WESTERN COPPER AND GOLD ANNOUNCES COMPLETION OF C$25.6 MILLION STRATEGIC INVESTMENT BY RIO TINTO

May 31, 2021 - News Release

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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$25.6 million strategic investment by Rio Tinto Canada Inc. (“Rio Tinto”), to advance the Company’s copper-gold Casino Project in the Yukon.

Rio Tinto acquired 11,808,490 common shares at a price of C$2.17 per share for aggregate gross proceeds of approximately C$25.6 million, resulting in Rio Tinto owning approximately 8.0% of Western’s outstanding shares.

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. 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

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