U.S. GoldMining Completes 2026 Drill Program Targeting High-Priority Porphyry Centers at its 100% Owned Whistler Gold-Copper Project, Alaska

Completion of record 2026 drilling supports U.S. GoldMining’s district-scale exploration while a March 2026 PEA outlines preliminary project economics.

Rhea-AI Summary

U.S. GoldMining (USGO) completed its 2026 drill program at the Whistler Gold-Copper Project in Alaska, totaling 7,493 meters.

The program, the largest since the company’s inception, comprised 17 core drill holes across 10 high-priority targets in the Whistler Orbit, aimed at delineating new gold-copper porphyry intrusions and extending known systems. The 100% owned Whistler land package covers 53,700 acres and hosts estimated mineral resources of 5.41 Moz AuEq indicated and 4.97 Moz AuEq inferred across the Whistler, Raintree West and Island Mountain deposits.

A March 2026 initial assessment and PEA modeled an after-tax NPV5% of US$2.04 billion, 33.0% IRR and a 2.1-year payback, using long-term price assumptions and only indicated resources from the Whistler deposit. The company cautions the PEA is preliminary and subject to numerous assumptions.

Positive

• 2026 drilling program completed 7,493 meters across 17 core holes in 10 target areas.
• Whistler land package totals 53,700 acres with multiple mineralized systems and targets.
• Estimated mineral resources of 5.41 Moz AuEq indicated and 4.97 Moz AuEq inferred across three deposits.
• March 2026 PEA shows after-tax NPV5% of US$2.04 billion.
• Projected IRR of 33.0% with an estimated 2.1-year payback on initial capital in the PEA.

Negative

• PEA results are preliminary, assumption-based and the company notes there can be no certainty the economic assessment will be realized.
• PEA economics rely on base-case metal prices of $3,200/oz gold, $4.50/lb copper and $37.50/oz silver.

News Explained

With drilling complete, the next disclosed milestone is assay processing: U.S. GoldMining expects initial results, including from regional mapping and prospecting, in the coming weeks through the end of 2026, subject to laboratory turnaround times.

Market Context

On Jul 06, the recorded 24-hour reaction was -3.62% after USGO announced its drilling launch; that d...

Analysis

On Jul 06, the recorded 24-hour reaction was -3.62% after USGO announced its drilling launch; that directly comparable milestone preceded today’s completed program update, which reported no assay results.

Key Figures

Drilling completed: 7,493 meters Core drill holes: 17 holes Target areas: 10 areas +5 more

Drilling completed

7,493 meters

2026 exploration program

Core drill holes

17 holes

2026 exploration program

Target areas

10 areas

Whistler Orbit drilling

Land package

53,700 acres

100% owned Whistler project

Indicated mineral resources

5.41 Moz AuEq

Whistler, Raintree West and Island Mountain deposits

Inferred mineral resources

4.97 Moz AuEq

Whistler, Raintree West and Island Mountain deposits

After-tax NPV5%

US$2.04 billion

March 2026 Whistler PEA

Internal rate of return

33.0%

March 2026 Whistler PEA

Historical Context

2 past events · Latest: Jul 06

2 events

1. Jul 06

   Drilling program launch

   24h Move

   -3.6%

   Company commenced 2026 drilling targeting high-priority Whistler Orbit exploration targets

2. Aug 27

   Exploration program update

   24h Move

   +2.3%

   Company reported 11 completed drill holes and more than 5,000 meters drilled

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

Key Terms

porphyry, preliminary economic assessment, internal rate of return, inferred mineral resource, +2 more

6 terms

porphyry technical

"new gold-copper mineralized porphyry intrusions"

A porphyry is a type of large, underground mineral deposit that contains valuable metals such as copper, gold, or molybdenum, often spread over a wide area. Think of it as a giant underground treasure chest, where the metals are embedded in rock formations. These deposits are important to investors because they can be the source of significant resource extraction projects with the potential for substantial economic returns.

preliminary economic assessment financial

"which included a preliminary 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.

internal rate of return financial

"and internal rate of return ("IRR") of 33.0%"

A percentage that represents the annualized yield an investment would earn, taking into account the timing and amount of all cash inflows and outflows; mathematically it is the rate that makes the discounted sum of future cash flows equal the initial cost. Investors use it to compare different projects or deals the way they compare interest rates — a higher internal rate of return suggests a stronger potential payoff, but it does not by itself show risk, scale, or timing nuances.

inferred mineral resource technical

"the Island Mountain mineral system hosts an inferred mineral resource"

An inferred mineral resource is an early-stage estimate of the amount and grade of minerals in the ground based on limited sampling and geological evidence; think of it as a rough sketch of where valuable material might be, rather than a detailed blueprint. It matters to investors because it signals potential upside but carries high uncertainty—further drilling and study are needed before it can support mine planning or reliable economic forecasts.

s-k 1300 regulatory

"prepared under subpart 1300 of Regulation S-K under"

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.

ni 43-101 regulatory

"the Canadian National Instrument 43-101 ("NI 43-101")"

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.

