TORONTO, ON, August 19, 2026 – White Gold Corp. (TSX-V: WGO | OTCQX: WHGOF) shareholders have approved the proposed spinout of the Company’s Yukon critical-mineral assets into W2 Critical Minerals Corp. The approval marks a significant step toward separating White Gold’s gold development business from its copper, molybdenum, tungsten, and other critical-mineral exploration portfolio.
For shareholders, the proposed structure is straightforward. On the effective date of the transaction, eligible holders of White Gold shares are expected to receive one W2 share for every five WGO shares held. Their existing WGO shares will remain unchanged. White Gold is also expected to retain an approximate 19.9% interest in W2 following completion of the transaction and the associated financing.
The transaction has been approved by shareholders. It has not yet closed. It remains subject to final court, regulatory, and TSX Venture Exchange approvals. White Gold will announce the record date and payment date once closing conditions have been satisfied.
What Shareholders Are Expected to Receive
| Before the Spinout | After Completion of the Spinout, if all conditions are met |
| One investment in White Gold, containing both the flagship gold project and critical-mineral assets | The same WGO shares, plus one W2 share for every five WGO shares held at the effective date |
| Gold, copper, molybdenum, tungsten, and other asset exposure held inside one public company | A gold-focused White Gold position and a separately listed critical-minerals exploration position, subject to W2 listing approval |
| No direct public-market value assigned to the W2 asset portfolio | A potential path to a separate market valuation for W2, although no value or listing is guaranteed |
Why the Separation Matters
White Gold’s flagship gold project now has an independent PEA. The study outlines an after-tax NPV(5%) of approximately US$1.4 billion, converted from C$1.911 billion at the PEA’s stated exchange rate, at a base case gold price of US$3,600 per ounce. It also outlines a 9.4-year open-pit operation producing an average of 188,000 ounces of gold annually.
The proposed spinout allows the market to assess that gold development story on its own merits, while W2 pursues a separate critical-minerals exploration mandate. That distinction matters because the two asset groups appeal to different investors, require different technical programs, and may be valued using different comparables.
W2 will hold White Gold’s interests in certain Yukon properties prospective for copper, molybdenum, tungsten, and other critical minerals. The proposed structure is intended to create a focused public vehicle for those assets, while leaving White Gold’s capital allocation and corporate attention focused on advancing its gold project, drill program, and next-stage development work.
There is no guarantee that the separation will create a higher aggregate market value. It could, however, make the value proposition easier to evaluate. Investors will be able to assess the economic potential of White Gold’s gold project separately from the exploration potential of the W2 portfolio, rather than trying to apply one valuation to both.
White Gold’s Gold Business Does Not Go Away
The W2 transaction does not reduce a shareholder’s WGO position. White Gold will continue to own and advance its flagship White Gold Project, which hosts 1,732,300 ounces of indicated gold resources and 1,265,900 ounces of inferred gold resources. The Company has three drills active in its largest-ever diamond drilling program and has stated that 15,000 to 20,000 metres of drilling are planned in 2026.
The recently completed PEA provides the project with a formal economic framework. The current drilling, resource-expansion work, metallurgical optimization, permitting readiness, and potential next-stage study are the steps that could further define the value of the gold business over time.
The Resource Vault Perspective
White Gold has spent years assembling one of the largest land packages in the Yukon. The approved W2 spinout is an effort to separate two different sources of optionality that have been housed in the same company: a gold development asset with a PEA, and an earlier-stage portfolio of critical-mineral exploration properties.
For shareholders, the appeal is not that a new W2 share has a guaranteed value. It does not. The appeal is that the proposed structure gives shareholders exposure to the W2 portfolio without changing their WGO holding, while allowing the flagship gold business to be assessed more clearly against its own development milestones.
The next items to watch are the completion of the arrangement, confirmation of the record and payment dates, W2’s planned TSXV listing application, and continued drill results from White Gold’s gold project.
For our full initiation report on White Gold and future updates, visit the White Gold Company Page on The Resource Vault.
Read the initiation report: Is This the Next Major Gold District?