White Gold Corp. (WGO:TSX.V; WHGOF:OTCQX; 29W:FRA) announced that it has entered into an arrangement agreement with W2 Critical Minerals Corp., a wholly owned subsidiary of the company, to complete a spin-out of its critical mineral assets into a standalone entity.
According to the May 5 company news release, the spin-out will transfer White Gold's portfolio of copper, molybdenum, tungsten, and other critical mineral properties located in west-central Yukon into W2 Critical Minerals Corp. through a plan of arrangement under the Business Corporations Act (Ontario). Shareholders will receive one Spinco share for every five White Gold Corp. shares held immediately prior to the effective date of the transaction.
The company stated that Spinco intends to complete a private placement financing for gross proceeds of up to CA$5 million through the issuance of up to 20 million subscription receipts priced at CA$0.25 each. White Gold also stated that it intends to retain a 19.9% ownership interest in Spinco following completion of the transaction.
White Gold said it will continue advancing its White Gold Project, which hosts four near-surface gold deposits containing estimated indicated resources of 1,732,300 ounces of gold and inferred resources of 1,265,900 ounces of gold.
"White Gold has systematically built one of the most comprehensive regional geochemical and geological datasets in the Yukon, which has clearly highlighted the scale and quality of several copper and critical mineral targets within our portfolio in addition to our significant gold projects," Dylan Langille, Vice President of Exploration for White Gold, stated in a company news release.
White Gold CEO David D'Onofrio stated in the release, "The timing of the Spin-Out aligns exceptionally well with the strong and growing support we are seeing from both the Yukon and federal governments for the responsible development of critical minerals."
The company stated that Spinco will include six properties representing approximately 15% of White Gold's current claims, including the Bridget, Loonie, Wolf, Hunker, Hayes and Toonie properties. White Gold said these properties contain copper and strategic metals targets prospective for copper, molybdenum, tungsten, antimony, and bismuth across multiple deposit styles.
White Gold stated that the spin-out remains subject to regulatory approvals, including approval from the TSX Venture Exchange and court approval, as well as approval from shareholders at an annual general and special meeting expected to be held before the end of Q2 2026.
Exploration and Development Milestones Planned Across Yukon Portfolio
White Gold stated that additional company updates are expected to include further exploration results, a maiden Preliminary Economic Assessment, and details regarding the company's exploration program scheduled to begin in the coming weeks. The company described the planned exploration campaign as the largest in its history.
According to the company, Spinco intends to apply to list its shares on the TSX Venture Exchange shortly following completion of the spin-out, although it noted that an application has not yet been submitted.
The company stated that the Bridget target on the Bridget Property is a district-scale molybdenum-copper porphyry anomaly spanning 3 km by 3.5 km that has not been diamond drill tested. White Gold said two rounds of induced polarization geophysics surveys completed in 2023 and 2025 identified chargeability anomalies beneath the Cu-Mo-Bi core area and confirmed additional targeting opportunities.
Streetwise Ownership Overview*
White Gold Corp. (WGO:TSX.V; WHGOF:OTCQX; 29W:FRA)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 12/23/16 | GGC | 1 | WGO | 1 |
| 01/23/15 | GXG | 10 | CCG | 1 |
| 07/15/07 | SY | 2 | GXG | 1 |
On the Loonie Property, White Gold stated that the Guilder target contains a 3.5 km long Cu-Mo-Au-Zn-Pb soil anomaly. The company said a 2025 gradient IP survey confirmed the presence of a central chargeability anomaly and a second anomalous zone to the south.
White Gold stated that the Isaac target on the Hayes Property spans approximately 3.3 km east-west by 2.5 km north-south and contains eight discrete chargeability anomalies identified through IP-resistivity surveys completed in 2023. The company noted that the Isaac target has never been drilled.
At the Toonie Property, White Gold stated that a 2023 RAB drilling program at the Deux target intersected broad multi-element mineralization in all four holes, including 24.4 meters grading 0.235 g/t gold and 525.4 ppm copper from surface in hole TOODEU23RAB001 and 76.2 meters averaging 386 ppm copper in hole TOODEU23RAB003.
The company also described the Hunker Property as hosting three separate copper occurrences known as the Boxcar, Bum, and Mint Pup targets, while the Wolf Property contains the Aries and Taurus targets associated with copper, molybdenum, and gold mineralization.
Ownership and Share Structure1
17.46% of White Gold is held by management and insiders. 4.45% are owned by institutions. Strategic entities hold 18.90%. The rest is retail.
White Gold has a market cap of CA$301.58 million, 140.98 million free float shares, and a 52-week trading range of CA$0.25 – CA$2.38.
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Important Disclosures:
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
