U.S. GoldMining Commences 2026 Drilling Program to Test High-Priority Exploration Targets at its 100% Owned Whistler Gold-Copper Project, Alaska

Rhea-AI Summary

U.S. GoldMining (NASDAQ: USGO) has started its 2026 drilling program at the 100% owned Whistler Gold-Copper Project in Alaska, focusing on high-priority Whistler Orbit targets.

The fully funded program plans a minimum of 6,000 meters of core drilling to test 8–10 of over 25 delineated targets within a 7.5 km by 4.5 km porphyry cluster. A recent PEA, based only on indicated resources from the Whistler deposit, conceptually models an after-tax NPV5% of $2.0 billion, a 33% IRR and a 2.1-year payback at specified metal prices. Initial assay results are anticipated by the end of the third quarter, while the PEA remains preliminary and subject to numerous assumptions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Positive

• 2026 drilling program fully funded to complete a minimum of 6,000 meters of core
• Plan to test 8–10 highest-ranked targets within the Whistler Orbit in 2026
• Over 25 individual exploration targets delineated within a 7.5 km by 4.5 km porphyry cluster
• After-tax NPV5% of $2.0 billion in Whistler PEA at stated base case prices
• PEA conceptual IRR of 33% with a 2.1-year initial payback period
• First assay results expected by the end of the third quarter, pending lab turnaround

Negative

• PEA is preliminary and based on numerous assumptions that may not be realized
• Economic assessment relies only on indicated resources from one of three deposits with resource estimates

What This Means

Commencing the fully funded 6,000 meters Whistler Orbit drilling program moves U.S. GoldMining into ...

Analysis

Commencing the fully funded 6,000 meters Whistler Orbit drilling program moves U.S. GoldMining into a catalyst-heavy phase built on a PEA with $2.0 billion NPV. The key risk is exploration outcomes; upcoming assay releases will be pivotal.

Key Figures

After-tax NPV5%: $2.0 billion Internal rate of return: 33% Initial payback period: 2.1 years +5 more

8 metrics

After-tax NPV5% $2.0 billion Whistler PEA at 5% discount rate, base case prices

Internal rate of return 33% Whistler PEA base case IRR

Initial payback period 2.1 years Whistler PEA base case

Minimum drilling 6,000 meters 2026 Program planned core drilling at Whistler Orbit

Targets to be tested 8 to 10 targets Highest ranked Whistler Orbit targets in 2026 Program

Gold price assumption $3,200 per ounce Base-case price in 2026 Whistler PEA

Copper price assumption $4.50 per pound Base-case price in 2026 Whistler PEA

Silver price assumption $37.50 per ounce Base-case price in 2026 Whistler PEA

Historical Context

5 past events · Latest: Jun 09 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jun 09	Exploration update	Positive	-1.8%	Outlined 2026 exploration program progress and highlighted regional infrastructure catalyst.
Apr 20	Program mobilization	Positive	-0.5%	Announced mobilization of 2026 exploration program targeting district-scale potential.
Mar 23	PEA filing	Positive	+5.5%	Filed S-K 1300 and NI 43-101 technical reports for the Whistler PEA.
Mar 05	Leadership appointment	Neutral	-4.1%	Appointed VP, Project Development to advance Whistler Gold-Copper Project engineering.
Mar 02	PEA announcement	Positive	+20.7%	Announced positive initial PEA results for the Whistler Gold-Copper Project.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

News tied to the Whistler PEA and project advancement has produced mixed reactions, with some PEA-related headlines drawing strong gains but several operational updates seeing selling or muted responses.

Regulatory & Risk Context

Short Interest: 10.33%

Short Interest

10.33% of float

0% 15% 30%+

moderate as of 2026-06-15 Days to cover: 4.69

Short positioning appears elevated, suggesting scope for sharper price swings if sentiment or liquidity conditions change.

