Mr. David D'Onofrio reports

WHITE GOLD CORP. FILES TECHNICAL REPORT FOR ITS FLAGSHIP WHITE GOLD PROJECT, SIGNIFICANTLY INCREASING INFERRED RESOURCES BY 41% AND REPORTING 1,152,900 GOLD OUNCES IN INDICATED RESOURCES AND 942,400 GOLD OUNCES IN INFERRED RESOURCES, YUKON, CANADA

White Gold Corp. has filed a technical report in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects to update the mineral resource estimate (MRE) on its 100-per-cent-owned flagship White Gold project. The technical report entitled "2023 Technical Report for the White Gold Project, Dawson Range, Yukon, Canada" and dated May 30, 2023 (effective date April 15, 2023), has been prepared for the company by Dr. Gilles Arseneau, PGeo, of Arseneau Consulting Services Inc. (ACS). The technical report is available on SEDAR under the company's issuer profile.

The project is located approximately 95 kilometres south of Dawson City in west-central Yukon, Canada, and comprises 16 million tonnes averaging 2.23 grams per tonne Au for 1,152,900 ounces of gold in the indicated resource category and 19 million tonnes averaging 1.54 g/t Au for 942,400 ounces of gold in the inferred resource category. Gold mineralization at the project remains open for expansion along strike and at depth, and opportunities exist to upgrade a significant portion of inferred resources to indicated. Exploration programs supporting the MRE have been backed by partners Agnico Eagle Mines Ltd. and Kinross Gold Corp.

"We are very pleased with the significant increase in our mineral resources, which remains open for expansion, ranking the White Gold project amongst the largest primarily open-pit deposits at such high grades in Canada owned by an exploration company. We look forward to continuing exploration on our district-scale land package in the prolific White Gold district which hosts several multimillion-ounce deposits along with an extensive history of placer gold production. This updated and increased resource is a testament to the success of our technical team and the effectiveness of our systematic data driven exploration methodologies in exploring and demonstrating the expansiveness of gold mineralization in the White Gold district," stated David D'Onofrio, chief executive officer.

Highlights:

• Updated MRE includes four gold deposits -- Golden Saddle, Arc, Ryan's Surprise and VG, within 12 km of each other, and comprises:
  • 16.11 million tonnes of indicated resources averaging 2.23 grams per tonne gold for 1,153,000 ounces of gold, representing 55 per cent of total resources;
  • 18.99 million tonnes of inferred resources averaging 1.54 grams per tonne gold for 942,000 ounces of gold, representing 45 per cent of total resources.
• Updated MRE includes a maiden resource estimate for the Ryan's Surprise deposit with an inferred resource of 227,700 ounces of gold averaging 1.97 grams per tonne gold.
• The Ryan's Surprise deposit is located 1.5 km west of the Golden Saddle and Arc deposits, and along the Ryan's Trend, a 6.5 km long gold-arsenic geochemical anomaly which hosts additional prospective gold targets.
• Inferred mineral resources have increased by 41 per cent compared with previous MREs for the Golden Saddle and Arc deposits in 2020 and the VG deposit in 2021.
• Ninety-four per cent of the resources are near surface, with open-pittable indicated resources of 1,125,000 ounces of gold averaging 2.20 grams per tonne gold and open-pittable inferred resources of 853,000 ounces of gold averaging 1.46 grams per tonne gold.
• Mineralization remains open along strike and down dip, with opportunities to further expand and upgrade resources in addition to multiple underexplored targets in close proximity to the deposits.
• The company is currently planning its fully financed 2023 exploration program, focusing on recent high-grade gold discoveries and undrilled targets with details to be announced in due course.

Mineralization on portions of both the Golden Saddle and Arc deposits is known to extend beyond the limits of the current resource estimate; however, the mineralization in these areas does not currently meet the criteria to be classified as mineral resources. Based on drilling at Golden Saddle and current geologic models, there is an estimated 10 million to 12 million additional tonnes grading between one and two g/t Au of material classified as a target for further exploration (TFFE). The reader should be cautioned that the potential quantity and grade of the TFFE is conceptual in nature. There has been insufficient drilling to define a mineral resource and it is uncertain if further exploration will result in the target being advanced to a mineral resource.

The current MRE for the project was carried out by Arseneau Consulting Services (ACS) of Vancouver, B.C., and is reported in accordance with the guidelines of the Canadian Securities Administrators National Instrument 43-101 and has been estimated in conformity with generally accepted Canadian Institute of Mining, Metallurgy and Petroleum (CIM) estimation and mineral resource and mineral reserve best practices guidelines. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

The MRE presents updated estimates for the Golden Saddle and Arc deposits and the VG deposit, and a maiden estimate for the Ryan's Surprise deposit. The MRE incorporates all diamond and reverse circulation (RC) drilling data completed by White Gold and previous property owners.

Further details on the updated MRE are provided in a company news release dated April 25, 2023.

Qualified persons, technical information and quality control

The MRE for the White Gold project was prepared by Dr. Arseneau of Arseneau Consulting Services (ACS), an independent qualified person (QP) as defined under NI 43-101, who has reviewed and approved the contents of this news release. The technical content of this news release has also been reviewed and approved by Terry Brace, PGeo and vice-president of exploration for the company, who is also a QP as defined under NI 43-101 -- Standards of Disclosure of Mineral Projects.

Quality assurance/quality control

White Gold's drill core sampling consisted of collecting samples over 0.50 m to 2.50 m intervals (depending on lithology and style of mineralization) over the entire hole length. RC samples were collected at continuous 1.5 m intervals. All drill core was cut in half using a diamond saw, with half of the core placed in sample bags and the other half returned to the core box. Standard, blank and duplicate samples were inserted into both the drill core and RC sample streams at regular intervals to meet a designated QA/QC sample insertion rate. All samples were organized into batches, flown by fixed-wing aircraft from camp and transported by courier to an ISO-certified laboratory for analysis.

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 per cent of 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. 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 Corp. with indicated resources of 2.14 Moz at 1.23 g/t Au, and inferred resources of 230,000 oz at 1.01 g/t Au, and Western Copper and Gold Corp.'s Casino project which has measured and indicated resources of 7.6 billion pounds Cu and 14.5 Moz Au and inferred resources of 3.3 Blb Cu and 6.6 Moz Au.

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