Western Copper And Gold Corporation · TSX:WRN
Western Copper And Gold — Investor Presentation (May 2026)
37 slides from Western Copper And Gold's investor presentation, May 12, 2026
Slide 1: Developing Canada's Largest Critical Minerals Project
Developing Canada’s Largest Critical Minerals Project TSX. WRN NYSE American WRN Corporate Presentation | May 2026
Slide 2: Cautionary notes
Cautionary notes. The information provided in this presentation is not intended to be a exchange rates, projected capital and operating costs, continued availability of Note to U.S. Readers/Investors comprehensive review of all matters and developments concerning Western capital and financing, avail
Slide 3: Clear investment thesis
Clear investment thesis. One of the largest copper-gold projects globally Feasibility Study with robust economics & long mine life Strategic investments from Rio Tinto & Strong fundamentals Mitsubishi Materials for copper & gold Significant support for Advancing through critical minerals in Canada p
Slide 4: Corporate overview
Corporate overview. Capital Structure Ownership Research Coverage Listings Top Shareholders Analyst & Target Price TSX, NYSE American WRN Avg. Daily Value Traded (LTM) C$7.4M Michael Gray Rene Cartier NAVPS: C$52.83 Target Price: C$5.50 Financials (Dec 31, 2025) Cash & Investments C$134.4M Dalton Ba
Slide 5: Building momentum
Building momentum. Strengthened management & Board ESE Statement submitted in October 2025 New senior leadership team in place; Board additions Furthest the Casino Project has ever progressed in its assessment bring deep permitting and technical expertise and permitting pathway Alignment with Canada
Slide 6: Strategic investments
Strategic investments. The Casino Project has been endorsed by two of the most respected companies in the mining and materials value chain Both are active participants on Technical and Sustainability Committee, adding multidisciplinary expertise to project development C$21.3M March 2023 C$39.2M 2021
Slide 7: Attractive commodity mix
Attractive commodity mix. COPPER 7.6 Blbs + 3.1 Blbs 40% Copper (M&I) (Inferred) GOLD 3% US$5/lb Cu Silver US$3,500/oz Au 14.8 Moz + 6.3 Moz 12% US$19/lb Mo US$45/oz Ag (M&I) (Inferred) Molybdenum MOLY SILVER 45% Gold 791.2 Mlbs (M&I) 117.2 Moz (M&I) Project + 286.0 Mlbs (Inferred) + 52.3 Moz (Infer
Slide 8: Simple and scalable
Simple and scalable. MILL RESERVE HEAP LEACH RESERVE 1.22 billion tonnes CORE ZONE 209.6 million tonnes at 0.40% CuEq (P&P) at 0.28 g/t AuEq (P&P) RESERVE PIT SHELL CuEq (%) Mill Reserve underpins Casino’s initial 1.0 27-year mine life 0.8 0.6 Mill Reserve represents just one-third of 0.4 currently
Slide 9: Closer look at the high-grade core zone
Closer look at the high-grade core zone. 800 m x 500 m higher grade zone in the center of the deposit (primarily breccia geology) DDH21-07 DDH21-09 289.6 m at 1.01% CuEq 65.8 m at 2.53% CuEq Previous intercept of 689 m at 0.91% CuEq (from (from 36.6 m) (from 10.6 m) 9.1 m), incl. 100 m at 3.20% CuEq
Slide 10: Attractive grade profile
Attractive grade profile. Casino (Yr 1-4) – 174 Mt 0.26:1 CASINO PROJECT Casino (LOM) – 1.2 Bt 0.43:1 Gibraltar – 559 Mt TKO 1.49:1 Copper Mountain – 346 Mt HBM 5.56:1 OPERATING MINES Highland Valley – 209 Mt TECK 0.74:1 Mt. Milligan – 264 Mt CG 1.19:1 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70%
Slide 11: Low strip ratio is a key advantage
Low strip ratio is a key advantage. Grade Strip Ratio Strip-Adjusted Grade (% CuEq) (waste : ore) (% CuEq moved, ore + waste) MARA GLEN 0.77% Casino (Yr 1-4) 0.26 Casino (Yr 1-4) 0.52% Galore Creek TECK / NEM 0.69% Casino (LOM) 0.43 Reko Diq ABX 0.32% Casino (Yr 1-4) 0.66% Warintza SLS 0.53 Casino (
