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- 1. DEVELOPING CANADA’S PREMIER COPPER-GOLD MINE TSXWRN NYSE AMERICAN WRN Corporate Presentation April 2023
- 2. TSX | NYSEAMERICAN | WRN FORWARD LOOKING STATEMENTS 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. Statements contained in this presentation that are not historical fact are “forward-looking statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” as that term is defined in National Instrument 51-102 of the Canadian Securities Administrators (collectively, “forward-looking statements”). Forward- looking statements in this presentation include, without limitation, statements regarding mineral reserve and 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 expansion or improvements. Such forward-looking statements are based on certain assumptions that the Company believes are reasonable, including, without limitation, with respect to any mineral reserve or 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 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; labor relations matters, and changing foreign exchange rates, all of which are described more fully in the Company’s filings with the applicable regulatory agencies. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities legislation. Cautionary Note to U.S. Readers/Investors: The United States Securities and Exchange Commission (the “SEC”) permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this presentation, such as “measured”, “indicated”, and “inferred” “resources”, that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and their economic and legal feasibility. It cannot be assumed that all or part of an inferred mineral resource will ever be upgraded to a higher category. Readers are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. U.S. investors are urged to consider closely the disclosure in the Company’s Form 40-F, which may be obtained from the Company or from the SEC’s website at www.sec.gov/edgar.shtml. 2
- 3. TSX | NYSEAMERICAN | WRN CORPORATE OVERVIEW 3 TRADING Toronto Stock Exchange, NYSE American WRN CASH POSITION Dec 31, 2022 (*pro-forma) Cash & Short-Term Investments + Strategic Investments* C$46.3 M Short/Long Term Debt $Nil SHARE STRUCTURE March 23, 2023 Share Price C$2.37 Market Cap C$359 M Issued and Outstanding (Basic) 152,857,597 Warrants 1,500,000 Fully Diluted 162,046,348 TOP SHAREHOLDERS March 2023 (*pro-forma) Rio Tinto Canada 7.8% Mitsubishi Materials 5.0% Fidelity Management & Research Co. LLC 4.9% Board and Senior Management 4.3% Franklin Advisers, Inc. 2.9% Claret Asset Management Corp. 2.3% Kopernik Global Investors, LLC 2.2% ROYALTY (Osisko Gold Royalties) Net Smelter Return (NSR) 2.75% *Note: See further detail in press release Mar 24, 2023 and Apr 11, 2023, filed on www.SEDAR.com. Closing on or about April 14, 2023 for Mitsubishi Materials investment and May 1, 2023 for the Rio Tinto Subscription.
- 4. TSX | NYSEAMERICAN | WRN WRN & CASINO COPPER-GOLD PROJECT CLEAR INVESTMENT THESIS • One of the largest copper-gold projects in Canada • Located in the Yukon – emerging mining district • New Feasibility Study shows robust economics and long life • Strong copper market 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 *Note: See further detail in press release dated May 17, 2021, Nov 23, 2022, Mar 24, 2023 and Apr 11, 2023, filed on www.SEDAR.com. Rights expiry also subject to strategic investors maintaining ownership thresholds. STRATEGIC INVESTMENTS 5 RIO TINTO KEY RIGHTS* Rio has the right to appoint: • A member to Casino Copper-Gold Technical Committee • A non-voting observer to attend all meetings of the board • One director of the Company, if Rio Tinto’s ownership increases to at least 12.5% • Three secondees to the Casino Copper-Gold Project Key Rights expire November 2023* C$25.6M ~ 8.0%* OF WESTERN’S OUTSTANDING COMMON SHARES RIO TINTO OWNERSHIP Mitsubishi has the right to appoint: • A member to Casino Copper-Gold Technical and Sustainability Committee • One director of the Company, if Mitsubishi’s ownership increases to at least 12.5% • Right of first negotiation to offtake Key Rights expire March 2025* C$21.3M ~ 5.0% OF WESTERN’S OUTSTANDING COMMON SHARES MITSUBISHI OWNERSHIP Rio Tinto invested May 2021 Mitsubishi invested March 2023 MITSUBISHI KEY RIGHTS*
- 6. TSX | NYSEAMERICAN | WRN WORKING WITH STRATEGIC PARTNERS 6 Note: See News Releases dated June 24, 2021, October 6, 2021, November 23, 2022, March 24, 2023 and Apr 11, 2023. Drilling and Exploration program complete Metallurgical program complete Tailings facility review complete Feasibility Study review complete Permitting review complete • Rio Tinto internal review ongoing • Advanced Metallurgical program • Drilling program • Engineering review • Project Execution plan • Additional activities as agreed to
- 7. TSX | NYSEAMERICAN | WRN 7 COPPER KEY TO LIMITING CLIMATE CHANGE • To keep global warming under 1.5 degrees, annual copper supply needs to grow by more than 12 Mt in the next 10 years – growth only 7 Mt in the past 20 years • There are limited copper projects under development • Copper inventories are at lowest levels in a decade supply demand Tonnes Copper 5 Year LME Copper Warehouse Stocks Level Copper Needed in the Transportation Industry 0 50 100 150 200 250 300 350 Conventional Car Hybrid Car Plug-in Hybrid Car Electric Car Hybrid Bus Electric Bus Contained Copper (kg) China adds a London-sized electric bus fleet every five weeks! THE WORLD NEEDS A LOT MORE COPPER 12 million tonnes copper equal to over 150 new Casino mines! Source: CRU, Kitco, VanEck, Bloomberg.
