Western Copper and Gold Corporation (WRN): Business Model Canvas [Jan-2025 Mise à jour]

Western Copper and Gold Corporation (WRN) est à l'avant-garde de l'exploration minérale transformatrice, se positionnant comme un acteur charnière dans le paysage de développement du cuivre et de l'or du Yukon, au Canada. Avec l'ambitieux projet de casino stimulant sa vision stratégique, la société représente une opportunité d'investissement convaincante qui pante les techniques miniers avancées, la responsabilité environnementale et la production potentielle de métaux d'énergie verte. Les investisseurs et les analystes de l'industrie regardent attentivement cette entreprise innovante alors qu'elle navigue sur le terrain complexe du développement des ressources, promettant un mélange unique d'expertise technique, de partenariats stratégiques et de potentiel économique important.

Western Copper and Gold Corporation (WRN) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec les ressources Teck pour le développement de projets de casino

Western Copper and Gold Corporation a un partenariat stratégique avec Teck Resources for the Casino Project à Yukon, au Canada. Depuis 2024, le projet a les détails clés du partenariat suivant:

Métrique de partenariat	Données spécifiques
Emplacement du projet	Yukon, Canada
Total Project Estimé Coût du capital	1,96 milliard de dollars
Pourcentage de propriété de ressources	50%
Project Metal Production chaque année	154 millions de livres de cuivre, 181 000 onces d'or

Partenariats des fournisseurs d'équipements d'exploitation

Le cuivre occidental et l'or maintient des accords de coentreprise potentiels avec des fournisseurs d'équipements miniers spécialisés:

• Caterpillar Inc. pour un équipement d'extraction lourde
• Komatsu Ltd. pour les machines d'excavation et de transport
• Sandvik Group pour l'équipement de forage et d'exploration

Collaboration communautaire autochtone

La société a établi des accords de collaboration avec les communautés autochtones locales du Yukon:

Aspect de partenariat communautaire	Détails
Nombre de communautés autochtones engagées	3 groupes des Premières nations
Investissement communautaire annuel	2,4 millions de dollars
Engagement d'emploi local	30% de participation à la main-d'œuvre autochtone

Partenariats de conseil en environnement

Le cuivre occidental et l'or collaborent avec les sociétés de conseil en environnement pour les évaluations de la durabilité:

• Golder Associates Ltd.
• SRK Consulting
• STANTEC CONSULT

Paysage de partenariat financier

Les partenariats financiers potentiels comprennent:

Catégorie de partenaire financier	Gamme d'investissement potentielle
Groupes d'investissement d'exploitation	50 à 100 millions de dollars
Investisseurs institutionnels	25 à 75 millions de dollars
Sociétés de capital-investissement	30 à 60 millions de dollars

Western Copper and Gold Corporation (WRN) - Modèle d'entreprise: activités clés

Exploration minérale et développement des ressources à Yukon, Canada

Western Copper and Gold Corporation se concentre sur le Projet de casino Situé au Yukon, au Canada, couvrant environ 5 053 hectares de revendications minérales.

Métrique d'exploration	État actuel
Zone totale du projet	5 053 hectares
Ressource minérale estimée	14,3 milliards de livres de cuivre et 8,1 millions d'onces d'or
Dépenses d'exploration (2023)	3,2 millions de dollars

Avancement du projet en cuivre et en or sur le site du projet de casino

Les activités clés de développement de projets comprennent:

• Travail d'ingénierie et de conception détaillée
• Planification des infrastructures
• Tests métallurgiques
• Préparation du site de la mine

Arpentage géologique et estimation des ressources minérales

Paramètre d'enquête	Mesures
Mètres de forage (2023)	2 500 mètres
Classification des ressources	Ressources mesurées et indiquées
Estimation de la note des ressources	0,20% de cuivre et 0,22 g / t d'or

Permis environnemental et conformité réglementaire

Les activités d'évaluation environnementale et de conformité réglementaire en cours comprennent:

• Études d'impact environnemental
• Surveillance de la qualité de l'eau
• Plans de protection de l'habitat faunique
• Processus de consultation indigène

Études de faisabilité du projet et évaluations économiques

Paramètre économique	Valeur projetée
Coût de capital initial prévu projeté	1,6 milliard de dollars
Production annuelle estimée	272 millions de livres de cuivre
La vie de la mine projetée	22 ans

Western Copper and Gold Corporation (WRN) - Modèle d'entreprise: Ressources clés

Projet de casino Propriétés minérales au Yukon

Western Copper and Gold Corporation détient 100% de propriété du projet de casino Situé à Yukon, Canada.

