Western Copper & Gold (WRN)
Market Price (8/8/2026): $2.41 | Market Cap: $544.0 MilSector: Materials | Industry: Diversified Metals & Mining
Western Copper & Gold (WRN)
Market Price (8/8/2026): $2.41Market Cap: $544.0 MilSector: MaterialsIndustry: Diversified Metals & Mining
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -24% Megatrend and thematic driversMegatrends include Battery Technology & Metals, Renewable Energy Transition, and Electrification of Everything. Themes include Advanced Battery Components, Show more. | Weak multi-year price returns3Y Excs Rtn is -10% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -8.9 Mil Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.5% Key risksWRN key risks include [1] potential regulatory and permitting delays for its flagship Casino Project and [2] its ability to secure the substantial C$3.6 billion in project financing required for construction. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -24% |
| Megatrend and thematic driversMegatrends include Battery Technology & Metals, Renewable Energy Transition, and Electrification of Everything. Themes include Advanced Battery Components, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -10% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -8.9 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.5% |
| Key risksWRN key risks include [1] potential regulatory and permitting delays for its flagship Casino Project and [2] its ability to secure the substantial C$3.6 billion in project financing required for construction. |
Qualitative Assessment
AI Analysis | Feedback
Western Copper & Gold (WRN) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. Continued Financial Losses and Pre-Revenue Status. Western Copper & Gold reported a net loss of CAD 1.67 million for fiscal Q2 2026, which ended June 30, 2026, a significant increase from CAD 0.627995 million a year prior. The net loss for the first half of 2026 reached CAD 4.21 million, compared to CAD 1.27 million in the previous year. As an exploration and permitting-stage company, Western Copper & Gold is pre-revenue, leading to persistent operational losses and negative free cash flow, which can weigh on investor sentiment despite progress on its Casino project.
2. Dilution from Recent Equity Financing. The company completed a bought deal public offering on February 26, 2026, issuing 22,169,125 common shares at CAD 4.15 per share, raising gross proceeds of CAD 92,001,869. While this financing strengthened the company's balance sheet by sharply increasing total assets and cash reserves to approximately C$285 million by June 30, 2026, the substantial increase in the number of outstanding shares diluted existing ownership, which can place downward pressure on the stock price in the subsequent period.
Show more
Western Copper & Gold (WRN) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. Continued Financial Losses and Pre-Revenue Status. Western Copper & Gold reported a net loss of CAD 1.67 million for fiscal Q2 2026, which ended June 30, 2026, a significant increase from CAD 0.627995 million a year prior. The net loss for the first half of 2026 reached CAD 4.21 million, compared to CAD 1.27 million in the previous year. As an exploration and permitting-stage company, Western Copper & Gold is pre-revenue, leading to persistent operational losses and negative free cash flow, which can weigh on investor sentiment despite progress on its Casino project.
2. Dilution from Recent Equity Financing. The company completed a bought deal public offering on February 26, 2026, issuing 22,169,125 common shares at CAD 4.15 per share, raising gross proceeds of CAD 92,001,869. While this financing strengthened the company's balance sheet by sharply increasing total assets and cash reserves to approximately C$285 million by June 30, 2026, the substantial increase in the number of outstanding shares diluted existing ownership, which can place downward pressure on the stock price in the subsequent period.
3. Mixed Analyst Sentiment and Bearish Technical Indicators. Despite some analysts maintaining "Buy" ratings with price targets of CAD 5.75 or C$8.11, there was also notable bearish sentiment. TipRanks' AI Analyst, "Spark," rated WRN as "Neutral" citing weak financial fundamentals, including persistent losses and materially worse trailing twelve-month free cash flow, alongside bearish technical positioning. Furthermore, Stockscan.io indicated a "Strong Sell" based on 11 sell signals from technical analysis indicators, and StockInvest.us projected a 32.42% fall in its 3-month trend forecast as of August 4, 2026. This divergence and technical weakness contributed to the stock's decline.
