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Three Million Ounces of Gold, Barely Getting Started | Dylan Langille - White Gold

The Deep Dive Sep 24, 2026 5:15

Summary

White Gold's three-million-ounce Klondike resource rests on only 90,000 metres of drilling, which management calls a starting point, not an end point.

Its PEA (Preliminary Economic Assessment — an early economic snapshot) models a 41% IRR and C$1.9 billion NPV5 at $3,600 gold.

Yukon infrastructure — notably the Northern Access Road linking the Coffee deposit to Dawson City — could cut exploration costs across White Gold's properties.

Management plans 17,000 to 18,000 metres of drilling in 2026 and calls drilling the number one value driver for the company.

The VP of Exploration logged Great Bear's discovery hole and hopes growing ounces attracts consolidation or a larger mining company.

Key points on White Gold

  • The guest argues the PEA is a starting point, not an end point: the roughly 3-million-ounce resource was defined with only 90,000 meters of drilling on four deposits, and he sees upside if the company can raise money to drill more.
  • The host cites PEA economics of about C$1.9 billion NPV5 and a 41% IRR at $3,600 gold with a roughly 9.4-year life of mine, and the guest responds that the economics are strong for what is an early-stage study.
  • The guest describes Golden Saddle as a high-grade open-pit gold deposit and argues it will be a mine one day, with the company now focused on growing those ounces.
  • Drilling is called the number-one value driver: the company plans 17,000-18,000 meters in 2026 and expects to raise the budget the following year, hoping the district consolidates and attracts a mid-tier or major mining company to offtake the asset.
  • The guest argues the Klondike district will be among the earliest beneficiaries of new infrastructure: the Coffee deposit 25 km south is on a fast track to production, and the planned Northern Access Road to Dawson City would run along the west margin of many of White Gold's 21 properties, cutting exploration costs across the 300,000-hectare portfolio.

Steve Hyland's takeaways

  • Top takeaway Hyland flags infrastructure as the big open question for Yukon projects, saying analysts he met on summer site visits kept asking where the power would come from, and he presses the guest on how the Klondike district benefits.
  • He cites White Gold's PEA figures (about C$1.9 billion NPV5, 41% IRR at $3,600 gold, roughly 9.4-year mine life) to draw out the growth story and says he will be watching as future assays come in.