CA$1.86 Billion Gold Project PEA Uses Just 60% of Current Resource

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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.

Investor Takeaways

• White Gold filed a maiden PEA for its flagship White Gold Project in Yukon, outlining a 9.4-year open pit operation producing an average of 188,000 ounces of gold annually.

• The White Gold Project PEA outlined a CA$1.856 billion after-tax NPV, 41% IRR, and 1.5-year payback period using a base case gold price of US$3,600 per ounce.

• Gold production was projected to average 223,000 ounces annually during the first five years, with life-of-mine cash costs of US$1,290 per ounce and all-in sustaining costs of US$1,482 per ounce.

• Approximately 40% of White Gold's current resource ounces sit outside the PEA mine plan, while the Golden Saddle, Arc, Ryan's Surprise, and VG deposits remain open for expansion.

• White Gold's 2026 program includes 15,000 to 20,000 meters of drilling, with the program already underway, and the company has identified more than 25 additional exploration targets, with the majority having received limited or no drill testing.

White Gold Files PEA With CA$1.86 Billion After-Tax NPV for Yukon Gold Project

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

The PEA, prepared by JDS Energy & Mining Inc. under NI 43-101, covers the Golden Saddle, Arc, Ryan's Surprise, and VG deposits. At a base case gold price of US$3,600 per ounce, the study outlined an after-tax net present value at a 5% discount rate of CA$1.856 billion, an after-tax internal rate of return of 41%, and a 1.5-year after-tax payback period.

The study outlined a conventional open-pit operation processing 12,000 tonnes per day over a 9.4-year mine life. Average annual gold production was estimated at 188,000 ounces over the life of mine and 223,000 ounces annually during the first five years. Total payable gold was estimated at 1.765 million ounces, with an average head grade of 1.54 g/t gold and average gold recovery of 87%.

Life-of-mine cash costs were estimated at US$1,290 per ounce, with all-in sustaining costs of US$1,482 per ounce. Initial capital, including contingency, was estimated at CA$1.002 billion. Sustaining capital was estimated at CA$357 million, while closure and reclamation costs, net of salvage, were estimated at CA$112 million.

The PEA estimated life-of-mine after-tax free cash flow of approximately CA$2.673 billion. At the US$3,600 per ounce base case gold price, pre-tax NPV at a 5% discount rate was CA$2.991 billion, with a pre-tax IRR of 57% and a 1.2-year payback period.

The study also presented gold price sensitivity. At US$4,500 per ounce gold, after-tax NPV at a 5% discount rate increased to CA$2.911 billion, with an after-tax IRR of 57% and a 1.2-year payback period. At US$3,000 per ounce gold, after-tax NPV was CA$1.153 billion, with a 29% IRR and a two-year payback period.

The PEA was based on the company's mineral resource estimate effective August 19, 2025, consisting of 35.2 million tonnes grading 1.53 g/t gold for 1,732,300 ounces in the Indicated category and 32.3 million tonnes grading 1.22 g/t gold for 1,265,900 ounces in the Inferred category. The mine plan incorporated approximately 60% of the company's current mineral resource estimate, with approximately 40% of current resource ounces outside the PEA mine plan.

"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 said. "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."

The White Gold Project covers approximately 55,000 hectares and is located approximately 95 kilometers south of Dawson City within the Traditional Territory of the Tr'ondëk Hwëch'in. The project proposes to connect to the planned Northern Access Route from Dawson City. The construction contract for that route, by others, was awarded earlier in 2026, with mobilization underway.

White Gold cautioned that the PEA 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 said 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 Prices Face Rate Pressure as Traders Watch Support Levels

Gold traded at US$4,158.05 per ounce on September 29, gaining 1.05% on the day, according to Trading Economics. Despite the daily increase, gold was down 6.36% over the previous month, while remaining 7.77% higher year over year.

Trading Economics reported that gold had been trading near US$4,100 following a sharp decline in the previous session. Elevated oil prices had contributed to inflation concerns and expectations for tighter Federal Reserve policy, creating pressure on the non-yielding metal. The source described gold as "one of the most widely followed precious metals" and noted its history as a safe-haven asset during periods of economic uncertainty, inflation, and geopolitical risk.

Reuters reported on September 27 that gold had dropped 4% on Monday, reaching its lowest level in more than seven weeks. Spot gold fell as low as US$4,110.55 during the session, its lowest point since August 5. Rising Treasury yields and a stronger U.S. dollar also weighed on prices.

321Gold founder Bob Moriarty said, "White Gold has had an excellent last year ... But a long-awaited update, PEA reports planned production of 188,000 ounces per year for 9.4 years with an IRR of 57% at US$4,500 gold. This is an easy call for going a lot higher."

"We've got crude oil prices sharply higher. And that suggests still more problematic price inflation, which suggests a tighter Federal Reserve monetary policy," market analyst Jim Wyckoff said. He described higher Treasury yields and the U.S. dollar reaching multi-week highs as "creating a perfect storm to push the metals prices sharply lower."

Technical levels were also drawing attention following the decline. In a September 28 commentary published by Kitco Media, Tom Zarix characterized gold's recent price action as "corrective" and identified US$4,100.68 as the first support level he was monitoring.

