Western Copper and Gold Corp. (WRN:TSX; WRN:NYSE.MKT) achieved a major permitting milestone by delivering an environmental and socioeconomic effects (ESE) statement for its Casino copper-gold-silver-molybdenum project to the Yukon Environmental and Socioeconomic Assessment Board (YESAB), reported Heiko Ihle, analyst at H.C. Wainwright & Co., in an October 7 research note. Submitting the ESE launches the panel review process by YESAB.
"This should ultimately become a catalyst for the firm as the submission represents a key step in the panel review process under the Yukon Environmental and Socioeconomic Assessment Act," Ihle wrote.
99% Upside Potential
H.C. Wainwright reiterated its CA$4.25 per share on Western Copper and Gold, trading at the time of Ihle's report at about CA$2.14 per share, the analyst noted. The difference between these two prices implies a potential return for investors of 99%.
The Canadian explorer-developer is still a Buy.
The company has 201.6 million shares outstanding, a market cap of CA$431 million (CA$431M), and a 52-week range of CA$0.90–2.14 per share.
About the ESE Statement
Ihle explained what the ESE Statement is and what Western Copper and Gold's version showed. It is a document containing a detailed assessment of a prospective mining project's potential environmental and socioeconomic impacts on the region. Ultimately, WRN's ESE should "serve as the company's basis for panel reviews while establishing a clear path toward production."
The environmental impacts are addressed in the ESE management measures, such as mitigation, management, and monitoring plans, and an adaptive approach to management. For Casino, the assessment concluded that its impact, with respect to every valued environmental and socioeconomic component, will be "not significant."
Regarding socioeconomic impacts, noted Ihle, the ESE statement showed that over its 27-year life of mine, Casino could contribute more than CA$44 billion (CA$44B) to Canada's gross domestic product and pay out CA$12B in wages. Ihle noted, however, these metrics are based on long-term assumptions of US$3.60 per pound copper and US$1,700 per ounce gold, prices well below those in H.C. Wainwright's deck and well below each commodity's spot price.
Further, Casino is expected to employ 700 workers and indirectly support another 2,000 jobs. Also, it is expected to contribute "impressive" annual tax revenues of CA$175M to Yukon and CA$231M to Canada.
"Casino may eventually become Canada's second-largest copper mine and largest molybdenum producer, increasing national output by 15% and 500%, respectively," noted the analyst.
Because Western Copper and Gold did a significant amount of work in preparation for the ESE, any pushback to come out of the YESAB panel review on core environmental and socioeconomic issues should be resolvable, Ihle pointed out.
What Happens Next?
Ihle presented the next steps in the panel review process, noting they should further derisk and advance Casino. YESAB will publish Western Copper and Gold's ESE statement to its online registry after the preliminary review period ends. The board's executive committee will review the ESE statement to determine whether or not it meets the guidelines. Also, the committee will prepare for finalizing members of the review panel, ultimately for a thorough assessment of all aspects of Casino.
Strong Cash Situation
According to Ihle, Western Copper and Gold has sufficient liquidity to see it through the panel review process. The company has CA$60.9M in cash, cash equivalents, short-term investments, and marketable securities.
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Disclosures for H.C. Wainwright & Co., Western Copper and Gold Corp., October 7, 2025
This material is confidential and intended for use by Institutional Accounts as defined in FINRA Rule 4512(c). It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake, please let us know by e-mail reply to [email protected] and delete it from your system; you may not copy this message or disclose its contents to anyone. The integrity and security of this message cannot be guaranteed on the Internet. H.C. WAINWRIGHT & CO, LLC RATING SYSTEM: H.C. Wainwright employs a three tier rating system for evaluating both the potential return and risk associated with owning common equity shares of rated firms. The expected return of any given equity is measured on a RELATIVE basis of other companies in the same sector. The price objective is calculated to estimate the potential movements in price that a given equity could reach provided certain targets are met over a defined time horizon. Price objectives are subject to external factors including industry events and market volatility. RETURN ASSESSMENT Market Outperform (Buy): The common stock of the company is expected to outperform a passive index comprised of all the common stock of companies within the same sector. Market Perform (Neutral): The common stock of the company is expected to mimic the performance of a passive index comprised of all the common stock of companies within the same sector. Market Underperform (Sell): The common stock of the company is expected to underperform a passive index comprised of all the common stock of companies within the same sector. Rating and Price Target History for: Western Copper and Gold Corporation (WRN-US) as of 10-06-2025 2.20 2.00 1.80 1.60 1.40 1.20 1.00 0.80 Q3 2023 Q1 Q2 Q3 2024 Q1 Q2 Q3 2025 Q1 Q2 Q3 2026 BUY:$2.50 08/31/22 BUY:$2.75 11/01/22 BUY:$3.50 06/15/23 BUY:$3.75 08/28/23 BUY:$4.25 05/22/24 BUY:$4.00 06/18/25 BUY:$4.25 09/26/25 Investment Banking Services include, but are not limited to, acting as a manager/co-manager in the underwriting or placement of securities, acting as financial advisor, and/or providing corporate finance or capital markets-related services to a company or one of its affiliates or subsidiaries within the past 12 months. Distribution of Ratings Table as of October 6, 2025 IB Service/Past 12 Months Ratings Count Percent Count Percent Buy 563 83.16% 120 21.31% Neutral 79 11.67% 11 13.92% Sell 2 0.30% 0 0.00% Under Review 33 4.87% 9 27.27% H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer. I, Heiko F. Ihle, CFA , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of Western Copper and Gold Corporation (including, without limitation, any option, right, warrant, future, long or short position). As of September 30, 2025 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Western Copper and Gold Corporation. Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report.
The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. The Firm or its affiliates did not receive compensation from Western Copper and Gold Corporation for investment banking services within twelve months before, but will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. The Firm does not make a market in Western Copper and Gold Corporation as of the date of this research report. The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request. H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report. H.C. Wainwright & Co., LLC’s and its affiliates’ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice. Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.
