New Risk • Aug 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$10m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$10m free cash flow). Earnings have declined by 33% per year over the past 5 years. Revenue is less than US$1m. Announcement • Jul 06
U.S. Goldmining Commences 2026 Drilling Program At Whistler Gold-Copper Project U.S. GoldMining Inc. has commenced drilling as part of the previously announced 2026 exploration program at its 100% owned Whistler Gold-Copper Project in Alaska. The Program has safely and successfully ramped up, with the first drill activated ahead of schedule. The Company is actively drilling the high-priority Whistler Orbit targets. As porphyry systems typically occur in clusters, testing these near-deposit anomalies offers higher probability opportunities to discover potential new porphyry centers. 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. The start of drilling propels the Company into a catalyst-rich phase, designed to build upon the recent Whistler initial economic assessment. 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 USD 2.0 billion, a 33% internal rate of return ("IRR") and initial payback of 2.1 years, at base case prices. 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. Geologically, gold-copper porphyries frequently occur in groups or 'clusters'. By targeting the Whistler Orbit right out of the gate, 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. The camp is fully active and the Company will provide the market with updates and assay results as the program advances. All references to dollar amounts are to United States dollars unless otherwise stated. Base-case prices used in the 2026 Whistler PEA are USD 3,200 per ounce gold, USD 4.50 per pound copper, and USD 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. 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. 