- 8. TSX | NYSEAMERICAN | WRN CASINO COPPER-GOLD AN ATTRACTIVE COPPER/GOLD MINE 8 Contained Metal Value Distribution in the M&I Mill Resource 46% COPPER 34% GOLD 4% SILVER 17% MOLY 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: Casino Copper-Gold 2022 Feasibility Study. US$3.60/lb copper, US$1,700/oz gold, US$22/oz silver, and US$14/lb moly. See “Notes” in Appendix.
- 9. TSX | NYSEAMERICAN | WRN x 5th LARGEST UNDEVELOPED COPPER-GOLD PROJECT CONTROLLED BY A JUNIOR 9 0 10 20 30 40 50 60 70 80 COPPER EQUIVALENT (B LBS) CASINO COPPER-GOLD PROJECT Junior controlled copper project Major controlled copper project WRN’s Casino Copper-Gold project Alaska Ecuador Argentina Chile Nevada Minnesota Peru Ecuador Chile Argentina/Chile Peru Peru BC Nevada Namibia Colorado BC BC 150 97 Yukon Source: S&P
- 10. TSX | NYSEAMERICAN | WRN x 8th LARGEST GOLD PROJECT CONTROLLED BY A JUNIOR 10 Source: S&P 0 10 20 30 40 50 60 70 CASINO COPPER-GOLD PROJECT CONTAINED GOLD (M oz) Junior controlled project WRN’s Casino Copper-Gold project 107106
- 11. TSX | NYSEAMERICAN | WRN CASINO COPPER-GOLD PROJECT
- 12. TSX | NYSEAMERICAN | WRN CASINO COPPER-GOLD DEPOSIT 12 Notes: Looking North, North longitudinal section +6958634.51. Based on Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix. HEAP LEACH RESERVE 209.6 Million Tonnes @ 0.28 g/t AuEq (P&P) Final Pit Outline CuEq 1.0 0.8 0.6 0.4 0.3 0.2 0.1 Core Zone MILL RESERVE 1.22 Billion Tonnes @ 0.40% CuEq (P&P)
- 13. TSX | NYSEAMERICAN | WRN CORE ZONE GRADES CONFIRMED BY DRILLING Casino Copper-Gold Core Zone 800 m X 500 m zone in the centre of the deposit Primarily breccia geology Grades significantly higher in this zone as compared to the overall resource grade 13 Note: See News Release dated November 29, 2021. Resource from Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix. DDH21-09 65.8 m 2.53% CuEq from 10.6 m DDH21-07 289.6 m 1.01% CuEq from 36.6 m CuEq 1.0 0.8 0.6 0.4 0.3 0.2 0.1 Results confirmed or, in some cases, improved upon historical drilling MINERAL RESOURCE - MILL MATERIAL BY NSR CUTOFF (C$) NSR Cog ($/t) Class 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 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
- 14. TSX | NYSEAMERICAN | WRN GRADES IN LINE WITH PEERS CASINO COPPER-GOLD PROJECT 14 CASINO COPPER-GOLD PROJECT PEERS Copper Molybdenum Gold Silver Note: See “Notes” in Appendix. Peers data based on mineral reserve estimates disclosed in such companies respective corporate websites or technical reports. All CuEq calculations based on US$3.60/lb copper, US$1,700/oz gold, US$22/oz silver, and US$14/lb moly with no consideration for metallurgical recovery. Mine averages, Mining Intelligence, May 2018 Average 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 Red Chris - NCM (240 Mt) Mt. Milligan - CG (150 Mt) Developing Mine Average Highland Valley - TCK (1.21 Bt) Gibraltar - TKO (706 Mt) Copper Mountain - CMMC (702 Mt) Operating Mine Average Casino Mill LOM (1.22 Bt) Casino Mill Yr 1-4 (174 Mt)
- 15. TSX | NYSEAMERICAN | WRN FEASIBILITY STUDY SUMMARY CASINO COPPER-GOLD PROJECT $2.33 Billion NPV AFTER-TAX (8%) 18.1% IRR AFTER-TAX STRIP RATIO LOM 0.43:1 3 years PAYBACK 27 years MINE LIFE – Mill operation $10 Billion LOM CASH FLOW AFTER-TAX Metal Prices Cu US$3.60/lb Au US$1,700/oz Ag US$22/oz Mo US$14/lb 15 Note: Based on Casino Copper-Gold 2022 Feasibility Study at base case metal prices. See “Notes” in Appendix.
