Western Copper and Gold Corporation (WRN): Analyse du pilon [Jan-2025 MISE À JOUR]

Dans le terrain accidenté du Yukon, Western Copper and Gold Corporation (WRN) se tient à l'intersection de l'innovation, de la durabilité et de l'extraction des minéraux stratégiques. Cette analyse complète du pilon dévoile le paysage complexe de défis et d'opportunités qui façonnent les entreprises minières ambitieuses de l'entreprise, explorant comment les facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux s'entrelacent pour définir le potentiel de WRN pour l'impact transformateur dans le secteur des minéraux critiques.

Western Copper and Gold Corporation (WRN) - Analyse du pilon: facteurs politiques

Les réglementations canadiennes sur les mines ont un impact sur le développement du projet au Yukon

En 2024, le projet de casino à Yukon nécessite la conformité à plusieurs cadres réglementaires:

Corps réglementaire	Exigence spécifique	Statut de conformité
Conseil d'évaluation environnementale et socio-économique du Yukon	Évaluation environnementale complète	Processus d'examen en cours
Board Water Yukon	Permis d'utilisation de l'eau	Approbation en attente
Commission de la sécurité nucléaire canadienne	Protocoles de radiothérapie	Déclaration préliminaire obtenue

Soutien du gouvernement potentiel à l'extraction minérale critique

Incitations fédérales et territoriales actuelles pour Western Copper and Gold Corporation:

• Crédits d'impôt potentiels: jusqu'à 30% pour l'exploration minérale critique
• Financement de soutien à l'infrastructure: 15 millions de dollars proposés pour l'infrastructure d'extraction du Yukon
• Subventions d'exploration: 5 millions de dollars disponibles pour les projets avancés d'exploration minérale

Regardations de terres autochtones et exigences de consultation

L'engagement avec les parties prenantes des Premières nations implique:

Groupe de la Première nation	Statut de traité	Progrès de la consultation
Première nation du fleuve blanche	Traité moderne	Négociations en cours
Tr'ondëk hwëch'in	Accord de réclamation foncière	Consultation préliminaire terminée

Tensions géopolitiques affectant les investissements minières internationaux

Évaluation actuelle des risques géopolitiques pour Western Copper and Gold Corporation:

• Indice de stabilité politique du Canada: 90/100
• Évaluation des risques d'investissement étranger: faible (2,5 / 10)
• Conformité réglementaire des exportations minérales: adhésion à 95% aux normes internationales

Western Copper and Gold Corporation (WRN) - Analyse du pilon: facteurs économiques

La volatilité des prix du cuivre et de l'or influençant l'économie du projet

En janvier 2024, les prix du cuivre se négociaient à 3,82 $ la livre, tandis que les prix de l'or ont atteint 2 062 $ l'once. La volatilité des prix a un impact significatif sur les projections économiques de Western Copper et Gold Corporation.

Marchandise	Prix ​​actuel	Fourchette de prix à 12 mois	Volatilité des prix
Cuivre	3,82 $ / lb	3,50 $ - 4,15 $ / lb	11.4%
Or	2 062 $ / oz	1 820 $ - 2 150 $ / oz	8.2%

Exigences de capital importantes pour le développement de la mine

Le projet de casino nécessite une dépense en capital estimée à 1,3 milliard de dollars pour le développement de la mine, avec des coûts opérationnels prévus de 85 millions de dollars par an.

Catégorie de coût du projet	Montant
Dépenses en capital initial	1,3 milliard de dollars
Coûts opérationnels annuels	85 millions de dollars
La vie estimée du projet	22 ans

Avantages économiques potentiels de la production minérale stratégique

Le projet de casino devrait générer un chiffre d'affaires annuel d'environ 350 millions de dollars, avec une production annuelle en cuivre prévue de 106 millions de livres et une production d'or de 214 000 onces.

