Western Copper And Gold Corporation · TSX:WRN
Western Copper And Gold — Investor Presentation (November 2025)
45 slides from Western Copper And Gold's investor presentation, November 2025
Slide 1: Developing Canada's Largest Critical Minerals Project
Developing Canada’s Largest Critical Minerals Project TSX. WRN NYSE American WRN Corporate Presentation | November 2025
Slide 2: Cautionary notes
Cautionary notes. The information provided in this presentation is not intended to be a any mineral reserve or mineral resource estimate, the key assumptions and obligation to update or alter the forward-looking statements whether as a comprehensive review of all matters and developments concerning
Slide 3: Corporate overview
Corporate overview. Capital Structure Ownership Analyst Coverage Listings Top Shareholders (Public Disclosure) Average Target Price = C$4.60 TSX, NYSE American WRN Rio Tinto 9.5% Kopernik Global Investors 6.5% Financials (Jun 30, 2025) Mitsubishi Materials 5.0% Cash & Investments C$60.9M Management
Slide 4: Clear investment thesis
Clear investment thesis. One of the largest copper-gold projects globally Significant support for critical minerals in Canada Feasibility Study with Strong robust economics fundamentals for and long mine life copper and gold Strategic investment Permitting from Rio Tinto and advancing Mitsubishi Mat
Slide 5: Strategic investments
Strategic investments. Endorsed by two of the most • Second-largest mining company in the world • Roots of metals business trace back ~150 respected companies across • Operations in 35 countries years • Pursuing growth in energy transition materials • Minority interests in three producing the mining
Slide 6: An attractive copper-gold mine
An attractive copper-gold mine. 46% Copper COPPER 7.6B lbs M+I Resources + 3.1B lbs Inferred Resources 4% Silver 17% Molybdenum GOLD 34% 14.8M oz 6.3M oz + Gold M+I Resources Inferred Resources Life-of-Mine Revenue Split TSX | NYSE American | WRN 6
Slide 7: The world needs a lot more copper
The world needs a lot more copper.
Slide 8: Copper demand drivers
Copper demand drivers. By 2050, copper demand is expected to grow by 30% >50Mtpa to Traditional Energy Digital Economic Growth Transition Replacement demand EVs Data centres Emerging markets Electrification 5G Solar | Wind Internet of things Grid storage Artificial intelligence Solid foundation from
Slide 9: A large and growing supply gap
A large & growing supply gap. Despite >$107B of investment in 6./M7489: ,-;;844/< =M8;7M>1?/;79< Tier 1 copper projects over the last D"#$ decade, the supply gap has grown DC#" from 4.7Mt to 7.7Mt. D$#$ C%#" Even with the most optimistic supply ,-../M1OP45 C"#$ forecasts (assuming development of !"!
Slide 10: Macro landscape supportive of gold
Macro landscape Gold at supportive of gold. !'%#"" !'%""" All-Time Highs -./012P45S17U9!:.;< !&%#"" !&%""" !$%#"" Heightened geopolitical risks support demand for !$%""" gold as a financial hedge. !#"" !" &""# &""( &"") &""G &""+ &"$" &"$$ &"$& &"$' &"$, &"$# &"$( &"$) &"$G &"$+ &"&" &"&$ &"&& &"&'
Slide 11: Long section of the Casino Copper-Gold deposit
Long section of the Casino Copper-Gold deposit. CORE ZONE HEAP LEACH RESERVE Mill Reserve underpins Casino’s 209.6 million tonnes 27-year mine life. at 0.28 g/t AuEq (P&P) Mill Reserve represents one-third of currently defined resources. RESERVE PIT SHELL MILL RESERVE 1.22 billion tonnes Core Zone l
Slide 12: Closer look at the higher-grade core zone
