U.s. Goldmining Inc. · NASDAQ:USGO
U.s. Goldmining — Investor Presentation (October 2026)
25 slides from U.s. Goldmining's investor presentation, October 2026
Slide 1: America's Next Gold-Copper Mine Development
America’s Next Gold-Copper Mine Development Project Validated at a $2.0B NPV PEA October 2026 Corporate Presentation USGO: NASDAQ | US.GOLDMINING.US
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION IS NOT INTENDED AS, AND DOES NOT CONSTITUTE, AN OFFER TO SELL SECURITIES OF U.S. GoldMining INC. (THE “COMPANY” OR “US GoldMining”). No securities commission or other regulatory authority in Canada or any other country or jurisdiction has in any way passed on the merits
Slide 3: Whistler is a Large, Financeable U.S. Gold-Copper Asset
SECTION 1 Whistler is a Large, Financeable U.S. Gold-Copper Asset with Visible Value USGO: NASDAQ | USGOLDMINING.US 3
Slide 4: Whistler Combines Scale, Jurisdiction, and Robust Economics
Whistler Combines Scale, Jurisdiction, and Robust Economics in One of the Best Development Assets in the U.S. 5.41 / 4.97 88.9% / 77.8% Red Dog Moz AuEq Au / Cu recovery Alaska Yukon Indicated / Inferred* Gold / Copper recoveries resource across 3 deposits (2026 PEA) Livengood Fort Knox Eagle Pogo C
Slide 5: Initial PEA Delivers $2.0B NPV With Meaningful Torque to Metal Prices
Initial PEA Delivers $2.0B NPV With Meaningful Torque to Metal Prices W H I S TL E R D E P O S I T · PEA economics based on the Indicated MRE only CONSENSUS $3,200/oz Au · $4.50/lb Cu · $37.50/oz Ag SPOT $5,000/oz Au · $5.85/lb Cu · $70/oz Ag $1,046 Consensus Spot Consensus Spot Consensus Spot /oz A
Slide 6: USGO Trades at 0.10x P/NAV — A Significant Discount to Developer Peers
USGO Trades at 0.10x P/NAV — A Significant Discount to Developer Peers Broker Consensus P / NAV (x) DEVELOPMENT STAGE POSITIONING USGO represents a large-scale gold-copper development project in Alaska. The Company’s 0.9x valuation currently reflects an earlier stage of development relative to more
Slide 7: Large Resource Base With Clear Pathways to Expand the System
Large Resource Base With Clear Pathways to Expand the System March 2026 Mineral Resource Estimate Grade* Contained Metal* Million Classification Tonnes Gold Silver Copper AuEq Gold Silver Copper AuEq (Mt) g/t g/t % g/t Moz Moz Mlbs Moz Indicated 299.2 0.41 1.90 0.15 0.56 3.97 17.92 992 5.41 Inferred
Slide 8: Whistler Can Generate a Long Production Runway
Whistler Can Generate a Long Production Runway that Supports the Investment Case Whistler Deposit – Production based on Indicated MRE only Y1–3 Avg Production Annual Gold Equivalent Production (kGEO) Silver Copper Gold 345 kGEO 400 381 LOM Average 350 245 kGEO 350 339 325 300 300 266 269 kGEO / year
Slide 9: Access, Permitting, Metallurgy and Political Support De-Risk the Development Path
SECTION 2 Access, Permitting, Metallurgy and Political Support De-Risk the Development Path USGO: NASDAQ | USGOLDMINING.US 9
Slide 10: State-Sponsored West Susitna Road Could Remove One of the Biggest Perceived Development Barriers
State-Sponsored West Susitna Road Could Remove One of the Biggest Perceived Development Barriers 1 Port 3 Already Mackenzie Near-Term Road Accessible Today Construction • 105 miles NW of Anchorage • DOT-PF funded for first 22 • All-season airstrip, winter miles + Susitna River bridge trail for heavy
Slide 11: Recent Metallurgy Work Materially Improves Confidence in Recoveries
Recent Metallurgy Work Materially Improves Confidence in Recoveries and Strengthens the Development Case Gold Recovery Copper Recovery Silver Recovery 88.9% 77.8% 55.6% Combined flotation + leach Sulphide flotation Locked cycle test result Key process outputs Anchors PEA economics in physical result
Slide 12: Baseline Studies and Stakeholder Engagement Support the Permitting Path
Baseline Studies and Stakeholder Engagement Support the Permitting Path 100% State land — project is permitted by Alaska (faster, more Comprehensive Stakeholder predictable) with minimal federal environmental review Engagement Plan 2022-2024 Environmental Baseline Work covers the issues that typical
Slide 13: Whistler Increasingly Aligned with Federal and State Priorities
