White Gold Corp. (TSX-V: WGO) (OTCQX: WHGOF) (FRA: 29W) is pleased to announce the closing of a non-brokered private placement for aggregate gross proceeds of approximately C$5.1 million. Agnico Eagle Mines Limited participated in the offering in order to maintain its partially-diluted ownership in the Company at 19.85%. The Offering consisted of the sale of: (i) 3,722,133 common shares in the capital of the Company at a price of $0.30 per Common Share; and (ii) 12,121,212 Common Shares issued on a “flow-through basis” at a price of $0.33 per FT Share.

“We are very appreciative for the continued support of our strategic shareholders and are now fully funded for an impactful 2024 exploration program following the success of this past season where we continued to demonstrate the expansiveness of gold mineralization in the under-explored White Gold district in a tier 1 jurisdiction,” stated David D’Onofrio, Chief Executive Officer.

Pursuant to an investor rights agreement between the Company and Agnico dated December 13, 2016, Agnico maintained its pro rata ownership interest in the Company of 19.85%, on a partially-diluted basis following the completion of the Offering, by acquiring 3,722,133 Common Shares under the Offering.

The gross proceeds received from the sale of the FT Shares will be used to incur “Canadian exploration expenses” as defined in subsection 66.1(6) of the Income Tax Act (Canada) on the Company’s properties in the White Gold District of the Yukon Territory and renounced to subscribers in the Offering with an effective date no later than December 31, 2023. Such Canadian exploration expenses will also qualify as “flow-through mining expenditures” as defined in subsection 127(9) of the Tax Act. The net proceeds from the sale of the Common Shares will be used for working capital and other general corporate expenses.

Participation by Agnico in the Offering was considered a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with Agnico’s participation in the Offering in reliance of sections 5.5(a) and 5.7(1)(a) of MI 61-101. A material change report will be filed in connection with the participation of Agnico in the Offering less than 21 days in advance of the closing of the Offering, which the Company deemed reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the Offering in an expeditious manner.

The Offered Shares issued pursuant to the Offering are subject to a statutory four month and one day hold period under applicable Canadian securities laws expiring on April 14, 2023. The Offering is subject to the final acceptance of the TSX Venture Exchange.

About White Gold Corp.

The Company owns a portfolio of 17,584 quartz claims across 30 properties covering approximately 350,000 hectares representing over 40% of the Yukon’s emerging White Gold District. The Company’s flagship White Gold project hosts four near-surface gold deposits which collectively contain an estimated 1,152,900 ounces of gold in Indicated Resources and 942,400 ounces of gold in Inferred Resources⁽¹⁾. Regional exploration work has also produced several other new discoveries and prospective targets on the Company’s claim packages which border sizable gold discoveries including the Coffee project owned by Newmont Corporation with Indicated Resources of 2.14 Moz at 1.23 g/t Au, and Inferred Resources of 0.23 Moz at 1.01 g/t Au⁽²⁾, and Western Copper and Gold Corporation’s Casino project which has Measured and Indicated Resources of 7.6 Blb Cu and 14.5 Moz Au and Inferred Resources of 3.3 Blb Cu and 6.6 Moz Au⁽³⁾.

• ^{See White Gold Corp. technical report titled “2023 Technical Report for the White Gold Project, Dawson Range, Yukon, Canada ”, Effective Date April 15, 2023, Report Date May 30, 2023, NI 43-101 Compliant Technical Report prepared by Dr. Gilles Arseneau, P.Geo., available on SEDAR+.
  (2) See Newmont Corporation 10-K: Annual report for the year ending December 31, 2022, in the Measured, Indicated, and Inferred Resources section, dated February 23, 2023, available on EDGAR. Reserves and resources disclosed in this Form 10-K have been prepared in accordance with the Regulation S-K 1300, and do not indicate NI43-101 compliance.
  (3) See Western Copper and Gold Corporation technical report titled “Casino project, Form 43-101F1 Technical Report Feasibility Study, Yukon Canada”, Effective Date June 13, 2022, Issue Date August 8, 2022, NI 43-101 Compliant Technical Report prepared by Daniel Roth, PE, P.Eng., Mike Hester, F Aus IMM, John M. Marek, P.E., Laurie M. Tahija, MMSA-QP, Carl Schulze, P.Geo., Daniel Friedman, P.Eng., Scott Weston, P.Geo., available on SEDAR+.}