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.
Several analysts agree on the prospectivity of the project. Read on to see how they rate the stock.
Ralph M. Profiti — Stifel Capital1
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 Genuity2
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 C$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.3
Writing for H.C. Wainwright & Co. on October 7, Analyst Heiko F. Ihle rated the stock a Buy with CA$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$12.0B 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 Markets4
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 CA$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 Broker5
On June 18, Freedom Broker Analyst Vitaly Kononov initiated coverage on WRN with a Buy rating and a price target of CA$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.
Streetwise Ownership Overview*
Western Copper and Gold Corp. (WRN:TSX; WRN:NYSE.MKT)
Kononov said the primary risks for the equity include capital intensity and funding challenges. With an initial CapEx of approximately CA$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 Structure6
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.
| Want to be the first to know about interesting Base Metals, Gold and Copper investment ideas? Sign up to receive the FREE Streetwise Reports' newsletter. | Subscribe |
Important Disclosures:
- Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
For additional disclosures, please click here.
- Disclosures for Stifel Capital, Western Copper and Gold Corp., October 21, 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. Compendium Report This report covers six or more subject companies and therefore is a compendium report and Canaccord Genuity and its affiliated companies hereby direct the reader to the specific disclosures related to the subject companies discussed in this report, which may be obtained at the following website (provided as a hyperlink if this report is being read electronically) http://disclosures.canaccordgenuity.com/EN/Pages/default.aspx; or by sending a request to Canaccord Genuity Corp. Research, Attn: Disclosures, P.O. Box 10337 Pacific Centre, 2200-609 Granville Street, Vancouver, BC, Canada V7Y 1H2; or by sending a request by email to disclosures@cgf.com. The reader may also obtain a copy of Canaccord Genuity’s policies and procedures regarding the dissemination of research by following the steps outlined above. Past performance In line with Article 44(4)(b), MiFID II Delegated Regulation, we disclose price performance for the preceding five years or the whole period for which the financial instrument has been offered or investment service provided where less than five years. Please note price history refers to actual past performance, and that past performance is not a reliable indicator of future price and/or performance. 12-Month Recommendation History (as of date same as the Global Stock Ratings table) A list of all the recommendations on any issuer under coverage that was disseminated during the preceding 12-month period may be obtained at the following website (provided as a hyperlink if this report is being read electronically) http://disclosures-mar.canaccordgenuity.com/EN/Pages/default.aspx General Disclaimers 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. Some regulators require that a firm must establish, implement and make available a policy for managing conflicts of interest arising as a result of publication or distribution.
-
Disclosures for Canaccord Capital Markets, Western Copper and Gold Corp., October 17, 2025: 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. Stifel Research Department, Stifel, Nicolaus & Company, Inc., 1201 Wills Street, Suite 600, Baltimore, MD 21231. 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. Please visit the Stifel Research Page for the current research disclosures applicable to the companies mentioned in this publication that are within the Stifel coverage universe. For a discussion of target price methodology and risks pertaining to the covered companies mentioned in this report, please refer to the Stifel Research Library or the most recently published company-specific report on the applicable names. The information contained herein has been prepared from sources believed to be reliable but is not guaranteed by us and is not a complete summary or statement of all available data, nor is it considered an offer to buy or sell any securities referred to herein. Opinions expressed are as of the date of this publication and are subject to change without notice. These opinions do not constitute a personal recommendation and do not take into account the particular investment objectives, financial situation or needs of individual investors. Employees of Stifel, or its affiliates may, at times, release written or oral commentary, technical analysis or trading strategies that differ from the opinions expressed within. Stifel or any of its affiliates may have positions in the securities mentioned and may make purchases or sales of such securities from time to time in the open market or otherwise and may sell to or buy from customers such securities on a principal basis; such transactions may be contrary to recommendations in this report. Past performance should not and cannot be viewed as an indicator of future performance. Unless otherwise noted, the financial instruments mentioned in this report are priced as of market close on the previous trading day and presumed performance is calculated always over the next 12 months. As a multi-disciplined financial services firm, Stifel regularly seeks investment banking.
- 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: 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. Other Important Disclosures For Important Disclosures on the stocks discussed in this report, please go to https://research.bmo.com/public/disclosure_statements or write to Editorial Department, BMO Capital Markets, 151 West 42nd St, 33rd Floor, New York, NY 10036 or Editorial Department, BMO Capital Markets, 1 First Canadian Place, Toronto, Ontario, M5X 1H3. Dissemination of Research Dissemination of fundamental BMO Capital Markets Equity Research is available via our website https://research.bmo.com. Institutional clients may also simultaneously receive our fundamental research via email and/or via services such as Refinitiv, Bloomberg, FactSet, Visible Alpha, and S&P Capital IQ. BMO Capital Markets issues a variety of research products in addition to fundamental research. Institutional clients may request notification when additional research content is made available on our website. BMO Capital Markets may use proprietary models in the preparation of reports. Material information about such models may be obtained by contacting the research analyst directly. There is no planned frequency of model updates. The analyst(s) named in this report may discuss trading strategies that reference a catalyst or event that may have a near or long term impact on the market price of the equity securities discussed. In some cases, the impact may directionally counter the analyst’s published 12 month target price and rating. Any such trading or alternative strategies can be based on differing time horizons, methodologies, or otherwise and are distinct from and do not affect the analysts' fundamental equity rating in the report. Research coverage of licensed cannabis producers and other cannabis-related companies is made available only to eligible approved North American, Australian, and EU-based BMO Nesbitt Burns Inc., BMO Capital Markets Limited, Bank of Montreal Europe Plc and BMO Capital Markets Corp. clients via email, our website and select third party platforms. ~ Research distribution and approval times are provided on the cover of each report. Times are approximations as system and distribution processes are not exact and can vary based on the sender and recipients’ services. Unless otherwise noted, times are Eastern Standard and when two times are provided, the approval time precedes the distribution time. For recommendations disseminated during the preceding 12-month period, please visit: https://research.bmo.com/public/disclosure_statements. For current ESG related material, please visit: https://research.bmo.com/esg/esg. General Disclaimer "BMO Capital Markets" is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Bank N.A. (member FDIC), Bank of Montreal Europe p.l.c, and Bank of Montreal (China) Co. Ltd, the institutional broker dealer business of BMO Capital Markets Corp. (Member FINRA and SIPC) and the agency broker dealer business of Clearpool Execution Services, LLC (Member FINRA and SIPC) in the U.S., and the institutional broker dealer businesses of BMO Nesbitt Burns Inc.
