Corporate Update August 2020

1. TSX : WRN I NYSE AMERICAN : WRN
AUGUST 2020

2. TSX : WRN I NYSE AMERICAN : WRN
FORWARD LOOKING STATEMENTS
Developing Canada’s Premier Copper-Gold Mine 2
The information provided in this presentation is not intended to be a comprehensive review of all matters and developments concerning Western Copper and Gold Corporation and its subsidiaries
(collectively, the “Company”). This document should be read in conjunction with all other disclosure documents of the Company. No securities commission or regulatory authority has reviewed the
accuracy or adequacy of the information presented herein.
Statements contained in this presentation that are not historical fact are “forward-looking statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995 and
“forward-looking information” as that term is defined in National Instrument 51-102 of the Canadian Securities Administrators (collectively, “forward-looking statements”). Forward-looking statements
in this presentation include, without limitation, statements regarding mineral reserve and resource estimates, planned exploration and development activities, corporate objectives, the economic
prospects of the Company’s projects, the Company’s future plans or future revenues, and timing of development, or potential expansion or improvements. Such forward-looking statements are based
on certain assumptions that the Company believes are reasonable, including, without limitation, with respect to any mineral reserve or resource estimate, the key assumptions and parameters on which
such estimates are based, prevailing and projected market prices and foreign exchange rates, projected capital and operating costs, continued availability of capital and financing, availability of
equipment and personnel required for construction and operations, the Company not experiencing unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays, and
general economic, market or business conditions. Forward-looking statements are subject to known and unknown risks and uncertainties which could cause actual results to differ materially from
estimated results. Such risks and uncertainties include, but are not limited to, the Company’s ability to raise sufficient capital to fund development; changes in general economic conditions or financial
markets, changes in prices for the Company’s mineral products or increases in input costs; uncertainties relating to interpretation of drill results and the geological continuity and grade of mineral
deposits; that mineral resources and reserves are not as estimated; risks related to cooperation of government agencies and First Nations in the exploration and development of the property; litigation;
legislative, environmental and other judicial, regulatory, political and competitive developments in Canada; technological and operational difficulties or inability to obtain permits encountered in
connection with exploration and development activities; labor relations matters, and changing foreign exchange rates, all of which are described more fully in the Company’s filings with the applicable
regulatory agencies. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise,
except as required by applicable securities legislation.
Cautionary Note to U.S. Readers/Investors: The United States Securities and Exchange Commission (the “SEC”) permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral
deposits that a company can economically and legally extract or produce.
We use certain terms in this presentation, such as “measured”, “indicated”, and “inferred” “resources”, that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings
with the SEC. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and their economic and legal feasibility. It cannot be assumed that all or part of an inferred mineral
resource will ever be upgraded to a higher category. Readers are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. U.S. investors
are urged to consider closely the disclosure in the Company’s Form 40-F, which may be obtained from the Company or from the SEC’s website at www.sec.gov/edgar.shtml.

3. TSX : WRN I NYSE AMERICAN : WRN
CLEAN AND TIGHTLY-HELD OWNERSHIP STRUCTURE
Share Price C$ 1.65
Market Cap C$ 190
Common Shares 115,286,002
Options 7,741,667
Warrants 1,500,000
Fully Diluted 124,527,669
Management & Board 12%
Private HNW Investors* 48%
Institutional Investors 10%
Other 30%
Net Smelter Return (NSR) 2.75%
CASH POSITION
June 30, 2020
SHARE STRUCTURE
August 21, 2020
COMMON SHARES
July, 2020 (*estimate)
TRADING Toronto Stock Exchange TSX: WRN
NYSE American Stock Exchange NYSE American: WRN
Cash & Short Term Investments C$ 5.9 million
Short/Long Term Debt $Nil
3Developing Canada’s Premier Copper-Gold Mine
ROYALTY (OSISKO GOLD ROYALTIES)

4. SNAPSHOT - COPPER AND GOLD MARKETS

5. TSX : WRN I NYSE AMERICAN : WRN
WRN AND THE CASINO DEPOSIT
SIGNIFICANT COPPER-GOLD DEPOSIT
✓ Feasibility Study indicating robust project
✓ New increased resource
✓ Drilling in progress on new gold zone, new copper-gold porphyry and
recent acquisition
COMING ONLINE AT THE RIGHT TIME
✓ Copper deficits projected
✓ Gold prices at all time highs
CLEAR PATH FORWARD
✓ Continue developing gold and copper exploration targets
✓ Work towards an updated Feasibility
5Developing Canada’s Premier Copper-Gold Mine
CASINO
PROJECT
Whitehorse
Vancouver
B.C
YUKONALASKA
Skagway

