Exhibit 99.1

Whistler Gold-Copper Project

NI 43-101 Technical Report and
Preliminary Economic Assessment

Alaska, United States of America

Effective Date: March 2, 2026
Report Date: March 19, 2026

Prepared for:

GoldMining Inc. and U.S. GoldMining Inc.
1830-1188 West Georgia Street
Vancouver, British Columbia, V6E 4A2, Canada

Prepared by:

Ausenco Engineering Canada ULC
1050 West Pender Street, Suite 1200
Vancouver, British Columbia, V6E 3S7, Canada

Qualified Persons:

Kevin Murray, P. Eng., Ausenco Engineering Canada ULC
James Millard, P.Geo., Ausenco Sustainability ULC
Scott C. Elfen, P.E., Ausenco Engineering Canada ULC
Sue Bird P.Eng., Moose Mountain Technical Services
Marc Schulte, P.Eng., Moose Mountain Technical Services

CERTIFICATE OF QUALIFIED PERSON
Kevin Murray, P.Eng.

I, Kevin Murray, P.Eng., certify that:

1.	I am employed as a Principal Process Engineer with Ausenco Engineering Canada ULC (Ausenco), with an office address of 1050 West Pender, Suite 1200, Vancouver, BC, V6E 3S7.

This certificate applies to the technical report titled “Whistler Gold-Copper Project, NI 43-101 Technical Report & Preliminary Economic Assessment, Alaska, United States of America” (the “Technical Report”), prepared for GoldMining Inc. and U.S. GoldMining Inc. (the “Company”) with a report date of March 19, 2026, and an effective date of March 2, 2026 (the “Effective Date”).

3.	I graduated from University of New Brunswick with a Bachelor of Science in Chemical Engineering in 1995.

4.	I am a member in good standing of Engineers and Geoscientists British Columbia (No. 32350), Northwest Territories Association of Professional Engineers and Geoscientists (No. L4940) and Association of Professional Engineers and Geoscientists of Saskatchewan (No. 82404).

I have practiced my profession continuously for 25 years. I have been directly involved in all levels of engineering studies from preliminary economic assessments (PEAs) to feasibility studies. I have led preliminary test work design, test work analysis and flowsheet development as well involvement in detailed design and commissioning. I have also developed operating cost estimates and contributed to and reviewed capital cost estimates. I have been involved with copper flotation concentrate production studies including Alta Copper’s Cañariaco project as well as Lumina’s Cangrejos copper concentrate and gold leach study and Argonaut Gold’s (now Alamos Gold) Magino and Spanish Mountain Gold’s Spanish Mountain gold leach studies.

I have read the definition of “Qualified Person” set out in the National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and certify that by virtue of my education, affiliation to a professional association and past relevant work experience, I fulfill the requirements to be a “Qualified Person” for those sections of the Technical Report that I am responsible for preparing.

7.	I have not visited the project site.

I am responsible for sections 1.1, 1.2, 1.9, 1.12, 1.13.1, 1.14, 1.16, 1.17, 1.8, 2.1, 2.2, 2.4, 2.5, 2.6, 3.1, 3.4, 12.2, 13, 17, 18.1, 18.2, 18.3, 18.4, 18.7, 18.8, 18.9, 18.10, 19, 21.1, 21.2.2, 21.2.4-21.2.7, 21.2.8.2, 21.2.9, 21.2.10, 21.3.1, 21.3.2, 21.3.4-21.3.7, 22, 25.1, 25.3, 25.6, 25.7, 25.8, 25.10, 25.11, 25.12, 25.13.1.2, 25.13.1.5.1, 25.13.1.5.2, 25.13.1.5.3, 25.13.1.7, 25.13.2.1, 26.1, 26.4, 26.6, 26.7.1, and 27 of the Technical Report.

9.	I am independent of the Company as independence is defined in Section 1.5 of NI 43-101.

10.	I have not been previously involved with the Whistler Project.

11.

I have read NI 43-101 and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument. As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make those sections of the Technical Report not misleading.

Dated: March 19, 2026

“Signed and sealed”

Kevin Murray, P.Eng.

Page 1 of 1

CERTIFICATE OF QUALIFIED PERSON
James Millard, P. Geo.

I, James Millard, P. Geo., certify that:

1.	I am employed as a Director, Strategic Projects with Ausenco Sustainability ULC (Ausenco), with an office address of 18-4515 Central Blvd, Burnaby BC V5H 0C6, Canada.

3.	I graduated from Brock University in St. Catharines, Ontario in 1986 with a Bachelor of Science in Geological Sciences, and from Queen’s University in Kingston, Ontario in 1995 with a Master of Science in Environmental Engineering.

4.	I am a member (P. Geo.) of the Association of Professional Geoscientists of Nova Scotia, Membership No. 021 and the Association of Professional Engineers, Geologists and Geophysicists of the Northwest Territories and Nunavut, Membership No. 1624.

I have practiced my profession for over 30 years. I have worked for mid- and large-size mining companies where I have acted in senior technical and management roles, in senior environmental consulting roles, and provided advise and/or expertise. These key areas include feasibility-level study reviews; NI 43-101 report writing and review; due diligence review of environmental, social, and governance areas for proposed mining operations and acquisitions, and directing environmental impact assessments and permitting applications to support construction, operations, and closure of mining projects. In addition to the above, I have been responsible for conducting baseline data assessments, surface and groundwater quantity and quality studies, mine rock geochemistry and water quality predictions, mine reclamation and closure plan development, and community stakeholder and Indigenous peoples’ engagement initiatives. Recently, I acted as Qualified Person for environmental/sustainability sections in the following project reports: “Volcan Project, NI 43-101 Technical Report on Preliminary Economic Assessment, Tierra Amarilla, Atacama Region, Chile”; “Colomac Gold Project, NI 43-101 Technical Report and Preliminary Economic Assessment, Northwest Territories, Canada”; ”Santo Tomás Copper Project, NI 43-101 Technical Report and Preliminary Economic Assessment, Northern Sinaloa State, Mexico”; “Lemhi Gold Project, NI 43-101 Technical Report and Preliminary Economic Assessment, Idaho, USA”; "Tolillar Project NI 43-101 Technical Report on Preliminary Economic Assessment, Salta Argentina"; “Santo Domingo Project NI43-101 Technical Report on Feasibility Study Update, Atacama Region, Chile”; and “Cerro Las Minitas Project NI 43-101 Technical Report Preliminary Economic Assessment, Durango State, Mexico.”

7.	I have not visited the Whistler project site.

Page 1 of 2

8.	I am responsible for sections 1.15, 4.6, 20, 25.9, 25.13.1.6, 25.13.2.4, and 26.8 of the Technical Report.

9.	I am independent of the Company as independence is defined in Section 1.5 of NI 43-101.

10.	I have not been previously involved with the Whistler Project.

11.

Dated: March 19, 2026

“Signed and sealed”

James Millard, P. Geo.

Page 2 of 2

CERTIFICATE OF QUALIFIED PERSON
Scott C. Elfen, P.E.

I, Scott C. Elfen, P.E., certify that:

1.	I am employed as the Global Lead Geotechnical and Civil Services of Ausenco Engineering Canada ULC (Ausenco), with an office address of 1050 West Pender Street, Suite 1200, Vancouver, BC, V6E 3S7, Canada.

3.	I graduated from the University of California, Davis, CA, in 1991 with Bachelor of Science degree in Civil Engineering (Geotechnical).

4.	I am a Registered Civil Engineer in the State of California (license no. C56527) by exam since 1996 and I am also a member in good standing of the American Society of Civil Engineers (ASCE), and the Society for Mining, Metallurgy & Exploration (SME).

I am a Registered Civil Engineer in the State of California (license no. C56527) by exam since 1996, Registered Civil Engineer in the State of Idaho (license No. 3961670) by reciprocity since 2024, Registered Civil Engineer in the State of Alaska (license No. 246256) by reciprocity and exam since 2025, and Registered Professional Engineer in the Province of British Columbia (License No. 64064) by reciprocity and exam since 2025

I have practiced my profession continuously for 30 years with experience in the development, design, construction, and operations of mine waste storage facilities, such as waste rock storage facilities and tailings storage facilities ranging from slurry to dry stack facilities, focusing on precious and base metals, both domestic and international. In addition, I have developed geotechnical design parameters for pit slopes, plant foundations, and other supporting infrastructure. Examples of projects I have worked on include: Skeena’s Eskay Creek Project PEA, PFS and FS, O3 Mining’s Marban Project PEA and PFS, First Mining Gold’s Springpole PEA and PFS. SSR Mining’s Puna Silver In-Pit Tailings Disposal PFS, and Detail Engineering, and Lumina Gold’s Cangrejos Project PEA, PFS, and FS.

8.	I have visited the Whistler project site on June 26, 2025, for a duration of 1 day.

9.	I am responsible for sections 1.13.2, 2.4.2, 12.3, 18.5, 18.6, 25.13.1.5.4, 25.13.1.5.5, 25.13.2.3.1, 25.13.2.3.2, and 26.7.2 of the Technical Report.

10.	I am independent of the Company as independence is defined in Section 1.5 of NI 43-101.

11.	I have not been previously involved with the Whistler Project.

12.

Dated: March 19, 2026.

“Signed and sealed”

Scott C. Elfen, P.E.

Page 1 of 1

CERTIFICATE OF QUALIFIED PERSON
Sue Bird, P.Eng.

I, Sue Bird, P.Eng., certify that:

1.	I am a Geological Engineer with Moose Mountain Technical Services (MMTS), with an office address of #210 1510 2^nd Street North Cranbrook, BC, V1C 3L2.

3.	I graduated with a Geologic Engineering degree (B.Sc.) from the Queen’s University in 1989 and a M.Sc. in Mining from Queen’s University in 1993.

4.	I am a member of the self-regulated Association of Professional Engineers and Geoscientists of British Columbia. (#25007).

I have worked as an engineering geologist for over 25 years since my graduation from university. I have worked on precious metals, base metals and coal mining projects, including mine operations and evaluations. Similar resource estimate projects specifically include those done for Artemis’ Blackwater Gold Project, Ascot’s Premier Gold Project, Spanish Mountain Gold, all in BC; O3’s Marban and Garrison, gold projects in Quebec and Ontario, respectively, as well as numerous due diligence gold projects in the southern US done confidentially for various clients.

7.	I visited the Whistler project site on September 14, 2022 and again on August 6, 2024.

8.	I am responsible for sections 1.3,1.4, 1.5, 1.6, 1.7, 1.8,1.10, 2.3.1, 3.2, 3.3, 4, 5, 6, 7, 8, 9, 10, 11, 12.1, 14, 23, 24, 25.2,25.4, 25.13.1.1, 25.13.1.3, 25.13.2.2, 26.2, and 26.3 of the Technical Report.

9.	I am independent of GoldMining Inc. and U.S. GoldMining Inc. as independence is defined in Section 1.5 of NI 43-101.

10.

I have previously prepared resource estimates for the Whistler Deposit for Kiska Metals Corporation in March, 2011 which was re-issued by Brazil Resources Inc. (now U.S. GoldMining Inc.) in May 2016. I also co-authored the 2021 NI 43-101 resource estimate with an effective date of June 11, 2021, was the author of an NI43-101 report dated November 20, 2024 with an effective date of September 12, 2024, an additional S-K 1300 report with an effective date of September 22, 2022, and an S-K 1300 report dated October 7, 2024 with an effective date of September 12, 2024.

11.

Dated: March 19, 2026

“Signed and sealed”

Sue Bird, P.Eng.

Page 1 of 1

CERTIFICATE OF QUALIFIED PERSON
Marc Schulte, P.Eng.

I, Marc Schulte, P Eng., certify that:

1.	I am a Mining Engineer with Moose Mountain Technical Services (MMTS), with an office address of #210 1510 2^nd Street North Cranbrook, BC, V1C 3L2.

3.	I graduated with a Bachelor of Science in Mining Engineering from the University of Alberta in 2002.

4.	I am a member of the self-regulating association Engineers and Geoscientists BC (No. 54035).

I have worked as mining engineer for 24 years since my graduation from university. Throughout my career I have worked on numerous open pit base and precious metals projects, within project engineering studies and within mine operations, on Mineral Reserve estimates, mine planning, and mine cost estimates.

7.	I have not visited the Whistler project site.

8.	I am responsible for sections 1.11, 15, 16, 21.2.3, 21.2.8.1, 21.3.3, 25.5, 25.13.1.4, and 26.5 of the Technical Report.

9.	I am independent of the Company as independence is defined in Section 1.5 of NI 43-101.

10.	I have not been previously involved with the Whistler Project.

11.

Dated: March 19, 2026

“Signed and sealed”

Marc Schulte, P Eng.

Page 1 of 1

Important Notice

This report was prepared as National Instrument 43-101 Technical Report for GoldMining Inc. (GoldMining) and U.S. GoldMining Inc. (U.S. GoldMining) collectively the “Company,” by Ausenco Engineering Canada ULC and Ausenco Sustainability ULC (together “Ausenco”), and Moose Mountain Technical Services (MMTS), collectively the Report Authors. The quality of information, conclusions, and estimates contained herein is consistent with the level of effort involved in the Report Authors’ services, based on i) information available at the time of preparation, ii) data supplied by outside sources, and iii) the assumptions, conditions, and qualifications set forth in this report. This report is intended for use by GoldMining and U.S. GoldMining subject to terms and conditions of its contracts with each of the Report Authors. Except for the purposes legislated under Canadian provincial and territorial securities law, any other uses of this report by any third party are at that party’s sole risk.

Whistler Gold-Copper Project
NI 43-101 Technical Report and Preliminary Economic Assessment	March 2, 2026

Table of Contents

1	Summary		1
	1.1	Introduction	1
	1.2	Terms of Reference	1
	1.3	Property Description	1
		1.3.1 Mineral Tenure	2
		1.3.2 Royalties and Encumbrances	2
		1.3.3 Surface Rights	2
	1.4	Accessibility, Climate, Local Resources, Infrastructure and Physiography	2
		1.4.1 Accessibility and Climate	2
		1.4.2 Local Resources and Infrastructure	3
		1.4.3 Physiography	3
	1.5	History	3
	1.6	Geology and Mineralization	4
	1.7	Exploration	5
	1.8	Drilling and Sampling	5
	1.9	Mineral Processing and Metallurgical Testing	5
	1.10	Mineral Resource Estimate	6
	1.11	Mining Methods	8
	1.12	Recovery Methods	11
	1.13	Project Infrastructure	12
		1.13.1 On-site and Off-site Infrastructure	12
		1.13.2 Co-disposal (Tailings and PAG Waste Rock) Storage Facility	12
	1.14	Market Studies and Contracts	12
	1.15	Environmental Studies, Permitting and Social or Community Impact	13
		1.15.1 Environmental Considerations	13
		1.15.2 Permitting Considerations	13
		1.15.3 Social Considerations	15
		1.15.4 Closure and Reclamation Considerations	15
	1.16	Capital and Operating Costs	15
		1.16.1 Capital Cost Estimate	16
		1.16.2 Operating Cost Estimate	17
	1.17	Economic Analysis	19
		1.17.1 Economic Summary	19
		1.17.2 Sensitivity Analysis	19
	1.18	Conclusions & Recommendations	19

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NI 43-101 Technical Report and Preliminary Economic Assessment	March 2, 2026

2	Introduction		20
	2.1	Introduction	20
	2.2	Terms of Reference	21
	2.3	Qualified Persons	22
	2.4	Site Visits and Scope of Personal Inspection	23
		2.4.1 Sue Bird Site Inspection	23
		2.4.2 Scott Elfen Site Inspection	23
	2.5	Sources of Information	23
		2.5.1 Information and Data	23
		2.5.2 Previous Technical Reports	23
	2.6	Effective Dates	23
	2.7	Currency, Units, Abbreviations and Definitions	23
3	Reliance on Other Experts		29
	3.1	Introduction	29
	3.2	Property Agreements, Mineral Tenure, and Surface Rights	29
	3.3	Royalties and Encumbrances	29
	3.4	Taxation	29
4	Property Description and Location		31
	4.1	Project Ownership	32
		4.1.1 Property Agreements	32
	4.2	Mineral Tenure	32
	4.3	Surface Rights	32
	4.4	Water Rights	33
	4.5	Royalties and Encumbrances	33
	4.6	Permitting Requirements and Conditions	33
5	Accessibility, Climate, Local Resources, Infrastructure and Physiography		35
	5.1	Accessibility	35
	5.2	Climate	36
	5.3	Local Resources and Infrastructure	36
	5.4	Physiography	40
6	History		41
	6.1	Owners and Operators	41
	6.2	Surficial Silt, Soil, and Rock Sampling	42
	6.3	Geological Mapping	45
	6.4	Airborne Geophysics	45
	6.5	Ground Geophysics	46

Whistler Gold-Copper Project	Page ii
NI 43-101 Technical Report and Preliminary Economic Assessment	March 2, 2026

	6.6	Drilling	48
		6.6.1 Drilling by Cominco Alaska Inc.	48
		6.6.2 Drilling by Kennecott	48
		6.6.3 Drilling by Geoinformatics	49
		6.6.4 Drilling by Kiska	49
7	Geological Setting and Mineralization		53
	7.1	Geological Setting	53
		7.1.1 Whistler – Raintree Mineral System	57
		7.1.2 Island Mountain Mineral System	61
		7.1.3 Muddy Creek Mineral System	63
	7.2	Mineralization	65
		7.2.1 Whistler Property-scale Mineralization Overview	65
		7.2.2 Mineralization: Whistler Deposit	67
		7.2.3 Mineralization: Raintree West	78
		7.2.4 Mineralization: Island Mountain	80
		7.2.5 Mineralization: Muddy Creek	82
		7.2.6 Mineralization: Whistler Orbit	85
8	Deposit Types		87
9	Exploration		88
	9.1	Surface Exploration	88
	9.2	Logging and Database Work	88
	9.3	Geological Mapping	89
	9.4	Glacial Till Sampling	89
		9.4.1 Top-of-Till Sampling	89
		9.4.2 Base-of-Till and Top-of-Bedrock Sampling	90
10	Drilling		92
		10.1.1 Whistler Deposit Drilling	93
		10.1.2 Raintree Area Exploration Drilling	93
		10.1.3 Whistler Area Exploration Drilling	93
11	Sample Preparation, Analyses, and Security		96
	11.1	Sample Preparation and Analyses	96
		11.1.1 Sample Preparation and Analysis-Cominco	96
		11.1.2 Sample Preparation and Analysis – Kennecott and Geoinformatics	96
		11.1.3 Sample Preparation and Analysis – Kiska	97
		11.1.4 Sample Preparation and Analysis – US GoldMining	98
	11.2	Security and Chain of Custody	98

