Western Copper and Gold(WRN) - 2025 Q2 - Quarterly Report

Financial Performance - The company reported a loss and comprehensive loss of CAD 1,265,061 for the six months ended June 30, 2025, compared to a loss of CAD 4,647,465 for the same period in 2024, indicating a reduction in losses by approximately 72.8%[3] - Corporate expenses for the three months ended June 30, 2025, were CAD 2,060,405, down from CAD 3,250,183 in 2024, a decrease of about 36.6%[3] - During the six months ended June 30, 2025, the Company recognized stock option expenses of $549,832, compared to $731,292 for the same period in 2024, reflecting a decrease of 24.8%[29] - Key management compensation for the six months ended June 30, 2025, totaled $2,441,944, a decrease of 28.3% from $3,391,334 in the same period of 2024[42] Assets and Investments - As of June 30, 2025, cash and cash equivalents increased to CAD 17,798,278 from CAD 14,202,317 at the end of 2024, representing a growth of approximately 25.5%[2] - Current assets decreased to CAD 61,548,838 from CAD 70,007,044, a decline of about 12.4%[2] - Total assets increased slightly to CAD 197,154,774 from CAD 192,793,386, reflecting a growth of approximately 2.4%[2] - The Company had short-term investments of $40,256,194 as of June 30, 2025, down from $52,500,000 on December 31, 2024, reflecting a decrease of 23%[18] - Marketable securities increased significantly to $2,408,894 as of June 30, 2025, compared to $1,079,200 on December 31, 2024, representing a growth of 123.5%[19] - The Company holds a surety bonding arrangement valued at $786,777 as of June 30, 2025, with no collateralized amount on the balance sheet[45] Capital Management - The Company has no debt and does not pay dividends, maintaining a capital management approach focused on safeguarding its ability to continue as a going concern[50] - There was no change in the Company's approach to capital management during the period[50] - The Company regularly monitors its cash position to adjust plans based on economic conditions and capital market changes[49] Exploration and Evaluation - The Casino Project remains in the exploration and evaluation phase, with necessary licenses and permits still pending[16] - The Company has not identified any impairment indicators for exploration and evaluation assets during the six months ended June 30, 2025[15] - Exploration and evaluation expenditures totaled $135,317,346 as of June 30, 2025, up from $122,690,820 on December 31, 2024, indicating an increase of 10.6%[21] Financing Activities - The company raised CAD 1,275,000 through the exercise of warrants during the six months ended June 30, 2025[4] - The Company completed a private placement with Rio Tinto on May 6, 2024, raising gross proceeds of $4,958,791 by issuing 2,609,890 common shares at $1.90 each[23] - The Company raised $45,999,999 from the sale of 24,210,526 common shares at $1.90 per share during the Offering completed on April 30, 2024[24] Risk Management - The Company has exposure to liquidity, credit, and market risk from financial instruments, with a focus on maintaining sufficient cash to meet obligations[51] - Cash is invested in highly liquid redeemable GICs to ensure availability for short-term business requirements[52] - The Company employs a restrictive investment policy to limit credit risk, holding cash and short-term investments with high-quality financial institutions[53] - Marketable securities are adjusted to fair value at each balance sheet date, with a 10% fluctuation in value having minimal impact on the Company's loss[54] - The Company is not subject to interest rate risk due to the short-term nature of its financial assets and liabilities[56] Shareholder Information - The weighted average number of common shares outstanding increased to 200,143,421 in Q2 2025 from 187,821,573 in Q2 2024, an increase of approximately 6.5%[3] - As of June 30, 2025, shareholders' equity rose to CAD 191,689,960 compared to CAD 189,610,252 at the end of 2024, an increase of about 1.1%[2] - The average share price for options exercised during the six months ended June 30, 2025, was $1.36, down from $1.93 in the same period of 2024[32]