U.S. GoldMining Says Alaska Project Could Be Worth $2B With 33% Return

U.S. GoldMining Inc. (NASDAQ:USGO) ("U.S. GoldMining" or the "Company") is pleased to announce the results of its previously announced initial economic assessment (the "PEA") for its 100% owned Whistler Gold-Copper Project ("Whistler" or the "Project"), located 105 miles northwest of Anchorage, Alaska. The PEA constitutes an initial assessment under U.S. Regulation S-K 1300 ("S-K 1300") and a preliminary economic assessment under Canadian National Instrument 43-101 ("NI 43-101").

All financial figures are in United States dollars unless otherwise stated.

2026 PEA Highlights1:

• Estimated after-tax net present value at 5% discount rate ("NPV5%") of $2.04B with an internal rate of return ("IRR") of 33.0% and initial payback of 2.1 years, utilizing base case prices of $3,200/oz Au, $4.50/lb Cu, and $37.50/oz Ag.
  • At spot prices of $5,000/oz Au, $5.85/lb Cu, and $70/oz Ag, estimated after-tax NPV5% increases to approximately $4.88B with an IRR of 62.0% and initial payback of 1.2 years.
• Average annual production of 345,000oz gold equivalent ("AuEq") per year estimated during the first three years of operations and total life of mine ("LOM") production of 3.6Moz AuEq, comprised of 2.6Moz gold, 6.9Moz silver, and 592Mlbs copper, over a 14.6 year mine life.
• Modeled LOM strip ratio of 2.2:1 (waste:processed material), and even lower at 1.5:1 in years 1-3.
• Estimated All-In Sustaining Costs ("AISC") of $1,046/oz Au (by-product basis) and initial capital costs of $1.28B.
• Contemplates open-pit truck-and-shovel operation with conventional process methods operating at a nominal throughput rate of 40,000 tonnes per day ("tpd"), which comprises a flotation and leach circuit recovering 88.9% gold and 77.8% copper.
• Further potential with additional deposits and exploration opportunities on district scale property.