White Gold Corp. (WHGOF) Earnings Call Transcript & Summary

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 Langille, VP of 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 going to work. I've got some questions for the executives that we're going to run through. And then this is an interactive event. So 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 as many as we can. If there's any questions we don't get to for whatever reason, then we'll send them to 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, we'll available for replay in just a bit over an hour after the event ends. So looking forward to having that in your inbox, you can straight around.

But let's get into the protein because I'm excited to talk today. And David, I do want to start with you. We're wrapping up 2025. I'll start with -- what do you think most significant milestones for White Gold this year? Obviously, a big year, but if you could summarize, what do you think the big ones?

Yes. 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 20 million ounces of placer gold at surface. Our package was assembled by Shawn Ryan, the notorious prospector who is credited for all the hard rock discoveries in that area. He went there. He said this much gold at surface. I want to find the source and other incidences of deposits in the bedrock. He's been incredibly successful. We've discovered so far 3 million ounces in our flagship property. It is the highest grade deposit in all the Yukon, one of the highest grade open pittable deposits in Canada. We think it has tremendous growth upside potential on the deposit itself and within the surrounding area. And then the complement 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 just made an updated resource. We've added to our team, Dylan, who's been a transformational 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. Shawn has 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 stats. 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 we'll be able to see the true success.

Awesome. I appreciate that summary very much. One specific question I got is how did that 44% increase in indicated resources to that 1.73 million ounces and the strong drilling results at Golden Saddle position White Gold for the future for next year.

Yes. Well, I'll turn that over to Dylan. He's the man with the plan.

Yes. So yes, the resource estimate update was a great start in the process of really understanding kind of the growth potential that lies at the assets with Golden Saddle, Arc, Ryan's’ Surprise, and VG. When I joined the company, that was kind of 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 2.3 million ounces to 3 million ounces at about an average grade of 1.4 grams per ton, but what's really exciting about Golden Saddle on particular, that deposit represents about 2 million to 2.1 million ounces of the resource estimate right now. And at the center of that deposit is a high-grade core of 1.1 million ounces at 2.84 grams per ton and then 700,000 ounces at almost 5 grams per ton. So it's got this really high-grade 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. So we did the 3 holes in Golden Saddle that went through all those 3 key mineralization zones, so 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. So that was that exciting drill hole that we released a little while ago now. And to dig into that a little bit, what was so exciting, and I'll share my screen just a figure here.

Go for it.

Are you guys able to see a cross section?

[indiscernible].

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 -- or almost 1 gram per ton over 3 meters. And then excitingly, we went through the main zone at a 70-meter spacing, and we intersected 6.9 grams per ton over 50.2 meters. 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 hole up dip and the hole down dip, where you can see hole 193 intersected 4 grams per ton and the hole above it intersected 3.6 grams per ton. So 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 in a long strike. And then that third zone that we intercepted was the footwall breccia, which historically was recognized and it ran 4 grams per ton over 12 meters. So we went in and with this first pierce point intersected almost 7 grams per ton over almost 3 meters. So it's a really positive and exciting drill hole.

That's awesome. 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 look 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, 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 seems so little work and it so prospective. 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 or the Abitibi or Timmins or Nevada Gold Fields. Those types of opportunities are very few and far between and even more rare to have those type of opportunities 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 to -- 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 the territorial government. This is a top agenda item. 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. No, 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 going to put you in the uncomfortable position of having you gas yourself up because I know you joined White Gold Corp as VP of 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?

Yes, sure. So yes, I joined the company as VP of 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. So I was there through the acquisition by Kinross for $1.8 billion. And then I spent the last 3 years being heavily involved in leading 350,000 meters of diamond drilling to take that resource from 5 million to 7 million ounces plus. So that project is now on the fast track to production. And really, that's when I got in touch with David to see what White Gold had under its portfolio. And 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. 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 the technical backing and the success that the group has had with Shawn Ryan doing the extensive soil programs, designing his own techniques, making or being involved in multiple discoveries in the district is a really exciting opportunity to get involved with. So that was kind of the #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 for anyone in the industry. But knowing that they had that 2.3 million ounce foundation in the resource base, I saw it as a low-risk opportunity. So 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, the backing that we've got with Agnico and then Dave and PowerOne and that group adds a whole another level of opportunity and excitement as well. So yes, I'm happy and look forward to what we're going to do over the next few years.

