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

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⁾

(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)

(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 tonnes of resource mined at an average grade of 1.54 g/t gold and 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

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.

Figure 2: Proposed Process Flowsheet

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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.

Figure 3: White Gold Proposed Site Layout

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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

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 1^st, 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:

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.

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.

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.

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.

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.

Figure 4: Known deposits and property target pipeline

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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.

Permitting and Environmental
A foundation of historical site environmental work exists, supported by substantial regional baseline information. As the Project advances beyond the PEA stage, the Company expects to complete additional environmental baseline studies to support project design, First Nation engagement and consultation processes, and future permitting requirements.

Mine development would be subject to environmental and socio-economic assessment under the Yukon Environmental and Socio-economic Assessment Act ("YESAA"), administered by the Yukon Environmental and Socio-economic Assessment Board ("YESAB"), followed by the issuance of key authorizations by the Yukon Government, including Quartz Mining and Water Use Licenses. The scope of studies typically required to support First Nation consultation and Yukon regulatory review is well established in Yukon with recent permitting precedents. At this time, the Company is not aware of any site-specific environmental issues that would be expected to materially adversely affect its ability to develop the Project as contemplated in the PEA.

Next Steps
With the PEA complete, the Company's near-term priorities include:

15,000-20,000 metres of drilling currently underway in 2026 focused on expanding known zones, with 3 drill rigs currently active on the property with a goal of continuing to increase total resources;

Test promising new zones identified by soil geochemistry and geophysics.

Additional metallurgical test work focused on Arc and Ryan's Surprise to further optimize recoveries and supporting the next study stage;

Initiate programs to geotechnically and geochemically characterize the tailings and waste rock;

Commence environmental baseline data collection and advancement of YESAA-readiness work; and

Ongoing engagement with the Tr'ondëk Hwëch'in and White River as well as neighbouring First Nations and the Yukon Government.

Qualified Persons
The scientific and technical information included in this news release were reviewed and approved by the Qualified Persons listed in Table 6.

Table 6: Qualified Persons

About White Gold Corp.
The Company owns a portfolio of 15,364 quartz claims across 21 properties covering 305,102 hectares (3,051 km²) representing approximately 40% of the Yukon's emerging White Gold District. The Company's flagship White Gold Project hosts four near-surface gold deposits which collectively contain a resource estimate of 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) (see the Company's news release dated October 6, 2025)⁽¹⁾⁽²⁾. Regional exploration work has also produced several other new discoveries and prospective targets on the Company's claim packages which border sizable gold discoveries including the Coffee Project owned by Talamore Mining (formerly Fuerte Metals) and Western Copper and Gold Corporation's Casino Project. The Company is strategically supported by major shareholders Agnico Eagle Mines Limited. For more information visit .

(3) White Gold Corp. "White Gold Corp. Files Technical Report Demonstrating Significant 44% Increase in Indicated Resources to 1,732,300 oz Gold (35.2 million tonnes grading 1.53 g/t) and 13.4% Increase in Inferred Resources to 1,265,900 oz Gold (32.2 million tonnes grading 1.22 g/t) at its Flagship White Gold Project, Yukon, Canada" Press Release 6 Oct, 2025. Text> All numbers are rounded. Overall numbers may not be exact due to rounding.

Technical Report

Additional supporting details regarding the information in this news release will be included in a Technical Report prepared in accordance with NI 43-101 and filed on SEDAR+ under the Company's issuer profile at within 45 days of the date of this news release. It will include further details on qualifications, assumptions, exclusions and risks that relate to the details of this news release, including the PEA and Mineral Resource estimate. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

Cautionary Statement Regarding the PEA

The reader is advised that the PEA summarized in this news release is only a conceptual study of the potential viability of the White Gold Project, and the economic and technical viability of the White Gold Project and its estimated Mineral Resources has not been demonstrated. The PEA is preliminary in nature and provides only an initial, high-level review of the White Gold Project's potential and design options; there is no certainty that the PEA will be realized. The PEA conceptual mine plan and economic model include numerous assumptions and Mineral Resource estimates including Inferred Mineral Resource estimates. Inferred Mineral Resource estimates are considered to be too speculative geologically to have any economic considerations applied to such estimates. There is no guarantee that Inferred Mineral Resource estimates will be converted to Indicated or Measured Mineral Resources, or that Indicated or Measured Mineral Resources can be converted to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and as such there is no guarantee the White Gold Project economics described herein will be achieved. Mineral Resource estimates may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties and other factors, as more particularly described herein and to be described in the Technical Report.

In accordance with applicable Canadian securities laws, all Mineral Resource estimates disclosed or referenced in this news release have been prepared in accordance with the disclosure standards of and have been classified in accordance with CIM's "Definition Standards for Mineral Resources and Reserves". Under Canadian securities rules, estimates of Inferred Mineral Resources may not form the basis of an economic analysis, except for a preliminary economic assessment as defined under NI 43-101. Investors are cautioned not to assume that part or all of an Inferred Mineral Resource exists or is economically or legally mineable.

Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, including statements with respect to the future or estimated financial and operational performance of the White Gold Project under the PEA; the estimation of Mineral Resources and the realization of such mineral estimates; expectations with respect to updating the Inferred Mineral Resources to Indicated Mineral Resources with further drilling; the statements related to the PEA and other results of the PEA discussed in this news release, including, without limitation, project economics, financial and operational parameter such as expected production, cash costs, all-in sustaining costs, other costs, capital expenditures, cash flow, NPV, IRR, payback period and life of mine; planned drilling and exploration program and the timing and success of such activities, planned metallurgical test work; upside potential, opportunities for growth and expected next steps; potential gold and other metal recoveries; and the price of gold, and other commodities.

Forward-looking statements are inherently uncertain, and the actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including expectations and assumptions concerning general economic and industry conditions, applicable laws and regulations, commodity prices, the use of proceeds, and the future business and operational needs of the Company. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. In addition to factors already discussed in this news release, such factors include, among others, risks relating to the Company's business, including possible variations in grade and recovery rates; uncertainties inherent to the conclusions of economic evaluations and economic studies; changes in project parameters, including schedule and budget, as plans continue to be refined; uncertainties with respect to actual results of current exploration activities; uncertainties inherent to the estimation of Mineral Resources, which may not be fully realized; uncertainties inherent with conducting business in foreign jurisdictions and uncertainties with the rule of law may impact the Company's activities; the impact of the conflicts in the Ukraine and the Middle-East and health emergencies, including resulting changes to the Company's supply chain and costs of supplies; product shortages; delivery and shipping issues; closures and/or failure of plant, equipment or processes to operate as anticipated; employees and contractors become infected with pathogens or being affected by the war; lost work hours; labour force shortages; fluctuations in metal and acid prices, toll rates and foreign exchange rates; limitation on insurance coverage; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; opposition by social and non-government organizations to mining projects; unanticipated title disputes; claims or litigation; cyber attacks and other cybersecurity risks; as well as those risk factors discussed or referred to in any other documents filed from time to time with the securities regulatory authorities in the provinces and territories of Canada and available on SEDAR+ at . The reader has been cautioned that the foregoing list is not exhaustive of all factors which may have been used. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended.

Readers are further cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by the respective management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

For Further Information, Please Contact:

David D'Onofrio
Chief Executive Officer
White Gold Corp.
(647) 930-1880
href="/cdn-cgi/l/email-protection#305942704758594455575f5c54535f42401e5351">[email protected]

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