Western Copper and Gold : January 2023 Technical Presentation

TSX WRN

NYSE AMERICAN WRN

DEVELOPING

CANADA'S PREMIER

COPPER-GOLD MINE

Technical Presentation January 2023

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 | NYSE AMERICAN | WRN 2

CORPORATE OVERVIEW

TRADING	Toronto Stock Exchange,	WRN
	NYSE American
CASH	Cash & Short-Term	C$29.2 M
POSITION	Investments
Sept 30, 2022	Short/Long Term Debt	$Nil
SHARE	Share Price	C$2.50
STRUCTURE
January 20, 2023
Market Cap	C$380 M
	Issued and Outstanding	151,597,489
	(Basic)
	Warrants	1,500,000
	Fully Diluted	162,046,348

TOP	Rio Tinto Canada	7.8%
SHAREHOLDERS
January 2023
Fidelity Management &	5.3%
	Research Co. LLC
	Board and Senior	4.6%
	Management
	Franklin Advisers, Inc.	3.1%
	Claret Asset Management	2.4%
	Corp.
	Kopernik Global Investors,	2.4%
	LLC
ROYALTY
(Osisko Gold	Net Smelter Return (NSR)	2.75%
Royalties)

TSX | NYSE AMERICAN | WRN 3

KEY MANAGEMENT TEAM WITH SUCCESSFUL TRACK RECORD

Ken Williamson,

B.A.Sc., MBA, P.Eng

Director & Interim Chairman

Varun Prasad,

CPA, CGA

CFO

Former investment banker with a focus on capital markets and mergers

and acquisitions. Extensive board experience.

Professional Accountant with extensive experience in financial reporting and regulatory matters and increasingly senior roles with WRN since 2011.

Paul West-Sells,

PhD

President & CEO

Cameron Brown,

P.Eng

VP Engineering

Metallurgical Engineer with significant management and metallurgical experience in increasingly senior roles with BHP, Placer Dome and Barrick.

Formerly Project Manager for Bechtel Engineering and Western Silver Corporation.

Ken Engquist,

B.Sc.

COO

Shena Shaw

VP, Environmental & Community Affairs

30 years leadership and development experience overseeing the de-risking and advancement of numerous mining projects from early-stage exploration through start-up and operation.

Extensive experience

in environmental consulting with a focus on responsible development of resource extraction through the environmental assessment and Indigenous engagement processes.

TSX | NYSE AMERICAN | WRN 4

BOARD OF DIRECTORS

Ken Williamson,

B.A.Sc., MBA, P.Eng

Director & Interim Chairman

Former investment banker. Mr. Williamson has served on the boards of Eicon Technology Corporation, Glamis Gold Ltd., BioteQ Environmental Technologies Inc., Uranium One Inc., BlackRock Ventures Inc., Quadra FNX Mining Ltd., Tahoe Resources Inc. and Goldcorp Inc.

Tara Christie,

B.A.Sc., M.A.Sc., P.Eng

Director

Bill Williams,

Ph.D., CPG

Director

President and CEO of Banyan Gold Corp. Ms. Christie serves on the boards of Constantine Metal Resources Ltd and Klondike Gold Corp. and was the President of one of the Yukon's largest placer mining operations.

Founding board member of YESAB.

Economic geologist with expertise in company/project (e)valuations, M&A analyses, risk analysis, project management, and permitting strategies. Mr. Williams has served on the boards of Detour Gold Corporation, Zinc One Resources Inc. and Orvana Minerals Corp.

Michael Vitton,

Director

Klaus Zeitler,

Ph.D.,

Director

Mr. Vitton is the former Executive Managing Director, Head, US Equity Sales, Bank of Montreal Capital Markets where he originated and placed more than USD $200 billion through public and secondary offerings and M&A transactions across all sectors.

Formerly Senior VP of Teck Cominco and founder and CEO of Inmet Mining Corporation. Currently Executive Chairman of Amerigo Resources Corp., Chairman and Director of Los Andes Copper Ltd., Chairman of Rio2Limited.

TSX | NYSE AMERICAN | WRN 5