White Gold : Management Discussion & Analysis for the Twelve Months Ended December 31, 2023

MANAGEMENT'S DISCUSSION

&

ANALYSIS

For the Twelve Months Ended December 31, 2023

White Gold Corp.

Management's Discussion and Analysis of Financial Results

For the Twelve Months Ended December 31, 2023

The following Management's Discussion and Analysis ("MD&A") as of April 29, 2024 should be read in conjunction with White Gold Corp's (the "Company" or "White Gold") Audited Consolidated Annual Financial Statements for the fiscal year ended December 31, 2023 (together, the "Financial Statements") and accompanying notes thereto which have been prepared in accordance with International Financial Reporting Standards ("IFRS"). All figures are in Canadian dollars. Additional information relating to the Company is available on SEDAR+ (www.sedarplus.ca).

Management is responsible for the preparation and integrity of the Consolidated Financial Statements, including the maintenance of appropriate information systems, procedures, and internal controls. Management also ensures that information used internally or disclosed externally, including the Consolidated Financial Statements and MD&A, is complete and reliable.

The Company's board of directors (the "Board") follows recommended corporate governance guidelines for public companies to ensure transparency and accountability to shareholders. The Board's audit committee meets with management quarterly to review the Consolidated Financial Statements including the MD&A and to discuss other financial, operating, and internal control matters.

Forward-Looking Statements

Certain statements contained in the following MD&A and elsewhere constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "budgeted", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. The forward-looking statements in this MD&A speak only as of the date of this MD&A or as of the date specified in such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks set forth in the Company's filings and herein. Additional information regarding the Company, including copies of the Company's continuous disclosure materials is available through the SEDAR+ (www.sedarplus.ca).

The table below sets forth the significant forward-looking information included in this MD&A.

Forward-Looking Information

The Company's working capital as at December 31, 2023 is anticipated to be adequate for it to continue operations for the next 12 month period ending December 31, 2024

Key Assumptions

The operating and exploration activities of the Company for the twelve month period ending December 31, 2024, and the costs associated therewith, will be consistent with the Company's current expectations; and equity markets, exchange and interest rates and other applicable economic conditions will be favourable to the Company. The Company will be able to raise additional funds on favourable terms as needed to fund the next 12 months of operations.

Most Relevant Risk Factors Unforeseen costs to the Company will arise; any particular operating cost increase or decrease from the date of the estimation; changes in operating and exploration activities; changes in economic conditions; timing of expenditures

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White Gold Corp.

Management's Discussion and Analysis of Financial Results For the Twelve Months Ended December 31, 2023

The Company's properties may contain economic deposits of minerals

The actual results of the Company's exploration and development activities will be favourable; operating, exploration and development costs will not exceed the Company's expectations; all requisite regulatory and governmental approvals for exploration projects and other operations will be received on a timely basis upon terms acceptable to the Company, and applicable political and economic conditions are favourable to the Company; the price of applicable commodities and applicable interest and exchange rates will be favourable to the Company; no title disputes exist or will arise with respect to the Company's properties; and the Company has or will obtain adequate property rights to support its exploration and development activities.

Commodity price volatility; uncertainties involved in interpreting geological data and confirming title to acquired properties; inability to secure necessary property rights; the possibility that future exploration results will not be consistent with the Company's expectations; increases in costs; environmental compliance and changes in environmental and other applicable legislation and regulation; interest rate and exchange rate fluctuations; changes in economic and political conditions

Planned exploration activities, including, but not limited to, the 2024 Exploration Program

Timing and payments of any royalties payable (including advance royalty payments) on the properties of the Company

The Company will carry out its exploration activities as planned; the actual results of the Company's exploration and development activities will be favourable

That royalty payments will be made when due

The Company may need to modify plans for exploration activities depending on results, costs, permitting and timing of such activities; the possibility that future exploration results will not be consistent with the Company's expectations

That royalty payments will not be made when due

Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

Inherent in forward-looking statements are risks, uncertainties and other factors beyond the Company's ability to predict or control. Please also make reference to those risk factors identified or otherwise indirectly referenced in the "Risks and Uncertainties" section below. Readers are cautioned that the above chart does not contain an exhaustive list of the factors or assumptions that may affect the forward-looking statements contained in this MD&A, and that the assumptions underlying such statements may prove to be incorrect. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this MD&A.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. All forward-looking statements

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White Gold Corp.

