History
U.S. GoldMining raised $20 million in a 2023 IPO, grew its Alaska Whistler gold-copper resource through drilling, and published a first economic study in 2026.
2023-2024: Listing and a drilling restart
U.S. GoldMining Inc. set out to develop the Whistler Gold-Copper Project in South Central Alaska, which it owns outright. In April 2023 its securities were cleared for listing, and it closed its initial public offering of 2,000,000 units at $10.00 each, raising roughly $20 million before costs. Each unit held one share and one warrant (a right to buy another share later). The syndicate was led by H.C. Wainwright with BMO, Laurentian Bank Securities and Sprott Capital Partners. Shares on issue rose from 10,135,001 at the end of 2022 to 12,398,709 at the end of 2023, largely reflecting the IPO.
The company then carried out its first drilling at Whistler in over a decade. In January 2024 it reported that hole WH23-03 cut 547 meters at 1.06 grams per tonne gold-equivalent (gold with copper and silver converted to a gold value), the longest mineralized intercept ever recorded at the project. The deposit stayed open at depth and along strike, and a 10,000-meter follow-up program was planned for 2024.
2024-2025: Growing the resource
The 2024 season ran to about 4,000 meters. Initial results, reported in September, showed that a re-entry of WH23-03 extended the intercept to 652.5 meters at 1.00 g/t, and new drilling at Raintree also hit porphyry-style mineralization. In October the company released its first major resource update since drilling resumed: an Indicated resource of 294 million tonnes at 0.68 g/t (6.48 million ounces), up 117% on the 2022 estimate, plus an Inferred resource of 198 million tonnes (4.16 million ounces). It also identified 12 more under-explored targets nearby.
Later assays confirmed a new high-grade zone in the western Whistler deposit, with WH24-02 hitting 120 meters at 1.00 g/t. In February 2025 further results showed grade improving with depth, as WH24-04 returned 458 meters at 0.75 g/t; one hole was still pending. Shares on issue were 12,456,815 at the end of 2024 and 13,308,985 at the end of 2025; the beats do not explain the change.
2026: First economic study and a listing change
On 2 March 2026 the company published its first Preliminary Economic Assessment for Whistler. It covered only the Whistler deposit. At $3,200 an ounce gold, it showed an after-tax net present value of $2.04 billion, a 33% internal rate of return and a 2.1-year payback. At spot prices the value was $4.88 billion with a 62% return. The plan assumed $1.28 billion of initial capital, a 14.6-year mine life and 3.6 million ounces of gold-equivalent output, averaging 345,000 ounces a year in the first three years.
On 22 May 2026 the company's exchange filed to remove a class of its securities from listing. The reason is not given in the record. Shares on issue were 14,035,736 at the end of 2026, up from 13,308,985 a year earlier; the beats do not explain the change.
Written from the 9 story beats below (2023 to 22 May 2026), which come from the company's own announcements and filings.