Canadian Miner Advances Massive Copper-Gold Casino Project in Yukon
Analyst Consensus Report

1. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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1. Street Smart Average Price Target Formula

   Street Smart Consulting has attained an average price target and rating for this company from our system's formula. The system calculates an average of all analyst target prices, which are originally in Canadian or U.S. dollars, then converts them to both dollar amounts. For the recommendation, it selects whichever rating (Buy, Sell, Hold, etc.) appears most frequently among analysts. When there's a tie for the most common recommendation, all tied ratings are included.

2. Ownership and Share Structure Information

   The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Disclosures for Stifel Capital, Western Copper and Gold Corp., October 21, 2025:

Important Disclosures and Certifications

We, Ralph M. Profiti and Cole McGill, research analysts, certify that our respective views expressed in this research report accurately reflect our respective personal views about the subject securities or issuers; and we, Ralph M. Profiti and Cole McGill, certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this research report.

Our European Policy for Managing Research Conflicts of Interest is available at www.stifel.com/institutional/ImportantDisclosures. For applicable current disclosures for all covered companies please visit the research page at www.stifel.com or write to the Stifel Global Research Department at the following address. Alternatively, you can contact your local research office, details of which can be found here.

I, Ralph M. Profiti, have neither viewed the material operations of the subject company(s) in the last 12 months, nor has the subject company(s) paid for my traveling expenses in the event that I have viewed their material operations during this timeframe (other than instances that are already reflected in the disclosures of this report). I, Cole McGill, have neither viewed the material operations of the subject company(s) in the last 12 months, nor has the subject company(s) paid for my traveling expenses in the event that I have viewed their material operations during this timeframe (other than instances that are already reflected in the disclosures of this report).

The equity research analyst(s) responsible for the preparation of this report receive(s) compensation based on various factors, including Stifel's overall revenue, which includes investment banking revenue.

Within the last 12 months, Stifel or an affiliate has provided investment banking services for 21%, 3%, 0% and 4% of the companies whose shares are rated Buy (includes Speculative Buy), Hold, Sell and Suspended, respectively.

Within the last 12 months, Stifel or an affiliate has provided material services for 38%, 25%, 20%, 38% and 12% of the companies whose shares are rated Buy, Speculative Buy, Hold, Sell and Suspended, respectively.

The securities of the company or companies mentioned in this report may not be registered in certain states or other jurisdictions and as a result, the securities may not be eligible for sale in some states or jurisdictions. Additionally, the securities of non-U.S. issuers may not be registered with, nor be subject to the reporting requirements of, the U.S. Securities and Exchange Commission. The information contained herein is not an offer to sell or the solicitation of an offer to buy any security in any state or jurisdiction where such an offer or solicitation would be prohibited.

Additional Disclosures

Ero Copper, First Quantum Minerals, Ivanhoe Mines Ltd., Arizona Sonoran Copper Company Inc., Foran Mining Corporation and NexGen Energy Ltd. have paid the covering research analysts' travel expenses to view the companies' respective material operations. The research analysts who cover Ero Copper, First Quantum Minerals, Ivanhoe Mines Ltd., Taseko Mines, Arizona Sonoran Copper Company Inc., Firefly Metals Ltd., Foran Mining Corporation and NexGen Energy Ltd. have viewed the material operations of those companies.

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Disclosures for Canaccord Capital Markets, Western Copper and Gold Corp., October 17, 2025: 

Analyst Certification

Each authoring analyst of Canaccord Genuity whose name appears on the front page of this research hereby certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoring analyst’s personal, independent and objective views about any and all of the designated investments or relevant issuers discussed herein that are within such authoring analyst’s coverage universe and (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the authoring analyst in the research, and (iii) to the best of the authoring analyst’s knowledge, she/he is not in receipt of material non-public information about the issuer.

Analysts employed outside the US are not registered as research analysts with FINRA. These analysts may not be associated persons of Canaccord Genuity LLC and therefore may not be subject to the FINRA Rule 2241 and NYSE Rule 472 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Sector Coverage

Individuals identified as “Sector Coverage” cover a subject company’s industry in the identified jurisdiction, but are not authoring analysts of the report.

