Persistent free cash flow deficits, which reached $7.1 million in 2023Q4, underscore the company's status as a capital-consuming developer reliant on external funding.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | -2.33M | -3.36M | -4.73M | -2.54M | -3.34M | -3.87M | -2.37M | -2.04M | -2.13M | -2.28M | -2.17M | -1.8M | -1.55M | -1.1M | -1.36M | -2.98M | -2.34M | -1.79M | -1.74M | -4.05M | -3.97M | -361.42K | -248.46K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 246.85% | 28.85% | -86.53% | 24.19% | 13.57% | -63.3% | -16.3% | 4.23% | 6.86% | -5.1% | -20.93% | -15.99% | -40.23% | 18.8% | 54.26% | -27.19% | -30.43% | -3.33% | 57.16% | -2.05% | -998.52% | -45.46% | - |
| Net Income | -4.31M | -3.12M | -6.92M | -3.34M | -4.99M | -3.71M | -2.03M | -1.77M | -2.86M | -2.66M | -2.09M | -2.12M | -1.91M | -1.37M | -3.91M | -22.01M | -2.78M | -1.86M | -2.16M | -3.23M | -3.24M | -361.42K | -248.46K |
| Depreciation & Amortization | 113.36K | 97.48K | 157.66K | 206.9K | 167.89K | 103.26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.62K | 13.42K | 33.34K | 39.6K | 34.9K | 23.79K | 0 | 0 |
| Stock-Based Compensation | 1.22M | 0 | 2.45M | 1.08M | 1.55M | 1.24M | 557.1K | 406.4K | 574.97K | 319.1K | 216.64K | 209.62K | 304.11K | 652.44K | 1.98M | 1.37M | 416.88K | 349.4K | 425.82K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.73M | 0 | -395.9K | -451.7K | -1.52M | 0 | 0 | 0 |
| Other Non-Cash Items | -341.01K | -172.43K | -40.02K | -595.3K | -27.51K | -1.24M | -704.77K | -675.74K | 33.5K | 168.8K | -253.5K | 0 | 0 | 0 | 0 | -1.95M | 117.9K | 0 | 405K | 885.75K | -1.06M | 0 | 0 |
| Working Capital Changes | 1.7M | -172.56K | -378.31K | 107.77K | -38.26K | -264.99K | -188.56K | -1.74K | 120.16K | -110.54K | -48.11K | 111.14K | 58.35K | -391.91K | 573.15K | -138.35K | -110.36K | 79.84K | 4.82K | -225.09K | 305.45K | 0 | 0 |
| Change in Receivables | 81.42K | 808.79K | -1.21M | 0 | 0 | 0 | 0 | 5.16K | 12.11K | 0 | 0 | 28.13K | 0 | 0 | 0 | 0 | 0 | 38.51K | 0 | 118.63K | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 266.3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -62.61M | 7.58M | -61.32M | -3.9M | -25.93M | -27.4M | -5.31M | -2.43M | 838.04K | 634.58K | 1.77M | -4.84M | 2.69M | -26.38M | 1.42M | 4.8M | -24.25M | -8.76M | -16.95M | 25.04M | -32.81M | -236.62K | -105.96K |
| Capital Expenditures | -19.41M | -20.54M | -13.82M | -19.9M | -20.93M | -11.4M | -5.31M | -3.93M | -1.35M | -1.78M | -1.63M | -4.34M | -5.31M | -9.38M | -6.68M | -9.1M | -12.48M | -6.54M | -8.95M | -9.75M | -112.63K | -236.62K | -105.96K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -92.34K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 12.47M | 0 | 0 | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.9M | 0 | -2.23M | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 90.87M | 3.84M | 54.29M | 31.07M | -75.9K | 33.31M | 34.69M | 3.08M | 3.92M | 1.43M | 189.4K | 0 | 284.35K | 9.35K | 32.09M | -2.09M | 24.78M | 8.96M | 500 | 447.7K | 39.07M | 598.03K | 354.42K |
| Debt Issued (Net) | -90.41K | 0 | -188.17K | -245.67K | -209.06K | -108.61K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 89.15M | 3.95M | 54.28M | 29.59M | 131.99K | 33.63M | 35.18M | 3.35M | 3.34M | 0 | 0 | 0 | 0 | 0 | 400K | 0 | 21.63M | 9.38M | 0 | 447.7K | 900.17K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -317.71K | -1.38M | -776.42K | 0 | 0 | -1K | 0 | 0 |
| Other Financing | 1.81M | -109.61K | 191.2K | 1.72M | 1.17K | -212.12K | -494.95K | -269.66K | 579.67K | 1.43M | 189.4K | 0 | 284.35K | 9.35K | 31.69M | -2.09M | 3.15M | -418.59K | 500 | 0 | 38.17M | 598.03K | 354.42K |
| Net Change in Cash | 25.63M | -5.25M | -11.77M | 24.63M | -29.35M | 2.04M | 27.01M | -1.38M | 2.63M | -216.32K | -218.64K | -6.64M | 1.43M | -27.47M | 32.15M | -267.56K | -1.81M | -1.6M | -18.69M | 21.44M | 2.29M | 0 | 0 |
| Free Cash Flow | -13.17M | -3.41M | -18.55M | -22.44M | -24.27M | -15.27M | -7.68M | -5.97M | -3.48M | -4.06M | -3.81M | -6.14M | -6.86M | -10.48M | -8.04M | -12.08M | -14.81M | -8.33M | -10.69M | -13.8M | -4.08M | -598.03K | -354.42K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 40.56% | 81.6% | 17.3% | 7.56% | -58.92% | -98.85% | -28.67% | -71.71% | 14.43% | -6.69% | 38% | 10.43% | 34.59% | -30.38% | 33.43% | 18.47% | -77.79% | 22.06% | 22.55% | -238.07% | -582.71% | -68.74% | - |
