White Gold : Financial Statements For The Twelve Months Ended December 31, 2023

CONSOLIDATED FINANCIAL STATEMENTS

For the Years Ended

December 31, 2023 and 2022

(Stated in Canadian Dollars)

Mao & Ying LLP

CHARTERED PROFESSIONAL ACCOUNTANTS

INDEPENDENT AUDITOR'S REPORT

To the Shareholders of White Gold Corp.

Opinion

We have audited the consolidated financial statements of White Gold Corp. (the "Company"), which comprise the consolidated statements of financial position as at December 31, 2023 and 2022, and the consolidated statements of operations and comprehensive loss, changes in equity and cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2023 and 2022, and its financial performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards (IFRSs).

Basis for Opinion

We conducted our audits in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated financial statements section of our report. We are independent of the Company in accordance with ethical requirements that are relevant to our audit of the consolidated financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material Uncertainty Related to Going Concern

We draw attention to Note 1 in the consolidated financial statements, which describes matters and conditions that indicate the existence of a material uncertainty that may cast significate doubt about the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Key Audit Matters

The key audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of key audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the key audit matter or on the accounts or disclosures to which it relates.

We have determined the matters described below to be the key audit matters to be communicated in this report:

Assessment of Impairment Indicators of Exploration and Evaluation Assets ("E&E Assets")

As described in Note 5 to the consolidated financial statements, the carrying amount of the Company's E&E Assets was $129,401,079 as at December 31, 2023. Management assesses E&E Assets for indicators of impairment at each reporting period. The principal considerations for our determination that the assessment of impairment indicators of the E&E Assets is a key audit matter are that there was judgment made by management when assessing whether there were indicators of impairment for the E&E Assets, specifically relating to the assets' carrying amount which is impacted by the Company's intent and ability to continue to explore and evaluate these assets. This in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures to evaluate audit evidence relating to the judgments made by management in their assessment of indicators of impairment that could give rise to the requirement to prepare an estimate of the recoverable amount of the E&E Asset.

1488 - 1188 West Georgia Street, Vancouver, British Columbia, V6E 4A2 Telephone: [phone] Fax: [phone]

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. Our audit procedures included, among others:

• Evaluating management's assessment of impairment indicators;
• Evaluating the intent for the E&E Assets through discussion and communication with management;
• Reviewing the Company's recent expenditure activity; and
• Obtaining supporting of title to ensure mineral rights underlying the E&E Assets are in good standing.

Contingent consideration associated with asset acquisition of Kinross properties

The Company has elected to account for the contingent consideration based on IFRS 3.39 and recognised the acquisition-date fair value of contingent consideration as part of the consideration transferred in exchange for the Kinross properties. As described in Note 8 to the consolidated financial statements, the fair value amount of the Company's contingent consideration was $5,833,057 as at December 31, 2023. Management assessed contingent consideration within the scope of IFRS 9 and measured at fair value at each reporting date and changes in fair value is recognized in profit or loss. The principal considerations for our determination that the fair value assessment of contingent consideration is a key audit matter are that there was judgment made by management when determining the fair value of the contingent consideration, specifically relating to timing when the contingent consideration will be settled and the discount rate to be used in the discounted cash flow calculation.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. Our audit procedures included, among others:

• Reviewing management's technical memo and calculation regarding the fair value of the contingent consideration;
• Performing a recalculation of the fair value of the contingent consideration; and
• Reviewing the management's sensitivity analysis for impacts to the fair value of the contingent consideration when the key assumptions change within certain range.

Other Information

Management is responsible for the other information. The other information comprises the Management's Discussion and Analysis. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the consolidated financial statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report

that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

The engagement partner on the audit resulting in this independent auditor's report is Shaohua Huang.

Vancouver, Canada,
April 29, 2024	Chartered Professional Accountants

White Gold Corp.

Consolidated Statements of Financial Position

As at December 31, 2023 and 2022

(Stated in Canadian Dollars)

					2023		2022
	Assets		December 31		December 31
	Current assets
	Cash & cash equivalents	$	4,933,962	$	6,128,051
	Amounts receivable [Note 4]		103,300		111,778
	Prepaid expenses		42,675		41,733
					5,079,937		6,281,562
	Non-Current assets
	Property, plant & equipment		7,326		10,466
	Exploration and evaluation assets [Note 5]		129,401,079		124,850,517
					129,408,405		124,860,983
	Total Assets	$	134,488,342	$	131,142,545
	Liabilities
	Current liabilities
	Accounts payable	$	254,549	$	214,730
	Accrued liabilities		17,580		15,335
	Due to related parties [Note 6]		132,011		528,099
	Flow-through share premium liability [Note 7]		606,061		406,160
					1,010,201		1,164,324
	Non-Current liabilities
	Contingent consideration & advance royalty [Note 8]		6,254,135		6,275,799
	Deferred income tax liability [Note 12]		6,992,000		6,455,000
					13,246,135		12,730,799
	Total liabilities		14,256,336		13,895,123
	Shareholders' equity
	Share capital [Note 7]		142,619,451		138,143,590
	Contributed surplus		7,236,158		6,511,643
	Accumulated deficit		(29,623,603)		(27,407,811)
	Total Shareholders' Equity		120,232,006		117,247,422
	Total Liabilities and Shareholders' Equity	$	134,488,342	$	131,142,545
Nature of operations and going concern [Note 1]
Approved on behalf of the Board: (Signed) "Maruf Raza"	(Signed) "David D'Onofrio"
		Maruf Raza, Director		David D'Onofrio, Director

