VANCOUVER, B.C. Western Copper and Gold Corporation (“Western” or the “Company”) (TSX: WRN; NYSE American: WRN) announces it has completed its previously announced C$21.3 million strategic equity investment by Mitsubishi Materials Corporation (“Mitsubishi Materials”) to further advance the Company’s copper-gold Casino Project in the Yukon.

Mitsubishi Materials acquired 8,091,390 common shares of the Company (the “Shares”) at a price of C$2.63 per Share for proceeds of approximately C$21.3 million, resulting in Mitsubishi Materials owning approximately 5.0% of Western’s issued and outstanding Shares, on an undiluted basis (following completion of the Rio Tinto subscription).

As previously announced, Rio Tinto Canada Inc. (“Rio Tinto”) will subscribe for 878,809 Shares at a price of C$2.63 per Share for proceeds of approximately C$2.3 million, allowing Rio Tinto to maintain its interest of approximately 7.84%. The Rio Tinto subscription is expected to be completed on or before May 1, 2023.

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”