White Gold Corp press release

White Gold Corp. Launches Spin-Out of W2 Critical Minerals Corp.

2026-05-05

TSXV - TSX Venture Exchange · Gold · Copper · Silver · Molybdenum · Tungsten · Antimony · Bismuth · Lead · Tellurium · Arsenic · Canada · M&A / Asset Transactions

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TORONTO, ON / ACCESS Newswire/ May 5, 2026 / White Gold Corp. (TSX.V:WGO)(OTCQX:WHGOF)(FRA:29W) ("White Gold" or the "Company") is pleased to announce that further to its press release dated February 11, 2026, the Company has entered into an arrangement agreement (the "Arrangement Agreement") with W2 Critical Minerals Corp. ("Spinco"), a wholly owned subsidiary of the Company. The Spin-Out is designed to unlock the value of White Gold's non-gold project portfolio by transferring its portfolio of copper, molybdenum, tungsten and other critical mineral properties located in west-central Yukon (the "Critical Mineral Assets") into a dedicated, standalone vehicle, and spin-out the common shares of Spinco (the "Spinco Shares") to the Company's shareholders ("Shareholders") on the basis of one Spinco Share for every five White Gold Corp. shares held (as defined below), through a plan of arrangement under the _Business Corporations Act _(Ontario) (the "Spin-Out"). In connection with the Spin-Out, Spinco intends to complete a private placement financing for gross proceeds of up to $5 million (the "Spinco Financing") and White Gold Corp. intends to retain 19.9% of the Spinco Shares upon completion of the Spin-Out.

White Gold Corp. will continue to advance its flagship White Gold Project which hosts four near-surface gold deposits, that collectively contain an estimated 1,732,300 ounces of gold in indicated resources (35.2 million tonnes grading 1.53 grams per tonne gold) and 1,265,900 ounces of gold in inferred resources (32.2 million tonnes grading 1.22 g/t Au)(1), with significant expansion potential on the resource itself and in the immediately surrounding area. The Company's White Gold Project is also complimented by a substantial pipeline of gold targets across the Company's district scale property portfolio in the emerging White Gold District.

"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. Assets such as Bridget, Isaac, and Wolf exhibit the size, metal zonation, and geophysical signatures typically associated with large, fertile porphyry systems, yet remain largely untested by drilling. Spinning these assets into a dedicated vehicle allows them to be advanced more effectively with the technical focus and disciplined exploration strategy they warrant," commented Dylan Langille, Vice President of Exploration for White Gold.

White Gold's CEO, David D'Onofrio stated, "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. Recent initiatives focused on advancing critical mineral exploration, improving infrastructure, streamlining permitting, and strengthening collaboration across Western and Northern Canada reinforce Yukon's position as a globally desirable jurisdiction for discovery and development. By creating this dedicated critical minerals company, we believe we are enhancing shareholder value and also advancing opportunities that are increasingly central to Canada's long-term economic and supply chain strategies."

SpinCo Highlights:

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Spinco to apply to list the Spinco Shares on the TSXV shortly following completion of the Spin-Out.

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Spinco to include six properties representing approximately 15% of White Gold's current claims and includes numerous copper and strategic metals targets presenting discovery upside in an area with prospective geology for copper, molybdenum, tungsten, antimony and bismuth across multiple deposit styles.

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Key targets - Bridget, Isaac and Mascot - situated within the Dawson Range, a proven mineral belt hosting major copper-gold systems such as the Casino deposit, Minto Mine, and the Carmacks Project.

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Several of the Spin-Out targets include additional upside potential for antimony and bismuth as secondary metals across orogenic gold, intrusion-related, epithermal, and porphyry systems.

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Further details regarding the Spin-Out, including its management team and strategic direction, as well as information pertaining to the annual general and special meeting of shareholders to approve the Spin-Out, anticipated to be held prior to the end of Q2 2026, will be provided in due course.

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Additional near term Company updates to include further exploration results, a maiden Preliminary Economic Assessment and the announcement of the company's exploration program scheduled to kick off in the coming weeks, the largest in the company's history, which is designed with the objective of meaningfully increasing the size of the company's known large gold resource and following up on and making new gold and critical mineral discoveries across the Company's district-scale land package.

