Notes: The Mineral Reserve estimate has an effective date of June 13, 2022 and was prepared using the CIM Definition Standards (10 May 2014).Columns may not sum exactly due to rounding.Mineral Reserves are based on commodity prices of US$3.25/lb Cu, US$1550/oz Au, US$12.00/lb Mo, and US$22.00/oz Ag.Mineral Reserves amenable to milling are based on NSR cutoffs that vary by time period to balance mine and plant production capacities. They range from a low of $6.11/t to a high of $25.00/t. NSR value for supergene (SOX and SUS) mill material is NSR (C$/t) = $73.63 x recoverable copper (%) + $40.41 x gold (g/t) + $142.11 x moly (%) + 0.464 x silver (g/t), based on recoveries of 69% gold, 52.3% molybdenum and 60% silver. Recoverable copper = 0.94 x (total copper – soluble copper). NSR value for hypogene (HYP) mill material is NSR (C$/t) = $67.88 x copper (%) + $38.66 x gold (g/t) + $213.78 x moly (%) + $0.386 x silver (g/t), based on recoveries of 92.2% copper, 66% gold, 78.6% molybdenum and 50% silver.Mineral Reserves amenable to heap leaching are based on an NSR cutoff of $6.61/t.NSR value for leach material is NSR (C$/t) = $14.05 x copper (%) + $47.44 x gold (g/t) + $0.210 x silver (g/t), based on recoveries of 18% copper, 80% gold and 26% silver. AuEq and CuEq values are based on prices of US$ 3.25/lb Cu, US$ 1550/oz Au, US$ 12.00/lb Mo, and US$ 22.00/oz Ag, and account for all metal recoveries and smelting/refining charges.The NSR calculations also account for smelter/refinery treatment charges and payables. INFRASTRUCTURE A new 132-km all-weather access road will be developed, extending from the end of the existing Freegold Road and generally following the alignment of the existing “Casino Trail” to the mine site. The Study assumed that concentrates will be transported, stored and loaded on ships via upgraded facilities provided by the Port of Skagway, Alaska. The Project operating cost estimate includes the anticipated concentrate handling service charges based on use of the upgraded facilities. ENVIRONMENT, FIRST NATIONS AND COMMUNITY ENGAGEMENT The Project is located within the traditional territory of Selkirk First Nation. Aspects of the Project impact the traditional territories of the Little Salmon/Carmacks First Nation, Tr’ondëk Hwëch’in, Kluane First Nation and White River First Nation. The nearest communities are Pelly Crossing and the Village of Carmacks. Western is committed to developing and operating the Project in a safe, ethical and socially responsible manner. Western has been consulting extensively on the Project since 2008, and First Nations and their technical advisors have participated directly in the refinement of the tailings and mine waste strategy at the Project, as reflected in the design presented in the Study. Since 2006, Western has worked with over 50 different Yukon and First Nations joint venture companies during the development of the project. Western is active in the local community, with longstanding support and sponsorship of many local organizations and charities. LOOKING FORWARD Building on over ten years of baseline and analysis, the Company has assembled a team of best-in-class technical experts to design and lead the Environmental Assessment through the Yukon Environmental and Socio-economic Assessment Board (“YESAB”) panel process. Western continues to collaborate with First Nations and communities on valued environmental and socio-economic components and project design. As the Project is further refined, Western will continue to seek feedback from and partnerships with local First Nations and communities and is committed to developing the Project with First Nations’ and local community input. CONFERENCE CALL Western will hold a conference call on Tuesday, June 28, 2022 at 8 am Pacific Time (11 am Eastern Time) to discuss the Study. Telephone access: Vancouver local and International 1-604-638-5340 Toll Free North America:1-800-319-4610 An archived recording of the conference call will be available by dialing 1-604-638-9010 or 1-800-319-6413 within North America, passcode is 7194. The call will be archived on the Company’s website www.westerncopperandgold.com. TECHNICAL REPORT & QUALIFIED PERSONS M3 Engineering & Technology Corporation (“M3”), a full-service Engineering, Procurement, Construction & Management firm, is recognized for its experience in copper processing and capabilities in the development and construction of mines and mineral processing plants. A technical report prepared in accordance to National Instrument 43-101 (“NI 43-101”) by the following Qualified Persons will be posted on the Company’s website (www.westerncopperandgold.com) as well as on SEDAR (www.sedar.com), and on EDGAR within 45 days: Daniel Roth, P.Eng., of M3 – Project infrastructure, capital costs, and economic analysis.Laurie Tahija, MMSA-QP, of M3 – Metallurgy, recovery methods, and process operating costs.Patrick Dugan, P.E., of M3 – Power plant and associated infrastructure.Michael G. Hester, F Aus IMM, of Independent Mining Consultants – Mineral Resources.John Marek, P.Eng., of Independent Mining Consultants – Mineral Reserves, mining methods