Western Copper and Gold : December 2020 Presentation

DECEMBER 2020

TSX : WRN I NYSE AMERICAN : WRN

FORWARD LOOKING STATEMENTS

The information provided in this presentation is not intended to be a comprehensive review of all matters and developments concerning Western Copper and Gold Corporation and its subsidiaries (collectively, the "Company"). This document should be read in conjunction with all other disclosure documents of the Company. No securities commission or regulatory authority has reviewed the accuracy or adequacy of the information presented herein.

Statements contained in this presentation that are not historical fact are "forward-looking statements" as that term is defined in the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" as that term is defined in National Instrument 51-102 of the Canadian Securities Administrators (collectively, "forward-looking statements"). Forward-looking statements in this presentation include, without limitation, statements regarding mineral reserve and resource estimates, planned exploration and development activities, corporate objectives, the economic prospects of the Company's projects, the Company's future plans or future revenues, and timing of development, or potential expansion or improvements. Such forward-looking statements are based on certain assumptions that the Company believes are reasonable, including, without limitation, with respect to any mineral reserve or resource estimate, the key assumptions and parameters on which such estimates are based, prevailing and projected market prices and foreign exchange rates, projected capital and operating costs, continued availability of capital and financing, availability of equipment and personnel required for construction and operations, the Company not experiencing unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays, and general economic, market or business conditions. Forward-looking statements are subject to known and unknown risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, the Company's ability to raise sufficient capital to fund development; changes in general economic conditions or financial markets, changes in prices for the Company's mineral products or increases in input costs; uncertainties relating to interpretation of drill results and the geological continuity and grade of mineral deposits; that mineral resources and reserves are not as estimated; risks related to cooperation of government agencies and First Nations in the exploration and development of the property; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments in Canada; technological and operational difficulties or inability to obtain permits encountered in connection with exploration and development activities; labor relations matters, and changing foreign exchange rates, all of which are described more fully in the Company's filings with the applicable regulatory agencies. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.

Cautionary Note to U.S. Readers/Investors:The United States Securities and Exchange Commission (the "SEC") permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce.

We use certain terms in this presentation, such as "measured", "indicated", and "inferred" "resources", that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and their economic and legal feasibility. It cannot be assumed that all or part of an inferred mineral resource will ever be upgraded to a higher category. Readers are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. U.S. investors are urged to consider closely the disclosure in the Company's Form 40-F, which may be obtained from the Company or from the SEC's website at www.sec.gov/edgar.shtml.

TSX : WRN I NYSE AMERICAN : WRN	Developing Canada's Premier Copper-Gold Mine	2

CLEAN AND TIGHTLY-HELD OWNERSHIP STRUCTURE

TRADING	Toronto Stock Exchange	TSX: WRN
	NYSE American Stock Exchange	NYSE American: WRN
CASH POSITION*	Cash & Short Term Investments	C$ 31.7 million
	*includes proceeds from November 2020 financing
September 30, 2020 (*pro-forma)	Short/Long Term Debt	$Nil
SHARE STRUCTURE	Share Price	C$ 1.58
November 27, 2020	Market Cap	C$ 227M
	Common Shares	135,597,635
	Options	7,075,000
	Warrants	1,500,000
	Fully Diluted	144,172,635
COMMON SHARES	Management & Board	12%
July, 2020 (*estimate)	Private HNW Investors*	48%
	Institutional Investors	10%
	Other	30%
ROYALTY (OSISKO GOLD ROYALTIES)	Net Smelter Return (NSR)	2.75%

TSX : WRN I NYSE AMERICAN : WRN	Developing Canada's Premier Copper-Gold Mine	3

WRN AND THE CASINO DEPOSIT

ALASKA YUKON

CASINO

PROJECT

Whitehorse

Skagway

B.C

Vancouver

TSX : WRN I NYSE AMERICAN : WRN

SIGNIFICANT COPPER-GOLD PROJECT

• One of the largest copper-gold projects in Canada
• New increased resource
• Straightforward project - open pit, standard flowsheet

LOCATED IN THE RIGHT PLACE

• Yukon, Canada - a new emerging mining district
• Straightforward permitting process

CONTINUING TO ADD VALUE

• History of derisking and value creation
• Drilling recently completed on new gold zone, new copper-gold porphyry and recent acquisition
• Feasibility Study update launch planned for 2020-Q4

Developing Canada's Premier Copper-Gold Mine

4