- 16. TSX | NYSEAMERICAN | WRN SIGNIFICANT CONTRIBUTION FROM EARLY YEARS 16 Note: Based on Casino Copper-Gold 2022 Feasibility Study at base case metal prices. See “Notes” in Appendix. YEARS 1-4 LIFE OF MINE AVERAGE ANNUAL CASH FLOW & COSTS Cash Flow (Pre-tax) (C$ M) 1,033 662 Cash Flow (After-tax) (C$ M) 951 517 Net Smelter Return ($/t ore milled) 43.15 29.08 Operating Cost ($/t ore milled) 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 CASINO COPPER-GOLD PROJECT
- 17. TSX | NYSEAMERICAN | WRN BASE CASE BY- PRODUCT COSTS Copper Cash Cost Net of By-Products (US$/lb) (0.80) CO- PRODUCT COSTS Copper Cash Cost Co-Product (US$/lb) 1.54 Gold Cash Cost Co-Product (US$/oz) 799 FEASIBILITY STUDY OPERATING CASH COSTS 17 Note: Based on Casino Copper-Gold 2022 Feasibility Study at base case metal prices. See “Notes” in Appendix. CASINO COPPER-GOLD PROJECT
- 18. TSX | NYSEAMERICAN | WRN 18 Note: Based on Casino Copper-Gold 2022 Feasibility Study at base case metal prices. See “Notes” in Appendix. PROJECTED CAPITAL COSTS C$ Millions PROCESS PLANT & INFRASTRUCTURE Project Directs (including freight) $2,116 Project Indirects $431 Contingency $369 Subtotal Process Plant and Infrastructure $2,916 MINE COSTS Mine Equipment $433 Mine Preproduction $228 Subtotal Mine Costs $661 Owners Costs $41 TOTAL Total C$3,618 Sustaining Capital $751 Total Life of Mine Capital Costs $4,369 FEASIBILITY STUDY CAPITAL COSTS CASINO COPPER-GOLD PROJECT
- 19. TSX | NYSEAMERICAN | WRN ECONOMIC THROUGHOUT THE COMMODITY CYCLE 19 Note: Based on Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix. Base case metal prices used for commodities not listed. Exchange Rate 0.80$US. NPV and IRR after tax. BASE CASE PRICES COPPER PRICE ($US) $3.00 $3.50 $3.60 $4.00 $4.50 $5.00 $5.50 GOLD PRICE ($US) $1,300 NPV 8% (C$M) $866 $1,437 $1,551 $2,006 $2,571 $3,136 $3,701 IRR % 12.1% 14.5% 14.9% 16.7% 18.7% 20.7% 22.5% Payback (yrs) 5.0 4.1 4.0 3.6 3.2 2.9 2.7 $1,500 NPV 8% (C$M) $1,261 $1,831 $1,944 $2,396 $2,961 $3,526 $4,091 IRR % 13.8% 16.1% 16.5% 18.2% 20.2% 22.1% 23.9% Payback (yrs) 4.3 3.7 3.6 3.3 3.0 2.8 2.6 $1,700 NPV 8% (C$M) $1,655 $2,221 $2,334 $2,786 $3,351 $3,917 $4,481 IRR % 15.5% 17.7% 18.1% 19.7% 21.6% 23.5% 25.2% Payback (yrs) 3.8 3.4 3.3 3.0 2.8 2.6 2.4 $1,850 NPV 8% (C$M) $1,949 $2,514 $2,627 $3,079 $3,644 $4,209 $4,772 IRR % 16.7% 18.8% 19.2% 20.8% 22.7% 24.5% 26.2% Payback (yrs) 3.6 3.2 3.1 2.9 2.7 2.5 2.3 $2,050 NPV 8% (C$M) $2,339 $2,904 $3,017 $3,469 $4,034 $4,597 $5,159 IRR % 18.3% 20.3% 20.7% 22.2% 24.0% 25.8% 27.5% Payback (yrs) 3.2 2.9 2.9 2.7 2.5 2.4 2.2 $2,200 NPV 8% (C$M) $2,632 $3,197 $3,310 $3,762 $4,326 $4,888 $5,450 IRR % 19.4% 21.4% 21.8% 23.3% 25.1% 26.8% 28.4% Payback (yrs) 3.0 2.8 2.8 2.6 2.4 2.3 2.2 CASINO COPPER-GOLD PROJECT
- 20. TSX | NYSEAMERICAN | WRN ECONOMIC THROUGHOUT THE COMMODITY CYCLE 20 Note: Based on Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix. Note Exchange rate applied to commodity prices only. CASINO COPPER-GOLD PROJECT ECONOMICS BASE CASE SPOT Copper (US$/lb) 3.60 4.00 Gold (US$/oz) 1,700 2,000 Molybdenum (US$/lb) 14.00 32.00 Silver (US$/oz) 22.00 22.00 Foreign Exchange (US$:C$) 0.80 0.74 NPV @ 8% (after-tax) (C$ M) 2,334 5,790 IRR (100% equity) (after-tax) (%) 18.1 28.5 Cash Flow (Y1-Y4) (after-tax) (C$ M/y) 951 1,410 Cash Flow (LOM) (after-tax) (C$ M/y) 517 920 PAYBACK (years) 3.3 2.2
