WESTERN COPPER AND GOLD ANNOUNCES STRATEGIC INVESTMENT BY MITSUBISHI MATERIALS CORPORATION
Summary
"Under the investor rights agreement, for a period of 24 months, Mitsubishi Materials will agree: not to sell, transfer, offer or otherwise dispose of any Shares without first notifying the Company to abstain from voting or vote any Shares in favor of each director nominated by the board of directors of the Company for election by shareholders not to acquire any securities of the Company, subject to certain exceptionsMitsubishi Materials will have the right of first negotiation, until the later of (a) its ownership falling below 3.0%, and (b) the date that is 24 months following completion of the investment, to offtake at least its proportionate share of minerals produced from the Casino Project.The Company and Mitsubishi Materials will negotiate in good faith new rights and restrictions attaching to its share ownership on the earlier of (a) 18 months following completion of the investment, and (b) Mitsubishi Materials ownership reaching 12.5% or greater.The closing of the strategic investment is expected to occur on or about April 14, 2023 and is subject to regulatory approval, including that of the Toronto Stock Exchange and the NYSE American LLC. The Shares will be subject to a statutory hold period in accordance with applicable securities legislation.BMO Capital Markets and RBC Capital Markets are acting as financial advisors to Western Copper and Gold.Western will host a conference call on March 24, 2023 at 8:00 am (Pacific Time) for senior management to discuss this investment by Mitsubishi Materials.Replay of the conference call is available at 1-800-319-6413 or 1-604-638-9010, access code 0022.Western Copper and Gold Corporation is developing the Casino Project, Canadas premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world. For more information, visit www.westerncopperandgold.com.Mitsubishi Materials Corporation, founded in 1871, is a Japan-based company principally engaged in the processing and manufacturing of non-ferrous metals and products. Its extensive scope of operations ranges from mining, smelting/refining and recycling, to high-performance processed products, providing solutions for a sustainable society. Such risks and other factors include, among others, risks involved in fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties related to raising sufficient financing in a timely manner and on acceptable terms; and other risks and uncertainties disclosed in Westerns AIF and Form 40-F, and other information released by Western and filed with the applicable regulatory agencies.Westerns forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and Western does not assume, and 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 otherwise required by applicable securities legislation.