and mining costs.Carl Schulze, P.Geo., of Aurora Geosciences – History, geology, exploration, drilling, sampling, and data verification.Daniel Friedman, P.Eng., of Knight Piésold Ltd. – Tailings and heap leach facilities.Scott Weston, P.Geo., of Hemmera – Environmental. The Qualified Persons have reviewed and approved the scientific, technical, and economic information contained in this news release. Readers are encouraged to read the technical report in its entirety, including all qualifications, assumptions and exclusions that relate to the details summarized in this news release. The technical report is intended to be read as a whole, and sections should not be read or relied upon out of context. ABOUT WESTERN COPPER AND GOLD CORPORATION Western Copper and Gold Corporation is developing the Casino Project, Canada’s premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world. The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino project, using internationally recognized responsible mining technologies and practices. For more information, visit www.westerncopperandgold.com. On behalf of the board, “Paul West-Sells” Dr. Paul West-Sells President and CEO Western Copper and Gold Corporation For more information, visit www.westerncopperandgold.com or please contact: Sandy Noyes, Director, Investor Relations 604.638.2520 or snoyes@westerncopperandgold.com Cautionary Disclaimer Regarding Forward-Looking Statements and Information This news release contains certain forward-looking statements concerning anticipated developments in Western’s operations in future periods. Statements 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 (“NI 51-102”) of the Canadian Securities Administrators (collectively, “forward-looking statements”). Certain forward-looking information should also be considered future-oriented financial information (“FOFI”) that term is defined in NI 51-102. The purpose of disclosing FOFI is to provide a general overview of management’s expectations regarding the anticipated results of operations and capital expenditures and readers are cautioned that FOFI may not be appropriate for other purposes. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible” and similar expressions, or statements that events, conditions or results “will”, “may”, “could” or “should” occur or be achieved. These forward-looking statements may include, but are not limited to, statements regarding: mineral resource and reserve estimation; mine plan and operations; internal rate of return; sensitivities; net present value; potential recoveries; design parameters; economic potential; processing mineralized material; the potential of robust economics at Casino; advancing the Project through additional engineering and towards the next step in permitting and submission of an environmental and socio-economic effects statement; key changes to the TMF design; increases to the gold recovery in the heap leach; potential economic returns from the Project; estimated initial capital investment costs; estimated operating costs; estimated mining costs; development of the airstrip and all weather access road; anticipated concentrate handling service charges; developing and operating the Project in a safe, ethical and socially-responsible manner; plans for further development and securing the required permits and licenses for further studies to consider operation; market price of precious and base metals; or other statements that are not statement of fact. The material factors or assumptions used to develop forward-looking statements include prevailing and projected market prices and foreign exchange rates, exploration estimates and results, continued availability of capital and financing, 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 and as more specifically disclosed throughout this document, and in the AIF and Form 40-F. Forward-looking statements are statements about the future and are inherently uncertain, and actual results, performance or achievements of Western and its subsidiaries may differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements due to a variety of risks, uncertainties and other factors. Such risks and other factors include, among others, risks involved in fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; risks related to joint venture operations; risks related to cooperation of government agencies and First Nations in the development of the property and the issuance of required permits; risks related to the need to obtain additional financing to develop the property and uncertainty as to the availability and terms of future financing; the possibility of delay in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in Western’s AIF and Form 40-F, and other information released by Western and filed with the applicable regulatory agencies. Western’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and Western does not assume, and 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 otherwise required by applicable securities legislation. For the reasons set forth above, investors should not place undue reliance on forward-looking statements. |