If that level failed to hold, Zarix identified a deeper support area between US$3,946.74 and US$3,886.64. He cautioned against treating a move into either support area as confirmation of a reversal.

"The reaction after price reaches support is more important than the level itself," Zarix wrote.

On the upside, Zarix identified US$4,550.04 as an important resistance level for evaluating a potential recovery. "A sustained recovery above this area would provide stronger evidence that the market has moved beyond a temporary bounce and is beginning a broader recovery," he wrote.

Zarix also identified US$5,141.04 and US$5,367.75 as conditional longer-term resistance areas rather than price forecasts. He emphasized that gold would first need to establish a low and move through intermediate resistance before those higher levels became relevant.

Third Party Sees Further Upside Following PEA

In a September 29, 2026, comment to Streetwise Reports, 321Gold founder Bob Moriarty pointed to White Gold's share-price performance and the economics outlined in the company's updated preliminary economic assessment.

"White Gold has had an excellent last year, climbing from a low of CA$0.85 to a high of CA$2.50 for an almost 200% gain for the year. But a long-awaited update, PEA reports planned production of 188,000 ounces per year for 9.4 years with an IRR of 57% at US$4,500 gold. This is an easy call for going a lot higher," Moriarty told Streetwise Reports.

Drilling, Resource Growth, and More Than 25 Targets Form Next Stage

White Gold's September 2026 corporate overview outlined several ongoing and planned programs around the White Gold Project, including drilling at its four deposits, historical core assaying, metallurgical optimization, and exploration of satellite targets.

The company said 2,500 meters had been drilled since the resource cutoff, with 15,000 to 20,000 meters planned on the project in 2026. Approximately 40% of current resource ounces sit outside the PEA mine plan, while mineralization at the deposits remains open along strike and at depth. The company also identified underground potential at Golden Saddle, which was not included in the PEA, and said current drilling was targeting the higher-grade portion of the deposit.

At Golden Saddle, where the corporate overview listed a 1.9-million-ounce deposit, White Gold outlined 10,000 to 15,000 meters of drilling aimed at extending the untested high-grade plunge grading more than 5 g/t gold, testing strike extent and continuity toward GS West, and testing parallel zones of mineralization. Approximately 60,000 meters in 200 holes had previously been drilled at the deposit.

The company separately outlined a 7,500-meter program at the Arc deposit, where approximately 15,000 meters had previously been drilled in 73 holes. Arc contains 1.5 kilometers of continuous mineralization that the company said was untested below 150 meters vertically, with the planned drilling aimed at doubling mineralization.

At Ryan's Surprise, approximately 8,300 meters had been drilled in 35 holes, and White Gold outlined another 5,000 meters aimed at doubling mineralization. At VG, approximately 7,600 meters had been drilled in 65 holes. The company said VG contained 1.5 kilometers of continuous mineralization that remained untested below 150 meters vertically, with 5,000 meters of drilling aimed at doubling mineralization.

Historical core provides another ongoing work stream at Golden Saddle. Of 60,150 meters drilled since 2008, 7,350 meters, or 12.2%, remained unsampled. The company said most of that unsampled core was in the hanging wall zone, where mineralization had recently been interpreted to be present and more continuous than previously understood. Additional unsampled core was located in the footwall, and White Gold said it was systematically assaying historical holes with strong gold potential within the zone.

Metallurgical work represents another area identified for further study. The PEA applied a preliminary 72.5% recovery to material from Arc and Ryan's Surprise, and White Gold identified metallurgical optimization at those deposits as a project opportunity. The company also identified the potential for future satellite feed, noting that the processing facility was designed with the capacity to accept material from satellite deposits within trucking distance.

Beyond the four deposits in the PEA, White Gold identified more than 25 targets across the project, the majority of which had received limited or no drill testing. The company's corporate overview also highlighted two mineralized soil geochemistry trends near the existing deposits.

Ryan's Trend includes the Ryan's Surprise deposit and extends across a 6.5-kilometer-long by 1-kilometer-wide north-northwest trend of anomalous gold and arsenic in soils. Several other targets along the trend remained untested.

The Chris Creek Trend includes the Chris Creek anomaly, where 2024 drilling encountered broad zones of gold mineralization. The company said Chris Creek remained open for expansion and formed part of a larger mineralized system on the QV property measuring more than 5.2 kilometers in strike. Multiple other prospective targets within that system had not been drill tested, while the property also contained the untested Stewart and Shadow targets.

White Gold's broader property portfolio consists of 21 properties covering approximately 300,000 hectares, representing about 40% of the White Gold District. The September corporate overview identified more than five gold and critical mineral targets where hard-rock mineralization had been encountered, providing additional exploration programs outside the four deposits included in the White Gold Project PEA.

Ownership and Share Information¹

White Gold Corp. has a market cap of CA$435.25 million, with 226.22 million shares outstanding. The company's 52-week range is CA$0.60-CA$2.50.

Institutions own 6.04% of shares, while strategic investors own 18.78%, and management and insiders own 17.45%.