White Gold Corp Wraps Up 2025 and Looks Ahead to 2026

0:04 OK, as folks are coming into the room and they're coming in fast, I'll say good morning, good afternoon or good evening, depending on where in the world you are signing in from today. I'm lucky enough to be joined by David D'Onofrio, CEO and director of White Gold Corp and Dylan Langell, VP Exploration at the same company. Today, we're going through an end of year webinar for White Gold. So talking about not only the successes from this most recent year, but also looking forward to 2026 and what investors have to be excited about. A little housekeeping for today. Here's how it's gonna work. I've got some questions for the executives that we're gonna run through. And then this is an interactive event. So that bottom right hand corner of your screen, there's a chat button. I know there's a lot of you in the room. We'll try to get to as many as we can. If there's any questions we don't get to for whatever reason then we'll send them to the White Gold team so they'll be able to get back to you as quickly as possible. Only reason that would happen is if they're way off topic or for whatever reason we run out of time. But I do want to make this as interactive as possible, so please do ask as many questions as you've got. Only other thing I'll say is it's being recorded, be available for replay in just a bit, over an hour after the event ends. So looking forward to having that in your inbox that you can share it around. But let's get into the protein because I'm excited to talk today. And David, I do want to start with you. Wrapping up 2025, I'll start with what do you think most significant milestones for White Gold this year? Obviously, big year, But if you could summarize it, what do you think of the big one?

1:17 Yeah, listen, White Gold, it's an exciting company. It's been a major focus for us for a long time. It's really nice to see the fruits of our labor start to be appreciated to the market. Just by way of a bit of a background, White Gold has the largest land package in, I think, one of the most prospective emerging new Gold camps in Canada. This is centered in the Klondike district of the Yukon. That was the epicenter of the infamous Gold rush, which started in 1899, has continued until today and has produced over 20Moz of Placer Gold at surface. Our package was assembled by Sean Ryan, the notorious prospector who is credited for all the hard rock discoveries in that area. He went there, he said, you know, with this much Gold at surface, I want to find the source and other incidents of deposits in the bedrock. He's been incredibly successful.

2:08 We've discovered so far 3Moz in our flagship property. It is the highest grade deposit in all the Yukon, one of the highest grade open pitable deposits in Canada. We think it has tremendous growth upside potential on the deposit itself and within the surrounding area. And then the compliment to that is we also have 18 other properties. We truly own a district scale property portfolio, which we believe also has the potential for several other significant Gold discoveries as well as critical mineral discoveries. So back to your question, sorry, I got a little off topic there. A lot has happened in White Gold over the past several years. We've built a tremendous amount of value and it's finally now been compiled. We've just made an updated resource. We've added to our team Dylan who's been a transformational

2:57 participant here. Really opened our eyes to an opportunity even bigger than what we thought. And all the work we've done, it takes a long time. Sean's developed this very unique protocol, but we really do believe he cracked the code to be able to delineate these mineral deposits in the Yukon. And over the past several years, we've done the steps. We now have a multitude of targets which are drill ready. And that's the phase. It's the most exciting time for an exploration because that's when you'll be able to see the true success. Awesome. I appreciate that summary very much. 1 specific question I got is, how did that 44% increase in indicated resources to that 1.73Moz and the strong drilling results at Golden Saddle position White Gold for the future, for next year?

3:45 I'll turn that over to Dylan. He's the man with the plan. The Resource Estimate update was a great start in the process of really understanding the growth potential that lies at the assets with Gold Saddle, Arc, Ryan Surprise and VG. When I joined the company, that was something we wanted to shift towards, was looking at those assets and demonstrating that there's meaningful opportunity to add ounces to that resource. And that started with that remodeling exercise. So that saw us go from that 2.3Moz to 3Moz at about an average grade of 1.4g per tonne. But what's really exciting about Gold Saddle in particular, that deposit represents about 2Moz to 2.1Moz of the resource estimate right now. And at the centre of that deposit is a high-grade core of 1.1Moz at 2.84g per tonne and then 700,000oz at almost 5g per tonne. So It's got this really high-grade

4:47 ore body at the center, and there's room for interpretation on how that high-grade kind of reacts in the system. So that's something that we've identified and targeted as opportunity for growth going into next year. But really this year was kind of focused on just getting started with that. We did the 3 holes in Golden Saddle that went through all those 3 key mineralization zones, the hanging wall, the main zone and the footwall, with the footwall being that technical target for 2025. We really wanted to see the continuity of that mineralized horizon and see the extent of how far that mineralization goes. That was that exciting drill hole that we released a little while ago now.