Show less
Stock Movement Drivers
Fundamental Drivers
The -13.6% change in WRN stock from 4/30/2026 to 8/7/2026 was primarily driven by a -10.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302026 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.79 | 2.41 | -13.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 202 | 226 | -10.5% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2026 to 8/7/2026| Return | Correlation | |
|---|---|---|
| WRN | -13.6% | |
| Market (SPY) | 7.6% | 63.1% |
| Sector (XLB) | 2.7% | 51.8% |
Fundamental Drivers
The -24.5% change in WRN stock from 1/31/2026 to 8/7/2026 was primarily driven by a -10.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 1312026 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.19 | 2.41 | -24.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 201 | 226 | -10.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
1/31/2026 to 8/7/2026| Return | Correlation | |
|---|---|---|
| WRN | -24.5% | |
| Market (SPY) | 12.1% | 56.8% |
| Sector (XLB) | 7.8% | 56.4% |
Fundamental Drivers
The 95.9% change in WRN stock from 7/31/2025 to 8/7/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.23 | 2.41 | 95.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 199 | 226 | -11.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
7/31/2025 to 8/7/2026| Return | Correlation | |
|---|---|---|
| WRN | 95.9% | |
| Market (SPY) | 23.4% | 42.5% |
| Sector (XLB) | 22.2% | 43.6% |
Fundamental Drivers
The 50.6% change in WRN stock from 7/31/2023 to 8/7/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.60 | 2.41 | 50.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 153 | 226 | -32.4% |
| Cumulative Contribution | 0.0% |
Market Drivers
7/31/2023 to 8/7/2026| Return | Correlation | |
|---|---|---|
| WRN | 50.6% | |
| Market (SPY) | 74.9% | 26.4% |
| Sector (XLB) | 30.2% | 33.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WRN Return | 27% | 14% | -25% | -21% | 154% | -13% | 89% |
| Peers Return | 38% | -1% | 11% | 6% | 84% | 20% | 257% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| WRN Win Rate | 42% | 50% | 50% | 42% | 75% | 62% | |
| Peers Win Rate | 53% | 52% | 55% | 43% | 73% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| WRN Max Drawdown | -52% | -51% | -39% | -37% | -25% | -50% | |
| Peers Max Drawdown | -30% | -47% | -30% | -32% | -25% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEM, GOLD, FCX, SCCO, AEM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)
How Low Can It Go
| Event | WRN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -10.8% | -18.8% |
| % Gain to Breakeven | 12.1% | 23.1% |
| Time to Breakeven | 3 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -26.9% | -9.5% |
| % Gain to Breakeven | 36.7% | 10.5% |
| Time to Breakeven | 681 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -27.2% | -24.5% |
| % Gain to Breakeven | 37.3% | 32.4% |
| Time to Breakeven | 49 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.0% | -33.7% |
| % Gain to Breakeven | 85.2% | 50.9% |
| Time to Breakeven | 31 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -44.8% | -19.2% |
| % Gain to Breakeven | 81.1% | 23.8% |
| Time to Breakeven | 29 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -11.6% | -3.7% |
| % Gain to Breakeven | 13.2% | 3.9% |
| Time to Breakeven | 7 days | 6 days |
In The Past
Western Copper & Gold's stock fell -10.8% during the 2025 US Tariff Shock. Such a loss loss requires a 12.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | WRN | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -26.9% | -9.5% |
| % Gain to Breakeven | 36.7% | 10.5% |
| Time to Breakeven | 681 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -27.2% | -24.5% |
| % Gain to Breakeven | 37.3% | 32.4% |
| Time to Breakeven | 49 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.0% | -33.7% |
| % Gain to Breakeven | 85.2% | 50.9% |
| Time to Breakeven | 31 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -44.8% | -19.2% |
| % Gain to Breakeven | 81.1% | 23.8% |
| Time to Breakeven | 29 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -38.8% | -12.2% |
| % Gain to Breakeven | 63.4% | 13.9% |
| Time to Breakeven | 37 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -73.4% | -6.8% |
| % Gain to Breakeven | 276.2% | 7.3% |
| Time to Breakeven | 140 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -34.3% | -0.2% |
| % Gain to Breakeven | 52.1% | 0.2% |
| Time to Breakeven | 82 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -49.3% | -17.9% |
| % Gain to Breakeven | 97.3% | 21.8% |
| Time to Breakeven | 5194 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -63.1% | -15.4% |
| % Gain to Breakeven | 171.1% | 18.2% |
| Time to Breakeven | 140 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -84.9% | -53.4% |
| % Gain to Breakeven | 563.6% | 114.4% |
| Time to Breakeven | 209 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -29.4% | -8.6% |
| % Gain to Breakeven | 41.7% | 9.5% |
| Time to Breakeven | 19 days | 47 days |
In The Past
Western Copper & Gold's stock fell -10.8% during the 2025 US Tariff Shock. Such a loss loss requires a 12.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Western Copper & Gold (WRN)
Western Copper & Gold Corporation (WRN) is an exploration stage mining company based in Vancouver, Canada, focused on identifying and developing significant mineral deposits within Canada. The company's primary activity involves exploring for valuable metals, including gold, copper, silver, and molybdenum. Its core asset is the extensive Casino mineral property, located in the Yukon Territory, which consists of numerous quartz and placer claims.
