# EDGAR Filing Document

**Accession Number:** 0001364125
**File Stem:** 0000950170-25-088057
**Filing Date:** 2025-6
**Character Count:** 85849
**Document Hash:** 2118f759a3a2c2ab09d39f3a7a32eca4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-088057.hdr.sgml**: 20250618

**ACCESSION NUMBER**: 0000950170-25-088057

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250618

**DATE AS OF CHANGE**: 20250618

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Western Copper & Gold Corp
- **CENTRAL INDEX KEY:** 0001364125
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-83625
- **FILM NUMBER:** 251058280

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SUITE 1200 - 1166 ALBERNI STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6E 3Z3
- **BUSINESS PHONE:** 6046849497

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SUITE 1200 - 1166 ALBERNI STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6E 3Z3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Western Copper CORP
- **DATE OF NAME CHANGE:** 20060525
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RIO TINTO PLC
- **CENTRAL INDEX KEY:** 0000863064
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 6 ST JAMES'S SQUARE
- **CITY:** LONDON, SW1Y 4AD
- **STATE:** X0
- **ZIP:** 00000
- **BUSINESS PHONE:** 801-204-8000

**MAIL ADDRESS:**
- **STREET 1:** RIO TINTO SERVICES INC.
- **STREET 2:** 80 STATE STREET
- **CITY:** ALBANY
- **STATE:** NY
- **ZIP:** 12207-2543

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RTZ CORPORATION PLC
- **DATE OF NAME CHANGE:** 19950522

### Attached PDF Documents

**Attachment 1:** `ck0000000000-ex99_g.pdf`

Exhibit 99.G

EXECUTION VERSION

SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

WESTERN COPPER AND GOLD CORPORATION

AND

RIO TINTO CANADA INC.

DATED JUNE 13, 2025

# TABLE OF CONTENTS

Article 1 DEFINITIONS AND INTERPRETATION - 1 -
- Section 1.1 Definitions. - 1 -
- Section 1.2 Gender, Number and Derivatives. - 5 -
- Section 1.3 Headings, etc. - 5 -
- Section 1.4 Currency. - 5 -
- Section 1.5 Rules of Construction. - 5 -
- Section 1.6 Certain Phrases, etc. - 5 -
- Section 1.7 Schedules. - 6 -
- Section 1.8 Parties and Persons. - 6 -
- Section 1.9 Statutory and Contractual References. - 6 -
- Section 1.10 Business Days. - 6 -
- Section 1.11 Time of Day and Date. - 6 -
- Section 1.12 Time Periods. - 6 -
- Section 1.13 Time By Which Obligations Must Be Performed. - 7 -
- Section 1.14 Conflicts. - 7 -

Article 2 GOVERNANCE - 7 -
- Section 2.1 Intentionally Removed. - 7 -
- Section 2.2 Intentionally Removed. - 7 -
- Section 2.3 Intentionally Removed. - 7 -
- Section 2.4 Intentionally Removed. - 7 -
- Section 2.5 Technical Committee. - 7 -
- Section 2.6 Secondment Program. - 8 -

Article 3 REGISTRATION RIGHTS - 8 -
- Section 3.1 Demand Registration. - 8 -
- Section 3.2 Piggyback Registration. - 10 -
- Section 3.3 Registration Procedures. - 11 -
- Section 3.4 Underwriters' Cutback. - 14 -
- Section 3.5 Withdrawal. - 15 -
- Section 3.6 Expenses. - 15 -
- Section 3.7 Agreement Regarding Compliance with Securities Laws. - 16 -
- Section 3.8 Preparation; Reasonable Investigation. - 16 -
- Section 3.9 Indemnification. - 16 -
- Section 3.10 Defence of the Action by the Indemnifying Parties. - 18 -
- Section 3.11 Contribution. - 18 -

ii

Section 3.12 U.S. Registration Rights. - 18 -
Section 3.13 Termination of Rights. - 19 -

Article 4 SUBSCRIPTION RIGHTS - 19 -
Section 4.1 Subscription Rights. - 19 -
Section 4.2 Subscription Rights Process. - 19 -
Section 4.3 Subscription Rights Exclusions. - 20 -
Section 4.4 Top-Up Rights. - 20 -
Section 4.5 Application of Securities Laws. - 22 -
Section 4.6 Termination of Rights. - 22 -

Article 5 RESTRICTIONS ON TRANSFER AND SALE OF SECURITIES - 22 -
Section 5.1 Restrictions on Transfer and Sale of Securities. - 22 -
Section 5.2 Standstill. - 23 -

Article 6 OTHER COVENANTS - 24 -
Section 6.1 Voting Alignment. - 24 -
Section 6.2 Project Information and Access. - 24 -
Section 6.3 Intentionally Removed. - 25 -
Section 6.4 Reporting Issuer Status and Listing of Common Shares. - 25 -

Article 7 DISPUTE RESOLUTION - 25 -
Section 7.1 Disputes; Arbitration. - 25 -
Section 7.2 Injunctive Relief. - 25 -

Article 8 REPRESENTATIONS AND WARRANTIES - 26 -
Section 8.1 Representations and Warranties of the Corporation. - 26 -
Section 8.2 Representations and Warranties of the Investor. - 26 -

Article 9 MISCELLANEOUS - 27 -
Section 9.1 Authority; Effect. - 27 -
Section 9.2 Notices. - 27 -
Section 9.3 Determining Ownership Percentage. - 28 -
Section 9.4 Termination and Effect of Termination. - 28 -
Section 9.5 Confidentiality. - 29 -
Section 9.6 Common Shares Subject to this Agreement. - 30 -
Section 9.7 Permitted Transferees. - 30 -
Section 9.8 Remedies. - 31 -
Section 9.9 Amendments. - 31 -
Section 9.10 Waiver. - 31 -
Section 9.11 No Third Party Rights. - 31 -

iii

Section 9.12 Time of Essence. - 32 -
Section 9.13 Governing Law. - 32 -
Section 9.14 Further Assurances. - 32 -
Section 9.15 Independent Legal Advice. - 32 -
Section 9.16 Entire Agreement. - 32 -
Section 9.17 Successors and Assigns. - 32 -
Section 9.18 Counterparts. - 32 -
Section 9.19 Severability. - 33 -

SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

THIS INVESTOR RIGHTS AGREEMENT (this “Agreement”) is dated as of June 13, 2025, between:

WESTERN COPPER AND GOLD CORPORATION, a corporation incorporated under the laws of the Province of British Columbia, Canada (the “Corporation”)

- and -

RIO TINTO CANADA INC., a corporation incorporated under the laws of Canada (the “Investor”)

WHEREAS, in connection with its initial investment in the Corporation, the Investor and the Corporation entered into an investor rights agreement dated May 28, 2021, as amended by letter agreements as of November 23, 2022 and May 9, 2023 (the “Original IRA”);

AND WHEREAS, the Investor acquired additional common shares in the capital of the Corporation (the “Subsequent Investment”) and, in connection therewith, the Investor and the Corporation entered into an amended and restated investor rights agreement dated December 12, 2023 (the “Amended and Restated IRA”), extending certain rights under the Original IRA;

AND WHEREAS, the Corporation has agreed to further extend certain rights under the Amended and Restated IRA set out herein to the Investor, on the terms and subject to the conditions set out herein, amending and restating the Amended and Restated IRA;

NOW THEREFORE in consideration of the foregoing and the mutual covenants and agreements hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which is irrevocably acknowledged, it is agreed by and between the Parties hereto as set forth below.

ARTICLE 1
DEFINITIONS AND INTERPRETATION

Section 1.1 Definitions.