6. TSX : WRN I NYSE AMERICAN : WRN
THE WORLD NEEDS A LOT MORE COPPER
DRIVERS FOR COPPER DEMAND GROWTH:
▪ Economic Stimulus: Post-COVID global
stimulus will result in copper demand for
infrastructure
▪ Electrification: Electric vehicles and electric
utilities will add 6-9 Mt of copper demand by
2040
▪ Decreasing Production: Closures due to
COVID, lower grades, and lack of new
investment have led to lower copper
production
6Developing Canada’s Premier Copper-Gold Mine
5 million tonne deficit equivalent to annual production of
= 65 NEW CASINO MINES!!!
Source: RBC Capital Markets estimates, Wood Mackenzie

7. TSX : WRN I NYSE AMERICAN : WRN
THE WORLD NEEDS MORE LARGE GOLD DEPOSITS
▪ Few discoveries: very few new large gold
discoveries
▪ Low reserves: major gold companies’
reserves are decreasing
▪ Look to copper-gold: a number of the
largest gold mines are copper-gold deposits
like Casino (Grasberg, Boddington, Cadia,
etc.)
7Developing Canada’s Premier Copper-Gold Mine

8. TSX : WRN I NYSE AMERICAN : WRN
CASINO IS A COVETED ASSET THAT ADDS UP
8Developing Canada’s Premier Copper-Gold Mine
“And the principle of any mining is, your revenue is in your orebody. If you
start with a high quality orebody, it doesn’t have to be high grade; it can be
lower grade in a pit with no strip ratio.”
~ Mark Bristow, CEO, Barrick Gold*
“…we’ll look at gold and copper opportunities but remember, it’s got to add
value, add to mine life, take us down the cost curve and be in a jurisdiction
where we can manage the social-political risk…”
~ Gary Goldberg, Fmr CEO, Newmont Goldcorp*
*Bristow: Northern Miner’s Canadian Mining Symposium at Canada House in London, U.K., on May 22, 2019, Goldberg: Denver Gold Forum, 2013

9. THE CASINO PROJECT

10. TSX : WRN I NYSE AMERICAN : WRN
AN ATTRACTIVE COPPER OR GOLD MINE
*ESTIMATED REVENUE DISTRIBUTION
(FIRST 4 YEARS AT SPOT PRICES)
Copper
42%Gold
46%
Moly
9%
Silver
3%
Note: US$1,950 Au, US$2.90 Cu, Mo US$11.00, Ag US$26.00, FX:
US$:C$ 1:0.75. Source: Casino Feasibility Study.
See “Notes” in Appendix.
10Developing Canada’s Premier Copper-Gold Mine
GOLD
14.5 M
oz M+I Resources
+
6.6 M
oz Inferred Resources
COPPER
7.6 B
lbs M+I Resources
+
3.3 B
lbs Inferred Resources
Source: 2020 Resource. See “Notes” in Appendix

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SIGNIFICANT COPPER DEPOSIT
11
■ Measured & Indicated Resources ■ Inferred Resources
Notes: Peer group data as per latest company documents and public files. See “Notes” in Appendix for equivalent calculations. No discount for metallurgical recovery.
Developing Canada’s Premier Copper-Gold Mine

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SIGNIFICANT GOLD DEPOSIT
12
■ Measured & Indicated Resources ■ Inferred Resources
Notes: Peer group data as per latest company documents and public files. See “Notes” in Appendix for equivalent calculations. No discount for metallurgical recovery.
Developing Canada’s Premier Copper-Gold Mine

