A developing gold producer, similar to a smaller, emerging Barrick Gold or Newmont.

A gold mining company in its growth phase, comparable to a smaller version of Kinross Gold or Agnico Eagle Mines, with a primary focus on a key development project.

• Gold: The primary precious metal targeted for extraction and future sale from its mineral projects.
• Silver: A valuable co-product often recovered in conjunction with gold from its mineral deposits.

US GoldMining Inc. (symbol: USGO) is a public company listed on the TSX Venture Exchange. Based on available information, US GoldMining Inc. is currently an exploration and development company, primarily focused on advancing its Miller Gold Project in Quebec, Canada.

As an exploration and development company, US GoldMining Inc. is not yet in commercial production of gold. Therefore, it does not currently have major customers that purchase gold or gold products from it.

Companies in the exploration phase are primarily engaged in identifying, evaluating, and developing mineral resources, rather than selling mined commodities. Their activities typically involve geological surveys, drilling, and feasibility studies, funded through equity financing, debt, or strategic partnerships.

Tim Smith, Chief Executive Officer and President

Mr. Smith was appointed as the Chief Executive Officer and President of U.S. GoldMining on September 12, 2022, and is a co-founder of the company. He brings over 25 years of mineral industry exploration and mining experience, primarily focusing on gold mineral systems across Australia and Canada. His expertise includes exploration project management from generative greenfields to deposit drill-out and feasibility studies. Previously, he served as Regional Director Generative Exploration, North America for Newmont Corporation from June 2019 to April 2022, and as Exploration Director for Goldcorp Inc. from August 2016 to June 2019. Mr. Smith was a key individual responsible for the sale of the Coffee gold deposit in Canada to Goldcorp (now Newmont) for $520 million.

Tyler Wong, Chief Financial Officer, Principal Accounting Officer, Treasurer and Secretary

Mr. Wong was appointed Chief Financial Officer on December 20, 2024, having previously served as the company's Interim Chief Financial Officer, Secretary, and Treasurer. He possesses over 15 years of financial and accounting experience with companies listed on NASDAQ, NYSE, TSX, and TSX-V, with extensive knowledge in financial reporting, SOX, and internal controls.

Alastair Still, Director and Chairman of the Board of Directors

Mr. Still is a co-founder of U.S. GoldMining and was appointed as a director and Chairman of the board on September 12, 2022. He is an experienced mining industry professional with over 25 years of experience, including working for some of the world's largest gold miners. Mr. Still currently serves as Chief Executive Officer of GoldMining and Director of Technical Services for Gold Royalty Corp. He has held senior management roles leading the operation or construction of numerous producing mines for companies such as Newmont, Goldcorp, Placer Dome, and Kinross.

Garnet Dawson, Director

Mr. Dawson served as the President of U.S. GoldMining from 2015 through September 12, 2022, and was appointed as a director on September 12, 2022. He was Chief Executive Officer of GoldMining from 2014 to April 2021. Mr. Dawson is a geologist with 40 years of experience in the exploration and mining business, having worked with senior and junior mining companies across the Americas, Europe, Africa, and China. His executive roles include Chief Executive Officer of GoldMining Inc., Vice President, Exploration of Brazilian Gold, and Vice President, Exploration of EuroZinc Mining Corporation.

Mr. Olson, Special Advisor

Mr. Olson was appointed as Special Advisor on September 1, 2025. He is an experienced mining industry leader with a proven track record of managing and developing multi-billion-dollar international mining projects. With over 30 years of experience, Mr. Olson has held senior management positions and led teams through key phases of large-scale mining projects, including engineering, construction, start-up, and operations. He previously served as Senior Vice President of Project Development at Goldcorp Inc.

The key risks for US Goldmining (symbol: USGO) are primarily associated with its stage of development, market volatility, and financial sustainability.

1. Exploration Stage and Lack of Identified Mineral Reserves and Revenue: US Goldmining's primary asset, the Whistler Project, is in the exploration stage and currently lacks identified mineral reserves or consistent revenue generation. While the company reported a recent quarterly profit, its long-term profitability and financial viability are considered speculative due to the absence of a steady revenue stream.
2. Fluctuations in Gold and Copper Prices: The company's valuation and potential future profitability are highly sensitive to the volatile market prices of gold and copper. Downturns in these commodity prices can significantly impact investor confidence and the economic viability of its exploration projects.
3. Cash Burn and Need for Future Financing: US Goldmining exhibits a significant cash burn rate and a limited cash runway. As an exploration company, it will likely require substantial additional capital to fund its operations and advance its projects. Raising this capital may lead to the issuance of new shares, which could dilute the ownership stakes of existing shareholders.