| FCF per Share | -0.06 | -0.02 | -0.10 | -0.14 | -0.16 | -0.11 | -0.07 | -0.06 | -0.03 | -0.04 | -0.04 | -0.07 | -0.07 | -0.11 | -0.09 | -0.13 | -0.18 | -0.11 | -0.15 | -0.19 | -0.08 | -0.01 | -0.01 |
| FCF Conversion (FCF/Net Income) | 3.06x | 1.08x | 0.68x | 0.76x | 0.67x | 1.04x | 1.17x | 1.15x | 0.74x | 0.86x | 1.04x | 0.85x | 0.81x | 0.81x | 0.35x | 0.14x | 0.84x | 0.96x | 0.80x | 1.26x | 1.22x | 1.00x | 1.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Project Financing and Permitting
According to the company's quarterly financial statements, the relationship between net income and operating cash flow is consistently negative, with OCF/NI ratios frequently deviating from unity, which highlights the inherent disconnect between accounting losses and the actual cash burn required to advance the Casino project.
The lack of a stable correlation between net income and operating cash flow is expected for an exploration-stage entity where accounting losses are driven by non-cash items and capitalized development costs. Investors should monitor these fluctuations as they primarily reflect the timing of exploration expenditures rather than operational efficiency.
As reported in recent filings, WRN's free cash flow remains consistently negative, with quarterly outflows ranging from $1.2 million to $7.1 million, underscoring the company's status as a capital-consuming developer that relies entirely on external financing to sustain its ongoing exploration and permitting activities.
The trajectory of free cash flow is dictated by the intensity of the Casino project's development cycle rather than revenue generation. This persistent cash burn suggests that the company will remain dependent on equity markets or strategic partner contributions until a final investment decision is reached.
Based on the provided data, capital expenditures have fluctuated between $1.9 million and $6.7 million per quarter, representing the primary allocation of resources toward de-risking the Casino deposit through extensive drilling and environmental assessment programs essential for long-term project viability.
These capital outlays are not maintenance-related but are instead growth-oriented investments aimed at increasing the project's net present value. The variability in these figures suggests that management adjusts spending levels based on the progress of permitting milestones and the availability of capital.
Analysis of the cash flow statements reveals that working capital changes have been erratic, with swings as large as $1.1 million in 2025Q3, which may indicate the timing of vendor payments and the management of exploration-related liabilities during the project's development phase.
While working capital movements are common in pre-revenue mining firms, the volatility warrants further investigation into the company's payables management. Investors should consider whether these fluctuations represent operational bottlenecks or simply the natural cadence of large-scale exploration contracts.
Based on reported figures, stock-based compensation has reached as high as $747.9K in a single quarter, which effectively masks the true cash-based administrative burn rate by substituting equity for cash, potentially understating the total cost of management and technical personnel to shareholders.
The reliance on stock-based compensation suggests a strategy to preserve cash for project-level expenditures, though it introduces a dilution risk for existing investors. Analysts should adjust the burn rate to account for these non-cash expenses to better understand the company's true runway.
Quick answers to the most common questions about buying WRN stock.
Western Copper and Gold Corporation (WRN) generated $-3.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Western Copper and Gold Corporation (WRN) reported negative free cash flow of $3.4M in 2025, indicating capital requirements exceeded cash from operations.
Western Copper and Gold Corporation (WRN) spent $20.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.