U.S. GOLDMINING INC.

Okay, great. Well, thanks for sticking around. I’m Tim Smith. I’m the CEO of U.S. GoldMining Inc. I’m a geologist and looking forward to presenting to you an update on the Whistler Gold project located in Alaska. I am an exploration geologist by training, so I wouldn’t be doing my job if I didn’t make a forward-looking statement. But we do encourage you to read our disclosures on our website and with respect to our regulatory filings.

I think there’s four key takeaways. If you get nothing else from this presentation, I’m gonna give it to you in the first slide, and then we’ll drill down into the detail. The first is this is a large porphyry gold-copper deposit. 5.4 million gold equivalent ounces indicated, another almost 5 million ounces in inferred, and it recovers very well. 88.9% gold recovery, almost 78% copper recovery. And all of that flows through to a very robust PEA, which is hot off the press, came out just earlier this year. I’ll dive into that in a little more detail. The fourth major takeaway is the advantage of proximity. You can see where we’re located here on a map of Alaska, just 100 miles from the main population center of Anchorage. In relation to the vast scale of Alaska, that certainly makes us the closest large undeveloped gold-copper project in the great state of Alaska.

So let’s dive a little bit into the detail on the PEA that really underpins what a robust base case mining opportunity we’ve developed here. First, a couple of key assumptions. In that 5.4 million gold equivalent ounces indicated plus 5 in inferred, that’s actually made up of three deposits. For now, we have selected just one deposit. It’s the largest, it’s the most advanced, the highest confidence. It also happens to be the namesake of the overall project. That’s the Whistler deposit. And we only selected indicated resources from within that deposit.

Second major assumption, based on consensus pricing from back at the start of the year, this is from February consensus pricing, we selected $3,200 gold per ounce and $4.50 per pound copper. So as we saw on the last page, very robust economics at consensus pricing, $2 billion NPV after tax, 33% IRR. I’ll come back to the payback, but very quick payback, 2.1 years. It’s important to understand why we have such a quick payback. We did, of course, earlier in the year, use a high metal pricing to show and demonstrate the torque to metal pricing here. So you see that in the orange. At $5,000 per gold, we more than doubled the NPV and almost doubled the IRR. The payback period halves.

So a couple of other key attributes here. 14.6 years initial mine life, and remembering this is based on a single deposit within a mineral resource inventory that’s made up of three deposits. So we have the opportunity as we advance those other deposits, as we do more infill drilling, bring that classification up to more indicated and complete some metallurgical test work to bring those other two deposits into future iterations of a PEA or a pre-feasibility study, at least bring it into the mine plan, which may afford the ability to increase the production profile and/or increase the mine life.

Currently, based on the single deposit, the Whistler deposit, we will produce around 2.7 million ounces gold and almost 600 million pounds of copper over that life of mine. If you divide that by the 14.6 years mine life, that comes out at around 183,000 ounces gold per annum, forty thousand million pounds per copper. If I put that into gold equivalency to compare it with some of our peers, that’s around 250,000 ounces per annum. But the first three years produces at 350,000 ounces per annum. I’ll show you why when we take you on the virtual tour and spin the block model. But that 350,000 ounces per annum in the first three years is a direct result in that very fast payback.

This is a porphyry deposit. It’s a bulk tonnage, 40,000 ton per day operation over 14.6 years mine life. So it has a capital, upfront capital of around 1.3 billion. That includes contingency. Over life of mine, our overall cost, all-in sustaining cost comes out very competitively, very compelling, $1,050 per ounce on a byproduct basis.

So let’s move into the virtual tour here. And again, just to zoom in on South Central Alaska now and show you the location. So to orientate you, here’s Anchorage, of course, Alaska’s largest city in South Central Alaska, and here’s the deposit. We’re located on state land, just 100 miles. Currently, we fly in and out via Ted Stevens International Airport or many of the other airstrips around Anchorage. It’s about a 40-minute flight. Ultimately, when we build the mine, and one of the key catalysts for us moving forward with the project and the PEA, is that the state is sponsoring a road build project. That’s this purple line here. I’ll just outline it briefly for now. We’ll come back to that later, but this is a major advantage to the project.

