White Gold Corp press release

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, Yukon, Canada

2026-08-10

TSXV - TSX Venture Exchange · Gold · Copper · Silver · Molybdenum · Tungsten · Antimony · Bismuth · Lead · Tellurium · Arsenic · Canada · Technical Studies

Maiden PEA outlines a 9.4 year, 12,000 tonne per day open pit operation producing an average of 188,000 ounces of gold per year (223,000 ounces per year over the first five years) at a US$3,600/oz gold price

After-Tax NPV increases to C$3 Billion and 52% IRR at US$4,500/oz gold price

Toronto, Ontario--(Newsfile Corp. - August 10, 2026) - White Gold Corp. (TSXV: WGO) (OTCQX: WHGOF) (FSE: 29W)("White Gold" or the "Company") is pleased to announce the results of an independent Preliminary Economic Assessment ("PEA") for its flagship White Gold Project (the "Project"), located in the traditional territory of the Tr'ondëk Hwëch'in in the Yukon Territory, Canada. The PEA outlines 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 remains largely untested beyond the deposits included in this study. Further to the positive PEA economics, the Company 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 with prior, ongoing and future drilling, the underground mining potential at Golden Saddle, and a prospective exploration pipeline in the immediate vicinity of the White Gold Project consisting of more than 25 identified targets discovered through the Company's systematic, data-driven exploration methodology.

PEA Highlights All amounts in Canadian dollars unless otherwise noted. Base case gold price of US$3,600/oz (flat) and an exchange rate of US$0.72 = $1.00.

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Positive Base Case Economics: After-tax net present value at five percent discount rate (NPV(5%)) of $1,911 millionand after-tax internal rate of return (IRR) of 38%with a payback period of 1.7 years, at US$3,600/oz gold. Pre-tax NPV(5%) of $3,081 million and pre-tax IRR of 54%.

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Strong Cash Generation: Life of mine after-tax free cash flow of $2,685 million, averaging approximately $280 million per year.

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Significant Leverage to Gold Price: At US$4,500/oz, after-tax NPV(5%) increases to $2,996 millionwith an IRR of52% (See Table 2).

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Meaningful Production Scale: Average annual gold production of 188,000 ounces over a nine year mine life, averaging 223,000 ounces per year over the first five years, from a conventional open pit operation and 12,000 tonne per day mill.

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Efficient cost structure: Life of mine cash costs of US$1,290/oz and all-in sustaining costs of US$1,480/oz.

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Established Road-Accessible Project: The White Gold Project is located in a region with a long history of placer mining, approximately 95 km south from Dawson City. The Project proposes to tie into the planned Northern Access Route (NAR) from Dawson City to neighbouring properties. The award of the construction contract (by others) for the NAR was announced earlier this year with mobilization underway. The Project will be accessed by an all-weather gravel road, which crosses the Stewart River by barge in summer and ice road in winter.

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Favourable Jurisdiction: The Project is located within the Traditional Territory of the Tr'ondëk Hwëch'in in Canada's Yukon Territory, a stable mining jurisdiction with a well-defined regulatory process, government support for responsible resource development, and consistently strong rankings in global mining investment surveys.

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First Phase of a District-Scale Opportunity: The PEA mine plan incorporates four deposits (Golden Saddle, Arc, Ryan's Surprise and VG) and only draws on approximately 60% of the Company's current mineral resource estimate completed in August 19th, 2025 of 1,732,300 ounces Indicated (35.2 Mt at 1.53 g/t gold) and 1,265,900 ounces Inferred (32.3 Mt at 1.22 g/t gold). Drill results from 2025 and current drilling are not included in the resource, and all four deposits are still open for expansion. The Project covers approximately 55,000 hectares with more than 25 additional targets identified across the property, the majority of which have seen limited or no drilling.

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Webinar Today:Company management will be hosting a live webinar TODAYAugust 10, 2026 at 12:00 PM ESTto provide an overview of results. Interested parties are encouraged to register and attend here: https://6ix.com/event/white-gold-corp-announces-pea-results

"Our Maiden PEA is a significant milestone for White Gold, delivering a project with strong economics and significant growth potential. Few gold projects anywhere offer this combination of scale, potential returns, favourable jurisdiction and upside. I would like to thank and congratulate our team and all stakeholders who have supported us over the years in advancing The White Gold Project from a conceptual exploration idea towards a development asset with a PEA that compares very well to its peers in the sector. 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, which has seen significant recent investment by prominent mine builders further advancing it towards becoming a leading Canadian mining camp. We are very fortunate to have the right projects, in the right place, at the right time, with a great team and supporters to continue to responsibly build value for all stakeholders," stated David D'Onofrio, Chief Executive Officer, White Gold Corp.