Closer look at the higher- grade core zone. DDH21−07 DDH21−09 289.6 m at 1.01% CuEq 65.8 m at 2.53% CuEq (from 36.6 m) (from 10.6 m) 800 m x 500 m zone in the center of the deposit Grades in the Core Zone are significantly higher compared to overall resource grade Previous intercept of 689 m at 0.91
Slide 13: Mineral resource Mill Material by NSR cut-off
Mineral resource Mill Material by NSR cut-off. NSR COG (C$/t) Category Mt Copper (%) Gold (g/t) Moly (%) Silver (g/t) CuEq (%) Measured 144.9 0.30 0.38 0.024 2.1 0.64 6.11 Indicated 2,114.2 0.14 0.16 0.015 1.4 0.29 M&I 2,259.0 0.15 0.18 0.016 1.4 0.31 Measured 102.3 0.35 0.46 0.029 2.3 0.77 30.00 In
Slide 14: Attractive grade profile
Attractive grade profile. Casino Mill Yr 1-4 (174 Mt) 0.26:1 Casino Project Casino Mill LOM (1.2 Bt) 0.43:1 Gilbraltar - Taseko (778 Mt) 2.40:1 2.80:1 Copper Mountain HBM (367 Mt) Operating Mines 1.00:1 Highland Valley - Teck (263 Mt) 0.92:1 Mt. Milligan - CG (218 Mt) 0.00% 0.10% 0.20% 0.30% 0.40% 0
Slide 15: The right combination of grade and strip ratio
The right combination of grade & strip ratio. Grade (% CuEq) Strip Ratio (waste : ore) MARA Glencore 0.77% Casino (Year 1-4) WRN 0.26 Note: CuEq based on US$3.60/lb Cu, US$1,700/oz Au, US$14/lb Mo, and Galore Creek Casino (LOM) WRN 0.43 US$22/oz Ag, with no consideration for Teck / Newmont 0.69% met
Slide 16: Economic throughout the commodity cycle
Economic throughout the commodity cycle. US$3.60 US$4.00 Copper Price ($/LB) US$4.50 US$5.00 US$5.50 US$6.00 NPV8% ($M) C$2,334 C$2,786 C$3,351 C$3,917 C$4,481 C$5,043 US$1,700 IRR 18.1% 19.7% 21.6% 23.5% 25.2% 26.9% Payback (yrs) 3.3 3.02 2.8 2.6 2.4 2.3 BASE CASE NPV8% ($M) C$3,895 C$4,346 C$4,908
Slide 17: De-risked through quick payback
De-risked through quick payback. Cash Flow & Production Profile Year 1−4 Life-of-Mine Cash Flow (Pre-tax) ($M) C$1,033 C$662 Cash Flow (After-tax) ($M) C$951 C$517 Average Annual Cash Flow & Costs Net Smelter Return ($/t one milled) C$43.15 C$29.08 Operating Cost ($/t one milled) C$11.16 Copper (Mlb
Slide 18: Yukon Resource Gateway Project funding for access road
Infrastructure advancements Yukon Resource Gateway Project funding for the Casino Copper- Gold access road. Federal government funding available Construction of the road has for the construction of an access road already started, with the first to the Casino Project 5 km completed TSX | NYSE America
Slide 19: Yukon government funding Marine Services Platform for Skagway Port
Infrastructure advancements Yukon government funding Marine Services Platform for Skagway Port redevelopment. The Yukon government The government Marine Services signed MOU with included C$44.7M Platform has Municipality of Skagway in 2025-28 capital recently re-entered securing long-term plan permi
Slide 20: Progress on Yukon-BC Grid Interconnection (1/2)
Progress on Yukon-BC Grid Interconnection (1/2) Critical Minerals Infrastructure Fund (CMIF) investing in BC- Yukon Grid Connect Project. Casino’s base case is an LNG Canada’s CMIF approved C$40M power plant to advance the BC-Yukon Grid Connect Project: connecting the isolated, capacity-constrained
Slide 21: Progress on Yukon-BC Grid Interconnection (2/2)
Progress on Yukon-BC Grid Interconnection (2/2) Critical Minerals Infrastructure Fund (CMIF) investing in BC- Yukon Grid Connect Project. Major endorsement of A pathway to the Casino Project; aligns hydroelectric grid power Casino’s 130 MW load is transformative for the with a long-term energy Casin
Slide 22: Developments like these help mines get built faster
Developments like these help mines get built faster... These investments are needed to support critical minerals development in the region, improve community access and safety, and create create good mining jobs... The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources TSX | NYS