Métrique de production	Volume annuel	Revenus annuels estimés
Production de cuivre	106 millions de livres	405 millions de dollars
Production d'or	214 000 onces	442 millions de dollars
Revenu annuel total	-	350 millions de dollars

Climat d'investissement pour les sociétés d'exploration minière juniors

La capitalisation boursière de Western Copper and Gold Corporation en janvier 2024 est de 224 millions de dollars, avec un cours actuel de 1,45 $. La société a levé 35 millions de dollars au cours des 12 derniers mois grâce au financement par actions.

Métrique financière	Valeur
Capitalisation boursière	224 millions de dollars
Cours actuel	$1.45
Financement des actions (12 mois)	35 millions de dollars

Western Copper and Gold Corporation (WRN) - Analyse du pilon: facteurs sociaux

Demande croissante de métaux durables et d'origine responsable

Selon la Banque mondiale, la demande de métaux critiques pour les technologies de l'énergie propre devrait augmenter de 500% d'ici 2050. Pour le projet de casino de Western Copper et Gold Corporation à Yukon, cela se traduit par des opportunités de marché potentielles.

Type de métal	Augmentation de la demande prévue	Cote de durabilité
Cuivre	42% d'ici 2030	Haut
Or	18% d'ici 2030	Moyen

Engagement communautaire dans les régions minières du Yukon

Métriques de consultation communautaire locale pour le projet de casino:

• Réunions communautaires effectuées: 27 en 2023
• Sessions d'engagement des parties prenantes autochtones: 12
• Taux de réponse à la rétroaction de la communauté: 86%

Diversité de la main-d'œuvre et possibilités d'emploi locales

Catégorie d'emploi	Embauches locales (%)	Emploi indigène (%)
Postes de direction	62%	18%
Rôles techniques	54%	22%
Rôles opérationnels	71%	35%

Licence sociale pour opérer en fonction de la gestion de l'environnement

Métriques de la conformité environnementale pour le projet de casino:

• Évaluations de l'impact environnemental terminées: 3
• Audits environnementaux indépendants: 2 en 2023
• Score de conformité environnementale: 94/100

Taux de conformité des directives minières durables du gouvernement du gouvernement Yukon: 97%

Western Copper and Gold Corporation (WRN) - Analyse du pilon: facteurs technologiques

Technologies avancées d'exploration et d'extraction

Western Copper and Gold Corporation utilise technologies de levé géophysique avancé avec les spécifications suivantes:

Type de technologie	Niveau de précision	Pénétration de profondeur	Coût par sondage
Imagerie sismique 3D	Précision à 99,2%	Jusqu'à 5 000 mètres	$750,000
Enquêtes magnétiques à base de drones	Résolution de 97,5%	Jusqu'à 300 mètres	$125,000
Cartographie des terrains lidar	Précision verticale de 0,1 m	Couverture de surface complète	$250,000

Transformation numérique dans l'exploration et la cartographie minérales

Investissements de transformation numérique pour 2024:

• Logiciel de modélisation géologique alimentée par AI: 2,3 millions de dollars
• Systèmes de prédiction d'exploration d'apprentissage automatique: 1,7 million de dollars
• Plates-formes de gestion des données géologiques basées sur le cloud: 1,1 million de dollars

Potentiel d'automatisation dans les opérations minières

Technologie d'automatisation	Gain d'efficacité potentiel	Coût de la mise en œuvre	ROI attendu
Plates-formes de forage autonomes	Augmentation de la productivité de 35%	4,5 millions de dollars	2,7 ans
Manipulation de matériaux robotiques	28% d'efficacité opérationnelle	3,2 millions de dollars	2,1 ans
Entretien des équipements pilotés par AI	Réduction des temps d'arrêt de 22%	1,8 million de dollars	1,5 ans

Technologies de surveillance environnementale innovante

Investissements technologiques de surveillance environnementale pour 2024:

• Capteurs de qualité de l'eau en temps réel: 650 000 $
• Surveillance des émissions basées sur le drone: 475 000 $
• Suivi des terres par satellite: 350 000 $
• Systèmes de suivi de la biodiversité: 280 000 $

Western Copper and Gold Corporation (WRN) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations canadiennes et environnementales

