# EDGAR Filing Document

**Accession Number:** 0001947244
**File Stem:** 0001493152-23-004286
**Filing Date:** 2023-2
**Character Count:** 1340584
**Document Hash:** a10e41f656884e6e230f82b0251aee0b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-004286.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001493152-23-004286

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 219

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** U.S. GoldMining Inc.
- **CENTRAL INDEX KEY:** 0001947244
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **IRS NUMBER:** 371792147
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-269693
- **FILM NUMBER:** 23612021

**BUSINESS ADDRESS:**
- **STREET 1:** 1030 WEST GEORGIA STREET
- **STREET 2:** SUITE 1830
- **CITY:** VANCOUVER, BC
- **STATE:** A1
- **ZIP:** V6E 2Y3
- **BUSINESS PHONE:** (604) 388 9788

**MAIL ADDRESS:**
- **STREET 1:** 1030 WEST GEORGIA STREET
- **STREET 2:** SUITE 1830
- **CITY:** VANCOUVER, BC
- **STATE:** A1
- **ZIP:** V6E 2Y3

?xml version="1.0" encoding="utf-8"?

**As filed with the U.S. Securities and Exchange Commission on February 10, 2023**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-1**

**REGISTRATION STATEMENT**

**UNDER THE SECURITIES ACT OF 1933**

**U.S. GOLDMINING INC.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Nevada** | **1040** | **37-1792147** |
| (State or other jurisdiction of<br> incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification No.) |

---

**1030 West Georgia Street**

**Suite 1830**

**Vancouver, BC, Canada**

**V6E 2Y3**

**Tel.: (604) 388-9788**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**Suite 200, Office 203**

**301 Calista Court**

**Anchorage, AK 99518**

**Tel.: (833) 388-9788**

(Address, including zip code, and telephone number, including area code, of registrant's head operating offices)

**Tim Smith, CEO**

**Suite 200, Office 203**

**301 Calista Court**

**Anchorage** **, AK 99518**

**Tel.: (833** **) 388-9788**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

**It is requested that copies of notices and communications from the Securities and Exchange Commission be sent to:**

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| | | |
|:---|:---|:---|
| **Rick A. Werner, Esq.**<br> **Haynes and Boone, LLP**<br> **30 Rockefeller Plaza,**<br> **26th Floor**<br> **New York, NY 10112**<br> **Tel.: (212) 659-7300** | **Rod Talaifar, Esq.**<br> **Sangra Moller LLP**<br> **1000 Cathedral Place**<br> **925 West Georgia Street**<br> **Vancouver, BC, Canada**<br> **V6C 3L2**<br> **Tel.: (604) 662-8808** | **Robert F. Charron, Esq.**<br> **Ellenoff Grossman & Schole LLP**<br> **1345 Avenue of the Americas**<br> **New York, NY 10105**<br> **Tel.: (212) 370-1300** |

---

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after this Registration Statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission acting pursuant to said Section 8(a) may determine.**

**The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

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| | |
|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION DATED FEBRUARY 10, 2023** |

---

**2,000,000 Units**

Each Unit Consisting of One Share of Common Stock and

One Warrant to Purchase One Share of Common Stock

![](forms-1_001.jpg)

**U.S. GOLDMINING INC.**

This is the initial public offering of securities of U.S. GoldMining Inc., a Nevada corporation. We are offering 2,000,000 units, or "Units", with each Unit consisting of (i) one share of our common stock, par value $0.001 per share and (ii) one warrant, or "Warrant". Each Warrant entitles the holder thereof to purchase one share of common stock at an exercise price of $13.00. Only whole Warrants are exercisable. Each Warrant will be immediately exercisable for a three-year period after the date of issuance.

Prior to this offering, there has been no public market for our common stock or Warrants. We expect the initial public offering price to be $10.00 per Unit.

We have applied to list our common stock and Warrants for trading on the NYSE American under the symbols "USGO" and "USGOW", respectively.

**Investing in our securities involves a high degree of risk. See the section titled "Risk Factors" beginning on page 15 to read about factors you should consider before investing in our securities.**

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| | | |
|:---|:---|:---|
|  | **Per Unit** | **Total** |
| Initial public offering price (1) | $10.00 | $20000000 |
| Underwriting discount and commissions (2) | $0.70 | $1400000 |
| Proceeds to us, before expenses (3) | $9.30 | $18600000 |

---

(1) The initial public offering price and underwriting discount corresponds to (i) a public offering price per share of common stock of $9.9999 and (ii) a public offering price per Warrant of $0.0001.

(2) Represents underwriting discount and commissions equal to 7.0% of the aggregate purchase price paid by the underwriters to us per Unit. However, a reduced underwriting discount of 2.0% will be payable on the gross proceeds sold to certain purchasers. We have also agreed to reimburse the representative of the underwriters for certain of its expenses. See "*Underwriting*" for additional information regarding total underwriter compensation.

(3) Does not include proceeds from the exercise of Warrants.

We have granted the underwriters the right to purchase up to an additional 300,000 shares of our common stock and/or Warrants to purchase up to 300,000 shares of our common stock to cover over-allotments, if any. The underwriters can exercise this right at any time within 30 days after the date of this prospectus. If the underwriters exercise the option in full, the total underwriting discounts and commissions payable by us will be $1,610,000, and the total proceeds to us, before expenses, will be $21,390,000.

We are an "emerging growth company" as defined under the federal securities laws and, as such, have elected to comply with certain reduced reporting requirements for this prospectus and may elect to do so in future filings.

GoldMining Inc., or "GoldMining", a company organized under the laws of Canada, is our parent company and a majority stockholder that will control approximately 78% of the voting power of our common stock upon completion of this offering, assuming no exercise of the above over-allotment option. We are, therefore, a "controlled company", as defined in the NYSE American Company Guide. As a "controlled company" as defined in the NYSE American Company Guide, we expect to avail ourselves of certain corporate governance exemptions provided in the NYSE American Company Guide. See "*Risk Factors – Risks Relating to Our Securities and this Offering*".

**Bank of Montreal, an affiliate of BMO Nesbitt Burns Inc. and BMO Capital Markets Corp., is the lender under the margin loan agreement dated October 28, 2021, as amended, by and among GoldMining, our parent company, the Bank of Montreal and BMO Nesbitt Burns Inc. (the "BMO Margin Loan Agreement"). Our parent company may repay its existing loan facility with the Bank of Montreal and BMO Nesbitt Burns Inc. (the "BMO Credit Facility"), from time to time, in accordance with the terms of the BMO Margin Loan Agreement, utilizing net proceeds of the offering received through our intercompany loan agreement with our parent company. Consequently, the Company may be considered a "connected issuer" of BMO Nesbitt Burns Inc. under applicable securities laws and a "conflict of interest" may be deemed to exist under FINRA Rule 5121(f)(5)(C)(i) if five percent of the net offering proceeds, not including underwriters' compensation, are intended to be used to reduce or retire the balance of the BMO Credit Facility. However, our parent company does not expect to use five percent or more of the net offering proceeds to reduce or retire the BMO Credit Facility. See "Underwriting".**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

The underwriters expect to deliver the Units against payment in New York, New York on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2023.