Diving into the property scale itself, 54,000 acres of 100% owned mining claims on state land. So again, the significance of that is that we’re dealing with a single regulator in a state that has a very good regulatory system. We were able to get our exploration permits within about 90 days, for example. This differentiates us from some of the other projects in Alaska that might have a mixture of claims that are on state lands and federal lands and maybe native lands. We don’t have those issues, 100% on state land, so very simple.

I’ll just highlight the three resources before we zoom into Whistler itself. So there’s one on the south here at Island Mountain. There’s around 2.5 million ounces in inferred gold equivalent there. Zooming up to the north are the two other deposits, and that makes up the three deposits that comprise the mineral resource inventory. So Whistler, of course, is the largest that is in the PEA. Raintree is another drill-defined deposit. It’s about half and half inferred and indicated. Requires a little more metallurgical test work and exploration in order to be able to put that into a future iteration of the mine plan.

Let’s just spin this for a minute here just to show you how easy it is to work in this terrain. Very low-lying, flat terrain by Alaskan standards. We are technically in the South Alaska Range. However, we’re in a basin between mountain ranges here. We have a camp here, so easy access. And from the camp, we can drive via the trail up to Raintree and Whistler. We do have an airstrip to bring equipment in. We also have a winter road. And because I highlighted it earlier, I’ll just highlight it again on this slide, the proposed West Susitna Access Road, designed by the state of Alaska, leads directly in from Anchorage. Let me pick a different color here. So Anchorage is back to the east here, to the right of the map here. You can see that purple alignment coming in ties in directly to what will effectively be our future mine gate for a potential operating project here in future.

I’m gonna take you underground now and spin that model. I think it’s important to get a feel for what the resource block model looks like. This is a porphyry, so essentially it’s a big cylindrical plug. Essentially, it’s hosted in a mineralized diorite porphyry intrusive. Every part of that diorite is mineralized to some degree. Our cutoff grade, as defined through the preliminary economic assessment, is around 0.2 grams per ton gold equivalent. We’re displaying everything above about 0.3 grams per ton gold equivalent. And as is customary, the hotter colors here indicate the higher grade.

So let me zoom in on the model itself to put this into the vertical profile just so you can get a sense for scale. You see the scale bar on the left there. Flip it up into plan view. It’s about 800 meters looking down on the long axis, about 600 meters on the northeast to southwest axis here. You can see the pit shell was designed as part of the preliminary economic assessment. I’m just gonna run through some quick animations here. What we’re doing is peeling away the lower grade mineralization just above cutoff grade and the medium grade material to show you the higher grade core. And remembering that the hotter colors, if I bring the legend back into view here, the reds are greater than or equal to 1 gram per ton gold equivalent. So by porphyry standards, this is relatively high grade.

And the most significant thing here, I think, is the consistency of that high grade and, of course, the fact that it comes right to surface. If I draw that on here for you, that’s approximately what the topography looks like. You can see that those high-grade blocks in the resource come right to surface. This means that we’re producing high-grade material in those opening years of mine life at a very low strip ratio. And as I mentioned earlier, that’s what gives us that very quick payback of just 2.1 years at consensus pricing. Of course, that high grade also extends right to depth. It’s effectively driving the economics on the project. You can see it’s contiguous right the way through to the bottom of the cone here. The pit is optimizing, as you would expect, on the high-grade mineralization.

And zooming out, again, just reiterating that we selected just one deposit. So here’s the other one that is most adjacent to the Whistler deposit. That, of course, is the Raintree resource. You see a small open pitable portion of that. Again, Raintree is not part of the PEA, but our mineral resources are constrained by either pit shells or, in the case of the deeper part of the mineralization here, a higher cutoff grade to define potentially future underground resources. Again, you see a high-grade core here at Raintree. And I would note that those high-grade cores at both Raintree and within the Whistler deposit over here are open at depth. So that gives us another potential vector to longer-term exploration opportunity. But you mine from the top down, so it makes sense to explore at surface first.