As an exploration company, WRN does not currently produce or sell metals. Instead, its "products" are the potential future raw metallic ores and concentrates derived from its Casino property. Once developed, these commodities would be destined for various global industrial and investment markets. Copper is critical for construction, electronics, and green technologies; gold and silver are prized for jewelry, investment, and technological applications; and molybdenum is essential for high-strength steel alloys and chemical processes.
Therefore, Western Copper & Gold's business model centers on advancing the Casino project through the stages of resource definition and development, with the ultimate goal of establishing a producing mine. The company aims to become a supplier of these crucial industrial and precious metals, serving a broad base of manufacturers, investors, and other end-users worldwide who rely on these essential raw materials.
AI Analysis | Feedback
Here are 1-3 brief analogies for Western Copper & Gold (WRN):
Think of them as an early-stage biotech company, but for mining: they're exploring and developing a promising gold and copper resource, well before production or significant revenue.
They're like a potential Teck Resources or Barrick Gold, currently in the exploration and development phase for a massive gold and copper deposit in Canada.
AI Analysis | Feedback
- Gold: A precious metal explored for its use in jewelry, investment, and various industrial applications.
- Copper: An industrial metal explored for its high electrical and thermal conductivity, primarily used in electrical wiring, plumbing, and construction.
- Silver: A precious metal explored for its use in jewelry, coinage, silverware, and industrial applications due to its excellent conductivity.
- Molybdenum: A refractory metal explored for its use as an alloying agent in steel, improving strength, hardness, and corrosion resistance.
AI Analysis | Feedback
Western Copper & Gold (WRN) is an exploration stage company. As such, it is focused on exploring and developing mineral properties (the Casino mineral property) rather than producing and selling minerals like gold, copper, silver, or molybdenum. Therefore, Western Copper & Gold does not currently have major customers for its products as it is not yet in the production phase.
AI Analysis | Feedback
WSP Global Inc. (TSX: WSP)
Tetra Tech, Inc. (NASDAQ: TTEK)
AI Analysis | Feedback
Sandeep Singh, President & CEO, Director
Sandeep Singh joined Western Copper and Gold as CEO in February 2024. Previously, he served as President and CEO of Osisko Gold Royalties, where he led a successful turnaround of the company. Prior to that, Mr. Singh spent 15 years as an investment banker specializing in the North American metals and mining sector at BMO Capital Markets and Dundee Securities. He co-founded Maxit Capital, a leading independent mergers and acquisitions (M&A) firm, and has advised numerous mining companies on financing alternatives and strategic matters, including complex and value-enhancing M&A transactions.
Michael Psihogios, Chief Financial Officer
Michael Psihogios joined Western Copper and Gold as CFO in July 2024. He is an experienced financial executive with over 20 years of experience in public, private, and investment companies within the natural resources industry. Prior to his current role, he was the CFO of Atlas Salt Inc. From 2016 to 2021, Mr. Psihogios served as CFO of DUMAS Mining, an underground mining equipment builder, where he established systems and controls that enabled a successful business turnaround and a profitable growth strategy. Before his tenure at DUMAS Mining, he worked with an international natural resource private equity fund, undertaking numerous senior executive, financial, and corporate development secondment roles within their portfolio companies.
Robert Dirk, Chief Operating Officer
Robert Dirk was appointed Chief Operating Officer in January 2026. He brings 37 years of experience in leading large-scale mining operations and delivering major projects across various commodities and jurisdictions. Mr. Dirk spent 20 years at Suncor Energy, holding progressively senior operational roles and serving as the senior operational leader on the Fort Hills mega-project, a landmark Canadian resource project. Internationally, he was part of the executive team for Kaz Minerals' large-scale Peschanka copper-gold project in Russia's Far East.