*Joint Book-Running Managers*

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| | |
|:---|:---|
| **H.C. Wainwright & Co.** | **BMO Capital Markets** |

---

*Co-Manager*

 

**Laurentian Bank Securities Inc.**

Prospectus dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2023.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [Prospectus Summary](#a_001) | 6 |
| [Risk Factors](#a_002) | 15 |
| [Cautionary Note Regarding Forward-Looking Statements](#a_003) | 33 |
| [Use of Proceeds](#a_004) | 35 |
| [Dividend Policy](#a_005) | 36 |
| [Capitalization](#a_006) | 36 |
| [Dilution](#a_007) | 37 |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_008) | 39 |
| [Business](#a_009) | 46 |
| [Management](#b_001) | 55 |
| [Executive and Director Compensation](#b_002) | 67 |
| [Certain Relationships and Related Party Transactions](#b_003) | 78 |
| [Principal Stockholders](#b_004) | 79 |
| [Description of Capital Stock](#b_005) | 80 |
| [Shares Eligible for Future Sale](#b_006) | 84 |
| [Underwriting](#b_007) | 95 |
| [Legal Matters](#b_008) | 101 |
| [Experts](#b_009) | 101 |
| [Change in Auditor](#b_010) | 101 |
| [Where You Can Find Additional Information](#c_001) | 101 |
| [Index to Financial Statements](#zz_001) | F-1 |

---

**Through and including &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2023 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.**

Neither we nor the underwriters have authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses that we have prepared. Neither we nor the underwriters take any responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the Units offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of the date on the front cover of this prospectus, regardless of the time of delivery of this prospectus or any sale of the Units. Our business, financial condition, results of operations and prospects may have changed since the date on the front cover of this prospectus.

**BASIS OF PRESENTATION**

Unless otherwise indicated, references in this prospectus to "U.S. GoldMining", "the Company", "we", "us" and "our" refer to U.S. GoldMining Inc., a Nevada corporation.

We express all amounts in this prospectus in U.S. dollars, except where otherwise indicated. References to "$" and "US$" are to U.S. dollars and references to "C$" are to Canadian dollars.

We have made rounding adjustments to some of the figures included in this prospectus. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

**MARKET, INDUSTRY AND OTHER DATA**

Unless otherwise indicated, information contained in this prospectus concerning our industry and the market in which we operate, including our market position, market opportunity and market size, is based on information from various sources such as industry publications, on assumptions that we have made based on such data and other similar sources and on our knowledge of the markets for our products. These data involve a number of assumptions and limitations. We have not independently verified any third-party information.

In addition, projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate is necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the sections entitled "Risk Factors", "Cautionary Note Regarding Forward-Looking Statements", and elsewhere in this prospectus. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

**CONCURRENT CANADIAN PROSPECTUS OFFERING**

We intend to file a prospectus with the securities regulatory authorities in each province and territory of Canada, other than Quebec. In connection therewith, we are required to prepare and file with Canadian securities regulators a technical report on our material property prepared in accordance with National Instrument 43-101 - *Standards of Disclosure for Mineral Projects* ("**NI 43-101**"), which is an instrument developed by the Canadian Securities Administrators and administered by the provincial and territorial securities commissions that governs how issuers in Canada disclose scientific and technical information about their mineral projects to the public.

**NOTICE REGARDING MINERAL DISCLOSURE**

The technical report summary for the Whistler Project, located in Alaska, included herewith, has been prepared in accordance with subpart 1300 of Regulation S-K - *Disclosure by Registrants Engaged in Mining Operations*, or "**S-K 1300**" as issued by the U.S. Securities and Exchange Commission (the "**SEC**"), under the United States Securities Act of 1933, as amended, (the "**Securities Act**"), which governs disclosure for mining registrants. Such technical report summary is included as Exhibit 96.1 to the registration statement of which this prospectus forms a part.

"Inferred mineral resources" are subject to uncertainty as to their existence and as to their economic and legal feasibility. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability.

For the meanings of certain technical terms used in this prospectus, see "Glossary of Technical Terms."

As this offering is being conducted in the United States and Canada, our disclosure regarding our mineral property is prepared in accordance with S-K 1300, and NI 43-101. Both of these reporting standards have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but the standards embody slightly different approaches and definitions.

In our public filings in the United States and Canada, we report indicated and inferred resources, each as defined in S-K 1300 and NI 43-101. As currently reported, there are no material differences in our disclosed measured, indicated and inferred resources under each of S-K 1300 and NI 43-101. The estimation of Indicated Mineral Resources involves greater uncertainty as to their existence and economic feasibility than the estimation of Proven and Probable Mineral Reserves, and therefore investors are cautioned not to assume that all or any part of Indicated Mineral Resources will ever be converted into S-K 1300-compliant or NI 43-101-compliant Mineral Reserves. The estimation of Inferred Mineral Resources involves greater uncertainty as to their existence and economic viability than the estimation of other categories of Mineral Resources. It cannot be assumed that any part or all of the mineral deposits in the Inferred Mineral Resource categories will ever be upgraded to a higher category.

**GLOSSARY**

**Abbreviations**

In this prospectus, the following abbreviations are used to express elements:

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| | | | |
|:---|:---|:---|:---|
| **Abbreviation** | **Meaning** | **Abbreviation** | **Meaning** |
| "**Ag**" | silver | "**Cu**" | copper |
| "**Au**" | gold |  |  |

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In this prospectus, the following abbreviations are used to express units of measurement:

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| | | | |
|:---|:---|:---|:---|
| **Abbreviation** | **Meaning** | **Abbreviation** | **Meaning** |
| "**g/t**" | grams per metric tonne | "**Moz**" | million troy ounces |
|  |  | "**Mt**" | million metric tonnes |
| "**km**" | kilometers | "**Mlbs**" | million pounds |
| "**m**" | meters | "**μm**" | micrometer |
| "**Ma**" | million years | "**oz**" | troy ounces, with each troy ounce being equal to 31.1034768 grams |
| "**masl**" | meters above sea level | "**ppb**" | parts per billion |
| "**mm**" | millimeters | "**ppm**" | parts per million |
| "**km<sup>2</sup>**" | square kilometers |  |  |
| "**wmt**" | wet metric tonnes | "**NSR**" | net smelter return |

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**GLOSSARY OF TECHNICAL TERMS**

This prospectus utilizes the following defined terms:

The term "**Indicated Mineral Resource**" or "**Indicated Resource**" means that part of a mineral resource for which quantity and quality, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.

The term "**Induced Polarization**" or "**IP**" refers to a method of ground geophysical surveying employing an electrical current to determine indications of mineralization.

The term "**Inferred mineral resource**" or "**Inferred resource**" is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

The term "**Measured Mineral Resource**" means, under NI 43-101, that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques.

The term "**Mineral Reserve**" means the economically mineable part of a Measured Mineral Resource or Indicated Resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A mineral reserve includes diluting materials and allowances for losses that may occur when the material is mined.

The term "**Mineral Resource**" means a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals in or on the earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge.

The term "**Preliminary Economic Assessment**" or "**PEA**" means a preliminary economic assessment as defined under S-K 1300 and NI 43-101.

The term "**Probable Mineral Reserve**" means the economically mineable part of an indicated and, in some cases, a measured mineral resource.

The term "**Proven Mineral Reserve**" means the economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study. This preliminary feasibility study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.

The term "**QA/QC"** means quality assurance/quality control.

