Western Copper and Gold Corporation ("Western" or the "Company") (TSX:WRN); (NYSE:WRN) announces that Rio Tinto Canada Inc. ("Rio Tinto") has exercised its right to extend certain rights under the investor rights agreement (the "Agreement") between the Company and Rio Tinto dated May 28, 2021.

By exercising of the extension rights, Rio Tinto continues to have the right to appoint:

• one member to a Casino Project Technical Committee until the earlier of: (a) Rio Tinto's ownership falling below 5.0%; and (b) November 28, 2023.
• one non-voting observer to attend all meetings of the board of directors of the Company until the earlier of (a) Rio Tinto's ownership falling below 5.0%; (b) November 28, 2023; and (c) such time as Rio Tinto may appoint a director.
• one director of the Company, if Rio Tinto's ownership increases to at least 12.5% before November 28, 2023.
• up to three secondees to the Casino Project until the earlier of: (a) Rio Tinto's ownership falling below 5.0%; and (b) November 28, 2023.

Additionally, Rio Tinto's rights regarding access to information about the Casino Project and review of technical disclosure are also extended.

"We are pleased that Rio Tinto has elected to extend its rights as an investor in the Company," said Paul West-Sells, President and CEO. "We look forward to extending our great working relationship with Rio Tinto as they continue to work to assess the Casino Project."

"We are pleased to continue our evaluation of the Casino Project," said Bold Baatar, Chief Executive, Copper, Rio Tinto.

A copy of the Agreement can be found on SEDAR () under the Company's profile.