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

White Gold Corp. has released a maiden Preliminary Economic Assessment (PEA) for its flagship White Gold Project in Yukon, Canada. The PEA envisions a 9.4-year open-pit operation processing 12,000 tpd, producing an average of 188,000 oz gold per year, with the first five years averaging 223 koz/yr.

At a base-case gold price of US$3,600/oz and an exchange rate of 0.72 US$/C$, the project shows an after-tax NPV(5%) of C$1,911 million, an IRR of 38%, and a payback period of 1.7 years. Total life-of-mine after-tax free cash flow is C$2.685 billion. Cash costs are projected at US$1,290/oz, with AISC at US$1,480/oz. Initial capital expenditure is C$1,050 million, including C$139M in contingency.

The mine plan utilizes only about 60% of the current mineral resource estimate (MRE), which comprises 1.73M oz Indicated and 1.27M oz Inferred, leaving significant upside from resource conversion and underground potential at Golden Saddle. Sensitivities show an after-tax NPV of C$1.186B at US$3,000/oz gold and C$2.996B at US$4,500/oz gold.

The release notes next steps include 15,000–20,000m of drilling in 2026, further metallurgical testwork, environmental baseline studies, and ongoing First Nations engagement.

White Gold Corp. (WGO) has released the first economic study on its White Gold Project, presenting headline figures that stand in stark contrast to the company’s current market capitalization of approximately C$430 million. The preliminary economic assessment (PEA) calculates an after-tax net present value (NPV) of C$1.9 billion, implying a multiple of over 4x the current valuation. The study projects a 38% internal rate of return (IRR) and a 1.7-year payback period based on a high gold price assumption. Even under a more conservative scenario using a gold price of US$3,000/oz, the after-tax NPV remains at C$1.186 billion, nearly three times the company’s current market cap.

The PEA is characterized as deliberately conservative, utilizing only approximately 60% of the August 2025 resource estimate. It applies preliminary recovery rates of 72% for the ARC and Ryan’s Surprise deposits, figures that may improve, and excludes a high-grade underground resource consisting of more than 1 million ounces of Indicated material grading 2.84 g/t Au. The project is located in the Yukon, a top-tier jurisdiction, and benefits from support by strategic investor Agnico Eagle and improving infrastructure, including a recent grid connection announcement. Management had previously indicated the PEA would be delivered in the second quarter of 2026, meeting that timeline.

While the report is preliminary and relies on a gold price well above current spot levels, the sensitivity analysis demonstrates robust economics at lower prices. The scale of economic potential relative to the company’s size distinguishes this study from typical outputs by junior explorers. No direct analyst consensus or target prices are available in the provided data, preventing a comparison to market expectations, though the significant gap between the market cap and the calculated NPV suggests the market had not fully priced in this level of value.

White Gold Corp. (TSXV: WGO) is a Canadian gold explorer operating in the White Gold District of Yukon. Its flagship White Gold Project encompasses four near-surface deposits: Golden Saddle, Arc, Ryan’s Surprise, and VG.

As of August 2025, updated indicated resources total 1,732,300 oz Au at 1.53 g/t, while inferred resources stand at 1,265,900 oz Au at 1.22 g/t. Ninety-nine percent of the resource is open-pittable. Golden Saddle hosts a high-grade core of 1.1M oz Indicated at 2.84 g/t Au, or 695,000 oz at 4.88 g/t Au using a 3.0 g/t cut-off.

The company also holds a district-scale land package of approximately 305,000 hectares with numerous exploration targets. It maintains a portfolio of critical mineral properties that are being spun out into W2 Critical Minerals Corp.