Slide 12: Tier-one production profile
Tier-one production profile. COPPER EQUIVALENT GOLD EQUIVALENT Key Metrics (2022 Feasibility Study) Year Year 1-4 229 kt / yr 1-4 1.1 Moz / yr C$3.6B 3.3-year Initial Capex Payback LOM 160 kt / yr LOM 747 koz / yr 27 years 0.43 : 1 Mine Life Strip Ratio Average Annual Production Year 1-4 Life-of-Min
Slide 13: Robust economics with significant leverage
Robust economics with significant leverage. Copper Price ($/lb) US$4.50 US$5.00 US$5.50 US$6.00 US$6.50 2022 FEASIBILITY STUDY NPV8% ($M) C$8,592 C$9,199 C$9,807 C$10,414 C$11,021 US$3,500 IRR (%) 37.7% 39.2% 40.6% 42.0% 43.4% BASE CASE ASSUMPTIONS Payback (yrs) 1.7 1.6 1.5 1.5 1.4 Cu Au US$3.60/lb
Slide 14: De-risked through quick payback
De-risked through quick payback. FCF (2022 FS) FCF (Consensus Pricing) Cummulative FCF (2022 FS) Cummulative FCF (Consensus Pricing) C$3.00 C$40.0 HIGH-GRADE Cummulative After-Tax Free Cash Flow (C$ billions) CORE Annual After-Tax Free Cash Flow (C$ billions) C$2.25 C$30.0 C$1.50 C$20.0 C$0.75 C$10.
Slide 15: Large-scale copper development project benchmarking
Large-scale copper development project benchmarking. Hudbay / Western Solaris McEwen Copper Arizona Sonoran Hudbay / Mitsubishi Project Casino Warintza Los Azules Cactus Copper World Country Elevation (masl) 1,250 1,200 3,400 430 1,600 Study 2022 FS 2025 PFS 2025 FS 2025 PFS 2023 PFS Mine Life (year
Slide 16: A clear value proposition
A clear value proposition. Broker Consensus P / NAV (x) 1.10x 0.94x 0.94x 0.84x 0.89x 0.80x 0.67x 0.60x 0.55x 0.46x 0.52x 0.45x 0.33x 0.38x 0.26x Western ATEX Hot Chili Northisle Solaris Marimaca Osisko Arizona Firefly Ivanhoe Trilogy Faraday Dev. Jr. Prod. Int. Prod. Metals Sonoran Electric Avg. Av
Slide 17: Meaningful progress on infrastructure
Meaningful progress on infrastructure. Casino Port of Access Skagway Road • Federal funding available for the • The Yukon signed MOU with construction of access road to Casino Municipality of Skagway to secure (Yukon Resource Gateway Project) tidewater access for mining industry • Construction of th
Slide 18: Momentum for the Yukon-B.C. Grid Connect
Momentum for the Yukon-B.C. Grid Connect. Green Power • Casino’s base case is LNG power • Federal and territorial governments committed C$53M to advance the Yukon-B.C. Grid Connect: connecting the isolated, capacity-constrained Yukon grid to the North American grid in B.C. • The Grid Connect (as par
Slide 19: Project advancement
Project advancement. ESE Statement submitted Submitted to YESAB in Oct 2025; published to public registry Sufficiency check (in progress) YESAB Executive Committee working to confirm ESE Statement Panel meets all required guidelines Review Panel established; Terms of Reference issued Panel members a
Slide 20: Investor highlights
Investor 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 Ameri
Slide 21: Appendix
Appendix. , P.E., P.Eng. TSX | NYSE American | WRN 21
Slide 22: Management team
Management team. Sandeep Singh Shena Shaw President & Chief Executive Officer Vice President, Environmental & Community Affairs • Former President & CEO of OR Royalties; led successful • Northern environmental assessment specialist. turnaround. • Deep knowledge of the Yukon Environmental and Socio-
Slide 23: Board of directors
Board of directors. Sandeep Singh President & Chief Executive Officer • Former President & CEO of OR Royalties; led successful turnaround. • Significant mining investment banking and M&A experience. Raymond Threlkeld YEARS OF EXP. +20 • B.Eng. (Concordia) and MBA (Oxford). Chairman • U.S. National M