Christian Roldan, Vice President, Technical
Christian Roldan was appointed Vice President, Technical in January 2026. He is an accomplished mining executive with over 25 years of international experience across the entire mine lifecycle, from early-stage exploration through development, operations, and closure. Most recently, he held senior roles with Newmont, where he led multi-million-dollar engineering studies for projects in Canada, Suriname, and Chile. In the Yukon, he successfully advanced the Coffee project through the Yukon Environmental and Socio-economic Assessment Board (YESAB) environmental assessment process. Mr. Roldan has also served as a mine general manager for active operations in Honduras and Guatemala and is a former director of the Yukon Chamber of Mines.
Shena Shaw, Vice President, Environmental & Community Affairs
Shena Shaw was appointed Vice President, Environmental and Community Affairs in October 2021. She has over 20 years of experience managing projects and contributing to environmental assessments across Northern Canada. Ms. Shaw was introduced to the mining industry at DeBeers Canada's Snap Lake Project and subsequently pursued a lengthy career in environmental consulting in Yellowknife and Whitehorse, focusing on responsible resource development through environmental assessment and Indigenous engagement for large-scale projects in the Yukon, Northwest Territories, Alaska, and across Canada. She participated in consultation and socio-economic impact assessment work for the Kaminak Coffee Gold Project, Victoria Gold's Eagle Gold Project, and the Casino Project. Ms. Shaw is deeply familiar with the YESAB process and was involved in the Mackenzie Gas Project Joint Review Panel process in the Northwest Territories. She is currently a director for the Yukon Chamber of Mines.
AI Analysis | Feedback
The key risks for Western Copper & Gold (WRN), an exploration stage company focused on its Casino mineral property in Yukon, Canada, are primarily associated with the inherent challenges of developing a large-scale mining project.
- Permitting and Regulatory Delays: The Casino Project is currently undergoing the highest level of environmental and socio-economic review in the Yukon. Delays in this unpredictable permitting process, or requests for additional information from the Yukon Environmental and Socio-economic Assessment Board (YESAB) panel, could significantly push back the timeline for a final permitting decision and, consequently, construction financing. The company faces the challenge of demonstrating that it can build a world-class operation that mitigates environmental risks, especially with general concerns regarding open-pit mining in the Yukon.
- Financing and Capital Requirements: As an exploration stage company, Western Copper & Gold currently generates no revenue and has ongoing negative cash flow, requiring substantial capital investment to advance the Casino Project. The initial development capital expenditure is estimated to be approximately C$3.6 billion. The company's ability to raise sufficient capital to fund development is a critical risk, and it will likely need to access equity or debt markets, which could lead to shareholder dilution or be impacted by higher interest rates.
- Commodity Price Volatility: The economic viability of the Casino Project is highly sensitive to the fluctuating market prices of the commodities it aims to produce, primarily copper and gold, as well as silver and molybdenum. Adverse changes in these commodity prices could significantly impact the project's profitability and overall economic return.
AI Analysis | Feedback
AI Analysis | Feedback
- Gold: The global gold market was valued at approximately USD 2.5 trillion, based on a five-year historical analysis.
- Copper: The global copper market was valued at USD 291.12 billion in 2025 and is anticipated to reach USD 304.95 billion in 2026.
- Silver: The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow to USD 95.20 billion in 2025.
- Molybdenum: The global molybdenum market size was valued at USD 4.96 billion in 2025.
AI Analysis | Feedback
For Western Copper & Gold (WRN), an exploration stage company, the expected drivers of future revenue growth over the next 2-3 years are intrinsically linked to advancing its flagship Casino copper-gold project towards production. As the company is not yet generating significant revenue from mining operations, these drivers represent critical milestones that enhance the project's value and certainty of future income streams.
- Advancement through the Permitting Process for the Casino Project: A primary driver for future revenue potential is the successful navigation of the rigorous permitting process for the Casino Project. The company submitted its Environmental and Socio-economic Effects (ESE) Statement to the Yukon Environmental and Socio-economic Assessment Board (YESAB) in October 2025, initiating a significant Panel Review process. Progress through this multi-stage assessment, including technical analysis and public hearings, is essential to secure the necessary approvals for construction and eventual mining operations, directly enabling future mineral sales and revenue generation.
- Securing Additional Project Financing and Strategic Investments: The Casino Project has a substantial pre-production capital cost estimated at C$3.62 billion. While Western Copper & Gold recently completed a public offering raising over $92 million to advance permitting and engineering, securing further debt, equity financing, or attracting new strategic partners will be crucial over the next 2-3 years. These financial milestones are vital to fund the extensive development and construction phases, ensuring the project's viability and its long-term ability to generate revenue.