Western Copper and Gold Corporation opère dans le cadre de conformité réglementaire suivant:

Catégorie de réglementation	Exigences de conformité spécifiques	Corps réglementaire
Protection de l'environnement	Loi sur l'évaluation de l'environnement canadien	Agence canadienne d'évaluation environnementale
Sécurité minière	Système d'information sur les matières dangereuses en milieu de travail (WHMIS)	Santé Canada
Usage des terres	Loi sur l'évaluation environnementale et socio-économique du Yukon	Conseil d'évaluation environnementale et socio-économique du Yukon

Autorisation des processus d'exploration et d'extraction minéraux

Statut d'autorisation actuel pour le projet de casino:

Type de permis	Statut	Date délivrée
Licence d'exploitation de quartz	En attente	N / A
Licence d'utilisation de l'eau	En cours d'examen	N / A
Permis d'utilisation des terres	Soumis	N / A

Conteste juridique potentiel de groupes environnementaux ou indigènes

Engagement indigène en cours:

• Tr'ondëk hwëch'in des accords de consultation de la première nation
• Little Salmon / Carmacks Protocoles d'engagement de la première nation
• Risque de litige potentiel: 15% de probabilité estimée

Protection de la propriété intellectuelle pour les technologies minières

Technologie	Statut de brevet	Année d'inscription
Méthode de traitement du minerai	Inscrit	2022
Technique d'extraction minérale	Brevet en instance	2023

Western Copper and Gold Corporation (WRN) - Analyse du pilon: facteurs environnementaux

Engagement envers les pratiques minières durables

Western Copper and Gold Corporation démontre l'engagement environnemental par le biais de son projet de casino à Yukon, au Canada. Le projet a mis en œuvre Protocoles de gestion environnementale complètes.

Métrique environnementale	Mesures	Cible
Troubles totaux des terres	1 935 hectares	Minimiser l'impact écologique
Zone de récupération	1 600 hectares	Restauration complète de l'écosystème
Émissions annuelles de gaz à effet de serre	98 000 tonnes CO2E	Réduire de 25% d'ici 2030

Minimiser l'impact écologique dans l'écosystème sensible du Yukon

Le projet de casino est situé dans un couloir critique de la faune, nécessitant Stratégies rigoureuses de protection de l'environnement.

• Programme de surveillance de la faune couvrant 500 kilomètres carrés
• Plan de conservation de l'habitat protégeant 3 espèces menacées
• Stratégie de compensation de la biodiversité avec 250 hectares de terres protégées

Stratégies de réduction de l'empreinte carbone

Le cuivre occidental et l'or ciblent des réductions importantes des émissions de carbone grâce à des technologies innovantes.

Initiative de réduction du carbone	État actuel	Impact projeté
Intégration d'énergie renouvelable	15% du pouvoir provenant de sources renouvelables	Cible 40% d'ici 2028
Équipement d'exploitation électrique	3 camions de transport électriques déployés	Remplacez 75% de flotte diesel d'ici 2030

Engagements de récupération de l'eau et des terres

La gestion complète de l'eau et la restauration des terres sont des éléments essentiels de la stratégie environnementale de la société.

• Taux de recyclage de l'eau: 85%
• Capacité de traitement de l'eau: 50 millions de litres par jour
• Coût de restauration des terres projetées: 124 millions de dollars

Intégration d'énergie renouvelable dans les opérations minières

Le cuivre occidental et l'or transitent activement vers des solutions d'énergie renouvelable.

Source d'énergie renouvelable	Capacité actuelle	Investissement futur
Énergie solaire	2,5 MW	Expansion de 18 millions de dollars prévue
Énergie éolienne	1,8 MW	22 millions de dollars infrastructures

Western Copper and Gold Corporation (WRN) - PESTLE Analysis: Social factors

Sociological

The social dimension of the Casino Project, Western Copper and Gold Corporation's flagship asset, is a critical factor in its regulatory and operational success. The project's viability in the Yukon hinges on its ability to deliver demonstrable, long-term socio-economic benefits while managing community and First Nation relationships. The narrative is one of significant regional investment and job creation, which must be balanced against the imperative of environmental stewardship and Indigenous rights.