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COMPARISON TO OTHER PROJECTS
13
Company Western Cu&Au SolGold Trilogy Artic Seabridge Northern Dynasty HudBay NovaGold
Project Name Casino Alpala Project UKMP KSM Pebble Project Rosemount Project Donlin Creek
Location Yukon Ecuador Alaska BC Alaska Arizona, US Alaska
Study FS-2013 PEA-2019 PFS-2018 PEA-2020 PEA-2011-IDC case FS-2017 FS-2011
LOM grades:
Cu, % 0.20 0.38 2.32 0.21 0.38 0.45
Au, g/t 0.24 0.27 0.49 0.52 0.34 2.09
Ag, g/t 1.74 1.11 0.38 2.8 4.58
Mo, % 0.023 0.005 0.018 0.012
Other 3.24% Zn, 0.57% Pb
Cu Equivalent Grade, % 0.50 0.56 4.53 0.59 0.70 0.56 N/A
Mine type Open Pit U/G block caving Open Pit Open Pit Open Pit Open Pit Open Pit
Mineable material, Mt 965 2,380 43 3,038 1,990 538 505
Processing rate, mtpd 120,000 110,000 10,000 170,000 180,000 81,818 53,500
Waste/Ore ratio 0.59 6.89 1.60 1.5 2.1 5.5
Initial CAPEX, millions CAD 2,456 USD 2,538 USD 780 USD 5,154 USD 4,695 USD 1,921 USD 6,679
Sustaining CAPEX, millions CAD 362 USD 7,525 USD 66 USD 6,884 USD 3,204 USD 1,168 USD 1,505
Total CAPEX, millions CAD 2,818 USD 10,064 USD 846 USD 12,038 USD 7,899 USD 3,089 USD 8,184
OPEX, $/t processed: CAD 8.74 USD 10.80 USD 46.81 USD 9.96 USD 12.30 USD 10.25 USD 34.99
Post-Tax NPV (8%, 5%), millions CAD 1,830 USD 4,195 USD 1,413 USD 6,010 USD 1,756 USD 769 USD 547
IRR, % 20.1% 26.5% 33.4% 14.0% 11.7% 15.5% 6.0%
Pay-back, years 3.0 3.5 2.0 4.0 6.9 5.2 9.2
Ownership of Project 100% 85% 50% 100% 100% Sold for $600 Million 50%
Market Cap, $CDN $190 Million $1.0 Billion $370 Million $1.6 Billion $1.0 Billion n/a $4.0 Billion
Developing Canada’s Premier Copper-Gold Mine
Notes: Peer group data as per latest company documents and public files. See “Notes” in Appendix for equivalent calculations. No discount for metallurgical recovery. Market Cap taken on August 21, 2020

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RESERVE P&P (2013)
14
Source: Casino Feasibility Study. See “Notes” in Appendix.
0m 250m 500m
>0.25% CuEq
<0.25% CuEq
0.95% CuEq over 689m
Incl. 3.6% CuEq over 100m
Heap Leach: 157 Mt @ 0.29 g/t Au
Mill Ore:
Initial 4 years: 172 Mt @ 0.70% CuEq
LOM (22 years): 965 Mt @ 0.50% CuEq
▪ Heap Leach and Mill provide flexible processing options
Developing Canada’s Premier Copper-Gold Mine

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GOOD GRADE
MINERAL RESERVE GRADES IN LINE WITH PEERS:
Note: Casino data based on Casino Feasibility Study mineral reserve estimate. See “Notes” in Appendix. Peers’ data based on mineral reserve estimates disclosed in such companies’ respective corporate websites or technical reports. Mine averages, Mining Intelligence, May 2018
CASINO
PEERS
15Developing Canada’s Premier Copper-Gold Mine

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EXCELLENT CASH COSTS
COPPER COSTS Spot
Cash Cost Net of By-Product ($/lb) (2.68)
Co-Product Cash Cost (Cu) US$/lb 1.20
GOLD COSTS Spot
Cash Cost Net of By-Product ($/oz) (1,481)
Co-Product Cash Cost (Au) US$/oz 808
Note: US$1,950 Au, US$2.90 Cu, Mo US$11.00, Ag US$26,00, FX: US$:C$ 1:0.75. Source: Casino Feasibility Study. See “Notes” in Appendix.
16Developing Canada’s Premier Copper-Gold Mine

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UNPARALLELED IRR AND PAYBACK FOR A LARGE PROJECT
Project Economics at $2.90 Cu and $1,950 Au (after-tax)
NPV
@8% (C$)
$4.1 B
IRR
31.9 %
PAYBACK
(years)
1.9
17Developing Canada’s Premier Copper-Gold Mine
Note: US$1,950 Au, US$2.90 Cu, Mo US$11.00, Ag US$26,00, FX: US$:C$ 1:0.75. Source: Casino Feasibility Study. See “Notes” in Appendix.

