Yukon Gold Project Delivers CA$1.9 Billion After-Tax NPV, 38% IRR in Maiden PEA

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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.

White Gold Corp. (WGO:TSX.V; WHGOF:OTCQX; 29W:FRA) announced the results of an independent Preliminary Economic Assessment for its White Gold Project in Yukon, outlining a 9.4-year open pit operation with average annual gold production of 188,000 ounces.

The PEA, prepared by JDS Energy & Mining Inc. with contributions from Arseneau Consulting Services Inc. and Knight Piésold Ltd., used a base-case gold price of US$3,600 per ounce and an exchange rate of US$0.72 to one Canadian dollar. The study reported an after-tax net present value at a 5% discount rate of 1.911 billion Canadian dollars, an after-tax internal rate of return of 38%, and an after-tax payback period of 1.7 years. Pre-tax NPV at a 5% discount rate was 3.081 billion Canadian dollars, with a pre-tax IRR of 54% and a 1.3-year payback period.

At a gold price of US$4,500 per ounce, the PEA reported an after-tax NPV at a 5% discount rate of 2.996 billion Canadian dollars, an after-tax IRR of 52%, and a payback period of 1.3 years.

The study outlined a conventional truck-and-shovel open-pit operation processing 12,000 tonnes per day. The mine plan included 41 million tonnes of resource at an average grade of 1.54 grams per tonne gold and a life-of-mine strip ratio of approximately 9:1. Approximately 38% of the material in the mine plan was classified as Inferred.

Total payable gold was estimated at 1.765 million ounces. Average annual production was projected at 188,000 ounces over the mine life and 223,000 ounces annually during the first five years. The mine plan prioritizes higher-grade material during the early years following a one-year pre-strip period.

Life-of-mine after-tax free cash flow was estimated at 2.685 billion Canadian dollars, averaging approximately 280 million Canadian dollars annually. Life-of-mine cash costs were estimated at US$1,290 per ounce. The release's operating-cost section reported all-in sustaining costs of US$1,485 per ounce.

Initial capital was estimated at 1.050 billion Canadian dollars, including 139 million Canadian dollars of contingency. Sustaining and closure capital totaled 472 million Canadian dollars, including closure and reclamation costs of 146 million Canadian dollars net of salvage value and including contingency. Total life-of-mine capital was estimated at 1.522 billion Canadian dollars.

The PEA mine plan incorporates the Golden Saddle, Arc, Ryan's Surprise, and VG deposits and draws on approximately 60% of the company's current mineral resource estimate. The August 19, 2025, resource estimate contained 1,732,300 ounces of Indicated gold in 35.2 million tonnes grading 1.53 g/t gold and 1,265,900 ounces of Inferred gold in 32.3 million tonnes grading 1.22 g/t gold. Approximately 99% of the resources are near surface and amenable to open-pit mining.

The Golden Saddle deposit contains a high-grade core of more than 1.1 million ounces, indicated grading 2.84 g/t gold at a 1.0 g/t cut-off. Approximately one-third of current resource ounces, including the QV deposit, are outside the PEA mine plan.

Metallurgical testing supported a conventional carbon-in-leach processing flowsheet. Testing showed an average leach recovery of 92% for Golden Saddle and VG. Predicted recoveries for Arc and Ryan's Surprise, which account for 30% of the material in the PEA production schedule, were 72%.

Project infrastructure contemplated in the PEA includes a staged engineered tailings storage facility, an on-site power plant and bulk fuel storage, water management and treatment facilities, an airstrip, and an accommodation camp. The project proposes to connect to the planned Northern Access Route from Dawson City to neighboring properties. A construction contract for the route was awarded by Coffee project owner Fuerte Metals in March 2026, with equipment mobilized and permitted early works underway.

"Our Maiden PEA is a significant milestone for White Gold, delivering a project with strong economics and significant growth potential," Chief Executive Officer David D'Onofrio stated in the company's news release.

President Donovan Pollitt said the PEA open-pit mine plan draws on less than two-thirds of the company's current resource ounces and uses 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," Pollitt stated.