5:35 And to dig into that a little bit, what was so exciting, and I'll share my screen just a finger here. Hey, go for it. You guys able to see a cross section? So that hole, and let me know when you can see that image, that hole went through all 3 zones of mineralization. So it went through that hanging wall, it went through the main zone and it went through the footwall. The hanging wall mineralization, we positively intersected 3 grams per, almost a gram per ton over 3m.

6:19 And then excitingly, we went through the main zone at a 70m spacing and we intersected 6.9g per ton over 50.2m. So we knew that high-grade mineralization was there, but what really excited us and surprised us was the grade of that main zone intercept. So, it was almost double the grade of the whole up dip and the whole down dip, where you can see, you know, 193 intersected 4g per tonne and the hole above it intersected 3.6g per tonne. It might speak to the nature of the high-grade deposit here and how there are these geometries that we just need to understand a little bit better, but also target at depth and along strike. And then that third zone that we intercepted was the footwall breccia, which historically was recognized and it ran 4g per ton over 12m. So we went in and with this first pierce point intersected almost 7g per ton over almost 3m.

7:17 So it was a really positive and exciting drill hole. The cross-section didn't come up, but I don't know that we needed to. But that map there, I'm glad you brought that up because I think that is really what excites us so much about the opportunity within White Gold. If you looked at that, that was 19 different projects. Most juniors are maybe 1 or 2. And I think that opportunity to own an entire district in a tier 1 jurisdiction like Yukon in Canada is what attracted Agnico to be our partner. I should have mentioned that. They're our largest shareholder, they own 19% of the company. And what we view this opportunity to be is not to maybe discover 1 or 2 mines. We actually, this is an opportunity to invest in an entire district, Almost like being able to, that's seen so little work and it's so perspective. It's almost like being able to go back in time and invest in and own basically like 85% of the best targets in say Val d'Or, the Apotepe or Timmins or Nevada Goldfield, those types of opportunities are very few and far between and even more rare to have those type of opportunities

8:19 in a tier 1 jurisdiction like this. And it's nice now that we're at a point in our life cycle where we've done all the work and these are almost all prime drill ready targets now And in addition to the Gold, we've actually discovered several projects that look to be large Copper porphyry potential. And I would say outside of Gold, Copper is probably one of the elements that's getting the most attention. It's obviously underpinning a lot of the evolution in electric vehicles, data centers, AI, all this type of stuff. And what you probably have seen on a global level, there is a macro push for countries to secure their supply chain of the production of domestic minerals. Canada has the highest amount of minerals per cap of any country in the world, and we've seen it right from the highest levels of the federal government and into the territorial government. This is a top agenda item.

9:14 And specifically, we saw a few weeks ago the Prime Minister of Canada denote that this area of the Yukon is part of the Yukon Critical Minerals Corridor, which will be seeing substantial investment in infrastructure specifically to support the development of these critical minerals. So we're kind of like right in the perfect place at the perfect time. And we can get into a bit of our strategy about that a little later. Awesome. Looking forward to that. And Dylan, if you don't mind, I want to loop back to you just for a second, because I know there's a pretty big new audience in the room today. And I'm gonna put you in the uncomfortable position of having to gas yourself up, because I know you joined White Gold Core as VP of

9:52 Exploration in June, 2025, bringing that really incredible pedigree from the Great Bear Discovery Team. So I got 2 questions for you, it's really if you could summarize your experience, but also what attracted you to White Gold in the first place and what were your initial priorities when you jumped on board? Yeah, sure. So yeah, I joined the company as VP Exploration back in June. Like you said, I come from the Great Bear Project, so phenomenal discovery and really deposit to be a part of and team to be a part of. I learned a lot from that group. I spent 7-years up there on the Great Bear project. I was there through the acquisition by Kinross for US$1.8Bn. Then I spent the last 3-years being heavily involved in leading 350,000m of diamond drilling to take that resource from 5Moz to 7Moz+.

10:41 That project is now on the fast track to production. That's when I got in touch with David to see what White Gold had under its portfolio. You asked what attracted me to White Gold, and there's a number of things really. The first being this map sheet and just seeing the scale of the portfolio in a prolific district that is in a territory that is underexplored relative to the rest of Canada. So I saw an opportunity here where you have all of this potential for discovery, a long runway for 5, 10, 15 years of future discoveries. So I got really excited about that. As a geologist, some of your most exciting days are being in that core shack, picking up a piece of core and seeing visible Gold.