No, I love that. And I appreciate the context of folks in the room are just meeting you now for the first time. But I'd also love to know now 6 months in, 7 months in, how is the first exploration season go overall? What's your perspective beyond the obviously, spectacular hole we've already talked about?

Yes. 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 1 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 we'll 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 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 the surface geochemistry anomalies. So we ran that program as well. So 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.

Awesome. No, 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 1.1 million ounces grading 2.84 grams per tonne indicated category. I'm curious, just for folks in the room 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 kind of a more technical perspective. One thing to highlight initially is that this resource, we've been able to accomplish that with a relatively de minimis 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 10x 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. By way of context, the project just to the south of us, it's the Coffee project. That was another Shawn 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 rerate the economic potential of all these other projects and new discoveries we'll be making. But just by way of context, that had about 600,000 meters of drilling. So we've done 1/10 the drilling of our project. And I think they're at 3.8 million ounces, we're at 3 million ounces. So from that perspective alone, I think you can really start to visualize the type of upside opportunity we have. But even to provide some more context to that, our growth potential is going to come in 3 ways. Number one, 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. 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 I mentioned really opened our eyes to some potential like that was sitting right in our lab. But with these other targets, we've identified anomalies. We 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 pool 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. 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 alongside of us. And as 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 like the potential of these other properties coming along as we go forward on the gold side, which we -- 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.

Yes. I'll add a few comments. Dave touched on one of my favorite ones just in terms of we've done 60,000 meters of drilling on Golden Saddle, which in proportion to other projects I've been involved in other projects we see that have done 500,000-plus meters. It really speaks to the potential that hasn't been tapped into yet with these deposits. So 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. We have -- I think are you guys seeing my map on the White property?

Yes.

Yes. Okay. Awesome. We have Golden Saddle right at the center of this property, and we have the Arc to the South, Southeast, Ryan's’ 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 3 million ounces to 4 million ounces. 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. And really, Ryan's’ Surprise and [indiscernible] are the only ones that have been heat tested or drill tested, but there's a 7-kilometer trend here that remains untested. You also start to question what's the relationship. 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 Golden Saddles only drilled tested down to a vertical depth of 500 meters. There's still lots of room to explore below that and see what happens with the gold mineralization as we go deeper.

Awesome. Really appreciate that. One question I got that I'm going to split it into 2 parts. And David, I'll start with you. I know when a lot of people think of White Gold, they very reasonably think of gold because of the remarkable resource you've already talked about. But I know that Phase 1 of the 2025 program did focus on critical minerals, including copper, molybdenum, and tungsten. 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, Guilder and Mt Hart. So David, I'll start with you.

Yes. I got a very simple answer. The reason behind it is because we found it. But 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 Tintina belt, which stretches from Alaska through the Yukon down into British Columbia. There have been tremendous discoveries of gold, copper and a 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 the rocks don't know borders, right? So it's just for whatever reason, this part of Canada has been overlooked. Maybe there was easier lower-hanging fruit in Ontario and Quebec 30 years ago. But all that -- the easy discoveries have been made there. You go to Timmins, the exploration is being done at 1,000 feet deep. Here, we're literally scratching the surface and making discoveries with 2 of others. So as we've 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 we -- 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 perspectivity. And I'll kind of let Dylan give 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 & Gold, which is Canada's largest undeveloped copper project speaks even more to the potential of these projects. These porphyries happen in clusters. So 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 in our properties.

Awesome, Dylan, I'll throw it to you for the kind of second half of that.

