Issue 01 | September 24, 2026
INTRODUCING U.S. GOLDMINING
Exploring the Whistler Gold-Copper Project, Southcentral Alaska
Welcome to the inaugural issue of ‘The Orbit’, where we highlight U.S. GoldMining Inc. and its focus on advancing the Whistler Gold-Copper Project in the great state of Alaska.
U.S. GoldMining (“the Company”) is focused on the exploration and development of the Whistler Gold-Copper Project, a large-scale gold-copper project located approximately 105 miles (170 km) northwest of Anchorage, Alaska. Covering a continuous 53,700-acre land package, the project hosts a substantial resource base across three known deposits within a broader gold-copper mineral district.
The Company is systematically advancing Whistler through active exploration and preliminary mine engineering, while continuing to evaluate the scale and potential of the broader project area. In March 2026, U.S. GoldMining released an initial assessment, that included a preliminary economic analysis (the “PEA”)2, for the project, which modelled a strong preliminary base case for the economic potential for the Project.
Our strategy is currently anchored by three key areas:
- Established Resource Base: The Whistler Gold-Copper Project hosts 5.41 Moz AuEq1 of estimated indicated mineral resources and 4.97 Moz AuEq of estimated inferred mineral resources across the three Whistler, Raintree West and Island Mountain deposits1.
- Robust Economics: The March 2026 PEA2 modelled an after-tax NPV5% of US$2.04 billion and IRR of 33.0%, with an estimated payback of 2.1 years (consensus base case – see note 2 below). Crucially, the study conservatively incorporates only the indicated mineral resource estimate from just the Whistler deposit, one of three deposits within the overall Project mineral resources. The PEA provides a base case economic framework for the project and a robust investment thesis for continued technical evaluation, de-risking and advancement.
- District-Scale Exploration Potential: The 53,700-acre land package extends well beyond the area of the existing resource. In the north, the Whistler Orbit area – which surrounds the Whistler and Raintree deposits – features over 25 exploration targets. In the south, the Island Mountain mineral system hosts a delineated inferred mineral resource alongside additional high-priority targets, while the emerging Muddy Creek mineral system has the potential to host intrusion-related gold mineralization.
The 2026 exploration program has now been completed, with 7,493 metres drilled across 17 diamond core drill holes spanning 10 target areas within the Whistler Orbit. The program was completed on schedule and on budget, alongside mapping, geochemical sampling and prospecting across regional target areas. On-site core logging and sampling is well advanced, with initial assay results expected in the coming weeks and through to the end of 2026, subject to laboratory turnaround times.
In future editions of ‘The Orbit’, we will take a closer look at the exploration programs, resource base and the broader district-scale opportunity at the Whistler Gold-Copper Project.
Tim Smith,
President & CEO, U.S. GoldMining Inc.
For further information please refer to the Company's website and its filings at www.sec.gov.
WHISTLER GOLD-COPPER PROJECT AT A GLANCE2
| 5.41 Moz AuEq Indicated Resources |
4.97 Moz AuEq Inferred Resources |
| US$2.04B NPV5% After-tax PEA NPV (consensus base case) |
33.0% IRR After-tax PEA IRR (consensus base case) |
| 53,700 Acres District-scale land package |
3 Deposits Whistler, Raintree West & Island Mountain |
| 25+ Targets Within the Whistler Orbit |
Gold + Copper Large-scale mineral system |
EXPLORE THE WHISTLER GOLD-COPPER PROJECT →
For further information, including as to the assumptions underlying the mineral resource estimates and the PEA, please refer to the S-K 1300 technical report summary titled “Whistler Gold-Copper Project, S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis, Alaska, United States of America”, dated effective March 2, 2026, which is available under the Company’s profile at www.sec.gov and the Canadian National Instrument 43-101 ("NI 43-101") technical report titled “Whistler Gold-Copper Project, NI 43-101 Technical Report and Preliminary Economic Assessment”, dated effective March 2, 2026, available under its profile at www.sedarplus.ca.
Note:
- Mineral resource estimate note: AuEq = ‘Gold Equivalent’ which comprises gold + copper + silver combined and expressed as gold grams per tonne. The gold equivalent equation is AuEq=Au + Cu*0.9361 + 0.0055Ag.
- PEA notes: Consensus metal price inputs: $3,200/oz Au, $4.50/lb Cu, $37.50/oz Ag. Spot metal price inputs: $5,000/oz Au, $5.85/lb Cu, $70/oz Ag. Refer to press release dated March 2, 2026.
MORE FROM U.S. GOLDMINING
View our Corporate Presentation →
Whistler Gold-Copper Project →
Whistler PEA Technical Report →
TECHNICAL DISCLOSURE
The results of the PEA contained herein are preliminary in nature and are intended to provide an initial assessment of the Whistler 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.
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.
FORWARD-LOOKING STATEMENTS
Certain of the information contained in this newsletter constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable United States federal securities laws and Canadian securities laws ("forward-looking statements"), which involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, the results of the PEA, resource estimates, and the Company's plans and expectations regarding the Whistler Gold-Copper Project and future opportunities and proposed work and studies thereon. Words such as “expects”, “anticipates”, “plans”, “estimates” and “intends” or similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on U.S. GoldMining’s current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which it operates. Such risks and other factors include, among others, fluctuating commodity prices, risks inherent with preliminary economic assessments and mineral resource estimation generally, economic risks, changing economic factors (including those impacting estimated costs and expenditures and economic returns under the PEA), variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and future development work, accidents, labor disputes and other risks of the mining industry (including those associated with the environment), delays in obtaining governmental approvals or permits, title disputes, other risks inherent in the exploration and development of mineral properties, and the other risk factors set forth in the Company’s Annual Report on Form 10-K and other filings with the U.S. Securities and Exchange Commission at www.sec.gov and the Canadian Securities Administrators at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements. There can be no assurance that forward-looking statements, or the material factors or assumptions used to develop them, will prove to be accurate. The Company does not undertake any duty to update any forward-looking statements, except as required under applicable securities laws.