The accompanying notes are an integral part of these consolidated financial statements.

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White Gold Corp.

Consolidated Statements of Operations and Comprehensive Loss

For the years ended December 31, 2023 and 2022

(Stated in Canadian Dollars)

	December 31, 2023	December 31, 2022
Expenses
Interest and bank charges	$	8,574	$	9,190
Advance royalty accretion expense [Note 8]		133,255		70,097
Contingent consideration fair value adjustment [Note 8]		-		(1,689,126)
Consulting fees		120,000		248,233
Depreciation		3,140		4,485
Salary and wages		218,468		175,372
Marketing, office and administration		563,570		574,796
Insurance		41,009		56,814
Travel expenses		80,992		46,158
Conferences and events		113,771		114,087
Professional fees		65,180		72,126
Stock based compensation [Note 7]		724,515		729,704
Transfer agent & regulatory		162,630		150,456
Loss before undernoted items		2,235,204		562,392
Interest expense (income)		(150,252)		(76,705)
Deferred income tax expense (recovery) [Note 12]		130,840		617,723
Net loss and comprehensive loss for the year	$	2,215,792	$	1,103,410
Basic and diluted loss per share [Note 7]	$	(0.01)	$	(0.01)
Weighted average shares outstanding		161,325,422		149,978,523

The accompanying notes are an integral part of these consolidated financial statements.

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White Gold Corp.

Consolidated Statements of Changes in Shareholders' Equity

For the years ended December 31, 2023 and 2022 (Stated in Canadian Dollars)

			Contributed
	Number of	Amount	surplus	Deficit	Total equity
	shares	$	$	$	$
Balance at December 31, 2021	149,589,920	134,161,945	5,781,939	(26,304,401)	113,639,483
Private Placement - December 2022
Private placement	10,910,780	4,416,870	-	-	4,416,870
Share issuance costs	-	(29,065)	-	-	(29,065)
Flow-through share premium liabilities	-	(406,160)	-	-	(406,160)
Stock based compensation	-	-	729,704	-	729,704
Net loss for the year	-	-	-	(1,103,410)	(1,103,410)
Balance at December 31, 2022	160,500,700	138,143,590	6,511,643	(27,407,811)	117,247,422
Private Placement - December 2023
Private placement	15,843,345	5,116,640	-	-	5,116,640
Share issuance costs	-	(34,718)	-	-	(34,718)
Flow-through share premium liabilities	-	(606,061)	-	-	(606,061)
Stock based compensation	-	-	724,515	-	724,515
Net loss for the year	-	-	-	(2,215,792)	(2,215,792)
Balance at December 31, 2023	176,344,045	142,619,451	7,236,158	(29,623,603)	120,232,006

The accompanying notes are an integral part of these consolidated financial statements.

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White Gold Corp.

Consolidated Statements of Cash Flows

For the years ended December 31, 2023 and 2022 (Stated in Canadian Dollars)

	December 31, 2023	December 31, 2022
Operating activities
Net loss for the year	$	(2,215,792)	$	(1,103,410)
Items not involving cash
Depreciation		3,140		4,485
Stock based compensation		724,515		729,704
Fair value adjustment and accretion expense		133,255		(1,619,029)
Deferred income tax expense (recovery)		130,840		617,723
		(1,224,042)		(1,370,527)
Change in non-cash components of working
capital
Amounts receivables		8,478		11,175
Prepaid expenses		(942)		120,858
Accounts payable and accrued liabilities		42,064		(44,664)
Due to related parties		(551,007)		241,008
Cash used in operating activities		(1,725,449)		(1,042,150)
Investing activities
Exploration and evaluation assets		(4,550,562)		(6,863,407)
Cash used in investing activities		(4,550,562)		(6,863,407)
Financing activities
Net proceeds from private placements		5,081,922		4,387,805
Cash provided by financing activities		5,081,922		4,387,805
Increase (decrease) in cash and cash equivalents		(1,194,089)		(3,517,752)
Cash and cash equivalents - Beginning of the year		6,128,051		9,645,803
Cash and cash equivalents - End of the year	$	4,933,962	$	6,128,051
Interest paid		-		-
Income tax paid		-		-

The accompanying notes are an integral part of these consolidated financial statements.

