Western Copper and Gold Corporation (TSX: WRN) (NYSE American: WRN) is pleased to announce that it has completed the brokered private placement previously announced on July 6, 2021 of common shares of the Company that qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) RBC Capital Markets and Cormark Securities Inc., as lead agents, together with H.C. Wainwright & Co. LLC and Roth Capital Partners, acted as agents in connection with the Offering.

The Company issued an aggregate of 2,670,000 FT Shares at a price of $3.00 per FT Share for aggregate gross proceeds of $8,010,000.

In connection with the Offering, the Agents were paid a cash fee equal to 6% of the aggregate gross proceeds from the sale of the FT Shares.

The gross proceeds from the sale of the FT Shares will be used to incur expenditures which qualify as “Canadian exploration expenses” and “flow-through mining expenditures” as those terms are defined in the Income Tax Act (Canada) related to the Company’s Casino Project in the Yukon Territory. The Company will renounce the Qualifying Expenditures to subscribers with an effective date of no later than December 31, 2021.

The FT Shares are subject to a statutory hold period expiring on November 30, 2021 in accordance with applicable securities legislation.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable securities laws or an exemption from such registration is available.

ABOUT WESTERN COPPER AND GOLD CORPORATION

Western Copper and Gold Corporation is developing the Casino Project, expected to become Canada’s premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world.