U.S. GoldMining Inc. (NASDAQ: USGO) has begun drilling at its Whistler Gold-Copper Project in Alaska, the company said in a press release dated July 6, 2026.

The first drill is operating at the Whistler Orbit target area, with a second drill en route. The company said mobilization was completed ahead of schedule. The 2026 program is funded to drill a minimum of 6,000 meters of core, targeting 8 to 10 exploration targets within the Whistler Orbit, a 7.5 km by 4.5 km area where the company has identified over 25 individual exploration targets.

The company said it anticipates releasing the first batches of assay results by the end of the third quarter of 2026, subject to laboratory turnaround times.

The drilling follows the completion of a preliminary economic assessment (PEA) for the Whistler project, effective March 2, 2026. The PEA, which the company said incorporates only indicated resources from the Whistler deposit, modeled an after-tax net present value of $2.0 billion at a 5% discount rate, a 33% internal rate of return, and an initial payback period of 2.1 years. Base-case prices used were $3,200 per ounce gold, $4.50 per pound copper, and $37.50 per ounce silver.

The Whistler project is located approximately 105 miles northwest of Anchorage, Alaska, and covers about 53,700 acres entirely on State of Alaska mining claims. The property contains three deposits with stated mineral resource estimates.