18. TSX : WRN I NYSE AMERICAN : WRN
ECONOMIC THROUGHOUT THE COMMODITY CYCLE
Gold Price
$2500/oz
$2000/oz
$1500/oz
$1000/oz
Gold Price
$2500/oz
$2000/oz
$1500/oz
$1000/oz
Note: Based on Casino Feasibility Study. See “Notes” in Appendix. Trends: Mo: $US9.50/lb, Ag: $US18.00/oz, USD = 0.75 CAD.
$-
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
2 2.5 3 3.5 4 4.5
NPV,Billions(after-tax)
Copper Price ($US/lb)
10%
15%
20%
25%
30%
35%
40%
45%
2.0 2.5 3.0 3.5 4.0 4.5
IRR(after-tax)
Copper Price ($US/lb)
IRR above 15% through
entire recent downturn
$ 5.0B NPV at top
of last cycle prices
18Developing Canada’s Premier Copper-Gold Mine

19. ALIGNING INTERESTS

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SOCIAL LICENSE
COMMUNITY
✓ Ongoing Engagement with Local
Communities
✓ 14+ Years of Operating Responsibly in
the Yukon
SUPPORTING
✓ Selkirk Spirit Dancers
✓ Tantalus Hot Lunch Program
✓ Make-A-Wish Yukon
✓ Yukon Imagination Library
✓ Tr’ondëk Hwëch’in First Fish
Camp
FIRST NATIONS
✓ Significant and Continuing
Consultation with First Nations
✓ Co-operation Agreements Signed with
Key First Nations
✓ Biennial Moosehide
Gathering
✓ Pacific Salmon
Association
✓ More…
20Developing Canada’s Premier Copper-Gold Mine
ENVIRONMENTAL
✓ Accepting Robert E Leckie
Award
✓ Outstanding Environmental
stewardship

21. TSX : WRN I NYSE AMERICAN : WRN
CASINO ACCESS ROAD FUNDING SECURED
▪ $130 million funding
committed from
Governments for the
Casino Access Road
Canadian Prime Minister Justin Trudeau and Yukon Premier Sandy Silver
21Developing Canada’s Premier Copper-Gold Mine

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YUKON – A STORIED AND MODERN RECORD OF MINING
22Developing Canada’s Premier Copper-Gold Mine
TIER 1 JURISDICTION
✓ Mining territory in Canada
STRONG GOVERNMENT SUPPORT
✓ Funding for marketing and
access road
STRAIGHTFORWARD PERMITTING
✓ Single assessment agency
✓ Several initiatives underway to
streamline processes
ACTIVE MINING DISTRICT
✓ 3 mines in production by end of year
– Eagle, Minto, and Keno Hill mines

23. TSX : WRN I NYSE AMERICAN : WRN
KEY ASSET IN AN EMERGING NEW GOLD DISTRICT
✓ Major gold miners in area – Newmont, Agnico-Eagle, Kinross, and
others
✓ ~ 30 million ounces of gold in district*
✓ Significant exploration upside
✓ Government commitment to fund access to area
✓ 2 Projects in permitting
✓ Community and First Nation support
*Based on Company records. Coffee, Casino, Golden Saddle and Arc and Freegold Mountain deposits.
COFFEE
WHITE GOLD
CASINO
WRN
Agnico Eagle /
Kinross
Newmont
Teck
Newmont
Companies in
the District:
TRIUMPH
23Developing Canada’s Premier Copper-Gold Mine

24. CLEAR PATH FORWARD

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2020 DRILL TARGETS
25Developing Canada’s Premier Copper-Gold Mine
Ana
Casino
“B”
New Northern
Porphyry
High Grade
Gold Zone
Casino Pit
outline

26. TSX : WRN I NYSE AMERICAN : WRN
HIGH GRADE GOLD ZONE
26Developing Canada’s Premier Copper-Gold Mine
73.6 g/t Au over
1.85 m @ 69.16 m
55.1 g/t Au over
2.97 m @ 147.98 m
53.5 g/t Au over
2.45 m @ 343.55 m
Intercepts >
2 g/t gold
High Bismuth
Zones
Trend of very high
gold values
Note: See News Release dated December 19, 2019 for details on drilling program.

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NEW NORTHERN PORPHYRY
27Developing Canada’s Premier Copper-Gold Mine
2019 Northern step-out
• 9/10 holes with significant widths
of mineralization
• 7/10 holes ended in mineralization
0.38% CuEq* over
107.83 m @ 40 m
Note: See News Release dated December 19, 2019 for details on drilling program. *See Appendix for CuEq calculation.

