Initial Economic Assessment At Whistler Gold-Copper Project

ANCHORAGE, AK - U.S. GoldMining Inc. plans to commence an initial economic assessment for the Whistler Gold-Copper Project, located 105 miles northwest of Anchorage, Alaska. The study (the "PEA") will be intended to constitute an initial assessment under U.S. Regulation S-K 1300 and a preliminary economic. The PEA will consider the existing Project mineral resource estimate comprising 294 million tonnes (Mt) at 0.68 grams per tonne (g/t) gold equivalent (AuEq) for 6.48 million ounces (Moz) AuEq in the indicated resource category, and 198 Mt at 0.65 g/t AuEq for an additional 4.16 Moz AuEq in the inferred resource category.

The decision to proceed with the PEA follows successful drilling programs completed in 2023 and 2024, which included the best ever drill intercept of 652.5 meters at 1.00 g/t AuEq (see news release dated September 30, 2024) and discovery and expansion of additional high-grade mineralization within the Whistler Deposit. The Company has completed an internal gap analysis to ensure a comprehensive dataset will inform the PEA. A Request for Proposal ("RFP") process is currently underway to identify a mine engineering firm that will partner with the Company to complete the study. Further details regarding the successful applicant and expectation around timing for completion of the PEA will be announced at the completion of the RFP process.

Strong policy tailwinds for the Project within a supportive climate of state and federal policies respecting responsible resource extraction in Alaska. Whistler is the closest large undeveloped gold-copper mineral deposit to Anchorage, Alaska's largest city (see Figure 1) and therefore has good proximity to existing highways, port facilities, grid power and a skilled work force, supply chain and services sector.

Tim Smith, Chief Executive Officer, said, "The Company is delighted to commence the PEA process for the Project. This comes just two years after we completed our initial public offering. We began the re-discovery of the Project, including our initial exploration drill program, in 2023. This is another major step in moving the development of Whistler forward and is made possible by the excellent drill results returned from the 2023 and 2024 drill programs, including multiple intercepts of high-grade mineralization within the existing deposits at Whistler and Raintree. We have received strong interest from multiple potential mine engineering partners, and we look forward to making a further announcement about the awarding of the PEA contract in the near term. The Company is fully financed and has full Board support to complete the planned PEA. We also look forward to further announcements as to advancement of the proposed West Susitna Access Road which will connect Whistler with existing highway, port facilities and grid power infrastructure near Anchorage. The decision to proceed with a PEA on the Project underlines our belief that Whistler could present a robust future mining opportunity thereby offering significant organic growth for the Company, economic development for South Central Alaska and an important contribution to mineral resources security within the United States."