Mr. David D'Onofrio reports

WHITE GOLD CORP. CLOSES $5M FIRST TRANCHE OF UPSIZED PRIVATE PLACEMENT

White Gold Corp. has closed the first tranche of a non-brokered private placement for aggregate gross proceeds of approximately $5,015,000, consisting of the sale of: (i) 8,063,000 common shares in the capital of the company that qualify as flow-through shares, within the meaning of the Income Tax Act (Canada), at a price of 26 cents per share; (ii) 5,092,593 FT shares that will also qualify for the federal 30-per-cent critical-mineral exploration tax credit at a price of 27 cents per share; and (iii) 7,013,182 common shares a price of 22 cents per share.

"We are very appreciative for the continued support and strong interest in this financing from new and existing shareholders to fully fund an impactful 2025 exploration program, and are excited to continue to unlock the vast potential of our district-scale portfolio in one of Canada's prolific mineral belts, which continues to demonstrate abundant gold and critical-mineral prospectivity. To date, White Gold has delineated significant gold resources, made recent new discoveries and developed an exceptional exploration pipeline for gold, copper and other critical-mineral opportunities in this Tier 1 mining jurisdiction," stated David D'Onofrio, chief executive officer.

Pursuant to an investor rights agreement between the company and Agnico Eagle Mines Ltd. dated Dec. 13, 2016, Agnico has indicated that it intends to acquire approximately 1,136.363 HD shares pursuant to the offering, which is expected to close on or about Jan. 3, 2025. In addition, certain officers and directors of the company acquired 1,217,273 HD shares today pursuant to the offering.

Insiders, including Mr. D'Onofrio, Marufur Raza and Sean Bromley, have purchased, or have agreed to purchase, an aggregate of 2,353,636 common shares pursuant to the offering. Participation by insiders in the offering is considered a related party transaction, pursuant to Multilateral Instrument 61- 101 -- Protection of Minority Security Holders in Special Transactions. The company is 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(a) and 5.7(1)(a) of MI 61-101. The company will file a material change report fewer than 21 days prior to closing of the offering, as the participation of the insiders in the offering had not been confirmed at that time.

The gross proceeds received from the sale of the FT shares will be used to incur (or deemed to incur) Canadian exploration expenses, as defined in Subsection 66.1(6) of the tax act, and the gross proceeds from the sale of the CFT shares will be used to incur (or deemed to incur) eligible Canadian exploration expenses that qualify as flow-through critical-mineral mining expenditures (as both terms are defined in the tax act) related to the company's properties in the White gold district of Yukon on or before Dec. 31, 2025, and to renounce all the qualifying expenditures in favour of the subscribers of the FT shares and CFT shares, effective Dec. 31, 2024.

In connection with the closing of the first tranche of the offering, the company paid cash finders' fees to certain finders equal to 7 per cent of the gross proceeds raise by each finder and issued to finders an aggregate of 472,405 finders' warrants, representing 7 per cent of the aggregate number of offered shares sold to purchasers introduced to the company by such finders. Each finder's warrant will entitle the holder to acquire one common share at a price of 22 cents per common share for a period of 36 months from the date of issuance.

All securities issued pursuant to the offering, including the common shares underlying the finders' warrants, are subject to a statutory four-month-and-one-day hold period, in accordance with applicable Canadian securities laws.

About White Gold Corp.

The company owns a portfolio of 15,876 quartz claims across 26 properties covering approximately 315,000 hectares (3,150 square kilometres), representing approximately 40 per cent 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 1,203,000 ounces of gold in indicated resources and 1,116,600 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 that border sizable gold discoveries, including the Coffee project owned by Newmont Corp. with measured and indicated resources of 2.1 million ounces at 1.28 grams per tonne gold and inferred resources of 200,000 ounces at 1.04 g/t gold, and Western Copper and Gold Corp.'s Casino project, which has measured and indicated resources of 7.6 billion pounds copper and 14.5 million ounces gold as well as inferred resources of 3.3 billion pounds copper and 6.6 million ounces gold.

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