U.S. GoldMining Files PEA Technical Report for Its Whistler Project, Alaska

Rhea-AI Summary

U.S. GoldMining (NASDAQ: USGO) filed an S-K 1300 and NI 43-101 technical report for the 2026 Whistler PEA in Alaska. Key metrics: after-tax NPV5% $2.0B and IRR 33% at Base Prices; at spot prices NPV5% ≈ $4.9B and IRR 62%.

Production: 345,000 AuEq oz/year (first 3 years); LOM average 246,000 AuEq oz over 14.6 years. Capex ≈ $1.3B (20% contingency); LOM AISC $1,046/oz (by-product). PEA covers one of three deposits; additional exploration targets identified.

Positive

• After-tax NPV5% of $2.0B at Base Prices
• IRR of 33% at Base Prices (62% at spot)
• High early production: 345,000 AuEq oz/year first 3 years
• Exploration upside: PEA covers only one of three deposits

Negative

• Initial capex of approximately $1.3B including 20% contingency
• Economic outcome is highly price-sensitive (NPV rises to $4.9B at spot)
• PEA is preliminary and relies on numerous assumptions without certainty

Key Figures

After-tax NPV5% (base): $2.0 billion IRR (base case): 33% Payback period (base): 2.1 years +5 more

8 metrics

After-tax NPV5% (base) $2.0 billion Whistler PEA at Base Prices

IRR (base case) 33% Whistler PEA at Base Prices

Payback period (base) 2.1 years Whistler PEA at Base Prices

After-tax NPV5% (spot) $4.9 billion Whistler PEA at spot prices

IRR (spot case) 62% Whistler PEA at spot prices

Payback period (spot) 1.2 years Whistler PEA at spot prices

Initial capex US$1.3 billion Includes 20% contingency, Whistler PEA

LOM AISC $1,046/oz All-In Sustaining Costs per gold ounce (by-product basis)

Market Reality Check

Price: $10.62 Vol: Volume 183,569 is 1.46x t...

normal vol

$10.62 Last Close

Volume Volume 183,569 is 1.46x the 20-day average of 125,822 ahead of this PEA filing. normal

Technical Price 10.62 is trading slightly above the 200-day MA at 10.50 and well below the 52-week high of 17.98.

Peers on Argus

USGO was down 2.93% with peers like NVA and IONR in scanner also down around the...

2 Down

USGO was down 2.93% with peers like NVA and IONR in scanner also down around the low-to-mid single digits (sector summary median -5.2%), and broader peers ATLX, FURY, GRO all negative. This points to sector-wide metals weakness rather than a USGO-only move.

Historical Context

5 past events · Latest: Mar 05 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 05	Leadership appointment	Positive	-4.1%	Appointed VP Project Development to lead Whistler engineering and execution.
Mar 02	Parent congratulates PEA	Positive	+20.7%	GoldMining highlighted positive initial PEA and majority stake in USGO.
Mar 02	Whistler PEA results	Positive	+20.7%	Announced positive PEA with multi-billion NPV and robust IRR metrics.
Jan 26	Drilling results	Positive	-1.3%	GoldMining reported additional São Jorge drilling intercepts and anomalies.
Jan 22	Corporate appointment	Positive	-1.7%	GoldMining appointed VP Corporate Development & IR to support portfolio.

Pattern Detected

Recent Whistler-related positive news often saw mixed reactions, with 3 of the last 5 positive announcements followed by share price declines, but the initial PEA news produced strong gains.

Recent Company History

Over recent months, U.S. GoldMining’s news flow centered on advancing the Whistler Gold-Copper Project. On Mar 2, 2026, the company announced a positive PEA with after-tax NPV5% of $2.04B and 33.0% IRR, which coincided with a +20.71% move. Subsequent congratulatory and management appointment news in early March referenced this PEA but saw modest pullbacks. Earlier filings from GoldMining focused on exploration results and corporate appointments, underscoring a steady development and drilling narrative.

Market Pulse Summary

This announcement formalizes the Whistler Project’s 2026 PEA through S-K 1300 and NI 43-101 technica...

