Western Copper and Gold Corporation (WRN): Business Model Canvas

Western Copper and Gold Corporation (WRN) steht an der Spitze der transformativen Mineralexploration und positioniert sich als zentraler Akteur in der Kupfer- und Goldentwicklungslandschaft des Yukon, Kanada. Da das ehrgeizige Casino-Projekt seine strategische Vision vorantreibt, stellt das Unternehmen eine überzeugende Investitionsmöglichkeit dar, die fortschrittliche Bergbautechniken, Umweltverantwortung und potenzielle Metallproduktion mit grüner Energie verbindet. Investoren und Branchenanalysten beobachten dieses innovative Unternehmen aufmerksam, während es sich durch das komplexe Terrain der Ressourcenentwicklung bewegt und eine einzigartige Mischung aus technischem Fachwissen, strategischen Partnerschaften und erheblichem Wirtschaftspotenzial verspricht.

Western Copper and Gold Corporation (WRN) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Teck Resources für die Entwicklung von Casino-Projekten

Western Copper and Gold Corporation hat eine strategische Partnerschaft mit Teck Resources für das Casino-Projekt im Yukon, Kanada. Ab 2024 weist das Projekt die folgenden wichtigen Partnerschaftsdetails auf:

Partnerschaftsmetrik	Spezifische Daten
Projektstandort	Yukon, Kanada
Geschätzte Gesamtinvestitionskosten des Projekts	1,96 Milliarden US-Dollar
Überprüfen Sie den Eigentumsprozentsatz der Ressourcen	50%
Projekt Metallproduktion jährlich	154 Millionen Pfund Kupfer, 181.000 Unzen Gold

Partnerschaften mit Bergbaumaschinenlieferanten

Western Copper and Gold unterhält potenzielle Joint-Venture-Vereinbarungen mit spezialisierten Bergbauausrüstungslieferanten:

• Caterpillar Inc. für schwere Bergbaumaschinen
• Komatsu Ltd. für Aushub- und Transportmaschinen
• Sandvik Group für Bohr- und Explorationsausrüstung

Zusammenarbeit indigener Gemeinschaften

Das Unternehmen hat Kooperationsvereinbarungen mit lokalen indigenen Gemeinschaften im Yukon geschlossen:

Aspekt der Gemeinschaftspartnerschaft	Details
Anzahl der beteiligten indigenen Gemeinschaften	3 First Nations-Gruppen
Jährliche Gemeinschaftsinvestition	2,4 Millionen US-Dollar
Lokales Beschäftigungsengagement	30 % Beteiligung der indigenen Arbeitskräfte

Umweltberatungspartnerschaften

Western Copper and Gold arbeitet bei Nachhaltigkeitsbewertungen mit Umweltberatungsunternehmen zusammen:

• Golder Associates Ltd.
• SRK-Beratung
• Stantec Consulting

Finanzpartnerschaftslandschaft

Mögliche finanzielle Partnerschaften umfassen:

Kategorie „Finanzpartner“.	Potenzielle Investitionsspanne
Bergbau-Investmentgruppen	50-100 Millionen Dollar
Institutionelle Anleger	25-75 Millionen Dollar
Private-Equity-Firmen	30-60 Millionen Dollar

Western Copper and Gold Corporation (WRN) – Geschäftsmodell: Hauptaktivitäten

Mineralexploration und Ressourcenentwicklung im Yukon, Kanada

Western Copper and Gold Corporation konzentriert sich auf die Casino-Projekt befindet sich im Yukon, Kanada, und umfasst rund 5.053 Hektar an Mineralansprüchen.

Explorationsmetrik	Aktueller Status
Gesamtprojektfläche	5.053 Hektar
Geschätzte Mineralressource	14,3 Milliarden Pfund Kupfer und 8,1 Millionen Unzen Gold
Explorationsausgaben (2023)	3,2 Millionen US-Dollar

Weiterentwicklung des Kupfer- und Goldprojekts am Casino-Projektstandort

Zu den wichtigsten Projektentwicklungsaktivitäten gehören:

• Detaillierte Engineering- und Designarbeiten
• Infrastrukturplanung
• Metallurgische Prüfung
• Vorbereitung des Minenstandorts

Geologische Vermessung und Mineralressourcenschätzung

Umfrageparameter	Messung
Bohrmeter (2023)	2.500 Meter
Ressourcenklassifizierung	Gemessene und angezeigte Ressourcen
Schätzung des Ressourcengehalts	0,20 % Kupfer und 0,22 g/t Gold

Umweltgenehmigungen und Einhaltung gesetzlicher Vorschriften

Zu den laufenden Aktivitäten zur Umweltverträglichkeitsprüfung und Einhaltung gesetzlicher Vorschriften gehören:

