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WRN_Investor_Presentation_August 2025.pdf

Investor Presentation - Aug 2025

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DEVELOPING CANADA’S LARGEST CRITICAL MINERALS PROJECT TSX WRN NYSE AMERICAN WRN Corporate Presentation | August 2025
TSX | NYSE AMERICAN | WRN CAUTIONARY NOTES The information provided in this presentation is not intended to be a comprehensive review of all matters and developments concerning Western Copper and Gold Corporation and its subsidiaries (collectively, the “Company”). This document should be read in conjunction with all other disclosure documents of the Company. No securities commission or regulatory authority has reviewed the accuracy or adequacy of the information presented herein. Note Regarding Forward-Looking Statements Certain of the statements and information in this presentation constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities laws (together referred to herein as “forward- looking statements”). Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. Such statements include, but are not limited to, statements regarding mineral reserve and mineral resource estimates, planned exploration and development activities, corporate objectives, the economic prospects of the Company’s projects, the Company’s future plans or future revenues, and timing of development, or potential expansions or improvements. The forward-looking statements are necessarily based on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this presentation that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates, assumptions, beliefs, expectations and opinions include, without limitation, with respect to any mineral reserve or mineral resource estimate, the key assumptions and parameters on which such estimates are based, prevailing and projected market prices and foreign exchange rates, projected capital and operating costs, continued availability of capital and financing, availability of equipment and personnel required for construction and operations, the Company not experiencing unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays, and general economic, market or business conditions. Forward-looking statements are subject to known and unknown risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, the Company’s ability to raise sufficient capital to fund development; changes in general economic conditions or financial markets, changes in prices for the Company’s mineral products or increases in input costs; uncertainties relating to interpretation of drill results and the geological continuity and grade of mineral deposits; that mineral resources and mineral reserves are not as estimated; risks related to cooperation of government agencies and First Nations in the exploration and development of the property; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments in Canada; technological and operational difficulties or inability to obtain permits encountered in connection with exploration and development activities; labour relations matters, changing foreign exchange rates, and other factors described under the heading “Risk Factors” in the Company’s annual information form for the most recently completed financial year and its other publicly filed disclosure documents. This list is not exhaustive of the factors that may affect any of the Company’s forward- looking statements. Although the forward-looking statements contained in this presentation are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward- looking statements. All forward-looking statements in this presentation are qualified by this cautionary note. Accordingly, readers should not place undue reliance on such statements. Other than as specifically required by applicable laws, the Company is under no obligation and expressly disclaims any such obligation to update or alter the forward-looking statements whether as a result of new information, future events or otherwise. These forward- looking statements are made as of the date of this presentation. Note to U.S. Readers/Investors Information regarding the Company’s mining operations included in this presentation has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ in certain material respects from the disclosure requirements of United States securities laws applicable to domestic United States issuers. The terms “mineral reserve”, “proven mineral reserve” and “probable mineral reserve” are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The definitions of these terms and other mining terms, such as “inferred mineral resource”, differ from the definitions of such terms, if any, for purposes of the disclosure requirements of the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, information in this presentation describing the Company’s mineral deposits may not be comparable to similar information made public by issuers subject to the SEC’s reporting and disclosure requirements applicable to domestic United States issuers. Note Regarding Inferred Mineral Resources Under Canadian rules, estimates of inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them to enable them to be categorized as mineral reserves and, accordingly, may not form the basis of feasibility or pre- feasibility studies, or economic studies except for a preliminary economic assessment as defined under NI 43-101. Investors are cautioned not to assume that part or all of an inferred mineral resource exists or is economically or legally mineable. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 2
TSX | NYSE AMERICAN | WRN CORPORATE OVERVIEW CAPITAL STRUCTURE LISTINGS TSX, NYSE American WRN FINANCIALS (Mar 31, 2025) Cash & Investments C$64.8M Debt Nil SHARE STRUCTURE (July 30, 2025) Share Price C$1.69 Market Cap C$338M Shares Outstanding 200.0M Options, RSU/DSU 11.4M OWNERSHIP TOP SHAREHOLDERS (Public Disclosure) Rio Tinto 9.5% Kopernik Global Investors 6.6% Mitsubishi Materials 5.0% Management & Board 4.6% Konwave 4.3% Fidelity Management & Research 4.3% Franklin Advisers 2.4% Claret Asset Management 1.8% Tidal Investments / SILJ 1.6% EdgePoint Investment Group 1.2% ANALYST COVERAGE (Average Target Price = C$4.55) 3
TSX | NYSE AMERICAN | WRN 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 resource expansion in 2020 • PEA released in 2021 • Feasibility Study released in 2022 • Strategic investments from Rio Tinto and Mitsubishi • Permitting work progressing TSX | NYSE AMERICAN | WRN 4
TSX | NYSE AMERICAN | WRN STRATEGIC INVESTMENTS 5 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 Second-largest mining company in the world Operations in 35 countries Pursuing growth in energy transition materials Investment resides within Rio Tinto’s Copper division Roots of metals business trace back ~150 years Minority interests in three producing copper mines Focused on securing reliable, long-term sources of clean copper concentrate for smelting operations in Japan Aims to triple its volume of secured concentrate by 2031 C$25.6M C$2.3M C$6.0M C$0.3M C$5.0M May 2021 (initial investment) April 2023 (top-up) November 2023 (rights extension) March 2024 (top-up) April 2023 (top-up) C$25.6M March 2023 (initial investment) May 2025 (rights extension) 2.0M shares open market
TSX | NYSE AMERICAN | WRN AN ATTRACTIVE COPPER-GOLD MINE 6 Metal Value Distribution in the M&I Mill Resource 46% COPPER 34% GOLD 4% SILVER 17% MOLYBDENUM COPPER GOLD 7.6 Billion lbs M+I Resources +3.1 Billion lbs Inferred Resources 14.8 Million oz M+I Resources +6.3 Million oz Inferred Resources Source: Based on Casino Copper-Gold 2022 Feasibility Study. Metal value distribution based on US$3.60/lb Cu, US$1,700/oz Au, US$14/lb Mo, and US$22/oz Ag.
TSX | NYSE AMERICAN | WRN Source: S&P Market Intelligence, CRU, Wood Mackenzie, BHP analysis. DEMAND DRIVERS THE WORLD NEEDS A LOT MORE COPPER 7 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 supply gap has grown from 4.7Mt to 7.7Mt • Even with the most optimistic supply forecasts (assuming development of all probable projects), a significant supply gap is evident Between 30-50% of supply will face grade decline and ageing challenges over the next decade; higher costs and increased capital reinvestment A LARGE & GROWING SUPPLY GAP Traditional Economic Growth Energy Transition Digital EVs Electrification Solar / Wind Grid storage Grid augmentation Data centers 5G Internet of things Artificial intelligence Blockchain Replacement demand Emerging markets 15.0 17.5 20.0 22.5 25.0 27.5 30.0 32.5 35.0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Copper (Mt) Operating Committed Primary Demand 7.7Mt
TSX | NYSE AMERICAN | WRN MACRO LANDSCAPE SUPPORTIVE OF GOLD 8 GOLD AT ALL-TIME HIGHS CENTRAL BANK BUYING (1,500) (1,000) (500) 0 500 1,000 1,500 1952 1956 1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020 2024 Net Purchases / Sales (t) $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Gold Price (US$/oz) 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 supply chains Central banks are aggressively buying gold, with 15 consecutive years of net buying Movement towards de-dollarization of global trade Source: World Gold Council.
