U.S. GoldMining Inc. Announces Strong Positive Preliminary Economic Assessment for Whistler Gold-Copper Project, Alaska

Vancouver, BC, March 2, 2026 — U.S. GoldMining Inc. (Nasdaq: USGO, USGOW) has delivered a significant update for investors with the release of its Preliminary Economic Assessment (PEA) for the 100%-owned Whistler Gold-Copper Project in Alaska. The results, announced in a news release and filed as part of an SEC Form 8-K, underscore the robust potential of the project and mark a key milestone in the company’s development strategy.

Key Highlights of the 2026 Whistler Project PEA

• After-tax Net Present Value (NPV_5%) of \$2.04 billion and Internal Rate of Return (IRR) of 33.0% at base case prices of \$3,200/oz gold, \$4.50/lb copper, and \$37.50/oz silver.
• Rapid after-tax payback period of only 2.1 years, highlighting the project’s strong cash flow generation potential.
• At current spot prices (\$5,000/oz gold, \$5.85/lb copper, \$70/oz silver), the after-tax NPV_5% surges to \$4.88 billion and IRR to 62.0%, with payback in just 1.2 years.
• All-In Sustaining Costs (AISC) estimated at \$1,046/oz gold (by-product basis).
• Initial capital expenditure (CAPEX) of \$1.28 billion, with sustaining capital of \$381 million and closure costs of \$98.7 million.
• Low life-of-mine (LOM) strip ratio of 2.2:1, even lower (1.5:1) in the first three years, supporting robust early returns.
• The PEA is based solely on Indicated Resources at the Whistler Deposit, representing only one of three known deposits, leaving substantial upside potential.
• Average gold feed grade: 0.44 g/t; high metallurgical recovery expected.
• The mine plan delivers approximately 75% of value from gold, 25% from copper, and minor silver by-product.

CEO Commentary

Tim Smith, CEO of U.S. GoldMining Inc., commented: “We are delighted that the PEA underpins a very strong base case for the economic potential for the Project. The higher-grade core of the Whistler Deposit comes to surface and helps drive the strong production contemplated in the PEA, particularly in the initial years of mine life, with a low strip ratio to deliver a relatively short after-tax payback scenario of 2.1 years. The base case model delivers approximately 75% of the value from gold and 25% from copper and minor amounts of silver. These results provide a solid foundation for us to continue to enhance potential future value by seeking to incorporate nearby resources through additional work in the future, including at the Island Mountain and Raintree Deposits.”

Detailed Project Financials

Key Opportunities and Next Steps for Value Enhancement

• Mine Optimization: Potential for improved open-pit design through further geotechnical studies may reduce overall strip ratio and costs.
• Environmental Management: Additional geochemical test work may reduce costs associated with tailings and waste rock management.
• Power Supply Alternatives: The PEA incorporates a power transmission line parallel to the West Susitna Access Road. Future studies may identify cost-saving alternatives.
• Resource Expansion: The PEA only includes Indicated Resources at the Whistler Deposit. Satellite deposits (Island Mountain, Raintree) offer substantial upside, with infill drilling potentially increasing resource confidence and project value.
• Exploration Upside: Numerous high-priority targets remain untested on the 53,700-acre property, indicating strong potential for future discoveries and resource growth.

Technical and Regulatory Notes

• The PEA is preliminary and intended to provide an initial assessment. It includes Indicated Resource estimates only and is exclusive of any Inferred Resources.
• All estimates were prepared in compliance with Canadian NI 43-101 standards and U.S. S-K 1300 regulations, with input from independent qualified persons at Ausenco Engineering and Mountain Technical Services.
• The full technical report will be filed on EDGAR (SEC) and SEDAR+ in due course.

What Shareholders Should Know

• This PEA delivers a step-change in the de-risking and value proposition of U.S. GoldMining’s Whistler Project, confirming multi-billion dollar NPV potential and rapid payback even at conservative commodity price assumptions.
• At current spot prices, the project’s potential nearly doubles, with after-tax NPV_5% approaching \$5 billion and after-tax IRR at 62%—a highly attractive return that could attract industry and institutional interest, and potentially rerate the company’s shares.
• The base case excludes Inferred Resources and two other deposits, meaning any resource upgrades or inclusion of additional deposits could further boost value.
• Upcoming studies (pre-feasibility, environmental, and further drilling) could provide additional catalysts for the stock.
• The project is located in a top-tier mining jurisdiction (Alaska), which may be viewed positively compared to higher-risk countries.

Contact and Further Information

For more details, visit www.usgoldmining.us or contact U.S. GoldMining Inc. at [email protected], Toll-Free: 1-833-388-9788.

View U.S. GoldMining Inc. Historical chart here