Key Terms

npv5%, irr, preliminary economic assessment, ni 43-101, +2 more

6 terms

npv5% financial

"conceptually modeled an after-tax net present value at a 5% discount rate ("NPV5%") of $2.0 billion"

Net present value at a 5% discount rate (NPV 5%) measures the current worth of a sequence of expected future cash flows after shrinking them by 5% per year, like comparing getting money now versus in the future with a 5% annual “cost” for waiting. Investors use NPV 5% to judge whether an investment or project creates value: a positive number suggests the returns exceed that 5% benchmark, while a negative number implies the money would be better used elsewhere.

irr financial

"a 33% internal rate of return ("IRR") and initial payback of 2.1 years"

IRR (Internal Rate of Return) is the annualized percentage return an investment is expected to produce based on its projected series of cash outflows and inflows; mathematically, it’s the rate that makes the present value of those cash flows balance to zero. Investors use IRR to compare and rank projects or investments—similar to comparing the interest rates on savings accounts—to judge which offers the best return for the time and risk involved.

preliminary economic assessment technical

"build upon the recent Whistler initial economic assessment ("PEA")"

A preliminary economic assessment is an initial analysis that estimates the potential profitability and feasibility of a project or resource, such as a new mineral deposit or development venture. It provides a rough idea of costs, benefits, and risks, helping investors decide whether to pursue more detailed studies. This early evaluation is important because it offers a snapshot of whether the project is worth further investment and development.

ni 43-101 regulatory

"the Canadian National Instrument 43-101 ("NI 43-101") technical report titled"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

s-k 1300 regulatory

"prepared under subpart 1300 of Regulation S-K under the U.S. Securities act of 1933 ("S-K 1300")"

Regulation S-K Item 1300 is a U.S. securities disclosure rule that requires public companies to report how they manage cybersecurity risks and to promptly disclose material cyber incidents. Think of it as a requirement to tell investors both the company’s “cyber health” plan and any major break-ins, similar to a homeowner explaining their alarm system and alerting neighbors after a burglary. This helps investors assess operational risk and potential financial or reputational impact.

qualified person regulatory

"Mr. Smith is a qualified person as defined under NI 43-101 and S-K 1300."

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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ANCHORAGE, Alaska, July 6, 2026 /PRNewswire/ - U.S. GoldMining Inc. (NASDAQ: USGO) ("U.S. GoldMining" or the "Company") is pleased to announce that it has commenced drilling as part of the previously announced 2026 exploration program (the "Program") at its 100% owned Whistler Gold-Copper Project in Alaska ("Whistler" or the "Project").

Highlights:

• One Drill Turning at Whistler Orbit, Second Drill En Route: The Program has safely and successfully ramped up, with the first drill activated ahead of schedule (See Figure 1). The Company is actively drilling the high-priority Whistler Orbit targets (see Figure 2). As porphyry systems typically occur in clusters, testing these near-deposit anomalies offers higher probability opportunities to discover potential new porphyry centers.
  
  
• Systematically Testing a District-Scale Porphyry Cluster: The Whistler Orbit represents a classic 'porphyry cluster' spanning a 7.5 km by 4.5 km area. The technical team has systematically delineated over 25 individual exploration targets by stacking multiple lines of evidence, including geological mapping, geophysical surveying and geochemical vectors, to prioritize the highest-ranked targets to drill test in 2026.
  
  
• Transitioning to Active Discovery: The start of drilling propels the Company into a catalyst-rich phase, designed to build upon the recent Whistler initial economic assessment ("PEA")¹. The PEA, which conservatively incorporates only the indicated resources from the Whistler deposit, one of three deposits with stated mineral resource estimates on the property, conceptually modeled an after-tax net present value at a 5% discount rate ("NPV5%") of $2.0 billion, a 33% internal rate of return ("IRR") and initial payback of 2.1 years, at base case prices.
  
  
• Assay Timeline: On-site core logging and cutting facilities are fully operational. The Company anticipates releasing the first batches of assay results by the end of the third quarter, subject to laboratory turnaround times.

Tim Smith, Chief Executive Officer of U.S. GoldMining commented: "Achieving active drilling at the Whistler Orbit targets is an exciting milestone for our team and our stakeholders. With the recent release of the PEA, our focus now shifts to seeking to unlocking the large upside exploration potential of the district.

Geologically, gold-copper porphyries frequently occur in groups or 'clusters'. By targeting the Whistler Orbit right out of the gate, we are aggressively hunting for the next major porphyry center potentially situated right next door to our primary Whistler deposit. The 2026 Program is fully funded to drill a minimum of 6,000 meters of core to test the highest ranked 8 to 10 targets within the Whistler Orbit. We have safely executed our mobilization ahead of schedule, our camp is fully active and we look forward to providing the market with updates and assay results as we advance the program."

