White Gold’s Yukon Momentum Builds with Data, Capital and Scale

• An upcoming maiden PEA will move White Gold from exploration to economic definition, building on a high-grade, near-surface ~3 Moz resource in a proven Yukon district.
• A C$23 million raise backs the company’s largest drill program to date in 2026, setting up steady news flow from resource expansion and new discoveries.
• Ownership of a vast Yukon land package, validation from majors and emerging critical minerals targets give investors leverage to both gold upside and longer-term strategic value creation.

“It was great to see so much interest from the large group of industry professionals in White Gold’s large and growing high-grade gold resources and new gold and critical mineral discovery opportunities across its district-scale property portfolio. We are really looking forward to a catalyst rich 2026 which we believe has the potential to be a transformative year for us”​
— David, D'Onofrio, CEO

As gold prices push to new highs, capital is flowing back into high-quality gold stories, with investors zeroing in on projects that combine grade, scale, and a clear path to economic studies and production.

White Gold Corp. (TSXV: WGO, OTCQX: WHGOF) is increasingly being viewed through that lens as it advances toward a maiden Preliminary Economic Assessment (PEA), moving the story beyond exploration and toward commercial production.

“We’re on track to deliver our maiden PEA in the first half of the year,” said White Gold CEO David D’Onofrio. “That will shift the conversation and highlight how attractive this mine can be relative to its peers.”

“This is a very high-quality project that’s still under the radar for most investors,” he added. “Our recent results are really validating the opportunity.”

In November, White Gold reported one of the strongest drill intercepts ever recorded at its Golden Saddle deposit, intersecting 6.9 grams per tonne gold over roughly 50 metres. In a district where open-pit gold grades are closer to 1 gram per tonne are more typical, the results stood out immediately.

More importantly, the intercept confirmed that mineralization extends well beyond a single core zone, while highlighting how under-drilled the system remains despite its size, and the potential to define additional high-quality material as exploration progresses.

Those results build on the company’s most recent resource update, which increased the White Gold Project to approximately three million ounces of gold across four closely spaced deposits, and remains open for expansion in all directions. The updated estimate includes roughly 1.73 million ounces in the indicated category and 1.27 million ounces inferred, with the majority of the resource sitting near surface and considered open-pittable.

At the centre of the resource is Golden Saddle, which hosts a high-grade core of about 1.1 million indicated ounces at 2.84 grams per tonne gold, with nearly 700,000 ounces grading close to five grams at higher cut-offs.

With that foundation in place, White Gold is now preparing to launch its largest exploration program to date.

Backed by a strengthened balance sheet following a C$23 million financing, led by Clarus, Canaccord, SCP, ATB, with investment from Agnico Eagle and company insiders, the company plans to drill approximately 25,000 metres in 2026.

The drilling will focus on two priorities. At the core deposits, work will target expanding known mineralization, including extensions of the newly confirmed high-grade zones. At the same time, White Gold plans to step out and drill satellite targets such as Ryan’s Surprise and Chris Creek ,areas that share similar geological signatures but remain comparatively underexplored. The company will also follow up on other recent discoveries such as that on its Betty Ford Target, where it has made another high grade near surface discovery, as well as other grass root targets across its expansive land package. 

“Our fully funded 2026 program will be about ten times larger than what we did in 2025,” D’Onofrio said. “It gives us a real opportunity to meaningfully increase the size of the resource and make more discoveries.”

Importantly for investors, the expanded drill campaign is expected to generate steady news flow through the year. This will be on the backs of significant news flow and catalysts leading up to the drilling, highlighted by the upcoming Preliminary Economic Analysis (PEA).

Beyond gold, the project is also beginning to surface a second layer of optionality across its district-scale land package which is more than 300,000 hectares across 21 properties.

Recent work has highlighted multiple targets prospective for critical minerals, including copper, molybdenum, tungsten, antimony, and bismuth, several of which sit within known mineral belts and in close proximity to major undeveloped critical mineral projects in the Yukon. Early geophysical and geochemical results have outlined broad anomalies consistent with porphyry-style systems, with several targets now considered drill-ready.

“These critical minerals projects sit in a known copper belt,” D’Onofrio said. “The work to date has been very encouraging.”

White Gold is now evaluating options to unlock their value separately, including the potential creation of a standalone critical minerals vehicle, said D’Onofrio.

“We see this as a way to surface value that is currently unrecognized by the market,” D’Onofrio said. “It allows us to keep White Gold focused on advancing the gold project toward development, while giving shareholders exposure to a separate portfolio of critical minerals assets.”

That broader setup has begun to attract renewed attention from the buy side.

In January, Clarus Securities initiated coverage on White Gold with a Speculative Buy rating and a C$4.50 price target, pointing to the company’s grade profile, scale, and near-term catalysts. The analysis highlighted the upcoming PEA as a key inflection point, noting that it could reframe how the project is valued relative to peers.

