Kinross divests 12% stake in Ryan’s White Gold

Kinross Gold (TSX: K, NYSE: KGC) has divested its entire 12% equity stake in White Gold (TSXV: WGO), which has been focused on a project in the Yukon advanced by veteran prospector Shawn Ryan.

The 23.7 million White Gold shares were sold for 29¢ each for total proceeds of nearly $6.87 million. White Gold traded at 38¢ apiece in Toronto at the time of the Kinross’ share sale announcement on Friday. On Tuesday afternoon they were at 35¢ apiece for a market capitalization of $69.2 million. 

Agnico Eagle Mines (TSX: AEM, NYSE: AEM), Canada’s largest gold producer by market capitalization, holds about 19.9% of White Gold. Its flagship project, also called White Gold, hosts four deposits with a combined indicated resource of 17.7 million tonnes grading 2.12 grams gold per tonne for 1.2 million oz., and an inferred resource of 24.5 million tonnes grading 1.42 grams for 1.1 million ounces.

Ryan discovered multiple deposits in the region including the Coffee project which Newmont (TSX: NGT; NYSE: NEM) holds but says it wants to sell. The non-core asset has 55.5 million measured and indicated tonnes grading about 1.2 grams for 2.1 million oz. contained metal, according to a February 2024 resource. 

White Gold’s projects in the Yukon cover about  3,150 sq. km or 40% of the prolific White Gold mining district. In a news release late last year, CEO David D’Onofrio called the project “one of the highest-grade open-pit gold resources in Canada owned by an exploration company.”