Analysis

This announcement formalizes the Whistler Project’s 2026 PEA through S-K 1300 and NI 43-101 technical reports, confirming after-tax NPV5% of $2.0B at base prices and $4.9B at spot. It follows March disclosures that initially outlined these economics. Investors may focus on how U.S. GoldMining advances engineering, permitting, and financing, while tracking future updates on exploration targets and any revisions to capital costs or operating assumptions.

Key Terms

s-k 1300, ni 43-101, preliminary economic assessment, npv5%, +4 more

8 terms

s-k 1300 regulatory

"filed an S-K 1300 technical report summary (the "S-K 1300 Report")"

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

"and a Canadian National Instrument 43-101 ("NI 43-101") technical report"

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.

preliminary economic assessment technical

"technical report and Preliminary Economic Assessment", each dated effective March 2, 2026."

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.

npv5% financial

"After-tax net present value at 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

"an internal rate of return ("IRR") of 33%, and initial payback"

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.

all-in sustaining costs financial

"and LOM All-In Sustaining Costs ("AISC") of $1,046 per gold ounce"

All-in sustaining costs (AISC) is a per-unit measure used mainly in the mining sector that captures the full ongoing cost to produce a unit of metal, including operating expenses, sustaining capital (maintenance of current operations), and a share of corporate overhead and site-level costs. Investors use AISC to judge whether production generates real profit and sustainable cash flow—think of it as the total monthly household cost to keep a home running, not just the utility bill.

aisc financial

"and LOM All-In Sustaining Costs ("AISC") of $1,046 per gold ounce"

All-in Sustaining Cost (AISC) is a comprehensive measure of how much it costs a mining company to produce one unit of metal when ongoing operating expenses, long-term maintenance and sustaining capital, and share of corporate overhead are included. Investors use AISC to compare profitability and cash generation across producers—think of it as the full household cost to keep a business running divided by how many items it makes, which helps assess margins and resilience to price swings.

gold equivalent technical

"Annual production of 345,000 gold equivalent ("AuEq") ounces ("oz") over"

Gold equivalent is a way miners and analysts express the combined value of different metals as if they were all gold, by converting each metal’s expected revenue into a gold amount using current price ratios. Think of it like converting apples and oranges into a single fruit count so you can compare baskets more easily; for investors it simplifies production, reserve and revenue figures into one familiar unit to assess scale and value across projects.

AI-generated analysis. Not financial advice.

ANCHORAGE, Alaska, March 23, 2026 /PRNewswire/ - U.S. GoldMining Inc. (NASDAQ: USGO) ("U.S. GoldMining" or the "Company") is pleased to announce that it has filed an S-K 1300 technical report summary (the "S-K 1300 Report") and a Canadian National Instrument 43-101 ("NI 43-101") technical report respecting the initial economic assessment for the initial economic assessment (the "PEA") on its 100%-owned Whistler Gold-Copper Project ("Whistler" or the "Project") in Alaska reported in its news release dated March 2, 2026. 

2026 Whistler PEA Highlights¹:

• Strong economics and quick payback: After-tax net present value at 5% discount rate ("NPV_5%") of $2.0 billion, an internal rate of return ("IRR") of 33%, and initial payback of 2.1 years, at Base Prices.
  • At spot prices, the estimated after-tax NPV_5% increases to approximately $4.9 billion, an IRR of 62%, and initial payback of 1.2 years.
• Significant production over long mine life: Annual production of 345,000 gold equivalent ("AuEq") ounces ("oz") over the first three years. Life of mine ("LOM") average annual production of 246,000 oz AuEq over the initial 14.6 year mine life.
  • At Base Prices, approximately 25% contribution from copper, a designated critical mineral by the U.S. Department of the Interior.
• Attractive cost profile: Initial capital expenditures of approximately US$1.3 billion, including a 20% contingency, and LOM All-In Sustaining Costs ("AISC") of $1,046 per gold ounce (by-product basis).
• Exploration potential: The PEA considers only one of three deposits on the property with stated Resources. Several additional targets nearby the Whistler deposit have been identified for further exploration.