**PROSPECTUS SUMMARY**

*The following summary highlights certain information in this prospectus and should be read together with the more detailed information and financial data and statements contained elsewhere in this prospectus. This summary does not contain all of the information that may be important to you. You should read and carefully consider the following summary together with the entire prospectus, especially the "Risk Factors" section of this prospectus and our financial statements and the notes thereto appearing elsewhere in this prospectus before deciding to invest in our Units. For more information on our business, refer to the "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operation" sections of this prospectus. Some of the statements in this prospectus constitute forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those discussed in the "Risk Factors" and other sections of this prospectus. See "Cautionary Note Regarding Forward-Looking Statements".*

*As used herein, references to the "**S-K 1300 Report**" are to the technical report summary titled "S-K 1300 Technical Report Summary Initial Assessment for the Whistler Project, South Central Alaska" prepared by Moose Mountain Technical Services with an effective date of September 22, 2022, date of issue of September 23, 2022 and revised date of issue of December 16, 2022, which was prepared in accordance with S-K 1300. The Whistler Technical Report is filed as Exhibit 96.1 to the registration statement of which this prospectus forms a part.*

**Overview**

We are an exploration stage company and our sole project is currently the Whistler Project. We have no operating revenues and do not anticipate generating revenues for the foreseeable future. The Whistler Project is a gold-copper exploration project located in the Yentna Mining District, approximately 150 km northwest of Anchorage, Alaska. See "*Business – Property, Plant and Equipment*" for further information regarding the Whistler Project. We may also in the future evaluate and acquire additional interests in gold and gold-copper projects in the Americas.

We were incorporated on June 30, 2015 in Alaska as "BRI Alaska Corp." On September 8, 2022, we redomiciled to Nevada and changed our name to "U.S. GoldMining Inc." We are a subsidiary of GoldMining, a company organized under the laws of Canada and listed on the Toronto Stock Exchange and NYSE American exchange. GoldMining is a public mineral exploration company that was incorporated in 2009 and is focused on the acquisition and development of gold assets in the Americas.

Our principal executive offices are located at 1030 West Georgia Street, Suite 1830, Vancouver, British Columbia, Canada V6E 2Y3 and our head operating offices are located at 301 Calista Court, Suite 200, Office 203, Anchorage, Alaska, 99518. Our website address is www.us.goldmining.com. The information contained on, or that can be accessed through, our website is not a part of this prospectus.

**Our Strategy**

Our strategy is to enhance and grow the value of our asset base, with a focus on exploring and advancing the Whistler Project in Alaska. Our longer-term strategy may include seeking out compelling acquisition opportunities that enhance the value of our assets and demonstrate potential for significant growth through exploration and development.

Our management team and board of directors have extensive combined mining sector related experience, including exploration, development, operating and capital markets experience. We intend to capitalize on this significant experience as we seek to advance the Whistler Project and otherwise grow our business, following best practices with a dedication to safety, the environment and sustainable development for local communities.

As part of our strategy, we expect to utilize a cost-efficient business model by operating with an efficient, highly experienced team and calling upon third-party resources to supplement our skill set as opportunities and needs may arise. This strategy should enable us to maintain a high degree of flexibility in our cost structure. We believe it will also help to ensure that our business model is scalable and allows us to seek new growth opportunities in a cost effective and value enhancing manner.

**The Whistler Project**

The following information is condensed and extracted from the S-K 1300 Report. Readers should refer to the full text of the S-K 1300 Report for further information regarding the Whistler Project.

***Project Description, Location and Access***

The Whistler Project is a gold-copper exploration project located in the Yentna Mining District of Alaska, approximately 150 km northwest of Anchorage.

The Whistler Project comprises 377 State of Alaska mining claims covering an aggregate area of approximately 217.5 km<sup>2</sup> (approximately 53,700 acres). A base camp and gravel airstrip for wheel-based aircraft is established adjacent to the Skwentna River. The camp is equipped with diesel generators, a satellite communication link, tent structures on wooden floors and several wood-frame buildings. Although chiefly used for summer field programs, the camp is winterized. The camp has been maintained in good condition, although some of the tent-based structures have been damaged by heavy snow loads and will need to be repaired or replaced.

The following map sets forth the location of the Whistler Project.

![](project.jpg)

***Geological Setting, Mineralization and Deposit Types***

Geological Setting

The Whistler Project is located in the Alaska Range. The Alaska Range is a continuation of the Pacific Coastal Mountains extending in an arc across the northern Pacific, and represents a long-lived continental arc characterized by multiple magmatic events ranging in age from about 70 Ma to 30 Ma and associated with a wide range of base and precious metals contained within hydrothermal sulphide bearing mineralization. The geology of the Whistler Project is characterized by a thick succession of Cretaceous to early Tertiary (ca. 97 to 65 Ma) volcano-sedimentary rocks intruded by a diverse suite of plutonic rocks of Jurassic to mid-Tertiary age.

Two main intrusive suites are important in the Whistler Project area:

● The Whistler Igneous Suite comprises alkali-calcic basalt-andesite, diorite and monzonite intrusive rocks approximately 76 Ma with restricted extrusive equivalent. These intrusions are commonly associated with gold-copper porphyry-style mineralization (the "**Whistler Deposit** ").

&nbsp;&nbsp;&nbsp;&nbsp;

● The Composite Suite intrusions vary in composition from peridotite to granite and their ages span from 67 to about 64 Ma. Gold-copper veinlets and pegmatitic occurrences are characteristics of the composite plutons (e.g. the Mt. Estelle prospect, the Muddy Creek prospect).

Mineralization and Deposit Types

Exploration on the Whistler Project by Cominco Alaska, referred to as **"Cominco"**, Kennecott Exploration, referred to as "**Kennecott**", Geoinformatics Alaska Exploration Inc., referred to as "**Geoinformatics**", and Kiska Metals Corporation, referred to as "**Kiska**", has identified three primary exploration targets for porphyry-style gold-copper mineralization. These include the Whistler Deposit, the Raintree West prospect, approximately 1500m east of the Whistler Deposit ("**Raintree West**"), and the Island Mountain Breccia Zone (the "**Island Mountain Deposit**"). All of the porphyry prospects in the Whistler area share similar styles of alteration, mineralization, veining and cross-cutting relationships that are generally typical of porphyry systems associated with relatively oxidized magma series (A- and B-type quartz vein stockwork, chalcopyrite-pyrite mineralization assemblage, presence of sulphates, core of potassic alteration with well-developed peripheral phyllic alteration zones).

The Whistler and Island Mountain areas also host multiple secondary porphyry-like prospects defined by drilling, anomalous soil samples, alteration, veining, surface rock samples, Induced Polarization chargeability/resistivity anomalies, airborne magnetic anomalies and airborne electromagnetic anomalies. These include the Raintree North, Rainmaker, Round Mountain, Puntilla, Snow Ridge, Dagwood, Super Conductor, Howell Zone and Cirque Zones.

Island Mountain exhibits a different style of alteration, veining and sulphide mineralization. Principally the occurrence of pyrrhotite and arsenopyrite associated with Au-Cu mineralization, strong sodic-calcic alteration, lack of significant sulphates, minor hydrothermal quartz and weak to insignificant phyllic alteration. For these reasons, the porphyry system at Island Mountain may belong to the "reduced" subclass of porphyry copper-gold deposits.

The Muddy Creek area represents an additional exploration target with the potential to host a bulk tonnage, intrusion-related gold deposit. The intrusive complex at Muddy Creek is predominantly monzonitic grading to more mafic marginal phases. Mineralization is restricted to sheeted vein zones.

***Drilling***

A total of 70,247m of diamond drilling in 257 holes has been completed on the Whistler Project by Cominco, Kennecott, Geoinformatics and Kiska from 1986 to the end of 2011. Of these drill holes, 21,132m in 52 holes have been drilled in the Whistler Deposit area, 20,479m in 94 holes have been drilled in the Raintree area and 14,410m in 36 holes comprise the Island Mountain resource area. There are 14,226m in 75 holes in areas outside the three resource areas.

***Mineral Processing and Metallurgical Testing***

Metallurgical testing had been carried out in three phases starting with the 2004/05 preliminary testing in Salt Lake City under the general supervision of Kennecott and culminating in the two phases under Kiska conducted at G&T Laboratories in Kamloops during 2010 to 2012.

