White Gold Corp.

White Gold Corp. Announces Positive Preliminary Economic Assessment with C$1.9 Billion After-Tax NPV, 38% IRR and 1.7-Year Payback Period on the White Gold Project

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

White Gold Corp. announced the results of 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 outlines what the company describes as 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, according to the company, remains largely untested beyond the deposits included in this study.

According to the company, further to the positive PEA economics, 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 discovered through the company's systematic, data-driven exploration methodology.

Key PEA Details

Base Case Economics (US$3,600/oz gold, flat, US$0.72 = C$1.00)

After-tax net present value at a five percent discount rate (NPV(5%)) of $1,911 million and after-tax internal rate of return (IRR) of 38%, with a payback period of 1.7 years, according to the company.
Pre-tax NPV(5%) of $3,081 million and pre-tax IRR of 54%, with a pre-tax payback period of 1.3 years, according to the company.
Life of mine after-tax free cash flow of $2,685 million, averaging approximately $280 million per year, according to the company.
After-tax NPV(5%) to initial capital ratio of 1.8:1, according to the company.

Gold Price Sensitivity

At US$4,500/oz gold, after-tax NPV(5%) increases to $2,996 million with an after-tax IRR of 52% and an after-tax payback period of 1.3 years, according to the company. At US$3,000/oz gold, after-tax NPV(5%) is $1,186 million with an after-tax IRR of 27% and a payback period of 2.2 years, according to the company.

Production and Cost Profile

9.4 year mine life at a nominal 12,000 tonne per day throughput, according to the company.
Average annual gold production of 188,000 ounces over the life of mine, averaging 223,000 ounces per year over the first five years, according to the company.
Total payable gold of 1,765 koz, average head grade of 1.54 g/t Au and average gold recovery of 87%, according to the company.
Total resource processed of 41 million tonnes at a life of mine strip ratio of approximately 9:1, with 38% of material classified as Inferred, according to the company.
Life of mine cash costs of US$1,290 per ounce and all-in sustaining costs of US$1,480 per ounce, as stated in the PEA highlights; the operating costs section of the release states all-in sustaining costs of US$1,485 per ounce.
Life of mine operating costs are estimated at $74.23 per tonne processed, comprising open pit mining of $3.77 per tonne mined, processing of $27.34 per tonne processed, and G&A and site services of $10.98 per tonne processed, according to the company. Average annual operating costs are estimated to be $350 million annually, according to the company.

Capital Costs

Initial capital is estimated at $1,050 million, inclusive of $139 million of contingency, according to the company.
Sustaining and closure capital of $472 million over the life of mine, including $89 million of contingency, driven primarily by staged tailings construction and including closure and reclamation costs of $146 million net of salvage value, according to the company.
Total life of mine capital of $1,522 million, according to the company.

Mineral Resource and Mine Plan

The PEA is based on the company's mineral resource estimate with an effective date of August 19, 2025, which includes 1,732,300 ounces of gold in Indicated resources (35.2 million tonnes grading 1.53 g/t gold) and 1,265,900 ounces of gold in Inferred resources (32.3 million tonnes grading 1.22 g/t gold), according to the company. The PEA mine plan incorporates four deposits, Golden Saddle, Arc, Ryan's Surprise and VG, and draws on approximately 60% of the company's current mineral resource estimate, with approximately one third of current resource ounces, including the QV deposit, sitting outside the PEA mine plan, according to the company. Drill results from 2025 and current drilling are not included in the resource, and all four deposits are still open for expansion, according to the company.

Processing and Recovery

According to the company, a conventional carbon-in-leach ("CIL") processing flowsheet was determined to be the best option for the project following a metallurgical program initiated in October 2025. Testing confirmed that the Golden Saddle and VG deposits have an average leach recovery of 92%, while predicted recoveries on material from the Arc and Ryan's Surprise deposits, which comprise 30% of the material in the PEA production schedule, are 72%, according to the company.

Location and Infrastructure

The White Gold Project is located approximately 95 km south of Dawson City and, according to the company, proposes to tie into the planned Northern Access Route (NAR) from Dawson City to neighbouring properties, for which the construction contract award (by others) was announced earlier this year with mobilization underway. Project infrastructure includes an engineered tailings storage facility, an on-site power plant and bulk fuel storage, water management and treatment facilities, an airstrip, and an accommodation camp, according to the company.

Next Steps

15,000 to 20,000 metres of drilling underway in 2026 focused on expanding known zones, with 3 drill rigs currently active on the property with a goal of continuing to increase total resources, according to the company.
Testing of promising new zones identified by soil geochemistry and geophysics, according to the company.
Additional metallurgical test work focused on Arc and Ryan's Surprise to further optimize recoveries and support the next study stage, according to the company.
Initiation of programs to geotechnically and geochemically characterize the tailings and waste rock, according to the company.
Commencement of environmental baseline data collection and advancement of YESAA-readiness work, according to the company.
Ongoing engagement with the Tr'ondëk Hwëch'in and White River as well as neighbouring First Nations and the Yukon Government, according to the company.
A Technical Report prepared in accordance with NI 43-101 is expected to be filed on SEDAR+ within 45 days of the date of this news release, according to the company.

Market Note: Understanding a Preliminary Economic Assessment

A Preliminary Economic Assessment, or PEA, is a conceptual-level technical and economic study prepared in accordance with National Instrument 43-101 ("NI 43-101"), the disclosure standard governing mineral project reporting in Canada. As the company states in the release, 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.

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.

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