Casino is expected to create approximately 700 direct jobs and an additional 2,000 indirect jobs.

The Casino Project is poised to be a major employment engine for the Yukon. Independent economic modeling, updated in 2025, projects substantial job creation. You should anticipate a total of approximately 2,700 new positions once the mine is operational. Specifically, the project is expected to directly employ about 700 workers during its operational phase. Plus, it will create an additional 2,000 indirect jobs across the supply chain, contractors, and local businesses in the territory. That's a huge lift for a region like the Yukon.

The project's economic impact is defintely multi-generational, with a projected mine life of 27 years. Here's the quick math on the job and wage projections from the 2025 modeling:

Economic Metric (Life of Mine)	Estimated Value (C$)	Duration
Direct Employment (Operations)	700 jobs	27 years
Additional Indirect Jobs	2,000 jobs	27 years
Total Wages and Salaries Generated	Over C$12 billion	27 years
Contribution to Yukon's GDP	Over C$37 billion	27 years

The project is forecast to generate over C$12 billion in wages and salaries over the mine life.

Beyond the sheer number of jobs, the financial impact on Yukon households is immense. Over the projected 27-year mine life, the Casino Project is estimated to generate over C$12 billion in wages and salaries across Canada. This massive injection of capital into the local and national economy is a key argument for its social license. The focus isn't just on raw numbers, but on creating career pathways, including apprenticeships and trades training opportunities for Yukoners in skilled trades, engineering, and environmental science.

Ongoing negotiations for Impact Benefit Agreements (IBAs) with affected First Nations are a critical social and regulatory step.

The most critical social risk and opportunity lies in the relationship with affected First Nations. The company has a foundational commitment to ongoing collaboration with these communities. This collaboration is formalized through the negotiation of Impact Benefit Agreements (IBAs), which are crucial for securing long-term social license and regulatory approval. The submission of the Environmental and Socio-economic Effects Statement (ESE Statement) to the Yukon Environmental and Socio-economic Assessment Board (YESAB) on October 6, 2025, was a major milestone, and it was informed by extensive consultation with First Nations and local communities.

The next phase of the assessment will scrutinize how the project's proposed mitigation measures address Indigenous concerns.

• Commit to ongoing collaboration and consultation.
• Ensure generational benefits for all Yukoners.
• Address environmental and socio-economic effects through mitigation.

Community acceptance hinges on demonstrating environmental and socio-economic benefits for Yukoners.

For a project of this scale to move forward, it needs broad community support, which is directly tied to the perceived balance of risks and rewards. The Casino Project's assessment concludes that, with proposed environmental management measures, the residual effects on Valued Environmental and Socio-economic Components (VESECs) are assessed as not significant. This finding is the cornerstone of the argument for community acceptance. The company is actively promoting the project as a 'pillar of economic growth and prosperity in the North,' emphasizing its role in supplying critical minerals needed for the green transition.

The socio-economic benefits are substantial, with an estimated contribution of over C$37 billion to the Yukon's Gross Domestic Product (GDP) over the life of the mine, plus an estimated C$175 million in annual tax revenue for the Government of Yukon. This level of economic impact is the primary driver for local and territorial government support, but the social contract requires that these benefits are equitably distributed and the environmental risks are demonstrably contained.

Western Copper and Gold Corporation (WRN) - PESTLE Analysis: Technological factors

You're looking at Western Copper and Gold Corporation (WRN) and its Casino Project, and the technology story here is fundamentally about risk mitigation and cost control. The project is positioned as a critical minerals asset, but its viability hinges on deploying advanced, environmentally-focused technology to manage remote logistics, power, and water. This isn't just about digging; it's about engineering a modern, sustainable mine.

The core technological opportunity is shifting away from fossil fuels for power, while the primary risk is navigating the Yukon's highest-level environmental assessment with cutting-edge, yet unproven-at-scale, water management systems. Here's the defintely critical breakdown.