- 21. TSX | NYSEAMERICAN | WRN ESG COMMITMENT 21 Committed to health and safety and committed to the protection of cultural values • Ongoing Engagement with Local Communities and First Nations • 16+ 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
- 22. TSX | NYSEAMERICAN | WRN WORKING WITH THE COMMUNITY • Closure by rock/sand cover limiting the need for tailings “pond” • Several other changes to the design to reduce construction risk Tailings Facility Redesign Reduced Risk, Reduced Environmental Impact and Improved Safety • Redesign incorporates the outcomes of the BATT study – a collaboration with First Nations, YESAB and Yukon government • Substantial reduction in the quantity of free- standing water impounded during operations • PAG tailings moved to the back of the facility protected by Waste Rock and Main Embankment 22 Note: Based on Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix.
- 23. TSX | NYSEAMERICAN | WRN ACCESS ROAD FUNDING SECURED CASINO COPPER-GOLD PROJECT C$130 Million Funding Committed from Governments for the Casino Copper-Gold Access Road Construction started early 2022 Agreements reached with First Nations on key aspects of remaining road 23 Canadian Prime Minister Justin Trudeau and Former Yukon Premier Sandy Silver Photo: Pelly Construction
- 24. TSX | NYSEAMERICAN | WRN 24 KEY ASSET IN AN EMERGING NEW DISTRICT *Based on Company records. Major miners in area – Rio Tinto, Newmont, Agnico-Eagle, Kinross, and others ~ 30 million ounces of gold in district* Significant exploration upside Government commitment to fund access to area Coffee project recently completed Environmental Assessment Community and First Nation support
- 25. TSX | NYSEAMERICAN | WRN ENTERPRISE VALUE/PROJECT NPV (STUDY) BENCHMARKING 25 WRN Feasibility Pre-Feasibility PEA Source: RBC, Bloomberg, S&P Capital IQ and company disclosure as of January 6, 2023. 2.01x 1.27x 0.45x 0.39x 0.21x 0.18x 0.16x 0.15x 0.07x 0.06x 0.05x 0.05x 0.03x 0.03x 0.02x 0.02x Filo Mining (Filo del Sol) Sandfire Res. Am. (Black Butte) PolyMet (NorhtMet) Marimaca (Marimaca) Highland Copper (Copperwood) SolGold (Cascabel) Los Andes (Vizcachitas) Western (Casino) Trilogy Metals (Arctic) Cordoba (San Matias) Kutcho Copper (Kutcho) Northern Dynasty (Pebble) Candente (Canariaco Norte) Panoro (Cotabambas) NorthIsle (North Island) Pacific Booker (Morrison) WESTERN COPPER & GOLD WRN trades at 0.15x NPV, a discount to its peers
- 26. TSX | NYSEAMERICAN | WRN ENTERPRISE VALUE/COPPER EQUIVALENT RESOURCE BENCHMARKING (US¢/lb CuEq) 26 WRN Feasibility Pre-Feasibility PEA WRN is undervalued with greater growth opportunity compared to its peers WESTERN COPPER & GOLD ¢31.6 ¢11.2 ¢9.3 ¢2.3 ¢1.5 ¢1.4 ¢1.3 ¢1.3 ¢1.1 ¢1.0 ¢0.3 ¢0.3 ¢0.2 ¢0.2 ¢0.1 ¢0.1 Filo Mining (Filo del Sol) Sandfire Res. Am. (Black Butte) Marimaca (Marimaca) PolyMet (NorthMet) Los Andes (Vizcachitas) Trilogy Metals (Arctic) Cordoba (San Matias) SolGold (Cascabel) Western (Casino) Kutcho Copper (Kutcho) NorthIsle (North Island) Highland Copper (Copperwood) Panoro (Cotabambas) Candente (Canariaco Norte) Pacific Booker (Morrison) Northern Dynasty (Pebble) Source: RBC, Bloomberg, S&P Capital IQ and company disclosure as of January 6, 2023. Note: Copper equivalent resource calculated using $3.50/lb Cu, $8.50/lb Mo, $0.85/lb Pb, $1.10/lb Zn, $8.00/lb Ni, $35.00/lb Co, $1,600/oz Au, $21.50/oz Ag, $1,100/oz Pd, and $1,000/oz Pt.