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Past performance

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See “Required Company-Specific Disclosures” above for any of the following disclosures required as to companies referred to in this report: manager or co-manager roles; 1% or other ownership; compensation for certain services; types of client relationships; research analyst conflicts; managed/co-managed public offerings in prior periods; directorships; market making in equity securities and related derivatives. For reports identified above as compendium reports, the foregoing required company-specific disclosures can be found in a hyperlink located in the section labeled, “Compendium Reports.” “Canaccord Genuity” is the business name used by certain wholly owned subsidiaries of Canaccord Genuity Group Inc., including Canaccord Genuity LLC, Canaccord Genuity Limited, Canaccord Genuity Corp., and Canaccord Genuity (Australia) Limited, an affiliated company that is 80%-owned by Canaccord Genuity Group Inc.

The authoring analysts who are responsible for the preparation of this research are employed by Canaccord Genuity Corp. a Canadian broker-dealer with principal offices located in Vancouver, Calgary, Toronto, Montreal, or Canaccord Genuity LLC, a US broker-dealer with principal offices located in New York, Boston, San Francisco and Houston, or Canaccord Genuity Limited., a UK broker-dealer with principal offices located in London (UK) and Dublin (Ireland), or Canaccord Genuity (Australia) Limited, an Australian broker-dealer with principal offices located in Sydney and Melbourne.

The authoring analysts who are responsible for the preparation of this research have received (or will receive) compensation based upon (among other factors) the Investment Banking revenues and general profits of Canaccord Genuity. However, such authoring analysts have not received, and will not receive, compensation that is directly based upon or linked to one or more specific Investment Banking activities, or to recommendations contained in the research.

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From time to time, Canaccord Genuity salespeople, traders, and other professionals provide oral or written market commentary or trading strategies to our clients and our principal trading desk that reflect opinions that are contrary to the opinions expressed in this research. Canaccord Genuity’s affiliates, principal trading desk, and investing businesses also from time to time make investment decisions that are inconsistent with the recommendations or views expressed in this research.

This research is provided for information purposes only and does not constitute an offer or solicitation to buy or sell any designated investments discussed herein in any jurisdiction where such offer or solicitation would be prohibited. As a result, the designated investments discussed in this research may not be eligible for sale in some jurisdictions. This research is not, and under no circumstances should be construed as, a solicitation to act as a securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction. This material is prepared for general circulation to clients and does not have regard to the investment objectives, financial situation or particular needs of any particular person. Investors should obtain advice based on their own individual circumstances before making an investment decision. To the fullest extent permitted by law, none of Canaccord Genuity, its affiliated companies or any other person accepts any liability whatsoever for any direct or consequential loss arising from or relating to any use of the information contained in this research.

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Research Analysts may, from time to time, discuss “short-term trade ideas” in research reports. A short-term trade idea offers a near-term view on how a security may trade, based on market and trading events or catalysts, and the resulting trading opportunity that may be available. Any such trading strategies are distinct from and do not affect the analysts' fundamental equity rating for such stocks. A short-term trade idea may differ from the price targets and recommendations in our published research reports that reflect the research analyst's views of the longer-term (i.e. one-year or greater) prospects of the subject company, as a result of the differing time horizons, methodologies and/or other factors. It is possible, for example, that a subject company's common equity that is considered a long-term ‘Hold' or 'Sell' might present a short-term buying opportunity as a result of temporary selling pressure in the market or for other reasons described in the research report; conversely, a subject company's stock rated a long-term 'Buy' or “Speculative Buy’ could be considered susceptible to a downward price correction, or other factors may exist that lead the research analyst to suggest a sale over the short-term. Short-term trade ideas are not ratings, nor are they part of any ratings system, and the firm does not intend, and does not undertake any obligation, to maintain or update short-term trade ideas. Short-term trade ideas are not suitable for all investors and are not tailored to individual investor circumstances and objectives, and investors should make their own independent decisions regarding any securities or strategies discussed herein. Please contact your salesperson for more information regarding Canaccord Genuity’s research.

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Canaccord Genuity LLC, a US registered broker-dealer, accepts responsibility for this research and its dissemination in the United States. This research is intended for distribution in the United States only to certain US institutional investors. US clients wishing to effect transactions in any designated investment discussed should do so through a qualified salesperson of Canaccord Genuity LLC.