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NI 43-101 Technical Report and Preliminary Economic Assessment	March 2, 2026

	11.3	QA/QC Summary	102
		11.3.1 QA/QC Whistler Deposit	105
		11.3.2 QA/QC Raintree West Deposit	114
		11.3.3 QA/QC Island Mountain Deposit	124
	11.4	Sample Preparation, Analyses and Security Conclusions and Recommendations	130
12	Data Verification		131
	12.1	Geological and Mineral Resource Data Verification	131
		12.1.1 Site Visit	131
		12.1.2 Re-Assay Results	133
		12.1.3 Data Audit	135
		12.1.4 Data Verification Conclusions and Recommendations	136
	12.2	Metallurgical Data Verification	137
	12.3	Geotechnical Data Verification	137
13	Mineral Processing and Metallurgical Testing		138
	13.1	Introduction	138
	13.2	Metallurgical Testwork	138
		13.2.1 Historical Testwork	139
		13.2.2 Current Testwork	144
	13.3	Metallurgical Variability	151
	13.4	Deleterious Elements	153
	13.5	Recovery Estimates	154
	13.6	Statement on the Adequacy of the Data	157
14	Mineral Resource Estimates		158
	14.1	Mineral Resource Estimate	158
	14.2	Key Assumptions and Data used in the Estimate	162
	14.3	Geologic Modelling	163
	14.4	Compositing	171
	14.5	Variography	172
	14.6	Block Model Interpolations	178
	14.7	Classification	180
	14.8	Block Model Validation	180
		14.8.1 Comparison of Tonnage and Grades	180
	14.9	Visual Validation	184
	14.10	Reasonable Prospects of Eventual Economic Extraction	191
	14.11	Statement on Prospect of Economic Extraction	192
	14.12	Factors That May Affect the Mineral Resource Estimate	192
	14.13	Comparison to the Previous Resource Estimate	192

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NI 43-101 Technical Report and Preliminary Economic Assessment	March 2, 2026

	14.14	Risk Assessment	193
15	Mineral Reserve Estimates		194
16	Mining Methods		195
	16.1	Summary	195
	16.2	Mine Design Criteria	197
		16.2.1 Mine Planning Block Model	197
		16.2.2 Net Smelter Return	197
		16.2.3 Cutoff Value	198
		16.2.4 Mining Loss and Dilution	199
		16.2.5 Open-Pit Slopes	199
	16.3	Economic Pit Limits	200
	16.4	Detailed Pit Designs	202
	16.5	Waste Rock Management	207
	16.6	Low-Grade Mill Feed Stockpile	208
	16.7	Ex-pit Haul Roads	208
	16.8	Mine Production Schedule Results	208
	16.9	Mine Operations	212
	16.10	Mining Equipment	213
17	Recovery Methods		215
	17.1	Overview	215
	17.2	Process Flowsheet	216
	17.3	Process Design Criteria	218
	17.4	Plant Design	220
		17.4.1 Crushing	220
		17.4.2 Grinding	222
		17.4.3 Copper Flotation	223
		17.4.4 Copper Concentrate Handling	223
		17.4.5 Gold Leaching	224
		17.4.6 Gold Recovery and Carbon Regeneration	225
		17.4.7 Cyanide Detoxification and Tailings Management	225
	17.5	Reagents Handling and Storage	226
	17.6	Energy, Water, and Process Materials Requirements	227
		17.6.1 Process Materials	227
		17.6.2 Water Requirements	227
		17.6.3 Air Requirements	228
		17.6.4 Power Requirements	228
		17.6.5 Personnel Requirements	228

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NI 43-101 Technical Report and Preliminary Economic Assessment	March 2, 2026

18	Project Infrastructure		229
	18.1	Introduction	229
	18.2	Site Access	231
	18.3	Built Infrastructure	232
		18.3.1 On-site Roads	232
		18.3.2 Process Plant Building	232
		18.3.3 Accommodation	232
		18.3.4 Support Buildings	232
	18.4	Stockpiles	232
	18.5	Co-disposal Storage Facility (CDSF)	233
		18.5.1 CDSF Design and Construction	236
		18.5.2 Stability Analysis	237
		18.5.3 Geotechnical Instrumentation and Monitoring	237
		18.5.4 CDSF Closure	237
	18.6	Waste Storage Facilities	237
	18.7	Power and Electrical	237
	18.8	Fuel	238
	18.9	Water Supply and Management	238
	18.10	Hazard Considerations	239
		18.10.1 Seismic Risk	239
		18.10.2 Geohazards (Landslides, Rockfall, Debris Flow)	240
		18.10.3 Cryospheric Hazards (Permafrost, Snow, Ice, Freeze–Thaw)	240
		18.10.4 Flooding and River‑Related Hazards	241
		18.10.5 Weather‑Driven Hazards (Winter Storms, Heavy Snow, Extreme Precipitation)	241
		18.10.6 Avalanche Hazards	241
		18.10.7 Climate‑Driven Change	242
19	Market Studies and Contracts		243
	19.1	Market Studies	243
	19.2	Commodity Price Projections	244
	19.3	Contracts	244
20	Environmental Studies, Permitting, and Social or Community Impact		245
	20.1	Environmental Considerations	245
		20.1.1 Baseline and Supporting Studies	245
		20.1.2 Environmental Monitoring	249
		20.1.3 Water Management	249
	20.2	Permitting Considerations	249
		20.2.1 Required Environmental Permits	250

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NI 43-101 Technical Report and Preliminary Economic Assessment	March 2, 2026

		20.2.2 Current Exploration Permits	250
	20.3	Social Considerations	251
	20.4	Closure and Reclamation Planning	254
		20.4.1 Closure and Reclamation Plans	254
		20.4.2 Closure Cost Estimates	255
	20.5	Qualified Person’s Opinion on Adequacy of Environmental, Permitting, and Community Plans	256
21	Capital and Operating Costs		257
	21.1	Introduction	257
	21.2	Capital Costs	257
		21.2.1 Overview	257
		21.2.2 Basis of Estimate	258
		21.2.3 Mine Capital Costs	258
		21.2.4 Process Capital Costs	260
		21.2.5 Infrastructure Capital Costs	261
		21.2.6 Indirect Capital Costs	262
		21.2.7 Owner (Corporate) Capital Costs	262
		21.2.8 Sustaining Capital Costs	263
		21.2.9 Contingency	264
		21.2.10 Closure and Reclamation Planning	264
	21.3	Operating Costs	264
		21.3.1 Overview	264
		21.3.2 Basis of Estimate	265
		21.3.3 Mine Operating Costs	266
		21.3.4 Process Operating Costs	267
		21.3.5 Infrastructure Operating Costs	267
		21.3.6 General and Administrative Operating Costs	267
		21.3.7 Owner (Corporate) Operating Costs	268
22	Economic Analysis		269
	22.1	Forward-Looking Information	269
	22.2	Methodologies Used	270
	22.3	Financial Model Parameters	270
		22.3.1 Assumptions	270
		22.3.2 Taxes	271
		22.3.3 Working Capital	272
		22.3.4 Closure Costs and Salvage Value	272
		22.3.5 Royalties	272
		22.3.6 Off-site Costs	272

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NI 43-101 Technical Report and Preliminary Economic Assessment	March 2, 2026

	22.4	Economic Analysis	273
	22.5	Sensitivity Analysis	278
23	Adjacent Properties		282
24	Other Relevant Data and Information		283
25	Interpretation and Conclusions		284
	25.1	Introduction	284
	25.2	Analytical Data Collection in Support of Mineral Resource Estimation	284
	25.3	Metallurgical Testing	284
	25.4	Mineral Resource Estimate	284
	25.5	Mining Methods	285
	25.6	Recovery Plan	285
	25.7	Project Infrastructure	285
	25.8	Markets and Contracts	286
	25.9	Environmental, Permitting and Social or Community Impact	286
	25.10	Capital Cost Estimate	286
	25.11	Operating Cost Estimate	287
	25.12	Economic Analysis	287
	25.13	Risks and Opportunities	287
		25.13.1 Risks	287
		25.13.2 Opportunities	291
26	Recommendations		295
	26.1	Introduction	295
	26.2	Exploration and Resource	296
		26.2.1 Whistler	296
		26.2.2 Raintree West	296
		26.2.3 Island Mountain	296
		26.2.4 Exploration Program and Budget	297
	26.3	Sample Preparation, Analysis and Security	298
	26.4	Metallurgical Testwork	298
	26.5	Mining Methods	298
	26.6	Recovery Methods	300
	26.7	Infrastructure	300
		26.7.1 On-site and Off-site Infrastructure	300
		26.7.2 Geotechnical	301
	26.8	Environmental Studies, Permitting and Social or Community Impact	302

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27	References		303
Appendix A – Mineral Claims			307

List of Tables

Table 1‑1:	Mineral Resource Estimate for the Whistler Project (Effective date: March 2, 2026)	7
Table 1‑2:	Whistler Plan ROM Production Results	8
Table 1‑3:	Potential State, Federal, and Local Permit Requirements	14
Table 1‑4:	Capital Cost Summary	16
Table 1‑5:	Operating Cost Summary	17
Table 1‑6:	Recommended Work Programs	19
Table 2‑1:	Report Contributors	22
Table 2‑2:	Abbreviations and Acronyms	24
Table 2‑3:	Units of Measurement	27
Table 6‑1:	Summary of Historical Surface Exploration on the Whistler Project	44
Table 6‑2:	Examples of Significant Drill Results North of the Island Mountain Deposit	51
Table 7‑1:	Intrusive Porphyry Events and Phases at the Whistler Deposit	69
Table 7‑2:	Summary of Porphyry Vein Types in the Whistler Porphyry Deposit	70
Table 9‑1:	Summary of U.S. GoldMining Surface Exploration on the Whistler Project	88
Table 9‑2:	Summary of Auger Drilling on the Whistler Project	91
Table 10‑1:	Summary of Diamond Drilling on the Whistler Project	92
Table 11‑1:	QA/QC Sample Summary (All Areas and Years)	102
Table 11‑2:	2004-2024 Assay Laboratories and assay methods for Au and Cu	103
Table 11‑3:	Blank Material Details 2004-2024	104
Table 11‑4:	CRM Detail 2004-2024	104
Table 11‑5:	Summary of Gold Assays of Blanks, Whistler Deposit	105
Table 11‑6:	Whistler Deposit CRM Summary, Gold	108
Table 11‑7:	Whistler Deposit CRM Summary, Copper	109
Table 11‑8:	Whistler Field Duplicates Simple Statistics	111
Table 11‑9:	Summary of Gold Assays of Blanks, Raintree West Deposit	115
Table 11‑10:	Raintree West Deposit CRM Summary, Gold	117
Table 11‑11:	Raintree West Deposit CRM Summary, Copper	118
Table 11‑12:	Raintree West Field Duplicates - Simple Statistics	121
Table 11‑13:	Summary of Gold Assays of Blanks, Island Mountain Deposit	124
Table 11‑14:	Island Mountain Deposit CRM Summary, Gold	125
Table 11‑15:	Island Mountain Deposit CRM Summary, Copper	127
Table 11‑16:	Island Mountain Field Duplicate Simple Statistics	129
Table 12‑1:	Certificate Check Results	135
Table 12‑2:	Summary of Data Supported by Certificate and QA/QC	136

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Table 13‑1:	Metallurgical Testwork Summary	139
Table 13‑2:	Head Assay Analysis Comparison	140
Table 13‑3:	Head Assay Analysis Comparison	142
Table 13‑4:	Head Assay Summary	144
Table 13‑5:	Comminution Test Summary	147
Table 13‑6:	Flotation Testwork Reagent Dosage Summary (LCT28)	148
Table 13‑7:	Variability and Locked-Cycle Flotation Testwork Summary	149
Table 13‑8:	Cyanidation Testwork Summary	150
Table 13‑9:	Static and Dynamic Settling Testwork Summary	150
Table 13‑10:	Concentrate Trace Element Assay Summary LCT-28	153
Table 13‑11:	Flotation Testwork Raw Data Used for Recovery Projection	154
Table 14‑1:	Mineral Resource Estimate for the Whistler Project (Effective date: March 2, 2026)	159
Table 14‑2:	Mineral Resource Estimate and Sensitivity – Whistler Deposit	160
Table 14‑3:	Mineral Resource Estimate and Sensitivity – Raintree West Deposit	161
Table 14‑4:	Mineral Resource Estimate and Sensitivity – Island Mountain Deposit	162
Table 14‑5:	Summary of Whistler Project Drillhole Data within Block Models	162
Table 14‑6:	Summary of Capping and Outlier Restriction Values	169
Table 14‑7:	Capped Assay and Composite Statistics by Domain - Au	170
Table 14‑8:	Capped Assay and Composite Statistics by Domain - Cu	170
Table 14‑9:	Capped Assay and Composite Statistics by Domain – Ag	171
Table 14‑10:	Variogram Parameters - Whistler	172
Table 14‑11:	Variogram Parameters – Raintree West	173
Table 14‑12:	Variogram Parameters – Island Mountain	173
Table 14‑13:	Block Model Limits	178
Table 14‑14:	Search Rotation and Distances – Whistler	178
Table 14‑15:	Search Rotation and Distances – Raintree West	179
Table 14‑16:	Search Rotation and Distances – Island Mountain	179
Table 14‑17:	Additional Search Criteria	180
Table 14‑18:	Classification Criteria	180
Table 14‑19:	Comparison of De-clustered Composite and OK Modelled Grades	181
Table 14‑20:	Economic Inputs and Metallurgical Recoveries	191
Table 14‑21:	Resource Comparison to Previous Estimate	193
Table 14‑22:	List of Risks and Mitigations/Justifications	193
Table 16‑1:	Whistler Plan ROM Production Results	195
Table 16‑2:	NSR Terms	198
Table 16‑3:	NSR Cutoff Value	199
Table 16‑4:	Pit Slope Parameters	200
Table 16‑5:	LG Pit Limit Base-case Inputs	200
Table 16‑6:	Pit Phase Contents (US$13.40/t cutoff value)	203
Table 16‑7:	Mine Production Schedule Summary	210

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Table 16‑8:	Primary Mining Fleet Schedule	214
Table 17‑1:	LOM Average Feed Grades and Recovery	216
Table 17‑2:	Process Design Criteria	218
Table 17‑3:	Major Equipment Sizing	220
Table 17‑4:	Reagents Handling and Storage	226
Table 17‑5:	Annual Consumption for Major Reagents	227
Table 18‑1	Climate Normals (1981-2010) from Skwentna Alaska Station (USW00026514)	238
Table 19‑1:	Off-Take Term Assumptions	243
Table 20‑1:	Potential State, Federal, and Local Permit Requirements	249
Table 21‑1:	Capital Cost Summary	257
Table 21‑2:	Mining Initial Capital Costs	259
Table 21‑3:	Process Plant Capital Cost Breakdown	260
Table 21‑4:	On-site Infrastructure Capital Cost Breakdown	261
Table 21‑5:	Off-site Infrastructure Capital Cost Breakdown	261
Table 21‑6:	Indirect Capital Cost Breakdown	262
Table 21‑7:	Mining Sustaining Capital Costs	263
Table 21‑8:	Infrastructure Sustaining Capital Costs	263
Table 21‑9:	Operating Cost Summary	264
Table 21‑10	Unit Mine Operating Costs, $/t mined & $/t milled	266
Table 21‑11:	Process Operating Costs	267
Table 21‑12:	General and Administrative Costs	268
Table 22‑1:	Working Capital Assumptions	272
Table 22‑2:	Off-Take Term Assumptions	272
Table 22‑3:	Economic Analysis Summary	274
Table 22‑4:	Cashflow Statement on an Annualized Basis	276
Table 22‑5:	Post-Tax Sensitivity	279
Table 22‑6:	Pre-Tax Sensitivity	280
Table 22‑7:	Economic Sensitivity to Specific Metal Prices	281
Table 26‑1:	Recommended Work Programs	295

List of Figures

Figure 1‑1:	Mine Area General Arrangement	10
Figure 1‑2:	Mine Production Schedule, Material Mined and Mill Feed Gold Grades	11
Figure 2‑1:	Whistler Project Location Map	20
Figure 4‑1:	Location of the Whistler Project	31
Figure 4‑2:	Tenement Camp	34
Figure 5‑1:	Layout of Built and Proposed (and Permitted) Infrastructure in the Whistler Area	35
Figure 5‑2:	Layout of the U.S. GoldMining Camp and Facilities located adjacent to Whisky Bravo Airstrip	37