- Development of Key Infrastructure: Progress on critical infrastructure supporting the Casino Project is fundamental to its operational readiness and, consequently, its ability to generate future revenue. This includes advancing the Casino Copper-Gold Access Road and participating in the B.C.-Yukon Grid Connect project, which secured $40 million in funding for pre-feasibility work on a high-voltage transmission energy corridor. Successful development of these infrastructure components will facilitate efficient logistics and power supply, directly supporting cost-effective production.
- Entering into Off-take Agreements for Future Mineral Production: Even before production commences, the company's ability to enter into off-take agreements for future copper, gold, silver, and molybdenum concentrate would be a significant de-risking factor and a driver for future revenue growth. These agreements can provide upfront financing, guaranteed market access, and price certainty for a portion of future production, thereby solidifying the project's financial foundation and securing future revenue streams.
- Sustained Favorable Commodity Prices for Copper and Gold: Although an external factor, robust and stable market prices for copper and gold directly impact the economic attractiveness and viability of the Casino Project. The global copper market is projected to expand significantly due to electrification and infrastructure demands, making the Casino Project's substantial copper and gold resources particularly valuable. Favorable commodity prices enhance the project's profitability, facilitate financing, and ultimately translate into higher revenue potential once production begins.
AI Analysis | Feedback
Share Issuance
- Western Copper and Gold completed a bought deal public offering in February 2026, issuing 22,169,125 common shares at $4.15 per share for gross proceeds of approximately $92 million.
- In February 2026, the company announced an upsized C$80 million bought deal financing for 19,277,500 common shares at C$4.15 per share.
- The number of outstanding shares increased by 30.41% in 2021, 7.22% in 2023, and 1.6% in 2025, reaching 201,393,862 by the end of 2025.
Inbound Investments
- Mitsubishi Materials Corporation made a strategic equity investment of approximately C$21 million in March 2023, acquiring about 5% of Western Copper and Gold's outstanding shares through a private placement. Mitsubishi Materials also plans to acquire an additional 2 million common shares via open market purchases by May 2026.
- Rio Tinto made a strategic C$25.6 million investment in 2021 to advance the Casino project, with the placement completed in 2024, acquiring 239,528 common shares for C$1.35 per share, resulting in approximately 9.7% ownership.
- As of March 2026, 74 institutional owners and shareholders held a total of 37,125,023 shares of Western Copper and Gold.
Capital Expenditures
- The total capital expenditure associated with the construction and development of the Casino mine project is estimated at approximately $3.62 billion, according to the 2022 Feasibility Study.
- In the last 12 months, capital expenditures were approximately -$20.12 million.
- The net proceeds from the $92 million bought deal offering in February 2026 are primarily allocated to advance permitting and engineering at the Casino Project.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 91.30 |
| Mkt Cap | 94.9 |
| Rev LTM | 19,404 |
| Op Inc LTM | 7,333 |
| FCF LTM | 3,155 |
| FCF 3Y Avg | 2,295 |
| CFO LTM | 6,318 |
| CFO 3Y Avg | 4,991 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 32.8% |
| Rev Chg 3Y Avg | 32.1% |
| Rev Chg Q | 35.0% |
| QoQ Delta Rev Chg LTM | 7.3% |
| Op Inc Chg LTM | 64.9% |
| Op Inc Chg 3Y Avg | 31.1% |
| Op Mgn LTM | 55.2% |
| Op Mgn 3Y Avg | 36.1% |
| QoQ Delta Op Mgn LTM | 1.2% |
| CFO/Rev LTM | 42.7% |
| CFO/Rev 3Y Avg | 37.0% |
| FCF/Rev LTM | 31.3% |
| FCF/Rev 3Y Avg | 22.7% |