TSX | NYSE AMERICAN | WRN Note: CuEq based on US$3.60/lb Cu, US$1,700/oz Au, US$14/lb Mo, and US$22/oz Ag. Based on Casino Copper-Gold 2022 Feasibility Study. LONG SECTION OF THE CASINO COPPER-GOLD DEPOSIT 9 HEAP LEACH RESERVE 209.6 million tonnes at 0.28 g/t AuEq (P&P) MILL RESERVE 1.22 billion tonnes at 0.40% CuEq (P&P) CORE ZONE Pit Outline CuEq (%) 1.0 0.8 0.6 0.4 0.3 0.2 0.1 Mill Reserve underpins Casino’s 27-year mine life Mill Reserve represents one-third of currently defined resources Core Zone leads to very quick payback – milled grade of 0.66% CuEq and extremely low strip ratio of 0.26:1 in Year 1-4
TSX | NYSE AMERICAN | WRN CLOSER LOOK AT THE HIGHER GRADE CORE ZONE 10 DDH21-09 65.8 m at 2.53% CuEq (from 10.6 m) DDH21-07 289.6 m at 1.01% CuEq (from 36.6 m) CuEq 1.0 0.8 0.6 0.4 0.3 0.2 0.1 MINERAL RESOURCE – MILL MATERIAL BY NSR CUT-OFF NSR COG (C$/t) Category Mt Copper (%) Gold (g/t) Moly (%) Silver (g/t) CuEq (%) 6.11 Measured 144.9 0.30 0.38 0.024 2.1 0.64 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 30.00 Measured 102.3 0.35 0.46 0.029 2.3 0.77 Indicated 328.2 0.26 0.29 0.030 2.2 0.52 M&I 430.5 0.28 0.33 0.029 2.2 0.58 800 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 Previous intercept of 689 m at 0.91% CuEq (from 9.1 m), including 100 m at 3.20% CuEq in hole 93-185 Note: Resource from Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix.
TSX | NYSE AMERICAN | WRN 11 CASINO PROJECT OPERATING MINES ATTRACTIVE GRADE PROFILE Copper Molybdenum Gold Silver Strip Ratio Note: CuEq based on US$3.60/lb Cu, US$1,700/oz Au, US$14/lb Mo, and US$22/oz Ag, with no consideration for metallurgical recovery. Reserve, grade, and strip data from company filings and S&P Capital IQ. 1.19:1 0.74:1 5.56:1 1.49:1 0.43:1 0.26:1 -- 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% Mt. Milligan - CG (264 Mt) Highland Valley - Teck (209 Mt) Copper Mountain - HBM (367 Mt) Gibraltar - Taseko (559 Mt) Casino Mill LOM (1.2 Bt) Casino Mill Yr 1-4 (174 Mt)
TSX | NYSE AMERICAN | WRN THE RIGHT COMBINATION OF GRADE AND STRIP RATIO 12 Note: CuEq based on US$3.60/lb Cu, US$1,700/oz Au, US$14/lb Mo, and US$22/oz Ag, with no consideration for metallurgical recovery. Grade and strip data from company filings and S&P Capital IQ. Taseko Osisko Metals Surge Northisle Alta Los Andes WRN BHP / Lundin McEwen Copper Arizona Sonoran First Quantum Hudbay Barrick WRN Teck / Newmont Glencore 0.31% 0.34% 0.35% 0.39% 0.41% 0.42% 0.44% 0.46% 0.50% 0.51% 0.55% 0.65% 0.66% 0.66% 0.69% 0.77% Yellowhead Gaspé Berg North Island Cañariaco Vizcachitas Casino (LOM) Josemaria Los Azules Cactus Taca Taca Copper World Reko Diq Casino (Year 1-4) Galore Creek MARA Grade (% CuEq) Teck / Newmont Los Andes Arizona Sonoran Hudbay Glencore First Quantum Osisko Metals Taseko Alta Hudbay McEwen Copper Surge Barrick Teck / Copper Fox BHP / Lundin Northisle WRN WRN 2.49 2.33 2.23 1.82 1.66 1.58 1.53 1.40 1.33 1.28 1.16 1.13 1.07 1.00 0.98 0.81 0.43 0.26 Galore Creek Vizcachitas Cactus Copper World MARA Taca Taca Gaspé Yellowhead Cañariaco Mason Los Azules Berg Reko Diq Schaft Creek Josemaria North Island Casino (LOM) Casino (Year 1-4) Strip Ratio (waste : ore)
TSX | NYSE AMERICAN | WRN Note: Based on Casino Copper-Gold 2022 Feasibility Study. NPV and IRR are shown after-tax. “Broker LT Consensus” based on average analyst consensus long-term commodity prices. ECONOMIC THROUGHOUT THE COMMODITY CYCLE 13 BASE CASE BROKER LT CONSENSUS BASE CASE CAD:USD FX OF US$0.80 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$5,043 IRR 17.7% 18.1% 19.7% 21.6% 23.5% 25.2% 26.9% Payback (yrs) 3.4 3.3 3.0 2.8 2.6 2.4 2.3 NPV 8%($M) C$2,807 C$2,920 C$3,372 C$3,937 C$4,501 C$5,026 C$5,624 IRR 19.9% 20.3% 21.9% 23.7% 25.5% 27.1% 28.7% Payback (yrs) 3.0 2.9 2.8 2.6 2.4 2.3 2.1 NPV 8%($M) C$3,294 C$3,407 C$3,859 C$4,423 C$4,985 C$5,547 C$6,108 IRR 21.7% 22.1% 23.6% 25.4% 27.1% 28.7% 30.3% Payback (yrs) 2.8 2.7 2.6 2.4 2.3 2.1 2.0 NPV 8%($M) C$3,782 C$3,895 C$4,346 C$4,908 C$5,469 C$6,031 C$6,593 IRR 23.5% 23.9% 25.3% 27.0% 28.7% 30.2% 31.8% Payback (yrs) 2.6 2.5 2.4 2.3 2.1 2.0 1.9 NPV 8%($M) C$4,268 C$4,381 C$4,830 C$5,392 C$5,954 C$6,515 C$7,077 IRR 25.2% 25.6% 27.0% 28.6% 30.2% 31.8% 33.3% Payback (yrs) 2.4 2.4 2.3 2.1 2.0 1.9 1.9 NPV 8%($M) C$4,268 C$4,865 C$5,314 C$5,876 C$6,438 C$7,000 C$7,561 IRR 26.9% 27.2% 28.6% 30.2% 31.7% 33.2% 34.7% Payback (yrs) 2.3 2.2 2.1 2.0 1.9 1.9 1.8 US$3,000 GOLD PRICE ($/oz) US$2,750 COPPER PRICE ($/lb) US$1,700 US$2,000 US$2,250 US$2,500
TSX | NYSE AMERICAN | WRN DE-RISKED THROUGH QUICK PAYBACK 14 CASH FLOW & PRODUCTION PROFILE YEAR 1-4 LIFE-OF-MINE AVERAGE ANNUAL CASH FLOW & COSTS Cash Flow (Pre-tax) ($M) C$1,033 C$662 Cash Flow (After-tax) ($M) C$951 C$517 Net Smelter Return ($/t ore milled) C$43.15 C$29.08 Operating Cost ($/t ore milled) C$11.16 AVERAGE ANNUAL METAL PRODUCTION Copper (Mlbs) 241 163 Gold (kozs) 333 211 Silver (kozs) 1,596 1,277 Molybdenum (Mlbs) 15.5 15.1 Copper Equivalent (Mlbs) 468 329 Gold Equivalent (kozs) 992 697 Note: Based on Casino Copper-Gold 2022 Feasibility Study at base case metal prices of US$3.60/lb Cu, US$1,700/oz Au, US$14/lb Mo, and US$22/oz Ag.
