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.
2. 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.

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 Cormark Securities Inc., Western Copper and Gold Corp., October 7, 2025

The analyst viewed the material operations of Western Copper & Gold Corp.. This report has been prepared by Cormark Securities Inc., which is regulated by the Canadian Investment Regulatory Organization ("CIRO"). Cormark Securities Inc. and, its wholly owned affiliate, Cormark Securities (USA) Limited (collectively "CSI") are in compliance with CIRO and the Financial Industry Regulatory Authority research report rules and regulations where they apply. The firm does not receive compensation for any non-securities or non-investment banking related services. Neither the analyst nor the associate (if any), or any member of his/her household, serve as an officer, director or employee or serve in any advisory capacity of the subject company(ies) under their coverage. CSI actively solicits investment banking business, including underwriting and advisory services, from its research coverage list. As a result, although uncertain, revenue from these activities may be received at any time. All relevant disclosures required by regulatory rules (including CIRO) and Cormark's recommendation statistics and research dissemination policies can be obtained at www.cormark.com. Cormark will provide, upon request, a statement of its financial condition and a list of the names of its Directors and senior officers.

Recommendation Terminology Cormark’s recommendation terminology is as follows: Top Pick our best investment ideas, the greatest potential value appreciation Buy expected to outperform its peer group Market Perform expected to perform with its peer group Reduce expected to underperform its peer group Tender clients are advised to tender their shares to a takeover bid Not Rated currently restricted from publishing, or our recommendation is under review Our ratings may be followed by "(S)" which denotes that the investment is speculative and has a higher degree of risk associated with it. Additionally, our target prices are set based on a 12-month investment horizon. For Canadian Residents: This report has been approved by Cormark Securities Inc. (“CSI”), member CIRO and CIPF, which takes responsibility for this report and its dissemination in Canada. Canadian clients wishing to effect transactions in any security discussed should do so through a qualified salesperson of CSI. For US Residents: Cormark Securities (USA) Limited (“CUSA”), member FINRA and SIPC, accepts responsibility for this report and its dissemination in the United States. This report is intended for distribution in the United States only to certain institutional investors. US clients wishing to effect transactions in any security discussed should do so through a qualified salesperson of CUSA. Any research analyst contributing to this report is not registered as a research analyst with FINRA and is not an associated person of CUSA 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. Every province in Canada, state in the US, and most countries throughout the world have their own laws regulating the types of securities and other investment products which may be offered to their residents, as well as the process for doing so. As a result, some of the securities discussed in this report may not be available to every interested investor. This report is not, and under no circumstances, should be construed as, a solicitation to act as 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 all clients and does not have regard to the particular circumstances or needs of any specific person who may read it. This report is provided for information purposes only and does not constitute an offer or solicitation to buy or sell any securities discussed herein. The information and any statistical data contained herein have been obtained from sources believed to be reliable as of the date of publication, but the accuracy or completeness of the information is not guaranteed, nor in providing it does CSI or CUSA assume any responsibility or liability. All opinions expressed and data provided herein are subject to change without notice. The inventories of CSI or CUSA, its affiliated companies and the holdings of their respective directors, officers and companies with which they are associated may have a long or short position or deal as principal in the securities discussed herein. A CSI or CUSA company may have acted as underwriter or initial purchaser or placement agent for a private placement of any of the securities of any company mentioned in this report, may from time to time solicit from or perform financial advisory, or other services for such company. The securities mentioned in this report may not be suitable for all types of investors; their prices, value and/or the income they produce may fluctuate and/ or be adversely affected by exchange rates. No part of any report may be reproduced in any manner without prior written permission of CSI. A full list of our disclosure statements as well as our research dissemination policies and procedures can be found on our website at: www.cormark.com

Each research analyst and research associate who authored this document hereby certifies that the recommendations and opinions expressed in the research report accurately reflect their personal views about the subject company (ies) and its (their) securities and that they have not been and will not be receiving direct or indirect compensation in exchange for expressing the specific recommendation(s) in this report.

Disclosures for National Bank of Canada, Western Copper and Gold, October 6, 2025

RISKS: Commodity, interest rate and currency risk: As with all mining and exploration companies, Western Copper & Gold is exposed to the cyclical nature of the business, subject to changes in metal prices, interest rates and foreign exchange rates. Financing risk: There is a risk to our valuation if financing terms are less attractive than we model which could result in greater dilution to shareholders or more onerous debt constraints. Permitting risk: There is no assurance that the company will receive all the necessary permits to reach production. Variable Costs: Western Copper & Gold is exposed to fluctuations in input costs, such as labour, fuel, consumables and power. Any increases in these variables could negatively impact operating and capital costs on the company’s development projects. ADDITIONAL COMPANY RELATED DISCLOSURES Western Copper and Gold Corporation 2, 3, 4, 7 LEGEND FOR COMPANY RELATED DISCLOSURES: 2. NBF has provided investment banking services for this issuer within the past 12 months. 3. NBF or an affiliate has managed or co-managed a public offering of securities with respect to this issuer within the past 12 months. 4. NBF or an affiliate has received compensation for investment banking services from this issuer in the past 12 months. 5. The research analyst responsible for the report received compensation within the prior 12 months that was based upon NBF’s investment banking revenues. 6. NBF or an affiliate has a non-investment banking services related relationship during the past 12 months. 7. The issuer is a client, or was a client, of NBF or an affiliate within the past 12 months. 8. NBF or its affiliates expects to receive or intends to seek compensation for investment banking services from this issuer in the next 3 months. 9. As of the end of the month prior to the issuance date of this research report (or as of the end of the second most recent month if the report issuance date is less than 10 days after the end of the prior month), NBF or its affiliates beneficially own 1% or more of any class of common equity securities of this issuer. 10. NBF makes a market in the securities of this issuer at the time this report was published. 11. A partner, director, officer of NBF or the research analyst involved in the preparation of this report has, during the preceding 12 months, provided services to this issuer for remuneration other than services provided in the normal course of investment advisory or trade execution services. 12. A research analyst, its associate or any person directly involved in the preparation of this report holds or is short any of the issuer’s securities, directly or indirectly. 13. is a partner, director, officer, employee or agent of NBF and is a partner, an officer, director, or employee of, or serves in any advisory capacity to Western Copper and Gold Corporation. 14. The research analyst or an associated person of NBF with the ability to influence the content of a research report knows or has reason to know any other material conflict of interest at the time of the publication or distribution of this report. 15. A redacted draft version of this report has been shown to the issuer for fact checking purposes and changes may have been made to the report before publication