Slide 23: Permitting timeline
Permitting timeline. Task Year 1 Year 2 Year 3 Year 4 Submit ESE Statement in October 2025, formally YESAB Established Panel initiating the YESAB ‘Panel Process Review’ process Technical Analysis Infrastructure advancing Public Hearings in parallel with permitting process, aligning well Panel Report
Slide 24: Investment highlights
Investment highlights. Multi-decade High-grade core Low-strip ratio copper and gold resource leads to quick payback drives attractive cost profile Improving Major Immense infrastructure endorsements scarcity value backdrop through gov’t initiatives and partnerships of similar projects TSX | NYSE Ame
Slide 25: Appendix
Appendix TSX | NYSE American | WRN 25
Slide 26: ESG commitment
ESG commitment. Social Governance Committed to health and safety and Committed to high ethical standards and committed to the protection of cultural building long term value values Corporate Disclosure Policy Ongoing engagement with local communities and First Nations Whistleblower Policy 18+ years
Slide 27: ESG commitment
ESG commitment. Environmental Supporting SUPPORTING Committed to exceeding best practices in Yukon Community Food Yukon-wide Mental Health protecting the environment Security Support Accepted the Robert E Leckie Award for Outstanding Yukon First Nations Yukon Education & Family Environmental steward
Slide 28: Significant positive economic impact
Significant positive economic impact. Over its entire lifecycle, the Casino Project is estimated to contribute: C$44.1 billion C$12.4 billion to Canada’s GDP in wages and salaries 125,260 full-time C$12.8 billion equivalent positions in taxes & royalties to various governments TSX | NYSE American |
Slide 29: Significant positive economic impact
Significant positive economic impact. Each year in operating, the Casino Project is estimated to contribute: C$1.3 billion 3,660 full-time to the Yukon’s GDP equivalent positions C$1.5 billion C$377 million to Canda’s GDP in wages & salaries across Canada TSX | NYSE American | WRN 29
Slide 30: 7th largest undeveloped copper-gold project controlled by a junior
7th largest undeveloped copper-gold project controlled by a junior. Junior controlled copper project Alaska Major controlled copper project BC WRN’s Casino Copper-Gold project Note: Data from S&P CapIQ and company filings. Copper Equivalent (B LBS) CASINO COPPER-GOLD PROJECT Ecuador Argentina Chile
Slide 31: Copper development transactions analyst consensus price / NAV multiples
Copper development transactions analyst consensus price / nav multiples. Median: 0.72x Note: Data from public disclosure. Based on BHP—50% Josemaria (Lundin) (US$0.7 Bn) 0.92x transactions since 2021, where the target is a copper project / company. Lundin Mining / BHP—Filo (US$3.0 Bn) 0.79x MACH Met
Slide 32: Feasibility study capital costs
Feasibility study capital costs. Projected Capital Costs Project Directs (Including Freight) C$2,116 Project Indirects C$431 Process Plant & Infrastructure Contingency C$369 Subtotal C$2,916 Mine Equipment C$433 Mine Pre-production C$228 Mine Subtotal C$661 Owners Costs C$41 Total Initial Capital C$
Slide 33: Copper development project capital intensity
Copper development project capital intensity. Notes: Data from S&P Capital IQ and Wood Mackenzie on select copper or copper-gold projects. CASINO COPPER-GOLD PROJECT Initial Capital Intensity (US$/TPA AVERAGE CUEQ) WRN Feasibility Pre-Feasibility PEA TSX | NYSE American | WRN 33
Slide 34: Attractive cost profile