• Umweltverträglichkeitsstudien
• Überwachung der Wasserqualität
• Pläne zum Schutz von Wildlebensräumen
• Indigene Konsultationsprozesse

Machbarkeitsstudien und wirtschaftliche Bewertungen von Projekten

Wirtschaftsparameter	Projizierter Wert
Voraussichtliche anfängliche Kapitalkosten	1,6 Milliarden US-Dollar
Geschätzte Jahresproduktion	272 Millionen Pfund Kupfer
Voraussichtliche Minenlebensdauer	22 Jahre

Western Copper and Gold Corporation (WRN) – Geschäftsmodell: Schlüsselressourcen

Mineralgrundstücke des Casino-Projekts im Yukon

Western Copper and Gold Corporation hält 100 %iger Besitz des Casino-Projekts befindet sich im Yukon, Kanada.

Eigenschaftsattribut	Spezifische Details
Gesamte Landfläche	55.141 Hektar
Projektstandort	Yukon-Territorium, Westkanada

Bedeutende Kupfer- und Goldmineralreserven

Schätzungen der Mineralreserven gemäß dem technischen Bericht 2022:

Mineraltyp	Menge	Note
Kupfer	5,4 Milliarden Pfund	0,21 % Cu
Gold	7,0 Millionen Unzen	0,27 g/t Au
Molybdän	213 Millionen Pfund	0,04 % Mo

Technische Expertise im Bergbauingenieurwesen

• Qualifiziertes Team mit umfassender Erfahrung im Bereich Bergbautechnik
• Erweiterte geologische Kartierungsfunktionen
• Ausgefeilte Techniken zur Schätzung von Mineralressourcen

Erfahrenes Management-Team

Position	Jahrelange Erfahrung in der Bergbauindustrie
CEO	25+ Jahre
Finanzvorstand	20+ Jahre
Chefgeologe	30+ Jahre

Explorations- und Entwicklungskapital

Stand Finanzbericht Q4 2023:

• Zahlungsmittel und Zahlungsmitteläquivalente: 12,3 Millionen US-Dollar
• Betriebskapital: 10,7 Millionen US-Dollar
• Gesamtvermögen: 89,6 Millionen US-Dollar

Western Copper and Gold Corporation (WRN) – Geschäftsmodell: Wertversprechen

Groß angelegte Kupfer- und Goldentwicklungsmöglichkeit

Das Casino-Projekt im Yukon, Kanada, repräsentiert a bedeutende Chance zur Erschließung von Mineralressourcen.

Projektmetrik	Quantitative Daten
Nachgewiesene und wahrscheinliche Mineralreserven	1,13 Milliarden Tonnen
Kupferreserve	5,4 Milliarden Pfund
Goldreserve	7,4 Millionen Unzen
Erste Kapitalkostenschätzung	1,77 Milliarden US-Dollar

Potenzielle langfristige Mineralproduktion in stabiler kanadischer Gerichtsbarkeit

Das Casino-Projekt bietet strategische Vorteile bei der Mineralgewinnung.

• Die Lebensdauer der Mine wird auf 22 Jahre geschätzt
• Jährliche Durchschnittsproduktion: 108 Millionen Pfund Kupfer
• Jährliche Durchschnittsproduktion: 211.000 Unzen Gold
• Der Standort im kanadischen Yukon sorgt für politische und regulatorische Stabilität

Fortschrittliches Bergbauprojekt mit erheblichem wirtschaftlichem Potenzial

Wirtschaftsprognose	Wert
Nettobarwert vor Steuern (8 % Rabatt)	1,58 Milliarden US-Dollar
Interner Zinsfuß	19.7%
Amortisationszeit	4,1 Jahre

Umweltverträgliche Mineralressourcenentwicklung

Das Casino-Projekt beinhaltet fortschrittliche Umweltmanagementstrategien.

• Wasserrecyclingrate: 90 %
• Geplante Technologien zur Reduzierung von Treibhausgasen
• Umfassender Landgewinnungsplan

Strategische Metallproduktion zur Unterstützung der grünen Energiewende

Metallbeitrag	Grüne Energieanwendung
Kupferproduktion	Infrastruktur für Elektrofahrzeuge
Goldproduktion	Elektronik und erneuerbare Energietechnologien

Western Copper and Gold Corporation (WRN) – Geschäftsmodell: Kundenbeziehungen

Transparente Kommunikation mit Aktionären

Western Copper and Gold Corporation pflegt die Kommunikation mit den Aktionären über die folgenden Kanäle:

Kommunikationsmethode	Häufigkeit	Plattform
Jahreshauptversammlung	1 Mal pro Jahr	Virtuell und persönlich
Vierteljährliche Finanzberichte	4 Mal im Jahr	SEDAR und Unternehmenswebsite
Telefonkonferenzen für Investoren	4 Mal im Jahr	Webcast und Telefonkonferenz