RATING DISTRIBUTION Outperform Sector Perform Underperform Coverage Universe Ratings Distribution 66% 30% 1% % of Rating with Investment Banking Relationship 78% 73% 100% DISCLOSURES GENERAL: This Report was prepared by National Bank Financial Inc. (NBF), a Canadian investment dealer, a dealer member of the Canadian Investment Regulatory Organization (CIRO) and an indirect wholly owned subsidiary of National Bank of Canada. National Bank of Canada is a public company listed on the Toronto Stock Exchange. The particulars contained herein were obtained from sources which we believe to be reliable but are not guaranteed by us and may be incomplete and may be subject to change without notice. The information is current as of the date of this document. Neither the author nor NBF assumes any obligation to update the information or advise on further developments relating to the topics or securities discussed. The opinions expressed are not to be construed as a solicitation or offer to buy or sell the securities mentioned herein, and nothing in this report constitutes a representation that any investment strategy or recommendation contained herein is suitable or appropriate to a recipient’s individual circumstances. In all cases, investors should conduct their own investigation and analysis of such information before taking or omitting to take any action in relation to securities or markets that are analyzed in this report. The report alone is not intended to form the basis for an investment decision, or to replace any due diligence or analytical work required by you or your advisers, if needed, in making an investment decision. The value of investments, and the income derived from them, can go down as well as up and you may not get back the amount invested. Neither past performance nor forecasts are a reliable guide to future performance. If an investment is denominated in a foreign currency, rates of exchange may have an adverse effect on the value of the investment. Investments which are illiquid may be difficult to sell or realize; it may also be difficult to obtain reliable information about their value or the extent of the risks to which they are exposed. Certain transactions, including those involving futures, swaps, and other derivatives, give rise to substantial risk and are not suitable for all investors. NBF makes no representation as to the proper characterization of the investments for legal, regulatory or tax purposes, or as to the ability of a particular investor to invest or transact in the investments under applicable legal restrictions. Differences in the legal and regulatory regimes in different jurisdictions may significantly impact the legal and regulatory risks affecting the investment sector and / or investment. It is your responsibility to assess any such differences and associated risks. This report is for distribution only under such circumstances as may be permitted by applicable law. This report is not directed at you if NBF or any affiliate distributing this report is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. National Bank of Canada Financial Markets is a trade name used by National Bank Financial Inc. and National Bank of Canada Financial Inc. CANADIAN RESIDENTS: NBF or its affiliates may engage in any trading strategies described herein for their own account or on a discretionary basis on behalf of certain clients and, as market conditions change, may amend or change investment strategy including full and complete divestment. The trading interests of NBF and its affiliates may also be contrary to any opinions expressed in this report. NBF or its affiliates often act as financial advisor, agent, lender or underwriter or provides trading related services for certain issuers mentioned herein and may receive remuneration for its services. NBF is a member of the Canadian Investor Protection Fund. UK RESIDENTS: This report is a marketing document. This report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. The report is only for distribution to Eligible Counterparties and Professional Clients in the United Kingdom within the meaning of the rules of the Financial Conduct Authority (FCA). The investments contained in this report are not available to retail customers and this report is not for distribution to retail clients (within the meaning of the rules of the FCA). Persons who are retail clients should not act or rely upon the information in this report. As required by the FCA, we have a policy in place to identify and manage the conflicts of interest which may arise in the production of non-independent research as contained and distributed in this report. In respect of the distribution of this report to UK residents, NBF has approved the contents (including, where necessary, for the purposes of Section 21(1) of the Financial Services and Markets Act 2000). NBF is authorized and regulated by the Financial Conduct Authority with registration number FC009503 and has its registered office at 70 St. Mary Axe, London, EC3A 8BE. U.S. RESIDENTS: With respect to the distribution of this report in the United States of America (the U.S.), National Bank of Canada Financial Inc. (NBCFI) is registered with the Securities Exchange Commission (SEC) as a broker-dealer and is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). NBCFI operates pursuant to a 15 a-6 Agreement with its Canadian affiliates, NBF and National Bank of Canada. NatWealth Management (USA) Inc. (NatWealth) is a SEC-registered investment adviser.