11:32 So I saw that as a really exciting opportunity to make discoveries for many years going forward. The second thing that added to that was just seeing that the technical backing and the success that the group has had with Sean Ryan, doing the extensive soil programs, designing his own techniques, making or being involved in multiple discoveries in the district

11:55 is a really exciting opportunity to get involved with. So that was kind of the number 2 reason why I got involved. And then the third was that I saw it as fairly low risk. I'm going back to the junior exploration world. It can be pretty risky for a geologist or for anyone in the industry. But knowing that they had that 2.3Moz foundation and a resource base, I saw it as a low-risk opportunity. All those ingredients together, I saw it as a phenomenal opportunity for me in my career. And then just to add on top of that, you know, the backing that we've got with a Niko and then, you know, Dave and Power 1 and that group adds a whole another level of opportunity and excitement as well. So, yeah, I'm happy for it to, you know, what we're going to do over the next few years.

12:48 I love that. And I appreciate the context of folks in the room who are just meeting you now for the first time. But I'd also love to know now, 6 months in, 7 months in, how's the first exploration season go overall? What was your perspective? Beyond the obviously spectacular hole we've already talked about. Yeah, I think it's been really successful. I started with the company in June. We had a little bit of a late start to the field season, but we accomplished a lot, in my mind, more than I was expecting. We put some drill holes in Golden Saddle. We've released one of those 3 holes to date. We're excited for the next results to come back from those 3 holes. And then we have 2 more holes in the arc zone, which looks to test the vertical extent of that mineralization, but will also provide material going into a PEA. So that's the other thing is, on top of initiating a drill season this year and other exploration activities, we've also engaged consultants to start our preliminary economic assessment, which I think is going to

13:49 be really exciting to see the numbers come back from that. And I think it's going to impress a lot of people. But on top of drilling, we identified a number of high-priority geophysical targets for porphyry Copper deposits that are comparable to things like Casino. And they're giving that style of signature and soil, their surface geochemistry anomalies. So we ran that port program as well. A lot of exciting things and a lot of successful programs have been run in 2025. And I think people have recognized that, which has led to us raising the $23 million in the private placement, which now just fully funds us to really advance our resource estimate in our assets, but also move each of these properties down the pipeline in terms of what do we need to do next on each of these properties to make it have more meaningful value. So it's really exciting.

14:47 Awesome. I appreciate that. Now, David, I want to get you in here for the next one, but Dylan, I want to hear your opinion too, because I know the updated MRE showed really remarkable growth with Golden Saddles High Grade Core containing 1.1Moz, 2.84g per ton, indicated category. I'm curious, just for folks in the room who might not know, how does this resource compare to other undeveloped open pittable Gold deposits in Canada? And what does it mean for project economics? So maybe I'll start with that, then I'll turn it over to Dylan, who can give you a more technical perspective. One thing to highlight initially is that this resource, we've been able to accomplish that with a relatively minimal amount of drilling compared to some of the other similar sized projects in the territory and within Canada. So what that really demonstrates to me is as we continue to do more work, there's a very high potential for this thing to continue to grow. The program that we have lined up for next year, which is still in the planning phase, it is going to be orders of magnitude larger than anything we've done in the past several years, like up to probably 10 times the size. So I'm very much looking forward to us being able to make meaningful progress in terms of advancing the project for size and down to the production path.

16:02 By way of context, the project just to the south of us, it's the Coffee Project, that was another Sean Ryan discovery, is now owned by Fuerte, who have recently partnered with Newmont, Agnico, and Pierre Lassonde. It's permitted, they're going to put that into production. That is an excellent project. I'm very much looking forward to that advancing. That's going to bring a ton of infrastructure into our area, which will enormously benefit our accessibility to some of these other projects. And it totally re-raised the economic potential of all these other projects and new discoveries we'll be making. But just by way of context, that's had about 600,000m of drilling. So we've done 1t of drilling of our project and I think they're at 3.8Moz, we're at 3Moz. So from that perspective alone, I think you can really start to visualize the type of upside opportunity we have.

16:53 But even to provide some more context to that, our growth potential is going to come in 3 ways. Number 1, additional drilling on the existing deposits. Our project is hosted in 4 different pits. All of them remain open in pretty much every direction. And the only reason they're limited at the size that they are is because we've only been able to do a limited amount of work over the past several years. So that's typically higher probability type exploration.

17:17 In addition to that, there's about a dozen targets in a very close proximity to our existing deposits. And that's where we've spent most of our work in the past several years. Dylan shifted our strategy. I think it's an incredible idea. And he's really, I mentioned, he's really opened our eyes to some potential like that was sitting right in our lap. But with these other targets, we've identified anomalies. We've drill tested some of them. We put small resources on some of them. Again, all of those look very similar to what we've seen has led to success on our bigger deposits. So I believe they're highly prospective. It's almost like we've kind of set up all these pull shots in the last several years. And now this is the first time where we have the ability, the budget, the time and the team to really come back and hit it. And We're really very fortunate that it's all happening at a time when the market I think is now very much more so interested in Gold and the Yukon itself has been widely identified as probably the most prospective area within Canada for Gold and critical mineral exploration.