Whistler Deposit preliminary metallurgical test work included gravity concentration or flotation to recover the copper and gold. From the metallurgical test work results and subsequent analysis it appears that the Whistler Deposit is metallurgically amenable to a conventional flotation route to produce saleable high quality copper concentrates with gold credits, despite the low head grade, and that the levels of recovery and upgrade for both copper and gold are relatively insensitive to feed grade. We believe that there are no processing factors or deleterious elements that could have significant effect of potential economic extraction.

The preliminary testing indicated that the Island Mountain material tested is amenable to copper recovery by flotation and that the expected gold is relatively free milling. The results indicate that in the range of 90% of the gold can be recovered by either whole ore leaching or a combination of flotation and leaching of the tailings.

For both deposits further metallurgical development and assessment work is required to develop the best flowsheet with respect to capital and operating costs, metal recoveries and overall economics.

As of the date hereof, no metallurgical testing has been carried out on rocks from the Raintree West Deposit, however, given the similarities in geological setting, host rock, mineralization and alteration between Raintree West and the Whistler Deposits, it has been assumed by us that metallurgical processes and metal recoveries determined for the Whistler Deposit are a reasonable approximation for the Raintree West Deposit at this time.

Metal recoveries reported for the Whistler Project resource estimate include 83% for copper, 70% for gold and 65% for silver with silver grades below 10 g/t and 0% for silver grades above 10 g/t.

***Mineral Resource Estimates***

The following table sets forth the mineral resource estimate in the S-K 1300 Report, with an effective date of September 22, 2022, date of issue of September 23, 2022 and revised date of issue of December 16, 2022.

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Deposit** | | | **In Situ Grade** | **In Situ Grade** | **In Situ Grade** | **In Situ Grade** | **In Situ Grade** | **In Situ Metal** | **In Situ Metal** | **In Situ Metal** | **In Situ Metal** |
|  |<br>**NSR Cutoff** |<br>**Tonnage** | **NSR** | **Gold** | **Silver** | **Copper** | **Gold Eq** | **Gold** | **Silver** | **Copper** | **Gold Eq** |
|  | *(US$/t)* | *(Mt)* | (US$/t) | *(g/t)* | *(g/t)* | *(%)* | *(g/t)* | *(Moz)* | *(Moz)* | *(Mlbs)* | *(Moz)* |
|  | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** |
| Whistler | 10.50 | 107.77 | 26.44 | 0.50 | 1.95 | 0.17 | 0.79 | 1.75 | 6.76 | 399 | 2.74 |
| Raintree (Open Pit) | 10.50 | 7.76 | 20.61 | 0.49 | 4.88 | 0.09 | 0.67 | 0.12 | 1.22 | 15 | 0.17 |
| **Total Indicated (Open Pit)** | **10.50** | **115.53** | **26.05** | **0.50** | **2.15** | **0.16** | **0.78** | **1.87** | **7.97** | **414** | **2.90** |
| Raintree (Underground) | 25.00 shell | 2.68 | 34.02 | 0.79 | 4.18 | 0.13 | 1.03 | 0.07 | 0.36 | 8 | 0.09 |
| **Total Indicated** | **varies** | **118.20** | **26.23** | **0.51** | **2.19** | **0.16** | **0.79** | **1.94** | **8.33** | **422** | **2.99** |
|  | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** |
| Whistler | 10.50 | 153.54 | 19.17 | 0.35 | 1.48 | 0.13 | 0.57 | 1.71 | 7.31 | 455 | 2.83 |
| Island Mountain | 10.50 | 111.90 | 18.99 | 0.47 | 1.06 | 0.05 | 0.57 | 1.70 | 3.81 | 131 | 2.04 |
| Raintree (Open Pit) | **10.50** | 11.77 | 24.28 | 0.62 | 4.58 | 0.07 | 0.77 | 0.23 | 1.73 | 18 | 0.29 |
| **Total Inferred (Open Pit)** | 10.50 | **277.21** | **19.32** | **0.41** | **1.44** | **0.10** | **0.58** | **3.64** | **12.85** | **604** | **5.16** |
| Raintree (Underground) | 25.00 shell | 39.77 | 32.65 | 0.80 | 2.51 | 0.12 | 1.00 | 1.03 | 3.21 | 107 | 1.28 |
| **Total Inferred** | **varies** | **316.98** | **20.99** | **0.46** | **1.58** | **0.10** | **0.63** | **4.67** | **16.06** | **711** | **6.45** |

---

Notes:

1. Mineral resources are not
 mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources
 will be converted into mineral reserves.

2. The
Mineral Resource for Whistler deposit and the upper portions of the Raintree West deposits have been confined by an open pit with "reasonable
prospects of eventual economic extraction" using the 150% pit case and the following assumptions:

● Metal prices of US$1,600/oz Au, US$3.25/lb Cu and US$21/oz Ag;

● Payable metal of 99% payable Au, 90% payable Ag and 1% deduction for Cu;

● Offsite costs (refining, transport and insurance) of US$136/wmt proportionally distributed between Au, Ag and Cu;

● Royalty of 3% NSR has been assumed;

● Pit slopes are 50 degrees;

● Mining cost of US$1.80/t for waste and US$2.00/t for mineralized material; and

● Processing, general and administrative costs of US$10.50/t.

&nbsp;&nbsp;&nbsp;&nbsp;3. The lower portion of the
 Raintree West deposit has been constrained by a mineable shape with "reasonable prospects of eventual economic extraction"
 using a US$25.00/t cut-off.

&nbsp;&nbsp;&nbsp;&nbsp;

4. Metallurgical recoveries
 are: 70% for Au, 83% for Cu, and 65% Ag for Ag grades below 10g/t. The Ag recovery is 0% for values above 10g/t for all
 deposits.

5. The
 NSR equations are: below 10g/t Ag: NSR (US$/t)=(100%-3%)\*((Au\*70%\*US$49.273g/t) + (Cu\*83%\*US$2.966\*2204.62 + Ag\*65%\*US$0.574)), and
 above 10g/t Ag: NSR (US$/t)=(100%-3%)\*((Au\*70%\*US$49.256g/t) + (Cu\*83%\*US$2.965\*2204.62))

6. The Au Equivalent equations
 are: below 10g/t Ag: AuEq=Au + Cu\*1.5733 +0.0108Ag, and above 10g/t Ag: AuEq=Au + Cu\*1.5733

7. The specific gravity for
 each deposit and domain ranges from 2.76 to 2.91 for Island Mountain, 2.60 to 2.72 for Whistler with an average value of 2.80 for
 Raintree West.

8. Numbers may not add due
 to rounding.

**Summary Risk Factors**

Investing in our securities is speculative and involves substantial risk. You should carefully consider all of the information in this prospectus prior to investing in our securities. There are numerous risk factors related to our business that are described under "Risk Factors" and elsewhere in this prospectus. These risks could materially and adversely impact our business, results of operations, financial condition and future prospects, which could cause the trading price of our securities to decline and could result in a loss of your investment. Among these important risks are the following:

***Risks Relating to our Business and Industry***

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| | | |
|:---|:---|:---|
| **** | ● | Our success depends on the exploration development and operation of the Whistler Project, an exploration stage project, which is currently our only project. |
| **** | ● | We do not operate any mines and the development of our mineral project into a mine is highly speculative in nature, may be unsuccessful and may never result in the development of an operating mine. |
| **** | ● | Resource exploration and development is a high risk, speculative business. |
| **** | ● | Mineral resource estimates are based on interpretation and assumptions and could be inaccurate or yield less mineral production under actual conditions than is currently estimated. Any material changes in these estimates could affect the economic viability of the Whistler Project, our financial condition and ability to be profitable. |
| **** | ***●*** | We may not be able to obtain all required permits and licenses to place any of our properties into future production. |
| **** | ***●*** | We have negative cash flows from operating activities. |
| **** | ● | We have no history of earnings, and there are no known commercial quantities of mineral reserves on the Whistler Project. |
| **** | ● | We will require additional financing to fund exploration and, if warranted, development and production. Failure to obtain additional financing could have a material adverse effect on our financial condition and results of operation and could cast uncertainty on our ability to continue our operations in the future. |
| **** | ● | The development of the Whistler Project or any other projects we may acquire in the future into an operating mine will be subject to all of the risks associated with establishing and operating new mining operations. |
| **** | ● | Our growth strategy and future exploration and development efforts may be unsuccessful. |
| **** | ● | We may issue additional shares of our common stock from time to time for various reasons, resulting in the potential for significant dilution to existing stockholders. |
| **** | ● | We may face pressure to demonstrate that, in addition to seeking to generate returns for its stockholders, other stakeholders benefit from our activities. |
| **** | ● | Legislation has been proposed that would significantly affect the mining industry and our business. |
| **** | ● | Our activities are subject to environmental laws and regulations that may increase our costs of doing business and restrict our operations. |
| **** | ● | Mining and project development is inherently risky and subject to conditions or events some of which are beyond our control, and which could have a material adverse effect on our business. |

---

---

| | | |
|:---|:---|:---|
| **** | ● | The validity of our title to the Whistler Project and future mineral properties may be disputed by others claiming title to all or part of such properties. |
| **** | ● | We may in the future enter into transactions with related parties and such transactions present possible conflicts of interest. |
| **** | ● | We face various risks related to health epidemics, pandemics or other health crises, which may have material adverse effects on our business, financial position, results of operations and/or cash flows. |
| **** | ● | Increasing attention to Environmental, Social and Governance ("**ESG**") matters and conservation measures may adversely impact our business. |
| **** | ● | We rely on third-party contractors. |
| **** | ● | We are subject to various laws and regulations, and the costs associated with compliance with such laws and regulations may cause substantial delays and require significant cash and financial expenditure, which may have a material adverse effect on our business. |
| **** | ● | We rely on information technology systems and any inadequacy, failure, interruption or security breaches of those systems may harm our reputation and ability to effectively operate our business. |
| **** | ● | Global financial markets can have a profound impact on the global economy in general and on the mining industry in particular. |
| **** | ● | The volatility in gold and other commodity prices may adversely affect any future operations and, if warranted, our ability to develop our properties. |
| **** | ● | The mining industry is intensely competitive in all of its phases, and we compete with many companies possessing greater financial and technical resources. |
| **** | ***●*** | We may be adversely affected by the effects of inflation. |
| **** | ● | We are currently operating in a period of economic uncertainty and capital markets disruptions, which have been significantly impacted by geopolitical instability due to the ongoing military conflict between Russia and Ukraine. |
| **** | ● | If we fail to maintain effective internal controls over financial reporting, the price of our common stock may be adversely affected. |
| **** | ● | Our results of operations could be affected by currency fluctuations. |
| **** | ● | We are dependent on key personnel and the absence of any of these individuals could adversely affect our business. We may experience difficulty attracting and retaining qualified personnel. |
| **** | ● | Litigation or legal proceedings could expose us to significant liabilities and have a negative impact on our reputation or business. |
| **** | ● | Certain of our directors and officers also serve as directors and officers of other companies involved in natural resource exploration and development, which may cause them to have conflicts of interest and not have adequate time and attention to dedicate to the Company. |
| **** | ● | There will be significant hazards associated with our mining activities, some of which may not be fully covered by insurance. To the extent we must pay the costs associated with such risks, our business may be negatively affected. |
| **** | ● | Capital and operating cost estimates made in respect of our current and future development projects and mines may not prove to be accurate. |

---

***Risks Relating to Our Securities and this Offering***

● The requirements of being a public company may strain our resources, divert management's attention and affect our ability to attract and retain qualified board members.

● We are an "emerging growth company", and any decision on our part to comply only with certain reduced reporting and disclosure requirements applicable to emerging growth companies could make our securities less attractive to investors.

● A small number of our stockholders could significantly influence our business.

● We will be a "controlled company" within the meaning of the NYSE American Company Guide. As a result, we will qualify for exemptions from certain U.S. corporate governance requirements and such exemptions could have an adverse effect on our public stockholders.

● The market price of our securities may be volatile, which could result in substantial losses for investors purchasing securities in this offering.

● An active, liquid and orderly trading market for our securities may not develop.

&nbsp;&nbsp;&nbsp;&nbsp;

● Substantial future sales of our securities, or the perception that these sales could occur, may cause the price of our securities to drop significantly, even if our business is performing well.

● The Units are equity interests and would be subordinate to future issuances by us of either indebtedness or preferred shares.

● We do not anticipate paying cash dividends, and accordingly, stockholders must rely on share appreciation for any return on their investment.

● Investors in this offering will pay a much higher price than the book value of our common stock and therefore you will incur immediate and substantial dilution of your investment.

● The NYSE American may in the future delist our securities from its exchange, which could limit investors' ability to make transactions in our securities and subject us to additional trading restrictions.

● If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our share price and trading volume could decline.

● U.S. civil liabilities may not be enforceable against our directors, our officers or certain experts named in this prospectus. Similarly, it may be difficult for investors to enforce civil liabilities against us, our directors and officers residing outside of the United States.

● Any issuance of preferred shares could make it difficult for another company to acquire us or could otherwise adversely affect holders of our common stock, which could depress the market price of our common stock.

As a result of these risks and other risks described under "Risk Factors", there is no guarantee that we will experience growth or profitability in the future.

**Implications of Being an Emerging Growth Company**

We qualify as an "emerging growth company" pursuant to the Jumpstart Our Business Startups Act, or the JOBS Act. An emerging growth company may take advantage of specified exemptions from various requirements that are otherwise applicable generally to public companies in the United States. These exceptions include:

● an exemption to include in an initial public offering registration statement less than five years of selected financial data;

● an exemption from the auditor attestation requirement in the assessment of the emerging growth company's internal control over financial reporting; and

● reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements and registration statements.

The JOBS Act also permits an emerging growth company such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. We have elected to avail ourselves of the exemption that allows emerging growth companies to extend the transition period for complying with new or revised financial accounting standards.

We will remain an emerging growth company until the earliest of:

● the last day of our fiscal year during which we have total annual gross revenues of at least $1.235 billion;

● the last day of our fiscal year following the fifth anniversary of the completion of this offering;

● the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt securities; or

● the date on which we are deemed to be a "large accelerated filer" under the Exchange Act.

We have availed ourselves in this prospectus of the reduced reporting requirements described above with respect to selected financial data. As a result, the information that we are providing to you may be less comprehensive than what you might receive from other public companies. When we are no longer deemed to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

**Organizational Structure**

The following chart sets forth our current corporate organization as of the date hereof and prior to completion of this offering.

![](forms-1_003.jpg)

(1) GoldMining holds 100% of the issued and outstanding common stock of the Company, less 635,000 shares of performance based restricted common stock of the Company held by certain of our and GoldMining's executive officers and directors. See "*Executive and Director Compensation*".

**Company Information**

We were incorporated on June 30, 2015 in Alaska as "BRI Alaska Corp." On September 8, 2022, we redomiciled to Nevada and changed our name to "U.S. GoldMining Inc." Our principal executive offices are located at 1030 West Georgia Street, Suite 1830, Vancouver, British Columbia, Canada V6E 2Y3 and our head operating offices are located at 301 Calista Court, Suite 200, Office 203, Anchorage, Alaska, 99518. Our website address is www.us.goldmining.com. The information contained on, or that can be accessed through, our website is not a part of this prospectus.