Analysts employed outside the US, as specifically indicated elsewhere in this report, are not registered as research analysts with FINRA. These analysts may not be associated persons of Canaccord Genuity LLC and therefore may not be subject to the FINRA Rule 2241 and NYSE Rule 472 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

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Additional information is available on request.

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Disclosures for H.C. Wainwright & Co., Western Copper and Gold Corp., October 7, 2025:

Important Disclaimers

This material is confidential and intended for use by Institutional Accounts as defined in FINRA Rule 4512(c). It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake, please let us know by e-mail reply to unsubscribe@hcwresearch.com and delete it from your system; you may not copy this message or disclose its contents to anyone. The integrity and security of this message cannot be guaranteed on the Internet.

Investment Banking Services include, but are not limited to, acting as a manager/co-manager in the underwriting or placement of securities, acting as financial advisor, and/or providing corporate finance or capital markets-related services to a company or one of its affiliates or subsidiaries within the past 12 months. H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer.

I, Heiko F. Ihle, CFA , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies.

None of the research analysts or the research analyst’s household has a financial interest in the securities of Western Copper and Gold Corporation (including, without limitation, any option, right, warrant, future, long or short position).

As of September 30, 2025 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Western Copper and Gold Corporation.

Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report.

The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services.

The Firm or its affiliates did not receive compensation from Western Copper and Gold Corporation for investment banking services within twelve months before, but will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report.

The Firm does not make a market in Western Copper and Gold Corporation as of the date of this research report. The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously.

No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request.

H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report.

H.C. Wainwright & Co., LLC’s and its affiliates’ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report.

The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice.

Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.

Disclosures for BMO Capital Markets, Western Copper and Gold Corp., October 6, 2025:

IMPORTANT DISCLOSURES

Analyst's Certification

I, Rene Cartier, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets and their affiliates, which includes the overall profitability of investment banking services. Compensation for research is based on effectiveness in generating new ideas and in communication of ideas to clients, performance of recommendations, accuracy of earnings estimates, and service to clients.

Analysts employed by BMO Nesbitt Burns Inc. and/or BMO Capital Markets Limited are not registered as research analysts with FINRA. These analysts may not be associated persons of BMO Capital Markets Corp. and therefore may not be subject to the FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Company Specific Disclosures

Disclosure 5: BMO Capital Markets or an affiliate received compensation for products or services other than investment banking services within the past 12 months from Western Copper and Gold.

Disclosure 6C: Western Copper and Gold is a client (or was a client) of BMO Nesbitt Burns Inc., BMO Capital Markets Corp., BMO Capital Markets Limited or an affiliate within the past 12 months: C) Non-Securities Related Services.

Methodology and Risks to Target Price/Valuation for Western Copper and Gold (WRN-TSX)

Methodology: Our target price is based on a 100% weighting assigned to a P/NAV multiple.

Risks: Investment in mining companies carries risks, including commodity/currency, permitting, technical/operating, litigation/political, and environmental/social factors that have potential to impact share price performance.

The total return potential, target price and the associated time horizon is 12 months unless otherwise stated in each report. BMO Capital Markets' seven Top 15 lists guide investors to our best ideas according to different objectives (CDN Large Cap, CDN Small Cap, US Large Cap, US Small Cap, Income, CDN Quant, and US Quant have replaced the Top Pick rating).

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Disclosures for Freedom Broker, Western Copper and Gold Corp., June 18, 2025: 

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StreetSmart Research™

Western Copper and Gold Corp.

(WRN:TSX - WRN:NYSE.MKT)

Consensus Average Rating & Price Target

Price targets are based on the original currency and converted to US and/or CA using current exchange rates at the time of publication.

Rating: Buy / Outperform / Speculative Buy

Target: US $3.73 / CA $5.22

How Avg Analyst Ratings Are Calculated

10/21/2025

Ralph Profiti – Stifel

Price at Time of Rating: US $2.17 / CA $3.04

Rating: Buy

Target Price: US $4.29 / CA $6.00

10/17/2025

Canaccord Genuity – Canaccord Genuity

Price at Time of Rating: US $2.17 / CA $3.04

Rating: Speculative Buy

Target Price: US $4.64 / CA $6.50

10/07/2025

Heiko Ihle – H.C. Wainwright & Co.