18:15 And we have the infrastructure investment coming between the federal government, the provincial government and our neighbors bringing some of the best mine builders in the world to advance their project, you know, alongside of us. And as you know, the intention comes, I think people will recognize the value opportunity, like, wow, these are the guys who actually were responsible for all the success. They have this enormous land package. They're just scratching the surface. Everything they've done has been so tremendously successful to date. You can really see the potential of these other properties coming along as we go forward on the Gold side, where we know we have deposits, on our new discovery, which there's a tremendous amount of work that we're excited to do, and then on these critical mineral projects as well. Awesome. Dylan, I don't know if you had any additional thoughts before I get on to critical minerals generally.

19:05 Yeah, I'll add a few comments. Dave touched on one of my favourite ones just in terms of, we've done 60,000m of drilling on Gold Saddle, which In proportion to other projects I've been involved in other projects we see that have done, you know, 500,000 plus meters. It really speaks to the potential that hasn't been tapped into yet with these deposits. So, you know, it's classified as an orogenic structurally hosted Gold deposit. And we know with these systems that the fluids are coming from deep-seated structures.

19:41 Are you guys seeing my map on the white property? Yes. Awesome. We have Gold Saddle right at the centre of this property and we have the Ark to the south, southeast, Ryan Surprise to the west and the VG to the north across the river. Those are the 3 pits from surface that are funneling ounces into our resource estimate right now. But these deposits have very minimal drilling and they remain open for what I think is going to be really achievable growth for next year, to take it from 3Moz to 4Moz. And that's just on the open pit deposits that we've defined so far. The other exciting thing here is that you see these heat signatures in red. These are all Gold and Soil Anomaly signatures.

20:30 And really, Ryan Surprise and Uli's Ridge are the only ones that have been heat tested or drill tested. But there's a 7km trend here that remains untested. So you also start to question what's the relationship?

20:46 These are all very close in proximity. And we know if these deposits come from deep-seated structures that are ripping through the property, there's a series of North-South striking thrust faults, there's East-West strike-slip faults. How do these systems all connect at depth and are they related? So, you know, gold saddles only drill tested down to a vertical depth of 500 metres. There's still lots of room to explore below that and see what happens with the gold mineralization as we go deeper. Awesome. Really, really appreciate that. One question I got that I'm going to split into 2 parts and David, I'll start with you. I know what a lot of people think of white gold. They very reasonably think of gold because of the remarkable resource you've already talked about. I know that phase 1 of the 2025 program did focus on critical minerals, including copper, molybdenum and tungsten.

21:34 I'm curious if David, you could explain the strategic rationale for expanding beyond gold. And then Dylan, if you could help us out with what the IP surveys have revealed about targets like Bridget, Gilder and Mount Heart. So David, I'll start with you. Yeah, I think a very simple answer. The reason behind it is because we found it. What you're looking at is this treasure box of opportunity. It's seen so little work. It's in one of the most geologically prospective areas in all of Canada. It's part of this Tentina Belt, which stretches from Alaska through the Yukon down into British Columbia. There have been tremendous discoveries of gold, copper and the litany of other critical minerals in both those places in Alaska and BC, but there's also been orders of magnitude more work done in those areas. So I'm not the geologist, but you know, the rocks don't know borders, right? So it's just For whatever reason, this part of Canada has been overlooked.

22:24 Maybe there was easier lower hanging fruit in Ontario and Quebec 30 years ago, but all of that, The easy discoveries have been made there. You go to Timmins, exploration is being done at 1000 feet deep. Here we're literally scratching the surface and making discoveries with 2 of

22:39 our operators. As we worked up this area with these protocols that has led to these successful Gold discoveries, they've also led to the discovery of other minerals potential. And it's not like this is something like, hey, Copper is up, let's start looking for Copper. This has been a process that's been in place for 5 years now, And we've run it through the same protocol. It takes time. But a number of these projects have checked the boxes that lead to very high prospectivity. And I'll kind of let Dylan give a more context on that. But I believe some of these that we've released the results for so far that we have, and we'll see what comes with the rest of them. But these are now bonafide, big Copper porphyry targets. And the fact that they're in such close proximity to the casino deposit, which is owned by Western Copper and Gold, which is Canada's largest undeveloped Copper project,

23:34 speaks even more to the potential of these porphyries happening in clusters. There is a very high probability that there should be other deposits nearby. And now we have these targets that we've done the work that are very indicative of the potential for having copper porphyry deposits on our properties. Awesome, Dylan, I'll throw it to you for the second half of that. Yeah, for sure. So just, I have the whole map sheet up. So yeah, the first half of our exploration program was targeting those critical mineral targets. And the 3 that we focused on were the Nolan property up to the northwest, the Looney

24:14 just north of center in our property portfolio. And then the one that we've put out results for so far is on the Peddler property, which is highlighted in pink on this map sheet. That sits 30 kilometers north of that casino deposit, huge Copper porphyry deposit that's been undeveloped to date.