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ANA AND CASINO B
28Developing Canada’s Premier Copper-Gold Mine
Note: See notes in Appendix

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BOARD OF DIRECTORS
Dale Corman,
B.Sc, P.Eng.
Executive Chairman
40 years experience as a senior corporate officer of publicly listed companies. Extensive expertise in mineral
exploration & development, financing, property evaluation and acquisition. Formerly Chairman & CEO of
Western Silver Corporation.
Michael Vitton,
Director
Mr. Vitton is the former Executive Managing Director, Head, US Equity Sales, Bank of Montreal Capital Markets
where he originated and placed more than USD $200 billion through public and secondary offerings and M&A
transactions across all sectors.
Klaus Zeitler,
Ph.D.
Director
Formerly Senior VP of Teck Cominco and founder and CEO of Inmet Mining Corporation. Currently Executive
Chairman of Amerigo Resources Corp., Chairman and Director of Los Andes Copper Ltd., Chairman of Rio2Limited
President and CEO of Banyan Gold Corp. Ms. Christie serves on the boards of Constantine Metal Resources Ltd
and Klondike Gold Corp. and was the President of one the Yukon's largest placer mining operations. Founding
board member of YESAB.
Tara Christie,
B.A.Sc., M.A.Sc., P.Eng
Director
Ken WIlliamson,
B.A.Sc., MBA, P.Eng
Director
Former investment banker. Mr. Williamson has served on the boards of Eicon Technology Corporation, Glamis
Gold Ltd., BioteQ Environmental Technologies Inc., Uranium One Inc., BlackRock Ventures Inc., Quadra FNX
Mining Ltd., Tahoe Resources Inc. and Goldcorp Inc.
29Developing Canada’s Premier Copper-Gold Mine

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INVESTMENT HIGHLIGHTS AND PATH FORWARD
30Developing Canada’s Premier Copper-Gold Mine
CASINO PROJECT ALREADY TICKS MANY OF THE BOXES:
✓ Significant copper and significant gold project
✓ Feasibility Study indicating robust project with great economics
✓ Exploration targets with significant potential upside
STEADY PROGRESS:
✓ 2018: Tailings alternatives study completed
✓ 2019: Infill drilling campaign completed
✓ 2020: Updated resource released
Drilling campaign initiated
UPCOMING CATALYSTS:
▪ 2020 (Q4): Drill results released
Feasibility Study update launch

31. TSX : WRN I NYSE AMERICAN : WRN
ANALYST COVERAGE
H.C. WAINWRIGHT & CO.
Heiko F. Ihle, CFA
Tel: (212) 356 - 0510
CORMARK SECURITIES
Stefan Ioannou
Tel: (416) 943-4222
ROTH CAPITAL PARTNERS
Tel: (646) 616-2786
31Developing Canada’s Premier Copper-Gold Mine

32. APPENDIX

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EAST—WEST LONGITUDINAL SECTION 6958400 N
Note: High grade zone dips off section. Based on Casino Feasibility Study. See “Notes” in Appendix.
33Developing Canada’s Premier Copper-Gold Mine

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PROJECT ECONOMICS
ECONOMICS Base Case Spot
Copper (US$/lb) 3.00 2.90
Gold (US$/oz) 1,400 1,950
Molybdenum (US$/lb) 14.00 11.00
Silver (US$/oz) 25.00 26.00
Foreign Exchange (US$:C$) 0.95 0.75
NPV @ 8% (C$ M) 2,820 6,000
IRR (100% equity) (%) 24.0 38.00
NPV @ 8% (C$ M) 1,830 4,060
IRR (100% equity) (%) 20.1 31.9
Cash Flow (Y1-Y4) (C$ M/y) 680 1020
Cash Flow (LOM) (C$ M/y) 400 650
PAYBACK (years) 3.0 1.9
Pre-TaxAfterTax
Source: Casino Feasibility Study. See “Notes” in Appendix.
34Developing Canada’s Premier Copper-Gold Mine

