Name of the Project
Whistler gold/copper project.

Location
In the Alaska Range, north-west of Anchorage, Alaska, in the US.

Project Owner/s
The project is 100%-owned by US GoldMining Inc.

Project Description
Whistler is a resource-stage, gold-rich copper porphyry project comprising several gold/copper deposits and exploration targets within a district-scale land package.

The March 2026 estimate outlines total indicated resources at the Whistler, Raintree West and Island Mountain deposits of 299.15-million tonnes at 0.565 g/t gold equivalent containing 5.41-million ounces of gold equivalent, and total inferred resources of 290.75-million tonnes at 0.536 g/t gold equivalent containing 4.97-million ounces of gold equivalent.

The March 2026 preliminary economic assessment (PEA) envisages a conventional openpit truck-and-shovel operation using drill, blast, load and haul mining methods. The operation is planned to mine an average of 126 000 t/d over a 14.6-year mine life, with resources processed at a nominal rate of 40 000 t/d. 

The proposed processing route comprises conventional flotation to produce a gold-rich copper concentrate, with rougher flotation tailings reporting to a leach circuit to produce gold doré on site. Life-of-mine (LoM) production is estimated at 2.68-million ounces of gold, 591.6-million pounds of copper and 6.9-million ounces of silver, equal to total production of about 3.59-million ounces of gold equivalent. Average yearly production is estimated at 345 200 oz of gold-equivalent in the first three years, 308 000 oz/y in the first seven years and 245 600 oz/y over the LoM.

Potential Job Creation
Not disclosed.

Net Present Value/Internal Rate of Return
The March 2026 PEA estimates an after-tax net present value (NPV), at a 5% discount rate, of $2.04-billion and an internal rate of return (IRR) of 33% using base-case prices of $3 200/oz gold, $4.50/lb copper and $37.50/oz silver. Payback is estimated at 2.1 years. At spot prices of $5 000/oz gold, $5.85/lb copper and $70/oz silver, the after-tax NPV increases to about $4.88-billion, with an IRR of 62% and a payback period of 1.2 years. In May 2026, Stormlands Mining published an independent case study on the Whistler project using its mining-valuation platform to model the project economics from publicly available technical information, including the March 2026 NI 43-101 technical report and PEA.

The case study gives a broadly similar base-case after-tax NPV of about $2.02-billion at a 5% discount rate, with an IRR of about 31.9% and payback of about 30 months after the start of production. Stormlands’ March 2026 commodity-price scenario increases the project NPV to $4.71-billion, lifts the IRR to 61% and improves payback to 19 months. Stormlands has stated that its analysis is independent and has not been commissioned, reviewed or endorsed by US GoldMining.

Capital Expenditure
Initial capital expenditure is estimated at $1.28-billion, including prestrip.

Planned Start/End Date
Not disclosed.

Latest Developments
GoldMining is considering the next steps towards a possible prefeasibility study, but has said further work is required before deciding whether to proceed to that stage.

The May 2026 case study highlights Whistler’s sensitivity to gold and copper prices and shows that stronger March 2026 commodity-price assumptions could materially improve project economics.

In April 2026, US GoldMining mobilised its 2026 exploration programme at Whistler. The programme will include diamond core drilling on high-priority near-deposit and district-scale targets in the Whistler–Raintree area, including Whistler extensions, Mammoth and Snow Ridge, the Raintree area, and the Hotfoot and Sunbowl targets.

In March 2026, US GoldMining announced the results of the PEA for Whistler. The assessment considered only indicated mineral resources at the Whistler deposit, one of three deposits with stated mineral resources on the property. The company has indicated that additional work could assess incorporating nearby resources, including at Island Mountain and Raintree.

Key Contracts, Suppliers and Consultants
Ausenco Engineering Canada ULC, with contributions from Moose Mountain Technical Services (PEA).

Contact Details for Project Information
US GoldMining Inc, tel +1 833 388 9788 or email info@usgoldmining.us.