Price at Time of Rating: US $2.14 / CA $3.00

Rating: Buy

Target Price: US $4.25 / CA $5.95

10/06/2025

Rene Cartier – BMO Capital Markets

Price at Time of Rating: US $1.99 / CA $2.78

Rating: Outperform

Target Price: US $2.86 / CA $4.00

06/18/2025

Vitaly Kononov – Freedom Broker

Price at Time of Rating: US $1.37 / CA $1.92

Rating: Buy

Target Price: US $2.60 / CA $3.64

Western Copper and Gold Corp. (WRN:TSX; WRN:NYSE.MKT) is moving forward with its Casino Project, Canada's leading copper-gold mine located in the Yukon Territory, and one of the most economically viable greenfield copper-gold mining projects globally.

The company said it is dedicated to collaborating with First Nations and local communities to advance the Casino Project, employing internationally recognized responsible mining technologies and practices.

The mine is projected to operate for 27 years, contributing CA$429 million to the territory's GDP annually during construction and CA$1.3 billion each year during its operational phase, while also creating thousands of jobs, according to a CBC report on October 29.

Chief Executive Officer Sandeep Singh described Casino as "one of the most significant critical minerals projects in the country," and said he believes it could have an "incredible and long-lasting" effect on the Yukon's economy.

Singh is also arguing that the project could serve as a "catalyst for some positive change," when it comes to Yukon's beleaguered power grid. The Casino mine is proposing to generate its own power on site with LNG generators, but Singh suggests that having a major operating mine could make the proposed B.C.-Yukon grid connection more of a possibility.

¹From the following analysts' ratings, Street Smart came up with an average rating of Buy/Outperform/Speculative Buy, with an average target price of US$3.73/CA$5.22.

Ralph M. Profiti — Stifel Capital

In a third-quarter earnings preview note on October 21, Stifel Capital's Ralph M. Profiti included an update on WRN.

It called the company's Casino project a crucial development asset in a burgeoning mining district and serves as a strategic pillar in Canada’s nation-building framework. Situated in the Whitehorse Mining District in west-central Yukon (Canada), the Casino Project contains one of the largest undeveloped copper-gold deposits globally.

"We believe Casino’s development optionality as a large-scale, open-pit copper porphyry in a Tier One jurisdiction, with a low-strip ratio and low cash costs owing to significant gold credits, ideally positions WRN for a continued re-rating against a backdrop of project de-risking catalysts (permitting, power and partnerships) and our forecasted increasing copper market deficits beginning in 2028 and our estimated startup in 2032," the firm noted, giving the stock a Buy rating with a target price of CA$6, a 9% increase when the note was penned.

Large-scale, high-quality, undeveloped copper-gold projects in favorable jurisdictions are expected to hold strategic importance and command premium valuations in the upcoming copper cycle due to their rarity, size, and suitability for conventional mining, the firm said. Casino is well-positioned as a potential M&A target, offering exposure to a high-grade porphyry with district-scale potential and improving infrastructure access, which is expected to enhance project economics.

"Casino is well-positioned as an M&A target, offering exposure to a high-grade porphyry with district-scale potential and improving infrastructure access expected to enhance project economics," he wrote.

Stifel said its long-term copper price forecast of US$4.50 per pound, compared to the current spot price of US$4.97, maintains a conservative stance that aligns with the pricing assumptions used for long-term capital allocation decisions by copper producers and the firm's estimate of a long-term incentive price of US$5.04.

"Our incentive-price analysis suggests consensus long-term copper prices are too low given the structurally higher all-in costs of building new capacity, higher operating costs, risk of construction delays, higher royalties & taxation, and increased permitting and social license risks at emerging supply centers, which support our view that long-term copper prices above spot prices are justified," Stifel said.