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Y1 to
Y4
22
YRS
Grade % CuEq 0.70 0.50
Copper
Production
(M lb/y) 245 171
(ktpa) 111 78
Gold Production (k oz/y) 399 266
Silver Production (k oz/y) 1,777 1,425
Moly Production (M lb/y) 15.3 15.5
CuEq Production (M lb/y) 516 382
AuEq Production (k oz/y) 1,179 872
Strip Ratio 0.49 0.59
Net Smelter
Return
($/t milled) 31.59 22.59
Operating cost ($/t milled) 8.52
PRODUCTION
.
0
50
100
150
200
250
300
350
400
450
500
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22
Copper(millionlbs),Gold(thousandozs)
Production Year
Copper Gold
Note: Based on Casino Feasibility Study. See “Notes” in Appendix.
35Developing Canada’s Premier Copper-Gold Mine

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FEASIBILITY STUDY – JANUARY 2013
MINE COSTS $ Millions
Mining Equipment & Mine Development 454
Concentrator (incl. related facilities) 904
Heap Leach Operation 139
Camp 70
Subtotal Mine Direct Costs 1,566
Indirect Costs 295
Subtotal Mine Direct & Indirect Costs 1,861
INFRASTRUCTURE COSTS
Power Plant 209
Access Road 99
Airstrip 24
Subtotal Infrastructure 332
Contingency 218
Owners Costs 44
GRAND TOTAL 2,456
PROJECTED CAPITAL COSTS
Note: Based on Casino Feasibility Study, see “Notes” in Appendix.
36Developing Canada’s Premier Copper-Gold Mine

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EXCELLENT CONCENTRATE QUALITY
Element Avg Value Unit
Copper 28 %
Gold 25 g/t
Silver 120 g/t
Molybdenum 0.05 %
Iron 26 %
Sulphur 36 %
Arsenic 200 g/t
Antimony 250 g/t
Mercury 1 g/t
Cadmium 40 g/t
Fluorine 100 g/t
Silica 2 %
Element Avg Value Unit
Molybdenum 57.4 %
Copper 0.39 %
Rhenium 133.5 g/t
Iron 0.8 %
Sulphur 37.9 %
Arsenic 1659 g/t
Antimony 100 g/t
Mercury <1 g/t
Cadmium 30 g/t
Fluorine ND g/t
Silicon 1.74 %
COPPER CONCENTRATE MOLYBDENUM CONCENTRATE
Note: Based on Casino Feasibility Study. See “Notes” in Appendix.
37Developing Canada’s Premier Copper-Gold Mine

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YUKON MAP

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40. TSX : WRN I NYSE AMERICAN : WRN
NEW RESOURCE
Class
Tonnes Copper Gold Moly Silver CuEq Copper Gold Moly Silver
M (%) (g/t) (%) (g/t) (%) (M lb) (M oz) (M lb) (M oz)
Measured 145.3 0.31 0.40 0.025 2.1 0.74 986 1.9 80.6 9.8
Indicated 2,028.0 0.14 0.17 0.016 1.4 0.33 6,448 10.9 731.0 90.4
M+I 2,173.3 0.16 0.18 0.017 1.4 0.36 7,434 12.7 811.6 100.2
Inferred 1,430.2 0.10 0.14 0.010 1.2 0.24 3,240 6.4 322.8 53.5
Mill Resource
Class
Tonnes Copper Gold Silver AuEq Copper Gold Silver
M (%) (g/t) (g/t) (g/t) (M lb) (M oz) (M oz)
Measured 37.2 0.05 0.45 2.8 0.48 39.3 0.5 3.3
Indicated 180.2 0.03 0.21 1.7 0.23 127.2 1.2 10.0
M+I 217.4 0.03 0.25 1.9 0.27 166.5 1.8 13.3
Inferred 31.1 0.03 0.17 1.7 0.18 17.2 0.2 1.7
Heap Leach Resource
Source: 2020 Resource. Please see notes in Appendix.
40Developing Canada’s Premier Copper-Gold Mine

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CASINO - MINERAL RESERVE AND RESOURCE ESTIMATES
RESERVE 2013
Please see notes in Appendix
TOTAL RESOURCE 2020
Class
Tonnes
Copper Gold Silver Copper Gold Silver
M
(%) (g/t) (g/t) (M lb) (M oz) (M oz)
Measured
182.4 0.25 0.41 2.2 1,025 2.4 13.1
Indicated
2,208.3 0.14 0.17 1.4 6,576 12.1 100.5
M+I
2,390.7 0.14 0.19 1.5 7,601 14.5 113.5
Inferred
1,461.3 0.10 0.14 1.2 3,258 6.6 55.2
41Developing Canada’s Premier Copper-Gold Mine