Yes, for sure. So just -- I have the whole map sheet of. So yes, the first half of our exploration program was targeting those critical mineral targets. And the 3 that we focused on where the Nolan property up to the Northwest, the Loonie kind of just north of center in our property portfolio. And then the one that we've put out results for so far is on the Pedlar property, which is highlighted in pink on this map sheet. That sits 30 kilometers north of that casino deposit, a huge copper porphyry deposit that's been undeveloped to date. So we put out the release on the Pedlar geophysics, which we believe has highlighted a really exciting target. The property lies along this Big Creek fault that is renowned for hosting many porphyry-style deposits. It's got Minto to the north, Carmacks off to the east. So it's 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. So overall, 24 chargeability axes were identified as possible targets, but we really wanted to hone those in. 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, low to medium resistivity anomalies that suggests that are confirmed 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-moly cores. And then you have these silver-bismuth halos surrounding those cores. And then even just the geometry of these results, 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. 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 that suggests 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, one on the Loonie property and one on the Nolan property. So yes, I look forward to putting those out as well.

Awesome. Love to stay tuned. It's exciting [indiscernible] I wanted to zoom out for a second and talk about just the national support for mining generally. So now the federal government announced really significant infrastructure commitments in 2025, including referring the Northwest Critical Conservation corridor to the major projects office but also the proposed Yukon-B.C. 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 one. Number two, they've also realized that we've ignored this for decades. 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 amounts that like I've never seen before to the point where you actually see now governments like in the U.S. administration actually financing projects directly. So that type of a backdrop is spectacular, right? So now we're not -- it's no longer a headwind. I believe the whole industry has a tailwind. And what's particularly exciting on the exploration and development side is -- and I don't think the market is 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 that -- when that is sort of really -- 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 like we're fortunate with who, we already have a deposit. We have all these great targets. That's just going to increase the value altogether. But how important of it, it's incredibly important. All these work the way they are today, right? There's been operating mines in the Yukon. All it's going to do is make it faster and more economical to do so. Particularly one thing I love about the White Gold on the gold side project so much, it's so high grade. Like when we were getting into this, we are 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 in 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 Sikka and Benn. It's brought a lot of attention to that. Now those companies have had the benefits of bigger exploration program in 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 have like double the grade and you've done so much less work, you really start to see people's mind turning and aligning with our 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. Like the stars are really aligning because you have the 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 -- it feels like we have the right type of project in the right place at the right time with the right [indiscernible] backers. It's really an exciting time to be in this industry.

Awesome. No, 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. So I know that also, you mentioned the relogging and resampling program targeting previously unsampled historic drill core in the hanging wall and footwall zones. How much potential do you see for cost effectively adding ounces through this real ounces? And what have initial results shown in that direction?

Yes, that's a great point to bring up. So 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 wire frame 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. 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. And I think part of that was those holes and unsampled intervals in those wire frames because right now, if there's a hole in those wire frames, it's probably lowering the grade, right? Because it doesn't have any data points there. So we look forward to getting back in the first -- beginning of the next season and getting in there and sampling those intervals so that we can add grade to those wire frames and improve the economics of that pit.

No, awesome. Appreciate that. So I've got 3 questions a for you guys before I'm going to get into audience questions. I know a lot were sent in over e-mail. 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 you can during today's event. But I'm going to talk about finances, what Dylan is most excited about and then the future at 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 to sit?

It's an absolute game changer. Like 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. Number one, 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 is ready, when the capital is there and it made sense to do so, we can. So we have tons of opportunity 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, that's the time where you want to be getting involved because you're going to start seeing a lot of activity.

Sure. No, that's a great perspective.

It's great we have Dylan on our team. He has such a wealth of knowledge, a different perspective. I love the way that he's meshed with Shawn and the rest of our technical team. And I just think he's going to do sensational stuff with this capital available to me.

That's great. And Dylan, with that in mind, I'll actually throw it to you because I love asking geologists what excites them the most because I find you guys are such a delightfully excitable group. So as we've talked about today, White Gold District has got multiple underexplored targets beyond the flagship deposits, properties covering 40% of the district, neighboring coffee, casino and 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?