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White Gold Corp.

Notes to the Consolidated Financial Statements

For the years ended December 31, 2023 and 2022

(Stated in Canadian Dollars)

1. Nature of operations and going concern
   The Company was incorporated on March 26, 1987 under the provisions of the Company Act of British Columbia and was transitioned to the Business Corporations Act (British Columbia) on September 30, 2005. The Company changed its name to "G4G Capital Corp." on January 23, 2015 and the common shares (the "Common Shares") were traded on the TSX Venture Exchange (the "TSXV") under its symbol "GGC". The Company is classified as a 'Junior Natural Resource-Mining' company'.
   The Company then changed its name to "White Gold Corp." on December 19, 2016 and in connection with its rebranding, the Company registered to continue its corporate existence in the Province of Ontario.
   The Company's head office is located at 82 Richmond Street East, Toronto, Ontario, Canada and the common shares of the Company (the "Common Shares") are listed on the TSX Venture Exchange (the "TSXV") under the symbol "WGO".
   White Gold Corp. is in the business of acquiring and exploring mineral properties. As of December 31, 2022, the Company owned several properties in the Yukon's White Gold District in Canada (the "White Gold District"). The properties range from grass roots to more advanced exploration projects and the Company is continuing with exploration activities on its properties.
   There has been no determination whether properties held contain mineral resources or mineral reserves that are economically recoverable. The recoverability of valuations assigned to mineral properties is dependent upon the discovery of economically recoverable mineral resources and mineral reserves, confirmation of the Company's interest in the properties, the ability to obtain the necessary financing to complete development, and future profitable production or proceeds from disposition.
   Going Concern
   Management believes the Company will be successful at securing additional funding so that its capital resources will be sufficient to carry its operations through the next twelve months; however, there are several conditions that may cast significant doubt on the Company's ability to continue as a going concern. During the year ended December 31, 2023, the Company incurred a net loss of $2,215,792 (December 31, 2022 - $1,103,410), and used cash flow of $1,725,449 for operating activities (December 31, 2022 - $1,042,150). As at December 31, 2023, the Company has an accumulated deficit of $29,623,603 (December 31, 2022 - $27,407,811). These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") applicable to a going concern. Accordingly, they do not give effect to adjustments that would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and liquidate its liabilities and commitments in other than the normal course of business and at amounts different from those in the accompanying consolidated financial statements
   The consolidated financial statements were approved by the Board of Directors on April 29, 2024.
2. Basis of Presentation

Statement of Compliance

These consolidated financial statements, including comparatives, have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and Interpretations of the IFRS Interpretations Committee ("IFRIC").

The accompanying notes are an integral part of these consolidated financial statements.

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White Gold Corp.

Notes to the Consolidated Financial Statements

For the years ended December 31, 2023 and 2022

(Stated in Canadian Dollars)

2. Basis of Presentation (continued)

Basis of Presentation

These consolidated financial statements have been prepared on a historical cost basis, except for financial instruments classified as financial instruments at fair value through profit and loss, which are stated at their fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.

The Company has prepared the consolidated financial statements on the basis that it will continue to operate as a going

concern.

Principles of Consolidation

These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries 0814117 BC Ltd. and Selene Holdings Limited Partnership. All inter-company transactions and balances have been eliminated upon consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions which affect the reported amount of the Company's assets, liabilities, expenses, and related disclosures. Assumptions and estimates are based on historical experience, expectations, current trends and other factors that management believes to be relevant at the time at which the Company's consolidated financial statements are prepared.

Management reviews, on a regular basis, the Company's accounting policies, assumptions, estimates and judgments in order to ensure that consolidated financial statements are presented fairly and in accordance with IFRS.

Critical accounting estimates are those that have a significant risk of causing material adjustments and are often applied to matters or outcomes that are inherently uncertain and subject to change. As such, management cautions that future events often vary from forecasts and expectations and that estimates routinely require adjustments. Estimates and assumptions where there is significant risk of material adjustments to assets and liabilities in future accounting periods include: the recoverability of the carrying value of exploration and evaluation assets, the fair value adjustment of contingent consideration, going concern assumption and measurement of deferred tax assets and liabilities. Actual results may differ from those estimates and assumptions.

Use of Judgments

The preparation of consolidated financial statements in accordance with IFRS requires management to make judgments, apart from those involving estimates, in applying accounting policies. The most significant judgments applying to the Company's consolidated financial statements include the assumption regarding economic recoverability and probability of future economic benefits of exploration and evaluation expenditures.

3. Material Accounting Policy Information

Cash and Cash Equivalents

The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance, to be cash equivalents.

The accompanying notes are an integral part of these consolidated financial statements.

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