So zooming back out to the property scale here and just highlighting again those deposits. Our concept here ultimately is hub and spoke. So if you read our technical report, you’ll see that we’ve positioned a processing plant just to the north of the Whistler or Raintree deposits. Makes sense to convey down to a crushing, flotation, and leaching facility there. But ultimately, we also have these exploration targets. We have way more than we’ve drawn here, and we’ve actually just completed a 7,500-meter drilling program to test the highest ten priority targets within an area that we call the Whistler Orbit, which really speaks to the fact that we’re thinking about satellite resources for future here in the Whistler Raintree mineral system. I’ll come back to it later, but we’ve also recently expanded that with good boots on the ground exploration and just to say that ultimately, we’re very excited about the continuing exploration opportunity here.

We see this project as really having two main areas of focus. One, of course, is to move forward with that excellent, robust base case mining economics defined in the preliminary economic assessment towards pre-feasibility and ultimately development. But we still view the Whistler project as very much an exploration play with a lot of underexplored terrain here and it’s very target-rich.

Just a quick note on the resource itself. It is a porphyry, so it’s a very high tonnage, around 300 million tons in the indicated. The almost 300 million in the inferred. Both gold, silver, and copper are economic here by value. Gold is worth about 70% of the total value. Most of the remaining 30% is in the copper, but silver does pay a little bit as well. You can see our gold equivalent grades here. So at the sort of bulk tonnage mining opportunity we’re looking at, at current gold pricing and mining costs, we’re able to mine to very low grades. But I will also talk about the recoveries because, of course, we’re able to recover at a very high recovery rate, and this really unlocked the value at those low grades.

So this is a two-stage process, starting with a sulfide flotation to produce a very clean copper con with about a 25% copper grade and two ounces gold. It gets about half of the gold recovery via the copper con. But we will then go on to clean that copper concentrate and ship ultimately, so that’ll be the first saleable product. The tailings from the rougher flotation will go straight into a leach circuit, and from that, we’ve been able to define an almost 89% total gold recovery. So that’s the recovery from the copper concentrate plus the leach circuit. And just to note as well that that work was done by a very reputable lab, Base Met Laboratories in Kamloops, BC, which is a porphyry specialist, in concert with Ozenco and the process engineers out of Arizona. And it was Ozenco who put the entire PEA, the preliminary economic assessment, together for us. We did that on a composite that was reflective of the average resource grade input into the preliminary economic assessment. So we believe very defendable and very exciting numbers because it really does unlock the value.

I wanted to just talk about some of the other technical features of the road, and I’m just gonna zoom in a little bit here on the map because I think it’s important to understand the significance of the state wanting to build a road from the main population center at Anchorage directly to our property. I think in this industry we get a little bit of fatigue when we hear about roads and access to properties that don’t have roads. But this was a really key catalyst for us because when the state announced that it was going to build this road, and I’ll just outline it for you here, it runs from the port just opposite the city of Anchorage here. It’s called Port McKenzie. It’s this purple alignment. Basically it’s a 100-mile-long road, leads directly, as I showed you earlier, to what will become our future mine gate.

The state is building this because the state wants to provide economic impetus to essentially resource extraction in the state. Alaska is, of course, a resource-rich state. Its economy is based on ability to access and extract natural resources. And it is not just a road to a single mining opportunity. Of course, you can see our claims there outlined in orange. To the west of us, there’s another advanced resource project. To the east of us, there’s an advanced energy project. So the state is building a road to a multi-project district, which essentially we’re referring to as the West Susitna Mineral District. It’s prospective obviously for gold and copper. We also see proponents developing antimony next to us, and I mentioned energy, so there’s coal, gas, also in the younger basins. And I would note also, this isn’t widely publicized because the claims haven’t been recorded yet, but we are aware that BHP has recently come in and staked up hard against us within the West Susitna Mineral District, in terms of wanting to stake ground for exploration for copper.

