Western Copper and Gold Corporation announced results from a metallurgical program (the Metallurgical Program) and a drill program (the Drill Program) executed in 2022 for its wholly owned Casino Copper-Gold Project (Casino). The Metallurgical and Drill Programs were developed in collaboration with Rio Tinto as outlined in the Investor Rights Agreement and Subscription Agreement entered as part of an investment by Rio Tinto Canada in Western. Results from the Programs were reviewed by a joint team consisting of Rio Tinto and Western personnel and consultants.

Metallurgical Program: Test work consisted of detailed mineralogy, heap leach testing, comminution testing, flotation testing and detailed analysis of flotation concentrates. Sample selection and composite sample generation followed the expected mining plan, as outlined in the 2022 feasibility study. Heap leach test work within the Metallurgical Program was completed at SGS Mineral Services of Burnaby, B.C., while all other test work was completed at ALS Metallurgy of Kamloops, B.C. The Metallurgical Program primarily used drill core composites of material representing both potential mill and heap leach feed taken from the 2021 diamond drilling program.

Seven drill holes were used to create 21 metallurgical composites for testing. These holes intersected all significant lithologic zones of the Casino deposit, ranging from a copper depleted leached cap (CAP) zone near surface, through a supergene zone (SUP) of low to moderate copper mineral oxidation and secondary sulphide mineralization, to unweathered hypogene ("HYP") material at depth. Gold recovery by heap leaching is planned from the oxidized, upper zones of the Casino Deposit.

This near surface material is typically depleted in copper and has retained the gold values originally contained in the deposit. Column leaching of crushed samples was used to determine an expected gold recovery and to obtain key metallurgical parameters related to heap leaching. Crusher Work Index and Bond Abrasion Test Results: Crusher Work Index testing was completed to better understand the crushing energy requirements of preparing heap leach feed.

The crusher work indices covered a wide range, from 3.7 to 12.0 kWh/t with an average value of 8.5 kWh/t and fell in the very soft to moderately hard range of hardness. The bond abrasion indices also varied widely from 0.027 to 0.417 g with an average value of 0.247 g and fell in the very mild to moderately abrasive range of abrasiveness. Column Test Results: Column testing was carried out in 20-foot high by 4-inch diameter PVC columns irrigated at 10 L/h/m2 with a solution containing 1.0 g/L NaCN and 300 mg/L Cu to approximate the buildup of copper in the expected operating circuit, at a pH between 11 and 11.5 for 96 days.

The samples were crushed to 100% passing ¾ inch which is consistent with the design criteria from the Feasibility Study. Drill Program: The Drill Program included a diamond drill hole (DDH22-01) targeting a deep-seated magnetotelluric (MT) geophysical anomaly indicating potential for a conical mineralized zone directly southeast of the Casino Deposit core zone. Additionally, 23 short diamond drill holes totaling 853.71 m, and 9 combined sonic/diamond drill holes totaling 364.43 m, were completed on various targets for geotechnical and water-monitoring purposes.

The program also included 34,387 m of drill core scanning utilizing the GeologicAI scanning device built by Enersoft Inc. DDH22-01 was collared along the Casino deposit's southeastern limit (UTM NAD 83, Zone 7V coordinates: 611160E, 6958125N, elev. 1,236 m) and drilled at an azimuth of 170° and dip of -80° to a depth of 1,008 m. Downhole measurements were made at regular intervals to verify that the hole was on target and successfully intersected the projected MT feature. The top of the anomaly was encountered at approximately 800 m total depth.

The lithology of the entire drill hole was dominated by Dawson Range granodioritic intrusive rocks, crosscut by only a few dykes, interpreted as members of the younger Patton Porphyry intrusion. Intrusive Breccias, the principal host rock of the Casino deposit, were not intersected. Phyllic and argillic alteration was logged at shallow depths along the deposit margin, and propylitic alteration dominated within and directly overlying the anomaly.

Elevated copper, gold, and silver values were exclusively hosted by thin pyritiferous structural zones throughout the drill hole. The top of the sulphide zone was encountered at approximately 100 m depth; the percentage of sulphides decreased with depth, apart from those hosted by the thin structures.