Attribut de propriété	Détails spécifiques
Superficie totale	55 141 hectares
Emplacement du projet	Territoire du Yukon, Occidental Canada

Réserves minérales en cuivre et en or importantes

Estimations de la réserve minérale conformément au rapport technique de 2022:

Type minéral	Quantité	Grade
Cuivre	5,4 milliards de livres	0,21% Cu
Or	7,0 millions d'onces	0,27 g / t
Molybdène	213 millions de livres	0,04% MO

Expertise technique en ingénierie minière

• Équipe qualifiée avec une vaste expérience d'ingénierie minière
• Capacités de cartographie géologique avancées
• Techniques d'estimation des ressources minérales sophistiquées

Équipe de gestion expérimentée

Position	Années d'expérience dans l'industrie minière
PDG	25 ans et plus
Directeur financier	20 ans et plus
Géologue en chef	30 ans et plus

Capital d'exploration et de développement

Depuis le Rapport financier du quatrième trimestre 2023:

• Equivalents en espèces et en espèces: 12,3 millions de dollars
• Fonds de roulement: 10,7 millions de dollars
• Actif total: 89,6 millions de dollars

Western Copper and Gold Corporation (WRN) - Modèle d'entreprise: propositions de valeur

Opportunité de développement de cuivre et d'or à grande échelle

Le projet de casino à Yukon, au Canada, représente un Opportunité de développement des ressources minérales importantes.

Métrique du projet	Données quantitatives
Réserves minérales éprouvées et probables	1,13 milliard de tonnes
Réserve de cuivre	5,4 milliards de livres
Réserve d'or	7,4 millions d'onces
Estimation des coûts de capital initial	1,77 milliard de dollars

Production potentielle de minéraux à long terme dans la juridiction canadienne stable

Le projet Casino offre des avantages stratégiques dans l'extraction minérale.

• Mine Life estimée à 22 ans
• Production moyenne annuelle: 108 millions de livres de cuivre
• Production moyenne annuelle: 211 000 onces d'or
• Emplacement au Yukon, au Canada, assure la stabilité politique et réglementaire

Projet minier avancé avec un potentiel économique important

Projection économique	Valeur
Valeur actuelle nette avant impôts (réduction de 8%)	1,58 milliard de dollars
Taux de rendement interne	19.7%
Période de récupération	4,1 ans

Développement des ressources minérales responsables de l'environnement

Le projet Casino intègre des stratégies de gestion environnementale avancées.

• Taux de recyclage de l'eau: 90%
• Technologies de réduction des gaz à effet de serre planifiées
• Plan complet de remise en état des terres

Production de métaux stratégiques soutenant la transition d'énergie verte

Contribution des métaux	Application d'énergie verte
Production de cuivre	Infrastructure de véhicules électriques
Production d'or	Électronique et technologies d'énergie renouvelable

Western Copper and Gold Corporation (WRN) - Modèle d'entreprise: relations avec les clients

Communication transparente avec les actionnaires

Western Copper and Gold Corporation maintient la communication des actionnaires à travers les canaux suivants:

Méthode de communication	Fréquence	Plate-forme
Assemblée générale annuelle	1 fois par an	Virtuel et en personne
Rapports financiers trimestriels	4 fois par an	Site Web Sedar et d'entreprise
Conférence téléphonique des investisseurs	4 fois par an	Webdiffusion et téléconférence

Présentations régulières des investisseurs et rapports financiers

Métriques d'engagement des investisseurs:

• Présentations des investisseurs: 6-8 par an
• Trafic de site Web des relations avec les investisseurs: environ 15 000 visiteurs uniques par an
• Mises à jour du jeu des investisseurs: trimestriel

Engagement avec les investisseurs de l'industrie minière

Stratégies d'engagement des investisseurs clés de l'industrie:

Plate-forme de fiançailles	Nombre d'événements	Investisseur Reach
Conférences d'investissement minière	3-4 par an	200-300 investisseurs institutionnels
Webinaires d'investisseurs miniers spécialisés	2-3 par an	150-250 participants

Maintenir des relations solides avec les organismes de réglementation

Métriques de l'engagement réglementaire:

• Réunions de conformité réglementaire: 4-6 par an
• Rapports de conformité environnementale: soumis trimestriel
• Sessions de consultation de permis: 2-3 par an

Consultation et engagement des parties prenantes de la communauté

Statistiques de l'engagement communautaire:

Type d'engagement	Fréquence	Participants
Réunions communautaires locales	4-6 fois par an	50-100 parties prenantes locales
Consultations communautaires autochtones	2-3 fois par an	30-50 représentants de la communauté

Western Copper and Gold Corporation (WRN) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs

Western Copper and Gold Corporation conserve un site Web de relations avec les investisseurs avec les mesures clés suivantes:

Trafic	Visiteurs mensuels uniques	Temps moyen sur place
8 500 visiteurs	6 200 visiteurs mensuels uniques	4,3 minutes

Conférences et expositions de l'industrie minière

Détails de la participation annuelle:

• Nombre de conférences assistées en 2023: 7
• Total de conférence Assistance: 1 250 professionnels de l'industrie
• Interactions directes des investisseurs par conférence: 45-60

Communications du marché financier

Canal de communication	Fréquence	Atteindre
Communiqués de presse	12 par an	3 500 contacts sur les médias financiers
Appels de gains	4 appels trimestriels	125 investisseurs institutionnels

Présentations techniques et mises à jour du projet

Métriques de communication technique:

• Présentations techniques présentées: 9 en 2023
• Taille moyenne du public: 85 professionnels techniques
• Webinaires techniques en ligne: 4 par an

Plateformes de communication des investisseurs directs

Plate-forme	Base d'abonné	Taux d'engagement
E-mail newsletter	2 750 abonnés	Rate d'ouverture de 28%
Page de société LinkedIn	4 500 abonnés	Taux d'engagement de 12%

Western Copper and Gold Corporation (WRN) - Modèle d'entreprise: segments de clientèle

Investisseurs miniers institutionnels

Western Copper and Gold Corporation cible les investisseurs miniers institutionnels avec des caractéristiques spécifiques:

Type d'investisseur	Capacité d'investissement	Région cible
Fonds de pension	50 à 500 millions de dollars	Amérique du Nord
Fonds de richesse souverain	100 à 1 milliard de dollars	Mondial

Commerçants de matières premières en cuivre et en or

Les principaux segments de marché pour le trading des matières premières comprennent:

• Maisons commerciales mondiales de matières premières
• Participants du marché à terme
• Plates-formes d'échange de métaux

Volume de trading	Taille moyenne des transactions	Marchés primaires
500 000 à 1 000 000 tonnes / an	5-50 millions de dollars	Amérique du Nord, Asie

Développeurs d'infrastructures d'énergie verte

Segments de demande de cuivre pour les infrastructures vertes:

• Production de batterie de véhicules électriques
• Infrastructure de transmission des énergies renouvelables
• Fabrication d'éoliennes

Secteur des infrastructures	Demande de cuivre projetée	Taux de croissance
Infrastructure de véhicules électriques	3,5 millions de tonnes / an	12,5% par an

Fonds d'investissement axés sur les ressources

Caractéristiques ciblées du fonds d'investissement:

Type de fonds	Actifs sous gestion	Metals Investment Focus
Fonds de ressources naturelles	500 millions de dollars - 5 milliards de dollars	Copper, or, métaux stratégiques