TSX | NYSE AMERICAN | WRN INFRASTRUCTURE ADVANCEMENTS 15 Yukon Resource Gateway Project funding for the Casino Copper-Gold Access Road Yukon government funding Marine Services Platform for Skagway Port Redevelopment 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 spent The Yukon government signed MOU with Municipality of Skagway securing long-term tidewater access for mining industry The government included C$44.7M in 2025-28 capital plan, with C$21.3M approved by legislature in November 2023
TSX | NYSE AMERICAN | WRN 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 B.C.-Yukon Grid Connect Project: connecting the isolated, capacity-constrained Yukon grid to the North American grid in B.C. Major endorsement of the Casino Project; aligns Casino’s 130 MW load with a long-term energy solution for the Yukon A pathway to hydroelectric grid power is transformative for the Casino Project PROGRESS ON YUKON-BC GRID INTERCONNECTION 16 763 km of new transmission line “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 good mining jobs…” – The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources Critical Minerals Infrastructure Fund (CMIF) investing in B.C.-Yukon Grid Connect Project
TSX | NYSE AMERICAN | WRN TASK YEAR 1 YEAR 2 YEAR 3 YEAR 4 YESAB PROCESS Establish Panel Technical Analysis Public Hearings Panel Report Decision ACCESS ROAD PERMITS Preparation Obtain Permits PERMITTING TIMELINE 17 Potential Construction Start DETAILED PERMITTING: Water Use License, Quartz Mining License, Schedule 2 Amendment and Fisheries Act Authorization 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 need for critical minerals Note: See press release dated August 12, 2024.
TSX | NYSE AMERICAN | WRN18 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 AMERICAN | WRN APPENDIX
TSX | NYSE AMERICAN | WRN ESG COMMITMENT 20 Committed to health and safety and committed to the protection of cultural values • Ongoing engagement with local communities and First Nations • 18+ years of operating responsibly in the Yukon • Co-operation agreements signed with key First Nations SOCIAL ENVIRONMENTAL Committed to exceeding best practices in protecting the environment • Accepted the Robert E Leckie Award for outstanding environmental stewardship • Committed to MAC’s Towards Sustainable Mining (TSM) initiative Committed to high ethical standards and building long term value • Corporate Disclosure Policy • Safety, Health & Environmental Policy • Whistleblower Policy • Insider Trading Policy GOVERNANCE SUPPORTING • Yukon community food security • Yukon-wide sport and culture • Yukon-wide mental health support • Industry association support • Reconciliation • Yukon First Nations cultural awareness • Yukon-wide health care • Yukon education and family literacy
TSX | NYSE AMERICAN | WRN SIGNIFICANT POSITIVE ECONOMIC IMPACT Over its entire life cycle, the Casino Project is estimated to contribute: • C$44.1 billion to Canada’s GDP • 125,260 full-time equivalent positions • C$12.4 billion in wages and salaries • C$12.8 billion in taxes and royalties to various governments 21 Each year in operation, the Casino Project is estimated to contribute: • C$1.3 billion to the Yukon’s GDP • C$1.5 billion to Canada’s GDP • 3,660 full-time equivalent positions • C$377 million in wages and salaries across Canada Economic Impact Casino Project on the Yukon and Canada Economic impact of the Casino Project on the Yukon and Canada
TSX | NYSE AMERICAN | WRN x 157 144 -- 20 40 60 80 100 120 7th LARGEST UNDEVELOPED COPPER-GOLD PROJECT CONTROLLED BY A JUNIOR 22 CASINO COPPER-GOLD PROJECT Junior controlled copper project Major controlled copper project WRN’s Casino Copper-Gold project Ecuador Argentina Chile Ecuador Peru Yukon Alaska BC BC Philippines BC Argentina COPPER EQUIVALENT (B LBS) Chile Chile Note: Data from S&P CapIQ and company filings.
TSX | NYSE AMERICAN | WRN x 23 COPPER DEVELOPMENT TRANSACTIONS ANALYST CONSENSUS PRICE / NAV MULTIPLES 0.92x 0.79x 0.58x 0.34x 1.03x 0.75x 0.71x 0.25x 0.30x 0.73x -- 0.20x 0.40x 0.60x 0.80x 1.00x BHP - 50% Josemaria (Lundin) (US$0.7 Bn) Lundin Mining / BHP - Filo (US$3.0 Bn) MACH Metals Australia - Rex Minerals (US$0.2 Bn) Silvercorp - Adventus (US$0.1 Bn) Glencore - 56.25% MARA (Pan American) (US$0.5 Bn) Harmony Gold - Eva (Copper Mountain) (US$0.2 Bn) Agnico - San Nicolás (Teck) (US$0.2 Bn) SolGold - Cornerstone (US$0.1 Bn) Lundin Mining - Josemaria (US$0.5 Bn) Capstone - 30% Santo Domingo (KORES) (US$0.1 Bn) Median: 0.72x Note: Data from public disclosure. Based on transactions since 2021, where the target is a copper project / company.
TSX | NYSE AMERICAN | WRN24 FEASIBILITY STUDY CAPITAL COSTS PROJECTED CAPITAL COSTS PROCESS PLANT & INFRASTRUCTURE Project Directs (Including Freight) C$2,116 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 Initial Capital C$3,618 Total Sustaining Capital C$751 Total Life-Of-Mine Capital C$4,369 Note: Based on Casino Copper-Gold 2022 Feasibility Study at base case metal prices. See “Notes” in Appendix.
TSX | NYSE AMERICAN | WRN -- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 COPPER DEVELOPMENT PROJECT CAPITAL INTENSITY 25 CASINO COPPER-GOLD PROJECT INITIAL CAPITAL INTENSITY (US$/TPA AVERAGE CUEQ) WRN Feasibility Pre-Feasibility PEA Notes: Data from S&P Capital IQ and Wood Mackenzie on select copper or copper-gold projects.
TSX | NYSE AMERICAN | WRN26 ATTRACTIVE COST PROFILE CASH COSTS BY-PRODUCT COSTS Copper Cash Cost Net of By-Product Credits ($/lb) (US$0.80) CO-PRODUCT COSTS Copper Cash Cost Co-Product ($/lb) US$1.54 Gold Cash Cost Co-Product ($/oz) US$799 Low strip ratio reduces the amount of waste tonnes moved, resulting in lower hauling costs (the largest component of mining costs) Deposit sits on a hilltop, single large open-pit Haul profiles are favourable (portion of the planned hauls are downhill loaded) Processing costs benefit from medium-softer ore Throughput of 120,000 tpd, benefits from economies of scale Note: Based on Casino Copper-Gold 2022 Feasibility Study at base case metal prices. See “Notes” in Appendix.
TSX | NYSE AMERICAN | WRN FEASIBILITY STUDY OPERATING COST 27 Note: Based on Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix. UNIT COSTS LIFE-OF-MINE MILLING OPERATION Milling ($/t ore milled) C$6.42 Mining ($/t ore milled) C$4.28 General & Administrative ($/t ore milled) C$0.46 Total ($/t ore milled) C$11.16 HEAP LEACH OPERATION Heap Leach Operation ($/t leached) C$1.93 ADR/SART ($/t leached) C$4.80 Total ($/t leached) C$6.73
TSX | NYSE AMERICAN | WRN PROPERTY GEOLOGY 28 Note: Based on Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix.
TSX | NYSE AMERICAN | WRN 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 980E or similar haul trucks (370 t class) Floating cone based on US$1.75/lb Cu, US$835/oz Au – very low prices as pit is constrained by TMF capacity Pit is electrified to power shovels and drills Strip ratio is 0.43:1 over the life-of-mine 29 Note: Based on Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix.
TSX | NYSE AMERICAN | WRN PROCESSING Milling • 120,000 tpd • Medium–soft ore: BWi – 14.5 kWh/t; 200 µm primary grind Flotation • Conventional copper/moly circuit • Recoveries: Copper 86%, Gold 67%, Moly 71%, Silver 53% • Subsequent metallurgical testwork shows potential for meaningfully higher moly recoveries Heap Leach • Conventional crush/conveyer stack valley fill heap leach • 25,000 tpd • SART to remove copper from solution • Recoveries: Gold 80%, Silver 26%, Copper 18% 30 Note: Based on Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix.
