DEVELOPING CANADA’S PREMIER COPPER-GOLD MINE JANUARY 2018 TSX : WRN I NYSE AMERICAN : WRN 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 : WRN I NYSE AMERICAN : WRN Developing Canada’s Premier Copper-Gold Mine 2 CLEAN AND TIGHTLY-HELD OWNERSHIP STRUCTURE CASH POSITION Cash & Short Term Investments C$ 5.1 million Sept 30, 2017 Working Capital C$ 4.9 million Short/Long Term Debt $Nil SHARE STRUCTURE Share Price C$ 1.26 Sept 30, 2017 Market Cap C$ 122M Common Shares 96,653,935 Options 4,283,335 Warrants - Fully Diluted 100,937,270 COMMON SHARES Management & Board 8% Aug 31, 2017 (*estimate) Private HNW Investors* 46% Institutional Investors 7% Other 39% Common Shares 100% ROYALTY (OSISKO) Net Smelter Return (NSR) 2.75% TSX : WRN I NYSE AMERICAN : WRN Developing Canada’s Premier Copper-Gold Mine 3 WRN IS A STRAIGHTFORWARD INVESTMENT PROPOSAL ✓ The World Is Electrifying and Needs More Copper • Casino is a Significant Copper-Gold Deposit ✓ Most Global Copper Projects are Uneconomic • The Casino Project is economic – even at $2/lb Copper ✓ Large Gold Deposits are Scarce • Casino is a Sizeable Copper-Gold Deposit ✓ Many Mining Projects are in Challenging Locations • Casino, located in Yukon, Canada, is a simple straightforward project ✓ Casino is a compelling JV or acquisition for a major copper or gold company • WRN is actively exploring financing and partnership options TSX : WRN I NYSE AMERICAN : WRN Developing Canada’s Premier Copper-Gold Mine 4 SIGNIFICANT COPPER – GOLD RESOURCE ALASKA YUKON CASINO PROJECT GOLD COPPER Whitehorse Skagway 8.9 M 4.5 B oz Reserves lbs Reserves 9.0 M 5.4 B oz Inferred Resources lbs Inferred Resources B.C Vancouver Note: see Appendix for detailed Casino mineral resource & reserve. Based on 2013 Feasibility Study. TSX : WRN I NYSE AMERICAN : WRN Developing Canada’s Premier Copper-Gold Mine 5 LOOMING COPPER SUPPLY CRUNCH ~ 5 million tonne deficit by 2027 equivalent to annual production of IRR 65 new Casino mines (100% equity) 18.6 Source: Rio Tinto TSX : WRN I NYSE AMERICAN : WRN Developing Canada’s Premier Copper-Gold Mine 6 ADDITIONAL COPPER DEMAND FROM EV’S ~ 1.25 million tonnes by 2025 equivalent to annual production of 16 new Casino mines Source: Goldman Sachs TSX : WRN I NYSE AMERICAN : WRN Developing Canada’s Premier Copper-Gold Mine 7 SIGNIFICANT COPPER DEPOSITS CONTROLLED BY JUNIORS Pebble Casino Northisle KSM Ann Mason Morisson Harper Creek Pumpkin Northmet Hollow Gunnison King King Tampakan Canariaco Norte Cotabambas Kamoa-Kakula Mina Justa Project Constellation Productora Source: public records. Copyright © Free Vector Maps.com TSX : WRN I NYSE AMERICAN : WRN Developing Canada’s Premier Copper-Gold Mine 8 COPPER INVESTMENT VALUE – SIGNIFICANT UPSIDE POTENTIAL 4.0 3.5 ) 3.0 ¢/lb 2.5 2.0 1.5 Copper Equivalent ( Equivalent Copper lb 1.0 EV/ 0.5 0.0 Northern Panoro Western NGEx Trilogy Polymet Excelsior Nevada Dynasty (PML) (WRN) (NGQ) (TMQ) (POM) (MIN) Copper (NDM) (NCU) Notes: Peer group data as per latest company public documents. Share prices as per close April 28, 2017. See “Notes” in Appendix for equivalent calculations. No discount for metallurgical recovery. TSX : WRN I NYSE AMERICAN : WRN Developing Canada’s Premier Copper-Gold Mine 9 GOLD EXPLORATION FAIL Amount of gold found by miners has plunged 85% over the past decade. TSX : WRN I NYSE AMERICAN : WRN Developing Canada’s Premier Copper-Gold Mine 10 A SIGNIFICANT GOLD DEPOSIT 50 70 45 60 40 35 ) 50 ozs ) 30 ozs 40 25 20 30 Gold (M (M Gold 15 Gold Equivalent (M (M Equivalent Gold 20 10 10 5 0 0 (G) (G) Coffee Casino (WRN) (CKG) (XRC) Coffee (WRN) Casino (ITH) (CKG) (SBB) (XRC) (NG) (ITH) Metates (SBB) Caspiche (NG) Metates Caspiche Livengood Back River Back Livengood Back River Back Donlin Gold Donlin Donlin Gold Donlin ■ Proven & Probable Reserves ■ Measured & Indicated Resources ■ Inferred Resources Notes: Peer group data as per latest company documents and public files. See “Notes” in Appendix for equivalent calculations. No discount for metallurgical recovery. TSX : WRN I NYSE AMERICAN : WRN Developing Canada’s Premier Copper-Gold Mine 11 GOLD INVESTMENT VALUE – SIGNIFICANT UPSIDE POTENTIAL 70.0 60.0 ) 50.0 oz $/ 40.0 30.0 Gold Equivalent ( Equivalent Gold oz 20.0 EV/ 10.0 0.0 Western Chesapeake Seabridge Inter. TH Midas Victoria NovaGold Sabina (WRN) (CKG) Gold (ITH) Gold Gold (NG) (SBB) (SEA) (MAX) (VIT) Notes: Peer group data as per latest company public documents. Share prices as per close April 28, 2017. See “Notes” in Appendix for equivalent calculations. No discount for metallurgical recovery. TSX : WRN I NYSE AMERICAN : WRN Developing Canada’s Premier Copper-Gold Mine 12 ECONOMIC THROUGHOUT THE COMMODITY CYCLE 40% $6.0 Gold Price $ 4.5B NPV at top Gold Price $1600/oz of last cycle $1600/oz 35% $1400/oz $5.0 $1400/oz $1200/oz $1200/oz $1000/oz $1000/oz $4.0 30% tax) - tax) - 25% $3.0 IRR (after IRR 20% $2.0 NPV, Billions (after BillionsNPV, 15% IRR above 15% through $1.0 entire recent downturn 10% $- 2.0 3.0 4.0 5.0 6.0 2 3 4 5 6 Copper Price ($US/lb) Copper Price ($US/lb) Note: See Appendix. Based on 2013 Feasibility Study. Trends: Mo: $US7.50/lb, Ag: $US17.50/lb, USD = 0.76 CAD. Spot, shown in red, reflects spot Cu and Au price only. TSX : WRN I NYSE AMERICAN : WRN Developing Canada’s Premier Copper-Gold Mine 13 A PROVEN HISTORY OF VALUE CREATION KEY MANAGEMENT TEAM WITH SUCCESSFUL TRACK RECORD Dale Corman, B.Sc., P.Eng Paul West-Sells, PhD Cameron Brown, P.Eng Julien Francois, CPA, CA Executive Chairman President & CEO VP Engineering VP Finance & CFO Extensive experience in Metallurgical Engineer with Formerly Project Manager for Has been CFO since 2006. mineral development, significant management and Bechtel Engineering and Previously Controller of financing, property metallurgical experience in Western Silver Corporation.