Management's Discussion and Analysis of Financial Results

For the Twelve Months Ended December 31, 2023

herein are qualified by this cautionary note. Accordingly, readers should not place undue reliance on forward- looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward- looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law.

History of Business

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. 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".

Company Overview

White Gold Corp. is in the business of acquiring and exploring mineral properties. The Company owns a portfolio of 15,876 quartz claims across 26 properties covering 315,600 hectares representing approximately 40% of the Yukon's White Gold District in Canada (the "White Gold District"). The properties range from grass roots to more advanced exploration projects, including the Golden Saddle and Arc deposits, purchased from Kinross Gold Corporation ("Kinross") in 2017 and the VG Deposit, purchased from Comstock Metals Ltd. ("Comstock") in 2019. Certain portions of the claim packages are bordered by properties with gold and copper deposits owned by Newmont Corporation and Western Copper & Gold Corporation. The Company is in the process of conducting exploration activities on its properties.

In 2017, the Company conducted exploration work on the newly acquired White Gold property (the "White Gold property") with the goal of validating historic drilling and working towards calculating a current mineral resource estimate. Exploration work was also performed on various other properties which are included in its regional package. The work identified numerous new anomalies/prospects through the soil sampling, GT Probe, IP- Resistivity, and DIGHEM airborne geophysical surveys that warranted follow up work in subsequent exploration campaigns. Rotary air blast (RAB) drill results on these regional properties also validated earlier stage exploration work, warranting further follow up.

Exploration in 2018 was focused mainly on two properties. On the White Gold property both reverse circulation (RC) and diamond drilling was carried out to further define and expand the Golden Saddle and Arc resources and to test additional targets on the property. On the JP Ross property the high-grade Vertigo discovery was assessed through rock sampling, trenching and RAB and RC drilling.

Significant results from 2019 exploration included the new high-grade discovery of the Titan target, drill results from the Vertigo, VG deposit and Ryan's Surprise and Golden Saddle West areas, along with those from numerous regional targets on the White Gold (Ulli's Ridge, Mackinnon, others) and JP Ross (Stage Fright, Frenzy, Sabotage, others) properties.

Exploration diamond drilling in 2020 focused on the Ryan's Surprise target on the White Gold property and the high-grade Titan target on the HEN property. RAB drill programs were carried out on the HEN and JP Ross properties, and a mechanical trenching program was carried out on the JP Ross property. An extensive regional exploration program was also carried out on several properties which included geological mapping and prospecting, surface geochemistry surveys (soils and GT probe), and ground geophysical surveys (Magnetics and VLF-EM).

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White Gold Corp.

Management's Discussion and Analysis of Financial Results

For the Twelve Months Ended December 31, 2023

In 2021, exploration diamond drilling continued on the Ryan's Surprise target and was expanded to the Ulli's Ridge target which lies to the immediate south. The goal of this drilling was to continue evaluating the resource potential of targets proximal to the Golden Saddle and Arc deposits. A maiden diamond drilling program was also completed on the Betty property, and a RAB drilling program was completed on the Bonanza property. In late 2021, the Company also released an updated mineral resource estimate for the VG deposit which is located on the QV property, approximately 11 km north of the Golden Saddle deposit. A significant regional exploration was also carried out on several properties which included geological mapping and prosecting, surface geochemistry surveys (soils and GT probe), ground geophysical surveys (Induced Polarization - Resistivity), LiDAR surveys and new structural geological interpretations.

In 2022, the Company has continued to conduct exploration with the goal of identifying areas with potential to add resources proximal to its flagship Golden Saddle and Arc deposits, located on the White Gold property, as well as test several regional targets on its extensive land package, including the highly prospective Betty property located in the southern part of the Company's land package. Regional exploration work included additional geological mapping and prospecting, soil sampling, and LiDAR surveys.

In 2023, exploration diamond drilling focused on the Betty Ford, Vertigo and Cali targets with the goal of expanding the mineralization footprint at Betty Ford, testing of a new structural interpretation at Vertigo, and maiden diamond drill testing of a 2 km long gold and multi-element soil anomaly at Cali. The Company also conducted maiden RAB drill programs to test gold targets on the Wolf and Toonie properties. Regional exploration work designed to identify new potential drill targets included a soil geochemistry survey at the QV property and ground geophysical Induced Polarization (IP) - Resistivity surveys at the Pedlar and Hayes properties located in the southern portion of the Company's land package.

