Western Copper Secures C$80M to Advance Yukon's Massive Casino Mine

VANCOUVER, BC – February 12, 2026 – Western Copper and Gold Corporation (TSX: WRN, NYSE American: WRN) today announced a significant financial milestone, securing approximately C$80 million in a bought deal financing that was substantially upsized due to strong investor appetite. The move provides a major capital injection to advance its flagship Casino Project, one of the world's largest undeveloped copper-gold deposits, through critical permitting and engineering stages.

Investor Demand Fuels Upsized Offering

The financing, led by Stifel Canada on behalf of a syndicate of underwriters, was increased from an initial target to meet what the company described as "significant investor demand." The underwriters have agreed to purchase 19,277,500 common shares at a price of C$4.15 per share. This strong institutional backing is a powerful vote of confidence in the company's strategy and the economic potential of the Casino mine.

In a further sign of robust interest, the company has granted the underwriters an over-allotment option to purchase up to an additional 2.9 million shares at the offering price. If fully exercised, this option would boost the total gross proceeds to over C$92 million, providing even greater financial flexibility as the company moves forward.

While the news of a share offering often puts short-term pressure on a company's stock price due to dilution, the context of an upsized deal tells a different story. It suggests that institutional investors are taking a long-term view, seeing the current share price as an attractive entry point to fund a project with world-class potential. Trading volume for WRN on both the Toronto Stock Exchange and the NYSE American saw an increase, reflecting the market's active engagement with the news. The transaction is a clear signal that the capital markets are open for high-quality mining projects, especially those with significant exposure to critical minerals like copper.

De-Risking Canada's Premier Copper-Gold Project

The net proceeds from the C$80 million offering are earmarked for a clear and crucial purpose: advancing the permitting and engineering for the Casino Project. Located in Canada's mineral-rich Yukon territory, Casino is positioned to be a generational asset for the region and a significant contributor to global metal supplies. It is not just a gold mine; it is a massive copper-gold-molybdenum deposit.

This funding is not for digging dirt but for the complex, capital-intensive "soft" work that precedes any construction. This includes detailed engineering studies, environmental baseline data collection, and navigating the multi-stage federal and territorial environmental assessment processes. Successfully completing these steps is essential to de-risk the project, making it more attractive for the much larger project financing that will be required for construction.

In a statement, CEO Sandeep Singh expressed the company's pleasure with the deal, a sentiment that underscores the importance of this financing for advancing the key Canadian asset. The company's vision for Casino is a modern, large-scale operation that could be in production for decades, providing a long-term supply of copper essential for the global transition to a green economy and gold as a stable store of value.

Riding the Wave of Commodity Demand

The timing of Western Copper and Gold's capital raise is strategic, aligning with a favorable long-term outlook for its primary commodities. Copper, often called "Dr. Copper" for its ability to diagnose the health of the global economy, is a critical component in everything from electric vehicles and charging infrastructure to renewable energy systems like wind and solar. As the world pushes towards decarbonization, the demand for copper is projected to surge, with many analysts forecasting a significant supply deficit in the coming decade.

The Casino Project, with its vast copper resources, is well-positioned to meet this future demand. Simultaneously, gold continues to perform its traditional role as a safe-haven asset and a hedge against inflation. The project's significant gold and silver by-products enhance its economics, providing a buffer against fluctuations in the copper market. The strong commodity price environment has undoubtedly played a role in attracting the investor interest that led to the upsized financing.

A Modern Mine: Navigating Environmental and Social Pathways

Developing a mine of Casino's scale in the 21st century requires more than just financial capital and geological potential; it demands a deep commitment to environmental stewardship and strong community partnerships. The company has repeatedly stated its commitment to working collaboratively with Yukon First Nations and local communities to ensure the project delivers shared benefits.

The funds raised will directly support these efforts, enabling the company to conduct the rigorous studies and consultations required by the Yukon Environmental and Socio-economic Assessment Board (YESAB). This process is designed to identify and mitigate potential environmental impacts while ensuring the project aligns with the values and priorities of local residents and First Nations. Achieving a social license to operate is as critical as any technical or financial milestone.

The offering is expected to close on or about February 26, 2026, and remains subject to standard conditions, including final approval from the Toronto Stock Exchange and the NYSE American. The successful completion of this financing will mark a pivotal moment for Western Copper and Gold, equipping it with the resources needed to take tangible, decisive steps toward bringing the world-class Casino Project to fruition.