U.S. GoldMining Inc. has approved its 2023 exploration program and budget. The Company has started executing its plans to unlock the value of the Company's Whistler gold-copper project ("Whistler") in Alaska, USA and has mobilized field teams to commence exploration activities. Phase 1 of the Company's inaugural exploration program has commenced with field crews undertaking rehabilitation work on the existing Whistler camp which will enable the commencement of core drilling, mine engineering and environmental baseline studies later in the 2023 summer field season. The Company's board of directors has approved a budget to commence and execute Phase 1 of a two-year exploration program, including core drilling of up to 10,000 meters at the Whistler project. The Company is fully permitted to commence exploration activities at Whistler following the receipt of permits in September 2022 from the Alaska Department
of Natural Resources, and the exploration program is fully funded following the recently completed IPO. U.S. GoldMining is committed to responsible exploration and mining practices and strives to make investments that support the local economy, environmental sustainability and social responsibility. The Whistler camp contains the essential infrastructure and equipment required to re-start exploration this coming summer. The camp is located adjacent to the fully operational Whiskey Bravo Airstrip and just 6 kilometers from the Whistler gold-copper deposit via an existing access road. Renovation of the existing camp and construction of additional facilities to support operational requirements is expected to be completed in July 2023, ready for commencement of exploration activities and drilling by August of this year. The Company has appointed Equity Exploration Consultants Ltd. ("Equity Exploration") to manage the geological and exploration functions at Whistler, including the planned drilling program. Equity Exploration has over 30 years servicing the exploration industry, including extensive porphyry copper-gold expertise, significant experience operating in Alaska, and with management having had direct previous field experience at Whistler from historic exploration campaigns. Alaskan camp build and logistics company Yukuskokon Professional Services, LLC. ("Yukuskokon") has been commissioned to complete the camp renovations and construction, followed by opening and management of the Whistler camp and additional field support services. Yukuskokon is currently operational in the district and thus brings significant local knowledge, experience and operational synergies to the project.