White Gold Corp.

White Gold Corp. Files Maiden PEA on White Gold Project: C$1.86 Billion After-Tax NPV, 41% IRR

TSXV: WGO | OTCQX: WHGOF | FSE: 29W

Overview

White Gold Corp. announced that it has filed an independent Preliminary Economic Assessment ("PEA") for its flagship White Gold Project, located in the traditional territory of the Tr'ondëk Hwëch'in in the Yukon Territory, Canada, according to the company. The PEA includes the Golden Saddle, Arc, Ryan's Surprise, and VG deposits, collectively referred to as the White Gold Project. The report, titled "Preliminary Economic Assessment, White Gold Project, Yukon," was prepared by JDS Energy & Mining Inc. under NI 43-101, with the technical report available on SEDAR+, the company stated.

According to the company, the PEA outlines a technically straightforward open pit mining operation with the potential for positive economics at a consensus long-term gold price and establishes the development framework for a district that remains largely untested beyond the deposits included in the study. The company stated it has identified numerous additional opportunities with the potential to extend mine life, increase annual production, and further increase project economics in subsequent studies, including potential resource conversion and growth at the existing deposits, underground mining potential at Golden Saddle, and a prospective exploration pipeline consisting of more than 25 identified targets.

Key Highlights

After-tax net present value at a five percent discount rate (NPV(5%)) of $1,856 million and after-tax internal rate of return (IRR) of 41%, with a payback period of 1.5 years, at a base case gold price of US$3,600/oz (flat). Pre-tax NPV(5%) of $2,991 million and pre-tax IRR of 57%, according to the company.
Life of mine after-tax free cash flow of $2,672 million, averaging approximately $280 million per year, according to the company.
At US$4,500/oz gold, after-tax NPV(5%) increases to $2,911 million with an IRR of 57%, the company stated.
Average annual gold production of 188,000 ounces over a 9.4-year mine life, averaging 223,000 ounces per year over the first five years, from a conventional open pit operation and 12,000 tonne per day mill, according to the company.
Life of mine cash costs of US$1,290/oz and all-in sustaining costs of US$1,482/oz, the company reported.
The Project is located approximately 95 km south of Dawson City and proposes to tie into the planned Northern Access Route (NAR) from Dawson City to neighbouring properties; the construction contract for the NAR was announced earlier this year with mobilization underway, according to the company.
The PEA mine plan incorporates four deposits and draws on approximately 60% of the company's current mineral resource estimate, effective August 19, 2025, of 1,732,300 ounces Indicated (35.2 Mt at 1.53 g/t gold) and 1,265,900 ounces Inferred (32.3 Mt at 1.22 g/t gold). Drill results from 2025 and ongoing drilling in 2026 are not included in the resource, and all four deposits are still open for expansion, the company stated.
The Project covers approximately 55,000 hectares with more than 25 additional targets identified across the property, the majority of which have seen limited or no drilling, according to the company.

Strategic/Operational Context

"Our Maiden PEA is a significant milestone for White Gold, delivering a project with strong economics and significant growth potential. Few gold projects anywhere offer this combination of scale, potential returns, favourable jurisdiction and upside. I would like to thank and congratulate our team and all stakeholders who have supported us over the years in advancing The White Gold Project from a conceptual exploration idea towards a development asset with a PEA that compares very well to its peers in the sector. Even more exciting is the growth potential of the White Gold Project based on previous and ongoing drilling not included in the PEA, future drilling and the substantial potential of our underexplored truly district scale land package within the White Gold District, which has seen significant recent investment by prominent mine builders further advancing it towards becoming a leading Canadian mining camp. We are very fortunate to have the right projects, in the right place, at the right time, with a great team and supporters to continue to responsibly build value for all stakeholders," stated David D'Onofrio, Chief Executive Officer, White Gold Corp.

"This is a strong technical foundation, built on deliberately conservative assumptions. The PEA open pit mine plan draws on less than two thirds of our current resource ounces and applies preliminary recovery assumptions. A 9.4 year operation producing an average of 188,000 ounces annually is a compelling initial configuration for a district where mineralization remains open and most of our targets remain undrilled. Underground mining was not included in this maiden PEA but remains a separate opportunity that will be examined as deeper drilling advances the higher-grade resource at Golden Saddle. The PEA results demonstrate a potentially economic project on a resource estimate dated August 19, 2025, which includes drilling information up to November 1st, 2025. Additional gold ounces would add to the already very positive potential economics of the project. The work ahead of us, including expansion drilling on known zones, greenfield target drilling, metallurgical optimization, updated resource estimation and the next stage of economic study, is precisely the kind of work that increases value per share over time," stated Donovan Pollitt, P.Eng., CFA, President, White Gold Corp.

The company cautions that the PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the PEA will be realized, and mineral resources that are not mineral reserves do not have demonstrated economic viability, according to the company.

Resources and Financials

Mine Life: 9.4 years
Throughput: 12,000 tonnes per day
Total Resource Processed: 41 Mtonnes
Strip Ratio: 9:1 (waste:resource)
Average Head Grade: 1.54 g/t Au
Average Gold Recovery: 87%
Total Payable Gold: 1,765 koz
Average Annual Production (LOM): 188 koz/yr
Average Annual Production (Years 1 to 5): 223 koz/yr
Total Cash Costs: US$1,290/oz
All-in Sustaining Costs (LOM): US$1,482/oz
Initial Capital (incl. contingency): $1,002 million
Sustaining Capital (incl. contingency): $357 million
Closure and Reclamation (net of salvage): $112 million
Pre-Tax NPV(5%): $2,991 million; Pre-Tax IRR: 57%; Pre-Tax Payback: 1.2 years
After-Tax NPV(5%): $1,856 million; After-Tax IRR: 41%; After-Tax Payback: 1.5 years
After-Tax NPV(5%) : Initial Capital Ratio: 1.85 : 1
Mineral Resource Estimate (effective August 19, 2025): Indicated 35.2 Mt at 1.53 g/t Au for 1,732,300 oz; Inferred 32.3 Mt at 1.22 g/t Au for 1,265,900 oz

What to Watch Next

Expansion drilling on known zones and greenfield target drilling, according to the company.
Metallurgical optimization targeting improved recoveries at Arc and Ryan's Surprise, where the PEA applies a preliminary recovery of 72.5%, according to the company.
Updated resource estimation and the next stage of economic study, as stated by the company.
Examination of underground mining potential at Golden Saddle as deeper drilling advances, according to the company.
A total of 15,000 to 20,000 metres of drilling planned on the project in 2026, according to the company.

About White Gold Corp.

The Company owns a portfolio of 15,364 quartz claims across 21 properties covering 305,102 hectares (3,051 km2) representing approximately 40% of the Yukon's emerging White Gold District. The Company's flagship White Gold Project hosts four near-surface gold deposits which collectively contain a resource estimate of 1,732,300 ounces of gold in indicated resources (35.2 million tonnes grading 1.53 grams per tonne gold) and 1,265,900 ounces of gold in inferred resources (32.2 million tonnes grading 1.22 g/t Au) (see the Company's news release dated October 6, 2025). Regional exploration work has also produced several other new discoveries and prospective targets on the Company's claim packages which border sizable gold discoveries including the Coffee Project owned by Talamore Mining (formerly Fuerte Metals) and Western Copper and Gold Corporation's Casino Project. The Company is strategically supported by major shareholders Agnico Eagle Mines Limited. For more information visit www.whitegoldcorp.ca.

Read full press release here.

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