Price Behavior
| Market Price | $2.41 | |
| Market Cap ($ Bil) | 0.5 | |
| First Trading Date | 05/19/2006 | |
| Distance from 52W High | -40.5% | |
| 50 Days | 200 Days | |
| DMA Price | $2.30 | $2.66 |
| DMA Trend | up | down |
| Distance from DMA | 4.6% | -9.4% |
| 3M | 1YR | |
| Volatility | 61.8% | 69.0% |
| Downside Capture | 318.05 | 242.36 |
| Upside Capture | 149.98 | 261.30 |
| Correlation (SPY) | 60.7% | 42.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.68 | 2.61 | 2.89 | 2.83 | 2.24 | 0.98 |
| Up Beta | 2.98 | 2.34 | 2.61 | 2.88 | 2.41 | 0.78 |
| Down Beta | 2.17 | 3.78 | 3.65 | 2.62 | 1.45 | 0.71 |
| Up Capture | 41% | 109% | 184% | 256% | 597% | 173% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 20 | 30 | 64 | 135 | 349 |
| Down Capture | 183% | 281% | 293% | 240% | 164% | 107% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 22 | 30 | 58 | 101 | 328 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WRN | |
|---|---|---|---|---|
| WRN | 94.9% | 68.9% | 1.25 | - |
| Sector ETF (XLB) | 22.6% | 17.8% | 0.99 | 43.5% |
| Equity (SPY) | 23.3% | 12.8% | 1.36 | 42.1% |
| Gold (GLD) | 28.5% | 28.4% | 0.87 | 69.6% |
| Commodities (DBC) | 32.9% | 19.8% | 1.32 | 9.4% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 4.3% |
| Bitcoin (BTCUSD) | -44.2% | 42.9% | -1.23 | 29.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WRN | |
|---|---|---|---|---|
| WRN | 5.3% | 56.9% | 0.31 | - |
| Sector ETF (XLB) | 6.7% | 19.1% | 0.24 | 38.7% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 31.3% |
| Gold (GLD) | 18.6% | 18.6% | 0.81 | 44.6% |
| Commodities (DBC) | 8.2% | 19.6% | 0.31 | 21.7% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 22.1% |
| Bitcoin (BTCUSD) | 8.8% | 53.0% | 0.35 | 20.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WRN | |
|---|---|---|---|---|
| WRN | 11.0% | 61.6% | 0.43 | - |
| Sector ETF (XLB) | 10.1% | 20.7% | 0.43 | 33.8% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 29.6% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 33.8% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | 26.0% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 22.7% |
| Bitcoin (BTCUSD) | 58.2% | 66.2% | 0.98 | 12.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 6-K |
| 03/31/2026 | 05/08/2026 | 6-K |
| 12/31/2025 | 03/26/2026 | 40-F |
| 09/30/2025 | 11/07/2025 | 6-K |
| 06/30/2025 | 08/08/2025 | 6-K |
| 12/31/2024 | 03/20/2025 | 40-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/09/2024 | 6-K |
| 03/31/2024 | 05/10/2024 | 6-K |
| 12/31/2023 | 03/29/2024 | 40-F |
| 09/30/2023 | 11/03/2023 | 6-K |
| 06/30/2023 | 08/04/2023 | 6-K |
| 03/31/2023 | 05/05/2023 | 6-K |
| 12/31/2022 | 03/23/2023 | 40-F |
| 09/30/2022 | 11/04/2022 | 6-K |
| 06/30/2022 | 08/05/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 6-K |
| 03/31/2026 | 05/08/2026 | 6-K |
| 12/31/2025 | 03/26/2026 | 40-F |
| 09/30/2025 | 11/07/2025 | 6-K |
| 06/30/2025 | 08/08/2025 | 6-K |
| 12/31/2024 | 03/20/2025 | 40-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/09/2024 | 6-K |
| 03/31/2024 | 05/10/2024 | 6-K |
| 12/31/2023 | 03/29/2024 | 40-F |
| 09/30/2023 | 11/03/2023 | 6-K |
| 06/30/2023 | 08/04/2023 | 6-K |
| 03/31/2023 | 05/05/2023 | 6-K |
| 12/31/2022 | 03/23/2023 | 40-F |
| 09/30/2022 | 11/04/2022 | 6-K |
| 06/30/2022 | 08/05/2022 | 6-K |
| 03/31/2022 | 05/06/2022 | 6-K |
| 12/31/2021 | 03/25/2022 | 40-F |
| 09/30/2021 | 11/05/2021 | 6-K |
| 06/30/2021 | 08/06/2021 | 6-K |
| 03/31/2021 | 05/07/2021 | 6-K |
| 12/31/2020 | 03/29/2021 | 40-F |
| 09/30/2020 | 11/06/2020 | 6-K |
| 06/30/2020 | 07/28/2020 | 6-K |
| 03/31/2020 | 05/07/2020 | 6-K |
| 12/31/2019 | 03/19/2020 | 40-F |
| 09/30/2019 | 11/06/2019 | 6-K |
| 06/30/2019 | 08/09/2019 | 6-K |
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Diversified Metals & Mining Resources |
| Mining Technology |
| International Mining |
| Northern Miner |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.