As used in this Agreement, the following terms shall have the following meanings unless the context otherwise requires:

“Act” means the Business Corporations Act (British Columbia);

“affiliate” has the meaning given to it in NI 45-106, subject to the terms “person” and “issuer” in NI 45-106 being ascribed the same meaning as the term “Person” in this Agreement, and in the case of the Investor, “affiliate” shall include any member of the Rio Tinto Group;

“Agreement” has the meaning ascribed thereto in the preamble;

“Arbitration” has the meaning ascribed thereto in Section 7.1;

- 2 -

"Base Shelf Prospectus" has the meaning ascribed thereto in NI 44-102;

"Board" means the board of directors of the Corporation;

"Bought Deal" means a sale of securities of the Corporation to underwriters for reoffering to the public as described in the definition of "bought deal agreement" in Section 7.1 of NI 44-101;

"Business Day" means a day (other than a Saturday or Sunday or a public holiday) when commercial banks are open for ordinary banking business in Vancouver, British Columbia, Canada;

"Buyer Identification Period" has the meaning ascribed thereto in Section 5.1(1);

"Canadian Securities Authorities" means the "Canadian securities regulatory authorities" as defined in National Instrument 14-101 - Definitions, and any of their successors;

"Common Shares" means the common shares in the capital of the Corporation;

"Confidential Information" has the meaning ascribed thereto in Section 9.5(1);

"Convertible Securities" means securities directly or indirectly convertible into, exchangeable for or exercisable to acquire Common Shares or other voting or participating securities of the Corporation;

"Corporation" has the meaning ascribed thereto in the preamble;

"Corporation Indemnified Party" has the meaning ascribed thereto in Section 3.9(2);

"Demand Registration" has the meaning ascribed thereto in Section 3.1(1);

"Demand Registration Request" has the meaning ascribed thereto in Section 3.1(1);

"Dilutive Issuance" has the meaning ascribed thereto in Section 4.4(1)(a);

"Directors" means the persons who are elected or appointed as directors of the Corporation, and "Director" means any one of them;

"Exchanges" means, collectively, the Toronto Stock Exchange and the NYSE American;

"Exercise Notice" has the meaning ascribed thereto in Section 4.4(3);

"Expiry Date" means the earlier of: (a) the Investor's Ownership Percentage falling below 5.0%; and (b) November 30, 2026, provided, however, that the Corporation and the Investor may mutually agree to extend the date referred to in (b) by such additional period of time as may be agreed in writing between the Corporation and the Investor;

"Governmental Entity" means (i) any international, multinational, national, federal, provincial, state, municipal, local or other governmental or public department, central bank, court, commission, board, bureau, agency or instrumentality, domestic or foreign, (ii) any subdivision or authority of any of the above, (iii) any stock exchange and (iv) any quasi-governmental or private

- 3 -

body exercising any regulatory, expropriation or taxing authority under or for the account of any of the above;

"Indemnified Parties" has the meaning ascribed thereto in Section 3.10;

"Indemnifying Party" has the meaning ascribed thereto in Section 3.10;

"Insider Trading Policy" means the Corporation's insider trading policy, last approved by the Board on November 12, 2024, as amended from time to time;

"Investor" has the meaning ascribed thereto in the preamble;

"Investor Expenses" has the meaning ascribed thereto in Section 3.6(2);

"Investor Indemnified Party" has the meaning ascribed thereto in Section 3.9(2);

"Investor's Ownership Percentage" means, at any time, the Investor's percentage ownership interest in the equity capital of the Corporation, which shall be calculated by dividing (y) the number of Common Shares beneficially owned and controlled, directly or indirectly, by the Investor, by (z) the total number of Common Shares issued and outstanding at such time; provided that in the case of both (y) and (z), the number of Common Shares used in the calculation shall not assume the exercise and/or conversion of any Convertible Securities (regardless of the exercise or conversion price);

"Laws" means applicable (i) laws, constitutions, treaties, statutes, codes, ordinances, principles of common and civil law and equity, orders, decrees, rules, regulations and municipal by-laws, whether domestic, foreign or international, (ii) judicial, arbitral, administrative, ministerial, departmental and regulatory judgments, orders, writs, injunctions, decisions, rulings, decrees and awards of any Governmental Entity, and (iii) policies, practices and guidelines of, or contracts with, any Governmental Entity, which, although not actually having the force of law, are considered by such Governmental Entity as requiring compliance as if having the force of law, in each case binding on or affecting the Person, or the assets of the Person, referred to in the context in which such word is used;

"Market Price" means the "market price" of the Common Shares calculated in accordance with the rules of the Toronto Stock Exchange or, if the Common Shares are not traded on the Toronto Stock Exchange at the relevant time, the closing price of the Common Shares on the trading day immediately prior to the date of public announcement of the event, as applicable, on such other exchange or marketplace as such Common Shares are then traded (or at the "market price" otherwise determined pursuant to the rules of such other exchange or marketplace, if different);

"Maximum Offering Size" has the meaning ascribed thereto in Section 3.4(1);

"New Securities" has the meaning ascribed thereto in Section 4.1(1);

"NI 44-101" means National Instrument 44-101 - Short Form Prospectus Distributions;

"NI 44-102" means National Instrument 44-102 - Shelf Distributions;

"NI 45-106" means National Instrument 45-106 - Prospectus Exemptions;

- 4 -

"Offered Securities" has the meaning ascribed thereto in Section 4.1(1);

"Party" or "Parties" means one or more of the parties to this Agreement;

"Person" includes a natural person, partnership, limited partnership, limited liability partnership, corporation, limited liability company, unlimited liability company, joint stock company, trust, unincorporated organization, an association, a union, joint venture or other entity or Governmental Entity, and pronouns have a similarly extended meaning;

"Piggyback Registration" has the meaning ascribed thereto in Section 3.2(1);

"Piggyback Registration Request" has the meaning ascribed thereto in Section 3.2(1);

"Project" means the Corporation's Casino project located in Yukon Territory, Canada;

"Proposal" has the meaning ascribed thereto in Section 5.2(2);

"Registration" means the qualification of securities for distribution under Securities Laws (or any of them) by way of a prospectus prepared in accordance with the applicable Securities Laws;

"Rio Tinto Group" means, collectively, the Investor, Rio Tinto plc and its subsidiaries and Rio Tinto Limited and its subsidiaries;

"Sale Notice" has the meaning ascribed thereto in Section 5.1(1);

"Sale Shares" has the meaning ascribed thereto in Section 5.1(1);

"Secondment Program" has the meaning ascribed thereto in Section 2.6(1);

"Securities Laws" means the securities laws, regulations and rules of each of the provinces and territories of Canada, the forms and disclosure requirements made or promulgated under those laws, regulations or rules, the published policy statements, rules, orders and companion policies of or administered by the Canadian Securities Authorities, and applicable published discretionary rulings, blanket orders or orders issued by the Canadian Securities Authorities pursuant to such laws, regulations, rules and policy statements, all as amended and in effect from time to time;

"Shelf Prospectus Supplement" has the meaning given to it in NI 44-102;

"Short Form Prospectus" means a prospectus in the form of Form 44-101F1 under NI 44-101;

"subsidiary" has the meaning given to it in NI 45-106;

"Technical Committee" has the meaning ascribed thereto in Section 2.5(1);

"Technical Committee Nominee" has the meaning ascribed thereto in Section 2.5(2);

"Third Party" means any Person other than the Investor, any affiliate of the Investor or any person acting jointly or in concert with any of them;

"Top-up Notice" has the meaning ascribed thereto in Section 4.4(2);

- 5 -

"Top-up Offering" has the meaning ascribed thereto in Section 4.4(4);

"Top-up Right" has the meaning ascribed thereto in Section 4.4(1)(a);

"Top-up Shares" has the meaning ascribed thereto in Section 4.4(1)(a);

"Top-up Threshold" has the meaning ascribed thereto in Section 4.4(1)(b);

"Transfer" means, with respect to any Common Shares, any interest therein, or any other securities or equity interests relating thereto, a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including the grant of an option or other right, whether directly or indirectly, whether voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise, and "Transferred" shall have a correlative meaning; and

"Valid Business Reason" has the meaning ascribed thereto in Section 3.1(7).

## Section 1.2 Gender, Number and Derivatives.

Any reference in this Agreement to gender includes all genders. Words importing the singular number only include the plural and vice versa, as the context requires. If a term is defined herein, a capitalized derivative of such term shall have a corresponding meaning unless the context otherwise requires.

## Section 1.3 Headings, etc.

The provision of a table of contents, the division of this Agreement into articles and sections and the insertion of headings are for convenience of reference only and shall not and do not affect the interpretation of this Agreement.

## Section 1.4 Currency.

All references in this Agreement to dollars or to "$" are expressed in Canadian currency unless otherwise specifically indicated.

## Section 1.5 Rules of Construction.

The Parties to this Agreement waive the application of any law or rules of construction providing that ambiguities in any agreement or other document shall be construed against the Party drafting such agreement or other document. In construing this Agreement, the rule known as the ejusdem generis rule shall not apply nor shall any similar rule or approach apply to the construction of this Agreement and, accordingly, general words introduced or followed by the word "other" or "including" or "in particular" shall not be given a restrictive meaning because they are followed or preceded (as the case may be) by particular examples intended to fall within the meaning of the general words.

