WESTERN COPPER AND GOLD ANNOUNCES COMPLETION OF FURTHER INVESTMENT AND ENTRY INTO A NEW INVESTOR RIGHTS AGREEMENT WITH RIO TINTO - Western Copper Corp

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$6 million further investment by Rio Tinto Canada Inc. ("Rio Tinto"), to continue to advance the Company's Casino Project in the Yukon.

Rio Tinto acquired 3,468,208 common shares at a price of C$1.73 per share for aggregate gross proceeds of approximately C$6 million, resulting in Rio Tinto's ownership increasing to approximately 9.7% of Western's outstanding common shares.

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. 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 [e-mail]

.

(C) 2023 M2 COMMUNICATIONS, source M2 PressWIRE