Tearsheet

Western Copper & Gold (WRN)


Market Price (12/4/2025): $2.5 | Market Cap: $503.5 Mil
Sector: Materials | Industry: Diversified Metals & Mining

Western Copper & Gold (WRN)


Market Price (12/4/2025): $2.5
Market Cap: $503.5 Mil
Sector: Materials
Industry: Diversified Metals & Mining

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14%
Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
1 Megatrend and thematic drivers
Megatrends include Battery Technology & Metals, Renewable Energy Transition, and Electrification of Everything. Themes include Advanced Battery Components, Show more.
Weak multi-year price returns
3Y Excs Rtn is -2.5%
Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -8.2 Mil
2   Stock price has recently run up significantly
12M Rtn12 month market price return is 131%
3   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.1%
0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14%
1 Megatrend and thematic drivers
Megatrends include Battery Technology & Metals, Renewable Energy Transition, and Electrification of Everything. Themes include Advanced Battery Components, Show more.
2 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
3 Weak multi-year price returns
3Y Excs Rtn is -2.5%
4 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
5 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -8.2 Mil
6 Stock price has recently run up significantly
12M Rtn12 month market price return is 131%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.1%

Valuation, Metrics & Events

WRN Stock


Why The Stock Moved


Qualitative Assessment

AI Generated Analysis | Feedback



1. Significant Progress on the Casino Project: Western Copper and Gold continued to advance its flagship Casino Project in the Yukon Territory, Canada. A key milestone in this period was the submission of its Environmental and Socio-economic Effects Statement (ESE Statement) to the Yukon Environmental and Socio-economic Assessment Board (YESAB by July 15, 2025), a critical step in the project's regulatory approval process.

2. Favorable Analyst Ratings and Price Targets: Throughout the period, Western Copper & Gold received positive endorsements from financial analysts. As of September 26, 2025, analysts maintained a "Strong Buy" consensus rating for WRN, with an average price target of $4.13, projecting a 67.55% increase in the stock price over the subsequent year. Other analyses also indicated a "Buy" rating with an average price target of $4.25, forecasting an upside of 68.65% from the then-current price of $2.52.

Show more

Stock Movement Drivers

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
WRN Return49%27%14%-25%-21%131%195%
Peers Return34%65%4%15%-7%11%171%
S&P 500 Return16%27%-19%24%23%16%112%

Monthly Win Rates [3]
WRN Win Rate50%42%50%50%42%70% 
Peers Win Rate37%35%32%33%36%65% 
S&P 500 Win Rate58%75%42%67%75%70% 

Max Drawdowns [4]
WRN Max Drawdown-60%-7%-24%-33%-29%-13% 
Peers Max Drawdown-35%-5%-13%-7%-15%-27% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: GSM, XPL, CRML, NEXM, TECK.
[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] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique KeyEventWRNS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-55.3%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven123.7%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-61.7%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven161.0%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven78 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-77.0%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven334.9%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven785 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-92.6%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven1249.3%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven699 days1480 days

Compare to GSM, XPL, CRML, NEXM, TECK


In The Past

Western Copper & Gold's stock fell -55.3% during the 2022 Inflation Shock from a high on 5/27/2021. A -55.3% loss requires a 123.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Western Copper & Gold (WRN)

Better Bets than Western Copper & Gold (WRN)

Trade Ideas

Select past ideas related to WRN. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11212025DDDuPont de NemoursDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
3.4%3.4%-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025CFCF IndustriesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
1.0%1.0%-1.1%
HL_11212025_Quality_Momentum_RoomToRun_10%11212025HLHecla MiningQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
29.7%29.7%0.0%
CDE_11072025_Dip_Buyer_ValueBuy11072025CDECoeur MiningDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
9.9%9.9%-5.7%
ATR_10312025_Dip_Buyer_ValueBuy10312025ATRAptarGroupDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
5.2%5.2%-2.5%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11212025DDDuPont de NemoursDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
3.4%3.4%-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025CFCF IndustriesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
1.0%1.0%-1.1%
HL_11212025_Quality_Momentum_RoomToRun_10%11212025HLHecla MiningQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
29.7%29.7%0.0%
CDE_11072025_Dip_Buyer_ValueBuy11072025CDECoeur MiningDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
9.9%9.9%-5.7%
ATR_10312025_Dip_Buyer_ValueBuy10312025ATRAptarGroupDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
5.2%5.2%-2.5%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Western Copper & Gold

Peers to compare with:

Financials

WRNGSMXPLCRMLNEXMTECKMedian
NameWestern .Ferroglo.Solitari.Critical.NexMetal.Teck Res. 
Mkt Price2.524.780.608.283.8144.454.29
Mkt Cap0.50.90.1--21.70.7
Rev LTM01,3730-010,4840
Op Inc LTM-8-56-5--461,243-8
FCF LTM-2421-5--45-328-24
FCF 3Y Avg-22123-4--40-894-22
CFO LTM-388-5--431,508-3
CFO 3Y Avg-4199-4--312,675-4

Growth & Margins

WRNGSMXPLCRMLNEXMTECKMedian
NameWestern .Ferroglo.Solitari.Critical.NexMetal.Teck Res. 
Rev Chg LTM--9.0%---29.1%10.1%
Rev Chg 3Y Avg--19.3%----12.0%-15.7%
Rev Chg Q--28.1%---18.4%-4.8%
QoQ Delta Rev Chg LTM--8.1%---5.3%-1.4%
Op Mgn LTM--4.1%---11.9%3.9%
Op Mgn 3Y Avg-4.4%---13.2%8.8%
QoQ Delta Op Mgn LTM--3.2%---0.5%-1.3%
CFO/Rev LTM-6.4%---14.4%10.4%
CFO/Rev 3Y Avg-12.6%---26.0%19.3%
FCF/Rev LTM-1.5%----3.1%-0.8%
FCF/Rev 3Y Avg-7.6%----7.9%-0.1%

Valuation

WRNGSMXPLCRMLNEXMTECKMedian
NameWestern .Ferroglo.Solitari.Critical.NexMetal.Teck Res. 
Mkt Cap0.50.90.1--21.70.7
P/S-0.6---2.01.3
P/EBIT-48.2-7.8-11.6--11.6-9.7
P/E-105.8-7.3-12.8--17.1-10.0
P/CFO-115.49.7-13.1--14.2-1.7
Total Yield-0.9%-13.5%-7.8%--7.0%-4.4%
Dividend Yield0.0%0.3%0.0%--1.2%0.2%
FCF Yield 3Y Avg-8.0%13.3%-8.1%---3.9%-6.0%
D/E0.00.20.0--0.40.1
Net D/E-0.10.1-0.1--0.2-0.0

Returns

WRNGSMXPLCRMLNEXMTECKMedian
NameWestern .Ferroglo.Solitari.Critical.NexMetal.Teck Res. 
1M Rtn23.5%0.4%-4.4%-24.3%-4.5%4.1%-2.0%
3M Rtn66.9%15.6%-25.5%41.5%-30.6%32.1%23.8%
6M Rtn100.0%24.7%-10.9%471.0%-19.8%24.7%
12M Rtn131.2%10.1%0.1%7.3%--2.8%7.3%
3Y Rtn47.4%12.1%-4.7%--23.3%17.7%
1M Excs Rtn23.6%0.5%-4.3%-24.2%-4.5%4.2%-1.9%
3M Excs Rtn63.8%9.4%-33.8%39.2%-34.3%30.6%20.0%
6M Excs Rtn85.3%10.0%-25.6%456.3%-5.1%10.0%
12M Excs Rtn113.5%-2.4%-15.2%8.0%--17.5%-2.4%
3Y Excs Rtn-2.5%-59.4%-65.7%---31.9%-45.7%

Financials

Segment Financials

Assets by Segment

$ Mil20242023202220212020
Acquisition, exploration, and future development of mineral resource properties1441141158450
Total1441141158450


Price Behavior

Short Interest

Short Interest: As Of Date11142025
Short Interest: Shares Quantity1,626,053
Short Interest: % Change Since 1031202516.7%
Average Daily Volume1,050,759
Days-to-Cover Short Interest1.55
Basic Shares Quantity201,393,862
Short % of Basic Shares0.8%

SEC Filings

Expand for More

Report DateFiling DateFiling
9302025110720256-K 9/30/2025
630202580820256-K 6/30/2025
12312024320202540-F 12/31/2024
9302024110720246-K 9/30/2024
630202480920246-K 6/30/2024
331202451020246-K 3/31/2024
12312023329202440-F 12/31/2023
9302023110320236-K 9/30/2023
630202380420236-K 6/30/2023
331202350520236-K 3/31/2023
12312022323202340-F 12/31/2022
9302022110420226-K 9/30/2022
630202280520226-K 6/30/2022
331202250620226-K 3/31/2022
12312021325202240-F 12/31/2021
9302021110520216-K 9/30/2021