24:39 We put out the release on the Peddler Geophysics, which we believe has highlighted a really exciting target. The property lies along this big creep fault that is renowned for hosting many porphyry style deposits. It's got Minto to the north, Carmax off to the east. It's in a really structurally exciting area. And we did IP geophysics on this property. We put those results out the other day. So right now this image is just showing the chargeability results from that survey that we ran. Overall, 24 chargeability axes were identified as possible targets, but we really wanted to hone those in.

25:28 We wanted to stack all layers of the data that we had, our structural interpretation, our surface geochemistry, now this chargeability and resistivity, and we came up with 5 high priority targets that we think are ready to see some drilling. So that's those darker kind of dotted circles on this image. But the takeaway here is that, we've identified these 5 targets as high chargeability,

25:55 low to medium resistivity anomalies that suggests that, or confirm that there are sulfide mineralization below surface. And then If you look over to the surface geochemistry results that we did in years prior, these are really interesting signatures with these Copper Mollie cores and then you have these silver bismuth halos surrounding those cores. And then even just the the geometry of these results you know you can clearly see that beneath these surface geochemistry signatures there are these big chargeability anomalies but you also see that there's structural relationships. You see these linear trends associated with these anomalies and with these surface geochemistry expressions.

26:43 So it's kind of adding up to have all the ingredients that we want to see when we're targeting that porphyry style mineralization. You've got structures, you've got a big chargeability anomaly, and you've got the surface geochemistry to suggest that what you're looking for is there. So it's a really exciting press release. It's 1 of 3 that will be coming out. So we'll have 2 more coming out, 1 on the Looney property and 1 on the Nolan property. So, yeah, I look forward to putting those out as well. Awesome. I love it. Love a stay tuned. That's always exciting on a webinar. I wanted to zoom out for a second and talk about just the national support for mining generally. I know the federal government announced really significant infrastructure commitments in 2025, including referring the Northwest Critical Conservation Corridor to

27:28 the Major Projects Office, but also the proposed Yukon-BC grid connect. So my question to you, David, is how important are these kind of nation building investments to white gold specifically, but to mine more broadly, if you've got a take on that. The first thing I'll say is I have never in doing this for over 20 years now, seen this type of support from a macro environment. I think we're in a situation where the world realizes that they need commodities. They realize that commodities are not a dirty word. All this evolution of technology and decarbonization. We need the commodities to do that. So the mines have opened. That's number 1. Number 2, they've also realized that we've ignored this for decades.

28:15 We need to play a lot of catch up. And to do that, you need infrastructure, you need investment. And we're starting to see that come in, in amounts that I've never seen before, to the point where you actually see now, governments like in the US administration actually financing

28:31 projects directly. So that type of a backdrop is spectacular. Right. So now we're not you know it's no longer a headwind. I believe the whole industry has a tailwind. And what's particularly exciting for on the exploration and development side is and I don't think the market's aware of this, the fact that it's been ignored for so long, there is a huge deficit in terms of the materials that are needed, where they're going to come from. And when that is sort of really realised, and this is why I believe we're starting to see a lot of this commodity price appreciation, that's really just going to take what we know. And we're fortunate with White Gold. We already have a deposit. We have all these great targets. That's just going to increase the value altogether. But how important is it? It's incredibly important. All these work the way they are today.

29:16 There's been operating mines in the Yukon. All it's going to do is make it faster and more economical to do so.

29:24 Particularly, one thing I love about the white gold on the Goldside project so much, it's so high grade. When we were getting into this, we're planning for a sub $2,000 Gold price environment. And based on the internal studies we did, it looked remarkably robust. This is particularly why I'm looking forward to the PA so much is once we're able, I think that's going to really open the market's eyes to the extreme amount of value we have here. And the timing is perfect. The one thing, White Gold, I think we're still not one of the better known stories in the Yukon. It's nice now that there's been so much success with companies like Snowline and Sitka and Banyas, brought a lot of attention to that. Now, those companies have had the benefits of bigger exploration program the past several years, and maybe that's why they've got more attention. But what that does is it creates an audience for us. And as we're out there now telling the story and people like those companies, and I think they're all great companies, but they hear our story, they're like, oh, wow, like you're almost as big or you're bigger and you've like double the grade, you've done so much less work, you really start to see people's mind turning and aligning with our

