西方铜金 2025年度报告

Washington, D.C.20549 FORM 40-F WESTERN COPPER AND GOLD CORPORATION Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the periodcovered by the annual report: 202,337,592 Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Actduring the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been Yes XNo___ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act. Emerging growth company __ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if theregistrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements. ___ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ___ FORM 40-FPRINCIPAL DOCUMENTS The following documents, filed as Exhibits 99.1 through 99.3 hereto, are hereby incorporated by reference into this Annual Report onForm 40-F of Western Copper and Gold Corporation (the "Company" or the "Registrant"): (a)Annual Information Form for the fiscal year ended December 31, 2025; (b)Management's Discussion and Analysis of Financial Condition and Results of Operations for the fiscal year ended December31, 2025; and (c) Audited Consolidated Financial Statements for the years ended December 31, 2025 and 2024 and notes thereto together with theReportof Independent Registered Public Accounting Firm thereon.Our independent registered public accounting firm is The Company's Audited Consolidated Financial Statements included in this Annual Report on Form 40-F have been prepared inaccordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.Therefore, ADDITIONAL DISCLOSURE Resource and Reserve Estimates The Company's Annual Information Form for the fiscal year ended December 31, 2025 and the Company's Management's Discussionand Analysis of Financial Condition and Results of Operations for the fiscal year ended December 31, 2025, which are attached heretoas Exhibits 99.1 and 99.2, respectively, have been prepared in accordance with the requirements of the securities laws in effect inCanada as of December 31, 2025, which differ in certain material respects from the disclosure requirements of United States securitieslaws.The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined inaccordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Accordingly, information contained and incorporated by reference into this Annual Report on Form 40-F that describes the Company'smineral deposits may not be comparable to similar information made public by issuers subject to the Commission's reporting and Certifications and Disclosure Regarding Controls and Procedures. (a)Certifications.See Exhibits 99.4, 99.5, 99.6 and 99.7 to this Annual Report on Form 40-F. (b)Disclosure Controls and Procedures. As of the end of the Company's fiscal year ended December 31, 2025, an evaluation ofthe effectiveness of the Company's "disclosure controls and procedures" was carried out by the Company's management with theparticipation of the Chief Executive Officer and Chief Financial Officer, who are the principal executive officer and principal financialofficer of the Company, respectively. Based upon that evaluation, the Company's Chief Executive Officer and Chief Financial Officerhave concluded that as of the end of that fiscal year, the Company's disclosure controls and procedures were effective to ensure that (c)Management's Annual Report on Internal Control Over Financial Reporting. The required disclosure is included in "Management's Report on Internal Control O