It’s important, of course, to move a project towards ultimately being able to permit it, to put it on a clear line of sight through to permitting. So in addition to all of the technical work and the exploration work, we’re working on baseline and stakeholder engagement work. At this stage, really sort of proof of concept, but we will be ramping that up as we move into pre-feasibility study. No showstoppers right now. There’s very strong political support. Obviously, the state wants to build a road, so they’re big proponents of supporting responsible resource development in the state of Alaska. And then over the top of that, the feds are currently funding resource projects to the east and the west of us. And of course, we all know well the impetus coming out of the White House with respect to essentially unleashing Alaska’s extraordinary resource potential as we’ve seen.

A couple of slides on exploration. As I mentioned, we still very much view this property and the broader mineral district as an exploration play. We have three major mineral systems. We focused earlier on the Whistler-Raintree mineral system up here. Recent boots on the ground exploration have continued to expand this. Alaska is so underexplored, you can still walk up to outcrop and find previously undiscovered porphyry with diagnostic alteration and veining. These are creating essentially a pipeline of future targets for drilling and ultimately for resource development, so very exciting in the north. But then in the south, we have two additional mineral systems, the Island Mountain mineral system, which is another porphyry system, and the emerging Muddy Creek mineral system, which is more of an intrusion-related system right now based on the rocks and the geochemistry. So this would be more akin to something like Fort Knox or Snowline Saddle deposit in the Yukon.

I just mentioned earlier that we have recently completed our biggest ever drill program of 7,500 meters within the Whistler orbit. That’s the red symbols that you’re seeing there targeting up to ten of the highest priority targets within just a couple of kilometers of the existing resources at the Whistler and Raintree deposits, which I’ll just highlight for you here. So again, this is part of this hub and spoke thesis. And then stepping back out to talk about the expansion of some of those mineral systems. There are many, many targets here. Target-rich. You’re not gonna be able to read everything here, but of course, the presentation’s on our website. We just news released this today. We’re very excited about the expansion, essentially, of our pipeline of resource targets across our regional land holding, in addition, of course, to our base case mining opportunity.

So just wrapping up here now. I see we’re down to about the last minute. I just wanted to talk a little bit about upcoming catalysts and news flow. So we did complete that 7,500-meter drilling program. Of course, results are gonna be incoming over the remainder of Q4. We’re looking forward to hearing more news from the state with respect to permitting of the West Issson Access Road. We’re in talks with them about how the project’s going to be funded and managed in the future. And currently, actually just wrapping up in the last day or two, environmental baseline studies have been ongoing. And looking forward into 2027, we’re looking at launching pre-feasibility. We haven’t announced that yet, but it’s something that we’re considering right now. We’re looking forward to seeing the state start the road construction, continued environmental, social, and other feasibility activities and, of course, getting back to exploration to follow up on the many targets that we’ve outlined this year.

Quickly on overall capital structure. Very tightly held, 14 million shares out. Our market cap’s around 100 million right now. One major supportive shareholder with 74%. And of course, you can get in touch with the analyst coverage here. So three analysts currently covering us. And I’m out of time, so I’ll just leave the summary slide up and take any questions if you have any. And thank you so much for your time.

Thank you, Tim. Are there any questions?

Just wondering if you wanted to become a operator yourself of a mine or just to define it?

I think everybody wants to become an operator and myself and our management team, we certainly have that in our track record. We’re building a team with the expertise to take it to construction as well. Now, admittedly, it is a big lift with a 100-million market cap company to contemplate a billion-dollar-plus capital, upfront capital cost right now. So if the opportunity comes along to partner with a mid-tier or a major, somebody with deeper pockets and deep experience, then certainly we would look at that. But I always say that essentially right now, whether you’re planning on building it or setting it up for sale, you’re doing the same work anyway. You’re growing it, and you’re de-risking it, and you’re moving it down that path ultimately towards being able to permit your future mining opportunity.

Okay. Thank you very much, Tim. Thank you.