"This is a strong technical foundation, built on deliberately conservative assumptions. The PEA open pit mine plan draws on less than two thirds of our current resource ounces and applies 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. Underground mining was not included in this maiden PEA but remains a separate opportunity that will be examined as deeper drilling advances the higher-grade resource at Golden Saddle. The PEA results demonstrate a potentially economic project on a resource estimate dated August 19, 2025, which includes drilling information up to November 1st, 2025. Additional gold ounces would add to the already very positive potential economics of the project. The work ahead of us, including expansion drilling on known zones, greenfield target drilling, metallurgical optimization, updated resource estimation and the next stage of economic study, is precisely the kind of work that increases value per share over time," stated Donovan Pollitt, P.Eng., CFA, President, White Gold Corp.

The PEA was prepared in accordance with the disclosure standards of National Instrument 43-101 ("NI 43-101"). The reader is cautioned that 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. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

[](https://images.newsfilecorp.com/files/12394/308830_048788c3a4aeca2d_001full.jpg)

Figure 1: White Gold Project location and Quartz Claims Map

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/12394/308830_048788c3a4aeca2d_001full.jpg

PEA Summary The PEA was prepared by JDS Energy & Mining Inc. ("JDS") with contributions from Arseneau Consulting Services Inc. ("Arseneau") and Knight Piésold Ltd. ("KP"), in accordance with NI 43-101.

Table 1: PEA Summary of Key Parameters and Economics

| Parameter | Unit | Value | | GENERAL | | | | Gold Price (Base Case) | US$/oz | 3,600 (flat) | | Exchange Rate | US$:C$ | 0.72 | | Mine Life | Years | 9.4 | | Throughput | Tpd | 12,000 | | Total Resource Processed | Mtonnes | 41 | | Strip Ratio | waste:resource | 9 : 1 | | PRODUCTION | | | | Average Head Grade | g/t Au | 1.54 | | Average Gold Recovery | % | 87 | | Total Payable Gold | Koz | 1,765 | | Average Annual Production (LOM) | koz/yr | 188 | | Average Annual Production (Years 1 to 5) | koz/yr | 223 | | OPERATING COSTS | | | | Open Pit Mining | C$/t mined | 3.77 | | Processing | C$/t processed | 27.34 | | G&A and Site Services | C$/t processed | 10.98 | | Total Operating Cost | C$/t processed | 74.23 | | Total Cash Costs | US$/oz | 1,290 | | All-in Sustaining Costs (LOM) | US$/oz | 1,480 | | CAPITAL COSTS | | | | Initial Capital (incl. contingency) | C$M | 1,050 | | Sustaining Capital (incl. contingency) | C$M | 326 | | Closure and Reclamation (net of salvage, inc. contingency) | C$M | 146 | | ECONOMICS - BASE CASE (US$3,600/oz) | | | | Pre-Tax NPV(5%) | C$M | 3,081 | | Pre-Tax IRR | % | 54 | | Pre-Tax Payback | Years | 1.3 | | After-Tax NPV(5%) | C$M | 1,911 | | After-Tax IRR | % | 38 | | After-Tax Payback | Years | 1.7 | | LOM After-Tax Free Cash Flow | C$M | 2,685 | | After-Tax NPV(5%) : Initial Capital | Ratio | 1.8 : 1 |

Note: Totals may not sum due to rounding.

Gold Price Sensitivity Potential project economics across a range of gold prices are presented in Table 2. The base case of US$3,600/oz is consistent with long-term consensus pricing.

Table 2: Gold Price Sensitivity Analysis (1)

| Gold Price (US$/oz) | $3,000 | $3,300 | $3,600 (Base) | $3,900 | $4,200 | $4,500 | | Pre-Tax NPV(5%) (C$M) | 1,958 | 2,520 | 3,081 | 3,643 | 4,205 | 4,766 | | After-Tax NPV(5%) (C$M) | 1,186 | 1,548 | 1,911 | 2,274 | 2,635 | 2,996 | | After-Tax IRR (%) | 27 | 32 | 38 | 43 | 48 | 52 | | After-Tax Payback (years) | 2.2 | 1.9 | 1.7 | 1.5 | 1.4 | 1.3 |

(1) The disclosure of the results of the PEA presented in this news release contain certain prospective non‐GAAP financial measures or ratios such as cash operating cost, all in sustaining costs and sustaining costs. Such measures have no standardized meaning under International Financial Reporting Standards ("IFRS") and may not be comparable to similar measures used by other issuers. The Company believes that these measures and ratios provide investors with an improved ability to evaluate the prospects of the Company. As the White Gold Project is not in production the prospective non‐GAAP financial measures or ratios may not be reconciliated to the nearest comparable measures under IFRS and the equivalent historical non-GAAP financial measure for each prospective non‐GAAP measure or ratio discussed herein is nil$.

