Western Copper and Gold : January 2023 Presentation

TSX WRN

NYSE AMERICAN WRN

DEVELOPING

CANADA'S PREMIER

COPPER-GOLD MINE

Corporate Presentation January 2023

FORWARD LOOKING STATEMENTS

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.

TSX | NYSE AMERICAN | WRN 2

CORPORATE OVERVIEW

	TRADING	Toronto Stock Exchange,	WRN		TOP	Rio Tinto Canada	7.8%
		NYSE American		SHAREHOLDERS
					January 2023
	CASH	Cash & Short-Term	C$29.2 M		Fidelity Management &	5.3%
	POSITION	Investments			Research Co. LLC
	Sept 30, 2022
	Short/Long Term Debt	$Nil			Board and Senior	4.6%
						Management
	SHARE	Share Price	C$2.50
			Franklin Advisers, Inc.	3.1%
	STRUCTURE
	January 20, 2023
	Market Cap	C$380 M
				Claret Asset Management	2.4%
						Corp.
		Issued and Outstanding	151,597,489
				Kopernik Global Investors,
		(Basic)			2.4%
						LLC
		Warrants	1,500,000
			ROYALTY
					(Osisko Gold	Net Smelter Return (NSR)	2.75%
		Fully Diluted
		162,046,348		Royalties)

TSX | NYSE AMERICAN | WRN 3

WRN & CASINO COPPER-GOLDPROJECT

CLEAR INVESTMENT THESIS

• One of the largest copper-gold projects in Canada
• Located in the Yukon - emerging mining district
• New Feasibility Study shows robust economics and long life
• Strategic investment from Rio Tinto strengthens credibility
• Strong copper market

CONTINUING TO ADD VALUE

• Significant resource expansion in 2020
• PEA released in 2021
• Feasibility Study released in 2022
• Permitting work progressing

TSX | NYSE AMERICAN | WRN 4

RIO TINTO STRATEGIC INVESTMENT

RIGHTS EXTENDED UNTIL NOVEMBER 2023

C$25.6M	&	RIO TINTO OWNERSHIP
~ 8.0%
STRATEGIC	OF WESTERN'S
INVESTMENT		OUTSTANDING
		COMMON SHARES

KEY RIGHTS - RIO HAS THE RIGHT TO APPOINT*

A member to Casino Copper-Gold Technical Committee

A non-voting observer to attend all meetings of the board

One director of the Company, if Rio Tinto's ownership increases to at least 12.5%

Three secondees to the Casino Copper-Gold Project

Rights commenced May 17, 2021; extended on Nov 23, 2022; and will expire on Nov 28, 2023

*Note: See further detail in press release dated May 17, 2021 and Nov 23, 2022, filed on www.SEDAR.com

TSX | NYSE AMERICAN | WRN 5