30:26 views of the type of unique prospectivity we see here. And all this infrastructure is going to do is continue to support it. And it's going to really lift the tide for everywhere else. And it's really all levels that are aligning at the same time. The stars are really aligning because we have a federal government. The Yukon has a new territorial government, the Yukon party. It's the first time they've been in power for over a decade. They are very pro-business and pro-mining. So it's really, you know, it feels like we have the right type of project in the right place at the right time with the right backers. It's really an exciting time to be in this industry. Awesome. I'm certainly inclined to agree. Dylan, I'm going to get you back in. Just for a kind of specific Geo question before I really zoom out and start talking about the future for White Gold. I know that elsewhere you've mentioned the re-logging and re-sampling program targeting previously unsampled historic drill core and the hanging wall and footwall zones. How much potential do you see for cost-effectively adding ounces to this work, real ounces, and

31:29 what have initial results shown in that direction? Yeah, that's a great point to bring up. So, you know, part of that remodeling exercise that we went through, something people will recognize is that a lot of those ounces were added in the hanging wall of the golden saddle deposit. And if you take a look at the model, you'll start to see that mineralization wireframe started to shape up in the hanging wall. However, they're fairly discontinuous. You can even looking at them, you can see that there's holes in them.

31:57 They're not as good as you, or as continuous as you'd like them to be. So that's where that unsampled core and opportunity was identified. So, a big portion of that increase in resource estimate did come from the hanging wall. However, with those unsampled intervals and With the resource increase, you did see a little bit of a grade drop. I think part of that was those holes and unsampled intervals in those wireframes. Because right now, if there's a hole in those wireframes, it's probably lowering the grade because it doesn't have any data points there. So we look forward to getting back the first beginning of the next season and getting in there and sampling those intervals so that we can add grade to those wireframes and improve the economics of that pit.

32:47 No, awesome, appreciate that. So I've got 3 questions left for you guys before I'm going to get into audience questions. I know a lot were sent in over email. I know there's hundreds of people in the room, so please feel free to ask live questions as well. I want to make sure we get to as many as we can during today's event. But I'm going to talk about finances, what Dylan's most excited about, and then the future of White Gold. Then we'll get into those questions. So finances, I know White Gold completed a $23 million private placement this year to fund next year's exploration program. David, how does this financial position strengthen White Gold's ability to execute on growth strategy. What does it mean for the company? It's an absolute game changer. This, like I mentioned, will provide us the opportunity to embark upon an exploration program that's going to be orders of magnitude larger than anything we've done in the past. And what I really like as a shareholder and as obviously the CEO of this company is we are going to be able to meaningfully advance our projects. And that's going to come in I think 3 or 4 different areas.

33:43 Number 1, continue to demonstrate the growth potential of our flagship assets, make new discoveries and then advance some of these critical mineral projects as well. And what's really nice is I'm so glad that we've done the work that we've done in the past And we spent the time, like some companies in the down market, they just sort of sat on their hands. But we had the view is we want to continue to add value and prepare these targets to be drill ready. So when the market's ready, when the capital is there, and it made sense to do so, we can. So we have tons of opportunities that are, like I mentioned, the pool shots are all set up and we can really start knocking those in. And I think from a market perspective investment, but that's the time where you wanna be getting involved because you're gonna start seeing a lot of activity.

34:31 Sure, No, I think that's great perspective. It's great. Dylan and our team, you know, he's he's he has such a wealth of knowledge, a different perspective. I love the way that he's meshed with Sean and the rest of our technical team. And I just think he's going to do sensational stuff with this capital available to him. That's great. And Dylan, with that in mind,

34:50 I'll actually throw it to you, because I love asking you all just what excites them the most, because I find you guys are such a delightfully excitable group. So I know as we've talked about today, White Gold District's got multiple underexplored targets beyond the flagship deposits. It's properties covering 40% of the district, neighbouring coffee, casino, world-class projects. But my question to you is, what are the most exciting exploration opportunities across your broader portfolio? What makes you smile at night thinking about the potential?

35:15 That's a good question. It's a really hard one to answer when you have so many properties and so many targets that I really am excited about a lot of them. My favourite when I came in was expanding that resource estimate, But beyond that, I really am excited about Peddler and these critical mineral targets that are shaping up to be drill-ready, exciting projects. So I think that's really starting to excite me quite a bit. But then there's a number of discoveries that they've made on Chris Creek or Vertigo or Betty that if you look through the website, there are phenomenal intercepts, just minimal drilling, not well understood yet.

36:02 Like Dave said, we're in a position now where we've got the funding to just advance each of these properties in their respective pipeline. There's going to be some really early stage targets that have only seen rock grab sampling. I'm excited to do soils across those targets. There are properties that have had some drill success, but haven't seen enough meters or interpretation to really understand those systems. That will get its next phase of work. Other geophysical surveys on similar properties, There's a lot to be excited about. It's really hard to narrow it down. It's funny that you asked that question and that recounts sort of, it's been so fun to watch Dylan immerse himself throughout the portfolio.