**The Offering**

---

| | |
|:---|:---|
| Securities offered by us | 2,000,000 Units, with each Unit consisting of (i) one share of our common stock, par value $0.001 per share, and (ii) one Warrant. The share of our common stock and Warrant comprising each Unit are immediately separable and will be issued separately in this offering. This prospectus also relates to the offering of our shares of common stock issuable upon the exercise of the Warrants included in the Units. |
| Warrants | Each Warrant entitles the holder thereof to purchase one share of our common stock at a price of $13.00 per share. Only whole Warrants are exercisable. The Warrants are exercisable at any time for period of 36 months from the date on which such Warrants were issued. The Warrants and the shares of our common stock will be purchased together in this offering. The exercise price and the number of shares into which the Warrant may be exercised are subject to adjustments in certain circumstances. See "*Description of Securities—Warrants*" for a discussion of the terms of the Warrants. |
| Over-allotment option | We have granted the underwriters an option, exercisable within 30 days of the date of this prospectus, to purchase up to an additional 300,000 shares of our common stock and/or Warrants to purchase up to an additional 300,000 shares of our common stock to cover over-allotments, if any, in connection with this offering. |
| Common stock to be outstanding after this offering | 12,135,001 shares of our common stock (assuming no exercise of the Warrants included in this offering), and (12,435,001 shares of our common stock if the over-allotment option is exercised in full). |
| Use of proceeds | We estimate that we will receive net proceeds from this offering of approximately $17,753,000, or approximately $20,533,000 if the representative exercises its option to purchase additional common stock and/or Warrants from us in full, based on an initial public offering price of $10.00 per Unit, after deducting underwriting discounts and commissions and estimated offering expenses payable by us. We intend to use the net proceeds of this offering to implement our growth and acquisition strategy, and for other general working capital purposes. See "*Use of Proceeds".* |
| Proposed NYSE American Symbols | "USGO" for our common stock and "USGOW" for the Warrants. |
| Voting Rights | Holders of our common stock are entitled to one vote per share. See "*Description of Capital Stock".* |
| Dividend Policy | We have never paid or declared any dividends on our common stock or any of our other securities. We currently intend to retain any future earnings to finance the growth and development of our business, and we do not anticipate that we will declare or pay any cash dividends in the foreseeable future. See "*Dividend Policy*". |
| Risk factors | See "*Risk Factors*" and the other information included in this prospectus for a discussion of factors you should consider carefully before investing in our securities. |
| Lock-ups | We and our directors, officers and principal stockholders of our common stock have agreed with the underwriters not to offer for sale, issue, sell, contract to sell, pledge or otherwise dispose of any of our common stock for a period of 180 days after the closing date of this offering. See "*Underwriting*" on page 95. |

---

The number of shares of common stock to be outstanding after this offering is based on 10,135,001 shares of our common stock outstanding as of November 30, 2022, and excludes 1,378,500 shares of our common stock reserved for future issuance under our share-based compensation plans.

Unless otherwise indicated, all information in this prospectus reflects and assumes:

● no exercise by the representative of its option to purchase up to an additional 300,000 shares of our common stock and/or Warrants from us to cover over-allotments, if any, in connection with this offering;

● no exercise of the Warrants described above; and

● no issuance or exercise of options after &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2023.

**Summary Historical Financial Data**

U.S. GoldMining Inc. was incorporated on June 30, 2015 in Alaska as "BRI Alaska Corp." On September 8, 2022, U.S. GoldMining Inc. redomiciled to Nevada and changed its name from "BRI Alaska Corp." to "U.S. GoldMining Inc."

The following tables set forth a summary of our financial data. The summary statements of operations data for the fiscal years ended November 30, 2022, 2021 and 2020 are derived from our audited financial statements included elsewhere in this prospectus. You should read this summary data together with our financial statements and related notes included elsewhere in this prospectus and the information in the section of this prospectus titled "Management's Discussion and Analysis of Financial Condition and Results of Operations." The summary financial data in this section are not intended to replace the financial statements and related notes included elsewhere in this prospectus.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **November 30, 2022** | **November 30, 2021** | **November 30, 2020** |
| **Statement of Operations Data** |  |  |  |
| Total operating expenses | $1735387 | $697311 | $595010 |
| Loss from operations | $(1735387) | $(697311) | $(595010) |
| Loss before income taxes | $(1738657) | $(697311) | $(595010) |
| Income tax expense |  |  |  |
| Net loss | $(1738657) | $(697311) | $(595010) |
| Basic and diluted net loss per share<sup>(1)</sup> | $(0.17) | $(0.07) | $(0.06) |

---

(1) Adjusted to reflect a 2.714286-for-1 split of our common stock completed on September 22, 2022.

**RISK FACTORS**

*Investing in our securities is speculative and involves a high degree of risk. You should consider carefully the following risk factors, as well as the other information in this prospectus, including our financial statements and notes thereto, before you decide to purchase our securities. If any of the following risks actually occur, our business, financial conditions, results of operations and prospects could be materially adversely affected, the value of our securities could decline, and you may lose all or part of your investment. This prospectus also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of a number of factors, including the risks described below. See "Cautionary Note Regarding Forward-Looking Statements".*

**Risks Relating to our Business and Industry**

***Our success depends on the exploration development and operation of the Whistler Project, an exploration stage project which is currently our only project.***

At present, our only mineral property is the interest that we hold in the Whistler Project, which is in the exploration stage. Unless we acquire or develop additional mineral properties, we will be solely dependent upon this property and our future success will be largely driven by our ability to explore and develop the Whistler Project successfully, including the results of such exploration and development efforts. If no additional mineral properties are acquired by us, any adverse development affecting our operations and further exploration or development of the Whistler Project may have a material adverse effect on our financial condition and results of operations.

***We do not operate any mines and the development of our mineral project into a mine is highly speculative in nature, may be unsuccessful and may never result in the development of an operating mine.***

The Whistler Project is at the exploration stage and is without identified mineral reserves. We do not have any interest in any mining operations or mines in development.

Mineral exploration and mine development are highly speculative in nature, involve many uncertainties and risks and are frequently unsuccessful. Mineral exploration is performed to demonstrate the dimensions, position and mineral characteristics of mineral deposits, estimate mineral resources, assess amenability of the deposit to mining and processing scenarios and estimate potential deposit size. Once mineralization is discovered, it may take a number of years from the initial exploration phases before mineral development and production is possible, during which time the potential feasibility of the project may change adversely.

Mineralization may not be economic to mine. A significant number of years, several studies, and substantial expenditures are typically required to establish economic mineralization in the form of proven mineral reserves and Probable Mineral Reserves, to determine processes to extract the metals and, if required, to construct mining, processing, and tailing facilities and obtain the rights to the land and the resources (including capital) required to develop the mining operation.

In addition, if we discover mineralization that becomes a mineral reserve, it will take several years to a decade or more from the initial phases of exploration until production is possible. During this time, the economic feasibility of production may change. As a result of these uncertainties, we may not be able to successfully develop a commercially viable producing mine.

In addition, whether developing a producing mine is economically feasible will depend upon numerous additional factors, most of which are beyond our control, including the availability and cost of required development capital and labor, movement in the price of commodities, securing and maintaining title to mineral and other property rights as well as obtaining all necessary consents, permits and approvals for the development of the mine. The economic feasibility of development projects is based upon many factors, including the accuracy of mineral resource and mineral reserve estimates; metallurgical recoveries; capital and operating costs; government regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting and environmental protection; and metal prices, which are highly volatile. Development projects are also subject to the successful completion of feasibility studies, issuance of necessary governmental permits and availability of adequate financing. Any of these factors may result in us being unable to successfully develop a commercially viable operating mine.