Mineral Resource Estimate The PEA is based on the Company's mineral resource estimate with an effective date of August 19, 2025, summarized in Table 3. The PEA mine plan incorporates the Golden Saddle, Arc, Ryan's Surprise and VG deposits. Approximately one third of current resource ounces, including the QV deposit, sit outside the PEA mine plan and represent potential future additions subject to further drilling and study.

Table 3: White Gold Project Mineral Resource Estimate (Effective August 19, 2025)

| Category | Tonnes (Mt) | Grade (g/t Au) | Contained Gold (oz) | | Indicated | 35.2 | 1.53 | 1,732,300 | | Inferred | 32.3 | 1.22 | 1,265,900 |

(2) Open pit resources reported at a 0.3 g/t Au cut-off and underground resources at a 2.3 g/t Au cut-off, at a gold price of US$2,250/oz. Approximately 99% of resources are near surface and amenable to open pit mining. The Golden Saddle deposit contains a high-grade core of over 1.1 million ounces Indicated at 2.84 g/t Au at a 1.0 g/t cut-off. Mineral resources are not mineral reserves and do not have demonstrated economic viability. All numbers are rounded; overall numbers may not be exact due to rounding. See the Company's technical report, August 19, 2025, for full parameters.

Mining The PEA contemplates conventional open pit mining using truck and shovel methods at a nominal processing rate of 12,000 tonnes per day, with a total of 41 million tonnesof resource mined at an average grade of 1.54 g/t goldand a life of mine strip ratio of approximately 9:1, with 38% of material being classified as Inferred. The mine plan prioritizes higher-grade material in the early years of the production schedule after a one-year pre-strip period. Waste rock will be managed under a segregation protocol that separates potentially acid generating (PAG) material from non-acid generating (NAG) material, with PAG material placed in engineered, dedicated surface storage. This management approach is designed and costed in the PEA capital estimate rather than deferred to later study stages.

Processing and Recovery In October 2025, White Gold initiated a metallurgical program to support the Preliminary Economic Assessment ("PEA"). Three representative mineralized domains were evaluated, designated VG, ARC, and Ryan's Surprise, by Base Met labs to develop the flowsheet, characterize processing performance and provide key design parameters for the proposed processing facility. The test program assessed comminution characteristics, cyanide leach performance, cyanide detoxification, thickening, and filtration testing.

Ball mill work index testing was completed on samples from all three mineralized zones. The results demonstrated that the ARC and Ryan's Surprise zones are of an average hardness while the VG sample can be classified as moderately hard.

Metallurgical optimization demonstrated that the implementation of a conventional carbon-in-leach ("CIL") processing flowsheet was the best option for the project. Testing confirmed that the Golden Saddle and VG deposits have similar metallurgy response with an average leach recovery of 92%. 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%. The CIL flowsheet was determined to be the most applicable for the project because testwork indicates that carbon associated with the ARC and Ryan's Surprise zones results in some preg-robbing. Preg-robbing is not an issue in the Golden Saddle and VG zones which comprise the bulk of the current mineral resource. The projected recovery for the four mineralized zones can be found in Table 4.

Table 4: Proposed CIL Recovery

| Zone | Proposed Recovery (%) | | Golden Saddle | 92 | | VG | 92 | | ARC | 72 | | Ryan's Surprise | 72 |

In addition to recovery optimization, supporting testwork was completed to advance process plant design. This included cyanide detoxification testing, tailings thickening, and filtration testwork to establish design criteria for the tailings management and water recovery circuits. The results provide the engineering parameters required for preliminary sizing of the detoxification, thickening, and filtration equipment incorporated into the PEA process plant design outlined in Figure 2.