- Disclosures for Freedom Broker, Western Copper and Gold Corp., June 18, 2025: Analyst Certification: Freedom Finance Global PLC (ffin.global) (“Freedom Broker”) prepared this Report. The analysts who contributed to this Report, Vitaly Kononov, are employed by Freedom Broker, are not registered as Research Analysts with the Financial Industry Regulatory Authority (“FINRA”), may not be associated persons of Freedom Capital Markets, and therefore may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Prime Executions, Inc. (“Prime Executions”) d/b/a Freedom Capital Markets is a Member of New York Stock Exchange, FINRA, & SIPC, and a wholly owned subsidiary of Freedom Holding Corp. (NASDAQ: FRHC). Prime Executions, its affiliate Freedom Finance Global PLC (ffin.global) ("Freedom Broker"), in the territory of the Astana International Financial Centre (AIFC) in the Republic of Kazakhstan under License No. AFSA-A-LA-2020-0019 issued by the Astana Financial Services Authority, and other affiliates are referred to together as “FREEDOM” or the “Firm”. To the extent a non-U.S. analyst(s) was involved in the preparation of this research report, whether in whole or in part, he or she is not registered/qualified as a research analyst with FINRA. Any such non-U.S. analyst may not be an associated person of Freedom Capital Markets and therefore may not be subject to FINRA Rule 2241 and 2242 restrictions on communications with a subject company, public appearances and trading securities held in a research analyst account. By acceptance of this report, each investor agrees that it will not distribute or provide this report to any other person. Conflicts of Interest FREEDOM has a conflict of interest policy to ensure that all recipients of the investment research are treated fairly and not discriminated against. Neither the research analysts nor a member of the research analysts’ household is a director or officer of the companies discussed in the Report, and the research analysts have no conflicts of interest that would impair the objectivity of this Report. The research analysts, strategists, or research associates principally responsible for the preparation of this Report have received compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors, firm revenues but not specific to any investment banking revenues. Analysts’ performance related pay is based on both the accuracy and quality of their recommendations. Analysts are not permitted to accept gifts from issuers or other persons who have a material interest in the issuer for whom they conduct research and analysts are required to declare all outside interests. The cost and expenses of Investment Research, including the compensation of the analyst(s) that prepared this Report are paid out of the Firm’s total revenues, a portion of which may be generated through investment banking activities. This Report and any recommendation contained herein speak only as of the date of this Report and are subject to change without notice. FREEDOM and its affiliated companies and employees shall have no obligation to update or amend any information or opinion contained in this Report, and the frequency of subsequent Reports, if any, remain in the discretion of the author and FREEDOM. This Report contains forward-looking statements, which involve risks and uncertainties. FREEDOM has not independently verified the facts, assumptions and estimates contained in this Report. SOME ANALYSTS MAY NOT HAVE OFFICAL RATINGS. The Firm and any affiliates may offer an informal view as to the direction of a price trend in a group of stocks, industry, index, derivative or commodity and such view or description should never be interpreted or construed as any type of formal equity recommendation. It is possible that this informal view conflicts with the views of FREEDOM’s trading desk and that of FREEDOM. Any view that we offer in the possible direction of any instrument cannot and should never be relied upon as any type of recommendation. The views in this Report should not be used as a basis for buying or selling any stock, group of stocks, industry, index, derivative or commodity. FREEDOM and its affiliates cannot be held liable for any actions, interpretations or consequence that might result in a loss. Any loss or other consequence arising from the use of this Report shall be your sole and exclusive responsibility and FREEDOM does not accept liability for any such loss or consequence. Other Important Disclosures Our research is disseminated primarily electronically and, in some cases, in printed form. Electronic research is simultaneously available to all clients. Individual consultations with our analysts may not be disseminated electronically by the Firm. All material presented in this Report, unless specifically indicated otherwise, is under copyright of FREEDOM. No part of this material may be (i) copied, photocopied or duplicated in any form by any means, or (ii) redistributed without prior written consent of FREEDOM. Important Disclosures on Subject Companies FREEDOM expects to receive or intends to seek compensation for investment banking.
- 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.