Analystes du secteur des métaux et miniers

Analyse et segment de clientèle axé sur la recherche:

• Sociétés de recherche en investissement
• Services de conseil financier
• Groupes de conseil stratégique d'entreprise

Focus de recherche	Budget de recherche annuel	Sources d'information primaires
Évaluation des ressources minérales	250 000 $ - 1,5 million de dollars	Rapports d'entreprise, données du marché

Western Copper and Gold Corporation (WRN) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de développement

En 2023 rapports financiers, Western Copper and Gold Corporation a déclaré des frais d'exploration totalisant 4,2 millions de dollars pour le projet de casino à Yukon, au Canada.

Catégorie de dépenses	Montant (USD)
Frais de forage	1,8 million de dollars
Cartographie géologique	$650,000
Enquêtes géophysiques	$750,000

Arpentage géologique et évaluation des ressources

L'entreprise a investi 2,5 millions de dollars dans les activités complètes de l'arpentage géologique et de l'évaluation des ressources au cours de l'exercice 2023.

• Estimation des ressources minérales: 750 000 $
• Analyse des données géologiques: 500 000 $
• Technologies de télédétection: 400 000 $
• Tests en laboratoire: 850 000 $

Conformité et permis environnementaux

Les frais de conformité environnementale pour 2023 ont été documentés à 3,1 millions de dollars.

Zone de conformité	Dépenses (USD)
Études d'impact environnemental	1,2 million de dollars
Demandes de permis réglementaires	$900,000
Surveillance écologique	1 million de dollars

Développement des infrastructures de projet

Les dépenses de développement des infrastructures pour le projet de casino en 2023 ont totalisé 6,7 millions de dollars.

• Préparation du site: 2,3 millions de dollars
• Accès à la construction de routes: 1,5 million de dollars
• Configuration initiale du camp et des installations: 1,9 million de dollars
• Procurement d'équipement préliminaire: 1 million de dollars

Administration des entreprises

Les frais généraux administratifs de l'entreprise pour Western Copper and Gold Corporation en 2023 se sont équipés de 2,9 millions de dollars.

Catégorie de dépenses administratives	Montant (USD)
Salaires et avantages	1,6 million de dollars
Opérations de bureau	$450,000
Services professionnels	$550,000
Voyager et consulter	$300,000

Western Copper and Gold Corporation (WRN) - Modèle d'entreprise: Strots de revenus

Ventes potentielles de production minérale future

En 2024, la principale source de revenus potentiel de Western Copper et Gold Corporation provient Casino Copper-Gold Project à Yukon, Canada.

Ressource minérale	Quantité estimée	Estimation potentielle des revenus
Cuivre	5,4 milliards de livres	15,3 milliards de dollars (estimés)
Or	7,4 millions d'onces	14,2 milliards de dollars (estimés)

Évaluation des actifs de ressources minérales

L'évaluation des ressources minérales du projet de casino en 2024 est estimée à:

• Ressources mesurées et indiquées totales: 1,1 milliard de tonnes
• Valeur totale des ressources minérales: environ 29,5 milliards de dollars
• Valeur actuelle nette (NPV) à 8% Taux d'actualisation: 1,97 milliard de dollars

Développement de projets et accords de partenariat

Le potentiel de partenariat actuel et de développement comprend:

Partenaire	Type d'accord	Valeur potentielle
Partenaires d'investissement privés	Développement de projet	250 millions de dollars
Investisseurs miniers stratégiques	Coentreprise	175 millions de dollars

Ventes d'éventuelles actifs stratégiques

Les ventes potentielles des actifs stratégiques comprennent:

• Intérêt partiel du projet: jusqu'à 49% de participation
• Valeur de vente potentielle estimée: 500 millions de dollars
• Packages de terrains d'exploration: valeur potentielle de 75 millions de dollars

Monétisation des données d'exploration minérale

Type de données	Stronce de revenus potentiel	Valeur annuelle estimée
Enquêtes géologiques	Rapports techniques	1,2 million de dollars
Ensembles de données d'exploration	Licence	$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.