U.S. GoldMining Inc. provided an update on the Company's 2023 Phase 1 drilling program (the "Program"), which commenced in August this year. The objectives of the Program are to expand and increase confidence in the existing gold-copper deposits at the 100% owned Whistler Gold-Copper Project ("Whistler" or the "Project") in Alaska, USA, and to test prospective exploration targets in close proximity to known resources. Phase 1 Drilling Program Highlights: Three drill holes have been completed for a total of 1,674 meters at the existing Whistler Deposit (as defined below), the namesake and the largest resource within the overall Project.

Drilling at the Whistler Deposit was designed to test the southern extents of the porphyry mineral system, improve the geological model and collect new geometallurgical and geotechnical information. Assays are pending for all drill holes. The Company expects to release assay results as they become available.

Core from the first three drill holes has been logged and sampled on-site by the geological team and samples sent to an independent laboratory for analysis. Estimated laboratory turnaround times are approximately six weeks upon receipt of samples. The Company has recently commenced drilling of the Rainmaker South target, a new potential porphyry mineral system located approximately 1 kilometer southeast of the Whistler Deposit.

The Rainmaker South target was developed by reprocessing geophysical data and from compilation of historic drilling. The Whistler Deposit is the single largest resource within the Project. Accordingly, the Program's main priority is to increase confidence in the geologic model and potentially expand the existing resource of the Whistler Deposit.

Three diamond core drill holes (WH23-01, WH23-02 and WH23-03) for a total of 1,674 meters were completed from a single drill pad. Drill holes WH23-01 and WH23-02 targeted the southeast and southwest extents, respectively, of the mineralized early porphyry phases. WH23-03 was drilled at a steeper angle to provide additional geological data for the deeper portion of the resource model.

Assays are pending for all drillholes. New exploration targets are being developed through processing of geophysical and geological data, utilizing the Whistler Deposit as an analogue. Each of the anomalies identified by this targeting process may be related to a porphyry intrusion.

Additional data sets including historic drilling, mapping and geochemical sampling, provide further support for ranking and prioritization of the targets identified by this process. The company has recently commenced drilling on the high priority Rainmaker South target, located 1 kilometer to the southeast of the Whistler Deposit. The geological team is continuing to employ additional search criteria to identify and rank targets to determine priorities for drilling in 2024.