U.S. GoldMining Provides Update on State-Led West Susitna Access Road, AIDEA Authorizes up to $25 Million in Funding for the State's Planned Geotechnical and Engineering Work

U.S. GoldMining (USGO) reported that the Alaska Industrial Development and Export Authority has authorized up to $25 million for geotechnical drilling, permitting, hydrologic, and engineering work on the proposed West Susitna Access Project (WSAP).

Rhea-AI Summary

U.S. GoldMining (USGO) reported that the Alaska Industrial Development and Export Authority has authorized up to $25 million for geotechnical drilling, permitting, hydrologic, and engineering work on the proposed West Susitna Access Project (WSAP).

The WSAP, led by the State of Alaska, would include a 22‑mile public road by ADOT&PF and a 78.5‑mile public‑private road by AIDEA, terminating at U.S. GoldMining’s exploration camp near the Whistler gold‑copper deposit. The new work program covers bridge crossings, including the Skwentna River, seismic surveys, material site evaluation, culvert and trail overcrossing locations, and preparation of state and federal permit applications. The company highlights that its Whistler PEA, based only on Indicated Mineral Resources, outlines an after‑tax NPV5% of $2.0 billion, a 33% IRR, and an initial payback period of 2.1 years, while emphasizing that the PEA is preliminary and not a feasibility study.

Positive

• AIDEA funding authorization up to $25 million for WSAP geotechnical, permitting, hydrologic, and engineering work
• Road corridor defined: 22‑mile public road plus 78.5‑mile public‑private road reaching Whistler camp
• PEA economic metrics: after‑tax NPV5% of $2.0 billion, 33% IRR, 2.1‑year initial payback based on Indicated resources

Negative

• PEA only preliminary: not a pre‑feasibility or feasibility study, with no demonstrated economic viability
• Reliance on assumptions and uncertainties: company warns there is no certainty PEA results or mine schedule and costs will be realized
• Road and infrastructure still proposed: WSAP remains in pre‑construction and permitting stages, with future outcomes not assured

Market Context

USGO previously gained 5.46% after the March 23 PEA filing, giving the platform a positive reference...

Analysis

USGO previously gained 5.46% after the March 23 PEA filing, giving the platform a positive reference for infrastructure progress. The PEA's preliminary status remained a key risk; subsequent permitting and engineering milestones were relevant.

Key Figures

Funding authorization: $25 million State-led road: 22 miles Public-private road: 78.5 miles +4 more

7 metrics

Funding authorization $25 million WSAP geotechnical, permitting, hydrologic, and engineering work

State-led road 22 miles ADOT&PF-led public road component

Public-private road 78.5 miles AIDEA-led component terminating near the Whistler exploration camp

After-tax NPV5% $2.0 billion Whistler PEA at base case prices

Internal rate of return 33% Whistler PEA at base case prices

Initial payback 2.1 years Whistler PEA at base case prices

Field seasons 2026 and 2027 Authorized program work period

Historical Context

5 past events · Latest: Aug 27 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Aug 27	Exploration program update	Positive	+2.3%	Progress on funded exploration and policy support for the Whistler project
Jul 06	Drilling program launch	Positive	-3.6%	Minimum drilling program began across high-priority Whistler Orbit targets
Jun 09	Infrastructure catalyst update	Positive	-2.5%	Exploration progress and regional infrastructure catalysts were disclosed
Apr 20	Exploration program mobilization	Positive	-0.5%	2026 exploration program mobilized around district-scale potential
Mar 23	PEA report filing	Positive	+5.5%	Whistler technical report filed with preliminary economic metrics

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

Pattern Detected

Recent positive project updates produced mixed reactions, with three of five events followed by declines.

Key Terms

preliminary economic assessment, npv5%, irr, ni 43-101, +1 more

5 terms

preliminary economic assessment financial

"The Whistler Gold-Copper Project 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.

npv5% financial

"an after-tax net present value at a 5% discount rate ("NPV5%")"

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")"

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.

View in glossary

ni 43-101 regulatory

"the 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.

s-k 1300 regulatory

"under subpart 1300 of Regulation S-K under the U.S. Securities Act"

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.

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

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ANCHORAGE, Alaska, Sept. 2, 2026 /PRNewswire/ -- U.S. GoldMining Inc. (NASDAQ: USGO) ("U.S. GoldMining" or the "Company") is pleased to provide an update on the proposed West Susitna Access Project ("WSAP"), a State-led road initiative that, as designed, would connect the Whistler Gold-Copper Project ("Whistler" or the "Project") with existing highway, rail, power, and port infrastructure in the Anchorage area of Southcentral Alaska. 

Highlights:

• $25 Million Funding Authorization: On August 27, 2026, the Alaska Industrial Development and Export Authority ("AIDEA") announced it has authorized up to $25 million to fund the geotechnical drilling program and associated permitting, hydrologic, and engineering work for the WSAP.
  
  
• Advancing Final Design: Geotechnical data is a gating input for the final design of the proposed road. The authorized program will provide information needed to advance bridge foundation design, material site development, culvert sizing, and refinement of the road alignment over the 2026 and 2027 field seasons.
  
  
• Unlocking the West Susitna Mineral District: The WSAP comprises a 22-mile public road led by the Alaska Department of Transportation and Public Facilities ("ADOT&PF") and a 78.5-mile public-private road led by AIDEA, terminating at the Company's exploration camp near the Whistler deposit (see Figure 1).

Tim Smith, Chief Executive Officer of U.S. GoldMining, commented: "While our team remains focused on building upon the robust economics modelled in our recent initial economic assessment through an active exploration program, we commend the State of Alaska and AIDEA for their commitment to advancing the WSAP.

