U.S. GoldMining Inc. (NASDAQ:USGO) ("U.S. GoldMining" or the "Company") is pleased to announce that it has filed an S-K 1300 technical report summary (the "S-K 1300 Report") and a Canadian National Instrument 43-101 ("NI 43-101") technical report respecting the initial economic assessment for the initial economic assessment (the "PEA") on its 100%-owned Whistler Gold-Copper Project ("Whistler" or the "Project") in Alaska reported in its news release dated March2, 2026. 

 

2026 Whistler PEA Highlights1:

  • Strong economics and quick payback: 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, the estimated after-tax NPV5% increases to approximately $4.9 billion, an IRR of 62%, and initial payback of 1.2 years.
  • Significant production over long mine life: Annual production of 345,000 gold equivalent ("AuEq") ounces ("oz") over the first three years. Life of mine ("LOM") average annual production of 246,000 oz AuEq over the initial 14.6 year mine life.
    • At Base Prices, approximately 25% contribution from copper, a designated critical mineral by the U.S. Department of the Interior.
  • Attractive cost profile: Initial capital expenditures of approximately US$1.3 billion, including a 20% contingency, and LOM All-In Sustaining Costs ("AISC") of $1,046 per gold ounce (by-product basis).
  • Exploration potential: The PEA considers only one of three deposits on the property with stated Resources. Several additional targets nearby the Whistler deposit have been identified for further exploration.

Tim Smith, Chief Executive Officer of U.S. GoldMining commented: "With the completion of our Whistler PEA we've achieved a major milestone for the Project and the Company. We are extremely pleased with the results of the PEA, which delivers exceptional value and sets a solid foundation for the Whistler Project. We look forward to continuing to advance mining studies at the Project in the near term. We are also encouraged about the potential to expand the model by integrating additional resources through additional work. We're also excited about our exploration strategy across the Project to develop a pipeline of future potential discoveries building towards continued resource growth. We expect to share details of our 2026 exploration program at Whistler in the coming weeks, which includes testing of numerous promising porphyry gold-copper targets within the Whistler Orbit."

For further information, please see the S-K 1300 Report titled "Whistler Gold-Copper Project, S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis, Alaska, United States of America" and the 43-101 Report titled "Whistler Gold-Copper Project, NI 43-101 Technical Report and Preliminary Economic Assessment", each dated effective March 2, 2026. The S-K-1300 Report is available under the Company's profile at www.sec.gov and the NI 43-201 Report is available under its profile at www.sedarplus.ca.

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1 All financial figures are in United States dollars unless otherwise stated. Base Prices used in the 2026 Whistler PEA are $3,200 per ounce gold, $4.50 per pound copper, and $37.50 per ounce silver. References to spot prices reflect $5,000 per ounce gold, $5.85 per pound copper, and $70 per ounce silver. Spot prices were selected based on the 5-day and 1-month intra-day trading prices for the periods ending February 23, 2026. The gold equivalent equations are: AuEq(oz) = Au(oz) + (Cu(lbs)*$4.50/lb + Ag(oz)*$37.50/oz) / $3,200/oz. AISC includes mining costs, processing costs, royalties, G&A costs, transportation costs, sustaining capital and closure costs less by-product credits.

Qualified Person

Tim Smith, P.Geo., Chief Executive Officer of the Company, has supervised the preparation of this news release and has reviewed the additional scientific and technical information contained herein. Mr. Smith is a qualified person as defined under NI 43-101 and S-K 1300.

Technical Information

The results of the PEA contained herein are preliminary in nature and are intended to provide an initial assessment of the Project's economic potential and development options of the Project. Among other things, the PEA, including its mine schedule, cost estimates and economic assessment, includes numerous assumptions and there can be no certainty that this economic assessment may be realized.

The disclosure herein, including relating to mineral resource estimates, has been prepared in accordance with the requirements of Canadian securities laws, as set forth in NI 43-101, which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") classification system, the CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, and in accordance with the requirements found in S-K 1300.