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Figure 5‑3:	Drone Aerial Image Looking Northeast Overlooking Whistler Camp Adjacent the Skwentna River	38
Figure 5‑4:	Layout of the Whiskey Bravo Airstrip Relative to Whistler Camp	39
Figure 5‑5:	Drone Aerial Photo Looking Southwest Over the Whistler Deposit with the Skwentna River Valley (left side)	40
Figure 6‑1:	From the Whistler Deposit area looking north to the Portage Creek valley and Snow Ridge area	43
Figure 6‑2:	From the Whistler Deposit area looking south to the Skwentna River valley and Rainmaker area	44
Figure 6‑3:	Depth slices (100 m) of the chargeability (top) and resistivity (bottom) inversion model of the 3D IP data in the Whistler Area (with contours of the 400 m line spacing AMAG RTP).	47
Figure 6‑4:	Whistler Orbit Area Drilling	50
Figure 6‑5:	Plan Map of Drillholes and Mineralization Style at the Breccia Zone – Island Mountain	52
Figure 7‑1:	Regional Geological Map of South-central Alaska	54
Figure 7‑2:	Regional Geology of the Whistler Project Area	56
Figure 7‑3:	Stratigraphic Column of the Whistler District and Property Geology	57
Figure 7‑4:	Whistler Orbit Interpreted Bedrock Lithology Map, Whistler Project	58
Figure 7‑5:	Whistler Orbit Porphyry-Related Mineral Alteration Map	59
Figure 7‑6:	Property Geology of the Island Mountain Area	62
Figure 7‑7:	Geological Map of Muddy Creek	64
Figure 7‑8:	Whistler Project Mineral Systems and Exploration Targets	66
Figure 7‑9:	Geological Map of the Whistler Deposit	67
Figure 7‑10:	Geological Cross-section – looking WNW of the Whistler Deposit	68
Figure 7‑11:	Magnetite Alteration Observed in the Whistler Deposit	71
Figure 7‑12:	Potassic Alteration Observed in the Whistler Deposit	72
Figure 7‑13:	Chlorite-Sericite Alteration Observed in the Whistler Deposit	73
Figure 7‑14:	Phyllic Alteration Observed in the Whistler Deposit	74
Figure 7‑15:	Quartz-Carbonate Vein from Raintree West (WH11-030)	75
Figure 7‑16:	Common Vein Paragenesis in all Porphyry Occurrences in the Whistler Area	75
Figure 7‑17:	3D View of the Whistler Deposit Looking Northeast	77
Figure 7‑18:	Plan Map of Geological Interpretation at the Raintree West Deposit Highlighting 2024 Drilling	79
Figure 7‑19:	Monzonite-matrix Intrusive Breccia with Patchy Albite Alteration, Silicification and Disseminated Chalcopyrite	80
Figure 7‑20:	Textures of Actinolite-Magnetite Hydrothermal Breccia (BXMA) in the Breccia Zone	81
Figure 7‑21:	Schematic Model of Breccia Zone Alteration and Mineralization	82
Figure 7‑22:	Detailed View of Biotite-Monzonite Northwest of Muddy Creek,	83
Figure 7‑23:	Map of Surface Rock Sampling at the Muddy Creek Area Showing Concentration of Gold in Rocks	84
Figure 7‑24:	Plan Map of Rock Sampling and Vein Mapping at Muddy Creek.	85
Figure 7‑25:	Geochemical Response of Gold and Copper in Tills and Bedrock	86
Figure 9‑1:	Sample types collected from Top-of-Till sampling in 2024	90
Figure 9‑2:	Sample types collected from Shock Auger Drilling in 2025	91
Figure 10‑1:	Plan View of Drillholes by Year/Owner – Whistler	93
Figure 10‑2:	Plan View of Drillholes by Year/Owner – Raintree West	94

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Figure 10‑3:	Plan View of Drillholes by Year/Owner – Island Mountain	95
Figure 11‑1:	Sample Bags with Security Tags	99
Figure 11‑2:	Sample Dispatch Form	100
Figure 11‑3:	U.S. GoldMining Sample Dispatch Form	101
Figure 11‑4:	Sequential Plot of Gold Assays of Blanks, Whistler Deposit	106
Figure 11‑5:	Sequential Plot of Copper Assays of Blanks, Whistler Deposit	107
Figure 11‑6:	Whistler Deposit Normalized Process Control Chart, Gold	108
Figure 11‑7:	Whistler Deposit Normalized Process Control Chart, Copper	110
Figure 11‑8:	Whistler Deposit Field Duplicate Scatter Plot, Gold	111
Figure 11‑9:	Whistler Deposit Field Duplicate Scatter Plot, Copper	112
Figure 11‑10:	Whistler Deposit Check Assays Scatter Plot, Gold	113
Figure 11‑11:	Whistler Deposit Check Assays Scatter Plot, Copper	114
Figure 11‑12:	Sequential Plot of Gold Assays of Blanks, Raintree West Deposit	115
Figure 11‑13:	Sequential Plot of Copper Assays of Blanks, Raintree West Deposit	116
Figure 11‑14:	Raintree West Deposit Normalized Process Control Chart, Gold	117
Figure 11‑15:	Raintree West Deposit Normalized Process Control Chart, Copper	119
Figure 11‑16:	Process Control Chart Raintree West OREAS-50c, Copper	120
Figure 11‑17:	Process Control Chart Raintree West OREAS-54Pa, Copper	121
Figure 11‑18:	Raintree West Deposit Field Duplicate Scatter Plot, Gold	122
Figure 11‑19:	Raintree West Deposit Field Duplicate Scatter Plot, Copper	123
Figure 11‑20:	Sequential Plot of Gold Assays of Blanks, Island Mountain Deposit	124
Figure 11‑21:	Sequential Plot of Copper Assays of Blanks, Island Mountain Deposit	125
Figure 11‑22:	Island Mountain Deposit Normalized Process Control Chart, Gold	126
Figure 11‑23:	Island Mountain Deposit Normalized Process Control Chart	127
Figure 11‑24:	Process Control Chart Island Mountain CRM OREAS-50c, Copper	128
Figure 11‑25:	Island Mountain Deposit Field Duplicate Scatter Plot, Gold	129
Figure 11‑26:	Island Mountain Deposit Field Duplicate Scatter Plot, Copper	130
Figure 12‑1:	Aerial view of Whistler Camp	131
Figure 12‑2:	Drillcore Boxes in Storage Area	132
Figure 12‑3:	Core Logging Shed	133
Figure 12‑4:	Check Assay Results from 2022 and 2024 Site Visits – Au	134
Figure 12‑5:	Check Assay Results from 2022 and 2024 Site Visits – Cu	134
Figure 13‑1:	Master Composite Size-by-Size Mineralogy	145
Figure 13‑2:	Master Composite Copper Deportment and Copper Sulfides Liberation Analysis	146
Figure 13‑3:	Master Composite Sulfur Deportment and Pyrite Liberation Analysis	146
Figure 13‑4:	Flotation Testwork Process Flowsheet	148
Figure 13‑5:	Comparison of Mine Plan Cumulative Grade Distribution and Flotation Testwork Head Grades.	152
Figure 13‑6:	Comparison of Modeled and Measured Copper Recovery to a 25% Cu Concentrate	155
Figure 13‑7:	Comparison of Modeled and Measured Gold Recovery to a 25% Cu Concentrate	156
Figure 13‑8:	Comparison of Modeled and Measured Silver Recovery to a 25% Cu Concentrate	156

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Figure 14‑1:	Whistler Deposit – Au-Ag high-grade domain (magenta), Cu high-grade domain (yellow) lower-grade halo (blue)	164
Figure 14‑2:	Domains Modeled for Raintree West Deposit	164
Figure 14‑3:	Domains Modelled for Island Mountain Capping	165
Figure 14‑4:	CPP of Au Assay Data by Domain - Whistler	166
Figure 14‑5:	CPP of Cu Assay Data by Domain – Whistler	166
Figure 14‑6:	CPP of Au Assay Data by Domain – Raintree	167
Figure 14‑7:	CPP of Cu Assay Data by Domain – Raintree West	167
Figure 14‑8:	CPP of Au Assay Data by Domain – Island Mountain	168
Figure 14‑9:	CPP of Cu Assay Data by Domain – Island Mountain	168
Figure 14‑10:	Histogram of Assay Lengths	171
Figure 14‑11:	Variogram Model for Cu Lower Grade Halo – Major and Minor Axes – Whistler Deposit	174
Figure 14‑12:	Variogram Model for Au in Domain 1 – Major and Minor Axes – Whistler Deposit	175
Figure 14‑13:	Variogram Model for Cu in Domain 5 – Major and Minor Axes – Raintree West Deposit	176
Figure 14‑14:	Variogram Model for Au in Domains 1-6 – Major and Minor Axes – Island Mountain Deposit	177
Figure 14‑15:	Tonnage-Grade Curves for Au – Comparison of Interpolation Methods – Whistler	181
Figure 14‑16:	Tonnage-Grade Curves for Cu – Comparison of Interpolation Methods - Whistler	182
Figure 14‑17:	Tonnage-Grade Curves for Au – Comparison of Interpolation Methods – Raintree West	182
Figure 14‑18:	Tonnage-Grade Curves for Cu – Comparison of Interpolation Methods – Raintree West	183
Figure 14‑19:	Tonnage-Grade Curves for Au – Comparison of Interpolation Methods – Island Mountain	183
Figure 14‑20:	Tonnage-Grade Curves for Cu – Comparison of Interpolation Methods - Island Mountain	184
Figure 14‑21:	E-W Section Comparing Au Grades for Block Model and Assay Data - Whistler	185
Figure 14‑22:	E-W Section Comparing Cu Grades for Block Model and Assay Data - Whistler	186
Figure 14‑23:	Section Looking SW - Comparing Au Grades for Block Model and Assay Data – Raintree West	187
Figure 14‑24:	Section Looking SW - Comparing Cu Grades for Block Model and Assay Data – Raintree West	188
Figure 14‑25:	E-W Section Comparing Au Grades for Block Model and Assay Data – Island Mountain	189
Figure 14‑26:	E-W Section Comparing Cu Grades for Block Model and Assay Data – Island Mountain	190
Figure 16‑1:	Mine Layout	196
Figure 16‑2:	Lerch-Grossmann Pit Analysis Results	201
Figure 16‑3:	Ultimate Pit Target Selection (Section Views shown in Section 16.4)	202
Figure 16‑4:	Pit Phases	204
Figure 16‑5:	Pit Phases Section View 1	205
Figure 16‑6:	Pit Phases Section View 2	206
Figure 16‑7:	Material Movement by Year	211
Figure 16‑8:	Mill Feed	211
Figure 17‑1:	Overall Process Flow Diagram	217
Figure 18‑1:	General Arrangement	230
Figure 18‑2:	WSAR Overview Map	231
Figure 18‑3:	CDSF General Arrangement	233
Figure 18‑4:	CDSF Starter Facility	235

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Figure 18‑5:	CDSF Ultimate Facility	235
Figure 18‑6:	Cross-section for CDSF Embankment	236
Figure 20‑1:	Alaskan Borough Map	251
Figure 20‑2:	ANCSA Regional Native Corporations Map	252
Figure 20‑3:	Alaska State Parks and Protected Areas	253
Figure 22‑1:	Undiscounted, Unlevered, Free Cash Flow – Post-Tax	273
Figure 22‑2:	Sensitivity Analysis	278
Figure 25‑1:	The Whistler Project	293

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1	SUMMARY

1.1

Introduction

This Preliminary Economic Assessment (PEA) was prepared by Ausenco Engineering Canada ULC and Moose Mountain Technical Services, in accordance with the Canadian disclosure requirements of National Instrument 43-101 (NI 43-101) and requirements of Form 43-101 F1, for U.S. GoldMining Inc (U.S. GoldMining) an indirect subsidiary of GoldMining Inc. (GoldMining), collectively the “Company”. U.S. GoldMining holds the rights to the Whistler Gold-Copper Project, located 170 kilometers (km) northwest of Anchorage, Alaska. The company is focused on the development and advancement of the Whistler Gold-Copper Project (the Project). There are no active or former major mining operations on the Property.

U.S. GoldMining is listed on the Nasdaq Stock Market as USGO (Nasdaq: USGO), while GoldMining is listed on the Toronto Stock Exchange as GOLD (TSX: GOLD). As a result, U.S. GoldMining is a registrant with the United States Securities and Exchange Commission (SEC) and must comply with subpart 229.1300 – Disclosure by Registrants Engaged in Mining Operations of Regulation S-K (S-K 1300). Similarly, GoldMining is a reporting issuer in Canada and must comply with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

1.2

Terms of Reference

The purpose of this PEA is to report the technical and economic results and updated mineral resource estimate (MRE) for the Project. The report was prepared to support the press release titled “U.S. GoldMining Announces Positive Preliminary Economic Assessment for Whistler Gold-Copper Project, Alaska” dated March 2, 2026.

Mineral resources are estimated in accordance with the 2019 edition of the Canadian Institute of Mining, Metallurgy and Exploration (CIM) Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (2019 CIM Best Practice Guidelines) and are reported using the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves (2014 CIM Definition Standards).

Readers are cautioned that the PEA is preliminary in nature. No inferred resources were considered in the economic analysis presented in this PEA.

1.3

Property Description

The Project is a gold-copper exploration project located in the Yentna Mining District of Alaska, approximately 170 km northwest of Anchorage.

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NI 43-101 Technical Report and Preliminary Economic Assessment	March 2, 2026

The Project comprises 377 State of Alaska mining claims covering an aggregate area of approximately 21,732 hectares (ha). The center of the property is located at 152.566° longitude west and 61.983° latitude north. The Project is located in the drainage of the Skwentna River. The Whiskey Bravo gravel airstrip established adjacent to the Skwentna River is compliant for wheel-based aircraft up to DC-3s. A 24-person camp is equipped with diesel generators, a satellite communication link, tent structures on wooden floors and several wood-frame buildings. Although chiefly used for summer field programs, the camp is winterized.

1.3.1

Mineral Tenure

Rights to the Project were acquired by GoldMining, through its subsidiary U.S. GoldMining, formerly named BRI Alaska Corp., in August 2015 pursuant to an Asset Purchase Agreement (the “Asset Purchase”) with Kiska Metals Corporation (Kiska) in exchange for the issuance of 3,500,000 common shares in the capital of GoldMining as disclosed by news releases of GoldMining on July 21 and August 6, 2015. The Project is subject to three underlying agreements, which were assigned to U.S. GoldMining under the transaction.

1.3.2

Royalties and Encumbrances

The first underlying agreement is a Royalty Purchase Agreement between Kiska Metals Corporation, Geoinformatics Alaska Exploration Inc. and MF2 LLC. (MF2), dated December 16, 2014. This agreement grants MF2 a 2.75% net smelter return (NSR) royalty over all 377 claims and extending outside the current claims over an Area of Interest defined by the maximum historical extent of claims held on the Project. The MF2 royalty was subsequently assigned to Osisko Mining (USA) Inc. (OM). U.S. GoldMining can buy back 0.75% of the 2.75% NSR royalty for a payment of US$5.0 million to OM. Pursuant to a subsequent assignment agreement dated January 11, 2021, the buy-back right was conveyed to Gold Royalty Corp.

The second underlying agreement is an earlier agreement between Cominco American Incorporated and Mr. Kent Turner (whose rights and obligations thereunder were assumed by U.S. GoldMining) dated October 1, 1999. This agreement concerns a 2.0% net profit interest (NPI) to Teck Resources, which was since purchased by Sandstorm Gold, in connection with an Area of Interest specified by standard township subdivision. Sandstorm Gold was acquired by Royal Gold on October 20, 2025.

The third underlying agreement is a royalty agreement dated January 11, 2021, between U.S. GoldMining and Gold Royalty Corp., pursuant to which Gold Royalty Corp. holds a 1% NSR royalty covering the Project.

1.3.3

Surface Rights

Under Alaska Statute AS 38.05.255, the surface uses of land or water included within a state mining location that the owners, lessees, or operators of the location may undertake by virtue of such location are (a) limited to those necessary for the prospecting for, extraction of, or basic processing of minerals and (b) shall be subject to reasonable concurrent uses (Stoel Rives, 2025).

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1.4

Accessibility, Climate, Local Resources, Infrastructure and Physiography

1.4.1

Accessibility and Climate

The Project is in the Alaska Range approximately 170 km northwest of Anchorage and 76 km west of the township of Skwentna. Access to the project area is by fixed wing aircraft to a gravel airstrip located adjacent to the Whistler exploration camp. The project area is between regions of maritime and continental climate and is characterized by severe winters and hot, dry summers. Annual precipitation ranges from 500 to 900 millimeters (mm). Winter snow accumulation usually begins in October and by mid-to-late May the snow has melted sufficiently to allow for fieldwork.

1.4.2

Local Resources and Infrastructure

The nearest public infrastructure for the Project is the town of Petersville, located approximately 106 km east of Whistler; Petersville is connected to Anchorage by an all-weather road and highway. The Project is supported by a 24-person, all-season camp located on the banks of the Skwentna River approximately 2.7 km from the Whistler Deposit and 22 km from the Island Mountain prospect. The camp is connected to the Whistler Deposit by a 6-km access trail.

1.4.3

Physiography

The project is in the drainage of the Skwentna River that forms a large network of interconnected low elevation
U-shaped valleys cutting through the rugged terrain of the southern Alaska Range. Elevation varies from about 400 meters above sea level (masl) in the valley floors to over 5,000 masl in the highest peaks.

1.5

History

Mineral exploration in the Whistler area was initiated by Cominco Alaska Inc. in 1986 and continued through 1989. During this period, the Whistler and the Island Mountain gold-copper porphyry occurrences were discovered and partially tested by drilling. In 1990, Cominco’s interest waned and all cores from the Whistler region were donated to the State of Alaska. The property was allowed to lapse. In 1999, Kent Turner staked 25 State of Alaska mining claims at Whistler and leased the property to Kennecott. From 2004 through 2006 Kennecott conducted extensive exploration of Whistler region, including geological mapping, soil, rock and stream sediments sampling, ground induced polarization (IP), the evaluation of the Whistler gold-copper occurrence with 15 core boreholes and reconnaissance core drilling at other targets in the Whistler region totaling 12,449 meters (m). Over that period Kennecott invested over US$6.3 million in exploration.

From 2007 through 2008, Geoinformatics drilled thirteen holes for 6,027 m on the Whistler Deposit and five holes for 1,597 m on other exploration targets in the Whistler area. Drilling by Geoinformatics on the Whistler Deposit was done to infill the deposit to sections spaced at 75 m and to test for the north and south extensions of the deposit. Exploration drilling by Geoinformatics in the Whistler area targeted geophysical anomalies in the Raintree and Rainmaker areas, using the same basic porphyry exploration model as Kennecott.

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Kiska was formed in 2009 by the merger of Geoinformatics Exploration Inc. and Rimfire Minerals Corporation to advance exploration on the Project. The rights to the property were acquired by Geoinformatics from Kennecott in 2007, subject to exploration expenditures totaling a minimum of US$5.0 million over two years, two underlying agreements, and certain back-in rights retained by Kennecott to acquire up to 60% of the project. In September 2010, Kennecott’s back-in right was extinguished after the completion and review of a geophysical and drilling program (the "Trigger Program") whose technical direction was guided by Kiska and Kennecott. From that time forward, Kiska continued to explore the project and completed a total of 48,498 m of drilling, several large geophysical surveys, and an updated Whistler Deposit resource estimate, for a total expenditure of US$29.4 million. Kiska’s primary objective was to explore the entire project area and test porphyry targets other than the Whistler Deposit, including Raintree West and the Island Mountain Deposit.