This report has been prepared in whole or in part by research analysts employed by non-U.S. affiliates of NBCFI that are not registered as broker-dealers or investment advisers in the U.S. These nonU.S. research analysts are not registered as associated persons of NBCFI and are not licensed or qualified as research analysts with FINRA or any other U.S. regulatory authority and, accordingly, may not be subject (among other things) to FINRA restrictions regarding communications by a research analyst with the subject company, public appearances by research analysts and trading securities held in a research analyst account. NBF is a Participating Affiliate of NatWealth, and as such each research analyst who provides services to that constitute acting as an investment adviser under U.S. law and regulation is deemed an associated person of NatWealth as part of the participating affiliate regime established by SEC Staff no-action letters. If you make “hard dollar” payments in respect of NBF research services, then such services, including this report, are provided to you by NatWealth under the U.S. Investment Advisers Act of 1940 (the Advisers Act). If you do not make “hard dollar” payments in respect of NBF research services, then such services, including this report, are provided to you via intermediation of NBCFI under Rule 15a-6, and are not subject to the Advisers Act. Because the views of research analysts may differ, members of NBF Group may have or may in the future issue reports that are inconsistent with this report, or that reach conclusions different from those in this report. To make further inquiry related to this report, U.S. residents should contact their NBCFI registered representative or NatWealth associated person, as applicable. HK RESIDENTS: With respect to the distribution of this report in Hong Kong by NBC Financial Markets Asia Limited (NBCFMA) which is licensed by the Securities and Futures Commission (SFC) to conduct Type 1 (dealing in securities) and Type 3 (leveraged foreign exchange trading) regulated activities, the contents of this report are solely for informational purposes. It has not been approved by, reviewed by, verified by or filed with any regulator in Hong Kong. Nothing herein is a recommendation, advice, offer or solicitation to buy or sell a product or service, nor an official confirmation of any transaction. None of the products issuers, NBCFMA or its affiliates or other persons or entities named herein are obliged to notify you of changes to any information and none of the foregoing assume any loss suffered by you in reliance of such information. The content of this report may contain information about investment products which are not authorized by SFC for offering to the public in Hong Kong and such information will only be available to those persons who are Professional Investors (as defined in the Securities and Futures Ordinance of Hong Kong (SFO)). If you are in any doubt as to your status you should consult a financial adviser or contact us. This material is not meant to be marketing materials and is not intended for public distribution. Please note that neither this material nor the product referred to is authorized for sale by SFC. Please refer to product prospectus for full details. There may be conflicts of interest relating to NBCFMA or its affiliates’ businesses. These activities and interests include potential multiple advisory, transactional and financial and other interests in securities and instruments that may be purchased or sold by NBCFMA or its affiliates, or in other investment vehicles which are managed by NBCFMA or its affiliates that may purchase or sell such securities and instruments. No other entity within the National Bank of Canada group, including National Bank of Canada and National Bank Financial Inc., is licensed or registered with the SFC. Accordingly, such entities and their employees are not permitted and do not intend to: (i) carry on a business in any regulated activity in Hong Kong; (ii) hold themselves out as carrying on a business in any regulated activity in Hong Kong; or (iii) actively market their services to the Hong Kong public. EU RESIDENTS: With respect to the distribution of this report in the member states of the European Union (EU) and the European Economic Area (EEA) by NBC Paris, the contents of this report are for information purposes only and do not constitute investment advice, investment research, financial analysis or other forms of general recommendation relating to transactions in financial instruments within the meaning of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 (MiFID 2). This report is intended only for professional investors and eligible counterparties within the meaning of MiFID 2 and its contents have not been reviewed or approved by any EU/EEA authority. NBC Paris is an investment firm authorized by the French Prudential Control and Resolution Authority (ACPR) to provide investment services in France and has passported its investment services throughout the EU/EEA under the freedom to provide services and has its registered office at 8 avenue Percier, 75008 Paris, France. “NBC Financial Markets, a subsidiary of National Bank of Canada” is a trade name used by NBC Paris S.A. NBF is not authorized to provide investment services in the EU/EEA COPYRIGHT: This Report may not be reproduced in whole or in part, or further distributed or published or referred to in any manner whatsoever, nor may the information, opinions or conclusions contained in it be referred to without in each case the prior express written consent of NBF. RESEARCH ANALYSTS: All of the views expressed in this research report accurately reflect the research analyst’s personal views regarding any and all of the subject securities or issuers. No part of the analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. The analyst responsible for the production of this report certifies that the views expressed herein reflect his or her accurate personal and technical judgment at the moment of publication. NBF compensates its research analysts from a variety of sources. The Research Department is a cost centre and is funded by the business activities of NBF including Institutional Equity Sales and Trading, Retail Sales, the correspondent clearing business, and Corporate and Investment Banking. Since the revenues from these businesses vary, the funds for research compensation vary. No one business line has a greater influence than any other for research analyst compensation. Ratings And What They Mean: PRIMARY STOCK RATING: NBF has a three-tiered rating system that is relative to the coverage universe of the particular analyst. Here is a brief description of each: Outperform (OP) – The stock is expected to outperform the analyst’s coverage universe over the next 12 months; Sector Perform (SP) – The stock is projected to perform in line with the sector over the next 12 months; Underperform (UP) – The stock is expected to underperform the sector over the next 12 months. SECONDARY STOCK RATING: Under Review (UR) − Our analyst has withdrawn the rating because of insufficient information and is awaiting more information and/or clarification; Tender (T) − Our analyst is recommending that investors tender to a specific offering for the company’s stock; Restricted (R) − Because of ongoing investment banking transactions or because of other circumstances, NBF policy and/or laws or regulations preclude our analyst from rating a company’s stock. INDUSTRY RATING: NBF has an Industry Weighting system that reflects the view of our Economics & Strategy Group, using its sector rotation strategy. The three-tiered system rates industries as Overweight, Market Weight and Underweight, depending on the sector’s projected performance against broader market averages over the next 12 months. RISK RATING: As of June 30, 2020, National Bank Financial discontinued its Below Average, Average and Above Average risk ratings. We continue to use the Speculative risk rating which reflects higher financial and/or operational risk. DISSEMINATION POLICY: Please click on this link to access NBF's Research Dissemination Policy. COMPANY RELATED DISCLOSURES: Please click on this link to access Company Related Disclosures

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.

