry and global regulatory practices and standards, including NI 43-101, although there are some differences in the two standards. Accordingly, information concerning mineral deposits contain in this release may not be comparable with information made public by U.S. companies that report in accordance with S-K 1300. 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; the Technical Report being filed within 45 days of May 8, 2025 (if at all) supporting the results of the MRE described in this news release; the ability of exploration activities, including drilling, to accurately predict mineralization; management's expectations on the grade and extension of mineralization; the accuracy of results from prior exploration activities conducted at the Aura 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 Doby George, Gravel Creek and Wood Gulch mineral deposits; and the schedule of further drilling and exploration activities. 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 Aura 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+ ( 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

Yahoo

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‘Sluggish' UK business activity picks up as tariff threat eases

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