## Section 1.6 Certain Phrases, etc.

In this Agreement, (i) the words "including", "includes" and "include" mean "including (or includes or include) without limitation", and (ii) the words "the aggregate of", "the total of", "the

- 6 -

sum of", or a phrase of similar meaning means "the aggregate (or total or sum), without duplication, of". The expressions "Article" or "Section" or other subdivisions followed by a number mean and refer to the specified Article, Section or other subdivision of the Agreement and the expressions "hereof", "herein", "hereinafter", "hereto", "hereunder", "hereby" and similar expressions refer to this Agreement. All references to specific Articles, Sections, or other subdivisions of this Agreement followed by a number are references to the whole of the Article, Section or other subdivision of this Agreement, as applicable, bearing that number, including all subsidiary provisions containing that same number as a prefix.

## Section 1.7 Schedules.

The Schedules to this Agreement are an integral part of this Agreement and a reference to this Agreement includes a reference to the Schedules.

## Section 1.8 Parties and Persons.

References in this Agreement to any Party or other Person shall include, where the context permits, references to the estate of that Party or Person or that Party or Person's respective successors resulting from any amalgamation, merger, arrangement or other reorganization of such Party or other Person.

## Section 1.9 Statutory and Contractual References.

Except as otherwise provided in this Agreement:

(a) any reference in this Agreement to a statute shall include and shall be deemed to be a reference to, such statute and to the regulations, policies and rules made pursuant thereto, with all amendments made thereto and in force from time to time, and to any statute, regulation, policy or rule that may be passed that has the effect of supplementing or superseding the statute so referred to or the regulations, policies or rules made pursuant thereto; and

(b) any reference in this Agreement to an agreement refers to such agreement as amended, restated, supplemented or replaced from time to time.

## Section 1.10 Business Days.

Any reference to a number of days shall refer to calendar days unless Business Days are specified.

## Section 1.11 Time of Day and Date.

Any references to time of day or date means the local time or date in Vancouver, British Columbia, Canada unless otherwise specified.

## Section 1.12 Time Periods.

Unless otherwise specified, time periods within or following which any act is to be done shall be calculated by excluding the day on which the action is taken and including the day on

which the period ends and by extending the period to the Business Day immediately following if the last day of the period is not a Business Day.

## Section 1.13 Time By Which Obligations Must Be Performed.

Where this Agreement states that an obligation shall be performed "no later than" or "within" or "by" a prescribed number of days before a stipulated date or event or "by" a date which is a prescribed number of days before a stipulated date or event, the latest performance shall be 5:00 p.m. on the last day for performance of the obligation concerned, or if that day is not a Business Day, 5:00 p.m. on the next Business Day. Where this Agreement states that an obligation shall be performed "on" a stipulated date, the latest time for performance shall be 5:00 p.m. on that day, or, if that day is not a Business Day, 5:00 p.m. on the next Business Day.

## Section 1.14 Conflicts.

If there is any conflict or inconsistency between a provision of the body of this Agreement and that of any document delivered pursuant to this Agreement, the provision of the body of this Agreement shall prevail.

## ARTICLE 2 GOVERNANCE

Section 2.1 Intentionally Removed.

Section 2.2 Intentionally Removed.

Section 2.3 Intentionally Removed.

Section 2.4 Intentionally Removed.

## Section 2.5 Technical Committee.

(1) The Corporation has formed and is maintaining a technical and sustainability committee (the "Technical Committee") and the Investor shall have the right (but not the obligation) to appoint one member of the Technical Committee to review and recommend all material technical decisions to be made in respect of the Project. Any proposal relating to a technical program, the budget of the Technical Committee, technical data and conclusions and Technical Committee recommendations shall be presented to, and available for, the Board on a timely basis, on no less than five Business Days' notice to accommodate Board review and approval, such approval not to be unreasonably withheld.

(2) The Technical Committee shall be comprised of (a) one member appointed by the Investor (who as of the date hereof is Geraldine Lyons), (b) one member to be appointed by each other strategic investor having been granted similar rights to the Investor, and (c) such number of members that total one more than the aggregate members appointed by the Investor and other strategic investors to be appointed by the Corporation (each, a "Technical Committee Nominee"). The Technical Committee Nominees must be satisfactory to the Board, acting reasonably, and with reference solely to the scientific and/or technical capabilities of such Technical Committee Nominees (with any such

- 8 -

determination of the Board as to the acceptability of a Technical Committee Nominee being based upon the same criteria that is applied generally to all other nominees). The Technical Committee Nominee shall be bound by Section 9.5 of this Agreement as well as the Corporation's policies, including without limitation the Insider Trading Policy.

(3) The Technical Committee shall follow the terms of reference attached as Schedule "A" to this Agreement, as such terms of reference may be amended or otherwise modified by the mutual agreement of the Corporation and the Investor from time to time.

(4) The Corporation hereby acknowledges that the Investor's Technical Committee Nominee will be acting solely as a member of the Technical Committee on behalf of the Investor, and that in no event do the Parties intend that the Investor's Technical Committee Nominee be responsible as a fiduciary to the Corporation, its management, shareholders or creditors or any other person.

(5) The Investor shall have the right (but not the obligation) to appoint from time to time a non-voting observer to attend all meetings of any other technical committee of the Board or formed by agreement with another party.

(6) The rights set forth in this Section 2.5 shall terminate on the Expiry Date.

## Section 2.6 Secondment Program.

(1) Upon mutual agreement, the Investor and the Corporation shall establish a secondment program for Rio Tinto Group employees, with a view to facilitating the exchange of people, ideas and best practices between the Rio Tinto Group and the Corporation (the "Secondment Program").

(2) Pursuant to the Secondment Program, the Investor, on behalf of the Rio Tinto Group, will have the right (but not the obligation) to second up to three (3) suitably qualified persons (or such greater number as may be agreed between the Investor and the Corporation from time to time) to the Corporation to perform technical and/or health, safety, environment and community (HSEC) roles.

(3) The rights set forth in this Section 2.6 shall terminate on the Expiry Date.

## ARTICLE 3 REGISTRATION RIGHTS

## Section 3.1 Demand Registration.

(1) Subject to the limitations of this Article 3, the Investor shall have the one-time right to make a written request to the Corporation for Registration of all or a portion of the Common Shares held by the Investor. The written request to the Corporation for Registration of Common Shares shall hereinafter be referred to as a "Demand Registration Request" and any such Registration pursuant to a Demand Registration Request shall hereinafter be referred to as a "Demand Registration".

- 9 -

(2) Subject to Section 3.1(3), if the Investor makes a Demand Registration Request under this Section 3.1, it shall be entitled to choose the jurisdictions in Canada, in which the Demand Registration shall be effected.

(3) Each Demand Registration Request shall be in writing and specify: (i) the aggregate number of Common Shares that the Investor intends to offer and sell under the Demand Registration; (ii) the intended method of disposition thereof (which may include the use of a Short Form Prospectus, including a Base Shelf Prospectus and Shelf Prospectus Supplement, if the Corporation then qualifies to use such procedures); (iii) whether the intended offer and sale of Common Shares shall be made by an underwritten offering; and (iv) the jurisdiction(s) in Canada in which the Registration is to be effected, which jurisdictions shall be acceptable to the Corporation, acting reasonably. The Investor shall also provide an undertaking to the Corporation to provide all such information regarding the Investor's holdings of Common Shares and the proposed manner of distribution for the Common Shares which the Investor intends to offer and sell in connection with such Demand Registration or as may otherwise be reasonably required in order to permit the Corporation to comply with applicable Securities Laws. In the event that the Corporation has filed a Base Shelf Prospectus with any of the Canadian Securities Authorities, the Investor shall also be entitled, during the effectiveness of such Base Shelf Prospectus, as its one-time right, to request and require the Corporation to prepare and file a Shelf Prospectus Supplement to effect the sale of the Investor's Common Shares qualified under such Base Shelf Prospectus.

(4) Subject to Section 3.4(1), the Corporation shall be entitled to include Common Shares to be issued and sold by the Corporation in any Demand Registration.