Company Update

On March 1, 2019, the Company acquired the QV Gold Project, comprised of 16,335 hectares (40,000 acres) in the Yukon's White Gold District, from Comstock Metals Ltd. ("Comstock"), in consideration for payment of $375,000 cash, and the issuance of 1,500,000 common shares of the Company and 375,000 share purchase warrants to Comstock. Each warrant is exercisable into one additional common share of the Company for a period of three years at an exercise price of $1.50. The property is subject to a 2.0% underlying net smelter return royalty (NSR), of which 1.0% may be purchased for $2,500,000. Annual cash advance payments of $25,000, deductible against the royalty, are payable until commencement of commercial production.

On July 15, 2019, the Company filed an updated technical report entitled "Independent Technical Report for the White Gold Project, Dawson Range, Yukon, Canada" (the "2019 White Gold Technical Report"), dated effective June 10, 2019, prepared for the Company by Arseneau Consulting Services Inc., which includes the Company's updated mineral resource estimate for the White Gold Property covering the Golden Saddle and Arc deposits. A copy of the 2019 White Gold Technical Report is available on SEDAR+ (www.sedarplus.ca).

On July 10, 2020, the Company filed an updated technical report entitled "Technical Report for the White Gold Project, Dawson Range, Yukon, Canada" (the "2020 White Gold Technical Report"), dated effective May 15, 2020, prepared for the Company by Arseneau Consulting Services Inc. and A. Hamilton, which includes the Company's updated mineral resource estimate for the White Gold Property, covering the Golden Saddle and the Arc deposits. A copy of the 2020 White Gold Technical Report is available on SEDAR+ (www.sedarplus.ca).

On August 24, 2020, the Company filed a final short form base shelf prospectus (the "Shelf Prospectus") with the securities regulatory authorities in each of the provinces and territories of Canada other than Quebec. The Shelf Prospectus will allow the Company to make offerings of up to $50 million of any combination of common shares, warrants, subscription receipts, units and debt securities (collectively, the "Securities"). The Shelf Prospectus will be effective for a 25-month period, expiring in September 2022. The specific terms of any offering of Securities, including the detailed use of proceeds from any offering, will be set forth in a supplement to the

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White Gold Corp.

Management's Discussion and Analysis of Financial Results

For the Twelve Months Ended December 31, 2023

Shelf Prospectus. A copy of the Shelf Prospectus is available under the Company's issuer profile on SEDAR+ (www.sedarplus.ca).

On December 24, 2021, the Company filed an updated technical report entitled "Technical Report for the QV Project, Yukon, Canada" (the "2021 QV Technical Report"), dated effective October 15, 2021, prepared for the Company by Arseneau Consulting Services Inc., which includes the Company's updated mineral resource estimate for the VG Property, covering the QV deposit. A copy of the 2021 QV Technical Report is available on SEDAR+ (www.sedarplus.ca).

On April 25, 2023, the Company announced an updated mineral resource estimate ("MRE") on the White Gold Project of 16 million tonnes averaging 2.23 g/t 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. A technical report in support the MRE for the White Gold project, prepared in accordance with NI 43-101, was filed on SEDAR+ (www.sedarplus.ca)on June 8, 2023.

Discussion of Operations

The Company's flagship White Gold project is its most advanced and comprises four near-surface,open-pittable gold deposits - Golden Saddle, Arc, Ryan's Surprise, and VG. The White Gold project now comprises 16 million tonnes averaging 2.23 g/t 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. Approximately 94% of the resources are near-surface, with open-pittable Indicated Resources of 1.125 million ounces of gold averaging 2.20 g/t Au and open-pittable Inferred Resources of 0.853 million ounces of gold averaging 1.46 g/t Au. All deposits remain open for expansion along strike and at depth.

The Company also holds a large portfolio of early-stage projects, some of which host bedrock gold discoveries such as the Betty Ford target on the Betty property and the Vertigo target on the JP Ross property.

The 2023 White Gold Technical Report recommends that the Company continue to explore the White Gold project with a phased exploration plan. Phase I would consist of additional exploration diamond drilling and RAB drilling. Areas identified for exploration diamond drilling include deeper drilling at the Golden Saddle and VG deposits to further test underground resource potential, as well as other prioritized near-surface targets elsewhere on the Project. A total of 15,000 m of exploration diamond drilling and 7,300 m of RAB drilling is proposed. Pending positive results from the Phase 1 drilling program, a Phase II program would include infill diamond drilling, gold deportment studies, metallurgical test work, as well as 3,000 m of RC drilling to better determine the potential of oxide mineralization at Golden Saddle and Arc. Finally, it was recommended that the Company consider advancing the Project to a Preliminary Economic Assessment ("PEA").