Clarus also flagged the project’s under-drilled nature and location within a consolidating district as sources of longer-term upside, particularly as larger producers look to replenish development pipelines in tier-one jurisdictions. The report also outlined growth potential to $9.00 and the following concluding view: “Conceptually using our upside scenario NAV discussed above and applying a more peer-aligned multiple of 0.70x & spot pricing, results in a valuation of ~C$12.25/share”

Top Pick Surges in Four Months

TSXV: WGO | QTCQX: WHGOF

1. As of market close on Monday, February 2, 2026.

Fresh off it’s the second Top Pick recognition at the AlphaNorth Capital Event in the Bahamas, White Gold CEO, David D’Onofrio, spoke with us about what comes next as the company moves toward economic definition and commercial production.

There has been a lot of validation moving into the district recently. How important is that context for White Gold right now?

 “It’s very important, and it’s changed the conversation. One of the biggest developments in the district recently is that Newmont partnered with Pierre Lassonde to advance the Coffee Gold Project next door. Newmont rolled Coffee into a public vehicle called Fuerte Metals and retained an equity position. Agnico Eagle Mines also invested in the new venture. So now you have some of the world’s best mine builders and one of the most respected mining investors actively backing this camp where White Gold is the largest land holder by orders of magnitude, assembled by White Gold’s Co-founder Shawn Ryan, who also discovered the Coffee Project. Each property in the portfolio was only staked after demonstrating prospectivity and after using the same analysis that led to all the major gold discoveries in the district.”

“That brings a level of credibility that matters, especially for institutional investors. Pierre Lassonde and his network of world-class capital allocators moving into the district has introduced many of those investors to the broader White Gold story. When that kind of capital shows up next door, people start paying closer attention to what else is in the camp.”

It’s also worth noting that Agnico Eagle Mines owns roughly 20% of White Gold and about 10% of this new neighbour. You’re seeing more capital from major mining companies coming into this part of the Yukon, and that’s meaningful validation of the opportunity here.”

How should investors think about White Gold’s positioning relative to its neighbours and the broader gold market?

“One of the most important things for investors to understand is how under-drilled our project still is relative to its size. We’re sitting at roughly three million ounces with about 90,000 metres of drilling. For context, neighbouring projects such as the Coffee Gold Project host around 3.8 million ounces but were defined with several hundred thousand metres of drilling.

Our neighbour Fuerte has a market cap over a billion dollars …We’re roughly a third of that valuation, with about a tenth of the work done and control of a land position that’s much larger.”

That gap doesn’t mean we should trade at the exact same level today, but it does frame the upside if we execute. Also, on a per-ounce basis, White Gold still trades at a meaningful discount to peers like Fuerte, Western Copper, and Snowline, all of which command much higher valuations in the Yukon. If investors like those stories, they should be paying attention to this one as it remains significantly undervalued with additional upside potential.

The recent strength in the gold price has clearly pulled more generalist investors back into the sector, which helps everyone. What’s important is that our flagship deposits are high grade, so they could work even at much lower gold prices. The PEA will put numbers around that, but higher gold prices are really just upside on top of already potentially strong fundamentals.”

What resonated most with investors in the Bahamas, and how does that shape the next phase?

 “What really resonated was the idea that we effectively own an entire camp in an area with a prolific history at a point in time when we are starting to see investment from major mining companies to develop what could become one of Canada’s most significant emerging new mining camps. It's very rare to own such a large property package like White Gold does in such a great area with so much inherent value already from our large high-grade deposit and future prospectivity. It’s like owning Val-d’Or fifty years ago. Investors could see the growth potential not just at Golden Saddle, but across the district, and how that could support a much larger, more flexible development scenario over time.

There was also a lot of interest in the critical minerals spin-out concept. Governments around the world are prioritizing critical minerals, and the idea of unlocking that value separately while keeping White Gold focused on gold development made sense to a lot of people.”

We’re starting to see more institutional interest. Our first research report came out recently with a $4.50 price target and higher upside scenarios depending on gold prices and production. That kind of coverage gives us a much better tool to engage institutional investors, something we haven’t really done before and will be doing much more of in the coming months. As we move toward the PEA, those conversations will only accelerate.”

Our View

• When benchmarked against neighbouring Yukon projects, White Gold’s combination of high grades, scale and prospectivity stands out. The gap between current resource size and drilling suggests room for meaningful growth as capital is deployed.
• Stepping out to satellites gives the company multiple additional ways to provide further growth.
• Owning a large portion of the White Gold District, alongside continued backing from Agnico Eagle and growing sell-side coverage, positions the company well as institutions look to invest in top quality areas and larger producers look to replenish pipelines in stable jurisdictions.
• The development of neighbouring projects slated to potentially commence in the very near term will bring additional infrastructure to the region, including road upgrades which will unlock the leverage to the unique district scale opportunity and potential that White Gold presents.

Upcoming: Whistler Capital Event

February 6–8, 2026

CEM heads back to the mountains for its 16th Annual Whistler Capital Event, hosted at the Fairmont Chateau Whistler from February 6th to 8th, 2026. This is where growth-stage companies across resources, technology, biotech, and special situations get direct access to serious capital, not through a crowded conference floor, but through a full day of scheduled one-on-one meetings and high-quality networking. If Bahamas was about identifying who looks ready, Whistler is where those conversations often turn into real momentum.

Warm Regards and Happy Investing,
Fabian Dawson

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