Western Copper and Gold Corporation (WRN) Cash Flow Statement
Where WRN’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- −C$3.4M
- Capital expenditures
- C$50,033
- Free cash flow
- −C$3.4M
- Returned to shareholders
- —
- Change in cash
- −C$5.3M cash at year-end C$8.3M
Cash from operations
−C$3.4M
Capital expenditures
−C$50,033
Investments (net)
+C$28.1M
Acquisitions & other
−C$20.5M
Net borrowing (repayment)
−C$109,696
Other financing
+C$3.9M
Currency & other
−C$13.3M
Change in cash
−C$5.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
WRN operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
WRN cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −C$2.2M2016 | −C$3.4M2025 | — | |
| Capital expenditures | C$1.6M2016 | C$50,0332025 | −32.1%/yr | |
| Free cash flow | −C$3.8M2016 | −C$3.4M2025 | — | |
| Stock-based compensation | C$216,6362016 | C$2.3M2025 | +29.9%/yr | |
| Dividends paid | C$02016 | C$02018 | — | |
| Share buybacks (net) | C$02016 | C$02021 | — |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WRN cash flow by activity
OperatingInvestingFinancingChange in cash
WRN net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
WRN cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −C$3.1M | −C$6.9M | −C$3.3M | −C$5.0M | −C$3.7M | −C$2.0M | −C$1.8M | −C$2.9M | −C$2.7M | −C$2.1M |
| Depreciation & amortization | C$97,561 | C$157,659 | C$206,900 | C$167,894 | C$103,261 | C$103,261 | C$103,261 | C$103,261 | C$0 | C$0 |
| Stock-based compensation | C$2.3M | C$2.5M | C$1.1M | C$1.5M | C$1.2M | C$557,101 | C$406,399 | C$574,974 | C$319,103 | C$216,636 |
| Change in working capital | −C$172,560 | −C$378,305 | C$107,770 | −C$38,264 | −C$264,989 | −C$188,563 | −C$1,736 | C$120,156 | −C$110,544 | −C$48,113 |
| Other non-cash items | −C$2.4M | −C$40,022 | −C$595,296 | −C$27,509 | −C$1.2M | −C$808,034 | −C$778,996 | −C$69,761 | C$168,800 | −C$253,500 |
| Cash from operating activities | −C$3.4M | −C$4.7M | −C$2.5M | −C$3.3M | −C$3.9M | −C$2.4M | −C$2.0M | −C$2.1M | −C$2.3M | −C$2.2M |
| Investing activities | ||||||||||
| Capital expenditures | −C$50,033 | −C$13.8M | −C$19.9M | −C$20.9M | −C$11.4M | −C$5.3M | −C$3.9M | −C$1.3M | −C$1.8M | −C$1.6M |
| Investments (net) | C$28.1M | −C$61.3M | −C$23.1M | −C$25.9M | −C$16.0M | −C$5.3M | −C$2.4M | C$838,044 | C$634,577 | C$1.8M |
| Acquisitions & other investing | −C$20.5M | C$13.8M | C$39.1M | C$20.9M | C$0 | C$5.3M | C$3.9M | C$1.3M | C$1.8M | C$1.6M |
| Cash from investing activities | C$7.6M | −C$61.3M | −C$3.9M | −C$25.9M | −C$27.4M | −C$5.3M | −C$2.4M | C$838,044 | C$634,577 | C$1.8M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | C$0 | C$0 | C$0 |
| Share repurchases & issuance (net) | — | — | — | — | C$35.0M | C$7.3M | C$3.4M | −C$152,825 | C$1.4M | C$189,400 |
| Net borrowing (repayment) | −C$109,696 | −C$188,174 | −C$245,672 | −C$209,062 | −C$108,610 | −C$108,610 | −C$108,610 | −C$108,610 | C$0 | C$0 |
| Shares issued | C$0 | C$54.3M | C$23.6M | C$23.6M | C$33.6M | C$35.2M | C$3.4M | C$3.3M | C$0 | C$0 |
| Other financing | C$3.9M | C$191,197 | C$7.7M | −C$23.5M | −C$35.2M | −C$7.7M | −C$3.6M | C$841,110 | C$3 | −C$1 |
| Cash from financing activities | C$3.8M | C$54.3M | C$31.1M | −C$75,897 | C$33.3M | C$34.7M | C$3.1M | C$3.9M | C$1.4M | C$189,399 |
| Summary | ||||||||||
| Net change in cash | −C$5.3M | −C$11.8M | C$24.6M | −C$29.3M | C$2.0M | C$27.0M | −C$1.4M | C$2.6M | −C$216,320 | −C$218,636 |
| Cash at end of period | C$8.3M | C$14.2M | C$26.0M | C$1.3M | C$30.7M | C$28.6M | C$1.6M | C$3.0M | C$395,370 | C$611,690 |
| Free cash flow | −C$3.4M | −C$18.6M | −C$22.4M | −C$24.3M | −C$15.3M | −C$7.7M | −C$6.0M | −C$3.5M | −C$4.1M | −C$3.8M |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −C$1.7M | −C$2.5M | −C$963,622 | −C$890,292 | −C$627,995 | −C$637,066 | −C$1.6M | −C$680,737 | −C$3.0M | −C$1.6M | −C$532,485 | −C$823,028 |
