Western Copper and Gold Corp. (WRN:TSX; WRN:NYSE.MKT) now will work on negotiating and formalizing impact benefit and/or development agreements with some First Nations in the region, noted an Agentis Capital report.
Western Copper and Gold Corp. (WRN:TSX; WRN:NYSE.MKT) submitted an environmental and socioeconomic effects (ESE) statement for its Casino copper-gold-silver-molybdenum, open-pit project in west-central Yukon to the Yukon Environmental and Socioeconomic Assessment Board (YESAB), reported Agentis Capital Analyst Michael Gray in an October 7 research note.
"As Canada's top critical minerals asset by gross domestic product (GDP) impact and significant tax cash flows, WRN merits a much higher multiple," wrote Gray.
At the time of his report, the Canadian explorer-developer was trading at about CA$2.98 per share, at a price:net asset value of 0.08x, a significant discount to its peer average of 0.58x, the analyst wrote. Agentis does not have a target price on Western Copper and Gold.
The company has 200.6 million shares outstanding and a market cap of CA$597.8 million.
Gray explained the next steps with YESAB. Now that it has Western Copper and Gold's ESE, YESAB has 60 days to review it and request additional information if needed; this part of the process can take up to 120 days.
Next is the YESAB panel review process, which Agentis expects to start in Q1/26. If it does, Western Copper and Gold could receive a permitting decision in 2028. In the meantime, the company likely will make other permit-related efforts, most notably impact benefit and/or development agreements with First Nations, Gray highlighted. He pointed out that the Selkirk First Nation, for example, is "very commercial," the analyst wrote. In fact, it formed the entity, Selkirk Copper Mines, to take ownership of the Minto copper-gold mine, now on care and maintenance.
Gray also noted that "Yukon infrastructure tailwinds continue." In the most recent development, the Yukon Development Corp. commissioned a high-level benefits analysis report to facilitate completion of the prefeasibility study (PFS) of connecting the power grid between the Yukon and northwest British Columbia.
A previous report, prepared in September by Midgard Consulting, estimated the transmission line to cost CA$4 billion (CA$4B).
This line "would unlock Casino to deliver CA$52.6B-plus in GDP impact," wrote Gray.
Potential events that could boost Western Copper and Gold's share price include the start of the YESAB panel review, expected in Q1/26; completion of the Yukon PFS grid connection study, due next year; and additional agreements with the Selkirk First Nation and the Little Salmon Carmacks First Nation, between H2/26 and H1/27.
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Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.For additional disclosures, please click here.
Disclosures for Agentis Capital, Western Copper and Gold, October 7, 2025
This report has been prepared by Agentis Capital Mining Partners for general information purposes only. This report should not be considered a solicitation to purchase or sell securities, a recommendation to buy or sell securities or investment advice, and any opinions expressed herein are the views of the author as at the date of the report. This document does not take into account the particular investment objectives, financial situations or needs of individual recipients, or other issues which may exist for certain individual recipients. Recipients should rely on their own investigations and take their own professional advice before investment. Information contained in this report is derived from sources believed to be reliable, but its accuracy cannot be guaranteed. In the United States this product is only intended for distribution to major institutional investors. Agentis Capital Mining Partners and its affiliates and associates, and their respective partners, directors, officers, employ ees, representatives and family members may hold positions in, and may buy or sell securities of, the companies referred to in thi s report. Additionally, Agentis Capital Mining Partners and its affiliates and associates (collectively, "Agentis Capital"), m ay have in the past provided, and may in the future provide, financial advisory and other services to the companies referred to in this report and receive financial and other incentives from the companies as consideration for the provision of such services . The Author/Analyst of the report will not purchase or sell any securities within 48 hours of publishing a report. Company specific disclosure details Company Name Symbol Disclosures Ascot Resources Ltd. AOT CN 1,4,7 Dakota Gold Corp. DC US 1,2 Defense Metals Corp. DEFN CN 1,2,4,7 Discovery Silver Corp. DSV CN 1,4,7 Fireweed Metals Corp. FWZ CN 1,2 Founders Metals Inc. FDR CN 1,2,4,7 Imperial Metals Corporation III CN 1,4,7 K92 Mining Inc. KNT CN 1,4,7 NorthIsle Copper and Gold Inc. NCX CN 1,2,4,7 Omai Gold Mines Corp. OMG CN RESTRICTED Skeena Resources Limited SKE CN RESTRICTED Snowline Gold Corp. SGD CN 1,2,4,7 Vizsla Silver Corp. VZLA CN 1,2,4,7 Western Copper and Gold Corporation WRN CN 1,4,7 Alaska Silver Corp. WAM CN 1,2 Endurance Gold Corporation EDG CN 1,4,7 Hercules Metals Corp. BIG CN 1,4,7 Inflection Resources Ltd. AUCU CN 1,4,7 Maple Gold Mines Ltd. MGM CN RESTRICTED Miata Metals Corp. MMET CN 1 Onyx Gold Corp. ONYX CN 1,2 Radisson Mining Resources Inc. RDS CN RESTRICTED Scottie Resources Corp. SCOT CN 1,4,7 Sitka Gold Corp. SIG CN 1,2 1. A member of Agentis Capital has visited/viewed material operations of the issuer 2. In the last 12 months, Agentis Capital has been retained under a service or advisory agreement by the issuer and has received compensation for financial advisory services 3. Agentis Capital or a member of the Agentis Capital team or household, has a short position in the shares and/or the options of the issuer 4. Agentis Capital or a member of the Agentis Capital team or household, has a long position in the shares and/or the options of the issuer 5. Agentis Capital or a member of the Agentis Capital team or household, own more than 1% of any class of common equity of the issuer 6. A member of the Agentis Capital team or household, serves as a Director or Officer or Advisory Board Member of the issuer 7. The Author/Primary Analyst owns a position of less than 1% of any class of common equity of the issuer 8. The Author/Primary Analyst owns more than 1% of any class of common equity of the issuer