[](https://images.newsfilecorp.com/files/12394/308830_048788c3a4aeca2d_002full.jpg)

Figure 2: Proposed Process Flowsheet

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/12394/308830_048788c3a4aeca2d_002full.jpg

Project Infrastructure Project Infrastructure includes, an engineered tailings storage facility constructed in stages across the mine life, an on-site power plant and bulk fuel storage, water management and treatment facilities, an airstrip, and an accommodation camp. The tailings facility design incorporates staged embankment construction and basin lining, with most of the tailings capital deployed as sustaining capital in step with the production schedule. The Project proposes to tie into the planned Northern Access Route (NAR) from Dawson City to neighbouring properties. The award of the construction contract (by others) for the NAR was announced earlier this year with mobilization underway.

The overall layout showing the proposed location of the White Gold open pits, process plant, tailings and waste storage facilities, and project infrastructure is provided below in Figure 3.

[](https://images.newsfilecorp.com/files/12394/308830_048788c3a4aeca2d_003full.jpg)

Figure 3: White Gold Proposed Site Layout

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/12394/308830_048788c3a4aeca2d_003full.jpg

Capital Costs Initial capital is estimated at $1,050 million, inclusive of $139 million of contingency. Contingency was estimated by working area, with the highest rates applied to the process plant and tailings storage facility. Sustaining and closure capital of $472 million over the life of mine is driven primarily by staged tailings construction and includes closure and reclamation costs of $146 million net of salvage value, including contingency.

Table 5: Capital Cost Summary

| Capital Cost | C$ Millions | | Mining | 147 | | On-Site Development | 57 | | Mineral Processing | 166 | | Tailings and Waste Management | 61 | | On-Site Infrastructure (incl. power plant) | 190 | | Off-Site Infrastructure | 11 | | Indirect Costs | 143 | | EPCM | 68 | | Owner's Costs | 70 | | Subtotal | 911 | | Contingency | 139 | | Total Initial Capital | 1,050 | | Sustaining and Closure Capital (incl. $89M contingency) | 472 | | Total LOM Capital | 1,522 |

Note: Totals may not sum due to rounding.

Operating Costs 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. Life of mine cash costs are US$1,290 per ounce and all-in sustaining costs are US$1,485 per ounce. Average annual operating costs are estimated to be $350 million annually.

Project Opportunities The PEA is based on the current resource dated August 19, 2025, which includes drilling information up to November 1st, 2025. A total of 2,500 metres of drilling have been completed since then in 2025 with 15,000 to 20,000 metres being drilled on the project in 2026. The Company has identified a number of opportunities with the potential to extend mine life, increase annual production, and improve project economics in subsequent studies:

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Resource conversion and growth at existing deposits. Approximately one third of current resource ounces sit outside the PEA mine plan. Mineralization at the deposits included in the PEA mine plan remains open along strike and at depth, and these areas are logical candidates for incorporation in future studies as drilling advances.

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Underground mining potential at Golden Saddle. Underground mining was not part of the PEA. Current drilling is targeted on this higher-grade portion of the deposit. The potential for underground mining will be examined as deeper drilling advances.

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Metallurgical optimization for Arc and Ryan's Surprise. The PEA applies a preliminary recovery of 72.5% to Arc and Ryan's Surprise material. Further test work targeting improved recoveries from these deposits is a direct lever on project economics.

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District exploration pipeline. The property hosts more than 25 identified targets developed through the Company's systematic, data-driven exploration methodology. The majority have seen limited or no drill testing.

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Mine life extension through satellite feed. The processing facility is designed with capacity to accept feed from satellite deposits within trucking distance, providing a pathway to extend operations beyond the current mine plan without proportional capital addition.

[](https://images.newsfilecorp.com/files/12394/308830_048788c3a4aeca2d_004full.jpg)

Figure 4: Known deposits and property target pipeline

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/12394/308830_048788c3a4aeca2d_004full.jpg

First Nations and Community The White Gold Project lies within the Traditional Territory of the Tr'ondëk Hwëch'in. The Company understands the importance of the land and water to First Nations and is committed to building on its longstanding relationship with the Tr'ondëk Hwëch'in. The Company also acknowledges and commits to building relationships with the First Nations of White River, Selkirk and Na-Cho Nyäk Dun whose Traditional Territories overlap or partially overlap with a portion of the Company's mineral tenures or the proposed access route to the Project. The Company will engage openly and consistently as the Project advances through assessment, permitting, and development. Ensuring the Project delivers lasting benefits to the communities in the region, and the entire Yukon, will be a fundamental consideration as the Project moves forward.