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Western Copper and Gold (WRN) extends Mitsubishi stake deal to 2028

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Western Copper and Gold Corporation reports a change in its relationship with strategic partner Mitsubishi Materials Corporation. The companies signed another amended and restated investor rights agreement that extends Mitsubishi Materials’ rights and obligations until November 30, 2028.

The extension is conditional on Mitsubishi Materials acquiring 1.2 million common shares of Western Copper and Gold through open market purchases. Because these are secondary-market buys, no new shares will be issued and the purchases will be non-dilutive to existing shareholders. Once the purchases are completed, Mitsubishi Materials’ ownership in the company is expected to be about 5%, reinforcing their long-term strategic partnership around the Casino Project.

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Insights

Strategic partner renews commitment via non-dilutive stake increase.

The agreement extends Mitsubishi Materials' investor rights to November 30, 2028, conditional on buying 1.2 million shares in the open market. This signals ongoing interest from an industrial partner without adding new equity supply.

The targeted post-purchase stake of roughly 5% keeps Mitsubishi Materials as a meaningful but not controlling shareholder. Actual impact depends on completion of the planned purchases and future progress on the Casino Project, which the company notes faces typical permitting and development risks.

Future company disclosures may elaborate on how this extended partnership supports project milestones and funding structures as the Casino Project advances through its next stages.

Conditional share purchases 1,200,000 common shares Mitsubishi Materials open market purchases tied to rights extension
Target ownership approximately 5% Expected Mitsubishi Materials equity stake after purchases
Rights agreement term until November 30, 2028 Extended investor rights agreement expiry
Date of material change June 15, 2026 Effective date of announced partnership change
material change report regulatory
"FORM 51-102F3 MATERIAL CHANGE REPORT Item 1. Name and Address of Company"
A material change report is a public notice that a company must file and share whenever new information or an event is significant enough to likely influence an investor’s decision. Think of it like an urgent update board that tells shareholders about big shifts—such as major deals, leadership changes, sudden losses, or legal issues—so investors can reassess risk and value with the same facts everyone else has.
investor rights agreement financial
"entered into another amended and restated investor rights agreement with Mitsubishi Materials"
A legally binding contract between a company and its investors that spells out investors’ core protections and privileges—such as voting rights, how and when shares can be sold, information access, and steps for resolving disputes. Think of it like a rulebook or homeowner association agreement for ownership: it clarifies who gets a say, how value can be realized, and what protections exist if things go wrong, making investment risks and expectations clearer for shareholders.
strategic partnership financial
"the Company announced a further strengthening of its strategic partnership with Mitsubishi Materials"
An agreement between two or more independent companies to work together on specific goals—such as developing products, entering new markets, or sharing technology—while each company keeps its own identity. For investors, a strategic partnership can be like neighboring shops pooling resources to attract more customers: it can speed growth, lower costs or risks, and change a company’s future revenue or competitive position, so announcements often affect stock expectations.
open market purchases financial
"subject to Mitsubishi Materials acquiring 1.2 million common shares of the Company through open market purchases"
Open market purchases are buys of a company’s shares (or other securities) made on public exchanges at prevailing market prices rather than through private deals. For investors this matters because when a company buys back its own stock it reduces the number of shares available, which can boost per-share earnings and often signals management’s confidence; it also affects supply, demand and short-term liquidity much like someone quietly buying up items from a crowded marketplace.
forward-looking statements regulatory
"This material change report includes certain "forward-looking information" and "forward-looking statements""
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Casino Project financial
"risk of unforeseen challenges in advancing the Casino Project"
A casino project is a planned development to build or expand a facility where people can gamble and enjoy entertainment, such as slot machines, card games, and shows. For investors, such projects can signal potential economic growth and tourism, but also carry risks related to costs, regulations, and market demand that can impact financial outcomes. Understanding a casino project helps assess its potential benefits and challenges within a region's development plans.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of June 2026

Commission File Number: 001-35075

WESTERN COPPER AND GOLD CORPORATION
(Translation of registrant's name into English)

Suite 907 – 1030 West Georgia Street,
Vancouver, BC, Canada V6E 2Y3

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

[   ] Form 20-F   [ x ]  Form 40-F


SUBMITTED HEREWITH

Exhibits

Exhibit   Description
   
99.1   Material Change Report


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  Western Copper and Gold Corporation
  (Registrant)
     
Date: June 19, 2026 By: /s/ Sandeep Singh
    Sandeep Singh
     
  Title: President & Chief Executive Officer



FORM 51-102F3

MATERIAL CHANGE REPORT

Item 1. Name and Address of Company

Western Copper and Gold Corporation ("Company")

Suite 907 - 1030 West Georgia Street

Vancouver, BC V6E 2Y3

Item 2. Date of Material Change

June 15, 2026

Item 3. News Release

A news release was disseminated through Newsfile Corp. on June 15, 2026, and subsequently filed under the Company's profile on SEDAR+.