- 27. TSX | NYSEAMERICAN | WRN PATH FORWARD AND INVESTMENT HIGHLIGHTS Casino Copper and Gold Project already ticks many of the boxes Significant copper and gold project 27 Clear path to unlock value Yukon – an emerging mining district Upcoming Catalysts Continuing partnership with strategic investors in evaluation of Casino Submit EA proposal Steady Progress Tailings Alternatives Study Completed Infill Drilling Campaign Completed Updated Resource Released PEA Released 2022 2021 2020 2019 2018 FS Released
- 28. TSX | NYSEAMERICAN | WRN CORMARK SECURITIES Stefan Ioannou 416 943 4222 28 H.C. WAINWRIGHT & CO. Heiko F. Ihle, CFA 212 356 0500 ANALYST COVERAGE
- 29. TSX | NYSEAMERICAN | WRN APPENDIX
- 30. TSX | NYSEAMERICAN | WRN KEY MANAGEMENT TEAM WITH SUCCESSFUL TRACK RECORD 30 Ken Williamson, B.A.Sc., MBA, P.Eng Director & Interim Chairman Paul West-Sells, PhD President & CEO Varun Prasad, CPA, CGA CFO Professional Accountant with extensive experience in financial reporting and regulatory matters and increasingly senior roles with WRN since 2011. Cameron Brown, P.Eng VP Engineering Formerly Project Manager for Bechtel Engineering and Western Silver Corporation. Extensive experience in environmental consulting with a focus on responsible development of resource extraction through the environmental assessment and Indigenous engagement processes. Shena Shaw VP, Environmental & Community Affairs 30 years leadership and development experience overseeing the de-risking and advancement of numerous mining projects from early-stage exploration through start-up and operation. Former investment banker with a focus on capital markets and mergers and acquisitions. Extensive board experience. Metallurgical Engineer with significant management and metallurgical experience in increasingly senior roles with BHP, Placer Dome and Barrick. Ken Engquist, B.Sc. COO
- 31. TSX | NYSEAMERICAN | WRN BOARD OF DIRECTORS 31 Klaus Zeitler, Ph.D., Director Formerly Senior VP of Teck Cominco and founder and CEO of Inmet Mining Corporation. Currently Executive Chairman of Amerigo Resources Corp., Chairman and Director of Los Andes Copper Ltd., Chairman of Rio2Limited. Ken Williamson, B.A.Sc., MBA, P.Eng Director & Interim Chairman Former investment banker. Mr. Williamson has served on the boards of Eicon Technology Corporation, Glamis Gold Ltd., BioteQ Environmental Technologies Inc., Uranium One Inc., BlackRock Ventures Inc., Quadra FNX Mining Ltd., Tahoe Resources Inc. and Goldcorp Inc. Mr. Vitton is the former Executive Managing Director, Head, US Equity Sales, Bank of Montreal Capital Markets where he originated and placed more than USD $200 billion through public and secondary offerings and M&A transactions across all sectors. Michael Vitton, Director Bill Williams, Ph.D., CPG Director Economic geologist with expertise in company/project (e)valuations, M&A analyses, risk analysis, project management, and permitting strategies. Mr. Williams has served on the boards of Detour Gold Corporation, Zinc One Resources Inc. and Orvana Minerals Corp. Tara Christie, B.A.Sc., M.A.Sc., P.Eng Director President and CEO of Banyan Gold Corp. Ms. Christie serves on the boards of Constantine Metal Resources Ltd and Klondike Gold Corp. and was the President of one of the Yukon's largest placer mining operations. Founding board member of YESAB.
