Western Copper and Gold : January 2022 Presentation

JANUARY 2022 - CORPORATE PRESENTATION

TSX : WRN I NYSE AMERICAN : 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.

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CLEAN AND TIGHTLY-HELD OWNERSHIP STRUCTURE

	TRADING		Toronto Stock Exchange, NYSE American	WRN
	CASH POSITION		Cash & Short Term Investments	C$ 51.8 million
	September 30, 2021
		Short/Long Term Debt	$Nil
	SHARE STRUCTURE		Share Price	C$ 1.99
	January 21, 2022
			Market Cap	C$ 301 M
			Issued and outstanding (basic)	151,426,125
			Warrants	1,500,000
			Fully Diluted	160,444,148
	TOP SHAREHOLDERS		Rio Tinto Canada	7.8%
	January 2022		Fidelity Management & Research Co. LLC	5.9%
			Board and Senior Management	4.6%
			Claret Asset Management Corp.	2.4%
			Kopernik Global Investors, LLC	2.4%
			Franklin Advisers, Inc.	2.1%
	ROYALTY (OSISKO GOLD ROYALTIES)		Net Smelter Return (NSR)	2.75%
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WRN AND THE CASINO DEPOSIT

ALASKA YUKON

CASINO

PROJECT

Whitehorse

Skagway

B.C

Vancouver

TSX : WRN I NYSE AMERICAN : WRN

CLEAR INVESTMENT THESIS

• Strongest copper market in the past decade
• Project is one of the largest copper-gold projects in Canada
• Located in the Yukon - new emerging mining district
• New PEA shows robust economics and long life
• Strategic investment from Rio Tinto strengthens credibility

CONTINUING TO ADD VALUE

• Significant resource expansion in 2020
• PEA released in 2021
• Launched Feasibility Study, expected Q2-2022
• Permitting work initiated

Developing Canada's Premier Copper-Gold Mine

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RIO TINTO STRATEGIC INVESTMENT

Rio's investment provides opportunity for Rio to gain a better understanding of Casino, through an agreed upon Scope of Work.

SCOPE OF WORK

• Defined and performed in partnership with Rio, focusing on technical, regulatory, and community aspects of the project.

TERMS*

• Rio has the right to appoint:
• • A member to Casino Project 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 Project.
• Rio has the right to maintain ownership.
• Rio agrees not to dispose of any shares and to vote in favor of director nominations.
• Rio agrees to not acquire any securities of the Company, subject to certain exceptions.

STRATEGIC INVESTMENT

$25.6 M

WRN SHAREHOLDING

~8%

WRN's outstanding common shares

*Note: See further detail in press release dated May 17, 2021, filed on www.SEDAR.com

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