Here are 1-3 brief analogies for Western Copper & Gold (WRN):

1. 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.

2. 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.

• 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.

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.

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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.

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.

1. 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.
2. 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.
3. 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.

• 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.

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.

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

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.