______________________________________

1 All references to dollar amounts are to United States dollars unless otherwise stated. Base-case prices used in the 2026 Whistler PEA are $3,200 per ounce gold, $4.50 per pound copper, and $37.50 per ounce silver, based on long term market consensus prices as of February 2026. Please refer to the technical report 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

Whistler PEA

For further information, please see the 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" (the "S-K 1300 Report") prepared under subpart 1300 of Regulation S-K under the U.S. Securities act of 1933 ("S-K 1300") 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", each dated effective March 2, 2026. The S-K-1300 Report is available under the Company's profile at www.sec.gov and the NI 43-101 Report is available under its profile at www.sedarplus.ca.

Technical Information

The results of the PEA contained herein are preliminary in nature and are intended to provide an initial assessment of the 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.

About U.S. GoldMining Inc.

U.S. GoldMining Inc. is an exploration and development company focused on advancing the 100% owned Whistler Gold-Copper Project, located 105 miles (170 kilometers) northwest of Anchorage, Alaska, U.S.A. The Whistler Project consists of several gold-copper porphyry deposits and exploration targets within a large regional land package entirely on State of Alaska mining claims totaling approximately 53,700 acres (217.5 square kilometers).

For further information regarding the Project, refer to previous technical disclosures available on the Company's website and under the Company's respective profiles at www.sec.gov and www.sedarplus.ca.

Visit www.usgoldmining.us for more information.

Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" within the meaning of the United States federal securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Such statements include statements with regard to the Company's plans and expectations regarding the Project, the Program, the results of the PEA, expectations regarding the Project and its future exploration and development potential, the anticipated benefits of governmental initiatives and proposed regional infrastructure, and expectations regarding future exploration plans. 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 and are subject to inherent uncertainties, risks and assumptions that are difficult to predict and involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. 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, without limitation, 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 filings with the U.S. Securities and Exchange Commission at www.sec.gov and Canadian Securities Administrators at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release. Forward-looking statements contained in this news release are made as of this date, and U.S. GoldMining does not undertake any duty to update such information except as required under applicable law.

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SOURCE U.S. GoldMining Inc.

FAQ

What did U.S. GoldMining (NASDAQ: USGO) announce on July 6, 2026 about the Whistler Project?

U.S. GoldMining announced the start of its 2026 drilling program at the Whistler Gold-Copper Project in Alaska. According to U.S. GoldMining, one drill is already turning on high-priority Whistler Orbit targets, with a second drill on the way to expand exploration activities.

How many meters will U.S. GoldMining drill in the 2026 Whistler program (USGO)?

The 2026 Whistler program is fully funded to drill a minimum of 6,000 meters of core. According to U.S. GoldMining, this drilling will test the highest-ranked 8 to 10 exploration targets within the Whistler Orbit porphyry cluster around the main Whistler deposit.

What are the key PEA economics for U.S. GoldMining’s Whistler Project (USGO)?

The Whistler PEA conceptually models an after-tax NPV5% of $2.0 billion and a 33% IRR. According to U.S. GoldMining, the study indicates an initial payback period of 2.1 years, using base case prices for gold, copper and silver as of February 2026.

When will U.S. GoldMining (USGO) release initial assay results from the 2026 Whistler drilling?

Initial assay results are anticipated by the end of the third quarter, subject to lab turnaround times. According to U.S. GoldMining, on-site core logging and cutting facilities are fully operational, supporting timely sample processing and subsequent release of assay batches to the market.

What is the Whistler Orbit porphyry cluster targeted by U.S. GoldMining’s 2026 program?

The Whistler Orbit is a district-scale gold-copper porphyry cluster measuring about 7.5 km by 4.5 km. According to U.S. GoldMining, more than 25 exploration targets have been delineated there using geological mapping, geophysics and geochemical vectors to prioritize drilling.

How does the Whistler PEA resource basis affect U.S. GoldMining’s outlook for USGO shareholders?

The Whistler PEA incorporates only indicated resources from the main Whistler deposit, one of three with estimates. According to U.S. GoldMining, this means the conceptual economics exclude potential contributions from the other deposits and any new discoveries from the 2026 drilling program.

What metal price assumptions underpin U.S. GoldMining’s Whistler PEA economics (USGO)?

The Whistler PEA uses base case prices of $3,200/oz gold, $4.50/lb copper and $37.50/oz silver. According to U.S. GoldMining, these are based on long-term market consensus prices as of February 2026 and underpin the modeled NPV5% and IRR figures.