- 32. TSX | NYSEAMERICAN | WRN SIGNIFICANT POSITIVE ECONOMIC IMPACT ON THE YUKON Economic Impact of the development of Casino Copper- Gold on the Yukon and Canada Over the Life of the Project, Casino is estimated to • Contribute $44.3 billion to Canada’s GDP • Create 132,280 full-time equivalent positions • Generate $12.8 billion in wages and salaries • Generate $11.2 billion in taxes and royalties to various governments 32 Note: See News Release February 2, 2023 Each year Casino is estimated to • Contribute $1.3 billion to Yukon’s economy • Contribute $1.5 billion to Canada’s GDP through operation of the mine • Creating 3,880 full-time equivalent positions • Generate $391 million in wages and salaries across Canada • Contribute $44.3 billion to Canada’s GDP
- 33. TSX | NYSEAMERICAN | WRN SHARE VS COPPER PRICE PERFORMANCE 33 C$1.00 C$1.50 C$2.00 C$2.50 C$3.00 C$3.50 U$3.00 U$3.50 U$4.00 U$4.50 U$5.00 U$5.50 May 17, 2021 Rio Tinto C$25.6M Strategic Investment Nov 23, 2022 Rio Tinto Extends Rights WRN trades inline, in some cases outperforms, the copper price Copper WRN Mar 24, 2023 Mitsubishi Materials C$21.3 Strategic Investment
- 34. TSX | NYSEAMERICAN | WRN HISTORY 1917: First known record of mineral claim 1930’s: Discovery of silver-lead veins 1965-1980: 370 tonnes of hand-cobbed lead/silver ore sent to Trail, BC 1967: ID of Cu porphyry potential Brameda, Quintana & Teck diamond drill 12,300 m +RC drill 5,200 m 1991: Archer, Cathro and Associates diamond drill ~5,200 m 1992 -1995: Pacific Sentinel Gold Corp. acquire property. Extensive program, including 73,000 m of diamond drilling, environmental & metallurgical studies, etc. Internal scoping study produced. 2004: Lumina Resources Corporation issues NI 43-101 compliant resource 2006: Western Copper acquires Lumina Resources Corporation 2008: Initial pre-feasibility study issued 2009-2010: Exploration program including 26,000 m of diamond drilling, new resource issued 2011: New pre-feasibility study issued 2013: Feasibility Study issued 2014: YESAB application filed 2016: Elevated to a YESAB Panel review 2018: BATT Study Completed 2019: Acquisition of Canadian Creek property, completion of ~15,000 meter infill drill program 2020: ~12,000 meter drill program to further explore new targets, new resource issued 2021: PEA issued, Rio Tinto brought on as strategic investor 2022: Feasibility Study issued 2023: Mitsubishi brought on as strategic investor 34
- 35. TSX | NYSEAMERICAN | WRN PROJECT TEAM Engineering Lead: M3 Engineering & Development • Geotechnical: Knight Piésold • Mining: Independent Mining Consultants, Inc. • Metallurgical: ALS Metallurgical, International Metallurgical & Environmental, Arcadis (Chile) • Access road: Associated Engineering • Power: Siemens Permitting Lead: Hemmera Owner’s Team • Paul West-Sells: President & Chief Executive Officer • Ken Engquist: Chief Operating Officer • Cam Brown: VP Engineering • Shena Shaw: VP Environmental & Community Affairs • Chandni Kher: Director, Environmental & Regulatory Affairs • Jay Corman: Manager, Special Projects • Heather Brown: Consulting Geologist • Jeff Austin: Consulting Metallurgist 35 CASINO COPPER-GOLD PROJECT
- 36. TSX | NYSEAMERICAN | WRN EXCELLENT LOCATION 36 Yukon, Canada – Low political risk Population 40,000 Casino project is located 380 km from Whitehorse, Yukon 560 km from year-round port at Skagway, Alaska Mine and mill are in Selkirk First Nation Traditional Territory – same territory as the Minto mine Other First Nations affected by Project: • Little Salmon Carmacks First Nation • Tr'ondëk Hwëchin • White River First Nation • Kluane First Nation CASINO COPPER-GOLD PROJECT
- 37. TSX | NYSEAMERICAN | WRN PROPERTY GEOLOGY 37 CASINO COPPER-GOLD PROJECT Note: High grade zone dips off section. East-west longitudinal section 6958400 N. Based on Casino Copper-Gold 2022 FS. See “Notes” in Appendix.
- 38. TSX | NYSEAMERICAN | WRN MINING Pit designs for five mining phases were developed to produce 45.4 M tonnes per year of mill feed ore Mill material is limited to approximately 1.2 billion tonnes due to TMF capacity The pits were designed with 40 m wide ramps, 20 m benches. 45 degree overall pit slope angles for most of the pit with some areas at 42 degrees. Komatsu 980E or similar haul trucks (370 tonne class) Floating cone based on US$1.75/lb copper, US$835/oz gold – very low prices as pit is constrained by TMF capacity. Pit is electrified to power shovels and drills Strip ratio: 0.43:1 LOM 38 CASINO COPPER-GOLD PROJECT Note: Based on Casino Copper-Gold 2022 FS at base case metal prices. See “Notes” in Appendix.
- 39. TSX | NYSEAMERICAN | WRN PROCESSING Milling • Throughput: average LOM 120,000 tonnes per day • Grinding Circuit: 40 ft SAG Mill (29 MW) + 2 x 28 ft Ball Mills (22 MW each) • 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% • Sulfide removal circuit to produce suitable tailings for dam construction Heap Leach • Conventional crush/conveyer stack valley fill heap leach • 25,000 tonnes per day • SART to remove copper from solution • Recoveries: Gold 80%, Silver 26%, Copper 18% 39 CASINO COPPER-GOLD PROJECT Note: Based on Casino Copper-Gold 2022 FS at base case metal prices. See “Notes” in Appendix.