TSX | NYSE AMERICAN | WRN 2022 CASINO COPPER-GOLD RESERVE MILL RESERVE Class Mt NSR (C$/t) Copper (%) Gold (g/t) Moly (%) Silver (g/t) CuEq (%) Copper (M lb) Gold (M oz) Moly (M lb) Silver (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 P&P 1,217.1 25.38 0.19 0.22 0.021 1.7 0.40 5,079 8.5 571.9 64.9 HEAP LEACH RESERVE Class Mt NSR (C$/t) Gold (g/t) Copper (%) Moly (%) Silver (g/t) AuEq (g/t) Gold (M oz) Copper (M lb) Moly (M lb) Silver (M oz) Proven 42.9 22.52 0.45 0.055 n/a 2.7 0.47 0.62 51.8 n/a 3.7 Probable 166.8 11.14 0.22 0.031 n/a 1.8 0.23 1.17 113.5 n/a 9.4 P&P 209.6 13.47 0.26 0.036 n/a 1.9 0.28 1.78 165.3 n/a 13.1 31 Note: Based on Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix.
TSX | NYSE AMERICAN | WRN 2022 CASINO COPPER-GOLD RESOURCE MILL RESOURCE Class Mt NSR (C$/t) Copper (%) Gold (g/t) Moly (%) Silver (g/t) CuEq (%) Copper (M lb) Gold (M oz) Moly (M lb) Silver (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 93.5 M&I 2,259.0 21.60 0.15 0.18 0.016 1.4 0.31 7,446 12.9 791.2 103.1 Inferred 1,371.5 15.41 0.10 0.14 0.009 1.1 0.21 3,029 6.1 286.0 50.5 HEAP LEACH RESOURCE Class Mt NSR (C$/t) Gold (g/t) Copper (%) Moly (%) Silver (g/t) AuEq (g/t) Gold (M oz) Copper (M lb) Moly (M lb) Silver (M oz) Measured 43.3 23.79 0.44 0.05 n/a 2.7 0.47 0.62 51.5 n/a 3.7 Indicated 188.4 11.47 0.21 0.04 n/a 1.7 0.23 1.27 145.4 n/a 10.4 M&I 231.7 13.77 0.25 0.04 n/a 1.9 0.27 1.88 196.9 n/a 14.1 Inferred 40.9 11.33 0.20 0.05 n/a 1.4 0.22 0.27 46.9 n/a 1.9 32 Note: Based on Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix.
TSX | NYSE AMERICAN | WRN 2022 CASINO COPPER-GOLD RESOURCE TOTAL RESOURCE (MILL + HEAP LEACH) Class Mt NSR (C$/t) Copper (%) Gold (g/t) Silver (g/t) Copper (M lb) Gold (M oz) Silver (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 1.5 7,643.1 14.8 117.2 Inferred 1,412.5 15.30 0.10 0.14 1.2 3,075.5 6.3 52.3 33 Note: Based on Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix.
TSX | NYSE AMERICAN | WRN NOTES Technical report entitled “Casino Copper-Gold Project, Form 43-101 F1 Technical Report Feasibility Study” dated June 13, 2022, a copy of which is available on the Company's website at www.westerncopperandgold.com. Prepared by: Daniel Roth, P.Eng.; Laurie Tahija, MMSA-QP; Patrick Dugan, P.E.; Mike Hester, F Aus IMM; John M. Marek, P.Eng.; Carl Schulze, P.Geo.; Daniel Friedman, P.Eng; Scott Weston, P.Geo; each of whom is a qualified person pursuant to National Instrument 43-101 ("Qualified Person") Mineral Resources • 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). • All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely. • Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. • Mineral Resources for leach material are based on prices of US$3.50/lb copper, US$1,650/oz gold and US$22/oz silver • Mineral Resources for mill material are based on prices of US$3.50/lb copper, US$1,650/oz gold, US$22/oz silver, and US$12.00/lb moly. • Mineral Resources are based on NSR cut-off of C$6.61/t for leach material and C$6.11/t for mill material. • NSR value for leach material is as follows: - NSR (C$/t) = $15.21 x copper (%) + $50.51 x gold (g/t) + $0.210 x silver (g/t), based on copper recovery of 18%, gold recovery of 80% and silver recovery of 26%. 34 “Casino Copper-Gold Feasibility Study” • NSR value for hypogene sulphide mill material is: - NSR (C$/t) = $73.81 x copper (%) + $41.16 x gold (g/t) + $213.78 x moly (%) + 0.386 x silver (g/t), based on recoveries of 92.2% copper, 66% gold, 50% silver and 78.6% moly. • NSR value for supergene mill material is: - NSR (C$/t) = $80.06 x recoverable copper (%) + $43.03 x gold (g/t) + $142.11 x moly (%) + 0.464 x silver (g/t), based on recoveries of 69% gold, 60% silver and 52.3% moly. Recoverable copper = 0.94 x (total copper – soluble copper). • Mineral Resources are reported in relation to a conceptual constraining pit shell in order to demonstrate reasonable prospects for eventual economic extraction, as required by the definition of Mineral Resource in NI 43-101; mineralization lying outside of the pit shell is excluded from the Mineral Resource. • AuEq and CuEq values are based on prices of US$3.50/lb copper, US$1,650/oz gold, US$22/oz silver, and US$12.00/lb moly, and account for all metal recoveries and smelting/refining charges. • The NSR calculations also account for smelting and refining charges and payables.
TSX | NYSE AMERICAN | WRN NOTES Mineral Reserve • The Mineral Reserve estimate has an effective date of June 13, 2022 and was prepared using the CIM Definition Standards (10 May 2014). • Columns may not sum exactly due to rounding. • Mineral Reserves are based on commodity prices of US$3.25/lb Cu, US$1,550/oz Au, US$12.00/lb Mo, and US$22.00/oz Ag. • Mineral Reserves amenable to milling are based on NSR cutoffs that vary by time period to balance mine and plant production capacities. They range from a low of $6.11/t to a high of $25.00/t. • NSR value for supergene (SOX and SUS) mill material is - NSR (C$/t) = $73.63 x recoverable copper (%) + $40.41 x gold (g/t) + $142.11 x moly (%) + 0.464 x silver (g/t), based on recoveries of 69% gold, 52.3% molybdenum and 60% silver. Recoverable copper = 0.94 x (total copper – soluble copper). • NSR value for hypogene (HYP) mill material is - NSR (C$/t) = $67.88 x copper (%) + $38.66 x gold (g/t) + $213.78 x moly (%) + $0.386 x silver (g/t), based on recoveries of 92.2% copper, 66% gold, 78.6% molybdenum and 50% silver. • Mineral Reserves amenable to heap leaching are based on an NSR cutoff of $6.61/t. 35 “Casino Copper-Gold Feasibility Study” Other technical information in this presentation: • NSR value for leach material is - NSR (C$/t) = $14.05 x copper (%) + $47.44 x gold (g/t) + $0.210 x silver (g/t), based on recoveries of 18% copper, 80% gold and 26% silver. • AuEq and CuEq values are based on prices of US$ 3.25/lb Cu, US$1,550/oz Au, US$12.00/lb Mo, and US$22.00/oz Ag, and account for all metal recoveries and smelting/refining charges. • The NSR calculations also account for smelter/refinery treatment charges and payables. 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 calculations in this presentation, not associated with the Casino mineral resource or reserve, are based on: US$3.60/lb copper; US$1,700/oz gold; US$14/lb molybdenum; and US$22/oz silver with no accounting for metallurgical recovery.
TSX | NYSE AMERICAN | WRN ir@westerncopperandgold.com 604 684 9497 www.westerncopperandgold.com

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WRN_Investor_Presentation_August 2025.pdf

  • 1.
    DEVELOPING CANADA’S LARGEST CRITICAL MINERALS PROJECT TSXWRN NYSE AMERICAN WRN Corporate Presentation | August 2025
  • 2.