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 assignments and compensation from issuers for services including, but not limited to, acting as an underwriter in an offering or financial advisor in a merger or acquisition, or serving as a placement agent in private transactions.

Affiliate Disclosures

References to “Stifel” (collectively ”Stifel”) refer to Stifel Financial Corporation (“SFC”) and other associated affiliated subsidiaries including (i) Stifel, Nicolaus & Company, Incorporated (“SNC”); (ii) Keefe, Bruyette & Woods, Incorporated (“KBWI’’); and (iii) dfBryan Garnier Securities, LLC (“BGSL”), which are U.S. broker-dealers registered with the United States Securities and Exchange Commission (“SEC”) and members of the Financial Industry National Regulatory Authority (“FINRA”), respectively; (iv) Stifel Nicolaus Canada Inc. (“Stifel Canada”), which is authorised and regulated by the Canadian Investment Regulatory Organization (“CIRO”); (v) Stifel Nicolaus Europe Limited (“SNEL”), which is authorised and regulated by the Financial Conduct Authority (“FCA”) (FRN 190412) and is a member of the London Stock Exchange and also trades under the name Keefe, Bruyette & Woods Europe (“KBW Europe”); (vi) Stifel Europe AG (“STEA”), which is regulated by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”); and is a member of Deutsche Boerse and SIX Swiss Exchange; (vii) Stifel Schweiz AG (“STSA”), which is representative of STEA in Switzerland and regulated by the Eidgenössische Finanzmarktaufsicht (“FINMA”); (viii) Stifel Europe Limited ("SEL"), which is authorised and regulated by the Financial Conduct Authority (“FCA”) (FRN 178733); and (ix) Stifel Europe AB (“SEA”) and (x) Stifel Europe Securities SAS (“SES”), which is authorised and regulated by the French Prudential Supervision and Resolution Authority (“ACPR”) and the Autorité des marchés financiers (“AMF”). SNEL, STEA, STSA, SEL, SEA and SES are collectively referred to as Stifel Europe. For further information on Stifel affiliates please see here: www.stifel.com/disclosures/emaildisclaimers.

Registration of non-US Analysts: Any non-US research analyst employed by Stifel contributing to this report is not registered/qualified as a research analyst with FINRA and is not an associated person of the US broker-dealer 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.

Global Research Notes: Research analysts contributing content to these reports are subject to different regulatory requirements based on the jurisdiction in which they operate. Clients seeking additional information should contact the Stifel entity through which they conduct business.

Country Specific and Jurisdictional Disclosures

United States: Research produced and distributed by Stifel Europe is distributed by Stifel Europe to “Major US Institutional Investors” as defined in Rule 15a-6 under the US Securities Exchange Act of 1934, as amended. SNC may also distribute research prepared by Stifel Europe directly to US clients, including US clients that are not Major US Institutional Investors. In these instances, SNC accepts responsibility for the content. Stifel Europe is a non-US broker-dealer and accordingly, any transaction by a US client in the securities discussed in the document must be effected by SNC. US clients wishing to place an order should contact their SNC representative.

UK: This report is distributed in the UK by SNEL, which is authorised and regulated by the Financial Conduct Authority (FCA). In these instances, SNEL accepts responsibility for the content. Research produced by Stifel Europe is not intended for use by and should not be made available to retail clients as defined by the FCA.

European Economic Area (EEA): This report is distributed in the EEA by SES. In these instances, SES accepts responsibility for the content. Research produced by Stifel Europe is not intended for use by and should not be made available to retail clients as defined under MiFID II. Research produced by SEL and SEA analysts is distributed by SES. The person responsible for distribution at SES is Mr Gregoire Gillingham. Heads of Research for SEL & SEA are Paul de Froment and Damien Choplain.

The complete preceding 12-month recommendations history related to recommendation(s) in this research report is available at https://stifel2.bluematrix.com/sellside/MAR.action

Australia: Research produced by Stifel is distributed by SNEL under the Australian Securities and Investments Commission (“ASIC”) Class Order [CO 03/1099] exemption from the requirement to hold an Australian Financial Services Licence (“AFSL”). This research may only be distributed to a “Wholesale Client” within the meaning of section 761G of the Corporations Act 2001 (Cth).

Brunei: This document has not been delivered to, registered with or approved by the Brunei Darussalam Registrar of Companies, Registrar of International Business Companies, the Brunei Darussalam Ministry of Finance or the Autoriti Monetari Brunei Darussalam. This document and the information contained within will not be registered with any relevant Brunei Authorities under the relevant securities laws of Brunei Darussalam. The interests in the document have not been and will not be offered, transferred, delivered or sold in or from any part of Brunei Darussalam. This document and the information contained within is strictly private and confidential and is being distributed to a limited number of accredited investors, expert investors and institutional investors under the Securities Markets Order, 2013 ("Relevant Persons") upon their request and confirmation that they fully understand that neither the document nor the information contained within have been approved or licensed by or registered with the Brunei Darussalam Registrar of Companies, Registrar of International Business Companies, the Brunei Darussalam Ministry of Finance, the Autoriti Monetari Brunei Darussalam or any other relevant governmental agencies within Brunei Darussalam. This document and the information contained within must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which the document or information contained within is only available to, and will be engaged in only with Relevant Persons.

Canada: Stifel Canada is a member of CIRO and a participant of the TSX, and TSX Venture Exchange. All relevant disclosures required by regulatory rules (including CIRO) and Stifel Canada’s recommendation statistics and research dissemination policies can be obtained at www.Stifel.com/Research or by calling Stifel Canada’s Compliance Department. Stifel Canada will provide, upon request, a statement of its financial condition and a list of the names of its Directors and senior officers. Research produced by Stifel Europe is distributed in Canada by Stifel Canada in reliance on the international dealer exemption. This material is intended for use only by professional or institutional investors. None of the investments or investment services mentioned or described herein is available to other persons or to anyone in Canada who is not a “permitted client” as defined under applicable Canadian securities laws.