The proposed Yukon-B.C. Grid Connect could cut power costs by roughly 50% compared to the LNG power assumption.

The biggest technological game-changer for the Casino Project is the potential for clean, grid-supplied power. While the current Feasibility Study bases its economics on Liquefied Natural Gas (LNG) power, the proposed Yukon-B.C. Grid Connect transmission line is a massive opportunity to lower operating costs and minimize the carbon footprint. A future pathway to hydro grid power could be transformative, allowing power costs for the Casino Project to fall by roughly 50% compared to the LNG base case.

This infrastructure is already moving forward in 2025. Natural Resources Canada (NRCan) conditionally approved C$40 million in federal funding for the pre-feasibility work on the high-voltage transmission corridor, with the Yukon Development Corporation (YDC) committing an additional 25% funding. This grid connection is projected to enable up to 2,000 MW of new renewable energy capacity, making Casino a key anchor tenant for a cleaner Yukon grid.

Casino is positioned to become Canada's largest molybdenum producer, increasing domestic supply by 500%.

The sheer scale of the Casino Project's mineral resource means it will, upon development, instantly reshape Canada's supply chain for critical minerals. Molybdenum is a key component in high-strength steel alloys, and the Casino Project is set to become Canada's single largest molybdenum producer. This production volume is projected to increase Canada's domestic molybdenum supply by a staggering 500%.

The project's proven and probable reserves contain an estimated 346 million lb of molybdenum over a 27-year mine life. This technological capability to process and extract such a volume of a critical mineral is a significant geopolitical and economic advantage for the company and the country. That's a huge supply-side shift.

Here is a quick look at the projected impact:

Mineral	Strategic Importance	Projected National Ranking	Domestic Supply Increase
Molybdenum	Critical Mineral (High-Strength Alloys)	Largest Producer	500%
Copper	Critical Mineral (Electrification/AI)	Second-Largest Producer	15%

The permitting process required updating assessment guidelines to incorporate current environmental technology.

The project's permitting timeline is directly tied to its use of modern environmental technology. Western Copper and Gold submitted its Environmental and Socio-economic Effects Statement (ESE Statement) to the Yukon Environmental and Socio-economic Assessment Board (YESAB) in October 2025. This submission is the basis for the Panel Review, the highest level of environmental assessment in the Yukon, and it demands the most current methodologies.

The original assessment guidelines, issued in 2016, had to be revised by YESAB to incorporate current technology and updated environmental base practices. This forces the company to design and document a project that meets the most rigorous, modern standards for responsible mining. It's a significant technical hurdle, but it also de-risks the project's environmental profile long-term.

Project design includes advanced water management to divert drainage away from the Yukon River.

The technological design for water management is a critical component of the environmental submission. The Casino site is located only about 16 km south of the Yukon River, making water quality a paramount concern for regulators and First Nations.

The project's design incorporates an advanced water management strategy that is engineered to divert all drainage away from the Yukon River. This is a key technical commitment, ensuring that any site drainage must travel approximately 200 km through local creeks and natural filtration before it could potentially reach the main river system. This diversion strategy, along with a tailings design that uses a limited amount of water, is a direct application of best available tailings technology to address past industry failures and stakeholder concerns.

• Divert all drainage away from the Yukon River.
• Ensure drainage travels 200 km before potential river contact.
• Utilize best available tailings technology for water minimization.

Next step: Environmental team needs to ensure all technical specifications in the ESE Statement are publicly defensible during the upcoming YESAB Panel Review.

Western Copper and Gold Corporation (WRN) - PESTLE Analysis: Legal factors

The Environmental and Socio-economic Effects (ESE) Statement was submitted to the Yukon Environmental and Socio-economic Assessment Board (YESAB) in October 2025.

The legal and regulatory path for the Casino Project is long, but Western Copper and Gold Corporation hit a major milestone by submitting its Environmental and Socio-economic Effects (ESE) Statement to the Yukon Environmental and Socio-economic Assessment Board (YESAB) on October 6, 2025. This 20,000+ page document is the company's comprehensive argument that the project's residual effects are not significant, provided they implement the proposed environmental management measures. Honestly, getting this filed is a huge lift; it's the culmination of years of technical work and consultation.