(5) The Investor shall have the right to select the investment banker(s) and manager(s) to administer the offering of the Common Shares which are the subject of a Demand Registration, subject to the Corporation's approval, which shall not be unreasonably withheld; provided that if any Demand Registration also involves an underwritten or agency treasury offering of the Corporation, the Corporation and the Investor shall jointly select the investment banker(s) and manager(s) to administer the offering. In the case of an underwritten Demand Registration, the Investor and its representatives may participate in the negotiation of the terms of any underwriting agreement.

(6) The Corporation shall not be obligated to take any action to effect any Demand Registration: (i) if within the preceding 90 days a Piggyback Registration was effected; or (ii) if it is expected to result in gross proceeds from the sale of Common Shares subject to the Demand Registration of less than $1.0 million.

(7) In the event the Board reasonably determines in its good faith judgment (as evidenced by a resolution of the Board) that the filing of a prospectus (including, after the filing of a Base Shelf Prospectus, a Shelf Prospectus Supplement) in respect of a Demand Registration would require the disclosure of material non-public information relating to the Corporation that the Corporation has a bona fide business purpose for preserving as confidential and disclosure of which would have a material adverse effect on the business of the Corporation (a "Valid Business Reason"), then the Corporation's obligation to effect a Demand Registration under this Article 3 will be deferred for a period of not more than 60 days from the date of receipt of the Demand Registration Request, provided that the

- 10 -

Corporation may not defer its obligations under this Article 3 for a period of more than 120 days during any 12 month period, subject to the Insider Trading Policy and applicable Securities Laws. In each case, the Corporation shall provide prompt written notice to the Investor (including a copy of the above-mentioned resolution of the Board and copies of any other resolutions or determinations by the Board relating to such postponement) of its determination and the facts giving rise to the Valid Business Reason and an approximation of the anticipated period of time of such postponement. The Corporation shall provide prompt written notice to the Investor of the time at which it determines that the Valid Business Reason no longer exists.

(8) A Demand Registration requested pursuant to this Section 3.1 shall not be deemed to have been effected if (i) a receipt is not obtained for a final prospectus (if applicable), (ii) the applicable proposed distribution is interfered with by any cease trade or stop order, injunction or other order or requirement of any Canadian Securities Authority, the Exchanges or other Governmental Entity, or (iii) the conditions to closing specified in the applicable underwriting or agency agreement entered into in connection with the applicable proposed distribution are not satisfied or waived by reason of the failure or refusal of the Corporation to satisfy or perform a condition to such closing (including if so specified by reason of the occurrence of a material adverse change).

## Section 3.2 Piggyback Registration.

(1) Subject to the limitations of this Article 3, if the Corporation proposes to qualify, distribute or register any securities of the Corporation under any of the Securities Laws in a form and manner which would permit qualification of Common Shares held by the Investor (a "Piggyback Registration"), the Corporation shall give prompt written notice to the Investor of its intention to do so and, subject to Section 3.4(2), shall include in such qualification or registration all Common Shares in respect of which the Corporation has received from the Investor a written request from the Investor for inclusion therein within five Business Days (two Business Days in the case of a Bought Deal to be undertaken by way of a Short Form Prospectus or Shelf Prospectus Supplement) after the receipt of the Corporation's notice. The written request by the Investor for inclusion in the Piggyback Registration shall hereinafter be referred to as a "Piggyback Registration Request".

(2) The Corporation's notice shall include the particulars of the proposed offering, if available, including the proposed jurisdictions in which such distribution is to be effected, the estimated number and type of securities of the Corporation proposed to be issued, the range of the estimated offering price per security, the proposed plan of distribution (including the use of a Short Form Prospectus or Shelf Prospectus Supplement) and the proposed terms of the underwriting or agency arrangements.

(3) The Corporation shall have the right to select the investment banker(s) and manager(s) to administer the offering from treasury and of the Common Shares which are subject to the Piggyback Registration, subject to the approval of the Investor, which shall not be unreasonably withheld.

(4) The Corporation shall also provide to the Investor any current draft preliminary prospectus or draft Shelf Prospectus Supplement as applicable, if available, and any current draft

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engagement letter in respect of a Bought Deal, underwriting agreement or agency agreement, if available, relating to the proposed offering.

## Section 3.3 Registration Procedures.

Upon receipt of a Demand Registration Request or an Piggyback Registration Request in accordance with and subject to the provisions of this Article 3, the Corporation will use commercially reasonable efforts to effect the Registration of the Common Shares which are the subject of the Demand Registration Request or the Piggyback Registration Request (as may be reduced under Section 3.4) and pursuant thereto the Corporation will use its commercially reasonable efforts, the extent necessary by virtue of the Securities Laws of the jurisdictions in which the Registration is to be effected, to:

(a) prepare and file (in any event within 30 days (60 days in the event the Corporation is not eligible to file a Short Form Prospectus) after a request for Registration has been delivered to the Corporation, or such shorter period required under Securities Laws with respect to the particular prospectus process) under the Securities Laws, in the English language and, if required, the French language, a preliminary prospectus or similar document in each jurisdiction in which the Registration is to be effected as consented to by the Corporation and such other related documents (including exhibits, financial statements, and ancillary materials, where applicable) as may be necessary or appropriate relating to the proposed distribution;

(b) furnish to the Investor copies of the preliminary prospectus, prospectus, or any amendments or supplements thereto, including exhibits, financial statements and ancillary materials, if applicable, and provide the Investor and the lead underwriter(s) or agent(s) if any (and their respective counsel) with a reasonable opportunity to participate in the preparation of such documents in accordance with Section 3.8;

(c) notify the Investor and the lead underwriter(s) or agent(s), if any, and (if requested) confirm such advice in writing as soon as practicable after notice thereof is received by the Corporation (A) when the preliminary prospectus and prospectus, and any amendment thereto, has been filed or been receipted (as applicable); (B) of any request by the Canadian Securities Authorities for amendments to the preliminary prospectus or prospectus or for additional information; (C) of the issuance by the Canadian Securities Authorities of any stop trade or cease trade order relating to the prospectus or any order preventing or suspending the use of any preliminary prospectus or prospectus or the initiation or threatening of any proceedings for such purposes; and (D) of the receipt by the Corporation of any notification with respect to the suspension of the qualification of the Common Shares for offering or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;

(d) as soon as possible after any comments of the relevant Canadian Securities Authorities have been satisfied with respect thereto, prepare and file under the Securities Laws a prospectus in the English language and, if required, the French language, and receive a receipt therefor;

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(e) take all other steps and proceedings that may be necessary in order to qualify the applicable Common Shares for distribution under applicable Securities Laws by registrants who comply with the relevant provisions of such Securities Laws;

(f) prepare and file with the relevant Canadian Securities Authorities such amendments and supplements to such preliminary prospectus and prospectus as may be necessary to comply with the provisions of Securities Laws with respect to the distribution of all Common Shares and other securities covered thereby, and take such reasonable steps to maintain the qualification of such prospectus until the earlier of the completion of the distribution or 30 days following issuance of the receipt for the final prospectus;

(g) furnish to the Investor and underwriters, if any, without charge, as many commercial copies of the preliminary prospectus, prospectus and any amendment and supplement thereto, including financial statements and schedules and all documents incorporated therein by reference, as such Persons may reasonably request, and such other documents as the Investor may reasonably request, in order to facilitate the distribution of the Common Shares;

(h) furnish to the Investor:

(i) opinions of counsel for the Corporation in the preliminary prospectus, final prospectus or Shelf Prospectus Supplement, as applicable, in forms that are customary at such times for distributions of securities similar to the distribution of the Common Shares to be offered and sold;

(ii) opinions of counsel for the Corporation addressed to the underwriter(s) or agent(s) on the closing date for the distribution of such securities, in forms that are customary at such times for distributions of securities similar to the distribution of the Common Shares to be offered and sold;

(iii) a "comfort" letter addressed to the Investor and the underwriters or agents dated the date of the final prospectus or Shelf Prospectus Supplement, as applicable, and a "bring-down comfort" letter on the closing date signed by the auditors of the Corporation and providing comfort in relation to financial information contained in the prospectus (or incorporated by reference therein), provided that the Investor shall have made such representations and provided such undertakings as the auditor may reasonably require;

(iv) if the prospectus is filed in Québec, opinions of Québec counsel for the Corporation and the auditors of the Corporation addressed to the Investor and the underwriters or agents relating to the translation of the preliminary prospectus, the prospectus and the respective documents incorporated by reference therein, such opinion being dated the dates of the preliminary prospectus, the final prospectus and/or Shelf Prospectus Supplement, as applicable, and closing; and