- 40. TSX | NYSEAMERICAN | WRN EXCELLENT CONCENTRATE QUALITY 40 Note: based on Casino Copper-Gold 2022 FS, see “Notes” in Appendix. COPPER CONCENTRATE ELEMENT AVG VALUE UNIT Copper 28 % Gold 25 g/t Silver 120 g/t Molybdenum 0.05 % Iron 26 % Sulphur 36 % Arsenic 200 g/t Antimony 250 g/t Mercury 1 g/t Cadmium 40 g/t Fluorine 100 g/t Silica 2 % MOLYBDENUM CONCENTRATE ELEMENT AVG VALUE UNIT Molybdenum 57.4 % Copper 0.39 % Rhenium 133.5 g/t Iron 0.8 % Sulphur 37.9 % Arsenic 1,659 g/t Antimony 100 g/t Mercury <1 g/t Cadmium 3 g/t Fluorine ND g/t Silica 1.74 % CASINO COPPER-GOLD PROJECT
- 41. TSX | NYSEAMERICAN | WRN INFASTRUCTURE ROADS 41 CASINO COPPER-GOLD PROJECT Straight-Forward Road Access All roads are well maintained and used year-round • 380 km from Whitehorse • 560 km from Skagway, Alaska (concentrate load-out facility) - 358 km – existing major highway - 70 km – existing road to be upgraded by Yukon Government - 132 km – new all-weather road will be built, subsidized by government Majority of the route the same as used by the Minto Mine Low traffic volume • Current peak daily volume for all vehicles along route (at Carcross North) = 886 vehicles /day (40 per hr) • The Casino project would add 20 concentrate trucks a day to this route = only 2.5% total daily increase in traffic Note: based on Casino Copper-Gold 2022 FS, see “Notes” in Appendix.
- 42. TSX | NYSEAMERICAN | WRN INFRASTRUCTURE POWER & PORT 42 Note: Based on Casino Copper-Gold 2022 FS. See “Notes” in Appendix. Power • Power to be supplied by 3 gas turbine generators & 1 steam turbine generator for a combined installed capacity of > 200 MW • Fuel – LNG trucked from Ft. Nelson • MOU signed with Ferus Natural Gas Fuels Inc. to supply LNG • City of Whitehorse currently powered by LNG Port of Skagway • Draft MOU developed with Alaska Government (AIDEA) with concept that they would build additional storage capability and lease it to Casino Copper-Gold • Facility currently ships Minto mine’s copper concentrate • Port in the past has shipped ore in greater amounts than planned for Casino Copper-Gold • Port is 560 km from Casino Copper-Gold CASINO COPPER-GOLD PROJECT
- 43. TSX | NYSEAMERICAN | WRN FEASIBILITY STUDY CASINO COPPER-GOLD PROJECT 43 Note: See news release dated June 28, 2022, data based on Casino Copper-Gold 2022 Feasibility Study. See “Notes” in Appendix. Notable changes from the PEA: Heap Leach Operation • Gold recovery from the heap leach increased to 80% by crushing the ore going to the heap leach to a p80 of 16 mm. • 20% greater gold recovery through the heap leach circuit due to recovery increase and minor changes in grades and tonnage reporting to the heap leach pad Milling Operation • 4.4% greater metal production due to minor changes to the grades and tonnage treated through the mill Cost Escalation • Cost increases to certain capital and operating cost inputs – including - 40.3% increase on diesel - Steel, reflected by a price increase in grinding media of 33.2% CURRENT FEASIBILITY STUDY INCLUDES COST INFLATION
- 44. TSX | NYSEAMERICAN | WRN FEASIBILITY STUDY OPERATING COST 44 Note: Based on Casino Copper-Gold 2022 FS at base case metal prices. See “Notes” in Appendix. LOM (C$/TONNE) MILLING OPERATION Milling $6.42 Mining $4.28 General & Administrative $0.46 Total $11.16 HEAP LEACH OPERATION Heap Leach Operation $1.93 ADR/SART $4.80 Total $6.73 CASINO COPPER-GOLD PROJECT