***Resource exploration and development is a high risk, speculative business.***

While the discovery of an ore body may result in substantial rewards, few mineral properties which are explored are ultimately developed into producing mines. Most exploration projects do not result in the discovery of commercially mineable deposits. Resource exploration and development is a speculative business, characterized by a number of significant risks including, among other things, unprofitable efforts resulting not only from the failure to discover mineral deposits but also from finding mineral deposits that, though present, are insufficient in quantity or quality to return a profit from production. The marketability of minerals acquired or discovered by us may be affected by numerous factors which are beyond our control and which cannot be accurately predicted, such as market fluctuations, the proximity and capacity of milling facilities, mineral markets and processing equipment, and such other factors as government regulations, including regulations relating to allowable production, importing and exporting of minerals, and environmental protection, the combination of which factors may result in our not receiving an adequate return of investment capital.

There is no assurance that our mineral exploration and development activities will result in any discoveries of commercial bodies of ore. The long-term profitability of our operations will in part be directly related to the costs and success of our exploration programs, which may be affected by a number of factors. Substantial expenditures are required to establish reserves through drilling and to develop the mining and processing facilities and infrastructure at any site chosen for mining. Although substantial benefits may be derived from the discovery of a major mineralized deposit, no assurance can be given that minerals will be discovered in sufficient quantities to justify commercial operations or that funds required for development can be obtained on a timely basis.

Additionally, significant capital investment is required to discover commercial ore and to commercialize production from successful exploration effort and maintain mineral concessions and other rights through payment of applicable taxes, advance royalties and other fees. The commercial viability of a mineral deposit is dependent on a number of factors, including, among others: (i) deposit attributes such as size, grade and proximity to infrastructure; (ii) current and future metal prices; and (iii) governmental regulations, including those relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and necessary supplies and environmental protection. The complete impact of these factors, either alone or in combination, cannot be entirely predicted and their impact may result in our not achieving an adequate return on invested capital.

There is no certainty that the expenditures made by us towards the search for and evaluation of mineral deposits will result in discoveries of commercial quantities of ore.

***Mineral resource estimates are based on interpretation and assumptions and could be inaccurate or yield less mineral production under actual conditions than is currently estimated. Any material changes in these estimates could affect the economic viability of the Whistler Project, our financial condition and ability to be profitable.***

The estimates for mineral resources contained herein are estimates only and no assurance can be given that the anticipated tonnages and grades will be achieved. There are numerous uncertainties inherent in estimating mineral resources, including many factors beyond our control. Such estimation is a subjective process, and the accuracy of any mineral resource estimate is a function of the quantity and quality of available data and of the assumptions made and judgments used in engineering and geological interpretation. In addition, there can be no assurance that gold recoveries in small scale laboratory tests will be duplicated in larger scale tests under on-site conditions or during production, if any. If our actual mineral resources are less than current estimates or if we fail to develop our Mineral Resource base through the realization of identified mineralized potential, our results of operations or financial condition may be materially and adversely affected. Evaluation of mineral resources occurs from time to time and they may change depending on further geological interpretation, drilling results and metal prices. The category of inferred mineral resource is often the least reliable mineral resource category and is subject to the most variability. We regularly evaluate our mineral resources and consider the merits of increasing the reliability of its overall mineral resources.

***We may not be able to obtain all required permits and licenses to place any of our properties into future production.***

We may not be able to obtain all required permits and licenses to place any of our properties into production. Our future operations may require permits from various governmental authorities and will be governed by laws and regulations governing prospecting, development, mining, production, export, taxes, labor standards, occupational health, waste disposal, land use, environmental protections, mine safety and other matters. There can be no guarantee that we will be able to obtain all necessary licenses, permits and approvals that may be required to undertake exploration activity or commence construction or operation of mine facilities at the Whistler Project. Additionally, there can be no assurance that all permits and licenses we may require for future exploration or possible future development will be obtainable at all or on reasonable terms.

Mining and exploration activities are also subject to various laws and regulations relating to the protection of the environment. Although we believe that our exploration activities are currently carried out in accordance with all of the applicable rules and regulations, no assurance can be given that new rules and regulations will not be enacted or that existing rules and regulations will not be applied in a manner that could limit or curtail the production or development of the Whistler Project. Amendments to current laws and regulations governing our operations and activities or a more stringent implementation thereof could have a material adverse effect on our business, financial condition and results of operations.

Failure to comply with applicable laws, regulations and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, the installation of additional equipment, or remedial actions. Parties engaged in mining operations may be required to compensate those suffering loss or damage by reason of mining activities and may be subject to civil or criminal fines or penalties for violations of applicable laws or regulations.

Amendments to current laws, regulations and permits governing operations and activities of mining companies, or a more stringent implementation thereof, could have a material adverse impact on us and cause increases in exploration expenses, capital expenditures or production costs, reduction in levels of production at producing properties, or abandonment or delays in development of new mining properties.

***We have negative cash flows from operating activities.***

We had negative cash flow from operating activities in the period from our incorporation until the date of this prospectus. We expect that we will use a portion of the proceeds of this offering to fund anticipated negative cash flow from operating activities in future periods. Given that we have no operating revenues, and do not anticipate generating operating revenues for the foreseeable future, we expect that expenditures to fund operating activities will be provided by financings. There is no assurance that future financings can be completed on acceptable terms or at all, and our failure to raise capital when needed could limit our ability to continue our operations in the future.

***We have no history of earnings or mineral production, and there are currently no known commercial quantities of mineral reserves on the Whistler Project.***

We have no history of earnings or mineral production and may never engage in mineral production. There are currently no known commercial quantities of mineral reserves on the Whistler Project. Development of the Whistler Project and any other projects we may acquire in the future will only follow upon obtaining satisfactory results of further exploration work and geological and other studies. Exploration and the development of natural resources involve a high degree of risk and few properties which are explored are ultimately developed into producing properties. There is no assurance that our exploration and development activities will result in any discoveries of commercial bodies of ore. The long-term profitability of our operations will be in part directly related to the cost and success of our exploration programs, which may be affected by a number of factors. Even if commercial quantities of minerals are discovered, the Whistler Project may not be brought into a state of commercial production. The commercial viability of a mineral deposit once discovered is also dependent on various factors, including particulars of the deposit itself, proximity to infrastructure, metal prices, and availability of power and water to permit development.

Further, we are subject to many risks common to mineral exploration companies, including under-capitalization, cash shortages, limitations with respect to personnel, financial and other resources and the lack of revenues. There is no assurance we will be successful in achieving a return on stockholder's investment and the likelihood of success must be considered in light of its early-stage operations.

***We will require additional financing to fund exploration and, if warranted, development and production. Failure to obtain additional financing could have a material adverse effect on our financial condition and results of operation and could cast uncertainty on our ability to continue our operations in the future.***

We have no history of earnings, and, due to the nature of our business, there can be no assurance that we will be profitable. We have paid no dividends on our common stock or any of our other securities since incorporation and do not anticipate doing so in the foreseeable future. To fund our operations prior to the offering, we have a committed source of financing by way of an inter-company agreement with GoldMining, until the earlier of May 22, 2024, or until such time as we complete the offering. After the offering, the only immediate source of funds available to us is expected to be through the sale of our equity shares in this offering and potential future equity financings. If the financing provided by the inter-company agreement with GoldMining is interrupted or terminated prior to the earlier of (i) the completion of the offering contemplated by the Registration Statement and (ii) May 22, 2024, the Company is expected to seek an alternative source of financing in order to continue its business although there is no assurance that alternative financing funds will be available on acceptable terms, or at all. The Company may not be able to complete this Offering if such alternative financing is required and the Company does not obtain it.