Tim Smith, Chief Executive Officer of U.S. GoldMining commented: "With the completion of our Whistler PEA we've achieved a major milestone for the Project and the Company. We are extremely pleased with the results of the PEA, which delivers exceptional value and sets a solid foundation for the Whistler Project. We look forward to continuing to advance mining studies at the Project in the near term. We are also encouraged about the potential to expand the model by integrating additional resources through additional work. We're also excited about our exploration strategy across the Project to develop a pipeline of future potential discoveries building towards continued resource growth. We expect to share details of our 2026 exploration program at Whistler in the coming weeks, which includes testing of numerous promising porphyry gold-copper targets within the Whistler Orbit."

For further information, please see the S-K 1300 Report titled "Whistler Gold-Copper Project, S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis, Alaska, United States of America" and the 43-101 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 43-201 Report is available under its profile at www.sedarplus.ca.

________________________________

1 All financial figures are in United States dollars unless otherwise stated. Base Prices used in the 2026 Whistler PEA are $3,200 per ounce gold, $4.50 per pound copper, and $37.50 per ounce silver. References to spot prices reflect $5,000 per ounce gold, $5.85 per pound copper, and $70 per ounce silver. Spot prices were selected based on the 5-day and 1-month intra-day trading prices for the periods ending February 23, 2026. The gold equivalent equations are: AuEq(oz) = Au(oz) + (Cu(lbs)*$4.50/lb + Ag(oz)*$37.50/oz) / $3,200/oz. AISC includes mining costs, processing costs, royalties, G&A costs, transportation costs, sustaining capital and closure costs less by-product credits.

Qualified Person

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.

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.

The disclosure herein, including relating to mineral resource estimates, has been prepared in accordance with the requirements of Canadian securities laws, as set forth in NI 43-101, which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") classification system, the CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, and in accordance with the requirements found in 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.

About Ausenco

Ausenco is a global company redefining what's possible. The team is based out of 21 offices working across five continents to deliver services worldwide. Combining deep technical expertise with a 30-year track record, Ausenco delivers innovative, value-add consulting, studies, project delivery, asset operations and maintenance solutions to the minerals and metals and industrial sectors.

Visit www.ausenco.com 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 expectations regarding the Project, including statements regarding the results of the PEA, expectations regarding the Project and its future exploration and development potential, LOM projections, estimates of capital, sustaining and other costs and revenues under the PEA 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 are the headline economics for U.S. GoldMining's Whistler PEA (USGO) filed March 23, 2026?

The PEA shows an after-tax NPV5% of $2.0B and an IRR of 33% at Base Prices. According to the company, at spot prices the after-tax NPV5% increases to about $4.9B with an IRR of 62%.

How much gold equivalent will Whistler (USGO) produce annually according to the 2026 PEA?

The PEA estimates 345,000 AuEq ounces per year over the first three years. According to the company, life-of-mine average production is 246,000 AuEq ounces over a 14.6-year mine life.

What is the estimated initial capital cost and AISC for Whistler in the March 2026 PEA (USGO)?

Initial capital expenditures are about $1.3 billion including a 20% contingency. According to the company, life-of-mine All-In Sustaining Costs are estimated at $1,046 per gold ounce on a by-product basis.

How sensitive is Whistler's economic value to metals prices in the USGO PEA?

The project is highly price-sensitive: at spot prices reported the after-tax NPV5% jumps from $2.0B to ~ $4.9B. According to the company, IRR also rises from 33% at Base to 62% at spot prices.

Does the Whistler PEA (USGO) include all resources on the property?

No, the PEA models only one of three deposits with stated resources on the property. According to the company, several additional nearby targets remain for further exploration and potential resource expansion.

What caution does U.S. GoldMining provide about the Whistler PEA (USGO)?

The company notes the PEA is preliminary and based on numerous assumptions that may not be realized. According to the company, there is no certainty the economic assessment will be achieved as modeled.