    TSX | NYSEAMERICAN | WRN CAUTIONARY NOTES The information provided in this presentation is not intended to be a comprehensive review of all matters and developments concerning Western Copper and Gold Corporation and its subsidiaries (collectively, the “Company”). This document should be read in conjunction with all other disclosure documents of the Company. No securities commission or regulatory authority has reviewed the accuracy or adequacy of the information presented herein. Note Regarding Forward-Looking Statements Certain of the statements and information in this presentation constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities laws (together referred to herein as “forward- looking statements”). Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. Such statements include, but are not limited to, statements regarding mineral reserve and mineral resource estimates, planned exploration and development activities, corporate objectives, the economic prospects of the Company’s projects, the Company’s future plans or future revenues, and timing of development, or potential expansions or improvements. The forward-looking statements are necessarily based on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this presentation that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates, assumptions, beliefs, expectations and opinions include, without limitation, with respect to any mineral reserve or mineral resource estimate, the key assumptions and parameters on which such estimates are based, prevailing and projected market prices and foreign exchange rates, projected capital and operating costs, continued availability of capital and financing, availability of equipment and personnel required for construction and operations, the Company not experiencing unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays, and general economic, market or business conditions. Forward-looking statements are subject to known and unknown risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, the Company’s ability to raise sufficient capital to fund development; changes in general economic conditions or financial markets, changes in prices for the Company’s mineral products or increases in input costs; uncertainties relating to interpretation of drill results and the geological continuity and grade of mineral deposits; that mineral resources and mineral reserves are not as estimated; risks related to cooperation of government agencies and First Nations in the exploration and development of the property; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments in Canada; technological and operational difficulties or inability to obtain permits encountered in connection with exploration and development activities; labour relations matters, changing foreign exchange rates, and other factors described under the heading “Risk Factors” in the Company’s annual information form for the most recently completed financial year and its other publicly filed disclosure documents. This list is not exhaustive of the factors that may affect any of the Company’s forward- looking statements. Although the forward-looking statements contained in this presentation are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward- looking statements. All forward-looking statements in this presentation are qualified by this cautionary note. Accordingly, readers should not place undue reliance on such statements. Other than as specifically required by applicable laws, the Company is under no obligation and expressly disclaims any such obligation to update or alter the forward-looking statements whether as a result of new information, future events or otherwise. These forward- looking statements are made as of the date of this presentation. Note to U.S. Readers/Investors Information regarding the Company’s mining operations included in this presentation has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ in certain material respects from the disclosure requirements of United States securities laws applicable to domestic United States issuers. The terms “mineral reserve”, “proven mineral reserve” and “probable mineral reserve” are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The definitions of these terms and other mining terms, such as “inferred mineral resource”, differ from the definitions of such terms, if any, for purposes of the disclosure requirements of the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, information in this presentation describing the Company’s mineral deposits may not be comparable to similar information made public by issuers subject to the SEC’s reporting and disclosure requirements applicable to domestic United States issuers. Note Regarding Inferred Mineral Resources Under Canadian rules, estimates of inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them to enable them to be categorized as mineral reserves and, accordingly, may not form the basis of feasibility or pre- feasibility studies, or economic studies except for a preliminary economic assessment as defined under NI 43-101. Investors are cautioned not to assume that part or all of an inferred mineral resource exists or is economically or legally mineable. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 2
  • 3.
    TSX | NYSEAMERICAN | WRN CORPORATE OVERVIEW CAPITAL STRUCTURE LISTINGS TSX, NYSE American WRN FINANCIALS (Mar 31, 2025) Cash & Investments C$64.8M Debt Nil SHARE STRUCTURE (July 30, 2025) Share Price C$1.69 Market Cap C$338M Shares Outstanding 200.0M Options, RSU/DSU 11.4M OWNERSHIP TOP SHAREHOLDERS (Public Disclosure) Rio Tinto 9.5% Kopernik Global Investors 6.6% Mitsubishi Materials 5.0% Management & Board 4.6% Konwave 4.3% Fidelity Management & Research 4.3% Franklin Advisers 2.4% Claret Asset Management 1.8% Tidal Investments / SILJ 1.6% EdgePoint Investment Group 1.2% ANALYST COVERAGE (Average Target Price = C$4.55) 3
  • 4.
    TSX | NYSEAMERICAN | WRN 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 resource expansion in 2020 • PEA released in 2021 • Feasibility Study released in 2022 • Strategic investments from Rio Tinto and Mitsubishi • Permitting work progressing TSX | NYSE AMERICAN | WRN 4
  • 5.
    TSX | NYSEAMERICAN | WRN STRATEGIC INVESTMENTS 5 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 Second-largest mining company in the world Operations in 35 countries Pursuing growth in energy transition materials Investment resides within Rio Tinto’s Copper division Roots of metals business trace back ~150 years Minority interests in three producing copper mines Focused on securing reliable, long-term sources of clean copper concentrate for smelting operations in Japan Aims to triple its volume of secured concentrate by 2031 C$25.6M C$2.3M C$6.0M C$0.3M C$5.0M May 2021 (initial investment) April 2023 (top-up) November 2023 (rights extension) March 2024 (top-up) April 2023 (top-up) C$25.6M March 2023 (initial investment) May 2025 (rights extension) 2.0M shares open market
  • 6.
    TSX | NYSEAMERICAN | WRN AN ATTRACTIVE COPPER-GOLD MINE 6 Metal Value Distribution in the M&I Mill Resource 46% COPPER 34% GOLD 4% SILVER 17% MOLYBDENUM COPPER GOLD 7.6 Billion lbs M+I Resources +3.1 Billion lbs Inferred Resources 14.8 Million oz M+I Resources +6.3 Million oz Inferred Resources Source: Based on Casino Copper-Gold 2022 Feasibility Study. Metal value distribution based on US$3.60/lb Cu, US$1,700/oz Au, US$14/lb Mo, and US$22/oz Ag.
  • 7.
    TSX | NYSEAMERICAN | WRN Source: S&P Market Intelligence, CRU, Wood Mackenzie, BHP analysis. DEMAND DRIVERS THE WORLD NEEDS A LOT MORE COPPER 7 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 supply gap has grown from 4.7Mt to 7.7Mt • Even with the most optimistic supply forecasts (assuming development of all probable projects), a significant supply gap is evident Between 30-50% of supply will face grade decline and ageing challenges over the next decade; higher costs and increased capital reinvestment A LARGE & GROWING SUPPLY GAP Traditional Economic Growth Energy Transition Digital EVs Electrification Solar / Wind Grid storage Grid augmentation Data centers 5G Internet of things Artificial intelligence Blockchain Replacement demand Emerging markets 15.0 17.5 20.0 22.5 25.0 27.5 30.0 32.5 35.0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Copper (Mt) Operating Committed Primary Demand 7.7Mt
  • 8.
    TSX | NYSEAMERICAN | WRN MACRO LANDSCAPE SUPPORTIVE OF GOLD 8 GOLD AT ALL-TIME HIGHS CENTRAL BANK BUYING (1,500) (1,000) (500) 0 500 1,000 1,500 1952 1956 1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020 2024 Net Purchases / Sales (t) $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Gold Price (US$/oz) 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 supply chains Central banks are aggressively buying gold, with 15 consecutive years of net buying Movement towards de-dollarization of global trade Source: World Gold Council.
  • 9.
    TSX | NYSEAMERICAN | WRN Note: CuEq based on US$3.60/lb Cu, US$1,700/oz Au, US$14/lb Mo, and US$22/oz Ag. Based on Casino Copper-Gold 2022 Feasibility Study. LONG SECTION OF THE CASINO COPPER-GOLD DEPOSIT 9 HEAP LEACH RESERVE 209.6 million tonnes at 0.28 g/t AuEq (P&P) MILL RESERVE 1.22 billion tonnes at 0.40% CuEq (P&P) CORE ZONE Pit Outline CuEq (%) 1.0 0.8 0.6 0.4 0.3 0.2 0.1 Mill Reserve underpins Casino’s 27-year mine life Mill Reserve represents one-third of currently defined resources Core Zone leads to very quick payback – milled grade of 0.66% CuEq and extremely low strip ratio of 0.26:1 in Year 1-4
  • 10.