This $25 million authorization by AIDEA for the pre-construction work on the West Susitna Access Road marks a significant step forward in physically linking Whistler, and the broader West Susitna Mineral District, directly to the greater Anchorage transportation and energy grid. We look forward to continuing our collaborative work with all levels of government and local stakeholders to support an initiative that can serve as a vital contributor to the Alaskan economy while strengthening U.S. domestic critical mineral security."

AIDEA Leadership Commentary

The AIDEA Board of Directors voted unanimously to adopt the funding resolution, underscoring strong state-level momentum for the infrastructure corridor.

Bill Kendig, AIDEA Board Chair, stated: "The Board's action today reflects our confidence in this project and our commitment to doing it right. West Susitna is exactly the kind of investment AIDEA was created to make – infrastructure that opens opportunity for Alaskans today and for generations to come."

Brandon Brefczynski, AIDEA Deputy Executive Director, added: "This is the work that turns a route on a map into a road that can actually be built. The Board's unanimous action keeps the project on schedule for the upcoming field seasons and moves us another step closer to unlocking one of the most promising resource corridors in the state."

About the Proposed West Susitna Access Project

Developed by AIDEA's staff and engineering and permitting consultants, and the ADOT&PF Northern Region Materials Section, the newly funded $25M work program will cover proposed bridge crossings along the alignment, including major crossings of the Skwentna River. The program includes seismic velocity geophysical surveys at each bridge site, evaluation of material sites to supply gravel and fill for construction, trail overcrossings and large culvert locations, and the preparation of state and federal permit applications required prior to drilling. 

The WSAP is expected to connect the existing road, power, rail, and port infrastructure in the vicinity of Anchorage with multiple natural resource development projects located in the West Susitna Mining District, with the potential to support the establishment of a premier, infrastructure-rich mining hub in Alaska.

Technical Information

The Whistler Gold-Copper Project Preliminary Economic Assessment ("PEA"), which incorporates only the Indicated Mineral Resources from the Whistler deposit, outlines 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.

For further information regarding the Project, 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.

The results of the PEA are preliminary in nature and are intended to provide an initial assessment of the Project's economic potential and development options. The PEA is not a pre-feasibility study or a feasibility study. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that the results of the PEA will be realized. Inferred Mineral Resources, if any are included, are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. 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 initial economic assessment will be realized. Actual results may vary, potentially materially and readers are cautioned not to place undue reliance on the results of the PEA.

Tim Smith, P.Geo., Chief Executive Officer of the Company, has supervised the preparation of this news release and has reviewed and approved the 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 ("forward-looking statements"). Such statements include statements with regard to the Company's plans and expectations regarding the Project, the 2026 exploration program at the Project and expected governmental support for the project, the results of the PEA, the anticipated benefits of governmental initiatives and proposed regional infrastructure, and expectations regarding future exploration plans. Words such as "expects", "anticipates", "plans", "estimates", "will", "proposes", "potential" 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, the risk that the WSAP may not be completed, may be materially delayed, or may follow a different alignment than currently proposed, risks that AIDEA or ADOT&PF funding or approvals may not be maintained or may be reduced, the fact that the Company does not control the WSAP and relies on third-party governmental entities for its advancement, 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 funding did AIDEA approve related to the West Susitna Access Project for U.S. GoldMining (USGO)?

AIDEA authorized up to $25 million to fund geotechnical drilling, permitting, hydrologic, and engineering work for the proposed West Susitna Access Project, which is intended to advance pre‑construction design of the road corridor serving the Whistler Gold‑Copper Project.

How will the West Susitna Access Project benefit the Whistler Gold-Copper Project of USGO?

The West Susitna Access Project is designed to connect Whistler to existing road, power, rail, and port infrastructure near Anchorage via a 22‑mile public road and a 78.5‑mile public‑private road that terminates at U.S. GoldMining’s exploration camp near the Whistler deposit.

What are the key economic results of the Whistler Gold-Copper Project PEA for U.S. GoldMining (USGO)?

The Whistler PEA outlines an after‑tax NPV5% of $2.0 billion, an internal rate of return of 33%, and an initial payback period of 2.1 years at base case prices, based only on Indicated Mineral Resources from the Whistler deposit.

Is the Whistler Gold-Copper Project PEA for USGO a feasibility study?

No. The company states the PEA is preliminary in nature, is not a pre‑feasibility or feasibility study, and that mineral resources are not mineral reserves and do not have demonstrated economic viability, so there is no certainty the PEA results will be realized.

What technical work will the new $25 million program cover on the West Susitna Access Project?

The program includes geotechnical drilling at bridge crossings, seismic velocity geophysical surveys, evaluation of material sites for gravel and fill, planning of trail overcrossings and large culvert locations, and preparation of required state and federal permit applications before drilling.

Who is leading the different segments of the West Susitna Access Road linked to USGO’s Whistler Project?

The 22‑mile public road segment is led by the Alaska Department of Transportation and Public Facilities, while the 78.5‑mile public‑private road segment is led by AIDEA, together forming the route to U.S. GoldMining’s Whistler exploration camp.

Where is U.S. GoldMining’s Whistler Gold-Copper Project located and how large is the land package?

The Whistler Gold‑Copper Project is located about 105 miles (170 kilometers) northwest of Anchorage, on a regional land package of approximately 53,700 acres (217.5 square kilometers) of State of Alaska mining claims, hosting several gold‑copper porphyry deposits and targets.