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Resource Statement

Technical Report

Mineral Resource Estimate

Notes to Table 1-1:

  1. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves.
  2. Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines.
  3. The Mineral Resource for Whistler deposit and the upper portions of the Raintree West deposits have been confined by an open pit with "reasonable prospects of eventual economic extraction" using the following assumptions:
    • Metal prices of US$1,600/oz Au, US$3.25/lb Cu and US$21/oz Ag;
    • Payable metal of 99% payable Au, 90% payable Ag and 1% deduction for Cu;
    • Offsite costs (refining, transport and insurance) of US$136/wmt proportionally distributed between Au, Ag and Cu;
    • Royalty of 3% NSR;
    • Pit slopes are 50 degrees;
    • Mining cost of US$1.80/t for waste and US$2.00/t for mineralized material; and
    • Processing, general and administrative costs of US$10.50/t.
  4. The lower portion of the Raintree West deposit has been constrained by a mineable shape with "reasonable prospects of eventual economic extraction" using a US$25.00/t cut-off.
  5. Metallurgical recoveries are: 70% for Au, 83% for Cu, and 65% Ag for Ag grades below 10g/t. The Ag recovery is 0% for values above 10g/t for all deposits.
  6. The NSR equations are: below 10g/t Ag: NSR (US$/t)=(100%-3%)*((Au*70%*US$49.273g/t) + (Cu*83%*US$2.966*2204.62 +Ag*65%*US$0.574)), and above 10g/t Ag: NSR (US$/t)=(100%-3%)*((Au*70%*US$49.256g/t) + (Cu*83%*US$2.965*2204.62)) ;
  7. The Au Equivalent equations are: below 10g/t Ag: AuEq=Au + Cu*1.5733 +0.0108Ag, and above 10g/t Ag: AuEq=Au + Cu*1.5733
  8. The specific gravity for each deposit and domain ranges from 2.76 to 2.91 for Island Mountain, 2.60 to 2.72 for Whistler with an average value of 2.80 for Raintree West.
  9. Numbers may not add due to rounding.

*See U.S. GoldMining Inc. Technical Reports titled:
“S-K 1300 Technical Report Summary Initial Assessments for the Whistler Project” with an effective date September 22, 2022, as filed under the Company’s profile at www.sec.gov; and
“NI 43-101 Mineral Resource Estimate for the Whistler Project” with an effective date of September 22, 2022, as filed on www.sedar.com.