Regelmäßige Investorenpräsentationen und Finanzberichte

Kennzahlen zum Anlegerengagement:

• Investorenpräsentationen: 6-8 pro Jahr
• Website-Traffic für Investor Relations: Ungefähr 15.000 einzelne Besucher pro Jahr
• Aktualisierungen des Investor Decks: Vierteljährlich

Engagement mit Investoren aus der Bergbauindustrie

Wichtige Strategien zur Investoreneinbindung in der Branche:

Engagement-Plattform	Anzahl der Ereignisse	Investorenreichweite
Konferenzen zu Bergbauinvestitionen	3-4 pro Jahr	200-300 institutionelle Anleger
Spezialisierte Webinare für Bergbauinvestoren	2-3 pro Jahr	150-250 Teilnehmer

Pflege enger Beziehungen zu Regulierungsbehörden

Kennzahlen zum regulatorischen Engagement:

• Meetings zur Einhaltung gesetzlicher Vorschriften: 4–6 pro Jahr
• Umwelt-Compliance-Berichte: Vierteljährlich eingereicht
• Genehmigungsberatungssitzungen: 2-3 pro Jahr

Konsultation und Einbindung von Interessengruppen der Gemeinschaft

Statistiken zum Community-Engagement:

Engagement-Typ	Häufigkeit	Teilnehmer
Lokale Community-Treffen	4-6 mal pro Jahr	50-100 lokale Stakeholder
Konsultationen indigener Gemeinschaften	2-3 Mal pro Jahr	30-50 Gemeindevertreter

Western Copper and Gold Corporation (WRN) – Geschäftsmodell: Kanäle

Investor-Relations-Website

Western Copper and Gold Corporation unterhält eine Investor-Relations-Website mit den folgenden Schlüsselkennzahlen:

Website-Traffic	Einzigartige monatliche Besucher	Durchschnittliche Zeit vor Ort
8.500 Besucher	6.200 einzigartige monatliche Besucher	4,3 Minuten

Konferenzen und Ausstellungen für die Bergbauindustrie

Einzelheiten zur jährlichen Teilnahme:

• Anzahl der besuchten Konferenzen im Jahr 2023: 7
• Gesamtteilnehmerzahl an der Konferenz: 1.250 Branchenexperten
• Direkte Investoreninteraktionen pro Konferenz: 45–60

Finanzmarktkommunikation

Kommunikationskanal	Häufigkeit	Reichweite
Pressemitteilungen	12 pro Jahr	3.500 Finanzmedienkontakte
Gewinnaufrufe	4 vierteljährliche Anrufe	125 institutionelle Anleger

Technische Präsentationen und Projektaktualisierungen

Technische Kommunikationskennzahlen:

• Gelieferte technische Präsentationen: 9 im Jahr 2023
• Durchschnittliche Zuschauergröße: 85 technische Fachkräfte
• Technische Online-Webinare: 4 pro Jahr

Direkte Kommunikationsplattformen für Investoren

Plattform	Abonnentenbasis	Engagement-Rate
E-Mail-Newsletter	2.750 Abonnenten	28 % Öffnungsrate
LinkedIn-Unternehmensseite	4.500 Follower	12 % Engagement-Rate

Western Copper and Gold Corporation (WRN) – Geschäftsmodell: Kundensegmente

Institutionelle Bergbauinvestoren

Western Copper and Gold Corporation richtet sich an institutionelle Bergbauinvestoren mit besonderen Merkmalen:

Anlegertyp	Investitionskapazität	Zielregion
Pensionskassen	50-500 Millionen Dollar	Nordamerika
Staatsfonds	100-1 Milliarde Dollar	Global

Kupfer- und Goldrohstoffhändler

Zu den wichtigsten Marktsegmenten für den Rohstoffhandel gehören:

• Globale Rohstoffhandelshäuser
• Teilnehmer am Terminmarkt
• Metallbörsen

Handelsvolumen	Durchschnittliche Transaktionsgröße	Primärmärkte
500.000-1.000.000 Tonnen/Jahr	5-50 Millionen Dollar	Nordamerika, Asien

Entwickler grüner Energieinfrastruktur

Kupfernachfragesegmente für grüne Infrastruktur:

• Produktion von Batterien für Elektrofahrzeuge
• Übertragungsinfrastruktur für erneuerbare Energien
• Herstellung von Windkraftanlagen

Infrastruktursektor	Prognostizierte Kupfernachfrage	Wachstumsrate
Infrastruktur für Elektrofahrzeuge	3,5 Millionen Tonnen/Jahr	12,5 % jährlich

Ressourcenorientierte Investmentfonds

Merkmale des angestrebten Investmentfonds:

Fondstyp	Verwaltetes Vermögen	Schwerpunkt Metallinvestitionen
Fonds für natürliche Ressourcen	500 Millionen bis 5 Milliarden US-Dollar	Kupfer, Gold, strategische Metalle

Analysten für den Metall- und Bergbausektor

Analyse- und forschungsorientiertes Kundensegment:

• Investment-Research-Unternehmen
• Finanzberatungsdienstleistungen
• Unternehmensstrategische Beratungsgruppen

Forschungsschwerpunkt	Jährliches Forschungsbudget	Primäre Informationsquellen
Bewertung von Mineralressourcen	250.000 bis 1,5 Millionen US-Dollar	Unternehmensberichte, Marktdaten

Western Copper and Gold Corporation (WRN) – Geschäftsmodell: Kostenstruktur

Explorations- und Entwicklungskosten

In den Finanzberichten 2023 meldete Western Copper and Gold Corporation Explorationskosten in Höhe von insgesamt 4,2 Millionen US-Dollar für das Casino-Projekt im Yukon, Kanada.

Ausgabenkategorie	Betrag (USD)
Bohrkosten	1,8 Millionen US-Dollar
Geologische Kartierung	$650,000
Geophysikalische Untersuchungen	$750,000

Geologische Vermessung und Ressourcenbewertung

Das Unternehmen investierte 2,5 Millionen Dollar an umfassenden geologischen Vermessungs- und Ressourcenbewertungsaktivitäten im Geschäftsjahr 2023 beteiligt.

• Schätzung der Mineralressourcen: 750.000 $
• Geologische Datenanalyse: 500.000 US-Dollar
• Fernerkundungstechnologien: 400.000 US-Dollar
• Labortests: 850.000 US-Dollar

Umweltkonformität und Genehmigung

Der Umweltkonformitätsaufwand für das Jahr 2023 wurde dokumentiert 3,1 Millionen US-Dollar.

Compliance-Bereich	Ausgaben (USD)
Umweltverträglichkeitsstudien	1,2 Millionen US-Dollar
Behördliche Genehmigungsanträge	$900,000
Ökologisches Monitoring	1 Million Dollar

Entwicklung der Projektinfrastruktur

Die Ausgaben für die Infrastrukturentwicklung für das Casino-Projekt beliefen sich im Jahr 2023 auf insgesamt 6,7 Millionen US-Dollar.

• Standortvorbereitung: 2,3 Millionen US-Dollar
• Bau einer Zufahrtsstraße: 1,5 Millionen US-Dollar
• Erster Aufbau des Lagers und der Einrichtung: 1,9 Millionen US-Dollar
• Vorläufige Ausrüstungsbeschaffung: 1 Million US-Dollar

Verwaltungsaufwand des Unternehmens

Der Verwaltungsaufwand des Unternehmens für Western Copper and Gold Corporation belief sich im Jahr 2023 auf 2,9 Millionen US-Dollar.

Kategorie „Verwaltungsausgaben“.	Betrag (USD)
Gehälter und Zusatzleistungen	1,6 Millionen US-Dollar
Bürobetrieb	$450,000
Professionelle Dienstleistungen	$550,000
Reisen und Beratung	$300,000

Western Copper and Gold Corporation (WRN) – Geschäftsmodell: Einnahmequellen

Potenzielle zukünftige Verkäufe der Mineralproduktion

Ab 2024 besteht die potenzielle Haupteinnahmequelle der Western Copper and Gold Corporation aus der Kupfer-Gold-Projekt Casino im Yukon, Kanada.

Mineralressource	Geschätzte Menge	Schätzung des potenziellen Umsatzes
Kupfer	5,4 Milliarden Pfund	15,3 Milliarden US-Dollar (geschätzt)
Gold	7,4 Millionen Unzen	14,2 Milliarden US-Dollar (geschätzt)

Bewertung von Mineralressourcenanlagen

Die Mineralressourcenbewertung des Casino-Projekts wird im Jahr 2024 auf Folgendes geschätzt:

• Gesamte gemessene und angezeigte Ressourcen: 1,1 Milliarden Tonnen
• Gesamtwert der Mineralressourcen: Ungefähr 29,5 Milliarden US-Dollar
• Nettobarwert (NPV) bei 8 % Abzinsungssatz: 1,97 Milliarden US-Dollar

Projektentwicklungs- und Partnerschaftsvereinbarungen

Zu den aktuellen Partnerschafts- und Entwicklungspotenzialen gehören:

Partner	Vereinbarungstyp	Potenzieller Wert
Private Investmentpartner	Projektentwicklung	250 Millionen Dollar
Strategische Bergbauinvestoren	Joint Venture	175 Millionen Dollar

Potenzielle strategische Vermögensverkäufe

Zu den potenziellen strategischen Vermögensverkäufen gehören:

