Mr. David D'Onofrio reports

WHITE GOLD CORP. ANNOUNCES COMPLETION OF FIRST TRANCHES OF FULLY SUBSCRIBED $10M W2 CRITICAL MINERALS CORP. SUBSCRIPTION RECEIPT FINANCING

Further to its press releases dated Aug. 28, 2026, and May 5, 2026, White Gold Corp.'s wholly owned subsidiary, W2 Critical Minerals Corp., has closed the first and second tranches of its non-brokered private placement offering for gross proceeds of up to $10-million of subscription receipts. The balance of the offering is fully subscribed and will be closed in due course. The offering is being conducted in connection with the previously announced spinout of W2 pursuant to a plan of arrangement under the Business Corporations Act (Ontario). White Gold shareholders will be notified by White Gold of the record date and payment date of the spinout shares by news release once all of the conditions to closing of the spinout have been satisfied, which White Gold expects to occur in the near term. White Gold shareholders must hold their White Gold common shares until the record date of the spinout in order to receive their pro rata portion of the common shares of W2 being distributed.

Pursuant to the first tranche, W2 issued a total of 23,055,000 subscription receipts at a price of 25 cents per subscription receipt for aggregate gross proceeds of $5,763,750. Pursuant to the second tranche, W2 issued a total of four million subscription receipts to Agnico Eagle Mines Ltd. for gross proceeds of $1-million. In connection with Agnico Eagle's investment, W2 and Agnico Eagle have entered into an investor rights agreement, which will become effective upon the completion of the arrangement. The investor rights agreement provides Agnico Eagle with certain rights, provided it maintains certain ownership thresholds in W2, including: (i) the right to nominate one person (and, in the case of an increase in the size of W2's board of directors to eight or more directors, two persons) to W2's board of directors; and (ii) the right to participate in certain equity offerings or top up its holdings in relation to dilutive issuances in order to maintain its unaffected ownership interest in W2 or increase its ownership interest to 19.99 per cent. The investor rights agreement terminates immediately at such time as Agnico Eagle's ownership percentage is less than 5 per cent.

"We are very pleased with the strong interest in our W2 spinout and the support from current and new strategic shareholders. The W2 critical mineral projects 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 very pleased with progress of the White Gold exploration program, which includes our largest-ever diamond drilling program on our flagship project designed to build upon the recently announced strong PEA [preliminary economic assessment] results and demonstrate the potential to meaningfully further increase our gold resources and continue to make new discoveries. We look forward to the additional assays from this program building on the high-grade gold intercepts across multiple zones on multiple deposits recently announced," said David D'Onofrio, chief executive officer.

The proceeds have been placed into escrow with Marrelli Trust Company. The proceeds will be released from escrow and each subscription receipt will convert into one common share in the capital of W2 upon satisfaction of certain escrow release conditions.

In connection with the first tranche, certain eligible finders will be paid cash finders' fees in amount of $402,588 and will be issued 1,610,350 finder warrants on the date the subscription receipts convert into W2 shares. Each finder warrant will entitle the holder to one W2 share at a price of 25 cents per share for a period of 24 months following the date of issuance. No finder's fee is payable and no finder warrants will be issued in connection with the second tranche.

The securities issued pursuant to the first tranche and second tranches are subject to a statutory four-month-and-one-day hold period from the later of: (i) the date of issuance; and (ii) the date that W2 becomes a reporting issuer in any province or territory.

Further to White Gold's press release dated Aug. 12, 2026, White Gold anticipates a third tranche of an additional 12,945,000 subscription receipts for gross proceeds of $3,236,250 to be completed shortly prior to the completion of the spinout. Total gross proceeds of the offering are anticipated to be $10-million.

Participation by certain insiders of White Gold, including Agnico Eagle, in the offering was considered a related party transaction pursuant to Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. White Gold was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the insiders' participation in the offering in reliance of sections 5.5(b) and 5.7(1)(a) of MI 61-101.

Additional information concerning the spinout is available in the management information circular of White Gold dated July 8, 2026, and White Gold's news releases dated Aug. 28, 2026, Aug. 12, 2026, July 21, 2026, June 15, 2026, and May 5, 2026, which are available under White Gold's profile on SEDAR+ and White Gold's website.

About White Gold Corp.

The company owns a portfolio of 15,364 quartz claims across 19 properties covering 303,001 hectares (3,030 square kilometres), representing approximately 40 per cent of Yukon's emerging White Gold district. The company's flagship White Gold project hosts four near-surface gold deposits (the Golden Saddle, Arc, Ryan's Surprise and VG 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 (32.3 million tonnes grading 1.22 grams per tonne gold) (see the company's news release dated Oct. 6, 2025). A preliminary economic assessment (PEA) on the White Gold project outlines a 9.4-year, 12,000-tonne-per-day open-pit operation producing an average of 188,000 ounces of gold per year (223,000 ounces per year over the first five years), with an after-tax net present value (discounted at 5 per cent) of $1.86-billion, an after-tax internal rate of return of 41 per cent and a 1.5-year payback period at a base-case gold price of $3,600 (U.S.) per ounce (see the company's news release dated Sept. 25, 2026). Regional exploration work has also produced several other new discoveries and prospective targets on the company's claim packages that border sizable gold discoveries, including the Coffee project owned by Talamore Mining (formerly Fuerte Metals) with measured and indicated resources of 80.2 million tonnes grading 1.15 grams per tonne gold for 2.96 million ounces of gold and inferred resources of 21.2 million tonnes grading 1.17 grams per tonne gold for 800,000 ounces of gold, and Western Copper and Gold Corp.'s Casino project, which has measured and indicated resources of 2,490.7 million tonnes grading 0.18 gram per tonne gold and 0.14 per cent copper for 14.8 million ounces of gold and 7.6 billion pounds of copper and inferred resources of 1,412.5 million tonnes grading 0.14 gram per tonne gold, and 0.10 per cent copper for 6.3 million ounces of gold and 3.1 billion pounds of copper.

We seek Safe Harbor.