Mineralization Continuing To Be Identified At Whistler Deposit

ANCHORAGE, AK - U.S. GoldMining Inc. announced the Mineral Resource Estimate (MRE) for the Whistler Gold-Copper Project in Alaska. The updated MRE is set forth in a technical report summary titled " S-K 1300 Technical Report Summary Initial Assessment for the Whistler Project, South Central Alaska " filed under subpart 1300 of Regulation S-K ("SK-1300"). The estimate incorporates 2023 drilling results, revised geological interpretation within the Whistler Deposit, and refreshed cut-off grade assumptions for the overall Project.

Indicated Mineral Resource: 294 million tonnes (Mt) at 0.68 grams per tonne (g/t) gold equivalent ("AuEq") for 6.48 million ounces (Moz) AuEq. Inferred Mineral Resource: 198 Mt at 0.65 g/t AuEq for an additional 4.16 Moz AuEq. Estimated gold equivalent ounces in the indicated category have increased by approximately 117% compared to the 2022 MRE.

The MRE was constrained using a series of conceptual pit design shells for the Whistler deposit, which assumed a first phase with an estimated 22.4 Mt of mineralized material at a grade of 1.04 g/t AuEq and a strip ratio of 0.08:1 (waste:ore). The three Au-Cu-Ag porphyry deposits comprised within the Whistler MRE - Whistler, Raintree and Island Mountain - occupy approximately 1% of the Company's land holdings and occur within a cluster of high priority targets sharing key geological characteristics with the known deposits, thereby highlighting the broader exploration potential of the Project. The Company is currently systematically exploring nearby targets within the 'Whistler Orbit' where an additional 12 potential targets remain under-explored. The 2024 Whistler MRE encompasses 2023 drilling as reported earlier this year, including the initial intercept contained within WH23-03 which comprised 547 m at 1.06 g/t AuEq.

It does not include recently reported confirmatory assays from the re-entry of WH23-01 drilled in 2024 and which included the extension of the mineralized intercept to 652.5m at 1.00 g/t AuEq. The 2024 core drilling program has now concluded, achieving 4,006 meters of drilling in 6 holes.

Tim Smith, Chief Executive Officerk, said, "In less than one-and-a-half years since completing our initial public offering, U.S. GoldMining's exploration initiatives have resulted in strengthened confidence in the mineral resource estimate for its flagship Whistler Deposit by increasing estimated gold equivalent ounces in the indicated category by 117% from prior estimates. The Project now contains 6.5 Moz AuEq in the indicated resource category and an additional 4.2 Moz AuEq in the inferred resource category. The successful 2023 drilling program at Whistler improved our confidence in the proximity of mineralization close to surface, extended mineralization along strike to the south, confirmed the consistency of mineralization within the high-grade core of the deposit and grew the overall resource primarily by the drill bit.

Since the mineral resource estimate was updated, additional results of the 2024 program have been received including the extension of the WH23-03 mineralized intercept to 652.5m at 1.00 g/t AuEq, further confirming the continuity of mineralization within the high-grade core. Our recently completed 2024 drilling program within the Whistler deposit further confirmed the geological model while drill testing below the current mineral resource block model for additional potential extensions of the mineral system. We look forward to receiving additional results from the 2024 drill hole assays which we believe will continue to support the Project's potential to host a long-life, high-quality gold-copper-silver mine located in one of the most favorable mining jurisdictions in the United States."