The PEA was prepared in accordance with National Instrument 43-101. The company cautioned that the assessment is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied that would allow them to be categorized as Mineral Reserves. The company stated there is no certainty that the PEA will be realized and that mineral resources that are not mineral reserves do not have demonstrated economic viability.

Gold Holds Near Recent Highs as Markets Watch U.S. Inflation

Gold traded near a more than two-month high on August 10 as market participants awaited U.S. inflation data for indications about Federal Reserve monetary policy, according to Reuters. Spot gold declined 0.3% during Tuesday's session after earlier reaching its highest level since June 5, while U.S. gold futures rose about 0.5%.

"The market is looking ahead to this week's inflation data for some kind of confirmation that inflation is in check," Peter Grant, vice president and senior metals strategist at Zaner Metals, said. Grant added that a moderation in annualized CPI should continue to support gold.

Reuters reported that weaker U.S. employment data for July had prompted markets to reduce expectations for a Federal Reserve rate increase the following month. Gold gained 2.4% following the release of the employment figures.

Prices advanced again on August 12, with CNBC reporting that gold rose more than 1% as expectations for a Federal Reserve rate increase eased and investors awaited U.S. consumer price data. Bullion had posted its strongest weekly performance since January the previous Friday after weaker-than-expected employment data.

"Following weaker U.S. payrolls, the focus is on U.S. inflation," UBS analyst Giovanni Staunovo said. He added, "Gold has decoupled somehow from oil lately, supported by renewed ETF inflows, strong Chinese and central bank demand."

Separate August 12 market data placed gold at US$4,411.31 per ounce, a 0.94% daily increase. The metal was up 10.31% over the preceding month and 31.52% over the preceding year.

The report also cited investment demand and central bank purchases, particularly from China, as sources of support for gold. China's central bank added approximately 20 tons to its reserves in July after purchasing around 15 tons in June. The July addition was described as its largest monthly increase since October 2023.

Critical Metals Spinout Draws Expert Attention

In an August 12 update, Bob Moriarty of 321gold.com told Streetwise Reports, "White Gold has just approved the spin-out of their non-core critical metals projects into a new company. Shareholders woke up to the gift that was being handed to them and shot the share price up 50% in the last month."

Drilling Targets Multiple Areas for Resource Expansion

White Gold's July 2026 corporate overview identified drilling and additional sampling programs across the White Gold Project. The presentation described expansion work at Golden Saddle, Arc, Ryan's Surprise, and VG, all four of which remained open for expansion along strike and down dip.

At Golden Saddle, the presentation identified 10,000 to 15,000 meters of drilling aimed at extending an untested high-grade plunge grading more than 5 g/t gold, testing strike extent and continuity toward Golden Saddle West, and testing parallel zones of mineralization.

The presentation also identified 7,500 meters of drilling at Arc aimed at doubling mineralization. Arc was described as containing approximately 500,000 ounces based on 15,000 meters drilled in 73 holes, with mineralization extending approximately 1.5 kilometers and remaining untested below 150 meters vertically.

At Ryan's Surprise, 5,000 meters of drilling was identified with the aim of doubling mineralization. The presentation described approximately 300,000 ounces based on 8,300 meters of drilling in 35 holes.

At VG, the company identified another 5,000 meters of drilling aimed at expanding mineralization. The July 29 company update stated that VG mineralization was modeled to a maximum vertical depth of 200 meters, with limited drilling across the deposit.

The company was also systematically assaying historical Golden Saddle drill holes in areas it described as having strong gold potential. Of 60,150 total meters drilled at Golden Saddle, 7,350 meters remained unsampled, representing 12.2% of the meters drilled since 2008. The presentation stated that most of the unsampled core was in the hanging wall zone, where mineralization had recently been interpreted as more continuous than previously understood, with additional unsampled core in the footwall.

Beyond the four deposits, the presentation identified untested satellite targets along the Ryan's Trend and Chris Creek Trend. The Ryan's Trend was described as a 6.5-kilometer-long by 1-kilometer-wide north-northwest trend of anomalous gold and arsenic in soils that includes the Ryan's Surprise deposit and several other untested targets.