    TSX | NYSEAMERICAN | WRN CLOSER LOOK AT THE HIGHER GRADE CORE ZONE 10 DDH21-09 65.8 m at 2.53% CuEq (from 10.6 m) DDH21-07 289.6 m at 1.01% CuEq (from 36.6 m) CuEq 1.0 0.8 0.6 0.4 0.3 0.2 0.1 MINERAL RESOURCE – MILL MATERIAL BY NSR CUT-OFF NSR COG (C$/t) Category Mt Copper (%) Gold (g/t) Moly (%) Silver (g/t) CuEq (%) 6.11 Measured 144.9 0.30 0.38 0.024 2.1 0.64 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 30.00 Measured 102.3 0.35 0.46 0.029 2.3 0.77 Indicated 328.2 0.26 0.29 0.030 2.2 0.52 M&I 430.5 0.28 0.33 0.029 2.2 0.58 800 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 Previous intercept of 689 m at 0.91% CuEq (from 9.1 m), including 100 m at 3.20% CuEq in hole 93-185 Note: Resource from Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix.
  • 11.
    TSX | NYSEAMERICAN | WRN 11 CASINO PROJECT OPERATING MINES ATTRACTIVE GRADE PROFILE Copper Molybdenum Gold Silver Strip Ratio Note: CuEq based on US$3.60/lb Cu, US$1,700/oz Au, US$14/lb Mo, and US$22/oz Ag, with no consideration for metallurgical recovery. Reserve, grade, and strip data from company filings and S&P Capital IQ. 1.19:1 0.74:1 5.56:1 1.49:1 0.43:1 0.26:1 -- 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% Mt. Milligan - CG (264 Mt) Highland Valley - Teck (209 Mt) Copper Mountain - HBM (367 Mt) Gibraltar - Taseko (559 Mt) Casino Mill LOM (1.2 Bt) Casino Mill Yr 1-4 (174 Mt)
  • 12.
    TSX | NYSEAMERICAN | WRN THE RIGHT COMBINATION OF GRADE AND STRIP RATIO 12 Note: CuEq based on US$3.60/lb Cu, US$1,700/oz Au, US$14/lb Mo, and US$22/oz Ag, with no consideration for metallurgical recovery. Grade and strip data from company filings and S&P Capital IQ. Taseko Osisko Metals Surge Northisle Alta Los Andes WRN BHP / Lundin McEwen Copper Arizona Sonoran First Quantum Hudbay Barrick WRN Teck / Newmont Glencore 0.31% 0.34% 0.35% 0.39% 0.41% 0.42% 0.44% 0.46% 0.50% 0.51% 0.55% 0.65% 0.66% 0.66% 0.69% 0.77% Yellowhead Gaspé Berg North Island Cañariaco Vizcachitas Casino (LOM) Josemaria Los Azules Cactus Taca Taca Copper World Reko Diq Casino (Year 1-4) Galore Creek MARA Grade (% CuEq) Teck / Newmont Los Andes Arizona Sonoran Hudbay Glencore First Quantum Osisko Metals Taseko Alta Hudbay McEwen Copper Surge Barrick Teck / Copper Fox BHP / Lundin Northisle WRN WRN 2.49 2.33 2.23 1.82 1.66 1.58 1.53 1.40 1.33 1.28 1.16 1.13 1.07 1.00 0.98 0.81 0.43 0.26 Galore Creek Vizcachitas Cactus Copper World MARA Taca Taca Gaspé Yellowhead Cañariaco Mason Los Azules Berg Reko Diq Schaft Creek Josemaria North Island Casino (LOM) Casino (Year 1-4) Strip Ratio (waste : ore)
  • 13.
    TSX | NYSEAMERICAN | WRN Note: Based on Casino Copper-Gold 2022 Feasibility Study. NPV and IRR are shown after-tax. “Broker LT Consensus” based on average analyst consensus long-term commodity prices. ECONOMIC THROUGHOUT THE COMMODITY CYCLE 13 BASE CASE BROKER LT CONSENSUS BASE CASE CAD:USD FX OF US$0.80 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$5,043 IRR 17.7% 18.1% 19.7% 21.6% 23.5% 25.2% 26.9% Payback (yrs) 3.4 3.3 3.0 2.8 2.6 2.4 2.3 NPV 8%($M) C$2,807 C$2,920 C$3,372 C$3,937 C$4,501 C$5,026 C$5,624 IRR 19.9% 20.3% 21.9% 23.7% 25.5% 27.1% 28.7% Payback (yrs) 3.0 2.9 2.8 2.6 2.4 2.3 2.1 NPV 8%($M) C$3,294 C$3,407 C$3,859 C$4,423 C$4,985 C$5,547 C$6,108 IRR 21.7% 22.1% 23.6% 25.4% 27.1% 28.7% 30.3% Payback (yrs) 2.8 2.7 2.6 2.4 2.3 2.1 2.0 NPV 8%($M) C$3,782 C$3,895 C$4,346 C$4,908 C$5,469 C$6,031 C$6,593 IRR 23.5% 23.9% 25.3% 27.0% 28.7% 30.2% 31.8% Payback (yrs) 2.6 2.5 2.4 2.3 2.1 2.0 1.9 NPV 8%($M) C$4,268 C$4,381 C$4,830 C$5,392 C$5,954 C$6,515 C$7,077 IRR 25.2% 25.6% 27.0% 28.6% 30.2% 31.8% 33.3% Payback (yrs) 2.4 2.4 2.3 2.1 2.0 1.9 1.9 NPV 8%($M) C$4,268 C$4,865 C$5,314 C$5,876 C$6,438 C$7,000 C$7,561 IRR 26.9% 27.2% 28.6% 30.2% 31.7% 33.2% 34.7% Payback (yrs) 2.3 2.2 2.1 2.0 1.9 1.9 1.8 US$3,000 GOLD PRICE ($/oz) US$2,750 COPPER PRICE ($/lb) US$1,700 US$2,000 US$2,250 US$2,500
  • 14.
    TSX | NYSEAMERICAN | WRN DE-RISKED THROUGH QUICK PAYBACK 14 CASH FLOW & PRODUCTION PROFILE YEAR 1-4 LIFE-OF-MINE AVERAGE ANNUAL CASH FLOW & COSTS Cash Flow (Pre-tax) ($M) C$1,033 C$662 Cash Flow (After-tax) ($M) C$951 C$517 Net Smelter Return ($/t ore milled) C$43.15 C$29.08 Operating Cost ($/t ore milled) C$11.16 AVERAGE ANNUAL METAL PRODUCTION Copper (Mlbs) 241 163 Gold (kozs) 333 211 Silver (kozs) 1,596 1,277 Molybdenum (Mlbs) 15.5 15.1 Copper Equivalent (Mlbs) 468 329 Gold Equivalent (kozs) 992 697 Note: Based on Casino Copper-Gold 2022 Feasibility Study at base case metal prices of US$3.60/lb Cu, US$1,700/oz Au, US$14/lb Mo, and US$22/oz Ag.
  • 15.
    TSX | NYSEAMERICAN | WRN INFRASTRUCTURE ADVANCEMENTS 15 Yukon Resource Gateway Project funding for the Casino Copper-Gold Access Road Yukon government funding Marine Services Platform for Skagway Port Redevelopment 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 spent The Yukon government signed MOU with Municipality of Skagway securing long-term tidewater access for mining industry The government included C$44.7M in 2025-28 capital plan, with C$21.3M approved by legislature in November 2023
  • 16.
