Western Copper And Gold Corporation · TSX:WRN
Western Copper And Gold — Investor Presentation (August 2025)
36 slides from Western Copper And Gold's investor presentation, August 2025
Slide 1: Developing Canada's Largest Critical Minerals Project
TSX WRN NYSE AMERICAN WRN DEVELOPING CANADA’S LARGEST CRITICAL MINERALS PROJECT Corporate Presentation | August 2025
Slide 2: Cautionary Notes
CAUTIONARY NOTES The information provided in this presentation is not future revenues, and timing of development, or potential property; litigation; legislative, environmental and other reserve” and “probable mineral reserve” are Canadian intended to be a comprehensive review of all matters and expa
Slide 3: Corporate Overview
CORPORATE OVERVIEW CAPITAL STRUCTURE OWNERSHIP LISTINGS TSX, NYSE American WRN TOP Rio Tinto 9.5% SHAREHOLDERS FINANCIALS Cash & Investments C$64.8M (Public Disclosure) (Mar 31, 2025) Kopernik Global Investors 6.6% Debt Nil Mitsubishi Materials 5.0% SHARE Share Price C$1.69 STRUCTURE (July 30, 2025)
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS CLEAR INVESTMENT THESIS • One of the largest copper-gold projects globally • Located in the Yukon – supportive mining district • Recent Feasibility Study shows robust economics and long mine life • Strong fundamentals for copper and gold CONTINUING TO ADD VALUE • Significant re
Slide 5: Strategic Investments
STRATEGIC INVESTMENTS Endorsed by two of the most respected companies across the mining and materials value chain Participation on Technical and Sustainability Committee adds multidisciplinary expertise to project development C$25.6M May 2021 (initial investment) C$2.3M April 2023 (top-up) C$25.6M M
Slide 6: An Attractive Copper-Gold Mine
AN ATTRACTIVE COPPER-GOLD MINE Metal Value Distribution 46% 34% COPPER GOLD in the M&I Mill Resource COPPER GOLD 7.6 Billion lbs 14.8 Million oz M+I Resources M+I Resources +3.1 Billion lbs +6.3 Million oz Inferred Resources Inferred Resources 4% 17% SILVER MOLYBDENUM Source: Based on Casino Copper-
Slide 7: The World Needs a Lot More Copper
THE WORLD NEEDS A LOT MORE COPPER Copper demand is expected to grow by 70% to >50Mtpa by 2050 Solid foundation from traditional demand; global energy transition and digital revolution are megatrends accelerating growth Despite >$107B of investment in Tier 1 copper projects over the last decade, the
Slide 8: Macro Landscape Supportive of Gold
MACRO LANDSCAPE SUPPORTIVE OF GOLD Heightened geopolitical risks support demand for gold as a financial hedge Inflation remains stubbornly high, driven by inflationary tariffs, protectionist policies escalating trade tensions, and the inflationary push from military build-up and the weaponization of
Slide 9: Long Section of the Casino Copper-Gold Deposit
LONG SECTION OF THE CASINO COPPER-GOLD DEPOSIT HEAP LEACH RESERVE CORE ZONE Mill Reserve underpins 209.6 million tonnes at 0.28 g/t AuEq (P&P) Casino’s 27-year mine life Mill Reserve represents Pit one-third of currently Outline defined resources Core Zone leads to very quick payback – milled grade
Slide 10: Closer Look at the Higher Grade Core Zone
CLOSER LOOK AT THE HIGHER GRADE CORE ZONE 800 m x 500 m zone in the center of the deposit Primarily breccia geology Grades in the Core Zone are significantly higher compared to overall resource grade DDH21-07 Previous intercept of 689 m at 0.91% CuEq 289.6 m at 1.01% CuEq DDH21-09 65.8 m at 2.53% Cu
Slide 11: Attractive Grade Profile
ATTRACTIVE GRADE PROFILE Casino Mill Yr 1-4 (174 Mt) 0.26:1 CASINO PROJECT Casino Mill LOM (1.2 Bt) 0.43:1 Gibraltar - Taseko (559 Mt) 1.49:1 Copper Mountain - HBM (367 Mt) 5.56:1 OPERATING 0.74:1 MINES Highland Valley - Teck (209 Mt) Mt. Milligan - CG (264 Mt) 1.19:1 -- 0.10% 0.20% 0.30% 0.40% 0.50
Slide 12: The Right Combination of Grade and Strip Ratio