The following table summarizes the estimated costs of the proposed Phase I and Phase II programs from the

2023 White Gold Technical Report:

	Item			Qty			Unit Cost (CDN$)			Total (CDN$)
	Phase I
	Exploration Diamond Drilling	15,000		$	600		$	9,000,000
	Exploration RAB Drilling	7,300		$	275		$	2,000,000
	Phase II
	Infill Diamond Drilling	3,000		$	600		$	1,800,000
	RC Drilling (evaluate oxide potential)	3,000		$	400		$	1,200,000

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White Gold Corp.

Management's Discussion and Analysis of Financial Results

For the Twelve Months Ended December 31, 2023

	Item			Qty			Unit Cost (CDN$)			Total (CDN$)
	Gold Deportment Studies	15		$	6,000		$	90,000
	Metallurgical Testwork	10		$	25,000		$	250,000
	PEA & Other Studies	1		$	650,000		$	650,000
	TOTAL								$	14,990,000

A copy of the 2023 White Gold Technical Report is available on SEDAR+ (www.sedarplus.ca).

Exploration and Evaluation Assets

White Gold District Portfolio (Yukon, Canada)

The following is a description of the Company's more significant claim areas, properties and/or targets in the White Gold District organized by geographic area.

All assessment reports referenced below are publicly available through the Government of the Yukon - Department of Energy, Mines and Resources.

White-Stewart Area

The White-Stewart area consists of 12 properties stretching north-south which form the core of the Company's White Gold District portfolio. Collectively the properties comprise 8,984 claims totalling 177,800 hectares and are 100% owned by the Company, representing approximately 57% of the portfolio. The properties represent a mix of projects at various stages of exploration including advanced-stage with mineral resources identified (Golden Saddle, Arc and Ryan's Surprise deposits on the White Gold property, and the VG deposit on the QV-Yellow property), discovery-stage where gold in bedrock discoveries have been made (e.g. Vertigo zone on the JP Ross property, and Titan zone on the HEN property), and early-stage (Barker, Black Fox, Black Hills Creek, Brew, Pedlar, etc.).The properties are variably accessible by road, airstrip, barge and helicopter. Exploration and potential future development of these projects is expected to benefit significantly from the proposed Northern Access Route, which will form an upgraded haul road connecting Newmont's Coffee gold project with Dawson City some 130 km to the north.

White Gold Property

The White Gold property is located 95 km south of Dawson City, Yukon. The property's 1,792 claims totaling 34,900 hectares are 100% owned by the Company. The property has road access to an airstrip and barge landing, and has a fully operational exploration camp at Thistle Creek. The property hosts three deposits with mineral resource estimates, the Golden Saddle, Arc and Ryan's Surprise deposits.

Golden Saddle, Arc and Ryan's Surprise Deposits

The Golden Saddle deposit consists of the GS Main, GS Footwall and GS West zones and together the zones define mineralization over a 1,500 m strike length and up to 725 m down dip. Currently, the GS Main is the most significant zone in terms of estimated ounces and overall grade; containing approximately 95% of the Indicated ounces within the overall Golden Saddle deposit. Gold mineralization at the Golden Saddle deposit is hosted in a meta-volcanic and meta-intrusive assemblage broadly consisting of felsic orthogneiss, amphibolite, and ultramafic units. Gold generally occurs as micron-scale blebs along fractures or encapsulated by pyrite, and as visible gold (less than 5 mm in size) located as free grains in quartz. Mineralization is present in quartz veins and stockwork or breccia with disseminated pyrite. Drill hole intersected gold mineralization is spatially co-incident with structures,

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White Gold Corp.

Management's Discussion and Analysis of Financial Results

For the Twelve Months Ended December 31, 2023

and structures or faults which are interpreted to be the primary conduits for hydrothermal fluids responsible for gold deposition. The thicknesses of the mineralization and breccia zones are variable from 5 m to over 50 m, and they pinch and swell along strike. A consistent higher-grade core (> 3 g/t Au) occurs within the main zone at Golden Saddle. Gold mineralization remains open in all directions and 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.

