U.S. GoldMining Inc. (NASDAQ:USGO) ("U.S. GoldMining" or the "Company") is pleased to announce that it has commenced activities on its planned exploration program (the "Program") at its Whistler Gold-Copper Project in Alaska ("Whistler" or the "Project").

Highlights:

  • Executing Growth Strategy: The 2026 Program will comprise diamond core drilling targeting several high-priority near-deposit potential upside opportunities and new targets within the Whistler – Raintree area (see Figure 1). The objective is to develop a pipeline of discoveries that will underpin growth opportunities for the Project.



     
  • Mobilization Underway: The Company has recently completed pre-mobilization of critical equipment and consumables to the Project. This proactive staging positions the exploration team to commence summer exploration activities and drilling as soon as conditions allow.



     
  • Building on Strong Economic Foundation: The exploration strategy complements the strong Whistler economics and rapid payback demonstrated in the recently announced Whistler initial economic assessment ("PEA")1. See news release dated March 2, 2026, which outlined:



    • After-tax net present value at 5% discount rate ("NPV5%") of $2.0 billion, an internal rate of return ("IRR") of 33%, and initial payback of 2.1 years, at Base Prices.



       
    • At spot prices, an after-tax NPV5% of approximately $4.9 billion, an IRR of 62%, and an initial payback of just 1.2 years.



       
  • Untapped Potential: The 2026 PEA considers only one of three deposits with stated mineral resource estimates on the property, highlighting the district-scale potential the upcoming program aims to unlock.