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(v) such corporate certificates, satisfactory to the Investor acting reasonably, as are customary at such times for distributions of securities similar to the distribution of the Common Shares to be offered and sold;

and, in each case, covering substantially the same matters as are customarily covered in such documents in the relevant jurisdictions and such other matters as the Investor may reasonably request;

(i) during the period after the filing of a preliminary prospectus (or Shelf Prospectus Supplement) and before the completion of the distribution, immediately notify the Investor and the lead underwriter(s) or agent(s), if any, of the happening of any event as a result of which the preliminary prospectus or the prospectus, as then in effect, would include an untrue statement of material fact or would omit any fact that is required to be stated or that is necessary to make any statement therein not misleading, or would fail to constitute full, true and plain disclosure of all material facts regarding the Common Shares when such preliminary prospectus or prospectus was delivered, and as promptly as practicable, prepare and file with the Canadian Securities Authorities, and furnish to the Investor and the lead underwriter(s) or agent(s), if any, a supplement or amendment to such preliminary prospectus or prospectus which would correct such information. The Corporation shall furnish to the Investor and the lead underwriter(s) or agent(s), if any, a reasonable number of commercial copies of any such supplement or amendment as may be necessary so that, as thereafter delivered to the purchasers of such Common Shares, the preliminary prospectus or prospectus shall not include an untrue statement of a material fact or omit to state any fact that is required to be stated or that is necessary to make any statement therein not misleading;

(j) otherwise comply with all applicable policies, rules and regulations of the relevant Canadian Securities Authorities;

(k) cause all of the Common Shares to be listed and posted for trading on each securities exchange on which any of the Corporation's equity securities are then listed or quoted and on each inter-dealer quotation system on which any of the Corporation's equity securities are then quoted;

(l) enter into such customary agreements and underwriting or agency agreements containing such representations and warranties by the Corporation, indemnification provisions in favour of the agents or underwriters, indemnification and contribution provisions consistent with Section 3.9, Section 3.10 and Section 3.11, and such other terms and provisions as are customary in underwriting or agency agreements for such offerings (including, where applicable, secondary offerings);

(m) in the event of the issuance of any order or ruling suspending the effectiveness of a prospectus receipt or of any order suspending or preventing the use of any prospectus or suspending the qualification of any securities qualified by such prospectus for sale in any jurisdiction, the Corporation will notify the Investor and the lead underwriter(s) or agent(s), if any, of such event and use commercially reasonable efforts to promptly obtain the withdrawal of such order or ruling; in the

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case of a secondary offering by the Investor, the Investor will not (until further notice) effect sales thereof or deliver any prospectus in respect of such sale after notification by the Corporation to the Investor, under this Section 3.3(m);

(n) use commercially reasonable efforts to qualify such Common Shares under the Securities Laws of such jurisdictions of Canada in which the Registration will be effected, and obtain such other governmental authorizations reasonably necessary to effect sales (provided that the Corporation will not be required to: (i) qualify generally to do business in any jurisdiction of Canada or any other jurisdiction in which it would not otherwise be required to qualify but for this Section 3.3(n); or (ii) consent to general service of process in any such jurisdiction in which it is not then so subject);

(o) cause the senior officers and other representatives of the Corporation acceptable to the Investor, and the underwriter(s) or agent(s), on a reasonable basis, to be available for and participate in "road shows", institutional investor meetings, and similar events to support the sale of the Common Shares subject to the offering; and

(p) take such other actions and execute and deliver such other documents as may be reasonably necessary to give full effect to the rights of the Investor under this Article 3.

## Section 3.4 Underwriters' Cutback.

(1) If any Demand Registration involves an underwritten or agency offering and the lead underwriter(s) or agent(s) advises the Corporation and the Investor in writing that in its or their good faith reasonable judgment, the number of Common Shares that the Investor and the Corporation have requested to be included in such offering together with any other Common Shares to be included in such offering exceeds the number (the "Maximum Offering Size") that can be sold in such offering without being likely to have an adverse effect on the price, timing or distribution of the Common Shares offered or the market for the Common Shares, the Corporation shall include Common Shares in such qualification for distribution in the following priority to the extent possible, without causing the distribution to exceed the Maximum Offering Size:

(a) first, such Common Shares requested to be qualified for distribution by the Investor; and

(b) second, after allowing for the inclusion of all of the Common Shares required under Section 3.4(1)(a), as many of the Common Shares proposed to be qualified for distribution by the Corporation as part of the Demand Registration.

(2) If any Piggyback Registration involves an underwritten or agency offering and the lead underwriter(s) or agent(s) advises the Corporation and the Investor in writing that in its or their good faith reasonable judgment, the number of Common Shares that the Corporation and the Investor has requested to be included in such offering exceeds the Maximum Offering Size, the Corporation shall include Common Shares in such qualification for

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distribution in the following priority to the extent possible, without causing the distribution to exceed the Maximum Offering Size:

(a) first, such Common Shares the Corporation proposes to sell from treasury; and
(b) second, after allowing for the inclusion of all of the Common Shares required under Section 3.4(2)(a), such Common Shares requested to be qualified for distribution by the Investor.

## Section 3.5 Withdrawal.

The Investor shall be entitled to withdraw its request for inclusion of its Common Shares in any Demand Registration or Piggyback Registration by giving written notice to the Corporation of its request, provided that: (i) such request is made one Business Day prior to the execution of an engagement letter in respect of a Bought Deal or five Business Days prior to the execution of an underwriting agreement with respect to such offering; and (ii) such withdrawal is irrevocable and, after making such request, the Investor shall no longer have any right to include its Common Shares in the Demand Registration or Piggyback Registration pertaining to which the withdrawal was made.

## Section 3.6 Expenses.

(1) All expenses incurred in connection with a Demand Registration pursuant to Section 3.1, including: (i) fees payable to Canadian Securities Authorities; (ii) fees and expenses of compliance with Securities Laws; (iii) printing and copying expenses; (iv) messenger and delivery expenses; (v) expenses incurred in connection with any road show and marketing activities; (vi) fees and disbursements of counsel to the Corporation and the Investor; (vii) fees and disbursements of all independent public accountants (including the expenses of any audit and/or "comfort" letter) and fees and expenses of any other special experts or advisors retained by the Corporation; (viii) translation expenses; and (ix) any other fees and disbursements of underwriters customarily paid by issuers or sellers of securities (but excluding the Investor Expenses), shall be borne by the Investor.

(2) All expenses incurred in connection with a Piggyback Registration pursuant to Section 3.2 (excluding underwriters' discounts and commissions in respect of Common Shares to be sold by the Investor and fees and disbursements of counsel to the Investor, which shall be borne by the Investor (the "Investor Expenses")), including: (i) fees payable to Canadian Securities Authorities; (ii) fees and expenses of compliance with Securities Laws; (iii) printing and copying expenses; (iv) messenger and delivery expenses; (v) expenses incurred in connection with any road show and marketing activities; (vi) fees and disbursements of counsel to the Corporation; (vii) fees and disbursements of all independent public accountants (including the expenses of any audit and/or "comfort" letter) and fees and expenses of any other special experts or advisors retained by the Corporation; (viii) translation expenses; and (ix) any other fees and disbursements of underwriters customarily paid by issuers or sellers of securities (but excluding the Investor Expenses), shall be borne by the Corporation.

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## Section 3.7 Agreement Regarding Compliance with Securities Laws.

If, in connection with a secondary offering as herein contemplated, in the reasonable opinion of counsel to the Corporation, it is necessary or appropriate in order to comply with any Securities Laws, the Corporation's obligations under this Article 3 shall be conditional upon the Investor and any underwriter(s) or agent(s) participating in such public sale or distribution, executing and delivering to the Corporation an appropriate agreement, in a form reasonably satisfactory to counsel to the Corporation, that such Person will comply with all prospectus delivery requirements of all relevant Securities Laws and with stabilization, anti-manipulation and similar provisions of the relevant Securities Laws and will furnish to the Corporation information about sales made in such public sale or distribution.