The Arc deposit is located approximately 400 m south of the Golden Saddle and consists of two zones, the Arc Main and Arc Footwall zones, both trending E-NE and dipping to the north at approximately 50 degrees. Mineralization at the Arc has been defined over 1,200 m in strike length and up to 450 m down dip with mineralization open along strike and down dip. Gold mineralization at the Arc deposit is less well understood than the Golden Saddle, which is partially a function of drilling at the Arc deposit being more widely spaced. Gold mineralization is hosted within a meta-sedimentary sequence dominated by banded (graphitic) quartzite and interbedded pelitic biotite schist that is cross-cut by numerous felsic to intermediate dikes and sills. Gold mineralization appears to be focused within breccia and shear zones that have been affected by hydrothermal alteration and sulphide mineralization. Mineralization remains open to the east, west and at depth. The occurrence of gold at Arc is not well understood but appears to be associated with disseminated and veined pyrite, arsenopyrite and graphite.

The Ryan's Surprise deposit is located 1.5 km west of the Golden Saddle deposit, along a 6.5 km long x 1 km wide north-northwest trend of anomalous gold and arsenic in soils ("Ryan's Trend"), which also hosts several other prospective early-stage targets in close proximity with significant surface gold mineralization and represent further potential for expansion of this project. Gold mineralization at the Ryan's Surprise deposit is primarily hosted within a meta-sedimentary sequence dominated by banded (graphitic) quartzite and interbedded pelitic biotite schist cross-cut by numerous felsic - intermediate dikes and sills. Gold mineralization appears to be focused within breccia and shear zones that have been affected by hydrothermal alteration and sulphide mineralization. Recent drilling has defined multiple subparallel zones that are host to gold-bearing sulphide mineralization including arsenopyrite and pyrite, and range in true width from < 1 m to in some instances, > 10 m. The mineralization footprint at the Ryan's Surprise deposit measures approximately 550 m north-south by 500 m east-west to a vertical depth of 650 m remains open along strike and at depth. The occurrence of gold at Ryan's Surprise has not been evaluated, and no metallurgical test work has been undertaken to understand the possible gold deportment. However, the host rocks, alteration and sulphide mineralization display many similarities to the Arc deposit.

The updated and current MRE for the White Gold Project, which now includes four gold deposits including the Golden Saddle, Arc, Ryan's Surprise, and VG deposits (QV-Yellow property) as announced on April 25, 2023 and estimated by Arseneau Consulting Services Inc. are summarized below. A technical report in support the MRE for the White Gold project, prepared in accordance with NI 43-101, was filed on SEDAR+ (www.sedarplus.ca)on June 8, 2023.

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White Gold Corp.

Management's Discussion and Analysis of Financial Results

For the Twelve Months Ended December 31, 2023

Table 1. White Gold Project, Yukon Territory, Mineral Resource Statement, ACS April 15, 2023.

	Area			Type			Classification			Cut-off			Tonnes			Grade			Contained
							(g/t)			(000's)			(g/t)			Gold (oz)
				Open Pit		Indicated	0.4		15,241		2.25		1,103,900
	Golden			Inferred		3,569		1.39		159,700
	Saddle		Underground		Indicated	2.5		224		3.86		27,800
					Inferred		535		3.68		63,200
				Open Pit		Indicated	0.4		642		1.03		21,200
	Arc			Inferred		5,426		1.15		201,000
				Underground		Inferred	2.5		36		3.23		3,700
	Ryan		Open Pit		Inferred	0.4		3,373		1.89		205,300
		Underground		Inferred	2.5		214		3.25		22,400
	QV		Open Pit		Inferred	0.4		5,836		1.53		287,100
	All		Open Pit		Indicated	0.4		15,883		2.20		1,125,100
	Deposits
	All		Open Pit		Inferred	0.4		18,203		1.46		853,100
	Deposits
	All		Underground		Indicated	2.5		224		3.86		27,800
	Deposits
	All		Underground		Inferred	2.5		785		3.54		89,300
	Deposits
	All		Total		Indicated				16,107		2.23		1,152,900
	Deposits
	All		Total		Inferred				18,989		1.54		942,400
	Deposits

1. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
4. The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
5. Open pittable resources are constrained by GEOVIA Whittle optimized pit shells using a 0.4 g/t Au cut-of grade and are considered to have reasonable prospects for eventual economic extraction, assuming a gold price of US$1,800 per ounce, a C$:US$ exchange rate of 0.75. an open pit mining cost of CDN$3.25 per tonne, a processing and G&A cost of CDN$27.50 per tonne milled, and gold recoveries of 92% for Golden Saddle, and VG, along with 85% for Arc and Ryan's Surprise. Underground resources assume a mining cost of CDN$120/tonne.
6. The following bulk density values for mineralized material were used: Golden Saddle (2.62 - 2.65 t/m3), Arc (2.55 t/m3), Ryan's Surprise (2.63 t/m3) and VG (2.65 t/m3).
7. High-gradegold assay values have been capped as follows: Golden Saddle and Arc (8 - 18 g/t Au), Ryan's Surprise (9 g/t Au) and VG (3 - 10 g/t Au).
8. The Statement of Estimates of Mineral Resources has been compiled by Mr. Gilles Arseneau, Ph.D.,P.Geo, of
   ARSENEAU Consulting Services ("ACS"). Mr. Arseneau has sufficient experience that is relevant to the style of

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White Gold Corp.