Dalton Baretto, Peter Bell, Katy Chen, and Steve Searles — Canaccord Genuity

Western Copper and Gold had a robust Q3/25, outperforming its peer group average of 33% with a 65% increase, according to an October 17 note title "Ride the lightning," an update on the base metals and minerals industry by Canaccord Genuity, according to its authors, analysts Dalton Baretto, Peter Bell, Katy Chen, and Steve Searles.

The company's share price has surged by 126% year-to-date. The firm attributed the rise to the significant gold component within the company's overall resource, the analysts wrote.

Operationally, the quarter was relatively quiet in terms of news flow, they said. The only public announcement in Q3 was an update on the ESE for Casino. On October 6, the company confirmed the ESE had been officially submitted.

The next steps include a sufficiency check by YESAB’s Executive Committee to ensure the ESE Statement meets the required guidelines, along with other preparatory steps by YESAB to formally establish the Panel of the Board, which will conduct a comprehensive assessment of the Casino project.

Timelines remain uncertain as Casino will be the first project to be permitted in the Yukon under a new process, with estimates ranging from three to five years, Canaccord said.

"Outside of the ESE submission, we note that the BC-Yukon grid connect project is starting to gain momentum, with the project being named among 32 high-priority infrastructure projects by the Carney government," they wrote.

The company's next steps include permitting workstreams, including assisting in setting up the YESAB Board; social license efforts, including collaboration with the Selkirk First Nation; ongoing metallurgical test work to optimize process parameters; workstreams related to power and supporting the Yukon territory's connection to the BC grid; and corporate activities, including exploring regional synergies.

We reiterate our SPEC BUY rating on WRN and increase our target price to CA$6.50/share (from CA$6/share). Our target price remains based on 0.5x NAV, as measured October 1. We have elected not to increase the NAV multiple used in our WRN target price calculation as we have done with peers as the company continues to trade at a meaningful discount to the group that we do not anticipate closing in the next 12 months."

Heiko F. Ihle — H.C. Wainwright & Co.

Writing for H.C. Wainwright & Co. on October 7, Analyst Heiko F. Ihle rated the stock a Buy with US$4.25 per share target price, a 99% return when he wrote the note.

On October 6, Western Copper and Gold announced the submission of its Environmental and Socio-economic Effects (ESE) Statement for the Casino Project to the Yukon Environmental and Socio-economic Assessment Board (YESAB), the analyst noted. This ESE Statement provides comprehensive details on the assessment of the project's potential environmental and socio-economic impacts. It includes environmental management strategies such as mitigation measures, management and monitoring plans, and an adaptive management approach, with all project impacts assessed as not significant across all Valued Environmental and Socio-economic Components.

"This should ultimately become a catalyst for the firm as the submission represents a key step in the panel review process under the Yukon Environmental and Socio-economic Assessment Act," Ihle wrote.

The analyst said his firm anticipates that YESAB will publish the ESE Statement to its online registry after the review period concludes. The YESAB's Executive Committee is expected to confirm that the ESE Statement meets the required guidelines and establish a panel to assess all aspects of the project.

Based on conservative long-term price assumptions of US$3.60 per pound for copper and US$1,700 an ounce for gold, the Casino Project could contribute over CA$44 billion to Canada’s GDP and CA$12 billion in wages over its 27-year mine life, Ihle noted.

"We stress that these figures are well below commodity prices used in our price deck and even further below spot prices," the analyst wrote.

The project is expected to employ 700 workers and support an additional 2,000 indirect jobs, while generating annual tax revenues of CA$175 million for the Yukon and CA$231 million for Canada. Casino may eventually become Canada’s second-largest copper mine and largest molybdenum producer, increasing national output by 15% and 500%, respectively, Ihle said.

"We maintain our 18.5% discount rate on the project, which only in part accounts for the extensive progress made at site thus far," the analyst wrote. "We also maintain an unchanged 0.6x multiple to our estimated NAV. In our view, this figure fairly accounts for current commodity pricing amid potential M&A. Longer-term, we expect WRN's management to further advance Casino through its development phase."

With the ESE Statement submitted, focus shifts to the review process, Ihle said. Significant work has already been completed in preparation, and the firm anticipates manageable pushback on core socio-economic and environmental issues. This submission should ultimately serve as the foundation for panel reviews and establish a clear path toward production.