The increasing mainstream adoption and institutional acceptance of cryptocurrencies, particularly Bitcoin, as an alternative store of value and hedge against inflation. Bitcoin is often referred to as "digital gold" and offers advantages such as ease of transfer, divisibility, and potentially lower storage costs compared to physical gold. As more investors, especially younger demographics and institutions, allocate capital to cryptocurrencies for these purposes, it could divert investment demand away from traditional gold, potentially impacting gold prices and the profitability of gold mining companies like USGO.

The main product of U.S. Goldmining (USGO) is gold, with the company focused on the exploration and development of the Whistler gold-copper project in Alaska, USA.

The addressable market for gold can be identified at both a global and regional (North America/U.S.) level.

• The global gold market was valued at approximately USD 291.68 billion in 2024. This market is projected to reach USD 400 billion by the end of 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.51% from 2025-2030. Another projection estimates the global market to reach USD 457.91 billion by 2032, with a CAGR of 5.80% from 2024-2032.
• For North America, which accounts for 15% of the global gold market in 2024, the market is expected to be worth USD 23.22 billion in 2025. Specifically, the U.S. gold market is projected to reach USD 20.31 billion in 2025.

US Goldmining (USGO) is an exploration and mine development company primarily focused on its Whistler Gold-Copper Project in Alaska. As of current reports, the company has no history of earnings or mineral production, and there are no known commercial quantities of Mineral Reserves on the Whistler Project, indicating that future revenue growth is entirely dependent on the successful progression of this project.

Here are 3-5 expected drivers of future revenue growth for US Goldmining over the next 2-3 years:

1. Advancement and Development of the Whistler Gold-Copper Project: The core driver for future revenue will be the successful exploration, development, and eventual commencement of production at the Whistler Gold-Copper Project. US Goldmining completed an IPO in April 2023 to fund exploration and mining studies for this project. Ongoing exploration programs, such as the 2024 drilling program, aim to enhance and grow the value of its asset base by expanding resources and moving them from inferred to higher levels of indicated mineral resources. Additionally, metallurgical test work has shown improvements in gold recovery, which could positively impact the project's viability and future profitability.
2. Favorable Gold and Copper Price Trends: The market prices of gold and copper will significantly influence US Goldmining's potential future revenue. Analysts have highlighted the positive impact of a "significant rise in commodity prices," noting that increasing gold and silver prices enhance the potential profitability of the Whistler Project. The "favorable outlook for gold and copper, driven by geopolitical risks and demand for green technologies," is expected to support long-term growth prospects for the company.
3. Successful Project Financing and Funding for Development: While not a direct revenue generator, securing adequate funding is a critical prerequisite for advancing the Whistler project to production, which will then enable revenue generation. The company's plan to raise capital, such as a previously mentioned intention to raise $50 million for drilling through share issuance, is crucial for funding exploration opportunities, expanding resources, and mitigating investment risks. The progress in obtaining project financing is considered a key short-term catalyst for the company.

Share Issuance

• U.S. GoldMining Inc. completed an Initial Public Offering (IPO) in April 2023, issuing 2,000,000 units at $10.00 per unit, generating gross proceeds of $20.0 million. Each unit comprised one share of common stock and one warrant. [cite: 11 in previous step]
• On September 30, 2025, the company filed a prospectus supplement to increase the maximum number of shares of its common stock issuable under an existing At The Market (ATM) Offering Agreement.

Inbound Investments

• Following the April 2023 IPO, GoldMining Inc., the parent company, maintained a significant investment by holding 9,622,491 shares of common stock, representing approximately 79% of U.S. GoldMining Inc.'s outstanding shares. [cite: 18 in previous step]

Capital Expenditures

• Capital expenditures are primarily directed towards the exploration and development of the 100%-owned Whistler Gold-Copper Project located in Alaska. [cite: 12 in previous step, 13 in previous step]
• In the fiscal year 2023, capital expenditures amounted to approximately $979.52 thousand USD.
• For the fiscal year 2024, capital expenditures were approximately $171.84 thousand USD.