Western Copper & Gold Corp

Highlights and Recent Developments

• Mitsubishi Materials Share Purchases Completed: Further to the Company's news release dated June 15, 2026, Mitsubishi Materials Corporation has completed its acquisition of 1.2 million common shares of the Company through non-dilutive open market purchases, satisfying the conditions for the extension of the amended and restated investor rights agreement. Mitsubishi Materials' ownership in Western has returned to approximately 5%.

• YESAB Sufficiency Responses Submitted: On July 15, 2026, the Company submitted its responses to the supplementary information and clarification requests received from the Executive Committee of the Yukon Environmental and Socio-economic Assessment Board ("YESAB"). The responses add to the substantial body of technical work that is the foundation for YESAB's review of the Project. Upon a determination of sufficiency, the Executive Committee will establish the Panel and set its terms of reference.

• Yukon-B.C. Grid Connect Named a Federal Priority: On June 26, 2026, the Honourable Tim Hodgson, Minister of Energy and Natural Resources, announced that the federal government will prioritize financial and regulatory support for five transmission projects across Canada, including the Yukon-B.C. Grid Connect. The announcement builds on Canada's National Electricity Strategy, launched by Prime Minister Mark Carney on May 14, 2026, which aims to double the capacity of Canada's grid by 2050.

"We are advancing diligently through the YESAB process, and our team is committed to the highest levels of technical analysis and engagement as we move forward," said Sandeep Singh, President & CEO of Western. "In parallel, the backdrop for our project, and our company, continues to strengthen. Whether it is through ongoing support from partners such as Mitsubishi Materials, or the building momentum around long term energy alternatives in the Yukon, there is growing realization that the Casino project can be a key driver of sustainable, long term, shared benefits in the Yukon and in Canada."