- 45. TSX | NYSEAMERICAN | WRN COMPARABLE OPEX 45 SITE OPERATING COSTS PER TONNE MILLED (C$) CASINO COPPER-GOLD PROJECT Note: Based on Casino Copper-Gold 2022 FS at base case metal prices. See “Notes” in Appendix. Other Mining Operating Costs source: S&P Global. 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Highland Valley (2021) Highland Valley (2020) Gibraltar (2021) Gibraltar (2020) Mount Milligan (2021) Mount Milligan (2020) Copper Mountain (2021) Copper Mountain (2020) Casino Copper-Gold (FS) Mill Throughput 120,000 tpd 45,000 tpd 60,000 tpd 85,000 tpd 155,000 tpd
- 46. TSX | NYSEAMERICAN | WRN COMPARABLE CAPEX 46 CASINO COPPER-GOLD PROJECT Source: Goldman Sachs Global Investment Research (October 2018) & Company Records Florence Copper ($0.2 B) Los Helados ($1.2 B) Agua Rica ($2.2 B) Carrapateena ($0.7 B) Mantoverde ($0.8 B) Pumpkin Hollow ($1.1 B) Josemaria ($2 B) Resolution ($6 B) Ann Mason ($1.4 B) Ajax ($0.9 B) Pebble ($4.7 B) Canariaco Norte ($1.6 B) New Prosperity ($0.8 B) Oyu Tolgoi Block Cave ($5.1 B) Rosemont ($1.9 B) Galeno ($2.5 B) Los Azules ($2.6 B) Taca Taca ($3.4 B) Haquira ($2.1 B) El Abra mill ($5.1 B) El Pachón ($4.1 B) Nueva Union ($3.5 B) Radomiro Tomic ($5.4 B) Harper Creek ($0.8 B) Quebrada Blanca II ($4.7 B) Cotabambas ($1.5 B) Casino ($2.9B) Olympic Dam BFX ($2.9 B) Santo Domingo ($1.8 B) Frieda River ($3.6 B) Kerr-Sulphurets-Mitchell ($5.5 B) Cobre Panama ($6.3 B) Quellaveco ($5.2 B) Grasberg BC ($6.4 B) King King ($2 B) Schaft Creek ($3.3 B) Cerro Casale ($6 B) Galore Creek ($5.2 B) $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 Unit Capex (US$/t CuEq/y) CASINO COPPER-GOLD PROJECT
- 47. TSX | NYSEAMERICAN | WRN ANA AND CASINO B 47 Note: See “Notes” in Appendix CASINO COPPER-GOLD PROJECT
- 48. TSX | NYSEAMERICAN | WRN 2022 CASINO COPPER-GOLD RESOURCE Source: Casino Copper-Gold 2022 FS. See “Notes” in Appendix. 48 MILL RESOURCE ($6.11/t NSR CUTOFF) Class Mt NSR (C$/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 ($6.61/t NSR CUT-OFF) Class Mt NSR (C$/t) Copper (%) Gold (g/t) Silver (g/t) AuEq (g/t) Copper (M lb) Gold (M oz) Silver (M oz) Measured 43.3 23.79 0.05 0.44 2.7 0.47 51.5 0.62 3.7 Indicated 188.4 11.47 0.04 0.21 1.7 0.23 145.4 1.27 10.4 M+I 231.7 13.77 0.04 0.25 1.9 0.27 196.9 1.88 14.1 Inferred 40.9 11.33 0.05 0.20 1.4 0.22 46.9 0.27 1.9
- 49. TSX | NYSEAMERICAN | WRN 2022 CASINO COPPER-GOLD RESOURCE Source: Casino Copper-Gold 2022 FS. See “Notes” in Appendix. 49 TOTAL RESOURCE (MILL + HEAP LEACH) Class Mt NSR (C$/t) Copper (%) Gold (g/t) Silver (g/t) Copper (M lb) Gold (M oz) Silver (M oz) Measured 188.2 36.34 0.24 0.40 2.2 1,005.0 2.4 13.3 Indicated 2,302.6 19.61 0.13 0.17 1.4 6,638.1 12.4 103.9 M+I 2,490.7 20.88 0.14 0.18 1.5 7,643.1 14.8 117.2 Inferred 1,412.5 15.30 0.10 0.14 1.2 3,075.5 6.3 52.3
- 50. TSX | NYSEAMERICAN | WRN 2022 CASINO COPPER-GOLD RESERVE Source: Casino Copper-Gold 2022 FS. See “Notes” in Appendix. 50 MILL RESERVE Class Mt NSR (C$/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 6.9 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
- 51. 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) + $0.210 x silver (g/t), based on copper recovery of 18%, gold recovery of 80% and silver recovery of 26%. 51 “Casino Copper-Gold Feasibility Study” • NSR value for hypogene sulphide mill material is: - NSR (C$/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.
- 52. 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 $6.61/t. 52 “Casino Copper-Gold Feasibility Study” Other technical information in this presentation: • NSR value for leach material is - NSR (C$/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.
- 53. TSX | NYSEAMERICAN | WRN info@westerncopperandgold.com 604 684 9497 www.westerncopperandgold.com