Revenue: As of FY2025, the actual value is USD 0.

EPS: As of FY2025, the actual value is USD -0.55.

EBIT: As of FY2025, the actual value is USD -7.264 M.

Overall Company Financial Performance

Net Loss

Net loss for the year ended December 31, 2025, was - $6.99 million, improving from - $8.49 million in 2024.

Loss from Operations

Loss from operations in 2025 was - $7.12 million, compared to - $8.89 million in 2024.

Exploration Expenses

Exploration expenses decreased to $3.05 million in 2025 from $5.80 million in 2024. Third-party consulting fees were $1.08 million in 2025, down from $1.29 million in 2024. Drilling and associated costs were $1.00 million in 2025, a decrease from $2.33 million in 2024. Camp and field support expenses were $0.66 million in 2025, down from $1.27 million in 2024. Transportation, travel, and other exploration expenses were $0.31 million in 2025, significantly lower than $0.91 million in 2024.

General and Administrative Expenses

General and administrative expenditures increased to $3.90 million in 2025 from $2.95 million in 2024. Consulting, corporate development, and investor relations expenses rose to $1.45 million in 2025 from $0.88 million in 2024. Stock-based compensation expenses were $0.86 million in 2025, up from $0.33 million in 2024. Professional fees decreased to $0.53 million in 2025 from $0.69 million in 2024. Management fees, salaries, and benefits were $0.42 million in 2025, slightly up from $0.38 million in 2024.

Depreciation

Depreciation expenses were $0.15 million in 2025, compared to $0.13 million in 2024.

Cash Flow from Operating Activities

Net cash used in operating activities was - $5.84 million in 2025, an improvement from - $7.75 million in 2024.

Cash Flow from Investing Activities

Net cash used in investing activities was - $0 in 2025, compared to - $0.17 million for equipment purchases in 2024.

Cash Flow from Financing Activities

Net cash provided by financing activities was $9.30 million in 2025, significantly up from $0.60 million in 2024.

Liquidity and Capital Resources

Cash and cash equivalents increased to $7.38 million as of December 31, 2025, from $3.88 million as of December 31, 2024.Working capital increased to $7.03 million as of December 31, 2025, from $3.70 million as of December 31, 2024.Total assets were $8.45 million as of December 31, 2025, compared to $5.15 million as of December 31, 2024.Total current liabilities were $0.56 million as of December 31, 2025, compared to $0.42 million as of December 31, 2024. Accounts payable were $0.22 million in 2025, compared to $0.19 million in 2024. Accrued liabilities were $0.12 million in 2025, compared to $0.03 million in 2024.

Whistler Project Operational & Financial Metrics

Mineral Resource Estimates (Effective date: March 2, 2026)

• Indicated Mineral Resources totaled 299,154 ktonnes at 0.565 g/t gold equivalent (AuEq), containing 5.414 Moz AuEq, 3.973 Moz gold (Au), 991,667 klbs copper (Cu), and 17,924 koz silver (Ag).
  • The 2026 Indicated Mineral Resource estimate shows a -16.5% decrease in AuEq (Moz) compared to the 2024 estimate.
• Inferred Mineral Resources totaled 290,747 ktonnes at 0.536 g/t AuEq, containing 4.969 Moz AuEq, 4.357 Moz Au, 390,355 klbs Cu, and 14,261 koz Ag.
  • The Inferred Mineral Resource estimate shows a 19.5% increase in AuEq (Moz) compared to the 2024 estimate.

Initial Assessment (Preliminary Economic Assessment - PEA)

• The mine plan projects approximately 14.6 years of operations, including one year of pre-production mining and one year of low-grade stockpile rehandling.
• Run-of-Mine (ROM) production is estimated at 211 Mt of mill feed, with an average gold grade of 0.44 g/t, average copper grade of 0.16%, and average silver grade of 1.8 g/t.
• The strip ratio is modeled at 2.2:1 (waste: processed material) over the life of mine.
• The process plant is designed to treat 40,000 tonnes per day (t/d) of mineralized material.
• Capital Costs: Total initial capital costs are estimated at US$1,278.6 million, including US$56.3 million in capitalized operating costs and US$213.3 million in contingency.
  • Life of Mine (LOM) sustaining costs are estimated at US$381.1 million, and closure costs at US$98.7 million.
• Operating Costs: Total operating costs are estimated at US$4,399.8 million over the 14.6-year mine life, or US$20.82/t milled.
  • Mining costs: US$1,676.7 million (US$7.93/t milled).
  • Process costs: US$2,325.8 million (US$11.00/t milled).
  • General and Administrative (G&A) costs: US$216.1 million (US$1.02/t milled).
• Economic Analysis: Estimated after-tax Net Present Value (NPV) at a 5% discount rate is US$2.04 billion, with an Internal Rate of Return (IRR) of 33.0% and an initial payback period of 2.1 years.
• Average annual production is projected at 345,000 oz AuEq during the first three years of operations, with total LOM production of 3.6 Moz AuEq.
• Estimated All-in Sustaining Costs (AISC) are $1,046/oz Au (by-product basis).

Unique Metrics

• ATM Program Sales: In 2025, 831,574 shares of common stock were sold under the ATM Program for gross proceeds of $9,553,620, with aggregate commissions of $257,096.
• Whistler Project Commitments: Annual land payments of $230,605 are required to the Department of Natural Resources of Alaska from 2026 onward, and an annual labor requirement of $135,200 for 2026 and thereafter can be met with a cash-in-lieu payment.
• Whistler Project Royalties: The project is subject to a 2.75% Net Smelter Return (NSR) royalty (buy-down option to 2.0%), a 2.0% net proceeds royalty interest, and an additional 1.0% NSR royalty.

Outlook / Guidance

U.S. GoldMining Inc. believes its current cash on hand and access to capital markets will be sufficient to meet capital requirements for 2026. The company intends to complete the remaining balance of its 10,000 m drilling program at the Whistler Project at the start of the 2026 summer field season. Construction of the West Susitna Access Road (WSAR) is expected to commence in 2026 or 2027 and be completed by 2030, which will improve site accessibility and transportation for the Whistler Project.