Management's Discussion and Analysis of Financial Results

For the Twelve Months Ended December 31, 2023

mineralization and type of deposit under consideration and to the activity that he has undertaken to qualify as a Qualified Person as defined in the CIM Standards of Disclosure.

1. All numbers are rounded. Overall numbers may not be exact due to rounding.

The updated and current MRE comprises 16 million tonnes averaging 2.23 g/t 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. This represents a 41% increase in Inferred Resources compared to the 2020 MRE for the Golden Saddle and Arc deposits and 2021 MRE for the VG deposit. This increase is primarily due to the addition of the maiden MRE for the Ryan's Surprise deposit, with an Inferred Resource of 227,700 ounces of gold averaging 1.97 g/t Au.

In addition to the Golden Saddle and Arc deposits, numerous other targets exist on the White Gold property on which the Company is conducting evaluation and systematic follow-up work, including drill testing. Two recent discoveries, the GS West and Ryan's Surprise, were found through the Company's exploration efforts in 2018.

GS West

The GS West zone was discovered in 2018 and is located approximately 750 m west and on trend with the Golden Saddle deposit. The initial 2019 drilling on the GS West was designed to step-out in all directions and evaluate the geometry of the GS West zone beyond the limits of the resource estimate, and successfully outlined a western extension to the zone, while limiting it down dip. The discovery highlights the potential for additional, near surface zones of mineralization adjacent to the Golden Saddle.

Mineralization at the GS West zone is hosted in a strongly sheared felsic orthogneiss unit with abundant coarse- grained potassium feldspar augens. The mineralization is similar to Golden Saddle and consists of disseminated to fracture-controlled pyrite associated with moderate to strong sericite-clay alteration. Based on the drilling conducted to date, the mineralization appears to be strongest near contacts of the orthogneiss with overlying mafic gneiss/schist units (amphibolite) and/or a lower meta-sedimentary package of banded biotite quartz gneiss. The felsic orthogneiss unit adjacent to these contacts is commonly pervasively sericitized with localized zones of brecciation and minor quartz veining and up to 5% pyrite mineralization.

Highlights in the GS West area include diamond drill hole WHTGS180D0184 which returned 1.92 g/t Au over

24.00 m from 117.00 m depth including 2.97 g/t Au over 10.00 m from 118.0 0 m, and hole WHTGS19D0200 which intersected 1.00 g/t Au over 25.85 m from 14.15 m depth, including 1.40 g/t Au over 12.00 m from 28 m depth.

The GS West drill holes cut the mineralization at differing angles, and therefore have different true widths relative to the intersection length. In general, the true width at GS West is estimated to be 60% to 100% of the stated interval lengths.

Ryan's Surprise

The Ryan's Surprise target is located approximately 2 km west of the Golden Saddle deposit and consists of gold- in-soil anomalies (trace up to 1576 ppb Au) associated with a distinct east-west striking structure which is identified in LiDAR imagery, airborne DIGHEM geophysics, and induced polarization (IP)-resistivity surveys. The area along trend from the Golden Saddle deposit westward to the Ryan's Surprise has historically been unexplored, and exploration drilling in 2018 encountered mineralization that demonstrates the potential for a significant zone of gold mineralization.

Exploration drilling in this general area had previously been with holes drilled primarily to the south. A revised geological interpretation in 2019 indicated that the mineralized zone may strike west-southwest and dip steeply to the south-southeast. Two diamond drill holes completed in 2019 drilled to the north to test this interpretation and both intersected mineralization. Highlights of the 2019 diamond drilling included hole WHTRS19D011 which returned 8.22 g/t Au over 1.0 m from 33.0 m depth, and WHTRS19D012 which returned 2.66 g/t Au over 11.00 m from 93.00 m, 2.85 g/t Au over 4.14 m from 142.22 m, and 2.07 g/t Au over 21.00 m from 154.00 m, including

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