36:48 As he gets laser focused, we had the program, then he'll start to move to the next project and I'll get a text message in the middle of the night. He's like, holy cow, Dave, this is an amazing project. How come you guys haven't done more work on this? Answer, yeah, I love it, but it's been budget constraints, this and that, whatever else. Then like a month later, he's going through another property, another target, same thing. It's like, oh my God, Dave, these are crazy results. This thing's wide open. We need to do more work here. I'm like, yeah, absolutely. That's what we brought you in for. And then another one, and it's like, he's probably maybe been through a third of the project so far. And it's nice to see that he kind of shares our passion or vision for the opportunity here. And I can't wait for him to sink his teeth into all of it along with the team. Awesome. Love that. I just love seeing an excited geologist. It's one of my favourite things to do. I like that. David, I'll throw it to you before I get to questions that are coming over email.

37:35 This is kind of the big one for looking forward. And that's looking at 2026. What should investors expect? What are your top priorities for the coming year? What milestones, catalysts should people be looking for? Yeah, There's going to be a ton of catalysts coming up, starting. We're just actually in it and going right through the next year. The first thing is going to be additional results from our 2025 program. We've just started to put out some of our phase 1 and phase 2 results. I'm thrilled with what we've seen so far and really optimistic about what's going to come for the rest of the program. That's number 1. Number 2, we'll have announcing more details on our corporate action to unlock the value of some of these critical mineral projects. It's still in the process of being defined, But what we've identified as a company, as I mentioned, we're still trading at a fairly significant discount to our peer group based on our Gold deposit itself, notwithstanding the fact that it's one of the biggest, the highest grade and has such exceptional growth potential, which really meant to us that we're not getting any value for these other critical mineral projects. So to enable them to get the time, the focus, the attention that they need and unlock the value, what we're considering doing is isolating those projects into a new vehicle and spinning that over to shareholders. So shareholders of White Gold will then become shareholders of this new project, which will have a dedicated team and finances to advance itself. And like I said before, I believe these are all bonafide, very prospective, large Copper porphyry type opportunities, which I think are as exciting as many of the Gold projects we have within our

39:05 portfolio. So, that will be coming up sort of early part of next year, followed by our preliminary economic assessment sometime in the first half. Again, I think it has potential to be extremely robust. These types of high grades going right to the surface should produce a very profitable operation. I think that's going to really help open the eyes of the investment community to understand why This project is so unique and has so much potential compared to other projects across Canada. And then that's going to dovetail into us being able to unleash this very exciting program coming into next year that we're going to see a lot of value built from. Awesome. I appreciate that. Now one question that came in an email in advance of the event, there are quite a few. I've grouped a couple together and I think you've answered some on the spin out already. But one person asked, do you see a major grouping of efforts by several different mining companies in the Yukon property area?

40:01 They note that that would allow for some local cooperation that might benefit everybody. So is that on your mind? Is that something you're talking about with neighbours? Yeah. I think what you're starting to see is the major mining companies, the mid-tier mining companies, they're really looking to focus on top quality projects and top quality area. That's Canada. We're seeing more investment coming, more acquisition. We haven't really started to see a ton of M&A on the larger explorers or the developers yet. I do believe that's coming. Remember, these companies are in the extractive industry. You produce an ounce of gold or copper, you need to replace that in order to continue to have profits. It's not a software business where you continue to resell it. The markets have not really, I think, forced a lot of these producers into addressing the need to replace their reserves just yet.

40:47 That's probably coming. So M&A in this industry drives a lot of excitement and it drives a lot of value creation opportunities. So that's I think that's going to be a big part of what we're also going to start seeing going forward as well. But your point is We're seeing a lot of interest coming into the Yukon. Obviously Agnico is our largest shareholder. Their shareholder and our next door neighbor, Fuerte. Rio's and our other next door neighbor, Western Copper and Gold, B2 Gold and Snowline and Prospector. There's other large capital groups that have started to really identify it. And there's a number of other mining companies that we know are very interested in that, that are part of the district and in the Yukon in general. Awesome. And I'm glad you mentioned Agnico because somebody wrote in an email and said that Agnico seems to be more active in Yukon in recent days. And they want to know what the 2026 outlook for the relationship between White Gold and Agnico is.