Republic of South Africa: Research produced by Stifel is distributed by SNEL to “Clients” as defined in FSCA FAIS Notice 20 of 2018 (the “FAIS Notice”) issued by the Financial Sector Conduct Authority. Research distributed by SNEL is pursuant to an exemption from the licensing requirements under Section 7(1) of the Financial Advisory and Intermediary Services Act, 2002.

In jurisdictions where Stifel is not already licensed or registered to trade securities, transactions will only be affected in accordance with local securities legislation which will vary from jurisdiction to jurisdiction and may require that a transaction is carried out in accordance with applicable exemptions from registration and licensing requirements. Non-US customers wishing to effect transactions should contact a representative of the Stifel entity in their regional jurisdiction except where governing law permits otherwise. US customers wishing to effect transactions should contact their US salesperson.

The securities discussed in this report may not be available for sale in all jurisdictions and may have adverse tax implications for investors.

Clients are advised to speak with their legal or tax advisor prior to making an investment decision.

Additional Information Is Available Upon Request

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.

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.

Distribution of Ratings:

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 of research. This research has been prepared in accordance with Canaccord Genuity’s policy on managing conflicts of interest, and information barriers or firewalls have been used where appropriate. Canaccord Genuity’s policy is available upon request.

The information contained in this research has been compiled by Canaccord Genuity from sources believed to be reliable, but (with the exception of the information about Canaccord Genuity) no representation or warranty, express or implied, is made by Canaccord Genuity, its affiliated companies or any other person as to its fairness, accuracy, completeness or correctness. Canaccord Genuity has not independently verified the facts, assumptions, and estimates contained herein. All estimates, opinions and other information contained in this research constitute Canaccord Genuity’s judgement as of the date of this research, are subject to change without notice and are provided in good faith but without legal responsibility or liability.

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.

Research Distribution Policy

Canaccord Genuity research is posted on the Canaccord Genuity Research Portal and will be available simultaneously for access by all of Canaccord Genuity’s customers who are entitled to receive the firm's research. In addition research may be distributed by the firm’s sales and trading personnel via email, instant message or other electronic means. Customers entitled to receive research may also receive it via third party vendors. Until such time as research is made available to Canaccord Genuity’s customers as described above, Authoring Analysts will not discuss the contents of their research with Sales and Trading or Investment Banking employees without prior compliance consent.

For further information about the proprietary model(s) associated with the covered issuer(s) in this research report, clients should contact their local sales representative.

Short-Term Trade Ideas

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.

For Canadian Residents:

This research has been approved by Canaccord Genuity Corp., which accepts sole responsibility for this research and its dissemination in Canada. Canaccord Genuity Corp. is registered and regulated by the Canadian Investment Regulatory Organization (CIRO) and is a Member of the Canadian Investor Protection Fund. Canadian clients wishing to effect transactions in any designated investment discussed should do so through a qualified salesperson of Canaccord Genuity Corp. in their particular province or territory.

For United States Persons:

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.

For United Kingdom and European Residents: This research is distributed in the United Kingdom and elsewhere Europe, as third party research by Canaccord Genuity Limited, which is authorized and regulated by the Financial Conduct Authority. This research is for distribution only to persons who are Eligible Counterparties or Professional Clients only and is exempt from the general restrictions in section 21 of the Financial Services and Markets Act 2000 on the communication of invitations or inducements to engage in investment activity on the grounds that it is being distributed in the United Kingdom only to persons of a kind described in Article 19(5) (Investment Professionals) and 49(2) (High Net Worth companies, unincorporated associations etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended). It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons. This material is not for distribution in the United Kingdom or elsewhere in Europe to retail clients, as defined under the rules of the Financial Conduct Authority.

For Jersey, Guernsey and Isle of Man Residents: This research is sent to you by Canaccord Genuity Wealth (International) Limited (CGWI) for information purposes and is not to be construed as a solicitation or an offer to purchase or sell investments or related financial instruments. This research has been produced by an affiliate of CGWI for circulation to its institutional clients and also CGWI. Its contents have been approved by CGWI and we are providing it to you on the basis that we believe it to be of interest to you. This statement should be read in conjunction with your client agreement, CGWI's current terms of business and the other disclosures and disclaimers contained within this research. If you are in any doubt, you should consult your financial adviser. CGWI is licensed and regulated by the Guernsey Financial Services Commission, the Jersey Financial Services Commission and the Isle of Man Financial Supervision Commission. CGWI is registered in Guernsey and is a wholly owned subsidiary of Canaccord Genuity Group Inc.

For Australian Residents: This research is distributed in Australia by Canaccord Genuity (Australia) Limited ABN 19 075 071 466 holder of AFS Licence No 234666. To the extent that this research contains any advice, this is limited to general advice only. Recipients should take into account their own personal circumstances before making an investment decision. Clients wishing to effect any transactions in any financial products discussed in the research should do so through a qualified representative of Canaccord Genuity (Australia) Limited or its Wealth Management affiliated company, Canaccord Genuity Financial Limited ABN 69 008 896 311 holder of AFS Licence No 239052. This report should be read in conjunction with the Financial Services Guide available here - Financial Services Guide.

