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White Gold has entered an important stage in the advancement of its flagship White Gold Project in Yukon, following the release of its maiden Preliminary Economic Assessment and the continued execution of the largest exploration program in the company’s history. White Gold controls a district-scale land position of approximately 300,000 hectares in the White Gold District, with its flagship project hosting approximately 1.73 million ounces of gold in the Indicated category and 1.27 million ounces in the Inferred category. The company’s current strategy combines project-level economic studies with aggressive exploration aimed at expanding its existing deposits and identifying additional discoveries across the surrounding district.

A major milestone arrived in August with the release of the maiden PEA for the White Gold Project. The study outlined a conventional 12,000-tonne-per-day open-pit operation with a 9.4-year mine life and average annual production of approximately 188,000 ounces of gold, increasing to approximately 223,000 ounces annually during the first five years. Using a base-case gold price of US$3,600 per ounce, the original study estimated an after-tax NPV of approximately C$1.91 billion, a 38% after-tax IRR and a 1.7-year payback period. Subsequent optimization work refined those estimates to approximately C$1.86 billion in after-tax NPV, a 40.7% IRR and a 1.5-year payback period, without changes to the underlying mineral resource, mine plan or commodity-price assumption.

Importantly, the PEA represents only an initial development scenario for the broader White Gold opportunity. The mine plan incorporates the Golden Saddle, Arc, Ryan’s Surprise and VG deposits and uses approximately 60% of the company’s current mineral resource estimate. All four deposits remain open for expansion, while more than 25 additional exploration targets have been identified across the project area. Potential opportunities for future studies include additional resource conversion and expansion, further drilling around existing deposits and evaluation of underground potential beneath Golden Saddle.

Exploration continues alongside this development work. White Gold launched a fully funded 15,000-to-20,000-metre diamond drilling campaign in May, targeting resource growth at Golden Saddle, Arc, Ryan’s Surprise and VG while advancing additional discovery targets. By late August, approximately 11,500 metres of diamond drilling had been completed, with work focused on Golden Saddle, VG and Ryan’s Surprise. The program follows encouraging previous results, including 3.23 g/t gold over 56.1 metres at Golden Saddle, which expanded the high-grade core, while exploration work has also identified targets such as Golden Saddle 2.0 and VG East.

White Gold is also advancing the separation of its critical-mineral portfolio through W2 Critical Minerals, allowing the company to maintain a clearer focus on gold while establishing a separate vehicle for its copper, molybdenum, tungsten and other critical-mineral assets. Court approval for the transaction was announced in August, alongside an increase in W2’s planned financing from C$5 million to C$10 million. Looking ahead, key developments include assay results from the ongoing 2026 drilling campaign, potential expansion and conversion of existing resources, advancement of the White Gold Project beyond the PEA stage and completion of the W2 transaction. With an initial economic framework established and a substantial exploration program underway, White Gold is positioned to continue evaluating both the development potential of its existing resource base and the broader exploration potential of its extensive Yukon land package.