The company consistently reports negative operating income, with quarterly losses ranging from $1.3 million to $3.3 million, reflecting the absence of revenue generation during the development phase.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 104.22K | 97.56K | 0 | 206.9K | 167.89K | 103.26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.51M | 3.65M | 311.93K | 132.72K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -104.22K | -97.56K | 0 | -206.9K | -167.89K | -103.26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.51M | -3.65M | -311.93K | -132.72K |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | -23.23% | -62.59% | - | - | - | - | - | - | - | - | - | - | - | - | - | 100% | 31.25% | -1071.61% | -135.03% | - |
| Operating Expenses | 7.39M | 7.37M | 8.41M | 3.86M | 5.46M | 5.07M | 2.75M | 2.5M | 2.9M | 2.53M | 2.42M | 2.6M | 2.54M | 2.96M | 3.97M | 3.78M | 2.83M | 2.48M | 2.75M | 3.49M | 2.34M | 49.48K | 115.74K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 7.3M | 7.05M | 8.41M | 3.86M | 5.16M | 5.07M | 2.75M | 2.5M | 2.9M | 2.53M | 2.42M | 2.6M | 2.54M | 2.96M | 4.12M | 3.78M | 2.83M | 2.48M | 2.75M | 3.49M | 2.34M | 49.48K | 115.74K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 82.91K | 320.21K | 0 | 0 | 305.68K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -7.49M | -7.47M | -8.41M | -3.86M | -4.36M | -4.02M | -2.23M | -1.85M | -2.9M | -2.53M | -2.42M | -2.6M | -2.54M | -2.96M | -4.12M | 3.78M | -2.83M | -2.48M | -2.75M | -6M | -6M | -361.42K | -248.46K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 11.14% | -117.95% | 11.48% | -8.47% | -79.84% | -20.6% | 36.17% | -14.58% | -4.7% | 6.93% | -2.46% | 14.22% | 28.24% | -209.08% | 233.33% | -14.07% | 9.82% | 54.13% | -0.08% | -1559.86% | -45.46% | - |
| EBITDA | -7.39M | -7.37M | -8.25M | -3.65M | -4.19M | -3.91M | -2.23M | -2.49M | -767.57K | -699.91K | -572.66K | -2.92M | -2.92M | -4.31M | -4.01M | 3.78M | -2.82M | -2.45M | -2.71M | -5.97M | -5.98M | -361.42K | -248.46K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 21.32% | 10.63% | -125.98% | 12.87% | -7.04% | -75.22% | 10.17% | -223.96% | -9.67% | -22.22% | 80.36% | 0.29% | 32.14% | -7.5% | -206% | 234.13% | -15.08% | 9.73% | 54.53% | 0.1% | -1553.28% | -45.46% | - |
| D&A (Non-Cash Add-back) | 104.22K | 97.56K | 157.66K | 206.9K | 167.89K | 103.26K | 0 | -634.39K | 2.13M | 1.83M | 1.85M | -316.99K | -388.05K | -1.35M | 111.59K | 4.62K | 13.42K | 33.34K | 39.6K | 34.9K | 23.79K | 0 | 0 |
| EBIT | -7.49M | -7.47M | -8.56M | -3.34M | -4.99M | -4.12M | -2.03M | -1.77M | -2.86M | -2.66M | -2.09M | -2.12M | -1.91M | -1.37M | -3.91M | -23.95M | -2.78M | -2.26M | -2.61M | -4.75M | 3.24M | 0 | 0 |
| Net Interest Income | 1.59M | 1.97M | 2.68M | 0 | 516.85K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.59M | 1.97M | 2.68M | 1.18M | 584.51K | 207.96K | 14.12K | 57.87K | 83.58K | 46.73K | 95.21K | 163.77K | 236.29K | 238.87K | 72.83K | 245.05K | 57.69K | 238.17K | 599.58K | 1.28M | 797.31K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 67.66K | 0 | 0 | 0 | 83.58K | 46.73K | 95.21K | 163.77K | 236.29K | 238.87K | 72.83K | 245.05K | 57.69K | 238.17K | 599.58K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 3.18M | 4.35M | 1.49M | 519.27K | -636.48K | 308.6K | 200.51K | 85.8K | 45.66K | -128.98K | 330.42K | 480.76K | 624.34K | 1.59M | 207.02K | -27.73M | 55.95K | 227.38K | 142.84K | 1.26M | 1.96M | 0 | 0 |
| Pretax 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 | -23.95M | -2.78M | -2.26M | -2.61M | -4.75M | -4.04M | 0 | 0 |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.95M | -55.95K | -395.9K | -451.7K | -1.52M | -2.76M | 361.42K | 248.46K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 8.12% | 2.01% | 17.55% | 17.3% | 32.05% | 68.25% | - | - |
| 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 |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 27.59% | 54.93% | -107.35% | 33.16% | -34.65% | -82.4% | -15.11% | 38.15% | -7.31% | -27.45% | 1.4% | -10.78% | -40.02% | 65.11% | 82.22% | -692.44% | -49.29% | 13.85% | 33.07% | 0.5% | -797.08% | -45.46% | - |