THE RIGHT COMBINATION OF GRADE AND STRIP RATIO Grade Strip Ratio (% CuEq) (waste : ore) MARA Glencore 0.77% Casino (Year 1-4) WRN 0.26 Casino (LOM) WRN 0.43 Galore Creek Teck / Newmont 0.69% North Island Northisle 0.81 Casino (Year 1-4) WRN 0.66% Josemaria BHP / Lundin 0.98 Reko Diq Barrick 0.66% Sc
Slide 13: Economic Throughout the Commodity Cycle
ECONOMIC THROUGHOUT THE COMMODITY CYCLE COPPER PRICE ($/lb) US$3.50 US$3.60 US$4.00 US$4.50 US$5.00 US$5.50 US$6.00 NPV 8% ($M) C$2,221 C$2,334 C$2,786 C$3,351 C$3,917 C$4,481 C$5,043 US$1,700 IRR 17.7% 18.1% 19.7% 21.6% 23.5% 25.2% 26.9% Payback (yrs) 3.4 3.3 3.0 2.8 2.6 2.4 2.3 NPV 8% ($M) C$2,807
Slide 14: De-risked Through Quick Payback
DE-RISKED THROUGH QUICK PAYBACK CASH FLOW & PRODUCTION PROFILE YEAR 1-4 LIFE-OF-MINE AVERAGE Cash Flow (Pre-tax) ($M) C$1,033 C$662 ANNUAL CASH FLOW & Cash Flow (After-tax) ($M) C$951 C$517 COSTS Net Smelter Return ($/t ore milled) C$43.15 C$29.08 Operating Cost ($/t ore milled) C$11.16 AVERAGE Copp
Slide 15: Infrastructure Advancements
INFRASTRUCTURE ADVANCEMENTS Yukon Resource Gateway Project funding for the Casino Copper-Gold Access Road Federal government funding available for the construction of a 120 km road to access the Casino Project Construction of the road has already started, with the first 5 km completed and C$30M spen
Slide 16: Progress on Yukon-BC Grid Interconnection
PROGRESS ON YUKON-BC GRID INTERCONNECTION Critical Minerals Infrastructure Fund (CMIF) investing in B.C.-Yukon Grid Connect Project Casino’s base case is an LNG power plant The Yukon grid is beyond capacity, 22 rental diesel generators addressing shortfall Canada’s CMIF approved C$40M to advance the
Slide 17: Permitting Timeline
PERMITTING TIMELINE Submit ESE Statement in summer 2025, formally initiating the YESAB ‘Panel Review’ process Infrastructure advancing in parallel with permitting process, aligning well with the project schedule Significant policy tailwinds for resource development in Canada; policymakers understand
Slide 18: Investment Highlights
INVESTMENT HIGHLIGHTS Multi-decade copper and gold resource High-grade core leads to quick payback Low strip ratio drives attractive cost profile Improving infrastructure backdrop through government initiatives Major endorsements and partnerships Immense scarcity value of similar projects TSX | NYSE
Slide 19: Appendix
APPENDIX TSX | NYSE AMERICAN | WRN
Slide 20: ESG Commitment
ESG COMMITMENT SOCIAL ENVIRONMENTAL GOVERNANCE Committed to health and safety Committed to exceeding best Committed to high ethical and committed to the protection practices in protecting the standards and building of cultural values environment long term value • Ongoing engagement with local • Acce
Slide 21: Significant Positive Economic Impact
SIGNIFICANT POSITIVE ECONOMIC IMPACT Economic impact of the Casino Project on the Yukon and Economic Impact Casino Project Canada on the Yukon and Canada Over its entire life cycle, the Casino Project is Each year in operation, the Casino Project is estimated to contribute: estimated to contribute:
Slide 22: 7th Largest Undeveloped Copper-Gold Project Controlled by a Junior
7th LARGEST UNDEVELOPED COPPER-GOLD PROJECT CONTROLLED BY A JUNIOR 120 Junior controlled copper project Alaska 157 Major controlled copper project 100 BC 144 WRN’s Casino Copper-Gold project COPPER EQUIVALENT (B LBS) 80 CASINO 60 Ecuador COPPER-GOLD PROJECT Argentina x Chile 40 Chile Yukon Ecuador P
Slide 23: Copper Development Transactions
COPPER DEVELOPMENT TRANSACTIONS ANALYST CONSENSUS PRICE / NAV MULTIPLES BHP - 50% Josemaria (Lundin) (US$0.7 Bn) 0.92x Lundin Mining / BHP - Filo (US$3.0 Bn) 0.79x MACH Metals Australia - Rex Minerals (US$0.2 Bn) 0.58x Silvercorp - Adventus (US$0.1 Bn) 0.34x Glencore - 56.25% MARA (Pan American) (US
