Western Copper And Gold Announces Exercise Of Participation Right In Full By Rio Tinto

29 April 2024

Western Copper and Gold Corporation announces that, in connection with the Company's offering of common shares for gross proceeds of approximately $40 million announced on April 16, 2024 (the "Offering"), Rio Tinto Canada Inc. ("Rio Tinto") has notified the Company that it will exercise its participation right in full, allowing Rio Tinto to maintain its interest of approximately 9.7%.

Rio Tinto will subscribe for 2,269,470 common shares of the Company at a price of $1.90 per share for proceeds of $4,311,993 (the "Rio Tinto Subscription"). In the event that the over-allotment option (the "Option") granted to the underwriters in connection with the Offering is exercised in full, Rio Tinto will subscribe for an additional 340,420 common shares for additional proceeds of $646,798.

The Rio Tinto Subscription is expected to be completed on or about May 6, 2024 and is subject to the Company receiving approvals from the Toronto Stock Exchange and the NYSE American LLC.