For Hong Kong Residents: This research is distributed in Hong Kong by Canaccord Genuity (Hong Kong) Limited which is licensed by the Securities and Futures Commission. This research is only intended for persons who fall within the definition of professional investor as defined in the Securities and Futures Ordinance. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons. Recipients of this report can contact Canaccord Genuity (Hong Kong) Limited. (Contact Tel: +852 3919 2561) in respect of any matters arising from, or in connection with, this research.

Additional information is available on request.

All rights reserved. All material presented in this document, unless specifically indicated otherwise, is under copyright to Canaccord Genuity Corp., Canaccord Genuity Limited, Canaccord Genuity LLC or Canaccord Genuity Group Inc. None of the material, nor its content, nor any copy of it, may be altered in any way, or transmitted to or distributed to any other party, without the prior express written permission of the entities listed above.

None of the material, nor its content, nor any copy of it, may be altered in any way, reproduced, or distributed to any other party including by way of any form of social media, without the prior express written permission of the entities listed above.

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).

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. (Member Canadian Investment Regulatory Organization and Member Canadian Investor Protection Fund) in Canada and Asia, Bank of Montreal Europe p.l.c. (authorised and regulated by the Central Bank of Ireland) in Europe and BMO Capital Markets Limited (authorised and regulated by the Financial Conduct Authority) in the UK and Australia. Bank of Montreal or its subsidiaries ("BMO Financial Group") has lending arrangements with, or provide other remunerated services to, many issuers covered by BMO Capital Markets. The opinions, estimates and projections contained in this report are those of BMO Capital Markets as Western Copper and Gold | Page 3 October 6, 2025of the date of this report and are subject to change without notice. BMO Capital Markets endeavours to ensure that the contents have been compiled or derived from sources that we believe are reliable and contain information and opinions that are accurate and complete. However, BMO Capital Markets makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions contained herein and accepts no liability whatsoever for any loss arising from any use of, or reliance on, this report or its contents.

Information may be available to BMO Capital Markets or its affiliates that is not reflected in this report. The information in this report is not intended to be used as the primary basis of investment decisions, and because of individual client objectives, should not be construed as advice designed to meet the particular investment needs of any investor. The information in this report is based on general considerations and do not purport to meet the objectives or needs of specific recipients. Nothing herein constitutes any investment, legal, tax or other advice nor is it to be relied on in any investment or decision. If you are in doubt about any of the contents of this document, the reader should obtain independent professional advice. This material is for information purposes only and is not an offer to sell or the solicitation of an offer to buy any security.

In furnishing this report, BMO Capital Markets intends to take advantage of the exemption from the principal and agency trading restrictions in Section 206(3) of the Investment Advisers Act of 1940 and Rule 206(3)-1 thereunder. Accordingly, recipients of this report are advised that BMO Capital Markets or its affiliates may act as principal for its own account or agent for another person in connection with the purchase or sale of any security mentioned in or the subject of this report. BMO Capital Markets or its affiliates, officers, directors or employees have a long or short position in many of the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon.

The reader should assume that BMO Capital Markets or its affiliates may have a conflict of interest and should not rely solely on this report in evaluating whether or not to buy or sell securities of issuers discussed herein.

Additional Matters

This report is directed only at entities or persons in jurisdictions or countries where access to and use of the information is not contrary to local laws or regulations. Its contents have not been reviewed by any regulatory authority. BMO Capital Markets does not represent that this report may be lawfully distributed or that any financial products may be lawfully offered or dealt with, in compliance with regulatory requirements in

other jurisdictions, or pursuant to an exemption available thereunder.

To Australian residents: BMO Capital Markets Limited and Bank of Montreal are exempt from the requirement to hold an Australian financial services licence under the Corporations Act in respect of financial services they provide to wholesale investors (as defined in the Corporations Act). BMO Capital Markets Limited is regulated by the UK Financial Conduct Authority under UK laws, and Bank of Montreal in Hong Kong is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission, which differ from Australia laws. This document is only intended for wholesale clients (as defined in the Corporations Act 2001), Eligible Counterparties or Professional Clients (as defined in Annex II to MiFID II) and Professional Investors (as defined in the Securities and Futures Ordinance and the Securities and Futures (Professional Investor) Rules under the Securities and Futures Ordinance of Hong Kong).

To Canadian Residents: BMO Nesbitt Burns Inc. furnishes this report to Canadian residents and accepts responsibility for the contents herein subject to the terms set out above. Any Canadian person wishing to effect transactions in any of the securities included in this report should do so through BMO Nesbitt Burns Inc.

The following applies if this research was prepared in whole or in part by Helen Amos, Frederic Bolton, George Heppel, Alexander Pearce or Raj Ray:

This research is not prepared subject to Canadian disclosure requirements. This research is prepared by BMO Capital Markets Limited and distributed by BMO Capital Markets Limited or Bank of Montreal Europe Plc and is subject to the regulations of the Financial Conduct Authority (FCA) in the United Kingdom and the Central Bank of Ireland (CBI) in Ireland. FCA and CBI regulations require that a firm providing research disclose its ownership interest in the issuer that is the subject of the research if it and its affiliates own 5% or more of the equity of the issuer. Canadian regulations require that a firm providing research disclose its ownership interest in the issuer that is the subject of the research if it and its affiliates own 1% or more of the equity of the issuer that is the subject of the research. Therefore each of BMO Capital Markets Limited and Bank of Montreal Europe Plc will disclose its and its affiliates’ ownership interest in the subject issuer only if such ownership exceeds 5% of the equity of the issuer.

To E.U. Residents: In an E.U. Member State this document is issued and distributed by Bank of Montreal Europe plc which is authorised and regulated in Ireland and operates in the E.U. on a passported basis. This document is only intended for Eligible Counterparties or Professional Clients, as defined in Annex II to “Markets in Financial Instruments Directive” 2014/65/EU (“MiFID II”). To U.S. Residents: BMO Capital Markets Corp. furnishes this report to U.S. residents and accepts responsibility for the contents herein, except to the extent that it refers to securities of Bank of Montreal. Any U.S. person wishing to effect transactions in any security discussed herein should do so through BMO Capital Markets Corp.