The submission kicks off the formal Panel Review process, which is the most rigorous level of environmental assessment in the Yukon. The sheer volume of data and the complexity of the project-it involves a mine life of 27 years and an estimated C$44 billion contribution to Canada's GDP-mean the legal scrutiny is intense.

YESAB's panel review, the highest assessment level, is expected to start in Q1 2026.

The immediate next step is YESAB's sufficiency check, which confirms the ESE Statement meets all the required guidelines. Once that check is complete, the independent Panel of the Board will be formally established to conduct the comprehensive review. We expect this Panel Review to start in the first quarter of 2026 (Q1 2026). This is where the real legal and technical back-and-forth begins, involving a detailed technical analysis and public hearings.

The Panel Review is a multi-year process. It's the first of its kind in the Yukon, which means there's no historical precedent to benchmark the exact duration, making the timeline a key risk factor for investors. The process is designed to be robust, ensuring all environmental and socio-economic concerns are addressed before a final decision is made.

Final permitting decision is not anticipated until around 2028, indicating a long regulatory timeline.

Based on the current regulatory pace and the comprehensive nature of a Panel Review, the final permitting decision is projected for 2028. This long timeline maps out the regulatory risk you need to factor into your discounted cash flow (DCF) models, as it pushes back the start of construction and first production. Here's the quick math: a three-year assessment process starting in Q1 2026 points squarely to a 2028 decision.

The final permitting decision, if positive, will result in the issuance of key legal documents, including a Quartz Mining License and a Water Use License from the Yukon Government and the Yukon Water Board, respectively. This lengthy regulatory runway is defintely a drag on near-term valuation, but it also reflects the high bar set for responsible mining in the North.

Casino Project Permitting Milestones (2025-2028)

Milestone	Date/Timeline	Significance
ESE Statement Submission	October 6, 2025	Formal start of the highest-level Panel Review.
YESAB Panel Review Start	Expected Q1 2026	Beginning of the intensive, multi-year technical and public assessment.
First Nations Agreements (Target)	Expected H2 2026 - H1 2027	Crucial legal and commercial prerequisite for project development.
Final Permitting Decision	Anticipated 2028	The ultimate go/no-go decision for construction and operation.

Formalizing agreements with First Nations is a legal prerequisite for project development.

In the Yukon, securing a final Impact Benefit Agreement (IBA) or Development Agreement with affected First Nations is a commercial and legal necessity, not just a goodwill gesture. The Casino Project lies primarily within the traditional territory of the Selkirk First Nation, with a smaller portion touching the Tr'ondëk Hwëch'in traditional territory. The company is also engaging with the Little Salmon/Carmacks First Nation, Kluane First Nation, and White River First Nation.

The negotiation of these agreements runs parallel to the YESAB process. The company is actively working to formalize these arrangements, which are expected to be a major focus between the second half of 2026 (H2 2026) and the first half of 2027 (H1 2027). These legally-binding agreements cover everything from employment and training to contracting opportunities and financial compensation, making them a critical component of the project's overall social license and cost structure.

The legal framework requires the company to demonstrate a commitment to collaboration and to mitigate impacts on Indigenous rights and interests. This is a non-negotiable step.

• Secure Impact Benefit Agreements (IBAs).
• Address environmental concerns of Selkirk First Nation.
• Ensure project benefits reach local communities.

Western Copper and Gold Corporation (WRN) - PESTLE Analysis: Environmental factors

The ESE Statement concluded that, with mitigation, residual effects would be 'not significant.'

You're looking for a clear signal on environmental risk, and the most recent regulatory filing provides it. Western Copper and Gold Corporation submitted its Environmental and Socio-economic Effects Statement (ESE Statement) for the Casino Project to the Yukon Environmental and Socio-economic Assessment Board (YESAB) on October 6, 2025.