Attractive cost profile. Low strip ratio reduces the amount of waste tonnes moved, resulting in lower hauling Cash Costs costs (the largest component of mining costs) By-product Costs Deposit sits on a hilltop, single large open-pit Copper Cash Cost (US$0.80) Net of By-Product Credits ($/lb) Haul pr
Slide 35: Feasibility study operating costs
Feasibility study operating costs. Unit Costs Life-of-Mine Milling ($/t ore milled) C$6.42 Mining ($/t ore milled) C$4.28 Milling Operation General & Administrative ($/t ore milled) C$0.46 Total ($/t ore milled) C$11.16 Heap Leach Operation ($/t leached) C$1.93 Heap Leach Operation ADR/SART ($/t lea
Slide 36: Property geology
Property geology. Note: Based on Casino Copper- Gold 2022 Feasibility Study. See “Notes” in Appendix. TSX | NYSE American | WRN 36
Slide 37: Mining
Mining. Pit designs for five mining phases Komatsu 980E or similar were developed to produce 45.4 haul trucks (370 t class) Mtpa of mill feed ore Floating cone based on Mill material is limited to 1.2 Bt US$1.75/lb Cu, US$835/oz due to TMF capacity Au – very low prices as pit is constrained by TMF c
Slide 38: Processing
Processing. Milling Flotation Heap Leach 120,000 tpd Conventional copper/moly Conventional circuit crush/conveyer stack valley fill heap leach Medium–soft ore: BWi – 14.5 kWh/t; 200 µm Recoveries: 25,000 tpd primary grind Copper 86%, Gold 67%, Moly 71%, Silver 53% SART to remove copper from solution
Slide 39: 2022 Casino copper-gold reserve
2022 Casino copper-gold reserve. Mill Reserve NSR Copper Gold Moly Silver CuEq Copper Gold Moly Silver Class Mt (C$/t) (%) (g/t) (%) (g/t) (%) (M lb) (M oz) (M lb) (M oz) Proven 140.1 38.50 0.31 0.39 0.024 2.1 0.67 944 1.8 74.9 9.4 Probable 1,076.9 23.68 0.17 0.19 0.021 1.6 0.36 4,135 6.7 497.1 55.5
Slide 40: 2022 Casino copper-gold resource
2022 Casino copper-gold resource. Mill Resource NSR Copper Gold Moly Silver CuEq Copper Gold Moly Silver Class Mt (C$/t) (%) (g/t) (%) (g/t) (%) (M lb) (M oz) (M lb) (M oz) Measured 144.9 40.09 0.30 0.38 0.024 2.1 0.64 953 1.8 75.2 9.6 Indicated 2,114.2 20.34 0.14 0.16 0.015 1.4 0.29 6,493 11.1 716.
Slide 41: 2022 Casino copper-gold resource
2022 Casino copper-gold resource. Mill Reserve NSR Copper Gold Moly Silver CuEq Copper Gold Moly Silver Class Mt (C$/t) (%) (g/t) (%) (g/t) (%) (M lb) (M oz) (M lb) (M oz) Measured 188.2 36.34 0.24 0.40 2.2 1,005.0 2.4 13.3 188.2 36.34 0.24 Indicated 2,302.6 19.61 0.13 0.17 1.4 6,638.1 12.4 103.9 2,
Slide 42: Notes
Casino Copper-Gold Feasibility Study Notes. Technical report entitled “Casino Copper-Gold Project, Form 43− 101 F1 Technical Report Feasibility Study” dated June 13, 2022. The study is available on the Company's website at www.westerncopperandgold.com. Prepared by: Daniel Roth, P.Eng.; Laurie Tahija
Slide 43: Notes
Casino Copper-Gold Feasibility Study Notes. Mineral Resources • NSR value for hypogene sulphide mill material is: • The Mineral Resources have an effective date of 29 April 2022 and the estimate was prepared using the definitions in CIM Definition Standards (10 May 2014). o NSR (C$/t) = $73.81 x cop
Slide 44: Other technical information in this presentation
Other technical information in this presentation. • Technical information regarding the Casino Copper-Gold Project contained in this presentation is based on the Casino Copper-Gold 2022 FS prepared by or under the supervision of the Qualified Persons noted previously. • Copper equivalent calculation
Slide 45: ir@westerncopperandgold.com
ir@westerncopperandgold.com 604 684 9497 westerncopperandgold.com TSX WRN NYSE American WRN
Western Copper and Gold — Investor Presentation (November 2025) on 6ix