Item 4. Summary of Material Change

On June 15, 2026, the Company announced a further strengthening of its strategic partnership with Mitsubishi Materials Corporation ("Mitsubishi Materials") and that the Company had entered into another amended and restated investor rights agreement with Mitsubishi Materials.

Item 5. Full Description of Material Change

5.1 Full Description of Material Change

On June 15, 2026, the Company announced a further strengthening of its strategic partnership with Mitsubishi Materials. The Company has entered into another amended and restated investor rights agreement with Mitsubishi Materials, most notably extending the rights and obligations thereunder until November 30, 2028, subject to Mitsubishi Materials acquiring 1.2 million common shares of the Company through open market purchases. These purchases will be non-dilutive to existing shareholders, as no new shares will be issued by the Company. Upon completion, Mitsubishi Materials' ownership in the Company will return to approximately 5%.

5.2 Disclosure for Restructuring Transactions

Not applicable.

Item 6. Reliance on Section 7.1(2) of National Instrument 51-102

Not applicable.

Item 7. Omitted Information

There is no information of a material nature that has been omitted.


Item 8. Executive Officer

Contact: Mike Psihogios
Phone: (416) 476-7627

Item 9. Date of Report

June 22, 2026

Cautionary Note Regarding Forward-Looking Statements

This material change report includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this material change report. Forward- looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "opportunities", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Such forward-looking statements herein include statements regarding Mitsubishi Materials' acquisition of additional common shares of the Company through open market purchases, the anticipated resulting equity ownership of Mitsubishi Materials in the Company following completion of the purchases, and the continued strategic partnership between the Company and Mitsubishi Materials.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual events to be materially different from those expressed or implied by such statements. Such factors include but are not limited to the risk of unforeseen challenges in advancing the Casino Project, potential impacts on operational continuity, changes in general market conditions that could affect the Company's performance; and other risks and uncertainties disclosed in the Company's annual information form and Form 40-F for the most recently completed financial year and its other publicly filed disclosure documents.

Forward-looking statements are based on assumptions management believes to be reasonable, such assumptions and factors as set out herein, and in the Company's annual information form and Form 40-F for the most recently completed financial year and its other publicly filed disclosure documents.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, other factors may cause results to be materially different from those anticipated, described, estimated, assessed or intended. These forward- looking statements represent the Company's views as of the date of this material change report. There can be no assurance that any forward-looking statements will be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not intend to and does not assume any obligation to update forward-looking statements other than as required by applicable law.


FAQ

What material change did Western Copper and Gold (WRN) announce with Mitsubishi Materials?

Western Copper and Gold extended its investor rights agreement with Mitsubishi Materials to November 30, 2028. The extension is tied to Mitsubishi acquiring 1.2 million common shares in the open market, reinforcing their strategic partnership while avoiding dilution to existing shareholders.

How many Western Copper and Gold shares will Mitsubishi Materials buy?

Mitsubishi Materials is expected to acquire 1.2 million common shares of Western Copper and Gold through open market purchases. These transactions involve existing shares, so the company will not issue new stock and current shareholders will not be diluted by this arrangement.

Will the Mitsubishi Materials share purchases dilute Western Copper and Gold shareholders?

The company states the purchases will be non-dilutive because no new shares will be issued. Mitsubishi Materials will buy 1.2 million existing common shares in the open market, meaning the total share count remains unchanged while ownership shifts to the strategic partner.

What ownership level will Mitsubishi Materials hold in Western Copper and Gold after the purchases?

Upon completion of the 1.2 million share open market purchases, Mitsubishi Materials’ ownership in Western Copper and Gold is expected to return to approximately 5%. This level maintains Mitsubishi as a significant strategic partner without giving it a controlling equity position.

How long are Mitsubishi Materials’ investor rights with Western Copper and Gold extended?

The amended and restated investor rights agreement extends Mitsubishi Materials’ rights and obligations until November 30, 2028. This longer-dated framework is conditional on completing the planned 1.2 million share purchases and supports the companies’ ongoing strategic cooperation.

Filing Exhibits & Attachments

1 document