Western Copper & Gold (WRN)
Market Price (12/4/2025): $2.5 | Market Cap: $503.5 MilSector: Materials | Industry: Diversified Metals & Mining
Western Copper & Gold (WRN)
Market Price (12/4/2025): $2.5Market Cap: $503.5 MilSector: MaterialsIndustry: 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
| 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 -14% | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| 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 -2.5% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -8.2 Mil |
| Stock price has recently run up significantly12M Rtn12 month market price return is 131% | ||
| 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 -5.1% |
| 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 -14% |
| Megatrend and thematic driversMegatrends include Battery Technology & Metals, Renewable Energy Transition, and Electrification of Everything. Themes include Advanced Battery Components, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns3Y Excs Rtn is -2.5% |
| 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 -8.2 Mil |
| Stock price has recently run up significantly12M Rtn12 month market price return is 131% |
| 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 -5.1% |
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.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WRN Return | 49% | 27% | 14% | -25% | -21% | 131% | 195% |
| Peers Return | 34% | 65% | 4% | 15% | -7% | 11% | 171% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% |
Monthly Win Rates [3] | |||||||
| WRN Win Rate | 50% | 42% | 50% | 50% | 42% | 70% | |
| Peers Win Rate | 37% | 35% | 32% | 33% | 36% | 65% | |
| S&P 500 Win Rate | 58% | 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
| Event | WRN | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -55.3% | -25.4% |
| % Gain to Breakeven | 123.7% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -61.7% | -33.9% |
| % Gain to Breakeven | 161.0% | 51.3% |
| Time to Breakeven | 78 days | 148 days |
| 2018 Correction | ||
| % Loss | -77.0% | -19.8% |
| % Gain to Breakeven | 334.9% | 24.7% |
| Time to Breakeven | 785 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -92.6% | -56.8% |
| % Gain to Breakeven | 1249.3% | 131.3% |
| Time to Breakeven | 699 days | 1480 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.
Trade Ideas
Select past ideas related to WRN. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | DD | DuPont de Nemours | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 3.4% | 3.4% | -0.2% |
| 11212025 | CF | CF Industries | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 1.0% | 1.0% | -1.1% |
| 11212025 | HL | Hecla Mining | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 29.7% | 29.7% | 0.0% |
| 11072025 | CDE | Coeur Mining | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 9.9% | 9.9% | -5.7% |
| 10312025 | ATR | AptarGroup | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.2% | 5.2% | -2.5% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | DD | DuPont de Nemours | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 3.4% | 3.4% | -0.2% |
| 11212025 | CF | CF Industries | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 1.0% | 1.0% | -1.1% |
| 11212025 | HL | Hecla Mining | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 29.7% | 29.7% | 0.0% |
| 11072025 | CDE | Coeur Mining | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 9.9% | 9.9% | -5.7% |
| 10312025 | ATR | AptarGroup | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.2% | 5.2% | -2.5% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Western Copper & Gold
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 4.29 |
| Mkt Cap | 0.7 |
| Rev LTM | 0 |
| Op Inc LTM | -8 |
| FCF LTM | -24 |
| FCF 3Y Avg | -22 |
| CFO LTM | -3 |
| CFO 3Y Avg | -4 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.1% |
| Rev Chg 3Y Avg | -15.7% |
| Rev Chg Q | -4.8% |
| QoQ Delta Rev Chg LTM | -1.4% |
| Op Mgn LTM | 3.9% |
| Op Mgn 3Y Avg | 8.8% |
| QoQ Delta Op Mgn LTM | -1.3% |
| CFO/Rev LTM | 10.4% |
| CFO/Rev 3Y Avg | 19.3% |
| FCF/Rev LTM | -0.8% |
| FCF/Rev 3Y Avg | -0.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.7 |
| P/S | 1.3 |
| P/EBIT | -9.7 |
| P/E | -10.0 |
| P/CFO | -1.7 |
| Total Yield | -4.4% |
| Dividend Yield | 0.2% |
| FCF Yield 3Y Avg | -6.0% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -2.0% |
| 3M Rtn | 23.8% |
| 6M Rtn | 24.7% |
| 12M Rtn | 7.3% |
| 3Y Rtn | 17.7% |
| 1M Excs Rtn | -1.9% |
| 3M Excs Rtn | 20.0% |
| 6M Excs Rtn | 10.0% |
| 12M Excs Rtn | -2.4% |
| 3Y Excs Rtn | -45.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11072025 | 6-K 9/30/2025 |
| 6302025 | 8082025 | 6-K 6/30/2025 |
| 12312024 | 3202025 | 40-F 12/31/2024 |
| 9302024 | 11072024 | 6-K 9/30/2024 |
| 6302024 | 8092024 | 6-K 6/30/2024 |
| 3312024 | 5102024 | 6-K 3/31/2024 |
| 12312023 | 3292024 | 40-F 12/31/2023 |
| 9302023 | 11032023 | 6-K 9/30/2023 |
| 6302023 | 8042023 | 6-K 6/30/2023 |
| 3312023 | 5052023 | 6-K 3/31/2023 |
| 12312022 | 3232023 | 40-F 12/31/2022 |
| 9302022 | 11042022 | 6-K 9/30/2022 |
| 6302022 | 8052022 | 6-K 6/30/2022 |
| 3312022 | 5062022 | 6-K 3/31/2022 |
| 12312021 | 3252022 | 40-F 12/31/2021 |
| 9302021 | 11052021 | 6-K 9/30/2021 |
External Quote Links
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