| Depreciation & amortization | C$82,164 | C$32,305 | C$32,846 | C$31,333 | C$16,821 | C$16,561 | C$15,974 | C$38,817 | C$51,134 | C$51,734 | C$51,725 | C$51,725 |
| Stock-based compensation | C$1.7M | C$916,987 | C$411,202 | C$474,126 | C$747,852 | C$641,804 | C$533,224 | C$586,662 | C$690,293 | C$642,961 | C$167,559 | C$558,972 |
| Change in working capital | −C$630,235 | C$407,267 | −C$225,841 | C$1.1M | C$386,687 | −C$1.5M | −C$84,203 | −C$662,220 | C$217,807 | C$150,311 | C$363,091 | −C$178,409 |
| Other non-cash items | C$15,709 | C$4,689 | −C$160,354 | −C$529,059 | −C$984,422 | −C$773,953 | C$151,129 | −C$346,283 | C$429,081 | −C$273,949 | −C$416,248 | −C$191,641 |
| Cash from operating activities | −C$553,929 | −C$1.2M | −C$905,769 | C$221,472 | −C$461,057 | −C$2.2M | −C$977,504 | −C$1.1M | −C$1.7M | −C$1.0M | −C$366,358 | −C$582,381 |
| Investing activities | ||||||||||||
| Capital expenditures | −C$5.1M | −C$4 | −C$5.4M | −C$6.1M | −C$4.8M | −C$4.3M | −C$5.0M | −C$3.2M | −C$3.8M | −C$1.9M | −C$6.7M | −C$5.6M |
| Investments (net) | C$27.7M | −C$69.9M | C$17.4M | −C$3.0M | C$7.7M | −C$3.1M | −C$1.3M | −C$3.2M | −C$48.9M | −C$8.0M | C$16.6M | C$552,330 |
| Acquisitions & other investing | C$0 | −C$3.4M | −C$9,777 | C$0 | C$4.8M | C$4.3M | C$5.0M | C$3.2M | C$3.8M | C$1.9M | C$6.7M | C$5.6M |
| Cash from investing activities | C$22.6M | −C$73.3M | C$12.0M | −C$9.0M | C$7.7M | −C$3.1M | −C$1.3M | −C$3.2M | −C$48.9M | −C$8.0M | C$16.6M | C$552,330 |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | −C$80,246 | −C$43,944 | −C$47,444 | −C$31,626 | −C$11,338 | −C$19,288 | −C$17,959 | −C$46,579 | — | — | — | — |
| Shares issued | C$0 | C$92.0M | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$51.0M | C$3.3M | C$6.0M | C$0 |
| Other financing | C$99 | −C$3.7M | C$817,322 | C$1.4M | C$429,500 | C$1.3M | −C$30,337 | C$0 | C$48,053 | C$49,845 | −C$119,739 | −C$61,617 |
| Cash from financing activities | −C$80,147 | C$88.3M | C$769,878 | C$1.4M | C$418,162 | C$1.3M | −C$48,296 | −C$46,579 | C$51.0M | C$3.4M | C$5.9M | −C$61,617 |
| Summary | ||||||||||||
| Net change in cash | C$22.0M | C$23.6M | C$1.8M | −C$7.4M | C$7.7M | −C$4.1M | −C$2.3M | −C$4.3M | C$444,664 | −C$5.7M | C$22.1M | −C$91,668 |
| Cash at end of period | C$58.0M | C$32.0M | C$8.3M | C$10.4M | C$17.8M | C$10.1M | C$14.2M | C$16.5M | C$20.8M | C$20.3M | C$26.0M | C$3.9M |
| Free cash flow | −C$5.7M | −C$1.2M | −C$905,770 | −C$5.8M | −C$5.2M | −C$6.6M | −C$5.9M | −C$4.2M | −C$5.4M | −C$3.0M | −C$7.1M | −C$6.2M |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
WRN cash generation
In fiscal 2025 (ended December 31, 2025), Western Copper and Gold generated -C$3.4 million of cash from operations and spent C$0.1 million on capital expenditures, leaving free cash flow of -C$3.4 million. Cash and equivalents fell by C$5.3 million over the year.
Related: WRN income statement, WRN balance sheet. See the WRN stock overview for the latest quote and news.
WRN cash flow FAQ
What is Western Copper and Gold's free cash flow?
Western Copper and Gold's free cash flow was -C$3.4 million in fiscal 2025: -C$3.4 million of operating cash flow minus C$0.1 million of capital expenditures It was -C$18.6 million a year earlier..
How much cash does Western Copper and Gold generate from operations?
Western Copper and Gold generated -C$3.4 million of cash from operating activities in fiscal 2025.
How much does Western Copper and Gold spend on capital expenditures?
Western Copper and Gold spent C$0.1 million on capital expenditures in fiscal 2025, compared with C$13.8 million the year before.