News

Mitsubishi Materials Corporation ("MMC") entered into a share subscription agreement with Western Copper and Gold Corporation ("WRN") to acquire approximately 5% of the outstanding shares of WRN (Headquarters: Vancouver, Canada, CEO: Paul West-Sells) for approximately C$21 million through a private placement.

WRN owns 100% of the Casino Project (the "Project"), a copper-gold-molybdenum porphyry deposit located in northwestern Canada in the Yukon Territory. The Project has released an updated Feasibility Study ("FS") in June 2022 following its FS in 2013 and Preliminary Economic Assessment in 2021. Production is scheduled to begin in 2030 and is expected to produce approximately 1.92 million tonnes of copper and 276 tonnes of gold over a 27-year mine life. The concentrate produced is expected to be a stable supply of clean concentrate with few impurities. Through this strategic investment, MMC will establish a Technical and Sustainability Committee with WRN and will work to further advance the Project.

One of the long-term strategies in the Medium-term Management Strategy of the Resources Business from fiscal 2024 to 2031 is "Acquisition of copper mining interests and securing copper concentrates through continuous investment in mines." By steadily advancing the Project, we will advance the initiatives to realize this goal.

Based on our corporate philosophy of "For People, Society and the Earth," our group will continue to contribute to the creation of a prosperous and sustainable society by providing non-ferrous metal materials and high value-added products.

Location and Geography: Northwestern Yukon Territory, Canada (Elevation 1,675m)

<Appendix>

Overview of WRN

Company Name:

Western Copper and Gold Corporation

Head Office:

Vancouver, British Columbia, Canada

Year Established:

2006

CEO:

Paul West-Sells

Listing:

Toronto Stock Exchange (TSX) and NYSE American

Overview of Casino Project

Property Holder:

Casino Mining Corporation (100% owned by WRN)

Mining Method:

Open Pit

Initial CAPEX:

C$3.617 Billion

Expected Start of Production:

2030

Total Metal Production:

1.94 million tonnes Cu, 216 tonnes Au

Mine Life:

27 years