• Teilprojektbeteiligung: Bis zu 49 % Anteil
• Geschätzter potenzieller Verkaufswert: 500 Millionen US-Dollar
• Explorationslandpakete: Potenzieller Wert von 75 Millionen US-Dollar

Monetarisierung von Mineralexplorationsdaten

Datentyp	Potenzielle Einnahmequelle	Geschätzter Jahreswert
Geologische Untersuchungen	Technische Berichte	1,2 Millionen US-Dollar
Explorationsdatensätze	Lizenzierung	$850,000

Western Copper and Gold Corporation (WRN) - Canvas Business Model: Value Propositions

You're looking at the core value Western Copper and Gold Corporation (WRN) brings to the market with the Casino Project. This isn't just another deposit; it's positioned to be a major supplier for the global energy transition.

The primary value proposition centers on the supply of critical minerals, specifically copper and molybdenum, which are essential inputs for electrification and green technology demand worldwide. The sheer scale of the Casino Project underpins this supply promise.

The asset itself is a long-life development opportunity. The base case development contemplates a 27-year mine life for the mill operation alone. This longevity provides a stable, long-term source of metals.

Project economics, based on the 2022 Feasibility Study (FS) base case, show robust returns. The project boasts an after-tax Net Present Value (NPV) discounted at 8% of C$2.3 billion. Furthermore, the payback period is quick, estimated at just 3.3 years.

The scale is significant, projecting Western Copper and Gold Corporation to become Canada's second-largest copper producer and the country's largest molybdenum producer upon development. This would increase domestic copper production by 15% and molybdenum production by 500%.

The output is a high-quality, multi-metal concentrate stream. Metallurgical testing indicates the ability to produce a high gold grade copper concentrate and a separate molybdenum concentrate, both expected to be highly marketable due to very low levels of impurities.

Here's a snapshot of the projected life-of-mine (LOM) output based on the 2022 FS base case metal prices (Cu: US$3.60/lb, Au: US$1,700/oz, Ag: US$22/oz, Mo: US$14/lb) and the associated financial metrics.

Metric	Value
After-Tax NPV (8%)	C$2.3 billion
After-Tax IRR (100% equity)	18.1%
Mine Life (Mill Operation)	27 years
Payback Period	3.3 years
After-Tax LOM Cash Flow	C$10 billion
After-Tax Cash Flow (Years 1-4 Average)	C$951 million per year

The total projected metal production over the life of the project from the mineral processing plant includes substantial volumes of key commodities:

• Total Copper Production: Approximately 4.4 billion lb.
• Total Gold Production: Approximately 5.7 million oz.
• Total Silver Production: Approximately 34.5 million oz.
• Total Molybdenum in Concentrate: Approximately 407.3 million lb.

The concentrate stream itself offers distinct market advantages. You can see the expected composition below:

• Copper Concentrate: High gold grade, low impurities.
• Molybdenum Concentrate: Separate stream, expected to be highly marketable.

The project's economic foundation is further supported by its projected contribution to the Canadian economy, which is a key non-financial value driver for stakeholders.

• Projected Contribution to Canada's GDP (LOM): Over C$44 billion.
• Projected Contribution to Yukon's GDP (LOM): Over C$37 billion.
• Estimated Annual Tax Revenue for Yukon Government: C$175 million.
• Estimated Annual Tax Revenue for Federal Government: C$231 million.

Western Copper and Gold Corporation (WRN) - Canvas Business Model: Customer Relationships

You're developing a world-class asset like the Casino Project, so your customer relationships aren't just about sales; they're about securing the social license to operate and de-risking a multi-billion dollar development. This means managing a complex web of stakeholders, from local communities to global mining giants.

Strategic, long-term relationships with industrial partners and major shareholders

Western Copper and Gold Corporation cultivates relationships with strategic industrial partners who bring capital, expertise, and market validation. These aren't just passive investors; they are deeply involved partners. For instance, the company extended its Investor Rights Agreement (IRA) with Rio Tinto Canada Inc. in June 2025, ensuring Rio Tinto continues to hold a seat on the Casino Technical Committee. Rio Tinto Plc is listed as a major shareholder, holding 9.42% of the company's shares. Also significant is Mitsubishi Materials Corp., which holds 4.01% ownership. These relationships are crucial for validating the project's economics, which, based on the 2022 Feasibility Study, showed an after-tax Net Present Value of $2.3 billion at an 8% discount rate. The company's market capitalization as of late November 2025 was reported at $491.00M. The institutional ownership base is substantial, sitting at 25.85% as of the November 25, 2025 filing. You see this engagement reflected in the shareholder meeting results, where 99,165,184 common shares were represented at the June 12, 2025 Annual General Meeting, accounting for 49.58% of all outstanding common share votes.