    TSX | NYSEAMERICAN | WRN 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 B.C.-Yukon Grid Connect Project: connecting the isolated, capacity-constrained Yukon grid to the North American grid in B.C. Major endorsement of the Casino Project; aligns Casino’s 130 MW load with a long-term energy solution for the Yukon A pathway to hydroelectric grid power is transformative for the Casino Project PROGRESS ON YUKON-BC GRID INTERCONNECTION 16 763 km of new transmission line “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 good mining jobs…” – The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources Critical Minerals Infrastructure Fund (CMIF) investing in B.C.-Yukon Grid Connect Project
  • 17.
    TSX | NYSEAMERICAN | WRN TASK YEAR 1 YEAR 2 YEAR 3 YEAR 4 YESAB PROCESS Establish Panel Technical Analysis Public Hearings Panel Report Decision ACCESS ROAD PERMITS Preparation Obtain Permits PERMITTING TIMELINE 17 Potential Construction Start DETAILED PERMITTING: Water Use License, Quartz Mining License, Schedule 2 Amendment and Fisheries Act Authorization 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 need for critical minerals Note: See press release dated August 12, 2024.
  • 18.
    TSX | NYSEAMERICAN | WRN18 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
  • 19.
    TSX | NYSEAMERICAN | WRN APPENDIX
  • 20.
    TSX | NYSEAMERICAN | WRN ESG COMMITMENT 20 Committed to health and safety and committed to the protection of cultural values • Ongoing engagement with local communities and First Nations • 18+ years of operating responsibly in the Yukon • Co-operation agreements signed with key First Nations SOCIAL ENVIRONMENTAL Committed to exceeding best practices in protecting the environment • Accepted the Robert E Leckie Award for outstanding environmental stewardship • Committed to MAC’s Towards Sustainable Mining (TSM) initiative Committed to high ethical standards and building long term value • Corporate Disclosure Policy • Safety, Health & Environmental Policy • Whistleblower Policy • Insider Trading Policy GOVERNANCE SUPPORTING • Yukon community food security • Yukon-wide sport and culture • Yukon-wide mental health support • Industry association support • Reconciliation • Yukon First Nations cultural awareness • Yukon-wide health care • Yukon education and family literacy
  • 21.
    TSX | NYSEAMERICAN | WRN SIGNIFICANT POSITIVE ECONOMIC IMPACT Over its entire life cycle, the Casino Project is estimated to contribute: • C$44.1 billion to Canada’s GDP • 125,260 full-time equivalent positions • C$12.4 billion in wages and salaries • C$12.8 billion in taxes and royalties to various governments 21 Each year in operation, the Casino Project is estimated to contribute: • C$1.3 billion to the Yukon’s GDP • C$1.5 billion to Canada’s GDP • 3,660 full-time equivalent positions • C$377 million in wages and salaries across Canada Economic Impact Casino Project on the Yukon and Canada Economic impact of the Casino Project on the Yukon and Canada
  • 22.
    TSX | NYSEAMERICAN | WRN x 157 144 -- 20 40 60 80 100 120 7th LARGEST UNDEVELOPED COPPER-GOLD PROJECT CONTROLLED BY A JUNIOR 22 CASINO COPPER-GOLD PROJECT Junior controlled copper project Major controlled copper project WRN’s Casino Copper-Gold project Ecuador Argentina Chile Ecuador Peru Yukon Alaska BC BC Philippines BC Argentina COPPER EQUIVALENT (B LBS) Chile Chile Note: Data from S&P CapIQ and company filings.
  • 23.
    TSX | NYSEAMERICAN | WRN x 23 COPPER DEVELOPMENT TRANSACTIONS ANALYST CONSENSUS PRICE / NAV MULTIPLES 0.92x 0.79x 0.58x 0.34x 1.03x 0.75x 0.71x 0.25x 0.30x 0.73x -- 0.20x 0.40x 0.60x 0.80x 1.00x BHP - 50% Josemaria (Lundin) (US$0.7 Bn) Lundin Mining / BHP - Filo (US$3.0 Bn) MACH Metals Australia - Rex Minerals (US$0.2 Bn) Silvercorp - Adventus (US$0.1 Bn) Glencore - 56.25% MARA (Pan American) (US$0.5 Bn) Harmony Gold - Eva (Copper Mountain) (US$0.2 Bn) Agnico - San Nicolás (Teck) (US$0.2 Bn) SolGold - Cornerstone (US$0.1 Bn) Lundin Mining - Josemaria (US$0.5 Bn) Capstone - 30% Santo Domingo (KORES) (US$0.1 Bn) Median: 0.72x Note: Data from public disclosure. Based on transactions since 2021, where the target is a copper project / company.
  • 24.
    TSX | NYSEAMERICAN | WRN24 FEASIBILITY STUDY CAPITAL COSTS PROJECTED CAPITAL COSTS PROCESS PLANT & INFRASTRUCTURE Project Directs (Including Freight) C$2,116 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 Initial Capital C$3,618 Total Sustaining Capital C$751 Total Life-Of-Mine Capital C$4,369 Note: Based on Casino Copper-Gold 2022 Feasibility Study at base case metal prices. See “Notes” in Appendix.
  • 25.
    TSX | NYSEAMERICAN | WRN -- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 COPPER DEVELOPMENT PROJECT CAPITAL INTENSITY 25 CASINO COPPER-GOLD PROJECT INITIAL CAPITAL INTENSITY (US$/TPA AVERAGE CUEQ) WRN Feasibility Pre-Feasibility PEA Notes: Data from S&P Capital IQ and Wood Mackenzie on select copper or copper-gold projects.
  • 26.
    TSX | NYSEAMERICAN | WRN26 ATTRACTIVE COST PROFILE CASH COSTS BY-PRODUCT COSTS Copper Cash Cost Net of By-Product Credits ($/lb) (US$0.80) CO-PRODUCT COSTS Copper Cash Cost Co-Product ($/lb) US$1.54 Gold Cash Cost Co-Product ($/oz) US$799 Low strip ratio reduces the amount of waste tonnes moved, resulting in lower hauling costs (the largest component of mining costs) Deposit sits on a hilltop, single large open-pit Haul profiles are favourable (portion of the planned hauls are downhill loaded) Processing costs benefit from medium-softer ore Throughput of 120,000 tpd, benefits from economies of scale Note: Based on Casino Copper-Gold 2022 Feasibility Study at base case metal prices. See “Notes” in Appendix.
  • 27.
    TSX | NYSEAMERICAN | WRN FEASIBILITY STUDY OPERATING COST 27 Note: Based on Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix. UNIT COSTS LIFE-OF-MINE MILLING OPERATION Milling ($/t ore milled) C$6.42 Mining ($/t ore milled) C$4.28 General & Administrative ($/t ore milled) C$0.46 Total ($/t ore milled) C$11.16 HEAP LEACH OPERATION Heap Leach Operation ($/t leached) C$1.93 ADR/SART ($/t leached) C$4.80 Total ($/t leached) C$6.73
  • 28.
    TSX | NYSEAMERICAN | WRN PROPERTY GEOLOGY 28 Note: Based on Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix.
  • 29.
    TSX | NYSEAMERICAN | WRN 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 980E or similar haul trucks (370 t class) Floating cone based on US$1.75/lb Cu, US$835/oz Au – very low prices as pit is constrained by TMF capacity Pit is electrified to power shovels and drills Strip ratio is 0.43:1 over the life-of-mine 29 Note: Based on Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix.
  • 30.
    TSX | NYSEAMERICAN | WRN PROCESSING Milling • 120,000 tpd • Medium–soft ore: BWi – 14.5 kWh/t; 200 µm primary grind Flotation • Conventional copper/moly circuit • Recoveries: Copper 86%, Gold 67%, Moly 71%, Silver 53% • Subsequent metallurgical testwork shows potential for meaningfully higher moly recoveries Heap Leach • Conventional crush/conveyer stack valley fill heap leach • 25,000 tpd • SART to remove copper from solution • Recoveries: Gold 80%, Silver 26%, Copper 18% 30 Note: Based on Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix.
