U.S. GoldMining Announces Positive Technical Report Summary for Whistler Gold-Copper Project, Alaska

Executive Summary: Major Milestone for U.S. GoldMining Inc.

U.S. GoldMining Inc. (Nasdaq: USGO), an indirect subsidiary of GoldMining Inc. (TSX: GOLD), has published a comprehensive Technical Report Summary (TRS) for the Whistler Gold-Copper Project, located approximately 170 km northwest of Anchorage, Alaska. The report, current as of March 2, 2026, provides a robust Initial Assessment (IA) with Economic Analysis under SEC S-K 1300 regulations, and highlights a significant step forward in the project’s development pipeline.

Key Project Highlights

• Mineral Resource Estimate: The Whistler Project boasts an updated mineral resource estimate covering the Whistler, Raintree West, and Island Mountain deposits. The resources are constrained by optimized pit shells and underground mineable shapes, using conservative metal prices of US\$2,750/oz gold, US\$4.35/lb copper, and US\$30/oz silver. The base-case cutoff value for open pit mining is US\$13.40/t, incorporating processing and G&A costs. A 3% Net Smelter Return (NSR) royalty is assumed, derived from a 2.75% royalty to MF2 and 1% to Gold Royalty Corp, with potential for a buy-back negotiation on 0.75% NSR.
• Economic Analysis: The project economics are compelling. Using base-case prices of US\$3,200/oz gold, US\$4.50/lb copper, and US\$37.50/oz silver, the discounted cashflow (DCF) analysis yields a post-tax NPV (5%) of US\$2.04 billion, a post-tax IRR of 33%, and an initial payback period of just 2.1 years. The capital cost estimate, developed in Q4 2025, includes a 21% contingency and targets an accuracy level of -30% to +50%.
• Metallurgical Recoveries: Recent flotation and leach testwork (2024–2025) supports average life-of-mine recoveries of 77.8% Cu, 88.9% Au, and 55.6% Ag. The concentrate is expected to contain negligible deleterious elements, ensuring marketability. Additional leach circuits are projected to extract incremental gold and silver from flotation tailings.
• Mining Methods & Schedule: The Whistler deposit is designed for conventional open-pit mining, with a planned 16-year mine life (including 1 year pre-production and 1 year stockpile rehandling). The Raintree West and Island Mountain resources are not included in the current mine plan but are covered in the resource estimate.
• QA/QC & Data Verification: The report includes rigorous QA/QC procedures, with sample insertion rates meeting or exceeding industry standards. Database verification supports use in resource estimation, with recommendations for future enhancement of silver QA/QC data and GPS surveys for collar locations.
• Environmental & Permitting: The TRS recommends initiation of environmental baseline studies, engagement of permitting consultants, and ramping up community and government engagement. Estimated cost for recommended work programs totals US\$68.7 million, covering exploration, engineering, environmental, and community efforts.

Potential Price-Sensitive Information for Shareholders

• Strong Project Economics: With a post-tax NPV (5%) of US\$2.04 billion and an IRR of 33%, the Whistler Project demonstrates robust economic potential. This could substantially increase the intrinsic value of U.S. GoldMining and GoldMining Inc. share prices, especially given the rapid payback period of just over two years.
• Resource Expansion Potential: Recent drilling in 2023 and 2024 has resulted in updated geological modeling and resource estimates. The inclusion of inferred resources, though not in the current mine plan, signals further upside pending additional exploration and de-risking.
• Metallurgical Success & Marketability: High recoveries and negligible deleterious elements in concentrate suggest minimal penalties and strong market acceptance, supporting positive revenue projections.
• Permitting and Community Engagement: Early and proactive engagement with regulators and local stakeholders is underway, mitigating future permitting risks and enhancing social license to operate.
• Recommendations for Further Work: The company is planning a US\$68.7 million program to advance the project to Prefeasibility Study (PFS) level, including drilling, engineering, and environmental studies. Successful completion of these programs could further de-risk the project and support share price appreciation.
• Risks and Opportunities: The report identifies environmental, permitting, infrastructure, sociopolitical, marketing, and technical factors as areas for further work, but no fatal flaws are identified. The project remains highly sensitive to metal prices and head grade, both positive and negative.

Shareholder Takeaways

• The Whistler Gold-Copper Project has reached a major milestone with the release of a positive technical report summary, signaling strong potential for future development and value creation.
• Robust economics, successful metallurgical testwork, and a clear path to permitting and community engagement position the project as a catalyst for share price appreciation.
• Investors should monitor progress on exploration, environmental studies, and permitting, as these will drive future valuation and risk profile.

Disclaimer

This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell securities. All forward-looking statements are subject to risks and uncertainties, including but not limited to commodity prices, permitting, community engagement, and future exploration results. Investors should conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions.

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