Western Copper & Gold Corp.

Western Copper & Gold Corp. is a junior gold and copper development company headquartered in Vancouver, Canada, operating primarily in Canada. The company's portfolio consists of 1 development project. Key assets include Casino. The enterprise is an exploration-stage entity focused on advancing a single large-scale deposit toward production. Its business model is centered on a single, significant asset, which mitigates portfolio complexity but concentrates risk. The proposed operational plan incorporates a dual-processing strategy, utilizing both a conventional single-line SAG mill circuit followed by flotation to produce concentrate, and a separate carbon-in-column facility for heap leached oxide ore. This approach is designed to maximize metal recovery from different ore types. A key operational characteristic is the plan for energy self-sufficiency through an on-site power plant fueled by LNG. The business relies heavily on specialized skills across geology, metallurgy, engineering, and environmental management to navigate the complexities of project development. Competitive positioning is influenced by the scale of its undeveloped deposit, but the company competes with larger, better-funded entities for capital, personnel, and resources. The development plan includes significant infrastructure build-out, such as a new all-weather access road and a new airstrip, reflecting the remote nature of its operations.

The entity's strategy is singularly focused on advancing its sole large-scale project from development to production. Key strategic pillars include navigating the environmental and socio-economic assessment process, with a planned submission of a detailed effects statement in 2025. A core objective is de-risking the project through supplemental metallurgical programs aimed at enhancing metal recoveries and confirming processing methods. Capital strategy involves securing funding through a mix of private placements with strategic partners and public offerings to finance ongoing development, detailed engineering, and eventual construction. The organization actively cultivates relationships with major industry players, leveraging their technical input through joint committees to refine project plans. A significant part of the strategy involves advancing critical infrastructure, including collaborating on government-funded initiatives that could provide transformative access to grid power and improve logistics. Proactive engagement and consultation with First Nations are integral to the development timeline and securing social license to operate.

Executive leadership is spearheaded by a Chief Executive Officer with over 15 years of experience in investment banking and M&A within the metals and mining sector, complemented by a Chairman with over 30 years of experience in mine operations, construction, and executive management. The board of directors includes individuals with extensive backgrounds in finance, geology, and project development, with several appointments made in 2024 to strengthen oversight. Governance is structured through an Audit Committee, a Compensation Committee, and a Corporate Governance and Nominating Committee. The Audit Committee is composed of 3 independent and financially literate directors, responsible for overseeing financial reporting, internal controls, and external auditor performance. The governance framework requires directors with a conflict of interest to abstain from voting on relevant matters, ensuring decisions are made in the best interests of the company. As of March 2025, the directors and executive officers as a group beneficially owned approximately 4.76% of the issued and outstanding common shares, aligning leadership interests with those of shareholders.

The organization's sustainability approach is centered on navigating a comprehensive environmental and socio-economic assessment process, which forms the basis for its permitting applications. A key commitment involves robust engagement and consultation with First Nations whose traditional territories may be affected by development activities, aiming to provide long-term benefits. Environmental stewardship is managed by a dedicated Vice President of Environmental and Community Affairs and is subject to stringent laws governing reclamation, hazardous materials, and environmental protection. The company maintains a reclamation bond of approximately $798,000 to cover future land rehabilitation costs. Management acknowledges and plans for physical and reputational risks associated with climate change, including potential impacts on water availability and extreme weather events. The entity's development framework is designed to incorporate modern methodologies in environmental assessment to ensure a thorough review of its operational plans and their potential impacts.

The corporate structure features a parent entity with one material, wholly-owned subsidiary, Casino Mining Corp., which holds the primary development asset. The organization has secured strategic investments from 2 major global mining companies. An agreement with Rio Tinto, which maintained a 9.7% ownership stake as of May 2024, grants it participation rights in equity financings, a seat on the technical and sustainability committee, and a non-voting board observer. A separate 2023 strategic investment from Mitsubishi Materials Corporation resulted in its acquisition of a 5.0% ownership stake, providing it with similar rights to appoint a member to the technical and sustainability committee and participate in future equity offerings. In 2019, the company expanded its land position through the acquisition of the Canadian Creek property from Cariboo Rose Resources Ltd. A material contract exists with Osisko Gold Royalties Ltd., which holds a 2.75% net smelter returns royalty on the project claims following an assignment in 2017.