Whistler Increasingly Aligned with Federal and State Priorities for Critical Minerals, Infrastructure and Resource Security A U.S. Critical Minerals Project with Federal Tailwinds Alaska Executive Order 14153, titled Critical mineral advantage: Governor Mike "Unleashing Alaska’s Federal emphasis on
Slide 14: A District-Scale Land Package With Multiple Exploration Targets
SECTION 3 A District-Scale Land Package With Multiple Exploration Targets USGO: NASDAQ | USGOLDMINING.US 14
Slide 15: Three Pathways to Grow Whistler Within the Existing 53,700-Acre Property
Three Pathways to Grow Whistler Within the Existing 53,700-Acre Property 25+ 1. Wingspan extensions at existing deposits exploration targets across 7.5 × 4.5 km • Current resources open to depth and along strike 2. Inferred-to-Indicated conversion • Advance the geological models to improve resource
Slide 16: 2025 Geochem Defines Drill-Ready Targets for Summer 2026
2025 Geochem Defines Drill-Ready Targets for Summer 2026 Whistler 1 Mammoth & 2 Extensions Snow Ridge New zones of copper anomalism Broad gold ± copper anomalies in basal till and top of bedrock, 2–3 km north of the Whistler immediately east of the deposit; intense gold response in delineated Whistl
Slide 17: A Tight Capital Structure and Controlling Sponsorship Create Leverage to Positive Project News
A Tight Capital Structure and Controlling Sponsorship Create Leverage to Positive Project News Shareholder Structure Capital Markets Overview (US$M) 4.3% Share Structure(1) 24.3% GoldMining Inc.(2) Other Shareholders Issued & Outstanding 14.0 M Insiders Options & RSUs 0.4 M 71.4% Fully Diluted 14.5
Slide 18: Major Technical Milestones Cleared and Multiple Visible Catalysts Ahead
U.S. GoldMining Has Already Cleared Major Technical Milestones and Now Has Multiple Visible Catalysts Ahead Achievements The Project Today H1 2026 H2 2026 2027+ • Drilling startup at Whistler Orbit • Initial drill results from priority • Pre-feasibility study advancement • Detailed geological studie
Slide 19: Experienced Board and Management Team
Experienced Board and Management Team Tim Smith, CEO Alastair Still, Chair Imola Götz, VP, Project Development Geoscientist with 30+ years in mineral CEO of GoldMining Inc. and Director of Mining engineer with 30+ years exploration and mining. Former senior Technical Services at Gold Royalty Corp. a
Slide 20: PEA Summary
PEA Summary $2.0B NPV With Strong Returns 1 One of the Largest Undeveloped 2 and Rapid Payback Gold-Copper Assets in the U.S. State-Sponsored Road Materially 3 Significant Exploration Upside 4 Reduces Development Risk in a Proven Porphyry District USGO: NASDAQ | USGOLDMINING.US 20
Slide 21: Appendix
SECTION 4 Appendix USGO: NASDAQ | USGOLDMINING.US 21
Slide 22: Whistler Project Mineral Resource Estimate
Whistler Project Mineral Resource Estimate Effective date March 2, 2026 In situ Grades In situ Metal Cutoff ROM tonnage Class Deposit ($/t) (ktonnes) NSR AuEq Au Cu Ag AuEq Au Cu Ag ($/t) (g/t) (g/t) (%) (g/t) (Koz) (koz) (klbs) (koz) Whistler 284,203 38.74 0.562 0.409 0.154 1.7 5,132 3,740 964,275
Slide 23: Magnetic Inversion Confirms Two Proven Porphyry Systems with Multiple Untested Centers
Magnetic Inversion Confirms Two Proven Porphyry Systems with Multiple Untested Centers Whistler Orbit Au-Cu Porphyry System 2 Proven Porphyry Deposits & Multiple Targets Island Mountain Au-Cu Porphyry System USGO: NASDAQ | USGOLDMINING.US 23 3D Magnetic inversion modelling to highlight potential dio
Slide 24: A Classic Porphyry Cluster — Yerington, KSM, Marmato Peers
A Classic Porphyry Cluster — Yerington, KSM, Marmato Peers Also referred to as the ‘Whistler Orbit’ A classic ‘Porphyry Cluster’ 7.5km x 4.5km area containing over 25 targets Examples of porphyry intrusive clusters: • Yerington (Arizona) • KSM (British Columbia) • Guayabales/Marmato (Colombia) See t
Slide 25: Contact
Toll Free: 1 (833) 388-9788 Alaska Office Corporate Office - Vancouver Email: info@usgoldmining.us Office 203, Suite 200, 1830 - 1188 W. Georgia Street, 301 Calista Court, Vancouver, BC V6E 4A2 Anchorage, AK 99518 Canada United States Phone: +1 (604) 388-9788 USGO: NASDAQ | US.GOLDMINING.US
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