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NOTES
“2020 Resource”:
• See news release dated July 14, 2020.
• The Mineral Resources have an effective date of 3 July 2020 and the estimate was prepared using the definitions in CIM Definition Standards (10 May 2014).
• All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely.
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• Mineral Resources for leach material are based on prices of US$2.75/lb copper, US$1500/oz gold and US$18/oz silver
• Mineral Resources for mill material are based on prices of US$2.75/lb copper, US$1500/oz gold, US$18/oz silver, and US$11.00/lb moly.
• Mineral Resources are based on NSR cut-off of C$5.46/t for leach material and C$5.70/t for mill material.
• NSR value for leach material is as follows:
• NSR (C$/t) = $12.65 x copper (%) + $41.55 x gold (g/t) + $0.191 x silver (g/t), based on copper recovery of 18%, gold recovery of 66% and silver recovery of 26%.
• NSR value for hypogene sulphide mill material is:
• NSR (C$/t) = $60.18 x copper (%) + $41.01 x gold (g/t) + $214.94 x moly (%) + 0.355 x silver (g/t), based on recoveries of 92.2% copper, 66% gold, 50% silver and 78.6% moly.
• NSR value for supergene mill material is:
• NSR (C$/t) = $65.27 x recoverable copper (%) + $42.87 x gold (g/t) + $142.89 x moly (%) + 0.425 x silver (g/t), based on recoveries of 69% gold, 60% silver and 52.3% moly.
Recoverable copper = 0.94 x (total copper – soluble copper).
• Mineral Resources are reported in relation to a conceptual constraining pit shell in order to demonstrate reasonable prospects for eventual economic extraction, as required
by the definition of Mineral Resource in NI 43-101; mineralization lying outside of the pit shell is excluded from the Mineral Resource.
• AuEq and CuEq values are based on prices of US$2.75/lb copper, US$1500/oz gold, US$18/oz silver, and US$11.00/lb moly, and account for all metal recoveries and
smelting/refining charges.
42Developing Canada’s Premier Copper-Gold Mine

43. TSX : WRN I NYSE AMERICAN : WRN
NOTES
“Casino Feasibility Study”:
• Technical report entitled "Casino Project, Form 43-101 Technical Report Feasibility Study, Yukon,
Canada – Revision 1" dated January 25, 2013, a copy of which is available on the Company's website at www.westerncopperandgold.com.
• Prepared by Conrad E. Huss, P. E., Thomas L. Drielick, P.E., Jeff Austin, P. Eng., Gary Giroux, P. Eng., Scott Casselman, P.Geo. Graham Greenaway, P. Eng., Michael G.
Hester, FAus IMM, and Jesse Duke, P. Geo.;
each of whom is a qualified person pursuant to National Instrument 43-101 ("Qualified Person")
• Mineral Resource Cut-off grades:
• Supergene & Hypogene Zones at CuEq cut-off 0.25%
• Leached Cap / Oxide Zones at Cut-off Au 0.25 g/t
• No discount for metallurgical recovery in contained metal figures
• "Long Term Metal Prices" were based on typical analyst projections of long term metal prices and $CAN:$US exchange rates when the feasibility study was issued.
• Capital and operating cost projections based on a foreign exchange rate of C$1.00 = US$1.00
“Canadian Creek Summary Report”:
• Technical report entitled "Summary report on the Canadian creek property – Whitehorse mining district, Yukon territory" dated May 4, 2017, a copy of which is
available on the Company's website at www.westerncopperandgold.com.
• Prepared by R.J. (Bob) Johnston, P. Geo
Other technical information in this presentation is based on the following key assumptions:
• Copper equivalent calculations in this presentation are based on: US$2.00/lb copper; US$875/oz gold; US$11.25/lb molybdenum; and US$11.25/oz silver, US$0.85/lb
zinc, US$4.00/lb antimony, US$0.80/lb lead.
• Technical information regarding the Casino Project contained in this presentation is based on the Casino Feasibility Study prepared by or under the supervision of the
Qualified Persons noted above.
• Economic results using "Spot Prices" are derived by adjusting the Casino Feasibility Study financial model (Feasibility Study Table 22-5) for commodity prices and
foreign exchange rates representative of current conditions only. There has been no change to mineral resource or mineral reserve estimates or the capital cost
contained in the Feasibility Study. The capital cost has not been adjusted for changes in Canadian to US exchange rate.
43Developing Canada’s Premier Copper-Gold Mine

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