41:38 Any update on that relationship, I think would be great. Agnico has been a phenomenal partner. When we put White Gold together, we had the opportunity to select a partner from a number of other major mining companies. All great choices. We chose Agnico because they're such great miners. They really know how to mine well in Northern Canada and they offered up to us access to their technical team. And they've delivered on all of that. They've contributed financially. We really couldn't ask for a better partner. And they are true visionaries or trailblazers. They're Canada's largest gold mining company. And it doesn't surprise me that they share the vision and the excitement about the opportunity to own an entire district with this type of prolific history and geological prospectivity. Awesome. No, I appreciate that. Just somebody asked really specifically so I thought I'd throw it to you. I know, and, oh, sorry, go for it. No, I said it's a good question. Yeah.

42:30 Yeah, I'm glad people are throwing in some good stuff. Now, I know we already talked about the spinouts and we talked about next year's upcoming catalyst. There were a couple of people asking if you can be as specific as possible about timelines for when people can expect those spinouts to arrive. It's a top agenda item for us. Ideally Q1 next year. We're working on it. Awesome. Great. Jan from the chat asks, are we expecting a financing round shortly? Is that likely or not? No, we are fully funded for our program for next year. I love a quick, easy answer to that one. I think that's great. That's always good to hear. One person felt this from the chat asks, he remembers an interview a couple of months ago where someone told you that you should go into production with Golden Saddle yourself.

43:16 He's wondering if you've had time to think about that or any new thoughts on the company strategically about that. We are continuing to advance the Golden Saddle towards production. Part of that is the PA. That's sort of the first step. You need to design your mine plant and be able to apply for your permits. This is happening as we speak. Awesome. We should have done it 4 years ago and if we did, we'd be producing probably Canada's most profitable mine today. We didn't, but here we are. The second best time is today. So there you go. One thing I wanted to wrap on, and I'm really looking for both of your opinions on this. I know obviously anybody who invested in White Gold at last year's last webinar of the year has had a pretty good year investing with the company. But I'm curious for your thoughts on how much growth potential there is from here. Just so folks who are in the room who are new to the White Gold story were wondering, you know, did they miss the run? I'd just love to have your perspective on what comes next.

44:08 I'd love to hear from both of you, so whoever wants to start first, go for it. No, I don't. I think short answer is no. I don't think you've missed the run. I think we've demonstrated, you know, on this webinar that there's a lot of exciting things or things that we're excited about. At the very base of it, just adding ounces to that resource estimate. So going from 3Moz to 4Moz, doing the PA to demonstrate those economics, that's going to move the needle. Having $23M in the till for exploration next year. I think really it's, I forget what David calls it, but it's overnight success 10 years in the making or something. I think I echo everything Dylan has to say, but even from a more of a broader market perspective, I look at the basket of juniors that we're familiar with, we're involved in, and they're still trading at somewhere between say like 30 and 60 or $70 an ounce Canadian in the ground for the most part. These were the types of valuations we saw over 10 years ago when gold was like $1,500 an ounce in the ground. So I believe that this part of the sector is the next part which is gonna start to see appreciation.

45:21 A lot of investors, the sales, institutional sales guys we speak to, you know, they've bought, the investors have bought the bigger names, they've had the appreciation, you know, they're still upside, I'm sure, but is that now, you know, if something's gone from $2 to $10, is there another $5X in that or where is there more likely? And usually it's a smaller type company. So I think that's a process that usually takes a year and a half to 2 years to get to the bigger of the smaller companies, which I think White Gold is, we're starting to see that interest now. So I think that type of capital coming in, re-rating, I think there's M&A that's going to sort of drive a little bit more interest and excitement in the sector. And for White Gold specifically, We are going to dedicate a ton of effort and resources to ensuring our story is better known to the retail institutional community. Like I said, we're trading at a discount. There's no reason we shouldn't be at least trading on par. And then ideally, as the community sees like, oh, yes, this is higher grade, more prospectivity and a very accessible area. We have the ability to continue to re-rate from there. And as Dylan mentioned, once we do demonstrate the success that we're talking about, that should just add value because there's more ounces, there's more economics, there's more production, all these types of things. So I think there's a lot of upside potential here and that's why we've been happy investors continuing to invest more and more capital as we can.

46:40 Amazing. And it's certainly been a great year for White Gold, but I'm personally looking forward to an even better one next year. David, Dylan, thank you so much for wrapping up the year with me today. I'm looking forward to what comes next, going through a bunch of questions. I know there are tons of people in the room, really appreciate all of your time today. If you have any additional questions afterwards, please do reach out. I'll make sure the White Gold team gets back to you as soon as possible. But thanks all for joining. I know there's a lot of us in the room today. This is great. David, Dylan, thanks so much. I hope you have a wonderful holiday. Yeah, thanks so much. Happy holidays, everyone. Stay tuned. I think next year has the potential to be a watershed year for White Cove. Extremely excited about the prospects. Excited about the prospects that brings.