1.6

Geology and Mineralization

Alaskan geology consists of a collage of various terrains that were accreted to the western margin of North America because of complex plate interactions through most of the Phanerozoic. The southernmost Pacific margin is underlain by the Chugach–Prince William composite terrain, a Mesozoic-Cenozoic accretionary prism developed seaward from the Wrangellia composite terrain. It comprises arc batholiths and associated volcanic rocks of Jurassic, Cretaceous, and early Tertiary age.

The Alaska Range represents a long-lived continental arc characterized by multiple magmatic events ranging in age from about 70 million years (Ma) to 30 Ma and associated with a wide range of base and precious metals hydrothermal sulfide bearing mineralization. The geology of the Project is characterized by a thick succession of Cretaceous to early Tertiary (ca. 97 to 65 Ma) volcano-sedimentary rocks intruded by a diverse suite of plutonic rocks of Jurassic to Mid-Tertiary age.

The two main intrusive suites that are important in the Project area are:

1.	The Whistler Igneous Suite comprises alkali-calcic basalt-andesite, diorite, and monzonite intrusive rocks approximately 76 Ma with restricted extrusive equivalent. These intrusions are commonly associated with gold-copper porphyry-style mineralization (Whistler Deposit).

2.	The Composite Suite intrusions vary in composition from peridotite to granite and their ages span from 67 Ma to about 64 Ma. Gold-copper veinlets and pegmatitic occurrences are characteristics of the Composite plutons (e.g., the Mt. Estelle prospect, the Muddy Creek prospect).

The Project was acquired for its potential to host magmatic-hydrothermal gold and copper mineralization. Magmatic-hydrothermal deposits represent a wide clan of mineral deposits formed by the circulation of hydrothermal fluids into fractured rocks and associated with the intrusion of magma into the crust. Exploration work completed by Kennecott, Geoinformatics, and Kiska has discovered several gold-copper sulfide occurrences exhibiting characteristics indicative of magmatic-hydrothermal processes and suggesting that the project area is generally highly prospective for porphyry gold-copper deposits.

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1.7

Exploration

Kennecott completed airborne helicopter geophysical surveys during 2003 and 2004. Results from these airborne surveys were used to interpret geological contacts, fault structures, and potential mineralization in the Whistler, Island Mountain, and Muddy Creek areas. In particular, the airborne magnetic data showed that the Whistler Deposit displays a strong 900 m by 700 m positive magnetic anomaly attributed to the magnetic Whistler Diorite intrusive complex (host to the Whistler Deposit) in addition to a contribution from secondary magnetite alteration and veining associated with Au-Cu mineralization.

Cominco acquired 8.4 line-km of 2D IP geophysics with results used to target the deposit area with subsequent drilling. From 2004 to 2006, Kennecott completed 39.4 line-km of 2D IP geophysics in the Whistler area. Subsequent lines targeted magnetic anomalies at the Round Mountain, Canyon Creek, Canyon Ridge, Canyon Mouth, Long Lake Hills, Raintree, and Rainmaker prospects. In 2007-2008, Geoinformatics completed 8.8 line-km of 2D IP from six separate reconnaissance lines in the Whistler area targeting airborne magnetic highs. Anomalous results from this survey in the Raintree area led to the Raintree West discovery. In 2009, Kiska completed 224 line-km of a 3D IP geophysical survey. This was executed on two grids (Round Mountain; Whistler Area). This survey reaffirmed that the Whistler Deposit coincides with a discrete 3D chargeability anomaly.

Further exploration was completed by U.S. GoldMining between 2023 and 2025. This work included mapping, rock and silt sampling, drilling, and target definition.

1.8

Drilling and Sampling

A total of 76,493 m of diamond drilling in 267 holes are documented in the Whistler database for drilling on the Whistler Project by Cominco, Kennecott, Geoinformatics, Kiska, and U.S. GoldMining from 1986 to the end of 2024. The drilling is summarized in Table 10‑1. Of these drillholes 25,121 m in 57 holes have been drilled in the Whistler Deposit area, 20,803 m in 89 holes have been drilled in the Raintree area, and 15,841 m in 42 holes comprise the Island Mountain resource area. There are 14,727 m in 79 holes in areas outside the three resource areas.

1.9

Mineral Processing and Metallurgical Testing

In 2025, U.S. GoldMining engaged Base Metallurgical Laboratories Ltd. located in Kamloops, (BC, Canada) to perform metallurgical testing. Testwork was conducted on one master composite sample and eight variability samples comprising material from fresh drill cores collected from four drillholes from the 2023 and 2024 drill campaigns.

Laboratory testing included comminution characterization, flotation to recover copper and gold, and cyanidation, with the objective of achieving optimized metal recovery results. Testwork data were provided to Ausenco in June of 2025 by Base Metallurgical Laboratories Ltd.

Comminution data indicated that the Whistler Deposit mineralized material is categorized as very competent with an average Bond Ball Mill Work Index (BWi) of 21.8 kilowatt-hour per tonne (kWh/t) and an average Drop Weight Index (DWI) of 10.9 kilowatt-hour per cubic meter (kWh/m³) across the eight variability composites.

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The results from the 2025 flotation and leach testing support the following conclusions:

●	Rougher flotation tests indicate an optimum primary grind size target of P₈₀ = 120 microns (µm).

●	Flotation testwork included sufficient variability to represent the majority of the head grades present in the current mine plan.

●	Recovery to a 25% Cu flotation concentrate is modeled as a function of feed head grades, with average life-of-mine recoveries across the current mine plan of 77.4% Cu, 62.1% Au, and 44.8% Ag.

●

An additional flotation tailings leach circuit is expected to extract 74.9% Au and 20.5% Ag from the residual gold and silver present in the flotation tailings. Applying these extractions, together with an assumed 5% soluble metal loss, results in incremental metal recoveries averaging 27.0% Au and 10.7% Ag over the life of mine.

●	Overall metal recoveries, combining flotation concentrate and doré products, are expected to average 77.8% Cu, 88.9% Au, and 55.6% Ag over the life of mine.

●

Concentrates generated from the recent test work generally contained very low concentrations of deleterious elements, based on a single concentrate sample produced from the final locked-cycle flotation test on the Master Composite. The reported trace element assays do not indicate penalty levels of deleterious elements.

1.10

Mineral Resource Estimate

The Project total MRE includes the Whistler, Raintree West, and Island Mountain deposits and is summarized in Table1‑1 for the base-case cutoff value. The resource is prepared under direction of Independent Qualified Persons (QPs) and in in accordance with the Canadian disclosure requirements of National Instrument 43-101 (NI 43-101) and the requirements of Form 43-101 F1.

The resource utilizes pit shells to constrain resources at the Whistler, Island Mountain, and Raintree West gold-copper deposits, as well as an underground potentially mineable shape to constrain the mineral resource estimate for the deeper portion of the Raintree West deposit. The current estimate uses metal prices of US$2,750/ounce (oz) gold price, US$4.35/pound (lb) copper and US$30/oz silver, updated recoveries, smelter terms and costs, as summarized in the notes to Table 1‑1. Metal prices have been chosen based partially on market consensus research based on mean prices from 2025 and forecast up to 2026 for long term prices. The metal prices chosen also considered the spot prices and the three-year trailing average prices. For all three metals, the final prices used for this resource estimate are below both the spot metal price and the three-year trailing average, which is considered an industry standard in choosing prices.

The base-case cutoff value for open pit mining is US$13.40/t for all three deposits, which covers the Processing cost of US$11.25/t and the general and administration (G&A) costs of US$2.15/t; this is the marginal cutoff for which mining costs are not included. Cutoff values for underground mining are based on Processing costs plus US$17.10/t for underground bulk mining, to define the marginal cutoff NSR grade. There has been drilling in 2023 and 2024 which resulted in updated geological modelling, resource estimation parameters and an updated resource estimate.

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For the mineral resource cutoff value determination, a 3.0% NSR royalty was assumed. This is derived from the sum of a 2.75% royalty to MF2 plus a 1% royalty to Gold Royalty Corp., with an assumption that U.S. GoldMining can negotiate a buy-back of a 0.75% NSR, for a net 3.0% NSR, as is customary to occur for similar project developments. In preparing the resource estimate herein, a sensitivity analysis has also been conducted by the author. Based on such analysis, utilizing a higher 3.75% NSR royalty rate in determining a cutoff value would not materially impact the estimates contained herein and would be de minimis (approximately 0.7% differential of total metal in the Whistler pit on a gold equivalent basis).

These mineral resource estimates include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The QP is of the opinion that issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work. These factors may include environmental permitting, infrastructure, sociopolitical, marketing, or other relevant factors.

As a point of reference, the in-situ gold, copper and silver mineralization are inventoried and reported by intended mining method.

Table 1‑1: Mineral Resource Estimate for the Whistler Project (Effective date: March 2, 2026)

Class	Deposit	Cutoff Value	ROM tonnage	In-situ Grades					In-situ Metal
Class	Deposit	(US$/t)	(kt)	NSR (US$/t)	AuEq (g/t)	Au (g/t)	Cu (%)	Ag (g/t)	AuEq (koz)	Au (koz)	Cu (klbs)	Ag (koz)
Indicated	Whistler		284,203	38.74	0.562	0.409	0.154	1.7	5,132	3,740	964,275	15,808
	Raintree West-Pit	13.40	10,332	35.63	0.517	0.420	0.076	4.8	156	128	15,356	1,321
	Indicated Open Pit		294,535	38.63	0.560	0.410	0.151	1.8	5,287	3,868	979,631	17,129
	Raintree West-UG	$40 shell	4,619	58.81	0.853	0.713	0.118	5.4	127	106	12,036	795
	Total Indicated	varies	299,154	38.94	0.565	0.414	0.151	1.9	5,414	3,973	991,667	17,924
Inferred	Whistler		4,967	38.37	0.556	0.433	0.115	1.2	89	69	12,549	192
	Island Mountain		187,283	29.04	0.421	0.376	0.043	0.9	2,535	2,263	178,368	5,299
	Raintree West-Pit	13.40	18,780	37.83	0.548	0.471	0.057	4.3	289	252	19,475	1,927
	Inferred Open Pit		211,030	30.04	0.436	0.386	0.046	1.2	2,913	2,584	210,392	7,418
	Raintree West-UG	$40 shell	79,717	55.32	0.802	0.692	0.102	2.7	2,055	1,773	179,964	6,843
	Total Inferred	varies	290,747	36.97	0.536	0.470	0.062	1.6	4,969	4,357	390,355	14,261

Notes to the MRE:

1.	Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves.

2.	The mineral resource for the Whistler, Island Mountain, and the upper portions of the Raintree West Deposits have been confined by an open pit with “reasonable prospects of eventual economic extraction” using the following assumptions:

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open pit with “reasonable prospects of eventual economic extraction” using the following assumptions:

	•	metal prices of US$2,750/oz Au, US$4.35/lb Cu and US$30/oz Ag;
	•	payable metal of 94.8% payable for Au, 96.5% payable for Cu, and 88.2% payable for Ag;
	•	refining costs for Au of US$7.50/oz, for Ag of US$1.00/oz and for Cu of US$0.065/lb;
	•	off-site costs of US$165.65/t;
	•	royalty of 3% Net Smelter Return (NSR);
	•	pit slopes are 50 degrees;
	•	mining cost of US$2.75/t for waste and mineralized material; and
	•	processing costs of US$11.25/t, general and administrative costs of US$2.15/t.

3.	The open pits at Whistler and Island Mountain use the 150% NSR case, with the upper portion of Raintree West using the 100% NSR case. The lower portion of the Raintree West deposit has been constrained by a mineable shape within a “reasonable prospects of eventual economic extraction” shape using a $40.00/t cutoff value.
4.	Metallurgical recoveries are: 87.8% for Au, 75.4% for Cu, and 49.1% Ag.
5.	The NSR equation is: NSR ($/t)=(100%-3%)((Au(g/t)87.8%$78.57/g) + (Cu%75.4%$3.88/lb2204.62 + Ag(g/t)49.1% $0.77)).
6.	The gold equivalent equation is: AuEq=Au + Cu*0.9361 + 0.0055Ag.
7.	The specific gravity for each deposit and domain ranges from 2.76 to 2.91 for Island Mountain, 2.60 to 2.72 for Whistler with an average value of 2.80 for Raintree West.
8.	Numbers may not add due to rounding.

1.11

Mining Methods

The Whistler deposit is amenable to conventional drill, blast, load, and haul open-pit mining methods. Open pit mine designs, a mine production schedule, and mine capital and operating costs have been developed for the Whistler deposit at a scoping level of engineering. The Raintree West and Island Mountain deposit resources are not included in this mine plan.

The open pit is designed for approximately 16 years of operations, inclusive of one year of pre-production mining, and one year of low-grade stockpile rehandling to the mill after the open pit is exhausted. The Run-of-Mine (ROM) production contained within the designed open pit, summarized in Table 12 with a 0.19 g/t gold equivalent cutoff grade (NSR: $13.40/t), forms the basis of the Whistler Mine Plan. These contents are a subset of the Indicated Mineral Resource Estimate described in Section 14; Inferred class resources have been treated as waste.

Table 1‑2: Whistler Plan ROM Production Results

Pit Content	Parameter
Mill Feed	211 Mt
Average Gold Grade	0.44 g/t
Average Copper Grade	0.16 %
Average Silver Grade	1.8 g/t
Waste Material	465 Mt
Strip Ratio	2.2

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Mill feed quantities and grades include estimates of mining dilution and recovery based on 20 x 20 x 10 m selective block sizes and an additional 3% dilution applied to account for waste edge contracts on the outer edges of the mineralization. This dilution is balanced with an estimated 97% mining recovery.

The crusher will be fed with material from the pit and stockpile at an average feed rate of 40,000 tonnes per day (t/d).

The open pit is split into four phases, targeting highest to lowest economic value between the pushbacks. The first phase will commence near the center of the deposit, where the highest grade of mineralized material and lowest strip ratio will be encountered and the remaining phases targeting progressively higher strip ratios and lower grades.

Mill feed will be sent to the crusher directly north of the open pit, or to the low-grade stockpile next the crusher. This low-grade facility will be reclaimed to the crusher/mill during and at the end of the mine life.

Preliminary estimates indicate that 55% of the pit waste rock is potentially acid generating (PAG). Another 12% of pit waste rock is undefined and PAG overburden. These PAG quantities will be stored subaqueously within the co-disposal storage facility (CDSF), 2 km northwest of the open pit. The remaining waste and overburden are non-potentially acid generating (NAG) and will be stored at waste rock storage facilities (WRSFs) located directly east and west of the pit. Suitable pit waste rock will also be hauled to the CDSF for dam construction, as needed.

Owner run mine operations will include drilling, blasting, loading, hauling, and pit, haul road and pile maintenance functions. Mobile equipment maintenance operations will also be managed by the owner. Technical services functions will also be managed by the owner and will include geology, engineering and surveying. Mining operations will be based on 365 operating days per year with two 12-hour shifts/day. An allowance of 10 days of no mine production has been built into the mine schedule to allow for adverse weather conditions. The open pit is planned to be electrified in Year 1 of the project, with drilling and loading functions becoming partially electrified.

The mining fleet will include electric and diesel-powered rotary drills with a 228 mm bit size for production drilling; down-the-hole (DTH) drills with 160 mm bit size for wall control drilling; 34 m³ bucket sized electric powered hydraulic face shovels, 22 m³ bucket sized diesel-powered face shovels, and 24 m³ bucket sized wheel loaders for production loading; 230 t payload rigid-frame haul trucks and 40-t articulated trucks for construction and production hauling; plus ancillary and service equipment to support the mining operations. In-pit dewatering systems will be established for the pit. All surface water and precipitation in the pits will be handled by diesel-powered pumps.

Maintenance on mine equipment will be performed in the field with major repairs to mobile equipment in the shops located near the plant facilities.

Annual mine operating costs per tonne mined range from US$2.05/t to US$3.05/t with a life-of-mine average of US$2.53/t mined.

The initial mine equipment fleet is planned to be purchased via a lease financing arrangement. Expansion and replacement fleet is planned to be traditional capital purchases.

Figure 1‑1 shows the mine layout for the pit, stockpiles, and haul roads and Figure 1‑2 shows the Whistler Mine Plan Production Schedule.

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Figure 1‑1: Mine Area General Arrangement

Source: MMTS, 2026

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Figure 1‑2: Mine Production Schedule, Material Mined and Mill Feed Gold Grades

Source: MMTS, 2026

1.12

Recovery Methods

The process flowsheet for the Whistler Gold-Copper project was selected based on preliminary metallurgical laboratory testing and preliminary economic modelling. The proposed process plant is designed to treat 40,000 t/d of mineralized material from the Whistler gold-copper porphyry deposit and incorporates conventional, proven technologies for:

●	primary crushing of run-of-mine mineralized material and stockpiling

●	secondary crushing and screening

●	high-pressure grinding roll (HPGR) milling

●	ball milling

●	copper rougher flotation with regrind

●	three-stage cleaning flotation

●	copper concentrate thickening and filtration

●	gold leaching followed by carbon-in-pulp (CIP) adsorption

●	gold desorption, electrowinning, filtration and smelting

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●	carbon regeneration

●	cyanide detoxification

●	tailings thickening.

1.13

Project Infrastructure

1.13.1

On-site and Off-site Infrastructure

The on-site infrastructure required for the Project includes site access roads, WRSFs, stockpiles, infrastructure buildings, diesel storage and distribution, power plant and site electrical distribution, explosives magazine, water management structures, and a CDSF for storing tailings and PAG waste rock.

The off-site infrastructure required for the project includes the Whiskey Bravo airstrip (existing), power transmission line from Beluga Power Plant, West Susitna Access Road, and ship loading facility upgrades at Port Mackenzie.

The project site is currently accessible by flying into the Whisky Bravo airstrip. The existing exploration camp is located to the east of the airstrip, where 4-wheel drive (4WD) vehicles and side-by-side all-terrain vehicles (ATVs) are available. The site can then be accessed via local exploration roads.

Construction of the WSAR is expected to commence in 2026 or 2027 with completion of the road expected by 2030. Once the WSAR is completed, the Whistler site will be accessible by vehicle from Anchorage or Port Mackenzie. Employees, fuel, reagents, supplies, and concentrate will then be transported via the WSAR.