To U.K. Residents: In the UK this document is published by BMO Capital Markets Limited which is authorised and regulated by the Financial Conduct Authority. The contents hereof are intended solely for the use of, and may only be issued or passed on to, (I) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (II) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together referred to as "relevant persons"). The contents hereof are not intended for the use of and may not be issued or passed on to retail clients.

To Hong Kong Residents: In Hong Kong, this report is published and distributed by Bank of Montreal. Bank of Montreal (incorporated in Canada with limited liability) is an authorized institution under the Banking Ordinance and a registered institution with the Securities and Futures Commission (CE No. AAK809) to carry on Type 1 (dealing in securities) and Type 4 (advising in securities) regulated activities under the Securities and Futures Ordinance (Cap 571 of the Laws of Hong Kong). This report has not been reviewed or approved by any regulatory authority in Hong Kong. Accordingly this report must not be issued, circulated or distributed in Hong Kong other than (a) to professional investors as defined in the Securities and Futures Ordinance and the Securities and Futures (Professional Investor) Rules under the Securities and Futures Ordinance of Hong Kong, or (b) in circumstances which do not result in or constitute an offer to the public in Hong Kong.

To Korean Residents: This report has been provided to you without charge for your convenience only. All information contained in this report is factual information and does not reflect any opinion or judgement of BMO Capital Markets. The information contained in this report should not be construed as offer, marketing, solicitation or investment advice with respect to financial investment products in this report.

To Japan Residents: This report has not been reviewed by any regulatory authority in Japan. This report is provided for information purposes only and it should not be construed as an offer to sell, a solicitation to buy, or a recommendation for any security, or as an offer to provide investment management or advisory or other services in Japan. Securities may not be offered or sold in Japan by means of this report or any other document other than to Qualified Financial Institutions within the meaning of item (i) of Article 17-3 of the Government Ordinance to enforce the Financial Instruments and Exchange Act (Kinyu Shohin Torihiki Ho Sekou Rei). Unless specified otherwise, the securities that may be offered to you are not and will not be registered in Japan pursuant to the Financial Instruments and Exchange Acts.

To Taiwanese Residents: This report is not intended to constitute investment advice nor a public offer for any investment products to investors in Taiwan. This report should only be accessed by investors in Taiwan that are qualified to invest in investment products pursuant to relevant Taiwanese laws and regulations, and subject to sales restrictions as set forth in the relevant Taiwanese laws and regulations. BMO Capital Markets has not and will not secure the required licenses in Taiwan for the offer of securities and investment services. Any offer of securities has not been and will not be registered or filed with or approved by the Financial Commission of Taiwan and/or other regulatory authority pursuant to relevant securities laws and regulations of Taiwan, and may not be issued, offered or sold within Taiwan through a public offering or in circumstances which constitute an offer that requires a registration, filing or approval of the Financial Supervisory Commission of Taiwan and/or other regulatory authority in Taiwan under relevant securities laws and regulations of Taiwan. No person or entity in Taiwan has been authorized to offer or sell the securities in Taiwan.

To Singapore Residents: This report is intended for general circulation and does not and is not intended to constitute the provision of financial advisory services, whether directly or indirectly, to persons in Singapore. You should seek advice from a financial adviser regarding the suitability of the investment products, taking into account your specific investment objectives, financial situation or particular needs before you make a commitment to purchase the investment product. This report has not been registered as a prospectus with the Monetary Authority of Singapore.

Accordingly, it should not be circulated or distributed, nor may the securities described herein be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (a) to an institutional investor or a relevant person as defined in and pursuant to and in accordance with the conditions of the relevant provisions of the Securities and Futures Act of Singapore or (b) otherwise pursuant to and in accordance with the conditions of, any other applicable provision of the SFA.

To Israeli residents: BMO Capital Markets is not licensed under the Israeli Law for the Regulation of Investment Advice, Investment Marketing and Portfolio Management of 1995 (the "Advice Law") nor does it carry insurance as required thereunder. This document is to be distributed solely to persons that are qualified clients (as defined under the Advice Law) and qualified investors under the Israeli Securities Law of 1968.

This document represents the analysis of the analyst but there is no assurance that any assumption or estimation will materialize.

These documents are provided to you on the express understanding that they must be held in complete confidence and not republished, retransmitted, distributed, disclosed, or otherwise made available, in whole or in part, directly or indirectly, in hard or soft copy, through any means, to any person, except with the prior written consent of BMO Capital Markets. Furthermore, you shall not use (nor enable or procure any third party to use) these materials, in whole or in part, for the development of any software program, model, algorithm, or generative artificial intelligence (AI) tool or any other derivative content, including, but not limited to, training or using these materials in connection with the development or operation of a machine learning or artificial intelligence (AI) system (including any use of these documents for training, fine tuning, or grounding the machine learning or AI system or as part of retrieval-augmented generation).

Click here for data vendor disclosures when referenced within a BMO Capital Markets research document.

For assistance with accessible formats of online content, please contact research@bmo.com.

ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST

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 $3.60 / CA $5.03

How Avg Analyst Ratings Are Calculated

11/18/2025

Dr. Stefan Ioannou – Cormark Securities

Price at Time of Rating: US $2.13 / CA $2.98

Rating: Buy

Target Price: US $2.86 / CA $4.00

11/18/2025

Rabi Nizami – National Bank of Canada

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

Rating: Outperform

Target Price: US $2.68 / CA $3.75

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

Peter Bell – 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

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$3.60/CA$5.03.

