White Gold Corp. has secured final court approval from the Ontario Superior Court of Justice for the spin-out of critical mineral properties in Yukon to W2 Critical Minerals Corp., with the arrangement remaining subject to final approval from the TSX Venture Exchange.

Under the transaction structure, White Gold will retain an approximate 19.9% ownership interest in W2 Critical Minerals upon completion of the spin-out and a concurrent financing. To support the arrangement, W2 Critical Minerals has upsized its non-brokered private placement of subscription receipts from $5,000,000 to $10,000,000, priced at $0.25 per receipt. These proceeds will be held in escrow until the spin-out closes, acting as a mandatory condition for the transaction's completion, and will fund exploration across the transferred critical mineral assets alongside general working capital.

“We are pleased to announce the significant progress on the spin-out of White Gold's most prospective critical mineral assets. These assets have benefited from over a decade of ground-up exploration, and now warrant the dedicated team, strategy and capital that W2 will bring to advance them further. We are also pleased with progress of our exploration program to date, which includes our largest ever diamond drilling program on our flagship project designed to build upon the recently announced strong PEA results and demonstrate the potential to meaningfully further increase our gold resources and continue to make new discoveries, and eagerly await assays”

— David D'Onofrio, Chief Executive Officer

Alongside the spin-out, White Gold updated the preliminary economic assessment for its flagship White Gold Project, incorporating refined cash-flow timing, cost inputs, and tax pool analyses that adjusted the after-tax net present value (5%) to approximately C$1.86 billion, with an internal rate of return of 40.7% and a 1.5-year payback period at analyst consensus gold prices of $3,600 per ounce. At a gold price of $4,500 per ounce, the after-tax NPV rises to C$2.91 billion with a 55.8% IRR and a 1.2-year payback.

The company's flagship project hosts four near-surface deposits containing an indicated resource of 1,732,300 ounces of gold across 35.2 million tonnes grading 1.53 g/t Au and an inferred resource of 1,265,900 ounces of gold across 32.2 million tonnes grading 1.22 g/t Au. Exploration across the 300,000-hectare district-scale land package—backed by strategic partners Agnico Eagle Mines and Kinross Gold—has completed 11,500 metres of diamond drilling to date, focusing on the Golden Saddle, VG, and Ryan's Surprise deposits.

Drilling has also commenced on the VG East extension zone, a high gold-in-soil target situated 1.3 kilometres east-northeast of the VG deposit. An additional 5,000 metres of diamond drilling is planned across the White Gold and QV Property targets, with drilling on the Golden Saddle 2.0 target expected to begin in the coming weeks. A technical report supporting the updated project estimates will be filed on SEDAR+ on or before September 24, 2026.

Read the full announcement: White Gold Announces Receipt of Court Approval for W2 Critical Minerals Spin-Out, Upsizing of Financing to $10M and Provides Exploration and PEA Optimization Update