1.13.2

Co-disposal (Tailings and PAG Waste Rock) Storage Facility

A desktop siting and waste material deposition trade-off study was conducted to evaluate potential sites and disposal methods for tailings and PAG waste rock. Several potential storage sites were identified for slurry and filtered tailings along with PAG waste rock across the site. Ultimately, it was decided to proceed with the co-placement of life-of-mine slurry tailings and PAG waste rock in the CDSF. Slurry tailings (tailings) and PAG waste rock will be permanently stored in the CDSF, located west of the open pit and process plant, while utilizing the natural topography to minimize the need for dam fill material and reduce the overall footprint. The CDSF is designed to hold approximately 214 Mt of tailings and 304 Mt of PAG waste rock. PAG waste rock will be stored sub-aqueously and/or covered with tailings to eliminate air contact. The primary design objectives for the CDSF are the secure confinement of process tailings, subaqueous and/or tailings cover over the deposition of PAG waste rock to prevent potential acid rock drainage (ARD) and metal leaching (ML), and the protection of regional groundwater and surface water during mine operations and in the long-term post-closure.

1.14

Market Studies and Contracts

No market studies or product valuations were completed as part of this study. Market price assumptions were based on a review of public information, industry consensus, standard practice, and specific information from comparable operations.

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Copper concentrates are widely traded and can be marketed directly from producer to smelter or via third-party concentrate trading entities. It is assumed that the concentrate contains negligible deleterious elements that would impact marketability.

The market for gold doré is widely traded and can be marketed domestically or internationally with significant optionality regarding the final customer. It is assumed that no penalties for deleterious elements will be applied to the doré.

Marketing, refining, and transportation costs, along with payability terms, were assumed based on a review of information from comparable recent studies.

1.15

Environmental Studies, Permitting and Social or Community Impact

U.S. GoldMining currently holds multi-year Exploration and Reclamation Permit Number 2778 for Hardrock Exploration – Skwentna River – Yentna Mining District, issued by Alaska Department Natural Resources, Division of Mining, Land and Water in September 2022. The Company has commenced environmental studies and has developed a Stakeholder Engagement Plan and an approved Reclamation Plan.

1.15.1

Environmental Considerations

1.15.1.1

Baseline and Supporting Studies

Several baseline and supporting studies have been completed on the project since 2012, including studies on:

●	archaeology

●	terrestrial mammals

●	aquatic life

●	avian survey

●	wetlands and soils

●	geochemistry

●	surface water quality and hydrology.

1.15.2

Permitting Considerations

The Project is located on State of Alaska lands administered by the Alaska Department of Natural Resources (ADNR). The project area is not situated on federal lands, Alaska Native Corporation lands, or tribal trust lands. Mineral tenure is held under state mining claims, and exploration and potential development activities are subject to state regulatory oversight, including authorization through the Application for Permits to Mine in Alaska (APMA) and associated environmental and reclamation approvals. The potential state, federal, and local permit requirements are illustrated in Table 1‑3.

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Table 1‑3: Potential State, Federal, and Local Permit Requirements

Authority	Permit
Federal
Environmental Protection Agency (EPA)	● Spill Prevention Containment and Contingency (SPCC) Plan
U.S. Army Corps of Engineers (USACE)	● CWA Section 404 Permit (wetlands dredge and fill)
	● River and Harbors Act (RHA) Section 10 (structures in navigable waters)
	● RHA Section 9 (dams and dykes in navigable waters-interstate commerce)
Bureau of Alcohol, Tobacco, and Firearms (ATF)	● License to Transport Explosives
Bureau of Alcohol, Tobacco, and Firearms (ATF)	● Permit and License for Use of Explosives
Federal Aviation Administration (FAA)	● Notice of Landing Area Proposal (existing airstrip)
Federal Aviation Administration (FAA)	● Notice of Controlled Firing Area for Blasting
U.S. Department of Transportation	● Hazardous Materials Registration
U.S. Fish and Wildlife Service	● Section 7 of the Endangered Species Act, Consultations requiring a Biological Assessment or Biological Opinion
State
Department of Natural Resources (ADNR)	● Reclamation Plan Approval
	● Mining License
	● Temporary Water Use Authorizations
Department of Environmental Conservation (ADEC)	● APDES Water Discharge Permit
	● Alaska Multi-Sector General Permit (MSGP) for Stormwater
	● Stormwater Pollution Prevention Plan (part of MSGP)
	● Sec. 401 Water Quality Certification of the CWA Sec. 404 Permit
	● Integrated Waste Management Permit
	● Air Quality Control – Construction Permit
	● Air Quality Control – Title V Operating Permit
	● Reclamation Plan Approval
	● Approval to Construct and Operate a Public Water System
State Office of History and Archaeology (OHA)	● Section 106 National Historic Preservation Act Concurrence
Department of Fish and Game (ADF&G)	● Title 16 Fish Habitat and Passage Permits
Department of Fish and Game (ADF&G)	● Wildlife Hazing Permit
Local
Alaska Native Corporations	● Land access agreements
Matanuska-Susitna	● Land Use or Development Permits

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1.15.3

Social Considerations

The Project is located within the Matanuska-Susitna (Mat-Su) Borough, which contains some Alaska Native Claims Settlement Act (ANCSA) lands owned by the Cook Inlet Region, Inc. (CIRI). No Alaska Native Corporation or tribal lands occur within the project boundary. The broader region is traditionally and contemporarily used by Dena’ina/Tanaina Athabaskan communities, including residents of Tyonek and Skwentna, for hunting, fishing, and travel. These connections are based on customary land use within the surrounding watersheds and access corridors rather than land ownership or jurisdictional authority over the project area (Owl Ridge Natural Resource Consultants, Inc., 2023).

Land use in the vicinity of the project includes active mineral exploration, guided and unguided hunting and fishing, recreational lodges, air-supported access, and historic travel routes associated with early mining activity in South-Central Alaska. These uses occur primarily outside the project footprint but are relevant to permitting and operational planning due to shared access routes, seasonal activity patterns, and regional public interest.

Stakeholder engagement has therefore focused on communities, regional Alaska Native organizations (CIRI and Tyonek Native Corporation), state and federal agencies, recreational and commercial users, and regional trade organizations, with the objective of providing early project awareness, coordinating land use expectations, and supporting future permitting processes. To date, no land tenure conflicts have been identified, and no restrictions on mineral tenure or surface access are currently known that would materially affect exploration activities (Owl Ridge Natural Resource Consultants, Inc., 2023).

1.15.4

Closure and Reclamation Considerations

Closure of the Project will primarily be regulated by the ADNR and Alaska Department of Environmental Conservation (ADEC) under the Alaska Reclamation Act and the Solid Waste Management Regulations. The Act requires that a reclamation and closure plan (RCP) and financial assurance (FA) be provided to the State prior to any mining activity or project development. The RCP details reclamation prescriptions which are designed to minimize or eliminate the risk of pollutants released into the environment. The RCP details conceptual means and methods used to return the site to near pre-mining conditions, protect the environment during reclamation, and support long-term site management.

The project will be closed in two phases: the active reclamation closure phase and the passive post-closure phase. During the active closure phase, closure activities for the mining, process plant, infrastructure, and CDSF will take place. Environmental monitoring will span both the active and passive closure phases, while passive water treatment systems will be considered during the post-closure phase.

1.16

Capital and Operating Costs

The capital and operating costs described in this PEA are based on open pit mining operations for the Whistler gold-copper project. The process plant is designed to treat 40,000 t/d of mineralized material, or 14.6 Mt/a, over a mine life of 14.6 years.

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1.16.1

Capital Cost Estimate

The capital cost estimate was developed in Q4 2025 to target a level of accuracy of -30% to +50%, which aligns with an Association for the Advancement of Cost Engineering International (AACE International) Class 5 level estimate. The estimate includes mining, processing, on-site infrastructure, off-site infrastructure, project indirects, project delivery, owners’ costs, and provisions. The total initial capital costs for the Project are estimated at US$1,278.6 million, including US$56.3 million of capitalized operating costs, and US$213.3 million of contingency. The LOM sustaining costs are estimated at US$381.1 million, while the closure costs are estimated at US$98.7 million. The capital cost summary is presented in Table 1‑4.

Table 1‑4: Capital Cost Summary

WBS	Description	Capital Cost (US$M)	Sustaining Cost (US$M)	Total Cost (US$M)
1000	Mining	39.7	319.0	358.7
2000	Crushing and Conveyance	120.4	-	120.4
3000	Process plant	354.8	-	354.8
4000	On-site Infrastructure	187.6	14.2	201.8
5000	Off-site Infrastructure	72.6	35.7	108.3
Total Direct Costs		775.1	368.9	1,144.0
6000	Project Preliminaries	80.5	1.6	82.1
7000	Project Delivery	122.1	-	122.1
8000	Owner’s Costs	31.3	-	31.3
Total Indirect Costs		233.9	1.6	235.5
Total Direct + Indirect Costs		1,009.0	370.5	1,377.9
	Contingency	213.3	10.6	223.9
Subtotal Capital Cost		1,222.3	381.1	1,603.4
	Capitalized Opex	56.3	-	56.3
	Closure Costs	-	-	98.7
Total Capital Cost		1,278.6	381.1	1,758.4

Notes: Totals may not match due to rounding.

The capital cost estimate is based on budgetary quotations for equipment from recent advanced studies and execution projects, supplemented with Ausenco’s in-house database, and informed by Ausenco’s experience from similar operations in North America.

The following data were used as the basis of estimate:

●	Mining schedules.

●	Engineering design by Ausenco, including but not limited to design criteria, equipment lists, and material take-offs (MTOs).

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●	Budgetary equipment quotes from similar recently completed advanced studies and execution projects.

●	Additional data such as Lang factors and indirect costs from similar recently completed studies and projects.

The estimate also adhered to these parameters:

●	No allowance was made for exchange rate fluctuations

●	No escalation was added to the final estimate

●	No growth allowance was included.

1.16.2

Operating Cost Estimate

The total operating costs for the Project are estimated at US$20.82/t or US$4,399.8 million over the 14.6-year mine life. These operating costs do not include pre-production operating costs. The operating cost estimate was developed in Q4 2025 from first principles.

A summary of operating costs is presented in Table 1‑5.

Table 1‑5: Operating Cost Summary

Cost Area	LOM Total (US$M)	US$/t milled	% of Total
Mining	1,676.7	7.93	43.9
Process	2,325.8	11.00	47.9
G&A	216.1	1.02	4.5
G&A (Other) - Road Toll and Maintenance	181.2	0.86	3.7
Total	4,399.8	20.82	100

Note: Totals may not match due to rounding.

Mine operating costs are built up from first principles assuming an owner managed and operated scenario.

The following was used to determine the project’s LOM process operating costs in agreement with the cost definition and estimate methodologies outlined below. This basis considers the development of a process plant designed to treat 40,000 t/d of mineralized material. Process unit operations were benchmarked against similar or comparable processing plants to ensure accuracy of cost estimates.

Assumptions made in developing the process operating cost estimate are listed below:

●	Mill is designed to treat 40,000 t/d of mineralized material.

●	Process plant operating costs are calculated based on labor, power consumption, and process and maintenance consumables.

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●	Off-site gold refining, insurance, and transportation costs are excluded, as they are included elsewhere in the financial model.

●	Labor rates were sourced from recent execution projects in the region.

Workforce will be comprised of local and regional workers.

Management and administrative staff will be on a 5/2 rotation (five days in, two days out), whereas process and maintenance staff will be on a 14/14 rotation (14 days in, 14 days out).

Management and administrative staff who are not required to be on site will be based out of Anchorage or will work remotely.

●	G&A costs were baselined against previous project experience, defined along with specific inputs from U.S. GoldMining.

●	No factor for spare parts has been applied to adjust for consumption of fewer spare parts in early years of operation.

●	Grinding media consumption rates have been estimated based on the mill feed characteristics.

●	Reagent consumption rates have been estimated based on the metallurgical testwork results.

●	Reagents and consumable prices were obtained via email quotes from local vendors.

●	Mobile equipment cost includes for fuel, maintenance, and lease price for the equipment.

●	The unit rate power cost of US$0.08225/kWh was calculated from published rates by the Chugach Electrical Association (CEA).

●	The unit rate fuel cost of US$3.79/gallon based on the regional monthly three-year trailing average published by the Energy Information Administration (EIA).

1.17

Economic Analysis

1.17.1

Economic Summary

Readers are cautioned that the PEA is preliminary in nature. No inferred resources were considered in the economic analysis presented in this PEA. The capital and operating cost estimates were developed in Q4 2025 to target a level of accuracy of -30% to +50%, which aligns with an AACE International Class 5 level estimate. The capital cost estimate includes a 21% contingency on the initial capital costs.

The PEA has been evaluated using a discounted cashflow (DCF) analysis. Cash inflow consists of annual revenue projections for the Project. Cash outflows such as capital costs, operating costs, taxes, and royalties are subtracted from the inflows to arrive at the annual cashflow projections.

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The post-tax NPV at a 5% discount rate (NPV_5%), is US$2.04 billion with a post-tax IRR of 33.0%, and an initial payback of 2.1 years. These economic results utilize base-case prices of US$3,200/oz gold, US$4.50/lb copper, and US$37.50/oz silver.

1.17.2

Sensitivity Analysis

A sensitivity analysis was conducted on the base-case pre-tax and post-tax NPV_5% and IRR of the project using the following variables: metal prices, discount rate, total operating costs, initial capital costs, recovery, and head grade. The sensitivity analysis reveals that the project is most sensitive to changes in head grade and commodity prices, and less sensitive to recovery, operating costs, and initial capital costs.

1.18

Conclusions & Recommendations

The study highlights positive economic results based on a conceptual design. Further exploration work is recommended to evaluate the Project’s mineral potential. Additional field work, laboratory testwork, and analysis are required prior to advancing to a PFS. It is also recommended that the Company initiates environmental baseline studies and engages a permitting consultant along with ramping up engagement with government, local groups, local communities, and regional infrastructure owners. The recommended work is estimated to cost US$68.7 million and is summarized in Table 1‑6.

Table 1‑6: Recommended Work Programs

PFS Program Component	Total Cost (US$M)
Exploration and Resource Drilling	20.0
Metallurgical Testwork	1.5
Mining Drilling and Testwork	7.6
Process Engineering and Testwork	1.5
Infrastructure Hazard Mitigation	3.8
Infrastructure Geotechnical Program	6.0
Environmental Baseline Programs	15.0
Permitting Consultant	3.0
Government and Community Engagement	3.0
Geochemical Program	2.5
Groundwater and Surface Water Investigations	2.0
Wetlands Mapping and Delineation	0.3
PFS-level Engineering Study	2.5
Total	68.7

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2	INTRODUCTION

2.1

Introduction

This preliminary economic assessment (PEA) was prepared for GoldMining Inc. (GoldMining) and its indirect subsidiary U.S. GoldMining Inc. (U.S. GoldMining), collectively the “Company.” GoldMining holds the rights to the Whistler Gold-Copper Project property, located 170 km northwest of Anchorage, Alaska. The Project location is illustrated in Figure 2‑1.

Figure 2‑1: Whistler Project Location Map

Source: U.S. GoldMining, 2026

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Ausenco Engineering Canada ULC (Ausenco) was retained by U.S. GoldMining to undertake a techno-economic study and to produce a PEA prepared in accordance with NI 43-101on the Project for the Whistler Deposit.

Moose Mountain Technical Services (MMTS) was retained by U.S. GoldMining to support the PEA by updating the geology, mining, and mineral resource components of the study. The effective date for this PEA is March 2, 2026.

The PEA was prepared in accordance with the Canadian disclosure requirements of National Instrument 43-101 (NI 43-101) and the requirements of Form 43-101 F1. This report summarizes an updated Mineral Resource Estimate (MRE). All technical analyses, design information, capital, and operating cost information, permitting and legal assumptions, conclusions and recommendations are consistent with this NI 43-101 Technical Report and the S-K 1300 Technical Report Summary (TRS) that will be published at the same time.

2.2

Terms of Reference

The purpose of this report is to present the technical and economic results of the PEA and updated mineral resource estimate (MRE) for the Project. The Report was prepared to support the press release titled “U.S. GoldMining Announces Positive Preliminary Economic Assessment for Whistler Gold-Copper Project, Alaska” dated March 2, 2026.

All measurement units used in this Report are metric, and currency is expressed in US dollars (US$) unless stated otherwise.

Readers are cautioned that the PEA is preliminary in nature. No inferred resources were considered in the economic analysis presented in this PEA.

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2.3

Qualified Persons

The Qualified Persons for the report are listed in Table 2‑1 By virtue of their education, experience and professional association membership, they are considered Qualified Person as defined by NI 43-101.

Table 2‑1: Report Contributors

Qualified Person	Professional Designation	Position	Employer	Independent of GoldMining and U.S. GoldMining	Report Sections
Kevin Murray	P.Eng.	Principal Process Engineer	Ausenco Engineering Canada ULC	Yes	1.1, 1.2, 1.9, 1.12, 1.13.1, 1.14, 1.16, 1.17, 1.8, 2.1, 2.2, 2.4, 2.5, 2.6, 3.1, 3.4, 12.2, 13, 17, 18.1, 18.2, 18.3, 18.4, 18.7, 18.8, 18.9, 18.10, 19, 21.1, 21.2.2, 21.2.4-21.2.7, 21.2.8.2, 21.2.9, 21.2.10, 21.3.1, 21.3.2, 21.3.4-21.3.7, 22, 25.1, 25.3, 25.6, 25.7, 25.8, 25.10, 25.11, 25.12, 25.13.1.2, 25.13.1.5.1, 25.13.1.5.2, 25.13.1.5.3, 25.13.1.7, 25.13.2.1, 26.1, 26.4, 26.6, 26.7.1, 27
James Millard	P.Geo.	Director, Strategic Projects	Ausenco Sustainability ULC	Yes	1.15, 3.4, 4.6, 20, 25.9, 25.13.1.6, 25.13.2.4, 26.8
Scott C. Elfen	P.E.	Global Lead Geotechnical and Civil Services	Ausenco Engineering Canada ULC	Yes	1.13.2, 2.4.2, 12.3, 18.5, 18.6, 25.13.1.5.4, 25.13.1.5.5, 25.13.2.3.1, 25.13.2.3.2, 26.7.2
Sue Bird	P.Eng.	Geological and Mining Engineer	Moose Mountain Technical Services	Yes	1.3,1.4, 1.5, 1.6, 1.7, 1.8,1.10, 2.3.1, 3.2, 3.3, 4, 5, 6, 7, 8, 9, 10, 11, 12.1, 14, 23, 24, 25.2,25.4, 25.13.1.1, 25.13.1.3, 25.13.2.2, 26.2, 26.3
Marc Schulte	P.Eng.	Mining Engineer	Moose Mountain Technical Services	Yes	1.11, 15, 16, 21.2.3, 21.2.8.1, 21.3.3, 25.5, 25.13.1.4, 26.5

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2.4

Site Visits and Scope of Personal Inspection

2.4.1

Sue Bird Site Inspection

Sue Bird, P.Eng., of MMTS, visited the Project site on September 14, 2022, and again on August 6, 2024. During the site visit collar locations at Whistler and Raintree West were validated. The core storage site at both Whiskey Bravo camp and Rainy Pass were visited. The core from each deposit was examined for mineralization with 4 samples for re-assay obtained in 2022 with another 5-sample collected in 2024. Additionally, she observed the condition of the existing camp buildings.