Ihle also highlighted WRN's strong balance sheet, with CA$60.9 million in cash, cash equivalents, short-term investments, and marketable securities, which we expect will support the company through its review process.

"In our view, this figure fairly accounts for current commodity pricing amid potential M&A," he said. "Longer-term, we expect WRN's management to further advance Casino through its development phase."

Rene Cartier — BMO Capital Markets

In a flash note on the company on October 6, BMO Capital Markets Analyst Rene Cartier also reported on Western Copper and Gold's ESE submission to YESAB, marking what he called a significant milestone in the permitting process.

According to the analyst, this submission aligns with Western Copper and Gold's updated timeline.

The company had previously indicated that it planned to submit its ESE Statement to YESAB by the end of October, with earlier guidance suggesting a submission in Summer 2025.

"In our view, the submission of the ESE Statement to the YESAB marks a meaningful step in the Panel Review process for the Casino project," the analyst said, rating the stock Outperform with a US$4 target price, a 44% return at the time of writing. "The Casino project is expected to be a significant contributor of economic growth, deliver job creation, generate government revenue, and provide critical minerals production in Canada."

Looking forward, YESAB will publish the ESE Statement on its online registry, Cartier wrote. The next steps include a sufficiency check by YESAB's Executive Committee to ensure the ESE Statement complies with the ESE Statement Guidelines. Additionally, YESAB will undertake other preparatory steps to formally establish the Panel of the Board.

Vitaly Kononov — Freedom Broker

On June 18, Freedom Broker Analyst Vitaly Kononov initiated coverage on WRN with a Buy rating and a price target of US$2.60 per share, an 89% return when he was writing the note.

"WRN offers upside as it advances the Casino project in Yukon, Canada, which is the second-largest undeveloped greenfield copper asset globally," Kononov wrote. "We believe strong project economics, strategic partnerships, and a supportive jurisdiction position WRN for material value creation. WRN also trades at a steep discount to peers: 28x EV/M&I vs. the 60x median, and 20x EV/Inferred vs. 38x."

Investments from Rio Tinto (CA$39.2 million) and Mitsubishi Materials (CA$21.3 million) in 2023 provide technical credibility and financial support to WRN, the analyst said. These partnerships enhance project execution and increase the company’s appeal as a potential acquisition target.

"In a tightening copper cycle, with major mining companies seeking future reserves, WRN is a clear M&A candidate," Kononov wrote. "Alternatively, as permitting advances and off-take discussions mature, WRN could be subject to a fundamental re-rating, narrowing its discount to peers and recent M&A transactions."

Kononov also said the Yukon offers a stable political environment, a supportive regulatory framework, and established infrastructure. WRN maintains positive relationships with local communities, which are crucial for project advancement.

The structural undersupply of copper is becoming more pronounced due to increasing demand from electrification (EVs, renewables, grid upgrades, etc.), a lack of new large-scale copper mines, and supply-side challenges such as declining grades, the analyst wrote. Additionally, global macroeconomic uncertainty, de-dollarization, sovereign debt concerns, and central bank accumulation are supporting higher gold prices.

Kononov said the primary risks for the equity include capital intensity and funding challenges. With an initial CapEx of approximately US$3.25 billion, the Casino project faces significant funding pressure in a cautious capital market. Dilution, complex financing arrangements (such as streaming, off-take agreements), or joint ventures may be necessary.

"The company maintains a strong cash buffer for continued exploration, with equity raised in 2024 and 2023 totaling CA$57.8 million and CA$31.6 million, respectively," the analyst wrote. "We estimate the quarterly cash burn rate at CA $5-8 million. With CA $65 million in cash and equivalents, the cash runway extends approximately two to three years at the current burn rate, assuming continued equity financing.

Ownership and Share Structure²

About 5% of the company is with insiders and management, about 9% with a holding company, and about 26% with institutions. The rest is retail.

Top shareholders include Rio Tinto Plc with 9.41%, Fidelity Management & Research Co. with 4.21%, Konwave AG with 4.16%, and Michael Vitton with 3.28%.

Its market cap is CA$608.19 million with 202 million shares outstanding. It trades in a 52-week range of CA$1.28 and CA$3.59.