## Section 3.8 Preparation; Reasonable Investigation.

In connection with the preparation and filing of any preliminary prospectus, prospectus or similar document in connection with a secondary offering as herein contemplated, the Corporation will give the Investor and the applicable underwriter(s) or agent(s), if any, and their respective counsel, auditors and other representatives, the opportunity to participate in the preparation of such documents and each amendment thereof or supplement thereto, and shall include therein such material, provided to the Corporation in writing, which in the reasonable judgment of counsel to the Investor, should be included and the inclusion of which is agreed upon by the Corporation, acting reasonably, and will give the Investor, and its underwriter(s) and agent(s), if any, and their respective counsel, such access to its books and records and such opportunities to discuss the business of the Corporation with its officers and auditors and other experts as shall be necessary in the opinion of the Investor, such underwriter(s) or agent(s) and their respective counsel, and to conduct all due diligence as the Investor, such underwriter(s) or agent(s) and their respective counsel may reasonably require in order to conduct a reasonable investigation for purposes of establishing a due diligence defence as contemplated by the Securities Laws and in order to enable such underwriter(s) or agent(s) to execute the certificate required to be executed by them in Canada for inclusion in each such document.

## Section 3.9 Indemnification.

(1) In connection with any secondary offering as herein contemplated, to the extent permitted by Laws, the Corporation shall indemnify and hold harmless the Rio Tinto Group and each of their respective directors, officers, employees and agents (collectively, the "Corporation Indemnified Parties") from and against all losses (other than losses of profit in connection with the distribution of the Common Shares), penalties, judgments, suits, costs, claims, damages, liabilities and expenses whatsoever (including reasonable legal fees and expenses), including any amounts paid in settlement of any investigation, order, litigation, proceeding or claim, joint or several, incurred, arising out of or based upon: (a) any untrue or alleged untrue statement of material fact contained in any preliminary prospectus or prospectus or any amendment thereof or supplement thereto, including all documents incorporated therein by reference; (b) any omission or alleged omission of a material fact required to be stated therein or necessary to make any statement therein not misleading; or (c) any non-compliance by the Corporation with applicable Securities Laws in connection with a Demand Registration or a Piggyback Registration and the offering of securities effected thereunder; provided that the Corporation shall not be liable under this Section 3.9(1) for any settlement of any action

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# ARTICLE 9
## MISCELLANEOUS

### Section 9.1 Authority; Effect.

Each Party hereto represents and warrants to and agrees with each other Party that the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on behalf of such Party and do not violate any agreement or other instrument applicable to such Party or by which its assets are bound. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the Parties hereto, or to constitute any of such Parties members of a joint venture or other association. The Corporation and its subsidiaries (jointly and severally), on the one hand, and the Investor, on the other hand, shall be liable for all obligations of each such Party pursuant to this Agreement.

### Section 9.2 Notices.

Any notices, requests, demands, designations and other communications required or permitted pursuant to this Agreement shall be effective if in writing and (i) delivered personally, (ii) sent by e-mail, or (iii) sent by overnight courier, in each case, addressed as follows:

(a) If to the Corporation, to:

Western Copper and Gold Corporation
Suite 907 - 1030 West Georgia Street
Vancouver, BC V6E 2Y3

Attention: Sandeep Singh
E-mail: ssingh@westerncopperandgold.com

with a copy (which shall not constitute notice) to:

Cassels Brock &amp; Blackwell LLP
Suite 2200, RBC Place
885 West Georgia Street
Vancouver, BC V6C 3E8

Attention: Jennifer Traub
E-mail: jtraub@cassels.com

(b) If to the Investor, to:

Rio Tinto Canada Inc.
400-1190 Avenue des Canadiens-de-Montréal
Montréal, Quebec, Canada
H3B 0E3

Attention: The Directors
E-mail: CompanySecretaryNotices@riotinto.com

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with copies (which shall not constitute notice) to:

Rio Tinto Legal
4700 Daybreak Parkway
South Jordan, Utah, USA
84009

Attention: Mark Hayes
E-mail: mark.hayes@riotinto.com

and

McCarthy Tétrault LLP
66 Wellington Street West
TD Bank Tower, Suite 5300
Toronto, Ontario, Canada
M5K 1E6

Attention: Shea T. Small
E-mail: ssmall@mccarthy.ca

Unless otherwise specified herein, such notices or other communications shall be deemed to have been delivered (i) on the date received, if personally delivered, (ii) on the date received if delivered by e-mail on a Business Day before 5:00 p.m. (Vancouver time), or if not delivered on a Business Day or after 5:00 p.m. (Vancouver time) on a Business Day, on the first Business Day thereafter and (iii) 2 Business Days after being sent by overnight courier. Each of the Parties hereto shall be entitled to specify a different address by giving notice as aforesaid to the other Party hereto.

## Section 9.3 Determining Ownership Percentage.

For the purposes of this Agreement, in determining the Investor's Ownership Percentage, any Common Shares issued as a result of a Dilutive Issuance shall be disregarded and the Investor shall be deemed to own the percentage of Common Shares it would have held at such time if such Dilutive Issuance had not occurred, unless and until the Corporation has delivered to the Investor a Top-up Notice in respect of such Dilutive Issuance and the Investor fails to provide an Exercise Notice within the time required, in which case, the Common Shares issued in connection with such Dilutive Issuance shall be counted.

## Section 9.4 Termination and Effect of Termination.

(1) This Agreement shall terminate and all rights and obligations hereunder shall cease to apply in accordance with the termination provisions contained in the respective Articles 2 to 6 inclusive of this Agreement.

(2) Notwithstanding Section 9.4(1), the provisions of Article 7 and Article 9 shall survive any termination. No termination under this Agreement shall relieve any Person of liability for breach or Registration expenses incurred prior to termination.

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# Section 9.5 Confidentiality.

(1) Any information regarding a Party that:

(a) has not become generally available to the public;

(b) was not available to a Party or its representatives on a non-confidential basis before the date of this Agreement; or

(c) does not become available to a Party or its representatives on a non-confidential basis from a Person who is not, to the knowledge of the Party or its representatives, otherwise bound by confidentiality obligations to the provider of such information or otherwise prohibited from transmitting the information to the Party or its representatives,

will be kept confidential by each Party and shall constitute confidential information (the "Confidential Information"). For greater certainty, this Section 9.5 shall apply to the Investor as well as its affiliates and agents, including the Technical Committee Nominee, and agents of its affiliates (regardless of whether such person is an affiliate or an agent on the date of this Agreement). Agents of the Investor and its affiliates shall include their respective directors, officers, employees, representatives, advisors, consultants and other agents of any kind whatsoever.

(2) Each Party undertakes that it and its representatives will: (a) keep such Confidential Information strictly confidential; and (b) except with the prior written consent of the disclosing Party, not disclose to any third party any Confidential Information received from the disclosing Party; provided that any such information may be disclosed to those affiliates and representatives of the receiving Party who in each such case have a legitimate and verifiable need to know such information and who agree in writing or by the receiving Party's written policies or protocols are required to keep such information confidential and to be bound by the terms of this Section 9.5 at least to the same extent as if they were Parties hereto. Notwithstanding any such agreement on the part of each such affiliate or representative, each Party shall ensure that its affiliates or representatives strictly observe the terms of this Section 9.5 and shall be liable for any breach of this Section 9.5 by any of its affiliates or representatives. Each Party shall fully inform each of its affiliates and representatives to whom Confidential Information is disclosed of all restrictions and requirements contained in this Section 9.5.

(3) No Confidential Information may be released to third parties without the consent of the provider thereof, except that the Parties agree that they will not unreasonably withhold such consent to the extent that such Confidential Information is compelled to be released by legal process or must be released to regulatory bodies and/or included in public documents.

(4) Upon request by the provider of the Confidential Information, the other Party will return to the provider, or destroy (subject only to normal course data back-up or archival processes), all documents, including any copies thereof, comprised in the Confidential Information provided by the provider, and the recipient of the Confidential Information will confirm in writing that all Confidential Information has been returned or destroyed (subject

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only to normal course data back-up or archival processes), as applicable, provided that one copy of the Confidential Information may be retained within a receiving Party's legal department for liability defense purposes only. Notwithstanding any such return or destruction of any Confidential Information, Confidential Information, including, without limitation, any Confidential Information retained by a receiving Party, will continue to be subject to this Agreement. In addition, Confidential Information that has been prepared by either Party from publicly available information or from information not obtained pursuant to this Agreement may be retained by the Party that has prepared such information.

(5) The foregoing confidentiality restrictions shall not prohibit a Party from using general geological inferences, interpretations or understanding which it has drawn from or in the course of the Project in the pursuit of any other business opportunity.