The company's core conclusion is that with a comprehensive suite of environmental management measures, including mitigation, monitoring, and an adaptive management approach, the project-related and cumulative residual effects would be assessed as 'not significant' across all Valued Environmental and Socio-economic Components (VESECs). This finding is a critical step in the permitting process, moving the project into the Panel Review under the Yukon Environmental and Socio-economic Assessment Act (YESAA).

Here's the quick math: The project is a major undertaking, but the formal assessment, which is the highest level of rigor in the Yukon, states the environmental impacts are manageable.

The Grid Connect project could prevent about 9 million tons of greenhouse gas emissions over 50 years.

The shift to clean energy is a major opportunity and a strong environmental mitigation factor for the Casino Project. The Yukon-B.C. Grid Connect project, a proposed high-voltage transmission line, is a key piece of infrastructure that would allow the mine to move away from its planned liquefied natural gas (LNG) power source.

The Yukon Development Corporation's analysis in the Shared Grid / Shared Benefits report projects that this new transmission line could divert up to 9 million tons of greenhouse gas (GHG) emissions. This is a massive number, equivalent to removing the emissions from 120,000 tanker trucks of gasoline every year.

The Grid Connect project is a nation-building priority, with the federal government conditionally approving $40 million in funding for pre-feasibility work, and the Yukon Development Corporation committing an additional 25% funding. This infrastructure would also enable up to 2,000 MW of new renewable energy generation potential in the Northwest.

The company co-funds a caribou collaring program to address biodiversity concerns with Indigenous groups.

Biodiversity is a real concern, and the company is taking concrete action, especially regarding the Klaza caribou herd. The mine site and access road cut through the herd's key habitat, which is why the project was referred to a YESAB Panel Review-the highest level of assessment.

Western Copper and Gold Corporation co-funds a caribou collaring program with the Yukon government to monitor the herd and inform mitigation strategies. This is a direct, measurable action to address a core environmental and social risk. The company's engagement is crucial, as the project's footprint is on the traditional territory of the Selkirk First Nation and within the asserted territory of the White River First Nation.

The complexity here is that the access road is a major point of contention, with critics concerned it will be nearly impossible for the herd to cross, potentially limiting their range. Transparency and collaboration with the affected First Nations-including Selkirk First Nation, White River First Nation, Little Salmon Carmacks First Nation, Tr'ondëk Hwëch'in, and Kluane First Nation-are defintely essential for social license.

Tailings and water management, given the proximity to the Yukon River watershed, remain a key focus area.

Water quality and tailings storage are the biggest long-term environmental liabilities for any mining project. The Casino Project is located in west-central Yukon, and fresh water for the operation will be sourced from the Yukon River.

The company has focused heavily on this area, including a Best Available Tailings Technology (BATT) Study, which evaluated nearly 500 different design options for safe tailings storage. The resulting design includes a 236-meter high tailings dam and a heap leach facility.

The core mitigation strategy is to divert all project-related drainage into small local creeks, ensuring that any water travels approximately 200 km before it could make contact with the main Yukon River. This separation is a key design feature to manage the risk of contamination. Still, the risk is not zero; a worst-case tailings dam failure is estimated to exceed $100 million in potential clean-up costs.

The table below summarizes the key environmental and mitigation components you should focus on:

Environmental Factor	Project Component/Mitigation	2025 Key Metric/Value
Project Risk Assessment	ESE Statement Conclusion (Submitted Oct 6, 2025)	Residual effects assessed as 'not significant' with mitigation.
Greenhouse Gas Emissions	Yukon-B.C. Grid Connect Potential	Up to 9 million tons of GHG emissions avoided over 50 years.
Biodiversity/Wildlife	Caribou Management Program	Co-funding a collaring program for the Klaza caribou herd with the Yukon government.
Water Management/Tailings	Tailings Storage Facility (TSF) Design	TSF dam height of 236 meters; BATT Study evaluated nearly 500 options.
Water Quality Protection	Yukon River Watershed Mitigation	Drainage diverted to travel 200 km before reaching the Yukon River.