Here's a quick look at the key strategic shareholders and ownership structure as of late 2025:

Shareholder Type/Name	Ownership Percentage (Approximate)	Investment Significance
Rio Tinto Plc	9.42%	Strategic Partner, Technical Committee Seat
Mitsubishi Materials Corp.	4.01%	Strategic Partner
Institutional Investors (Total)	25.85%	Broad Market Validation
Insider Ownership	14.18%	Management Alignment

High-level government engagement for permitting and infrastructure support

Navigating the Yukon Environmental and Socio-economic Assessment Board (YESAB) panel review is the primary focus of government engagement. Western Copper and Gold Corporation achieved a major milestone by submitting its Environmental and Socio-economic Effects Statement (ESE Statement) on October 6, 2025, moving the project forward in the highest level of environmental assessment in the territory. This submission followed a planned delay from the second half of 2024 to July 2025 to ensure robust planning and engagement with First Nations. The company is actively securing infrastructure support, which is critical for a greenfield project. Natural Resources Canada approved $40M in funding for the B.C.-Yukon Grid Connect Project, with Yukon Development committing an additional 25% of that funding via an agreement signed on February 14, 2025. The company is committed to operating to the highest environmental and socio-economic standards, which is key to maintaining government support.

Community-focused engagement and social investment with First Nations (Casino Cares program)

The relationship with Yukon First Nations is grounded in partnership and tangible local support, primarily channeled through the Casino Cares program. Western Copper and Gold Corporation has signed co-operation agreements with key Yukon First Nations. A concrete example of this commitment is the recent partnership with the Little Salmon Carmacks First Nation (LSCFN). On December 4, 2025, the company announced a contribution of $75,000 through Casino Cares to support meal and nutrition programs at Tantalus Community School and the LSCFN Daycare for the 2025/26 school year. This program focuses on youth, education, and community well-being. Furthermore, the company honors its founder through the Dale Corman Scholarship Fund, a $300,000 fund established with the Yukon Foundation to support local students pursuing science or engineering degrees. The Casino Project lies within the Traditional Territory of the Selkirk First Nation, with a small northern portion in the Tr'ondëk Hwëch'in territory.

Casino Cares supports initiatives that reflect Yukon's values:

• Local education and training programs
• Cultural heritage projects
• Land-based wellness initiatives
• Youth and event sponsorships

Transparent communication with equity investors via public filings and presentations

You need to keep the broader equity market informed about the de-risking progress, especially since the project is pre-revenue. Western Copper and Gold Corporation uses regular public filings and corporate presentations to manage investor expectations. The company filed a Current Report (Form 40-F) on November 25, 2025, detailing its financial position and recent corporate actions. Communication is direct, focusing on milestones like the October 6, 2025 ESE Statement submission. The company also held its Annual General Meeting on June 12, 2025, where director elections and auditor appointments were confirmed. The use of a notice-and-access model for meeting materials shows a commitment to operational efficiency and sustainability, which environmentally conscious stakeholders appreciate. The President & CEO, Sandeep Singh, noted in October 2025 that the company is well funded to cover the foreseeable future, having had approximately US $45 million (or C$61 million) at the end of June 2025 to cover the permitting phase.

Direct, professional engagement with potential concentrate purchasers

As Western Copper and Gold Corporation advances the Casino Project toward production, direct engagement with future concentrate purchasers is a vital, ongoing activity. This involves establishing relationships that will secure offtake agreements for the copper, gold, silver, and molybdenum expected from the mine. The project's economics, based on the 2022 Feasibility Study, used metal prices of US$3.60/lb Cu, US$1,700/oz Au, US$14/lb Mo, and US$22/oz Ag. The company's strategy involves de-risking the project through permitting to enhance its attractiveness to these future commercial partners. While specific, current off-take agreements or financial commitments from concentrate purchasers are not detailed in the latest public disclosures, this engagement is an implicit, necessary step following the successful ESE submission. Finance: draft 13-week cash view by Friday.

Western Copper and Gold Corporation (WRN) - Canvas Business Model: Channels

You're looking at how Western Copper and Gold Corporation gets its value proposition-advancing the Casino Project-out to the world, both for capital and for future product offtake. It's a mix of public markets, direct strategic engagement, and regulatory milestones that drive the process right now.

Public Market Access for Capital Raising

Western Copper and Gold Corporation uses its dual listing to access capital from North American investors. As of early December 2025, the company's market capitalization stood at approximately $488.85 million, or CA$552.52m based on a recent close of CA$2.74 per share on the Toronto Stock Exchange (TSX: WRN). The stock price on December 5, 2025, was $2.51, trading within a 52-week range of $0.90 to $2.63. The company reported having $61 million Canadian, which is roughly US $45 million, in the bank at the end of June 2025 to fund operations through the permitting phase. Analyst consensus target price suggests a potential upside to CA$3.98.