  • 31.
    TSX | NYSEAMERICAN | WRN 2022 CASINO COPPER-GOLD RESERVE MILL RESERVE Class Mt NSR (C$/t) Copper (%) Gold (g/t) Moly (%) Silver (g/t) CuEq (%) Copper (M lb) Gold (M oz) Moly (M lb) Silver (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 P&P 1,217.1 25.38 0.19 0.22 0.021 1.7 0.40 5,079 8.5 571.9 64.9 HEAP LEACH RESERVE Class Mt NSR (C$/t) Gold (g/t) Copper (%) Moly (%) Silver (g/t) AuEq (g/t) Gold (M oz) Copper (M lb) Moly (M lb) Silver (M oz) Proven 42.9 22.52 0.45 0.055 n/a 2.7 0.47 0.62 51.8 n/a 3.7 Probable 166.8 11.14 0.22 0.031 n/a 1.8 0.23 1.17 113.5 n/a 9.4 P&P 209.6 13.47 0.26 0.036 n/a 1.9 0.28 1.78 165.3 n/a 13.1 31 Note: Based on Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix.
  • 32.
    TSX | NYSEAMERICAN | WRN 2022 CASINO COPPER-GOLD RESOURCE MILL RESOURCE Class Mt NSR (C$/t) Copper (%) Gold (g/t) Moly (%) Silver (g/t) CuEq (%) Copper (M lb) Gold (M oz) Moly (M lb) Silver (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 93.5 M&I 2,259.0 21.60 0.15 0.18 0.016 1.4 0.31 7,446 12.9 791.2 103.1 Inferred 1,371.5 15.41 0.10 0.14 0.009 1.1 0.21 3,029 6.1 286.0 50.5 HEAP LEACH RESOURCE Class Mt NSR (C$/t) Gold (g/t) Copper (%) Moly (%) Silver (g/t) AuEq (g/t) Gold (M oz) Copper (M lb) Moly (M lb) Silver (M oz) Measured 43.3 23.79 0.44 0.05 n/a 2.7 0.47 0.62 51.5 n/a 3.7 Indicated 188.4 11.47 0.21 0.04 n/a 1.7 0.23 1.27 145.4 n/a 10.4 M&I 231.7 13.77 0.25 0.04 n/a 1.9 0.27 1.88 196.9 n/a 14.1 Inferred 40.9 11.33 0.20 0.05 n/a 1.4 0.22 0.27 46.9 n/a 1.9 32 Note: Based on Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix.
  • 33.
    TSX | NYSEAMERICAN | WRN 2022 CASINO COPPER-GOLD RESOURCE TOTAL RESOURCE (MILL + HEAP LEACH) Class Mt NSR (C$/t) Copper (%) Gold (g/t) Silver (g/t) Copper (M lb) Gold (M oz) Silver (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 1.5 7,643.1 14.8 117.2 Inferred 1,412.5 15.30 0.10 0.14 1.2 3,075.5 6.3 52.3 33 Note: Based on Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix.
  • 34.
    TSX | NYSEAMERICAN | WRN NOTES Technical report entitled “Casino Copper-Gold Project, Form 43-101 F1 Technical Report Feasibility Study” dated June 13, 2022, a copy of which is available on the Company's website at www.westerncopperandgold.com. Prepared by: Daniel Roth, P.Eng.; Laurie Tahija, MMSA-QP; Patrick Dugan, P.E.; Mike Hester, F Aus IMM; John M. Marek, P.Eng.; Carl Schulze, P.Geo.; Daniel Friedman, P.Eng; Scott Weston, P.Geo; each of whom is a qualified person pursuant to National Instrument 43-101 ("Qualified Person") Mineral Resources • 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). • All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely. • Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. • Mineral Resources for leach material are based on prices of US$3.50/lb copper, US$1,650/oz gold and US$22/oz silver • Mineral Resources for mill material are based on prices of US$3.50/lb copper, US$1,650/oz gold, US$22/oz silver, and US$12.00/lb moly. • Mineral Resources are based on NSR cut-off of C$6.61/t for leach material and C$6.11/t for mill material. • NSR value for leach material is as follows: - NSR (C$/t) = $15.21 x copper (%) + $50.51 x gold (g/t) + $0.210 x silver (g/t), based on copper recovery of 18%, gold recovery of 80% and silver recovery of 26%. 34 “Casino Copper-Gold Feasibility Study” • NSR value for hypogene sulphide mill material is: - NSR (C$/t) = $73.81 x copper (%) + $41.16 x gold (g/t) + $213.78 x moly (%) + 0.386 x silver (g/t), based on recoveries of 92.2% copper, 66% gold, 50% silver and 78.6% moly. • NSR value for supergene mill material is: - NSR (C$/t) = $80.06 x recoverable copper (%) + $43.03 x gold (g/t) + $142.11 x moly (%) + 0.464 x silver (g/t), based on recoveries of 69% gold, 60% silver and 52.3% moly. Recoverable copper = 0.94 x (total copper – soluble copper). • Mineral Resources are reported in relation to a conceptual constraining pit shell in order to demonstrate reasonable prospects for eventual economic extraction, as required by the definition of Mineral Resource in NI 43-101; mineralization lying outside of the pit shell is excluded from the Mineral Resource. • AuEq and CuEq values are based on prices of US$3.50/lb copper, US$1,650/oz gold, US$22/oz silver, and US$12.00/lb moly, and account for all metal recoveries and smelting/refining charges. • The NSR calculations also account for smelting and refining charges and payables.
  • 35.
    TSX | NYSEAMERICAN | WRN NOTES Mineral Reserve • The Mineral Reserve estimate has an effective date of June 13, 2022 and was prepared using the CIM Definition Standards (10 May 2014). • Columns may not sum exactly due to rounding. • Mineral Reserves are based on commodity prices of US$3.25/lb Cu, US$1,550/oz Au, US$12.00/lb Mo, and US$22.00/oz Ag. • Mineral Reserves amenable to milling are based on NSR cutoffs that vary by time period to balance mine and plant production capacities. They range from a low of $6.11/t to a high of $25.00/t. • NSR value for supergene (SOX and SUS) mill material is - NSR (C$/t) = $73.63 x recoverable copper (%) + $40.41 x gold (g/t) + $142.11 x moly (%) + 0.464 x silver (g/t), based on recoveries of 69% gold, 52.3% molybdenum and 60% silver. Recoverable copper = 0.94 x (total copper – soluble copper). • NSR value for hypogene (HYP) mill material is - NSR (C$/t) = $67.88 x copper (%) + $38.66 x gold (g/t) + $213.78 x moly (%) + $0.386 x silver (g/t), based on recoveries of 92.2% copper, 66% gold, 78.6% molybdenum and 50% silver. • Mineral Reserves amenable to heap leaching are based on an NSR cutoff of $6.61/t. 35 “Casino Copper-Gold Feasibility Study” Other technical information in this presentation: • NSR value for leach material is - NSR (C$/t) = $14.05 x copper (%) + $47.44 x gold (g/t) + $0.210 x silver (g/t), based on recoveries of 18% copper, 80% gold and 26% silver. • AuEq and CuEq values are based on prices of US$ 3.25/lb Cu, US$1,550/oz Au, US$12.00/lb Mo, and US$22.00/oz Ag, and account for all metal recoveries and smelting/refining charges. • The NSR calculations also account for smelter/refinery treatment charges and payables. 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 calculations in this presentation, not associated with the Casino mineral resource or reserve, are based on: US$3.60/lb copper; US$1,700/oz gold; US$14/lb molybdenum; and US$22/oz silver with no accounting for metallurgical recovery.
  • 36.
    TSX | NYSEAMERICAN | WRN ir@westerncopperandgold.com 604 684 9497 www.westerncopperandgold.com