(6) Until the Expiry Date, the Investor shall not, directly or indirectly, stake, locate, lease, purchase or otherwise acquire any interest in any mining concessions, any mineral, surface or water rights or other real property rights of any nature whatsoever which are located within the area that is two (2) kilometres from the boundaries of any of the Corporation's properties (the "Area of Interest"). Any interest acquired by the Investor in violation of this provision shall, at the Corporation's request, as soon as practicable thereafter be conveyed to the Corporation in consideration of $1.00 paid by the Corporation. Provided that the Investor's primary purpose, acting honestly and in good faith, in entering into or completing such merger or acquisition is not to acquire directly or indirectly an interest in land or mineral rights within the Area of Interest, this provision does not apply to rights or interests in land or minerals that may be acquired, incidental to the Investor's merger with or acquisition of a third party holding an interest in land or mineral rights within the Area of Interest during the effective period of this Agreement.

(7) Until the Expiry Date, the Investor shall not, directly or indirectly, solicit or otherwise knowingly entice away any individual who is an employee of the Corporation or any subsidiary of the Corporation at the time of such solicitation or enticement. This restriction will not apply to any advertisement or general solicitations for employment that are not specifically directed or targeted at soliciting the employees of the Corporation or its subsidiaries.

## Section 9.6 Common Shares Subject to this Agreement.

The Investor agrees that it shall be bound by the terms of this Agreement with respect to all Common Shares held by it from time to time during the term of this Agreement.

## Section 9.7 Permitted Transferees.

The rights of the Investor hereunder may only be assigned (but only with all related obligations as set forth below) in connection with a Transfer of Common Shares to an affiliate of the Investor. Without prejudice to any other or similar conditions imposed hereunder with respect to any such Transfer, no assignment permitted under the terms of this Section 9.7 will be effective unless the Person to which the assignment is being made, if not a Party to this Agreement at the time of the proposed assignment, has delivered to the Corporation a written acknowledgment and agreement in the form attached as Schedule "B" to this Agreement that such Person will be bound by and subject to the terms and conditions, and will be a Party to, this Agreement. The Investor

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may not assign or transfer this Agreement or any of the rights or obligations under it without the prior written consent of the Corporation, except as provided herein.

## Section 9.8 Remedies.

Subject to Article 7, the Parties shall have all remedies available at law, in equity or otherwise in the event of any breach or violation of this Agreement or any default hereunder. Each Party hereto acknowledges that a breach or threatened breach by a Party of any provision of this Agreement may result in the other Party suffering irreparable harm which cannot be calculated or fully or adequately compensated by recovery of damages alone. Accordingly, each Party agrees that the other Party shall be entitled to interim and permanent injunctive relief, specific performance and other equitable remedies, in addition to any other relief to which it or any other party may become entitled, any requirement for the securing or posting of any bond in connection with the obtaining of any such injunctive or other equitable relief hereby being waived. No delay of or omission in the exercise of any right, power or remedy accruing to either Party as a result of any breach or default by the other Party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver.

## Section 9.9 Amendments.

This Agreement may not be orally amended, modified, extended or terminated. This Agreement may be amended, modified, extended or terminated only by an agreement in writing signed by each of the Parties. Each such amendment, modification, extension or termination shall be binding upon each Party hereto.

## Section 9.10 Waiver.

Except as expressly provided in this Agreement, no waiver of any provision or of any breach of any provision of this Agreement shall be effective or binding unless made in writing and signed by the Party purporting to give such waiver and, unless otherwise provided in such written waiver, shall be limited to the specific provision or breach waived. No waiver by either Party hereto of any provisions or of any breach of any term, covenant, representation or warranty contained in this Agreement, in one or more instances, shall be deemed to be or construed as a further or continuing waiver of that or any other provision (whether or not similar) or of any breach of that or any other term, covenant, representation or warranty contained in this Agreement.

## Section 9.11 No Third Party Rights.

The terms and provisions of this Agreement are intended solely for the benefit of the Parties and their respective successors and permitted assigns, and it is not the intention of the Parties to confer any third party beneficiary rights and this Agreement does not confer any such rights upon any third party (including any holders of securities of the Corporation) that is not a Party to this Agreement.

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Section 9.12 Time of Essence.

Time is of the essence of this Agreement.

Section 9.13 Governing Law.

This Agreement shall be governed by and construed in accordance with the laws of the Province of British Columbia (without giving effect to any conflict of laws principles thereunder) and the federal laws of Canada applicable therein.

Section 9.14 Further Assurances.

Each Party shall use reasonable efforts to take all such steps, execute all such documents and do all such acts and things as may be reasonably within its power to implement to their full extent the provisions of this Agreement and to cause the Corporation or the Investor, as the case may be, to act in the manner contemplated by this Agreement.

Section 9.15 Independent Legal Advice.

The Parties acknowledge that they have entered into this Agreement willingly with full knowledge of the obligations imposed by the terms of this Agreement. Further, the Parties acknowledge that they have been afforded the opportunity to obtain independent legal advice and confirm by the execution of this Agreement that they have either done so or waived their right to do so, and agree that this Agreement constitutes a binding legal obligation and that they are estopped from raising any claim on the basis that they have not obtained such advice.

Section 9.16 Entire Agreement.

The Amended and Restated IRA is hereby amended and restated in its entirety as and from the date hereof with the intent that this Agreement constitutes the entire agreement between the Parties with respect to the matters contemplated by this Agreement and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the Parties related to such matters. There are no representations, warranties, covenants, conditions or other agreements, express or implied, collateral, statutory or otherwise, between the Parties in connection with the subject matter of this Agreement, except as specifically set forth in this Agreement. The Parties have not relied and are not relying on any other information, discussion or understanding in entering into this Agreement.

Section 9.17 Successors and Assigns.

This Agreement becomes effective only when executed by each of the Parties. After that time, it is binding on and enures to the benefit of the Parties and their respective heirs, administrators, executors, legal representatives, successors and permitted assigns.

Section 9.18 Counterparts.

This Agreement may be executed in any number of counterparts, each of which is deemed to be an original, and such counterparts together constitute one and the same instrument.

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Transmission of an executed signature page by email or other electronic means is as effective as a manually executed counterpart of this Agreement.

## Section 9.19 Severability.

If any provision of this Agreement is determined to be illegal, invalid or unenforceable by an arbitrator or any court of competent jurisdiction from which no appeal exists or is taken, that provision will be severed from this Agreement and the remaining provisions will remain in full force and effect. The Parties shall engage in good faith negotiations to replace any provision which is declared invalid or unenforceable with a valid and enforceable provision, the economic and substantive effect of which comes as close as possible to that of the invalid or unenforceable provision which it replaces.

[Remainder of page intentionally left blank]

IN WITNESS WHEREOF the Parties hereto have duly executed this Agreement as of the day and year first above written.

## WESTERN COPPER AND GOLD CORPORATION

By:
Name: Sandeep Singh
Title: President &amp; Chief Executive Officer

By:
Name: Michael Psihogios
Title: Chief Financial Officer

RIO TINTO CANADA INC.

By:
Name: Julie Parent
Title: Vice President &amp; Secretary

Signature Page - Second Amended and Restated Investor Rights Agreement
LEGAL*68597425.1

SCHEDULE “A”
TECHNICAL AND SUSTAINABILITY COMMITTEE TERMS OF REFERENCE

Capitalized terms not otherwise defined in these Terms of Reference have the meaning set forth in the Second Amended and Restated Investor Rights Agreement between Western Copper and Gold Corporation (the "Issuer") and Rio Tinto Canada Inc. ("Rio Tinto") dated June 13, 2025 to which this document is attached as a schedule.

Formation and Purpose of the Technical Committee:

1. These Terms of Reference are established for, and govern the conduct of, the Technical Committee. The purpose of the Technical Committee is to review and recommend all material technical and operational decisions on the Issuer's Casino Project located in Yukon Territory, Canada.

Composition of the Technical Committee:

2. The Technical Committee shall consist of such number of members (each, a "Member") with Rio Tinto being entitled to appoint one Member, each other strategic investor being entitled to appoint one Member and the Issuer being entitled to appoint such number of members as will give the Issuer one more Member than the aggregate number of members appointed by Rio Tinto and each other strategic investor.

3. Each Member shall have the right to appoint an alternate.

4. The Technical Committee shall be chaired by a Member who is a nominee of the Issuer (the "Committee Chair"). The Committee Chair shall have the responsibility of running meetings of the Members ("Meetings").

