H.C. Wainwright analyst Heiko Ihle reiterated a Buy rating and $5.75 price target on Western Copper and Gold (NYSE: WRN).

The analyst commented: "On June 15, 2026, Western Copper and Gold announced that the firm had amended its strategic partnership with Mitsubishi Materials Corporation. In short, this amendment extended the parties' rights and obligations until November 30, 2028. We highlight that the extension is conditional on Mitsubishi acquiring 1.2M common shares of Western Copper through open-market purchases. This transaction should be non-dilutive, as no new shares will be issued, and restores Mitsubishi's ownership stake of roughly 5.0%. In exchange, the investor rights agreement provides Mitsubishi with offtake priority from the Casino Project, technical committee representation, and anti-dilution protection. We are pleased with Mitsubishi’s willingness to increase its ownership through open-market purchases and view this as a strong vote of confidence in Casino’s economic potential. We reiterate our Buy rating on Western Copper as we maintain our PT of $5.75."

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Shares of Western Copper and Gold closed at $2.22 yesterday.