The primary stock exchange data points are:

• TSX and NYSE American listings for capital access.
• Market Capitalization as of December 3, 2025: $0.48B.
• Stock Price on December 5, 2025: $2.51.
• Analyst Consensus Target Price: CA$3.98.

Direct Communication with Strategic Partners

Direct engagement with major industry players like Rio Tinto and Mitsubishi Materials is a critical channel for technical de-risking and validation. These partners hold significant stakes and provide direct input via committee representation. The structure of these relationships dictates ongoing technical collaboration and future potential offtake discussions.

Partner	Investment/Stake Detail	Financial Impact (Approximate)	Governance Channel
Mitsubishi Materials	Initial investment aimed for approx. 5.0% equity.	Expected proceeds of C$21.3 million for 8,091,390 Shares.	Seat on Casino Technical and Sustainability Committee (TSC).
Rio Tinto	Maintained interest by exercising pro-rata right in full.	Subscribed for 878,809 common shares for proceeds of $2.3 million.	Seat on Casino TSC; Revised IRA expires November 30, 2026.

Mitsubishi Materials is also extending its Investor Rights Agreement until May 30, 2026, contingent on acquiring 2 million common shares through open market purchases.

Investor Presentations and Conferences

Presenting at key industry events is how Western Copper and Gold Corporation communicates its value proposition to the broader investment community. The presentation at the Ignite Investment Summit in October 2025 highlighted the opportunity for investors.

• Conference: Ignite Investment Summit, October 2025.
• CEO commentary suggested the market cap of 450 million US was a fraction of the underlying project value, which could be $6-8 billion NPV based on current copper pricing assumptions.
• The 2022 Feasibility Study (FS) used copper at $360 and gold at $1,700 to calculate an NPV of $2.3 billion Canadian.

Regulatory Submissions and Corporate Website for Project Updates

The corporate website and public regulatory filings serve as the official channel for disseminating technical and permitting progress on the Casino Project. The project's scale, as detailed in the 2022 FS, underpins the value being communicated.

Key project statistics used in these updates include:

• Measured and Indicated (M&I) Resources: 11 billion pounds of copper and 20-21 million ounces of gold.
• FS (2022) M&I Resources: 7.6 billion lb. copper, 14.5 million oz. gold, and 113.5 million oz. silver.
• FS (2022) After-tax Net Present Value (NPV) at 8% discount: $2.3 billion Canadian.
• FS (2022) Internal Rate of Return (IRR): 18.1%.
• FS (2022) Projected Annual Production Life: 27 years (or 24 years for heap leach).

Future Direct Sales Channels to Global Smelters and Refiners

While specific offtake agreements are not yet finalized, the presence of strategic partners like Mitsubishi Materials, a major materials corporation, strongly suggests the future channel for physical product sales. The Casino Project is positioned as a world-class copper-gold deposit, which naturally targets major global refining and smelting operations.

The technical collaboration with Rio Tinto and Mitsubishi Materials is a direct channel for future commercial strategy alignment.

Western Copper and Gold Corporation (WRN) - Canvas Business Model: Customer Segments

Global base metal smelters and refiners seeking long-term copper and molybdenum concentrate supply

Metal Concentrate Target	Projected Annual Production (Years 1-4 Average)	Metal Value Distribution (M+I Resource)	Base Case Price Assumption (2022 FS)
Copper (Cu)	241 Mlbs (or 468 Mlbs Copper Equivalent)	46%	US$3.60/lb
Molybdenum (Mo)	15.5 Mlbs	17%	US$14/lb

Precious metal purchasers (bullion dealers, central banks) for gold and silver

Precious Metal	Projected Annual Production (Years 1-4 Average)	Metal Value Distribution (M+I Resource)	Base Case Price Assumption (2022 FS)
Gold (Au)	333 kozs	34%	US$1,700/oz
Silver (Ag)	1,596 kozs	4%	US$22/oz

Strategic institutional investors and mining majors (e.g., Rio Tinto)

• Rio Tinto ownership stake: 9.7%
• Mitsubishi Materials ownership stake: 4.1%
• Total strategic investment amount disclosed: C$25.6M (May 2021)
• Subsequent capital raise amounts include C$2.3M (April 2023), C$6.0M (November 2023), C$0.3M (March 2024), and C$5.0M (April 2024)

Governments (Yukon, Canada) focused on critical mineral supply and regional economic development

• Copper and Molybdenum are on Canada's official list of critical minerals
• Projected annual tax revenue for Yukon Government: C$175 million
• Projected annual tax revenue for Federal Government: C$231 million
• Projected contribution to Canada's GDP over 27-year mine life: C$44 billion
• Federal support for the Yukon-B.C. Grid Connect, a key infrastructure component for the project

Western Copper and Gold Corporation (WRN) - Canvas Business Model: Cost Structure

You're looking at the costs Western Copper and Gold Corporation is facing as it pushes the Casino Project forward; this is a capital-intensive business, plain and simple. The cost structure is dominated by the massive upfront investment required to build a mine, followed by the ongoing burn rate to keep the project advancing through permitting and technical studies.