Following completion of the Spin-Out, the Critical Mineral Assets to be held by Spinco will include the six properties: the Bridget Property; the Loonie Property; the Wolf Property; the Hunker Property; the Hayes Property; and the Toonie Property. These properties include several large-scale critical minerals targets prospective for Copper (Cu), Molybdenum (Mo), Tungsten (W), Antimony (Sb), Zinc (Zn) and Bismuth (Bi), underlain by prospective geology which was identified through White Gold's data driven exploration methodologies which have proven to be successful in the region. Key targets - including the Bridget, Isaac, and Mascot - are situated within the Dawson Range, a prolific east-southeast trending mineral belt that hosts several significant copper-gold porphyry deposits including the Casino deposit (one of the largest undeveloped copper-gold projects in Canada), the Minto Mine, and the Carmacks Project (see the Company's news release date February 11, 2026).

The Spin-Out

Pursuant to the terms of the Arrangement Agreement, the Company will, among other things, transfer its interests in the Critical Minerals Assets to Spinco in exchange for Spinco Shares and then distribute Spinco Shares to the holders of common shares of the Company ("WGO Shares") on the basis of one Spinco Share for every five WGO Shares held by each Shareholder immediately prior to the effective date of the Spin-Out. There will be no change in the Shareholders' holdings in the Company as a result of the Spin-Out. Following completion of the Spin-Out, the Company is expected to hold a 19.9% ownership interest in Spinco.

The Spin-Out will be subject to regulatory approval, including the approval of the TSX Venture Exchange (the "TSXV") and court approval, as well as approval by not less than two-thirds of the votes cast at the annual general and special meeting of the Shareholders that is expected to be held before the end of Q2 2026 (the "Meeting").

Spinco intends to apply to list the Spinco Shares on the TSXV shortly following completion of the Spin-Out. Readers are cautioned that, while Spinco intends to pursue a listing on the TSXV, an application for listing has not been submitted and completion of a listing is subject to regulatory approvals and the satisfaction of all of the applicable listing requirements of the TSXV. There can be no assurance that a listing will be completed, and Spinco may elect not to proceed with a listing at any time in its sole discretion.

Additional details relating to the Spin-Out and Spinco will be included in the management information circular in respect of the Meeting to be filed and delivered to Shareholders in connection with the Meeting. Copies of the management information circular and related meeting materials will also be filed with the applicable Canadian securities regulators and available on the Company's profile on SEDAR+ (www.sedarplus.ca).

The Spinco Financing

In connection with the Spin-Out, Spinco intends to complete the Spinco Financing, being a private placement of up to 20 million subscription receipts of Spinco (the "Subscription Receipts") at a price of $0.25 per Subscription Receipt for gross proceeds of up to $5 million. On closing of the Spin-Out, the Subscription Receipts will automatically convert into Spinco Shares. Pending the closing of the Spin-Out, the proceeds from the sale of the Subscription Receipts will be held in escrow by a trust company and released to Spinco on closing of the Spin-Out. Completion of the Spinco Financing is a condition of the completion of the Spin-Out and Spinco intends to use the net proceeds of the Spinco Financing for exploration and advancement of the Critical Mineral Assets, as well as general corporate and working capital purposes.

The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the "United States" (as such term is defined in Regulation S under the U.S. Securities Act), and may not be offered or sold in the United States unless registered under the U.S. Securities Act and the securities laws of any applicable state of the United States or an exemption from such registration requirements is available. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Critical Minerals Portfolio Overview

Regional Setting -- The Dawson Range and Critical Mineral Belt

The Dawson Range (Figures 1& 2) is an east-southeast-trending mountain belt that hosts numerous significant mineral deposits and prospects along the Minto-Carmacks copper belt, including the Casino copper-gold porphyry deposit in the west owned by Western Copper and Gold. In the southeast near the community of Carmacks, the Minto mine owned by Selkirk Copper Mines Inc..(2)(6)contains indicated resources of 12,588,000 Mt grading 1.203 per cent Cu, 0.461 g/t Au, 1,728 ounces Ag for 333.8 Mlb copper, 186,600 oz gold, and 1,728,000 ounces silver and inferred resources of 23,658,000 t grading 1.048 per cent Cu, 0.387 g/t Au, 3.9 g/t Ag for 546.8 Mlb copper, 294,700 ounces gold and 2,968.1 ounces silver. It also hosts the Carmacks Copper project, which contains measured and indicated resources of 36.25 Mt grading 0.81 per cent Cu, 3.25 g/t Ag, 0.26 g/t Au for 651 Mlb of copper, 3.79 M ounces silver and 302,000 ounces of gold, owned by Cascadia Minerals Ltd(2) (7). Both deposits are interpreted as metamorphosed copper-gold-silver porphyry systems. Porphyry deposits in the Dawson Range occur in two principal age groups: Late Triassic (for example, Minto, Carmacks) and Late Cretaceous (for example, Casino, Cash, Revenue). In addition to porphyry-style mineralization, the Dawson Range also hosts epithermal, skarn and polymetallic to gold-dominant veins, breccias and fracture zones(8). Owing to this diverse and prospective mineral endowment, the region has attracted increasing attention and investment in recent years from both junior and major mining companies.