2.4.2

Scott Elfen Site Inspection

Scott C. Elfen, Ausenco’s Geotechnical QP, visited the site on June 26, 2025. The purpose of the visit was to assess the topography, surface geotechnical conditions, and water features of the site and their amenability to support tailings and waste rock structures. Additionally, the QP was to assess site access, the Whiskey Bravo airport, the existing camp, and the overall layout of mining related infrastructure.

2.5

Sources of Information

2.5.1

Information and Data

Sources of information are listed in Section 2724, with the sources provided by U.S. GoldMining and its parent company, GoldMining, regarding property ownership and environmental permitting listed in Section 3.

The Ausenco QPs have not independently reviewed the current status or future prospects of mineral explorations and mining permits held or required by GoldMining and U.S. GoldMining for work on the Project. The Ausenco QPs have fully relied on information supplied by U.S. GoldMining.

2.5.2

Previous Technical Reports

The previous technical report was published on October 7, 2024, and had an effective date of September 12, 2024. It disclosed an updated MRE and was prepared by MMTS for U.S. GoldMining.

2.6

Effective Dates

The overall report effective date is March 2, 2026.

2.7

Currency, Units, Abbreviations and Definitions

All units of measurement in this report are metric, and all currencies are expressed in United States dollars (symbol: US$ or currency: USD) unless otherwise stated. Contained gold metal is expressed as troy ounces (oz), where 1 oz = 31.1035 g. All material tonnes are expressed as dry tonnes (t) unless stated otherwise. A list of abbreviations and acronyms is provided in Table 2‑2, and units of measurement are listed in Table 2‑3.

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Table 2‑2: Abbreviations and Acronyms

Abbreviation	Description
AA	atomic absorption spectroscopy
ADNR	Alaska Department of Natural Resources
ALS	ALS Metallurgy Laboratories
APMA	Application for Permits to Mine in Alaska
ARD	acid rock drainage
Au	gold
Az	azimuth
BIF	banded iron formation
BWi	bond ball mill work index
CAD:USD	Canadian-American exchange rate
CDSF	co-disposal storage facility
CIM	Canadian Institute of Mining, Metallurgy and Petroleum
CIM Definition Standards	CIM Definition Standards for Mineral Resources and Mineral Reserves 2014
CIP	carbon-in-pulp
CoG	cutoff grade
CRM	certified reference material
CWi	Bond crusher work index
DCIP	direct current resistivity and induced polarization
DDH	diamond drillhole
DOT-PF	Department of Transportation and Public Facilities
DML	Dawson Metallurgical Laboratories
DTH	down-the-hole
E-GRG	extended gravity recoverable gold
EM	electromagnetic
EPA	Environmental Protection Agency
FA	fire assay
FAA	Federal Aviation Administration
FET	federal excise tax
FS	feasibility study
G&A	general and administration
GOLD	TSX ticker symbol for GoldMining Inc.
GPR	gross production royalty

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Abbreviation	Description
GQCV	greenstone-hosted quartz-carbonate vein deposits
GRAV	gravimetric finish method
HPGR	high-pressure grinding roll
ICP	inductively coupled plasma
ICP-OES	inductively coupled plasma - optical emission spectrometry
ID2	inverse distance squared
ID3	inverse distance cubed
IOCG	iron oxide copper-gold
IP	induced polarization
IRG	intrusion-related gold
IRGS	intrusion-related gold system
ISO	International Organization for Standardization
Kiska	Kiska Metals Corporation
LIDAR	light detection and ranging
LUP	land use permit
MCF	mechanized cut and fill
ML	metal leaching
MRE	mineral resource estimate
MSGP	Multi-Sector General Permit
MTOs	material take-offs
NAD 83	North American Datum of 1983
NAG	non-acid generating
NI 43‑101	National Instrument 43-101 (Regulation 43-101 in Quebec)
NN	nearest neighbour
NSR	net smelter return
NTS	national topographic system
OK	ordinary kriging
PAG	potentially acid generating
PEA	preliminary economic assessment
PFS	prefeasibility study
PGE	platinum group elements
QA/QC	quality assurance/quality control
QP	qualified person (as defined in National Instrument 43-101)
RHA	River and Harbors Act

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Abbreviation

Description

ROM	run-of-mine
RQD	rock quality designation
SAG	semi-autogenous grinding
SCC	Standards Council of Canada
SD	standard deviation
S_d-BWi	micro hardness or bond ball mill work index on SAG ground material
SEDEX	sedimentary exhalative deposits
SG	specific gravity
SOBIR	Standardization of Back-In Rights
SPCC	Spill Prevention Containment and Contingency
STIP	State Transportation Infrastructure Plan
TSF	tailings storage facility
TSX	Toronto Stock Exchange
UG	underground
USACE	U.S. Army Corps of Engineers
USGO	Nasdaq ticker symbol for U.S. GoldMining Inc.
UTM	Universal Transverse Mercator coordinate system
UV	ultraviolet
VLF-EM	very low frequency electromagnetic
VMS	volcanogenic massive sulfide
WSAR	West Susitna Access Road

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Table 2‑3: Units of Measurement

Abbreviation	Description
%	percent
% solids	percent solids by weight
CAD	Canadian dollar (currency)
C$	Canadian dollar (as symbol)
$/t	dollars per metric ton
°	angular degree
°C	degree Celsius
μm	micron (micrometer)
cm	centimeter
cm³	cubic centimeter
d/a	days per year
ft	foot (12 inches)
g	gram
g/cm³	gram per cubic centimeter
g/L	gram per liter
g/t	gram per metric ton (tonne)
h	hour (60 minutes)
ha	hectare
kg	kilogram
kg/t	kilogram per tonne
km	kilometer
km²	square kilometer
kW	kilowatt
kWh/t	kilowatt-hour per tonne
kWh/m³	kilowatt-hour per cubic meter
L	liter
lb	pound
m, m², m³	meter, square meter, cubic meter
M	million
Ma	million years (annum)
masl	meters above mean sea level
mm	millimeter
Moz	million (troy) ounces
Mt	million tonnes
MW	megawatt
oz	troy ounce
oz/t	ounce (troy) per tonne

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Abbreviation	Description
oz/ton	ounce (troy) per short ton (2,000 lbs)
ppb	parts per billion
ppm	parts per million
t	metric tonne (1,000 kg)
ton	short ton (2,000 lbs)
t/d	tonnes per day
USD	US dollars (currency)
US$	US dollar (as symbol)

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3	RELIANCE ON OTHER EXPERTS

3.1

Introduction

The QPs have relied upon other expert reports that provided information regarding mineral rights, surface rights, property agreements, royalties, and taxation contained within this Report.

3.2

Property Agreements, Mineral Tenure, and Surface Rights

The QPs have not reviewed the mineral tenure, nor independently verified the legal status, ownership of the Project area or underlying property agreements. The QPs have fully relied on the following:

●	Letter from Stoel Rives, LLP dated December 8, 2025, and titled: Limited Title Review for Alaska State Mining Claims.

This title information is used in Sections 1.3.1, 4.1, 4.2, and 4.3 of the report.

3.3

Royalties and Encumbrances

The QPs have not reviewed the royalty agreements nor independently verified the legal status of the royalties and other potential incumbrances. The QPs have fully relied on information supplied by U.S. GoldMining, for this information through the following documents.

The following information was provided as a series of documents from U.S. GoldMining:

●	Funding Agreement and Net Smelter Returns Royalty Agreement dated January 11, 2021.

●	Notice confirming Osisko Mining (USA) Inc. Is the royalty holder.

●	Notice of Address Change & Assignment of Buy-back Right - Osisko Mining (USA) Inc.

●	Royalty Holder Notice to U.S. GoldMining (Whistler Royalty), Nevada Select Royalty Inc.

This title information is used in Sections 1.3.2, 4.1, 4.5, 22 and 25.12 of the report.

3.4

Taxation

The Ausenco QPs have not independently reviewed the taxation information. The Ausenco QPs have fully relied on information prepared by Mining Tax Plan LLC, a third-party taxation consultant who supplied the information to GoldMining and U.S. GoldMining.

●	Document titled “GoldMining Inc. PEA”, sent via email on March 13, 2026, by Mining Tax Plan LLC

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●	Document titled “108751-SE-000000-18176-001 Rev 0-FinalfromLogan MTP”, sent via email on March 13, 2026, by Mining Tax Plan LLC

This expert information is used in support of the sub-section on tax information and the tax inputs to the financial model that provides the post-tax financial analysis in Sections 1.17, 22 and 25.12 of the report.

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4	PROPERTY DESCRIPTION AND LOCATION

The Project is in the Alaska Range approximately 170 km northwest of Anchorage as illustrated in Figure 4‑1. The center of the property is located at 152.57 degrees longitude west and 61.98 degrees latitude north.

Figure 4‑1: Location of the Whistler Project

Source: U.S. GoldMining, 2026

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4.1

Project Ownership

The Project comprises 377 State of Alaska mining claims covering an aggregate area of approximately 53,700 acres (217 km²) in the Yentna Mining District of Alaska. All the claims are owned 100% by U.S. GoldMining and are in good standing. The property boundaries have not been legally surveyed. All claims are in good standing as of the effective date of this report.

An all-season camp facility exists near the confluence of Portage Creek and the Skwentna River, approximately 15 km southeast of the Rainy Pass Hunting Lodge. The camp is serviced with a 1,000 m gravel airstrip for wheel-based aircraft. The camp is equipped with diesel generators, a satellite communication link, tent structures on wooden floors, and several wood-framed buildings.

4.1.1

Property Agreements

GoldMining, through its subsidiary U.S. GoldMining (then known as BRI Alaska Corp.), acquired the rights to the project on August 5, 2015, pursuant to an asset purchase agreement date August 5, 2015, between GoldMining, U.S. GoldMining, Kiska Metals Corporation and Geoinformatics Alaska Exploration, Inc. in exchange for the issuance of 3,500,000 GoldMining shares as set out in Gold Mining’s news release of August 6, 2015.

4.2

Mineral Tenure

A full Claims List can be found in Appendix A – Mineral Claims at the end of this report. Annual Labor requirements:

●	US$400 for each quarter section MTRS claim

●	US$100 each for any other type of claim

Labor must be performed by September 1 of each year, and the statement of annual labor must be recorded by November 30. Excess labor from previous years may be carried forward. The claims are in good standing as of the effective date of this report.

4.3

Surface Rights

Under AS 38.05.255, the surface uses of land or water included within a state mining location that the owners, lessees, or operators of the location may undertake by virtue of such location (a) are limited to those necessary for the prospecting for, extraction of, or basic processing of minerals and (b) shall be subject to reasonable concurrent uses (Stoel Rives, 2025). The surface rights are not an encumbrance.

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4.4

Water Rights

A temporary water rights authorization is included in the Company’s multi-year Exploration and Reclamation Permit Number 2778 for Hardrock Exploration – Skwentna River – Yentna Mining District, issued by Alaska Department Natural Resources, Division of Mining, Land and Water. The water rights are not an encumbrance.

4.5

Royalties and Encumbrances

The first underlying agreement is a Royalty Purchase Agreement between Kiska Metals Corporation, Geoinformatics Alaska Exploration Inc. and MF2 LLC. (MF2), dated December 16, 2014. This agreement grants MF2 a 2.75% NSR royalty over all 377 claims and extending outside the current claims over an Area of Interest defined by the maximum historical extent of claims held on the project as indicated on Figure 4‑1. The MF2 royalty was subsequently assigned to Osisko Mining (USA) Inc. (OM). U.S. GoldMining can buy back 0.75% of the 2.75% NSR royalty for a payment of US$5.0 million to OM. Pursuant to a subsequent assignment agreement dated January 11, 2021, the buy-back right was conveyed to Gold Royalty Corp.

The second underlying agreement is an earlier agreement between Cominco American Incorporated and Mr. Kent Turner (whose rights and obligations thereunder were assumed by U.S. GoldMining) dated October 1, 1999. This agreement concerns a 2.0% net profit interest to Teck Resources, since purchased by Sandstorm Gold Ltd., in connection with an Area of Interest specified by standard township subdivision as indicated in Figure 4‑2. Sandstorm Gold Ltd. was acquired by Royal Gold Inc. on October 20, 2025.

The Company currently holds multi-year Exploration and Reclamation Permit Number 2778 for Hardrock Exploration – Skwentna River – Yentna Mining District, issued by Alaska Department Natural Resources, Division of Mining, Land and Water. U.S. GoldMining has a good understanding of future permitting requirements, however the associated timelines and permit conditions have yet to be determined.

There are no other significant encumbrances, significant factors, or risks relating to the property or work on the property. To the extent known, there are no known environmental liabilities associated with the property.

4.6

Permitting Requirements and Conditions

Permitting requirements are discussed in Section 20 of this PEA.

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Figure 4‑2: Tenement Camp

Source: U.S. GoldMining, 2024

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5	ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

5.1

Accessibility

The Project is located within the Alaska Range approximately 170 km northwest of Anchorage and 76 km west of the township of Skwentna as illustrated in Figure 4‑1. Access to the project area is by fixed wing aircraft to the Whiskey Bravo gravel airstrip located adjacent to the Whistler exploration camp. In the winter of 2011, Kiska constructed a temporary winter trail to the Project that was then used for the inbound transportation of fuel, earth moving equipment, and bulk items for the camp and exploration programs. A 1,000 m compacted gravel runway, the Whisky Bravo Airstrip (Figure 5‑1), provides year-round accessibility to the site. The airstrip is capable of landing up to DC-3 class aircraft and is currently shared with the Estelle Gold Project owned by Nova Minerals Ltd.

Figure 5‑1: Layout of Built and Proposed (and Permitted) Infrastructure in the Whistler Area

Source: U.S. GoldMining, 2024

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5.2

Climate

The project area is between regions of maritime and continental climate and is characterized by relatively mild winters and warm summers. The maritime climatic influence provides for dry, mild, and temperate summers. Fog and low clouds are common in mid-summer and fall especially around higher-elevation areas. Average summer temperatures range between 5° to 20°C, whereas winter temperatures range from -15° to -5°C. Occasionally, arctic cold fronts will propagate across the Alaska Range from the interior, causing cold dry air to seep into the watershed. These infrequent stationary high-pressure systems can lead to clear days with temperatures dropping to a low of -35° C during the winter. Moderate winds persist during the winter months. Annual precipitation ranges from 500 to 900 mm. Winter snow accumulation usually begins in October and by late May the snow has melted sufficiently to allow for fieldwork.

5.3

Local Resources and Infrastructure

The nearest public infrastructure for the Project is Petersville Bridge, located approximately 106 km east of Whistler. Petersville is connected to Anchorage by an all-weather road and highway. The Project is also located approximately 120 km north of the Beluga gas-powered electricity generation plant and 128 km north of the village of Tyonek on the Cook Inlet coast.

The Project is supported by a 24 person, all-season camp located on the banks of the Skwentna River approximately 2.7 km in a straight line from the Whistler Deposit and connected to it via a 6.4 km long access trail, as illustrated in Figure 5‑1. The camp is located 400 m from the northeast end of the Whisky Bravo Airstrip, connected via a gravel access trail.

The Whistler Camp was originally built by Kiska Corp. in 2011, and in 2023 the camp was renovated by U.S. GoldMining to satisfy building codes and all state safety, health and hygiene regulations. The camp is served by a 45-kW single phase generator with a 37-kW single phase backup generator, water well, septic system, showers and flush toilets, and a modern kitchen and dining facility. The camp has eight wood-frame accommodations cabins, kitchen/dining hall, First Aid Tent, a wood-frame water well/generator house and a wood-frame men’s and women’s shower/restroom building. The camp is currently permitted for 24 personnel, but with the addition of extra accommodations, it could be expanded to accommodate up to 50 personnel.

Core processing facilities consist of a well-insulated, well illuminated 7 m x 14 m (98 m²) wood-frame building, and a core cutting tent that houses a core saw. The core logging facility has a deck that is designed for ease of handling large volumes of core with skid-steer forklifts.

A wood-frame workshop building serves mobile equipment and general camp equipment maintenance. The core cutting facilities and shop are supplied with electricity by separate 20 kW and 2 kW kilowatt generators respectively.

Heavy equipment and ground transport machines at the Project include one Cat D6N bulldozer; one Cat 226B track skid-steer; one Bobcat S175 wheeled skid-steer; one Volvo A-30C haul truck; two Mahindra Roxor 4WD vehicles, and a fleet of smaller ground transportation vehicles including snowmobiles; and side-by-side ATVs.

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A core storage area approximately 23 m x 10 m (230 m²) has been cleared near the core shack. Additional clearings can be made for more storage as the project grows. There are also two wooden-deck helicopter pads with a small building for helicopter support (Figure 5‑2).

Figure 5‑2: Layout of the U.S. GoldMining Camp and Facilities located adjacent to Whisky Bravo Airstrip

Source: U.S. GoldMining, 2024

The Whisky Bravo Airstrip for the camp is illustrated in Figure 5‑4. A 5,000-gallon (18,927 liters) fuel storage facility, comprising ten 500-gallon tanks (1,893 liters), is located at the northeast end of the runway. All tanks are stored in lined containments. All pumping is done through aircraft approved filter systems. A lay-down area is located adjacent to the fuel storage facility for drilling contractor equipment, parts and materials storage (Figure 5‑3).