The Chris Creek target was described as a more than 2.2-kilometer-long gold-in-soil anomaly approximately 9 kilometers northwest of the VG deposit. The presentation stated that 2024 drilling encountered broad zones of gold mineralization at Chris Creek and that the target remained open for expansion. Chris Creek forms part of a broader 5.2-kilometer mineralized trend on the QV property, where multiple other targets had not been drill tested. The property also hosts the untested Stewart and Shadow targets.

The July presentation also identified additional underexplored targets at the Betty property that the company said would be systematically advanced. The property hosts the Betty Ford gold target and the Betty Mascot critical minerals target, along with additional underexplored targets.

Ownership & Share Information¹

White Gold Corp. has a market cap of CA$338.90 million, with 222.96 million shares outstanding. The company's 52-week range is CA$0.35-CA$2.38. Institutions own 5.54% of shares, while Strategic Investors own 18.78%. Management & Insiders own 17.45%, and the remaining 58.23% of shares are held by Retail.

Frequently Asked Questions

What did White Gold Corp.'s Preliminary Economic Assessment show for the White Gold Project?

White Gold Corp. reported an after-tax NPV at a 5% discount rate of 1.911 billion Canadian dollars, an after-tax IRR of 38%, and a 1.7-year after-tax payback period in its maiden Preliminary Economic Assessment for the White Gold Project in Yukon. The base case used a US$3,600 per ounce gold price.

How much gold could the White Gold Project produce under the PEA?

The White Gold Project PEA outlined average annual gold production of 188,000 ounces over a 9.4-year mine life. Production was estimated to average 223,000 ounces of gold annually during the first five years, with total payable gold of approximately 1.765 million ounces.

What is the White Gold Project worth at a US$4,500 gold price?

At a US$4,500 per ounce gold price, the PEA reported an after-tax NPV at a 5% discount rate of 2.996 billion Canadian dollars, an after-tax IRR of 52%, and an after-tax payback period of 1.3 years.

What are the estimated cash costs and all-in sustaining costs for the White Gold Project?

The PEA estimated life-of-mine cash costs of US$1,290 per ounce. The operating-cost section of the company's release reported life-of-mine all-in sustaining costs of US$1,485 per ounce.

How large is the White Gold Project gold resource in Yukon?

The August 19, 2025, mineral resource estimate contained 1,732,300 ounces of Indicated gold in 35.2 million tonnes grading 1.53 g/t gold and 1,265,900 ounces of Inferred gold in 32.3 million tonnes grading 1.22 g/t gold. Approximately 99% of the resources were near surface and amenable to open-pit mining.

Which gold deposits are included in the White Gold Project PEA?

The PEA mine plan incorporates four deposits: Golden Saddle, Arc, Ryan's Surprise, and VG. Approximately one-third of the current resource ounces, including the QV deposit, are outside the PEA mine plan.

How much will it cost to build the White Gold Project?

Initial capital was estimated at 1.050 billion Canadian dollars, including 139 million Canadian dollars of contingency. Sustaining and closure capital was estimated at 472 million Canadian dollars, bringing the estimated total life-of-mine capital to 1.522 billion Canadian dollars.

How much drilling is White Gold Corp. conducting in 2026?

White Gold's 2026 program is targeting 15,000 to 20,000 meters of diamond drilling using three rigs; as of July 29, approximately 7,000 meters had been completed.

Where is White Gold Corp. drilling for additional gold resources?

The company's July 2026 corporate overview identified drilling programs at Golden Saddle, Arc, Ryan's Surprise, and VG. It also identified untested satellite targets along the Ryan's Trend and Chris Creek Trend near the existing deposits.

What additional exploration targets does White Gold Corp. have in Yukon?

The White Gold Project property contains more than 25 identified targets, the majority of which have received limited or no drilling. The July 2026 corporate overview also described the Ryan's Trend, Chris Creek Trend, and additional targets, including Stewart and Shadow.

What are White Gold Corp.'s next steps after completing the PEA?

The company's stated near-term priorities included continuing its 15,000 to 20,000-meter 2026 drilling program, testing new zones identified through soil geochemistry and geophysics, conducting additional metallurgical testing at Arc and Ryan's Surprise, beginning geotechnical and geochemical characterization of tailings and waste rock, commencing environmental baseline data collection and YESAA-readiness work, and continuing engagement with First Nations and the Yukon Government.