Slide 24: 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 C$12.8 billion full-time equivalent positions in taxes & royalties to various governments TSX | NYSE American |
Slide 25: Attractive cost profile
Attractive cost profile. Advantages resulting in lower operating costs include: Cash Costs + Ultra-low strip ratio, reducing waste tonnes moved and By-product Costs lowering hauling costs (the largest component of mining costs) Copper Cash Cost US$(0.80)/lb + Hilltop deposit supports single large-sc
Slide 26: Feasibility study key operating metrics
Feasibility study key operating metrics. Cash Flow & Production Profile Year 1-4 Life-of-Mine Cash Flow (Pre-tax) ($M) C$1,033 C$640 Cash Flow (After-tax) ($M) C$951 C$500 Average Annual Cash Flow & Costs Net Smelter Return ($/t milled) C$43.15 C$29.08 Operating Cost ($/t milled) C$11.16 Copper (Mlb
Slide 27: Feasibility study operating costs
Feasibility study operating costs. Unit Costs Life-of-Mine Milling ($/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 28: Feasibility study capital costs
Feasibility study capital costs. Projected Capital Costs Mining C$661M Processing C$915M Tailings and Water Management C$503M On-Site Infrastructure C$608M Pre-Production Off-Site Infrastructure C$90M Capital Indirect Costs C$431M Contingency (15%) C$369M Owner’s Costs C$41M Total Pre-Production Cap
Slide 29: Copper project capital intensity
Initial Capital Intensity (US$/t Avg. Annual CuEq) $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 Cascabel San Matias TSX | NYSE American | WRN North Island Costa Fuego Kutcho Creek Copperwood Source: Wood Mackenzie. Vizcachitas Taysan Rovina Valley Schaft Creek Berg Cotabambas Fe
Slide 30: 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$835/oz due to TMF capacity Au – very low prices as pit is constrained by TMF c
Slide 31: Processing
Processing. Milling Flotation Heap Leach 120,000 tpd Conventional copper/moly Conventional circuit crush/conveyer stack valley fill heap leach Medium–soft ore: BWi – 14.5 kWh/t; 200 µm Recoveries: 25,000 tpd primary grind Copper – 86%, Gold – 67%, Moly – 71%, Silver – 53% SART to remove copper from
Slide 32: Property geology
Property geology. TSX | NYSE American | WRN 32
Slide 33: 2022 mineral reserve estimate
2022 mineral reserve estimate. Mill Reserve NSR Copper Gold Moly Silver CuEq Copper Gold Moly Silver Class Mt (C$/t) (%) (g/t) (%) (g/t) (%) (Mlbs) (Moz) (Mlbs) (Moz) 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 P&P
Slide 34: 2022 mineral resource estimate
2022 mineral resource estimate. Mill Resource NSR Copper Gold Moly Silver CuEq Copper Gold Moly Silver Class Mt (C$/t) (%) (g/t) (%) (g/t) (%) (Mlbs) (Moz) (Mlbs) (Moz) Measured 144.9 40.09 0.30 0.38 0.024 2.1 0.64 953 1.8 75.2 9.6 Indicated 2,114.2 20.34 0.14 0.16 0.015 1.4 0.29 6,493 11.1 716.0 93
Slide 35: 2022 mineral resource estimate
2022 mineral resource estimate. Total Resource (Mill + Heap Leach) NSR Copper Gold Silver Copper Gold Silver Class Mt (C$/t) (%) (g/t) (g/t) (Mlbs) (Moz) (Moz) Measured 188.2 36.34 0.24 0.40 2.2 1,005 2.4 13.3 Indicated 2,302.6 19.61 0.13 0.17 1.4 6,638 12.4 103.9 M&I 2,490.7 20.88 0.14 0.18 1.5 7,6
Slide 36: Notes
Notes. • Technical report entitled “Casino Copper-Gold Project, Form 43-101 F1 • NSR value for hypogene sulphide mill material is: • NSR value for supergene (SOX and SUS) mill material is: Technical Report Feasibility Study” dated June 13, 2022. o NSR (C$/t) = $73.81 x Cu (%) + $41.16 x Au (g/t) + $
Slide 37: Contact
ir@westerncopperandgold.com westerncopperandgold.com TSX WRN NYSE American WRN
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