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U.S. GoldMining Inc. (NASDAQ:USGO) ("U.S. GoldMining" or the "Company") is pleased to announce new assay results from the 2024 confirmatory diamond core drilling program completed at the Whistler Gold-Copper Project (the "Project") in Alaska, U.S.A.

The results reported in this news release highlight WH24-05, which was drilled adjacent to the Raintree West Deposit (the "Raintree Deposit"). The drilling intercepted multiple zones of high-grade gold and silver polymetallic mineralization approximately 500 meters south of any prior drilling at the deposit.

Selected Highlights:

• Main Zone composite intercept of 138.0 meters (m) at 0.99 grams per tonne (g/t) gold equivalent (AuEq)* comprising 0.89 g/t gold (Au) and 0.05 percent (%) copper (Cu), plus 17.57 g/t silver (Ag), 0.44% lead (Pb) and 0.95% zinc (Zn) (elevated Ag, Pb and Zn grades are excluded in the AuEq calculations), from 635.0 m to 773.0 m down hole.
• Including higher-grade individual intercepts:
  • 26 m at 1.48 g/t AuEq (1.36 g/t Au, 0.06% Cu) plus 15.38 g/t Ag, 0.69% Pb and 1.61% Zn
  • 34 m at 1.65 g/t AuEq (1.49 g/t Au, 0.08% Cu) plus 19.95 g/t Ag, 0.81% Pb and 1.35% Zn
  • 18 m at 1.93 g/t AuEq (1.70 g/t Au, 0.13% Cu) plus 66.33 g/t Ag, 0.62% Pb and 1.84% Zn
• The drill intercept represents a relatively new style of mineralization - high-grade gold and silver polymetallic veins - with only one other intercept previously drilled at the Raintree Deposit:
• This new discovery validates the Company's exploration strategy of exploring the Project to maximize its resource potential. Additional follow-up drilling is planned this coming summer.