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U.S. GoldMining's Year-End Report: A Transformative 2024

As the year 2024 comes to a close, U.S. GoldMining Inc. (NASDAQ: USGO), led by Chairman Alastair Still, takes the opportunity to reflect on a transformative year for the company and its flagship Whistler Gold-Copper Project in Alaska. This letter outlines the significant milestones achieved and the considerable progress made in exploration, resource development, and community engagement.

Key Achievements in 2024

The 2024 year was marked by several key achievements that solidified the Whistler Project's standing as a leading resource opportunity in Alaska:

1. Doubling Resources

The company successfully updated its mineral resource estimate, doubling its indicated resources by an impressive 117% to a total of 6.5 million ounces of gold-equivalent (AuEq). Additionally, 4.2 million ounces are categorized as inferred resources, significantly enhancing the confidence in the project's value.

2. Exploration Success

U.S. GoldMining’s 2024 drilling campaign yielded excellent results, including significant drill intercepts such as 652.5 meters at 1.00 g/t AuEq. The results indicate an extension of the project's high-grade core and discovery of new high-grade zones, further boosting the project's potential.

3. Strong Management of Operations

Remarkably, the drilling campaign of over 13,000 feet was completed ahead of schedule and under budget, with the firm maintaining impeccable safety standards. There were zero incidents related to health, safety, or the environment throughout the drilling process.

4. Advancement in Development Preparations

Alongside exploration achievements, the company made strides toward preparing Whistler for its next development phase. Internal mining and metallurgical studies were conducted to guide future initiatives, while extensive environmental and archaeological evaluations were initiated to facilitate the eventual permitting process. Notably, the collaboration with local authorities on the West Susitna Access Road is poised to enhance infrastructural access considerably.

Commitment to Local Communities

U.S. GoldMining recognizes the importance of fostering robust relationships with the communities it operates within. In 2024, the company directed over $4.3 million back into the Alaskan economy by partnering with local contractors. Moreover, contributions totaling $60,000 were made to local organizations and events, underscoring the company's holistic approach towards corporate social responsibility.

Positive Outlook for 2025

Looking forward, U.S. GoldMining is optimistic about the market demands for gold, copper, and silver. The Whistler Project is ideally positioned to capitalize on the growing necessity for these critical minerals, particularly copper, which is vital for the clean energy transition. With five major hardrock mines operational in Alaska and a streamlined permitting process, the jurisdiction remains attractive for further exploration and resource development.

Additionally, the recent electoral support for resource exploration enhances the favorable conditions for the Whistler Project. Alastair Still points out that the commitment from government leaders to maximize Alaska's mining potential is pivotal for the future.

Closing Reflections

Reflecting on the achievements of 2024, U.S. GoldMining Inc. emphasizes the significant progress that has been made. The continued merger and acquisition activity within the mining sector highlights the strategic importance of the Whistler Project.

In closing, Alastair Still expresses gratitude to shareholders, employees, and local partners for their unwavering support. As U.S. GoldMining advances into 2025, the commitment to delivering long-term value through the Whistler Gold-Copper Project remains steadfast.

For further details on U.S. GoldMining and its activities, visit U.S. GoldMining Inc..