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Western Copper and Gold Corporation (WRN), a Canadian mining company incorporated in British Columbia, filed its Form 40-F annual report with the SEC on March 26, 2026, covering the fiscal year ended December 31, 2025. This filing serves as the annual report for the foreign private issuer under Sections 13(a) or 15(d) of the Securities Exchange Act of 1934. It incorporates by reference three principal documents: the Annual Information Form (AIF, Exhibit 99.1), Management's Discussion and Analysis (MD&A, Exhibit 99.2), and Audited Consolidated Financial Statements for 2025 and 2024 (Exhibit 99.3), prepared under IFRS by PricewaterhouseCoopers LLP (PCAOB ID 271). The company reports 202,337,592 common shares outstanding, traded on NYSE American. Key disclosures include effective disclosure controls and procedures, as certified by the CEO and CFO, and audited internal controls over financial reporting. Mineral resource and reserve estimates comply with Canadian NI 43-101 standards, which differ from U.S. SEC requirements, potentially affecting comparability. The audit committee, chaired by Robert Chausse (financial expert), oversees independence and pre-approves services. The company maintains a code of ethics, with no amendments or waivers in 2025, and has no off-balance sheet arrangements or mine safety issues applicable. Governance highlights Canadian practices exempt from certain NYSE American standards, including lower quorum (one shareholder) and TSX rules for share issuances. No errors in financials requiring restatements or compensation recovery. Liquidity and capital resources are detailed in MD&A. This routine annual filing provides transparency into operations, financial health, and regulatory compliance for investors, emphasizing the company's focus on copper and gold projects while noting cross-border disclosure variances.