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Figure 5‑3: Drone Aerial Image Looking Northeast Overlooking Whistler Camp Adjacent the Skwentna River

Source: U.S. GoldMining, 2024

Communications are enabled by Starlink TM satellite system, with routers providing wireless internet communication throughout camp. Cell phone reception is weak at the top of Whistler Ridge, and there is no cell coverage in camp. Operations communications are executed via two-way handheld radios, with a repeater located at the top of Whistler Ridge to ensure adequate radio coverage between camp and the northern side of the ridge.

A winter trail was blazed by previous operators Kiska Corp. and has been used in recent years by Nova Minerals Ltd. which owns the Estelle Project west of U.S. GoldMining’s claims, and which also operates from a camp on the southern side of the Whisky Bravo Airstrip (Figure 5‑4). The winter road requires annual trail re-establishment, including building of ice bridges over creek and river crossings. The cost of establishing the trail is such that it is only utilized for bulky and heavy equipment which cannot be flown, however for general freight purposes the cost and reliability of air transportation, which has year-round availability, is competitive.

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Figure 5‑4: Layout of the Whiskey Bravo Airstrip Relative to Whistler Camp

Source: U.S. GoldMining, 2026

Future potential mining operations would require a year-round access road. On October 27, 2021, the Alaska Industrial Development and Export Authority (AIDEA) announced the receipt of US$8.5 million in funds for the advancement of predevelopment work for the WSAR project, which would extend into areas west of Cook Inlet in South-Central Alaska in the vicinity of the Project. During 2022 – 2024 AIDEA undertook road engineering investigations to support road design and test alternatives, environmental baseline surveys and archaeological surveys, and stakeholder consultation. In 2025 AIDEA announced that it had submitted a Department of the Army Individual Permit application for the construction of the WSAR, a 78.5-mile access road across Alaska’s Matanuska-Susitna Borough in South-Central Alaska. The Alaska Department of Transportation and Public Facilities (DOT-PF) has also announced that it has included the first 25 miles of the WSAR in its State Transportation Infrastructure Plan (STIP) and has commenced permitting.

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5.4

Physiography

The project is in the drainage of the Skwentna River that forms a large network of interconnected low-elevation U-shaped valleys cutting through the rugged terrain of the southern Alaska Range. Elevation within the property footprint varies from approximately 400 m above sea level in the valley floors to over 5,000 m in the head waters of Muddy Creek. The Alaska Range is a continuation of the Pacific Coast Mountains extending in an arc across the northern Pacific.

The vegetation in the Whistler region is quite variable. The valley floors and lower slopes are usually characterized by dense vegetation giving way above about 750 m elevation to dense tundra shrubs above the timber line (Figure 5‑5). At higher elevations, vegetation is absent and, on the peaks, surrounding the Whistler Property, active glaciers with terminal and lateral moraines are present. The timber line is located at elevations varying between 800 to 1,100 m. Bedrock exposures within the project area are scarce except at elevations above 1,000 m and along incised drainage.

The Project mineral claims provide the area that is sufficient for the development of a potential open pit project, including tailings storage, waste disposal, potential processing plant sites and water sources.

Figure 5‑5: Drone Aerial Photo Looking Southwest Over the Whistler Deposit with the Skwentna River Valley (left side)

Source: U.S. GoldMining, 2024

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6	HISTORY

6.1

Owners and Operators

During the late 1960s, regional mapping and geochemical sampling by the United States Geological Survey (USGS) identified several base and precious metal occurrences over a very large area in the southern Alaska Range including southern portions of the Whistler Project area.

Following the results of that work, limited exploration was conducted in the area during the 1960s and 1980s. Falconbridge (or their operator St. Eugene) was involved in exploring the nearby Stoney Vein in the late 1960s. A local prospector, Arne Murto (deceased), was active in the Long Lake Hills area from at least 1964 and AMAX staked at least four claims over the Lower Discovery showing at Mount Estelle (circa 1982).

Mineral exploration in the Whistler area was initiated by Cominco Alaska in 1986 and continued through 1989. During this period, the Whistler and the Island Mountain gold-copper porphyry occurrences were discovered and partially tested by drilling. In 1990, Cominco’s interest waned and all core from the Whistler region were donated to the State of Alaska. The property was allowed to lapse.

In 1999, Kent Turner staked twenty-five State of Alaska mining claims at Whistler, the “Turner Property”, and leased the property to Kennecott Exploration Company (Kennecott). From 2004 through 2006 Kennecott conducted extensive exploration of the Whistler region, including geological mapping, soil, rock, and stream sediments sampling, ground induced polarization and they conducted an evaluation of the Whistler gold-copper occurrence with 15 core boreholes (7,948 m) and reconnaissance core drilling at other targets in the Whistler region (4,184 m). Over that period, Kennecott invested over USD$6.3 million in exploration.

In June 2007, Geoinformatics Exploration Inc. (Geoinformatics) announced the conditional acquisition of the Whistler Project as part of a strategic alliance with Kennecott. Between July and October 2007, Geoinformatics drilled seven core boreholes (3,321 m) to infill the deposit to sections spaced at 75 m and to test for the north and south extensions of the deposit.

In August 2009, Geoinformatics acquired Rimfire Minerals Corporation and changed its name to Kiska Metals Corporation (Kiska). In 2009 and 2010, Kiska completed three phases of exploration on the property to fulfill the terms of the Standardization of Back-In Rights (SOBIR) Agreement between Kennecott Exploration Company and Kiska Metals Corporation.

In total, Kiska completed 224 line-km of 3D IP geophysics, 40 line-km of 2D IP geophysics, 327 line-km of cut-line, geological mapping on the 3D IP grid, detailed mapping of significant Au-Cu prospects, collection of 109 rock samples and 61 soil samples, 8,660 m of diamond drilling from 23 drillholes (all greater than 200 m in total length), petrographic analysis of mineralization at Island Mountain, a preliminary review of metallurgy at the Whistler Resource, and metallurgical testing of mineralization from the Discovery Breccia at Island Mountain. This program was executed by Kiska geologists, independent geologists, and multiple contractors, under the supervision of Kiska personnel. All aspects of the exploration program were designed and monitored by a Technical Committee comprised of two Kennecott employees and two Kiska employees. In August of 2010, Kiska delivered a Technical Report (Roberts, 2010) to Kennecott summarizing the results of the completed Trigger Program. In September of 2010, Kennecott informed Kiska that it would not exercise its back-in right on the project and hence retained a 2% Net Smelter Royalty on the property (see Section 4.5 for current status of Royalties and Encumbrances).

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From this point forward, Kiska continued to drill and explore the Whistler Project for the duration of the 2010 and 2011 field seasons. The majority of this work included shallow grid drilling (25 m to 50 m top-of-bedrock drilling) in the Whistler Area (also referred to as the Whistler Corridor), conventional step-out drilling from prospects in the Whistler Area, step-out drilling at the Island Mountain Breccia Zone, an airborne EM survey of the Island Mountain area, reconnaissance drilling at Muddy Creek, and minor infill drilling at the Whistler Deposit, followed by the publication of an updated NI 43-101 resource estimate (MMTS, 2011).

A Purchase and Sale agreement between Kent Turner, Kiska Metals Corporation and Geoinformatics Alaska Exploration Inc. dated December 16, 2014, terminated the "Turner Agreement" (an agreement that granted Kennecott and its successors a 30-year lease on twenty-five unpatented State of Alaska Claims; see Figure 4‑2) and transferred to Kiska and Geoinformatics, and their successors, an undivided 100% of the legal and beneficial interest in, under, to, and respecting the Turner Property free and clear of all Encumbrances arising by, through or under Turner other than the Cominco American net profit interest.

GoldMining Inc., through its subsidiary U.S. GoldMining (then known as BRI Alaska Corp.), acquired the rights to the Whistler Project in 2015 (see Section 4). In April 2023 U.S. GoldMining listed on the Nasdaq and raised US$20 million to fund the recommencement of exploration activities at the Whistler Project, including drilling which commence in August 2023.

Details of historic exploration completed by each prior operator of the Project is summarized in the following sections. A summary table of the drilling by operator and year with plan maps of the drilling in each resource area can be found in Section 10 of this report.

6.2

Surficial Silt, Soil, and Rock Sampling

From 2004 to 2006 Kennecott collected 1,300 rock samples, close to 2,500 soil samples and 103 stream sediments samples in the Whistler, Island Mountain, and Muddy Creek areas. Within this program, a soil grid over the Whistler Deposit returned anomalous Au-Cu results coincident with the magnetic high. Other reconnaissance soil lines in the Whistler area with anomalous Au-Cu results helped to define areas of interest at the Round Mountain, Canyon Creek, Canyon Ridge, Canyon Mouth, and Long Lake Hills prospects. In addition, soil reconnaissance lines at Island Mountain led to the Discovery of the Breccia Zone and broad zones of anomalous Au at Muddy Creek.

In 2009 and 2010, Kiska collected 46 silt samples, 1,417 soil samples and 293 rocks samples, which largely confirmed areas of interest in the Whistler, Island Mountain, and Muddy Creek areas previously defined by Kennecott.

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Rock samples consisted of approximately one kilogram of rock collected over a small area surrounding each sampling site using a rock hammer. The sampling location was located using a handheld global positioning system (GPS) unit and marked in the field with a metallic tag. Descriptive information about the geology of the sample was recorded and aggregated into the project database.

Soil samples were collected from the surface soils (generally the B-horizon) by extracting approximately one kilogram of soil into a plastic bag usually with a hand auger. Each sampling site was located using a GPS unit. Descriptive information such as sampling depth and physical attributes were recorded and aggregated into the project database. Typically, field duplicates were collected at a rate of one every twenty samples.

Soil samples were collected along traverses as part of multi-kilometer reconnaissance programs, generally at 100-m spacing. In two areas (Whistler Deposit and Snow Ridge), samples were collected at a more regular 100-m grid spacing. This area is illustrated in Figure 6‑1 with the Whistler-Rainmaker terrain shown in Figure 6‑2.

Figure 6‑1: From the Whistler Deposit area looking north to the Portage Creek valley and Snow Ridge area

Source: MMTS, 2015

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Figure 6‑2: From the Whistler Deposit area looking south to the Skwentna River valley and Rainmaker area

Source: MMTS, 2015

A summary of all surface exploration work conducted by various operators from 1986 to present is summarized in Table 6‑1. Cominco Alaska Inc. is attributed with the discovery of the Whistler Deposit in 1986. The only surface exploration activity documented by Cominco for which U.S. GoldMining has records are 8.4 line-km of 2D IP geophysics over the Whistler Deposit and sixteen diamond drillholes (1,677 m) in the Whistler Deposit.

Table 6‑1: Summary of Historical Surface Exploration on the Whistler Project

Operator	Field Seasons	Mapping	Geophysics	Rock	Soil	Silt	Till
Cominco	1986-1989	n/a	8.4 line-km of 2D IP over the Whistler deposit	n/a	n/a	n/a	n/a
Kennecott	2003-2006	Property-wide mapping	39.4 line-km of 2D IP Property-wide AM (400 m line spacing) Snow Ridge AM (79 line-km at 200 m line spacing) Whistler Area AM (1,365 line-km at 50 m line spacing)	1,312	2,446	103	n/a
Geoinformatics	2007-2008	Prospect-scale mapping	8.8 line-km of 2D IP (Whistler area)	20	195	nil	n/a
Kiska	2009-2011	Prospect-scale mapping	40 line-km of 2D IP (Whistler area, Muddy Creek, Island Mountain) 224 line-km of 3D IP (Whistler area) Island Mountain EM (635 line-km at 100 m line spacing)	315	1,425	46	n/a

Note: AM=Airborne Magnetic survey; EM=Airborne Electromagnetic survey; IP=Induced Polarization survey.

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6.3

Geological Mapping

The bulk of the detailed geological mapping and interpretation on the property was undertaken by Kennecott and summarized in a report by Young (2006). This work laid the foundation for the geological interpretation of porphyry-style mineralization in the Whistler area (including the Whistler Deposit and the Raintree - Rainmaker deposits), the Breccia Zone at Island Mountain, and Intrusion-Related Au mineralization in the Muddy Creek area. Subsequent prospect-scale mapping was done by Kiska at the Round Mountain, Snow Ridge, Tryone, Lightening, Whistler Ridge, Long Lake Hills, and Island Mountain. Additionally, reconnaissance level regional mapping was conducted along the 3D-IP lines during the 2009 IP survey.

6.4

Airborne Geophysics

An airborne helicopter geophysical survey was commissioned from Fugro Airborne Surveys (Fugro) by Kennecott during 2003. This survey covered the entire property with a high sensitivity cesium magnetometer and a 256-channel spectrometer.

Additional airborne magnetic data were acquired by Kennecott in 2004 over two smaller areas using a helicopter equipped by a Rio Tinto bird operated by Fugro and a Kennecott geophysicist. One area over the Snow Ridge target was investigated at 200-m line spacing (79 line-km). The other grid was flown over the Whistler Deposit and surrounding area using fifty-meter line spacing (1,365 line-km).

Results from these airborne surveys were used by Kennecott to interpret geological contacts, fault structures and potential mineralization in the Whistler, Island Mountain, and Muddy Creek areas. In particular, the airborne magnetic data showed that the Whistler Deposit displays a strong 900 m by 700 m positive magnetic anomaly attributed to the magnetic Whistler Diorite intrusive complex (host to the Whistler Deposit) in addition to a contribution from secondary magnetite alteration and veining associated with Au-Cu mineralization. This observation formed that basis for exploration targeting in the Whistler area, particularly those areas covered by a thin veneer of glacial sediments, such as the Raintree and Rainmaker deposits. These surveys, in addition to 2D Induced Polarization ground geophysical surveys targeted over airborne magnetic anomalies, were instrumental in the discovery of the Rainmaker and Raintree deposits by Kennecott in 2005 and 2006, respectively.

Kiska commissioned a helicopter borne AeroTEM survey over the Island Mountain area by Aeroquest Airborne in June 2011. The principal geophysical sensor was an AeroTEM III time domain electromagnetic system, employed in conjunction with a caesium vapour magnetometer. Navigation was provided by a real-time differential GPS navigation system, plus a radar altimeter and a video recorder mounted in the nose of the helicopter.

The survey was flown on east-west flight lines with a spacing of 100 m. Control lines were flown north-south, perpendicular to the survey lines, with a spacing of 1,000 m. The nominal terrain clearance of the EM bird was 30 m. The magnetometer sensor was mounted in a smaller bird connected to the tow rope 33 m above the EM bird and 20 m below the helicopter. Nominal survey speed was 75 km/h, resulting in a geophysical reading about every 1.5 to 2.5 m along the flight path. The total survey coverage, including tie lines, was 635 km. Mira Geoscience was subsequently engaged to produce a 3D inversion of the data. The survey was designed to target potential zones of disseminated and net-textured pyrrhotite mineralization like the pyrrhotite-associated gold-only zone of mineralization on the flanks of the Breccia Zone. The survey did detect a large 1.5 km long by 1.0 km wide conductivity low anomaly on the southeast side of the Island Mountain area, referred to as the Super Conductor target. This anomaly was subsequently tested by three drillholes that did suggest that the conductivity anomaly may be associated with disseminated pyrrhotite mineralization with elevated gold values, yet further drilling is required to be conclusive and fully test the target.

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6.5

Ground Geophysics

Cominco acquired 8.4 line-km of 2D Induced Polarization geophysics from six east-west oriented lines centered over the Whistler Deposit discovery outcrops. Anomalous results from these lines were used to target the deposit area with subsequent drilling. From 2004 to 2006, Kennecott completed 39.4 line-km of 2D IP geophysics in the Whistler area. Within this survey, two IP lines were run over the Whistler Deposit magnetic anomaly and showed that mineralization is coincident with a strong chargeability anomaly. Subsequent lines targeted magnetic anomalies at the Round Mountain, Canyon Creek, Canyon Ridge, Canyon Mouth, Long Lake Hills, Raintree and Rainmaker deposits. In 2007-2008, Geoinformatics completed 8.8 line-km of 2D IP from six separate reconnaissance lines in the Whistler area targeting airborne magnetic highs. Anomalous results from this survey in the Raintree area led to the Raintree West discovery.

In 2009, Kiska undertook a significant 2D and 3D IP survey over most of the prospective areas in the Whistler, Island Mountain, and Muddy Creek areas. Kiska commissioned Aurora Geoscience to complete 224 line-km of a 3D IP geophysical survey. This was executed on two grids (Round Mountain; Whistler Area) which were comprised of grid lines ranging from 4 to 9 km long with a line spacing of 400 m. From November to December 2009, the raw data was delivered to Mira Geoscience for detail data quality control and error analysis prior to the construction of a 3D inversion model. This survey reaffirmed that the Whistler Deposit is coincident with a discrete 3D chargeability anomaly and showed that much of the Whistler area contains broad areas of anomalous chargeability (Figure 6‑3). In conjunction with the airborne magnetic data, these zones of anomalous chargeability formed the basis for exploration drilling in the Whistler Area in 2010.

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Figure 6‑3:

Depth slices (100 m) of the chargeability (top) and resistivity (bottom) inversion model of the 3D IP data in the Whistler Area (with contours of the 400 m line spacing AMAG RTP).

Notes: WD=Whistler Deposit; RTW=Raintree West; RTN=Raintree North; RTS=Raintree South; DGW=Dagwood; RMK=Rainmaker.

Source: Roberts, 2011a

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In 2009 Kiska commissioned SJ Geophysics to complete 40 line-km of a 2D Induced Polarization geophysical survey. Survey lines were generally semi-straight reconnaissance-type lines over areas of interest at Alger Peak, Island Mountain, and Muddy Creek. The geophysical survey was acquired with a pole – dipole 2DIP technique with 100 m dipoles.

6.6

Drilling

6.6.1

Drilling by Cominco Alaska Inc.

Partial records documenting the sixteen shallow core boreholes (1,677 m) drilled by Cominco on the Whistler gold-copper deposit in 1988 and 1989 including descriptions of the core, drilling logs and assay results are described by Couture, 2007.

