White Gold Announces Approval of W2 Critical Minerals Corp Spinout

White Gold Corp. shareholders approved the spin-out of its critical mineral assets into W2 Critical Minerals Corp. at the Annual General and Special Meeting on August 11, 2026. The transaction transfers six critical mineral properties to W2 in exchange for W2 common shares, which are distributed to WGO shareholders on a 1:5 ratio, meaning one W2 share for every five WGO shares. Following the transaction, White Gold will retain an approximate 19.9% ownership stake in W2.

Shareholder turnout was 46.12%, with 102.46M shares voted. All resolutions were approved, including director elections, auditor appointments, and new omnibus incentive plans for both entities. The spin-out remains subject to final court approval, scheduled for August 13, 2026, and TSX Venture Exchange listing approval. Management confirmed that three drill rigs are currently active on the flagship White Gold project, targeting resource expansion and new discoveries.

White Gold Corp. (WGO) received approval for a spin-out, a procedural milestone that aligns with the company’s stated corporate strategy announced in February 2026 and detailed through June and July 2026. The transaction is structured as a dividend-in-kind, meaning no immediate cash proceeds or dilution impact for existing WGO shareholders. WGO retains a 19.9% stake, preserving upside exposure to the critical mineral portfolio.

The approval follows the August 10, 2026 Preliminary Economic Assessment (PEA) for the flagship project, which delivered strong base-case economics: C$1.9B NPV, 38% IRR, and 1.7-year payback at US$3,600/oz. The PEA materialized management's prior projections and provides a technical foundation for the gold-focused strategy.

The spin-out allows White Gold to concentrate capital and management attention on the high-grade, near-surface gold deposits while W2 pursues exploration and a planned $5M private placement. No immediate change to WGO's cash position or debt profile occurs. The company remains fully funded for its 2026 exploration program, but the approval does not alter the near-term capital requirements or going concern considerations.

White Gold Corp. is an exploration-stage gold company focused on the White Gold District in west-central Yukon, Canada. Its flagship asset is the White Gold Project, which comprises four near-surface deposits: Golden Saddle, Arc, Ryan's Surprise, and VG. As of the August 2025 mineral resource estimate, the company holds a resource base of approximately 1.73 million ounces of Indicated gold and 1.27 million ounces of Inferred gold.

A preliminary economic assessment dated August 10, 2026, outlines a 9.4-year open-pit operation processing 12,000 tonnes per day, averaging 188,000 ounces of gold per year. The assessment demonstrates strong base-case economics at a gold price of US$3,600 per ounce. The PEA utilized only approximately 60% of the current Indicated and Inferred resources, leaving significant upside for resource conversion, underground potential at Golden Saddle, and district-scale exploration. The company controls a district-scale land package that includes additional exploration targets and historical high-grade showings.