Western Copper and Gold Corporation (TSX: WRN) (NYSE American: WRN) is pleased to report that it has completed the non-brokered private placement previously announced on May 11, 2020 wherein the Company issued 4,000,000 flow-through common shares (the “FT Shares”) at a price of C$1.12 per FT Share to raise aggregate gross proceeds of C$4,480,000.

The gross proceeds received from the sale of the FT Shares will be used solely to incur “Canadian exploration expenses” as defined in subsection 66.1(6) of the Income Tax Act (Canada) on the Company’s directly and indirectly held mineral properties at the Casino Project in the Yukon Territory, and renounced to subscribers effective December 31, 2020. Such Canadian exploration expenses will also qualify as “flow-through mining expenditures” as defined in subsection 127(9) of the Income Tax Act (Canada).

The FT Shares are subject to a hold period and may not be traded until October 2, 2020 except as permitted by applicable securities legislation and the rules and policies of the Toronto Stock Exchange.

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, Canada’s premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world.