Western Copper and Gold announces extension of Rio Tinto’s Rights

Nov 23, 2022

VANCOUVER, B.C. Western Copper and Gold Corporation (“Western” or the “Company”) (TSX: WRN; NYSE American: WRN) announces that Rio Tinto Canada Inc. (“Rio Tinto”) has exercised its right to extend certain rights under the investor rights agreement (the “Agreement”) between the Company and Rio Tinto dated May 28, 2021.

By exercising of the extension rights, Rio Tinto continues to have the right to appoint:

• one member to a Casino Project Technical Committee until the earlier of: (a) Rio Tinto’s ownership falling below 5.0%; and (b) November 28, 2023.
• one non-voting observer to attend all meetings of the board of directors of the Company until the earlier of (a) Rio Tinto’s ownership falling below 5.0%; (b) November 28, 2023; and (c) such time as Rio Tinto may appoint a director.
• one director of the Company, if Rio Tinto’s ownership increases to at least 12.5% before November 28, 2023.
• up to three secondees to the Casino Project until the earlier of: (a) Rio Tinto’s ownership falling below 5.0%; and (b) November 28, 2023.

Additionally, Rio Tinto’s rights regarding access to information about the Casino Project and review of technical disclosure are also extended.

“We are pleased that Rio Tinto has elected to extend its rights as an investor in the Company,” said Paul West-Sells, President and CEO. “We look forward to extending our great working relationship with Rio Tinto as they continue to work to assess the Casino Project.”

“We are pleased to continue our evaluation of the Casino Project”, said Bold Baatar, Chief Executive, Copper, Rio Tinto.

A copy of the Agreement can be found on SEDAR (www.sedar.com) under the Company’s profile.

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, please contact:

Sandy Noyes

Director, Investor Relations

604.638.2520 or snoyes@westerncopperandgold.com

NT4