| Net Income (Continuing) | -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 | -4.04M | -1.86M | -2.16M | -3.23M | 3.24M | -361.42K | -248.46K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.02 | -0.02 | -0.04 | -0.02 | -0.03 | -0.02 | -0.02 | -0.02 | -0.03 | -0.03 | -0.02 | -0.02 | -0.02 | -0.01 | -0.04 | -0.24 | -0.03 | -0.02 | -0.03 | -0.04 | -0.06 | -0.01 | -0.01 |
| EPS Growth % | 21.1% | 57.61% | -76.08% | 37.43% | -53.21% | -9% | -15.61% | 39.51% | -2.88% | -25.79% | 1.78% | -10.84% | -39.04% | 65.16% | 82.54% | -601.75% | -37.9% | 16.5% | 33.26% | 27.99% | - | - | - |
| EPS (Basic) | - | -0.02 | -0.04 | -0.02 | -0.03 | -0.02 | -0.02 | -0.02 | -0.03 | -0.03 | -0.02 | -0.02 | -0.02 | -0.01 | -0.04 | -0.24 | -0.03 | -0.02 | -0.03 | -0.04 | -0.06 | -0.01 | -0.01 |
| Diluted Shares Outstanding | 211.26M | 200.69M | 187.91M | 159.76M | 151.53M | 144.27M | 114.93M | 104.2M | 99.89M | 95.86M | 94.4M | 94.19M | 93.99M | 93.72M | 93.4M | 92.51M | 81.13M | 74.9M | 72.79M | 72.49M | 52.48M | 49.25M | 49.25M |
| Basic Shares Outstanding | 211.26M | 200.69M | 187.91M | 159.76M | 151.53M | 144.27M | 114.93M | 104.2M | 99.89M | 95.86M | 94.4M | 94.19M | 94M | 93.72M | 93.4M | 92.51M | 81.13M | 74.9M | 72.79M | 72.49M | 52.48M | 49.25M | 49.25M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Permitting and Infrastructure Delays
As reported in recent financial filings, Western Copper and Gold maintains a consistent quarterly SG&A expenditure averaging approximately $1.9 million, which reflects the necessary administrative burden of managing a pre-production mining asset without the offsetting benefit of any revenue generation from its Yukon-based Casino project.
The company's cost structure is dominated by fixed administrative expenses rather than variable operational costs, indicating a high sensitivity to the duration of the permitting cycle. Investors should monitor whether these overhead costs remain stable as the project approaches a final investment decision, as any escalation could signal inefficient capital allocation.
Based on the provided income statement data, stock-based compensation has fluctuated significantly, reaching a peak of $747.9K in 2025Q2, which suggests that management incentives are currently tied to equity-based rewards rather than the achievement of specific operational milestones or the realization of project-level cash flows.
The reliance on equity-based compensation in the absence of revenue warrants further investigation into the alignment between management and shareholders. Analysts should consider the potential for future dilution if these compensation packages continue to scale while the company remains in the exploration and evaluation phase.
According to the company's historical income statements, Western Copper and Gold consistently reports negative operating income, with quarterly losses ranging from $1.3 million to $3.3 million, confirming that the firm currently lacks the operational scale required to leverage its fixed cost base against any productive output.
The absence of operating leverage is expected for an exploration-stage entity, yet the persistent quarterly losses highlight the company's total dependence on external financing. The lack of a path to positive operating margins suggests that the firm's valuation is entirely decoupled from current income statement performance.
As indicated by the company's reliance on the Yukon Resource Gateway Project, the long-term economic viability of the Casino deposit appears contingent on external infrastructure subsidies, which may introduce significant margin compression risks if government funding for site access roads fails to materialize as currently projected.
Short-sellers may focus on the potential for capital expenditure inflation, which could render the project's internal rate of return unattractive under current commodity price assumptions. The company's inability to control its own infrastructure destiny suggests that the project's future profitability may be more sensitive to political and regulatory outcomes than to technical mining efficiency.
Quick answers to the most common questions about buying WRN stock.
For fiscal year 2025, Western Copper and Gold Corporation (WRN) reported total revenue of $0.0M.
Western Copper and Gold Corporation (WRN) reported a net loss of $3.1M for the fiscal year ending 2025.