Canada's New Focus Should Benefit Au-Cu Asset in Yukon
Research Report

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Disclosures for H.C. Wainwright & Co., Western Copper and Gold Corp., January 7, 2026

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Western Copper and Gold Corp.'s (WRN:TSX; WRN:NYSE.MKT) flagship Casino gold-copper project in Yukon stands to benefit from Canada's prioritizing projects of national interest, reported H.C. Wainwright & Co. (HCW) Analyst Heiko Ihle in a Jan. 7 research note. HCW boosted its price target on the Canadian explorer-developer by 35% to reflect the financial firm's updated price deck.

"We believe that Western Copper and Gold looks to directly benefit from this initiative," Ihle wrote.

82% Gain Implied

HCW's new price target on the mining junior is US$5.75 per share (US$5.75/share), previously US$4.25/share, noted Ihle. At the time of the analyst's report, Western Copper and Gold's share price was about US$3.15. The difference between the target and this price reflects a potential return of 82%.

The mining company remains a Buy.

Western Copper has 201.6 million shares outstanding. Its market cap is US$635 million (US$635M). Its 52-week range is US$0.90–3.15/share.

The junior miner has a strong balance sheet with US$40.7M (CA$56.1M) in cash and cash equivalents, short-term investments, and marketable securities.

Fast-Tracking Intent

Ihle highlighted that Canada's new heightened focus on domestic energy/power and mining projects bodes well for Western Copper and Gold and its Casino asset. The country's Major Projects Office (MPO), created in August 2025, reviews, fast-tracks, and supports the construction of projects of national interest in these sectors, prioritizing ones focused on critical minerals, liquefied natural gas, or clean electricity. The MPO aims to assess a project in less than two years' time.

The Canadian government expects these nation-building projects to restore domestic supply chains, create jobs, and attract more than CA$100 billion in investment, thereby ultimately positioning the country high among the world's leaders in energy and critical metals, the analyst explained.

Yukon-B.C. Grid Connect

In November, Canadian Prime Minister Mark Carney referred the Northwest Critical Conservation Corridor to the MPO. The corridor encompasses the Yukon-British Columbia (B.C.) Grid Connect, a proposed large-scale, high-voltage transmission line to connect the Yukon power grid to that of B.C. This would allow two-way transmission of renewable electricity. Casino would benefit from the completion of the Grid Connect, as there is not any available utility power to serve the project.

"Increased federal support should ultimately further derisk Casino by lessening the logistical and capital burdens of securing a power source, given additional governmental initiatives," Ihle wrote.

Also, the Canadian government's commitment to grid infrastructure should support longer-term value creation at Casino. Further, cheaper and cleaner grid power should bolster the project's economic potential, rendering it significantly more attractive to potential strategic partners and investors.

Yukon Governmental Support

The results of Yukon's last general election, in November 2025, are also favorable for Casino, noted Ihle. The Yukon Party, which long supported its resource sector, prevailed and now holds 14 of the 21 seats. As such, the analyst wrote, HCW expects the backing of Western Copper and its project to be more robust than it was under the prior administration, which was strong. The new government's emphasis on permitting timelines, infrastructure investment, and resource development should benefit the mineral explorer-developer over time.

What will not change is the regulatory processes because the Yukon Environmental and Socioeconomic Assessment Board (YESAB) is an independent agency.

"Unsurprisingly, our focus for the firm remains on the review process for the Environmental and Socioeconomic Effects (ESE) Statement because it will serve as the basis for panel reviews," Ihle wrote.

Given the significant amount of work Western Copper has done in preparing this statement, HCW expects the company will be able to manage any related issues the YESAB may raise in the future.

Revised Price Deck

Over the past 12 months, various macroeconomic developments materially supported increases in the spot prices of gold, silver, and copper. To reflect these uplifts, Ihle reported, HCW revised its long-term price estimates for each as follows:

Gold: Since Jan. 6, 2025, the gold price rose 69.8% to US$4,480 per ounce (US$4,480/oz from US$2,638/oz. HCW's new estimate is US$3,750/oz, up from US$3,000/oz.

Silver: In the same time period, silver gained 65.6%, taking it to US$79.78/oz from US$30.04/oz. HCW's revised estimate is US$50/oz, previously US$33/oz.

Copper: Over the past year, copper climbed 41.8% to US$6 per pound (US$6/lb) from US$4.23/lb. HCW's updated estimate is US$5/lb versus US$4.50/lb before.

While HCW's new price assumptions for these three metals are higher than its previous ones, they remain much lower than current spot prices.

"Underlying demand drivers should allow for continued growth," Ihle wrote. "These revised estimates, therefore, reflect ongoing geopolitical risk factors that are likely to provide for continued investment into a variety of safe-haven assets."