Dr. Stefan Ioannou — Cormark Securities

According to an October 7 research note by Dr. Stefan Ioannou, an analyst at Cormark Securities, the "ESE submission marks a major milestone in Casino's advancement. The extensive body of technical work includes environmental and socioeconomic baselines studies, as well as assessments underpinned in part by consultation with First Nations."

Cormark reiterated its CA$4 per share target price for the Canadian exploration and development company, which was trading at about CA$2.98 at the time of Ioannou's report. This suggests a potential return of 34%. Western Copper and Gold remains a Buy.

Ioannou explained that YESAB's Panel Review is the highest level of project assessment in the territory, and Casino is the first project to undergo it. Casino represents one of the largest development opportunities in Canada's North, having already gained validation from equity shareholders, Rio Tinto Plc (RIO:NYSE; RIO:ASX; RIO:LSE; RTNTF:OTCMKTS) and Mitsubishi Materials Corp: (5711:TKO). Furthermore, Casino is the catalyst for major infrastructure considerations in the region, including a green power solution and port upgrades.

The next steps in the Panel Review process involve YESAB publishing the ESE statement to its online registry after a brief review. The board's executive committee will conduct a sufficiency check to ensure the statement meets all guidelines. Once established, the review panel will comprehensively assess Casino.

Ioannou highlighted several points about Casino's economics. Casino is more than a project with a low copper head grade, he noted. It also has a significant gold credit and a low strip ratio (0.43:1). Additionally, if Casino is partially powered by a green power solution, an idea currently being explored, this could largely eliminate the CA$1.9 billion in life-of-mine (LOM) carbon tax included in the 2022 feasibility study.

Recently, Yukon Development Corp. released a positive report on connecting the Yukon and British Columbia (B.C.) power grids, detailing the construction of a CA$4B, 800-kilometer, high-voltage transmission line.

Using the standard price of US$0.15 per kilowatt hour, the report indicated the corridor would contribute about CA$7.6B in annual gross domestic product to Yukon and B.C. Furthermore, using higher metals prices than those in the outdated feasibility study — US$3.60 per pound copper and US$1,700 per ounce gold—improves Casino's economics. For instance, using US$4.50/lb copper and US$3,500/oz gold, which are closer to current spot prices of US$4.80/lb copper and US$3,960/oz gold, the 2022 net asset value discounted at 8% nearly triples, increasing to about CA$6.8B from CA$2.3B.

This demonstrates the project's significant leverage to commodity prices and highlights the two-for-one metals appeal Casino offers, noted the analyst. "At current spot metal pricing, gold accounts for about 47% of the project's LOM revenue in our model (versus copper at about 35%)," Ioannou wrote.

Ioannou emphasized Casino's large-scale potential and its attractiveness to major companies, many of which are seeking "generational opportunities." The fact that Rio Tinto and Mitsubishi Materials are equity shareholders of Western Copper and Gold draws attention to Casino. Additionally, the project would benefit from a "multifaceted (synergistic) development strategy," according to the analyst.

Rabi Nizami — National Bank of Canada

Another analyst, Rabi Nizami with National Bank of Canada's Financial Markets unit, wrote about the company on November 6, calling the ESE a significant permitting milestone that comes following nearly a decade of preparation.

"The ESE submission formally kicks off the panel review process under the Yukon Environmental and Socioeconomic Assessment Act, which, if concluded positively, will allow the Casino project to advance to the next stage of permitting," Nizami wrote.

At the time of Nizami's report, Western Copper and Gold was trading at approximately CA$2.78 per share, with a discounted price-to-net asset value (NAV) of 0.53x. The analyst noted that the discounted NAV could increase and the valuation gap could widen if the permitting timeline accelerates. NBCFM reiterated its Outperform rating on the mining company and maintained its CA$3.75 per share price target, suggesting a 35% return from the price at the time of the report.

"Our Outperform rating on Western Copper and Gold is driven by the deeply discounted valuation (feasibility NPV8% of CA$5 billion [CA$5B] at US$4.50 per pound copper and US$2,500 per ounce gold), and supportive outlook for the Casino project as a viable copper-gold development opportunity that has visibility to advance to the next stage of permitting, in alignment with Canada's critical minerals strategy," Nizami wrote. Additionally, the large-scale and long-life potential of Casino makes it an attractive acquisition target, in a safe jurisdiction, for major copper-gold producers.

Nizami emphasized that the timing of the ESE submission is advantageous. Metal prices are favorable, awareness of the project's scale and scarcity among the few available major copper projects is increasing, and there are supportive policy tailwinds that could encourage critical infrastructure development in Yukon. The analyst outlined the next steps regarding the ESE. YESAB's executive committee will conduct a sufficiency check on the ESE to ensure it meets all guidelines. The committee will review the project comprehensively and, if necessary, request additional information from Western Copper and Gold. The full ESE report will be available online in the coming week. The committee will establish the panel. After the panel review, the highest project assessment level and first of its kind in Yukon, will take place. This three-year process begins with a technical analysis of the project and is followed by public hearings and a panel report.

Nizami wrote that potential catalysts to watch out for are progress updates on the YESAB panel review and announcements of external events that could affect Western Copper and Gold and/or Casino. The latter includes news about the Grid Connect project and news about federal and territorial incentive programs for critical minerals development.

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.

The update 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.

 Peter Bell, Et Al. — 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.

Ownership and Share Structure²

About 5% of the company is held by insiders and management, about 9% by a holding company, and about 26% by 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$587.98 million with 202 million shares outstanding. It trades in a 52-week range of CA$1.28 and CA$3.59.