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

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ANCHORAGE, Alaska, Sept. 22, 2026 /PRNewswire/ -- U.S. GoldMining Inc. (NASDAQ: USGO) ("U.S. GoldMining" or the "Company") is pleased to announce that it has completed its 2026 exploration program (the "Program") at its 100% owned Whistler Gold-Copper Project in Alaska ("Whistler" or the "Project").

Highlights:

• 7,493 meters completed in the Whistler Orbit: The Program is the largest drilling program since inception of the Company and was safely concluded after completing 17 core drill holes across ten target areas (see Figure 1). The drilling tested high-priority Whistler Orbit drill targets seeking to delineate new gold-copper mineralized porphyry intrusions and extend known mineral systems.
• Systematically Testing District-Scale Mineral Systems: The 100% owned 53,700-acre Whistler land package extends well beyond the existing estimated mineral resources. In the north, the Whistler Orbit represents a classic 'porphyry cluster' spanning a 7.5 km by 4.5 km area, which contains the existing Whistler and Raintree deposits. In the south, the Island Mountain mineral system hosts an inferred mineral resource alongside additional high-priority exploration targets. The Company believes that the emerging Muddy Creek mineral system has the potential to host intrusion-related gold mineralization.
• Building an Exploration Pipeline: The Whistler Gold-Copper Project hosts 5.41 Moz AuEq of estimated indicated mineral resources and 4.97 Moz AuEq of estimated inferred mineral resources across the Whistler, Raintree West and Island Mountain deposits. The March 2026 Whistler initial assessment, which included a preliminary economic assessment ("PEA")¹, modeled an estimated after-tax NPV5% of US$2.04 billion and internal rate of return ("IRR") of 33.0%, with an estimated payback on initial capital of 2.1 years. Crucially, the study conservatively incorporates only the indicated mineral resources from just the Whistler deposit, one of three deposits within the overall Project mineral resources. The PEA provides a base case economic framework for the Project and a robust investment thesis for continued technical evaluation, de-risking and advancement.
• Sample Processing: On-site core logging and sampling is well advanced. The Company anticipates initial assay results, including from regional mapping and prospecting, in the coming weeks and through to the end of 2026, subject to laboratory turnaround times.

Tim Smith, Chief Executive Officer of U.S. GoldMining, commented: "Our 2026 drilling program concluded safely, on schedule and on budget. We drilled a record 7,493 meters across 17 drill holes testing 10 individual target areas for potential new zones of gold-copper mineralization. By targeting the Whistler Orbit, we are aggressively hunting for the next major porphyry center potentially situated right next door to our primary Whistler deposit, which underpins our robust base case PEA. Expanding across our district-scale property, we made exciting progress on exploration target areas at Island Mountain, Muddy Creek and Long Lake Hills. We look forward to providing the market with updates on assay results over the coming months."

__________________________________

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 regarding the PEA and mineral resource estimated disclosed herein, 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).

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, 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When does U.S. GoldMining expect to receive assay results from the 2026 Whistler drilling and related work?

On-site core logging and sampling are well advanced. The company anticipates initial assay results, including from regional mapping and prospecting, in the coming weeks and continuing through to the end of 2026, subject to laboratory turnaround times.

Which mineral systems and deposits are included within the Whistler Gold-Copper Project land package?

The 53,700-acre Whistler land package includes the northern Whistler Orbit, a 7.5 km by 4.5 km porphyry cluster hosting the Whistler and Raintree deposits. In the south, the Island Mountain mineral system hosts an inferred mineral resource and additional high-priority exploration targets. The company also views the emerging Muddy Creek mineral system as having potential for intrusion-related gold mineralization.

What commodity price assumptions underpin the March 2026 Whistler PEA?

The 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.

Which resources are included in the Whistler PEA’s economic analysis?

The March 2026 initial assessment and PEA model economics using only the indicated mineral resources from the Whistler deposit, which is one of three deposits within the project’s overall mineral resources.