Mr. Sandeep Singh reports

WESTERN COPPER AND GOLD ANNOUNCES EXERCISE OF PARTICIPATION RIGHT IN FULL BY RIO TINTO

In connection with the company's offering of common shares for gross proceeds of approximately $40-million announced on April 16, 2024, Rio Tinto Canada Inc. has notified Western Copper and Gold Corp. that it will exercise its participation right in full, allowing Rio Tinto to maintain its interest of approximately 9.7 per cent.

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. In the event that the overallotment 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.

About Western Copper and Gold Corp.

Western Copper and Gold is developing the Casino project, Canada's premier copper-gold mine in Yukon and one of the most economic greenfield copper-gold mining projects in the world.

The company is committed to working collaboratively with its first nation and local communities to progress the Casino project using internationally recognized responsible mining technologies and practices.

We seek Safe Harbor.