U.S. GoldMining Inc. (NASDAQ: USGO) has commenced its 2026 exploration program at the Whistler Gold-Copper Project in Alaska, according to a company statement.

The program involves diamond core drilling targeting areas within the Whistler-Raintree region. The company completed pre-mobilization of equipment and consumables to position the exploration team for summer activities.

The exploration targets include extensions of the Whistler deposit, the Mammoth and Snow Ridge areas located 2-3 kilometers north of the Whistler deposit, the Raintree area, and the Hotfoot and Sunbowl areas located south of existing deposits.

The company released a preliminary economic assessment (PEA) for the Whistler project in March 2026. The assessment showed an after-tax net present value of $2.0 billion at a 5% discount rate, with a 33% internal rate of return and 2.1-year payback period using base prices of $3,200 per ounce gold and $4.50 per pound copper.

At spot prices of $5,000 per ounce gold and $5.85 per pound copper, the assessment indicated an after-tax net present value of approximately $4.9 billion, with a 62% internal rate of return and 1.2-year payback period.

"We are excited to return to the field this coming summer to test our highest priority targets for new gold-copper porphyry discoveries in the Whistler Orbit," said Tim Smith, Chief Executive Officer.

The Whistler project consists of gold-copper porphyry deposits on approximately 53,700 acres of Alaska state mining claims, located 105 miles northwest of Anchorage. The PEA considers one of three deposits with stated mineral resource estimates on the property.