The Significant Initial Capital Expenditure, based on the 2022 Feasibility Study (FS), was estimated at a total of C$3.618 billion. This figure represents the projected cost to bring the mine to initial production, covering major components like the process plant, infrastructure, and mine preproduction costs.

Here's a breakdown of that initial capital from the 2022 FS, which you should treat as a baseline, knowing inflation since then will likely increase these figures:

Capital Component (2022 FS Estimate)	Amount (C$ Millions)
Process Plant & Infrastructure (Directs, Indirects, Contingency)	2,916
Mine Costs (Equipment, Preproduction)	661
Owners Costs	41
TOTAL Initial Capital	3,618
Sustaining Capital (Life of Mine Estimate)	751
Total Life of Mine Capital Costs	4,369

Ongoing project development and permitting costs are reflected in the company's current operational expenses while it remains pre-production. As of September 2025, Western Copper and Gold Corporation reported $0.13 Billion USD in net assets on its balance sheet, which reflects the capital available to fund these activities. The company's strong liquidity is suggested by a reported current ratio of 11.52, indicating it has the short-term capacity to manage these development expenditures.

The Corporate General and Administrative Expenses, along with other non-capitalized project costs, contribute to the operating losses seen in recent periods. For the nine months ending September 30, 2025, Western Copper and Gold Corporation reported a comprehensive loss of $2.16 million CAD. Looking at a slightly broader period, the Operating Income for the last 12 months was reported as -7.18M CAD. This ongoing negative cash flow from operations is a key cost driver until production starts.

When you look ahead to Future Operating Costs, you must reference the 2022 FS assumptions for mining, processing, and transportation, as these will determine the long-term cost of goods sold:

• Mining cost: projected at $2.30 per tonne of material moved.
• Mining cost: projected at $3.65 per tonne of mineralized material.
• Combined mining and milling cost: estimated at $11.16 per tonne of material milled (life of mine).
• Anticipated concentrate handling service charges are also a component of future operating costs.

These per-tonne costs are the core of the future operating cost structure, though they are subject to the same inflationary pressures that affected the initial capital estimates.

Western Copper and Gold Corporation (WRN) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Western Copper and Gold Corporation's business model right now, and honestly, it's all about the future potential of the Casino Project. As of late 2025, the company is still firmly in the development phase, meaning the current revenue from mining is exactly what you'd expect for a pre-production entity.

Currently pre-production; $0.00 revenue from mining operations (Q3 2025). For the nine months ended September 30, 2025, Western Copper and Gold Corporation reported a net loss of CAD 2.16 million.

The company does generate a small amount of income while it waits for the mine to be built. This comes from interest earned on its available capital. As of September 30, 2025, the cash and cash equivalents balance stood at $10.4 million, down from $14.2 million at the end of 2024. This balance is the pool from which interest income is derived.

The real story here is the projected revenue once the Casino Project is operational. The 2022 Feasibility Study (FS) provides the baseline for what the company expects to sell, based on specific metal prices and resource estimates. The primary revenue driver will be copper concentrate sales.

Revenue Source	Commodity	Base Case Price (2022 FS)	Measured & Indicated Resources	Mineral Reserves (as of 2022 FS)
Primary Sale	Copper (Cu)	US$3.60/lb	7.6 billion lbs	Approximately 5,054 million pounds
By-Product Sale	Gold (Au)	US$1,700/oz	14.8 million oz	Approximately 10.15 million ounces
By-Product Sale	Silver (Ag)	US$22/oz	N/A	N/A
By-Product Sale	Molybdenum (Mo)	US$14/lb	N/A	N/A

The economic impact study based on the 2022 FS projected that the operation phase of the mine is estimated to contribute $1.5 billion to Canada's GDP annually. Furthermore, the project is expected to generate $11.2 billion in taxes and royalties to various governments over the life of the mine.

Beyond direct metal sales, Western Copper and Gold Corporation has established relationships that could translate into future financing or revenue-sharing agreements. These strategic partners hold equity stakes, which is a key component of their capital structure and potential future deal flow:

• Rio Tinto: Holds 9.7% ownership stake.
• Mitsubishi Materials: Holds 4.1% ownership stake.

These partnerships represent potential avenues for joint ventures or streaming/royalty agreements to help fund the massive initial capital investment, which the 2022 FS estimated at $3.62 billion.