The Critical Mineral Assets to be transferred to SpinCo in connection with the Spin-Out include six properties that collectively represent a pipeline of advanced to early stage critical mineral exploration opportunities across multiple metallogenic belts in Yukon. Highlights include:

Bridget Property - Bridget Target (Mo-Cu-W-Bi-Ag)

A large untested porphyry system in the White Gold District

The Bridget target is a district-scale molybdenum-copper porphyry anomaly spanning 3 km by 3.5 km that has never been diamond drill tested. The soil geochemical footprint of the anomaly is characterized by Mo-in-soil values as high as 321.9 ppm Mo, including 278.9 ppm Mo, 265.4 ppm Mo, 263.5 ppm Mo, 257.2 ppm Mo, and 253.3 ppm Mo with over 400 additional samples returning values greater than 20 ppm Mo. Across the target, anomalous Cu-in-soil values exceeding 100 ppm Cu are common with the most significant enrichment occurring at the core with values as high as 710.1 ppm Cu, including 662.6 ppm Cu, 594.7 ppm Cu, 492.9 ppm Cu, 406 ppm Cu observed over a roughly 900 m x 900 m area. Other notably enriched critical minerals include tungsten (W), with the highest concentrations observed in the northern half of the target area, where soil sampling has yielded values up to 101 ppm W; a critical mineral of growing strategic importance. Secondary metals including bismuth, silver, lead, and zinc are concentrated along two major crustal-scale dextral transpressional faults that transect the margins of the system representing a peripheral epithermal expression of the porphyry system.

Follow-up prospecting has confirmed bedrock mineralization, with molybdenite directly identified in quartz veins across the target. Rock samples define a coherent porphyry-style metal zonation: a Cu-Mo-Bi core characterized by Mo-dominant quartz veins returning up to 3,650 ppm Mo, including 3,060 ppm Mo, 2430 ppm Mo in mineralized gneisses and schists, pyrite-bearing white quartz veins returning 532 ppm Mo and 234 ppm Cu, and trench samples up to 1,854 ppm Cu. Bismuth reaches 2,000 ppm in altered gneiss with 1,571 ppm Mo, and 836 ppm Bi in a quartz vein cutting hornblende gneiss. The peripheral zones carry the distal metal signature typical of large porphyry systems: a quartz-galena vein in orthogneiss returned 30.4 ppm Ag and 3,861 ppm Pb, while sampling along the margins of a rhyolite dyke returned 560 ppm W alongside elevated silver and lead.

Two rounds of induced polarization geophysics surveys, completed in 2023 and 2025, have moved Bridget from a geochemical anomaly into a drill-ready target. The 2023 survey identified five chargeability anomalies beneath the Cu-Mo-Bi core, with the most compelling centered at depths of at least 250 m, more than 180 m deeper than the maximum depth reached by the Company's 2018 shallow RAB program. Those holes, limited to 70 m vertical depth with several failing to reach target depth, still intersected molybdenum mineralization: hole PEDBRGRAB18-009 returned 622.3 ppm Mo over 1.5 m from 12.2 m and 631.9 ppm Mo over 1.5 m from 30.5 m. A 2025 ten-line gradient IP survey supplemented by a single Dipole-Dipole survey across the center of the anomaly has confirmed the results of the 2023 survey while adding additional targeting opportunities in the northwestern and southeastern margins of the anomaly.

The Bridget target sits within the Dawson Range mineral belt, transected by the Sixtymile River Fault and Big Creek Fault, the same fault corridors associated with major porphyry and epithermal systems in the region. An initial technical report on this property will be filed in connection with the Spin-Out.

Loonie property -- Guilder target

A 3.5 km anomaly interpreted as the extension of a copper-gold prospect now supported with IP geophysics

The Guilder target occupies the north-central portion of the Loonie property, approximately 50 km south of Dawson City, and is interpreted as the northwestern strike extension of a copper-gold prospect. The connection is supported by a continuous 3.5 km long, arcuate Cu-Mo-Au-Zn-Pb soil anomaly that trends northwest-southeast across both properties and displays a classic metal zonation: gold-dominant at the northwestern end, transitioning to copper-dominant, with lead and zinc forming a peripheral halo around the copper core.