It'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. But beyond -- my favorite when I came in was expanding that resource estimate. But beyond that, I really am excited about Pedlar 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's phenomenal intercepts, just minimal drilling, not well understood yet. So 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, right? So 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's properties that have had some drill success, but haven't seen enough meters or interpretation to really understand those systems. So that will get its next phase of work. Other geophysical surveys on some of our 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 we count sort of -- it's been so fun to watch Dylan immerse himself and throughout the portfolio because as he gets laser focused, we had the program, then you'll start to move to the next project and I'll get a text message like in the middle night, this is an amazing project. How can you guys haven't done more work on this? -- answer, yes, 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. Oh my God, Dave, these are crazy results. This is wide open. We need to do more work here. Like yes, absolutely, like that's what we brought you in for. And then another one, and it's like he's probably maybe been through 1/3 of the project so far. And sort of -- it's nice to see that he kind of shares our passion or vision for the opportunity here, and I can't wait for to think and all and the team.

Awesome. I love that. I just love seeing an excited geologist. It's one of my favorite things to do a webinar. So it's a lot like that. David, I'll throw it to you before I get to questions that have come in over e-mail. 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?

Yes, there's going to be a ton of catalysts coming up starting. We're just actually in it and going through 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 I and Phase II 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 one. Number two, 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 to shareholders. So shareholders of White Gold will then become shareholders of this new project, which will have the dedicated team and finances to advance itself. And like I said before, I believe these are all bona fide, very prospective large copper porphyry type opportunities, which I think are as exciting as many of the gold projects we have within our 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 that it has potential to be extremely robust. These types of high grades going right to surface should produce a very meaningfully profitable operation. And 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, I think, see a lot of value built from.

Awesome. I appreciate that. Now one question that came in on e-mail 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 spinout already. But one person asked -- do you see a major grouping of efforts by several different mining companies in the Yukon property area? They note 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 neighbors?

Yes. Like 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 in top quality areas. That's Canada, right? 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. Let's remember, these companies are in the extracted industry. You produce an ounce of gold or copper, you need to replace that in order to continue to have profit. 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. That's probably come. 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 to your point is we're seeing a lot of interest coming into join. Obviously, Agnico is our largest shareholder. They're a shareholder in our next neighbor Fuerte, Rio, our other next neighbor Western Copper and Gold, B2Gold 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 our part of the district and in the Yukon in general.

Awesome. And I'm glad you mentioned Agnico because somebody wrote in an e-mail 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. Just 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 of Trailblazers or 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. So somebody asked really specifically, I know -- sorry, go for it.

No, it's a good question.

Yes, I'm glad people are turning in some good stuff. Now I know we already talked about the spinouts, and we talked about next year's upcoming catalysts. 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 like next year, we're working on it, yes.

Awesome. Great. Jan from the chat asks, are we expecting a financing round shortly? Is that likely or not in the near term?

No, we are fully funded for our program for next year.

We have 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. 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 plan to 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 for folks who are in the room who are new to the White Gold story, we're wondering, did they miss the run? I'd just love to have your perspective on what comes next. I'd love to hear from both of you, so whoever wants to start first, go forward.

Yes, go ahead Dylan.

No, I don't -- I think short answer is no, I don't think you've missed the run. I think we've demonstrated 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 3 million ounces to 4 million ounces, doing the PA to demonstrate those economics, that's going to move the needle, having $23 million in the tail 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, like 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 CAD 30 and CAD 60 or CAD 70 an ounce 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 going to start to see appreciation. A lot of investors, the sales -- institutional sales guys we speak to, they bought -- the investors have bought the bigger names. They've had the appreciation. There's still upside, I'm sure, but is that now -- if something has 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 we -- I think that's a process that usually takes 1.5 years 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, rerating, I think there's M&A that's going to sort of drive a little bit more interest and excitement in the sector. And then 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 is like, oh, yes, this is higher grade, more prospectivity in a very accessible area, we have the ability to continue to rerate from there. And then 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.

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.

Yes. Thanks so much. Happy holidays to everyone. Stay tuned. I think next year has the potential to be a watershed year for [indiscernible] excited about the prospects so far.

Yes, thanks everyone.

Cheers everyone.