Kennecott resurveyed the locations of several holes using either a handheld GPS or with a Trimble ProXr receiver providing real-time sub-meter accuracy. Three holes were unable to be located. The core from the Cominco holes was reportedly donated to the State of Alaska in 1990 and may be stored at a core library in Eagle River, Alaska (Couture, 2007).

6.6.2

Drilling by Kennecott

Between 2004 and 2006, Kennecott drilled a total of 31 core holes (9,630 m) on the Whistler Project, with fifteen of those core holes (7,953 m) intersecting the Whistler Deposit. The Kennecott core is partly stored at the site camp with some in a secured warehouse in Wasilla, Alaska. Drilling operations were conducted by NANA-Dynatec and NANA-Major drilling out of Salt Lake City, Utah using up to three drill rigs supported by helicopter. Core size was HQ-diameter in 2004 and subsequently NQ in 2005 and 2006 (Couture, 2007).

Drilling was documented by Kennecott personnel. The collar position of each borehole was laid out with a hand GPS unit, while azimuth and inclination were determined with a compass. Individual collars were subsequently surveyed using a Trimble ProXr receiver providing real-time sub-meter accuracy. Flex It Multi-shot readings at twenty-foot (six meter) intervals were taken to monitor downhole deviation. Magnetic susceptibility and gravity data were also recorded. Drilling, logging, and sampling were directly supervised by a suitably qualified geologist. Core retrieved from drilling was oriented using EzMark or an ACE device. All casing was pulled after drilling. Core recovery, geotechnical point load test, and rock quality determination were collected before the geologist recorded detailed information about lithology, mineralogy, alteration, vein density, and structure. All recorded descriptive data were entered into an acQuire database (Couture, 2007).

Twenty drillholes (4,746 m) were drilled by Kennecott to investigate exploration targets outside the Whistler Deposit. Targets selected for drilling were typically chosen based on a combination of geology, geochemical and geophysical criteria believed to be indicative of magmatic-hydrothermal processes. Selected targets were explored with vertical or angled drillholes to validate the geological model. One or more boreholes were drilled with the intent to identify the potassic core of a magmatic-hydrothermal system known to be associated with better copper and gold sulfide mineralization in this area (Couture, 2007).

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6.6.3

Drilling by Geoinformatics

In 2007 and 2008, Geoinformatics drilled twelve holes totaling 5,784 m on the Whistler deposit, two holes of 622 m in the Raintree area and four holes totaling 1,219 m on other exploration targets in the Whistler project area. Geoinformatics used the same drilling contractor and drilling procedures as previously Kennecott except that oriented core was not obtained. Exploration drilling by Geoinformatics in the Whistler area targeted geophysical anomalies in the Raintree and Rainmaker areas, using the same basic porphyry exploration model as Kennecott (Roberts, 2011a).

6.6.4

Drilling by Kiska

During the 2009-2011 Kiska drilling campaigns, diamond drilling was performed by Quest America Drilling and Falcon Drilling Ltd. and supervised by geological staff from Kiska. Drilling was performed by helicopter-portable diamond drill rigs. Drillholes were collared with HQ-diameter tools (6.35 cm) and reduced to NQ diameter tools (4.76 cm) when the rig reached the depth capacity of the HQ equipment. Collar locations were determined with handheld GPS devices by Kiska staff. Downhole surveys for all holes were conducted by the drill contractor at 60-m intervals downhole using a Reflex EZ Shot downhole camera (Roberts, 2011a).

During the 2009-2011 Kiska drilling campaign a total of 188 diamond drillholes were completed for a total of 48,498 m. All drillholes were logged by Kiska geologists at the core logging facility at the Whistler exploration camp. Logged geological information included lithology type, alteration type and intensity, vein types, percent vein volume and vein orientations (to core axis), structures (to core axis), the percent of sulfides and oxides, and magnetic susceptibility at meter intervals. Geotechnical information logged included core recovery and rock quality designation (RQD). All logging data was entered on paper logging forms in 2009 and transcribed digitally info LogChief software in 2010 and 2011 (Roberts, 2011a).

6.6.4.1

Whistler Deposit

A total of 8 holes totaling 5,475 m were drilled on the Whistler Deposit by Kiska. These holes were targeted to infill gaps from the previous drill campaigns and to test the edges and depth of the intrusive complex that hosts the deposit.

6.6.4.2

Raintree West Deposit

The Raintree West deposit is located 1,800 m to the east of the Whistler deposit in the area formerly called Raintree, just off the nose of Whistler Ridge. The discovery drillhole, RN-08-06, targeted an airborne magnetic high anomaly that is coincident with an IP chargeability high anomaly detected on a 2D IP reconnaissance line that crossed the Whistler area. This hole discovered a significant zone of near-surface (below 5 m to 15 m of till cover) gold-copper porphyry mineralization (160 m grading 0.59 g/t Au, 6.02 g/t Ag, 0.10% Cu). Kiska expanded on this discovery in 2009 with a scissor hole drilled on the same section as RN-08-06 (WH09-02). This was successful at duplicating the gold-copper mineralization zone in RN-08-06, and identified a second, deeper zone of porphyry mineralization on the west side of the Alger Peak fault zone. In 2010, Kiska followed up with an additional four drillholes, and in 2011 further tested the shallow zone and the deep zone with a total of eight holes for a total of 5,997 m. The majority of drillholes in the Raintree area were drilled on east-west sections with section spacing of 100 m.

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6.6.4.3

Whistler Area Drilling

A total of 133 exploration holes for 27,464 m of drilling in the Whistler area were completed by Kiska in 2009-2011. A majority of these holes were drilled in the area that includes much of the broad valley floor to the north, east and south of the Whistler Ridge, that includes the parts of the Raintree and Rainmaker prospect areas (Figure 6‑4).

Targeting for this drilling program was developed by a technical team comprised of Kiska and Kennecott geologists based on blind geophysical targets heavily weighted by the results of the 2009 3D IP survey (chargeability and resistivity anomalies), airborne magnetic anomalies, anomaly size, and proximity to areas of known mineralization or anomalous surface geochemistry.

Figure 6‑4: Whistler Orbit Area Drilling

Source: MMTS, 2026

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A majority of these holes intersected andesitic volcanic rocks with moderate to strong sericite-clay-pyrite alteration and occasional sphalerite- and galena-bearing quartz-carbonate veins with banded and colloform epithermal-like textures. The holes were spaced on average greater than 500 m apart and alteration and veining indicate that broad areas in the Whistler Area define the upper, cooler margins of a large porphyry-related hydrothermal system or a cluster of smaller, coalescing porphyry-related hydrothermal systems. Within this broad area, drilling returned Whistler-like, porphyry-style Au-Cu mineralization with significant intercepts at the Raintree West, Raintree North, and the Rainmaker deposits, and anomalous alteration and geochemistry at the Dagwood prospect.

6.6.4.4

Island Mountain Drilling

The 35 out of 42 holes completed by Kiska in the Island Mountain area between 2009 and 2011 targeted the Breccia Zone. The remainder targeted zones of either anomalous surface rock geochemistry and alteration (Cirque Zone) or geophysical anomalies (Super Conductor). Significant results were only returned from the Breccia Zone and are summarized below. The alteration patterns and geochemical pathfinder elements from the other areas may be useful for future drill targeting.

At the Island Mountain Deposit, drilling included in the resource estimate includes 36 drillholes for 14,410 m of drilling. The majority of these holes were completed on seven east-west cross-sections spaced 50 m apart in a 300 m² area from 6,847,600 N to 6,847,900 N (Figure 6‑5). The lithologies, alteration and mineralization of the breccia-related mineralization indicate that the magmatic-hydrothermal breccia complex defines an irregular pipe-shaped body approximately 300 m by 300 m in plan which from the surface down 500 m. Like the strike of the faults in the area, this breccia complex is subvertical and appears to trend in a northwest-southeast orientation (Roberts, 2011a).

Surface mapping, soil geochemistry and drilling has defined other distinct breccia bodies with zones of alteration, surface anomalism and significant mineralization up to 700 m to the north-northwest of this breccia complex. Significant zones of mineralization are shown in Table 6‑2.

Table 6‑2: Examples of Significant Drill Results North of the Island Mountain Deposit

Hole	From (m)	To (m)	Interval (m)	Au (g/t)	Ag (g/t)	Cu (%)
IM10-015	74.3	111.0	36.7	0.27	0.37	0.01
and	166.8	212.9	46.1	1.19	0.53	0.01
Including	168.5	182.2	13.7	3.69	0.56	0.01
and	274.0	276.0	2.0	10.5	2.30	0.04
IM11-030	20.0	63.0	43.0	0.32	1.12	0.03
and	364.1	438.0	73.9	0.72	2.24	0.09
including	364.1	390.0	25.9	1.79	5.05	0.09
IM11-032	104.0	137.0	33.0	0.21	0.62	0.02
and	246.0	300.0	54.0	0.29	0.28	0.01
IM11-033	2.8	58.0	55.2	0.41	1.54	0.03
including	2.8	42.0	39.2	0.56	1.18	0.02
IM11-035	3.0	44.0	41.0	0.44	2.19	0.03

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Figure 6‑5: Plan Map of Drillholes and Mineralization Style at the Breccia Zone – Island Mountain

Source: MMTS, 2026

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7	GEOLOGICAL SETTING AND MINERALIZATION

7.1

Geological Setting

The Project is situated within the Wrangellia Composite Terrane (WCT), one of three composite terranes accreted to the Alaskan portion of the North America Cordilleran margin in the Mesozoic and Cenozoic. This margin records a complex history of terrane accretion, basin formation, basin exhumation, subduction, and multiple pulses of magmatism.

In south-central Alaska, the WCT is comprised of three significant tectono-magmatic assemblages Figure 7‑1 (with the black inset box showing the location of the Whistler area and map extent in Figure 7‑2). The assemblages include the Paleozoic-Triassic basement rocks upon which the Early to Late Jurassic Talkeetna island arc was built, including volumetrically significant plutonic rocks; the Kahiltna assemblage, consisting of Jura-Cretaceous flysch sediments that formed in basins initiated by the convergence of Wrangellia with the former continental craton; and voluminous Upper Cretaceous and Paleocene-Oligocene igneous rocks, dominantly plutons, that stitch the Wrangellia composite terrane with the inboard autochthonous terranes.

The latter two assemblages dominate the regional geology of the Whistler area.

The Kahiltna assemblage occurs as a broad 100 km by >300 km belt extending across the Alaska Range. This assemblage is comprised of mostly marine sediments with fossils indicating deposition from the Late Jurassic to Early Cretaceous.

The black inset box shows the location of Whistler area and map extent in Figure 7‑1.

Uplift and shortening of the Kahiltna basin was followed by the construction of a continental-margin arc as defined by an extensive belt of 80 to 60 Ma plutons extending from the Alaska Range south-eastwards into the Coast Range of Canada. In the Alaska Range, these arc rocks are dominated by plutons interpreted to be the deeper roots of subvolcanic and volcanic centers; however extrusive sections are locally preserved.

There are four intrusive suites associated with this epoch of magmatism that are recognized in the Whistler region, including (from oldest to youngest): the Whistler Intrusive Suite or WIS (host to the Whistler Deposit); the Summit Lake Suite; the Composite Suite; and the Crystal Creek Suite, as illustrated in Figure 7‑2.

A stratigraphic column in Figure 7‑3 illustrates the timing relationship of intrusive suites in the district, and their relationship to host country rocks.

The Whistler Intrusive Suite consists of intermediate to mafic extrusive and intrusive rocks, including diorite porphyries. These diorite porphyries are host to, and genetically associated with, gold-copper porphyry mineralization in the Project area. This is the only suite where comagmatic extrusive rocks and shallow subvolcanic intrusive rocks are recognized in the region. On a district scale the intrusions generally occur as sills and less commonly as dikes and small stocks. Hornblende Ar-Ar dating of Whistler diorite porphyry gives an age of 75.5 ±0.3 Ma (Layer and Drake, 2005) and mapping shows Whistler diorite intruding extrusive andesite. Subsequent U-Pb age dating of zircons from the mineralized diorite porphyry in the Whistler Deposit, and other mineralized porphyries on the Project, indicate igneous ages of 76.36 ±0.3 Ma (Hames, 2014). One of the least altered diorite porphyry intrusions located on the Whistler Ridge has a hornblende Ar-Ar age date of 75.5 ±0.3 Ma (Young, 2005).

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Figure 7‑1: Regional Geological Map of South-central Alaska

Source: Trop and Ridgeway, 2007

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The Summit Lake intrusions are regionally represented by 74 to 61 Ma calc-alkaline granodiorite to diorite, becoming more monzonitic and of alkali-calcic affinity in the Whistler area. East and northeast from Whistler, these intrusions are associated with local gold prospects and have been called the Kichatna plutons and more locally, the “Old Man Diorite.”

The Composite Plutons include the Emerald, Mount Estelle, Stoney, and Kohlsaat plutons, and are locally associated with gold mineralization. The Composite Plutons are seen to be somewhat concentrically zoned magmatic series, with an early border phase of alkaline mafic to ultramafic rock, inwards towards less alkaline monzonites to granites. The common age range is 67 to 64 Ma.

The regional geology of the Whistler project area is shown in Figure 7‑2. The Crystal Creek sequence, located south of Whistler, is mainly calc-alkaline granite or rhyolite and ranges in age from 61 to 56 Ma. More mafic rocks, including the 61 Ma Porcupine Butte andesite and Bear Cub (diorite) pluton, may represent higher level/border phases to the Crystal Creek sequence.

Continental arc magmatism in the Latest Cretaceous is responsible for some of the most significant gold and copper-gold deposits in Alaska. These include the Pebble gold-copper porphyry deposit (89 Ma; Schrader et al, 2001), the Donlin Creek gold deposit (70 Ma; Szumigala et al, 2000), the Fort Knox gold deposit (95 to 89 Ma; Mortenson et al, 1995), and the Livengood gold deposit (Late Cretaceous). The property geology of the Whistler area is well-documented and described in detail by Young (2005) and Franklin (2007). A stratigraphic column in Figure 7‑3 illustrates the timing relationship of intrusive suites and their relationship to host country rocks at the property scale.

The Whistler Project contains three separate magmatic related gold ± copper ± silver mineral systems identified to date.

Whistler–Raintree mineral system, also known as the “Whistler Orbit”, which includes the Whistler and Raintree West mineral deposits (see Section 14) which are hosted within the broader Whistler Orbit intrusive center, comprising multiple additional mapped porphyry intrusions spread over an area of approximately 5 x 5 km, interpreted as a classic ‘porphyry cluster’ with potential for additional gold ± copper ± silver mineralization to be discovered.

2.	Island Mountain mineral system – encompasses the known Island Mountain deposit plus several additional porphyry or intrusion related gold targets over an area of mapped intrusive rocks with diameter of +3 km.

3.	Muddy Creek mineral system – a large gold-in-soil geochemical footprint over an area of approximately 6 km x 4 km with an intrusion-related gold geochemical signature.

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Figure 7‑2: Regional Geology of the Whistler Project Area

Source: Wilson, et al., 2009

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Figure 7‑3: Stratigraphic Column of the Whistler District and Property Geology

Source: Young, 2005 and Hames, 2014

7.1.1

Whistler – Raintree Mineral System

The bulk of the Whistler property is underlain by flysch sediments of the Kahiltna assemblage, while the Whistler Corridor is dominated by a largely fault bounded block of andesitic volcanic rocks, interpreted to represent a local volcanic-dominated basin as illustrated in Figure 7‑5 The sedimentary and volcanic rocks are host to a variety of dioritic to monzonitic dykes, sills, and stocks of the WIS. Many of the low-lying areas in this region are covered by 5 to 15 m of glacial till, and hence much of the geological map is based on drilling and interpretation of geophysical data. Relogging of historical drill holes and more recent drilling by U.S. Goldmining has produced an updated bedrock lithology map of the Whistler area with interpreted lithology (Figure 7‑4) and hydrothermal alteration assemblages related to porphyry-style mineralization (Figure 7‑5).

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Figure 7‑4: Whistler Orbit Interpreted Bedrock Lithology Map, Whistler Project

Source: Equity, 2025

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Figure 7‑5: Whistler Orbit Porphyry-Related Mineral Alteration Map

Source: Equity, 2025

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The Whistler Deposit is hosted by a multi-phase diorite porphyry intrusion, belonging to the WIS, nested within sediments of the Kahiltna flysch package. Several additional mineral prospects in the Whistler Orbit area (Raintree West deposit, Rainmaker drill target) are hosted by similar diorite porphyry intrusive centers within the volcanic (andesitic) basin. Age dating of mineralized and barren diorite porphyry units on the Whistler ridge indicates that magmatism occurred at approximately 76 to 75 Ma (Layer & Drake, 2005; Young, 2005; Hames, 2011).

The mineralogy and composition of the intrusive rocks and the andesitic volcanic rocks are quite similar, suggesting that they are broadly comagmatic (Young, 2005). Mapping implies monzodiorite porphyry and hornblende diorite suites intruded prior to eruption of extrusive andesites and therefore is older than the Whistler diorite porphyry. Hornblende Ar-Ar dating indicates unmineralized diorite porphyry is likely a later phase of Whistler diorite porphyry (Hames, 2014). Andesitic porphyry is observed to cut all phases of diorite porphyry (Young, 2005) and can be assumed to be the youngest intrusive rock at the Whistler property.

Inversion modeling of the airborne geophysical data suggests that there is a large >5 km diameter wide causative batholith possibly situated 2-3 km below the modern topographic, and that shallower diorite porphyry intrusive centers represent hypabyssal apophyses (stocks and dykes) emanating from this deep causative batholith.

The detailed geology of volcanic stratigraphy, and the distribution and geometry of the WIS intrusive phases, remains uncertain, largely due to glacial till cover, and compounded by the extensive amount of texturally destructive, hydrothermal alteration. Broadly comagmatic volcanic rocks are comprised of coherent andesites and volcanic breccias that define a variety of depositional facies. Based on the occurrence of common argillaceous interflow sediments Young (2005) inferred a subaqueous marine setting for the bulk of the volcanic rocks. In the eastern Long Lake Hills area, volcanic flows are interbedded with feldspathic sandstones, and Young (2005) interpreted this to represent the onset of volcanism in a shallow marine setting.

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