5. All members shall be individuals and not corporate bodies and shall have appropriate scientific and/or technical experience and capability.

Meetings

6. The Technical Committee shall meet at least quarterly or more frequently if required and to the extent practicable four (4) weeks before meetings of the Board.

Governance of the Technical Committee:

7. Quorum for a Meeting shall be at least one Issuer appointee, one Rio Tinto appointee and one appointee from each other strategic investor, all of whom shall be present throughout the meeting in person or in accordance with paragraph 9.

8. At least ten (10) Business Days' notice shall be given before each Meeting. Any notice of a Meeting must specify in reasonable detail the purpose of the Meeting and the agenda of items to be discussed at each meeting shall be determined by the Committee Chair in consultation with the Members. Each Member may waive notice of a Meeting (with attendance by a Member at the Meeting to be deemed a waiver of notice).

9. Members shall be permitted to participate in all Meetings by means of telephone conference, video conference or other communications facility.

10. The Members of the Technical Committee may, when it is relevant to the issues to be discussed, invite technical and/or operational staff of the Issuer and/or Rio Tinto (including Rio Tinto's secondees to the Project) (as applicable) to attend meetings of the Technical Committee from time to time.

11. The Technical Committee may modify these terms of reference to, amongst other things, modify operating procedures and schedules and manner of meetings, such modifications of these terms of reference to be subject to approval by the Board.

## Responsibilities of the Technical Committee:

12. The Technical Committee shall be responsible for:
- (a) Reviewing the progress and results of the Study and implementation of the Scope of Work (as defined in the Subscription Agreement);
- (b) Reviewing and monitoring the technical and operational decisions relating to the Casino Project;
- (c) Reviewing and monitoring the health, safety, environmental and community social performance (HSEC) matters related to the Project; and
- (d) Acting in an advisory capacity to assist the Board to deal with any technical and/or operating issues (including HSEC) which arise from time to time.

13. Notwithstanding the foregoing, the Technical Committee's role is advisory in nature only and final approval in respect of all matters related to technical decisions for the Casino Project rests with the Board.

# SCHEDULE “B”
## FORM OF ASSUMPTION AGREEMENT

TO: The Parties to the Second Amended and Restated Investor Rights Agreement (the “Investor Rights Agreement”) dated June 13, 2025 by and between Western Copper and Gold Corporation and Rio Tinto Canada Inc., and any subsequent or replacement Parties thereto.

WHEREAS the undersigned (the “New Shareholder”) proposed to acquire ______________ common shares of Western Copper and Gold Corporation (the “Subject Shares”) from ______________ (the “Existing Shareholder”) and, as a condition precedent to such acquisition, is required to execute and deliver this Assumption Agreement pursuant to Section 9.7 of the Investor Rights Agreement.

NOW THEREFORE this agreement witnesses that, in consideration of the provisions set out below, the acquisition of the Subject Shares, and other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the New Shareholder hereby agrees as follows:

1. Any expression capitalized herein for other than grammatical purposes and not defined herein shall have the meaning set out in the Investor Rights Agreement.

2. The New Shareholder hereby consents to the terms and conditions of the Investor Rights Agreement and agrees to assume all of the obligations of the Existing Shareholder thereunder and to be subject to all of the restrictions to which the Existing Shareholder is subject thereunder, in each case as though the New Shareholder was the Existing Shareholder and had been an original signatory to the Investor Rights Agreement.

3. The New Shareholder confirms that it has executed this agreement voluntarily after having had the opportunity to seek independent legal advice and that it fully appreciates the nature, extent and consequences of this agreement and the Investor Rights Agreement.

4. The New Shareholder hereby acknowledges receipt of a copy of the Investor Rights Agreement.

5. This agreement shall enure to the benefit of the Parties and their respective heirs, executors, administrators, legal personal representatives, successors (including, without limitation, any successor by reason of amalgamation of any Party) and permitted assigns. Neither this agreement nor any rights or obligations hereunder shall be assignable by any Party except pursuant to the provisions of the Investor Rights Agreement.

DATED the ________ day of ______________, ______________.

(Witness)

(New Shareholder)

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 3)**

**Western Copper and Gold Corporation**

*(Name of Issuer)*

**Common Shares, without par value**

*(Title of Class of Securities)*

**95805V108**

*(CUSIP Number)*

**Andy Hodges, Company Secretary**<br>6 St James's Square<br>London SW1Y 4AD X0 SW1Y 4AD<br>44 (0) 20 7781 2000

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**06/13/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **95805V108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Rio Tinto plc** | Name of reporting person<br>**Rio Tinto plc** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**19004925.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**19004925.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**19004925.00** | Aggregate amount beneficially owned by each reporting person<br>**19004925.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.50%** | Percent of class represented by amount in Row (11)<br>**9.50%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

| **CUSIP No.** | **95805V108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Rio Tinto Canada Inc.** | Name of reporting person<br>**Rio Tinto Canada Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**ISRAEL** | Citizenship or place of organization<br>**ISRAEL** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**19004925.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**19004925.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**19004925.00** | Aggregate amount beneficially owned by each reporting person<br>**19004925.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.50%** | Percent of class represented by amount in Row (11)<br>**9.50%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares, without par value

**(b) Name of Issuer:**
Western Copper and Gold Corporation

**(c) Address of Issuer's Principal Executive Offices:**
1030 West Georgia Street, Suite 907, Vancouver, Z4, V6E 2YE

This Amendment No. 3 ("Amendment No. 3") relates to the Statement on Schedule 13D (this "Schedule 13D") filed on June 16, 2025 by Rio Tinto plc, a public limited company incorporated under the laws of England and Wales ("Rio Tinto"), and Rio Tinto Canada Inc., a corporation incorporated under the laws of Canada ("RTCI" and, together with Rio Tinto, the "Rio Tinto Companies").  Except as otherwise provided herein, each item of the Original Schedule 13D remains unchanged.

**Item 4. Purpose of Transaction**

Item 4 of the Original Schedule 13D is hereby amended and supplemented by adding the following information:

The information set forth in Item 3 of this Schedule 13D/A is incorporated by reference in its entirety into this Item 4.

RTCI and the Company entered into a Second Amended and Restated Investor Rights Agreement (the "A&R Investor Rights Agreement").  A copy of the form of A&R Investor Rights Agreement is filed with this Schedule 13D as Exhibit G and is incorporated herein by reference.  Under the A&R Investor Rights Agreement, RTCI would retain its right (but not the obligation) to acquire additional securities in the Company so as to maintain its proportional equity interest in the Company.

The A&R Investor Rights Agreement also extends through November 30, 2026 (the "Extended Investor Rights Period"), RTCI's rights to: (a) appoint a member to the Company's technical and sustainability committee, and (b) upon mutual agreement, participate in a secondment program with the Company and RTCI.

Under the A&R Investor Rights Agreement, RTCI will also be entitled to customary registration rights to facilitate a public offering or distribution of Shares if it were to choose to sell its Shares, and RTCI will also be subject to customary standstill arrangements, as set out in the A&R Investor Rights Agreement, during the Extended Investor Rights Period. In connection with the A&R Investor Rights Agreement, RTCI agreed to certain restrictions on directly or indirectly soliciting for employment certain of the Company's employees and to restrictions on acquiring mining concessions within a specified distance from the property boundaries of the Company's mining interests.

**Item 5. Interest in Securities of the Issuer**

**(a)**
—

**(b)**
—

**(c)**
Item 5 of the Original Schedule 13D is hereby amended and supplemented by adding the following information:

The information set forth in Items 3 and 4 of this Schedule 13D/A are incorporated by reference in its entirety into this Item 5.  The transactions in the class of securities reported on in this Schedule 13D that were effected during the past 60 days by or on behalf of the reporting persons are described in Item 3 and incorporated herein by reference.  Other than those transactions, there were no other such transactions by the reporting persons that were effected during the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Original Schedule 13D is hereby amended and supplemented by adding the following information:

	The information set forth in Items 3 and 4 of this Schedule 13D/A is incorporated by reference in its entity into this Item 6.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Rio Tinto plc

**Signature:** /s/ Andy Hodges

**Name/Title:** Andy Hodges, Company Secretary

**Date:** 06/18/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Rio Tinto Canada Inc.

**Signature:** /s/ Julie Parent

**Name/Title:** Julie Parent, Director

**Date:** 06/18/2025