Slide 24: Feasibility Study Capital Costs
FEASIBILITY STUDY CAPITAL COSTS PROJECTED CAPITAL COSTS PROCESS PLANT & Project Directs (Including Freight) C$2,116 INFRASTRUCTURE Project Indirects C$431 Contingency C$369 Subtotal C$2,916 MINE Mine Equipment C$433 Mine Pre-production C$228 Subtotal C$661 Owners Costs C$41 SUSTAINING & TOTAL Total
Slide 25: Copper Development Project Capital Intensity
COPPER DEVELOPMENT PROJECT CAPITAL INTENSITY $40,000 $35,000 $30,000 CASINO INITIAL CAPITAL INTENSITY (US$/TPA AVERAGE CUEQ) COPPER-GOLD PROJECT $25,000 $20,000 $15,000 $10,000 $5,000 -- WRN Feasibility Pre-Feasibility PEA Notes: Data from S&P Capital IQ and Wood Mackenzie on select copper or copper
Slide 26: Attractive Cost Profile
ATTRACTIVE COST PROFILE Low strip ratio reduces the amount of waste tonnes moved, resulting in lower hauling costs (the largest component of mining costs) Deposit sits on a hilltop, single large open-pit Haul profiles are favourable (portion of the planned hauls are downhill loaded) Processing costs
Slide 27: Feasibility Study Operating Cost
FEASIBILITY STUDY OPERATING COST UNIT COSTS LIFE-OF-MINE MILLING Milling ($/t ore milled) C$6.42 OPERATION Mining ($/t ore milled) C$4.28 General & ($/t ore milled) C$0.46 Administrative Total ($/t ore milled) C$11.16 HEAP LEACH Heap Leach Operation ($/t leached) C$1.93 OPERATION ADR/SART ($/t leach
Slide 28: Property Geology
PROPERTY GEOLOGY Note: Based on Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix. TSX | NYSE AMERICAN | WRN 28
Slide 29: Mining
MINING Pit designs for five mining phases were developed to produce 45.4 Mtpa of mill feed ore Mill material is limited to 1.2 Bt due to TMF capacity The pits were designed with 40 m wide ramps, 20 m benches Pit slope angles of 45 degree for most of the pit, with some areas at 42 degrees Komatsu 980
Slide 30: Processing
PROCESSING Milling • 120,000 tpd • Medium–soft ore: BWi – 14.5 kWh/t; 200 µm primary grind Flotation • Conventional copper/moly circuit • Recoveries: Copper 86%, Gold 67%, Moly 71%, Silver 53% • Subsequent metallurgical testwork shows potential for meaningfully higher moly recoveries Heap Leach • Co
Slide 31: 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$/t) (%) (g/t) (%) (g/t) (%) (M lb) (M oz) (M lb) (M oz) Proven 140.1 38.50 0.31 0.39 0.024 2.1 0.67 944 1.8 74.9 9.4 Probable 1,076.9 23.68 0.17 0.19 0.021 1.6 0.36 4,135 6.7 497.1 55.5
Slide 32: 2022 Casino Copper-Gold Resource
2022 CASINO COPPER-GOLD RESOURCE MILL RESOURCE NSR Copper Gold Moly Silver CuEq Copper Gold Moly Silver Class Mt (C$/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 11.1 716.0
Slide 33: 2022 Casino Copper-Gold Resource
2022 CASINO COPPER-GOLD RESOURCE TOTAL RESOURCE (MILL + HEAP LEACH) NSR Copper Gold Silver Copper Gold Silver Class Mt (C$/t) (%) (g/t) (g/t) (M lb) (M oz) (M oz) Measured 188.2 36.34 0.24 0.40 2.2 1,005.0 2.4 13.3 Indicated 2,302.6 19.61 0.13 0.17 1.4 6,638.1 12.4 103.9 M&I 2,490.7 20.88 0.14 0.18
Slide 34: Notes
NOTES “Casino Copper-Gold Feasibility Study” • NSR value for hypogene sulphide mill material is: Technical report entitled “Casino Copper-Gold Project, Form 43-101 F1 - NSR (C$/t) = $73.81 x copper (%) + $41.16 x gold (g/t) + $213.78 x moly (%) + Technical Report Feasibility Study” dated June 13, 20
Slide 35: Notes
NOTES “Casino Copper-Gold Feasibility Study” • NSR value for leach material is Mineral Reserve - NSR (C$/t) = $14.05 x copper (%) + $47.44 x gold (g/t) + $0.210 x silver (g/t), based on recoveries of 18% copper, 80% gold and 26% silver. • The Mineral Reserve estimate has an effective date of June 13
Slide 36: ir@westerncopperandgold.com
ir@westerncopperandgold.com 604 684 9497 www.westerncopperandgold.com TSX | NYSE AMERICAN | WRN
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