Prospecting has uncovered malachite and chalcocite mineralization hosted by quartz-feldspar-biotite schist near an augen gneiss contact. Rock samples from this showing returned 1,115 ppm Cu and 6.1 g/t Ag, confirming that meaningful copper and silver grades exist at surface.

In 2025, White Gold completed a 13-line gradient IP survey with a single dipole-dipole line across the Guilder target. Preliminary results have confirmed the presence of a central chargeability anomaly and a second anomalous zone to the south, suggesting subsurface conductors are present beneath the surface copper geochemistry. Interpretation is ongoing and will be used to define priority drill targets. The Guilder target is an early-stage, drill-ready target.

Wolf property -- Aries and Taurus targets

The Aries target on the Wolf property is an interpreted porphyry system that is characterized by a central zone of copper and molybdenum anomalies, surrounded by a large peripheral zone enriched in bismuth, arsenic, lead and zinc. This forms a footprint measuring approximately four km in length (northeast-southwest) and three km in width (northwest-southeast). To the northeast, the Aries target transitions from a gold-dominant system into a potential porphyry system. This area's molybdenum-in-soil values reach as high as 51.4 ppm, with the bulk of the anomaly showing values above 5 ppm. Copper-in-soil values peak at 923.9 ppm, with notable results such as 637.8 ppm, 630.8 ppm and 600.6 ppm Cu, located near areas enriched in arsenic and bismuth. Previous drilling on the property has been gold-focused and the property remains largely untested and prospective for several critical minerals including Mo and Cu.

The Wolf property is located east of the White River, approximately 120 km south-southwest of Dawson City and 35 km west of the White Gold project. Two main target areas have been identified on the property, the Aries and Taurus targets. The area is predominantly underlain by hornblende-biotite diorite intruded by medium-grained and megacrystic K-feldspar granites. These intrusions are associated with widespread biotite and potassic alteration, which are key indicators of potential porphyry mineralization.

To the north and northeast, the property is underlain by Late Cretaceous Carmacks volcanic units, including andesite and basalt flows, and siliciclastic basal conglomerates. Cu-Mo enrichment appears to be localized along the contact between these volcanic units and the adjacent granites while gold mineralization is concentrated in the southwestern part of the property (Taurus target) in shreddy biotite and k-spar altered hornblende-biotite diorites. The Taurus target features a gold-in-soil anomaly that spans approximately two km long by 0.5 km wide, with gold values reaching 358 ppb Au. The anomaly has an arcuate shape, trending east-west in the southwest and curving northeast-southwest to the east. GT Probe bedrock sampling returned gold values up to 1.22 g/t Au, with several samples exceeding 0.5 g/t Au. In 2023 RAB drilling of the target returned gold values of up to 0.81 g/t Au over 15.24 m from 19.81m (hole WLFTRS23RAB002) including 6.55 g/t Au over 1.52 m, along with 0.32 g/t Au over 30.47 m) from 13.72 m in hole WLFTRS23RAB002.

Hunker Property - Boxcar, Bum & Mint Pup Targets (Cu-Ag-Au-Pb-Zn)

Three distinct copper occurrences in the heart of the Klondike.

Situated in the historically productive Klondike Gold Fields roughly 25 km southeast of Dawson City, the northern portion of the Hunker property hosts three separate copper occurrences - the Boxcar, Bum, and Mint Pup targets - that together define a district-scale copper-silver system that has seen abundant surface sampling but almost no systematic follow-up exploration.

The Boxcar target is interpreted as a Besshi-type volcanogenic massive sulphide (VMS) system hosted within a northwest-trending fault zone. Trenching has encountered significant multi-metal mineralization, including up to: 33.19 g/t Ag, 2.32% Cu, 1.78% Pb, and 0.30% Zn over 0.5 m, and 221.99 g/t Ag, 3.76% Cu, 14.4% Pb, and 0.24% Zn over 1.0 m. A 2021 prospecting sample from the fault zone returned copper exceeding 10,000 ppm alongside 8,937 ppb Pb, 5,279 ppm Zn, and anomalous cobalt and silver, associated with malachite, azurite, copper wad, goethite, hematite, and suspected cassiterite - a mineralogical assemblage pointing to a well-preserved, near-surface system that warrants structural and geophysical follow-up.