Even if the results of exploration are encouraging, we may not have sufficient funds to conduct the further exploration that may be necessary to determine whether or not a commercially minable deposit exists on any portion of the Whistler Project. While we may generate additional working capital through further equity offerings, there is no assurance that any such funds will be available on acceptable terms, or at all. If available, future equity financing may result in substantial dilution to stockholders. At present it is impossible to determine what amounts of additional funds, if any, may be required.

***The development of the Whistler Project or any other projects we may acquire in the future into an operating mine will be subject to all of the risks associated with establishing and operating new mining operations.***

If the development of the Whistler Project or any other projects we may acquire in the future is found to be economically feasible and we seek to develop an operating mine, the development of such a mine will require obtaining permits and financing the construction and operation of the mine itself, processing plants and related infrastructure. As a result, we will be subject to certain risks associated with establishing new mining operations, including:

● uncertainties in timing and costs, which can be highly variable and considerable in amount, of the construction of mining and processing facilities and related infrastructure;

● we may find that skilled labor, mining equipment and principal supplies needed for operations, including explosives, fuels, chemical reagents, water, power, equipment parts and lubricants are unavailable or available at costs that are higher than we anticipated;

● we will need to obtain necessary environmental and other governmental approvals and permits and the receipt of those approvals and permits may be delayed or extended beyond what we anticipated, or that the approvals and permits may contain conditions and terms that materially impact our ability to operate a mine;

● we may not be able to obtain the financing necessary to finance construction and development activities or such financing may be on terms and conditions costlier than anticipated, which may make mine development activities uneconomic;

● we may suffer industrial accidents as part of building or operating a mine that may subject us to significant liabilities;

● we may suffer mine failures, shaft failures or equipment failures which delay, hinder or halt mine development activities or mining operations;

● our mining projects may suffer from adverse natural phenomena such as inclement weather conditions, floods, droughts, rock slides and seismic activity;

● we may discover unusual or unexpected geological and metallurgical conditions that could cause us to have to revise or modify mine plans and operations in a materially adverse manner; and

● the development or operation of our mines may become subject to opposition from nongovernmental organizations, environmental groups or local groups, which may delay, prevent, hinder or stop development activities or operations.

In addition, we may find that the costs, timing and complexities of developing the Whistler Project or any other future projects to be greater than we anticipated. Cost estimates may increase significantly as more detailed engineering work is completed on a project. It is common in mining operations to experience unexpected costs, problems and delays during construction, development and mine start-up. Accordingly, our activities may not result in profitable mining operations at our mineral properties.

***Our growth strategy and future exploration and development efforts may be unsuccessful.***

In order to grow our business and pursue our long-term growth strategy, we may seek to acquire additional mineral interests or merge with or invest in new companies or opportunities. A failure to make acquisitions or investments may limit our growth. In pursuing acquisition and investment opportunities, we face competition from other companies having similar growth and investment strategies, many of which may have substantially greater resources than us. Competition for these acquisitions or investment targets could result in increased acquisition or investment prices, higher risks and a diminished pool of businesses, services or products available for acquisition or investment. Additionally, if we lose or abandon our interest in any of our mineral projects, there is no assurance that we will be able to acquire another mineral property of merit or that such an acquisition would be approved by applicable regulators.

***We may issue additional shares of our common stock from time to time for various reasons, resulting in the potential for significant dilution to existing stockholders.***

The number of shares of our common stock we are authorized to issue is 300,000,000, and as such, we may issue additional shares of our common stock from time to time for various reasons, including, but not limited to, for the purposes of raising capital (including to fund exploration and development work) or acquiring additional interests. We may also issue additional shares of our common stock pursuant to equity incentive plans from time to time. These further issuances of our common stock may have a depressive effect on the price of our common stock and will dilute the voting power of our existing stockholders and the potential value of each share of our common stock.

***We may face pressure to demonstrate that, in addition to seeking to generate returns for its stockholders, other stakeholders benefit from our activities.***

Natural resources companies face increasing public scrutiny of their activities. We may face pressure to demonstrate that, in addition to seeking to generate returns for its stockholders, other stakeholders benefit from our activities, including local governments and the communities surrounding or nearby its properties. The potential consequences of these pressures include reputational damages, lawsuits, increasing social investment obligations and pressure to increase taxes, future royalties or other contributions to local governments and surrounding communities. These pressures may also impair our ability to successfully obtain permits and approvals required for our operations.

Our mineral exploration activities are subject to extensive laws and regulations governing prospecting, exploration, development, production, taxes, labor standards and occupational health, mine safety, toxic substances, land use, waste disposal, water use, land claims of local people, protection of historic and archaeological sites, mine development, protection of endangered and protected species and other matters.

Government and community/stakeholder approvals may be required in connection with our operations. To the extent such approvals are required and not obtained, we may be curtailed or prohibited from continuing our exploration or mining operations or from proceeding with planned exploration or development of mineral properties.

Failure to comply with applicable laws, regulations and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. Parties engaged in mining operations or in the exploration or development of mineral properties may be required to compensate those suffering loss or damage by reason of the mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations.

Our mineral exploration activities may be adversely affected in varying degrees by changing government regulations relating to the mining industry or shifts in political conditions that increase royalties payable or the costs related to our activities or maintaining the Whistler Project. Operations may also be affected in varying degrees by government regulations with respect to restrictions on production, price controls, government imposed royalties, claim fees, export controls, income taxes, and expropriation of property, environmental legislation and mine safety. The effect of these factors cannot be accurately predicted.

***Legislation has been proposed that would significantly affect the mining industry and our business.***

In recent years, members of the United States Congress have repeatedly introduced bills which would supplant or alter the provisions of the U.S. General Mining Law. If adopted, such legislation, among other things, could eliminate or greatly limit the right to a mineral patent, impose federal royalties on mineral production from unpatented mining claims located on U.S. federal lands, result in the denial of permits to mine after the expenditure of significant funds for exploration and development, reduce estimates of mineral reserves and reduce the amount of future exploration and development activity on U.S. federal lands, all of which could have a material and adverse effect on our ability to operate and its cash flow, results of operations and financial condition.

***Our activities are subject to environmental laws and regulations that may increase our costs of doing business and restrict our operations.***

The activities of the Company are subject to environmental regulations in the jurisdiction in which we operate. Environmental legislation generally provides for restrictions and prohibitions on spills, releases or emissions into the air, discharges into water, management of waste, management of hazardous substances, protection of natural resources, antiquities and endangered species and reclamation of lands disturbed by mining operations. Certain types of operations require the submission and approval of environmental impact assessments. Environmental legislation is evolving in a manner involving stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and a heightened degree of responsibility for companies and their officers, directors and employees. Compliance with environmental laws and regulations and future changes in these laws and regulations may require significant capital outlays, cause material changes or delays in our current and planned operations and future activities and reduce the profitability of operations. It is possible that future changes in these laws or regulations could have a significant adverse impact on the Whistler Project or some portion of our business, causing us to re-evaluate those activities at that time.

Examples of current U.S. federal laws which may affect our current operations and may impact future business and operations include, but are not limited to, the following:

The Comprehensive Environmental, Response, Compensation, and Liability Act ("**CERCLA**"), and comparable state statutes, impose strict, joint and several liability on current and former owners and operators of sites and on persons who disposed of or arranged for the disposal of hazardous substances found at such sites. It is not uncommon for the government to file claims requiring cleanup actions, demands for reimbursement for government-incurred cleanup costs, or natural resource damages, or for neighboring landowners and other third parties to file claims for personal injury and property damage allegedly caused by hazardous substances released into the environment. The Federal Resource Conservation and Recovery Act ("**RCRA**"), and comparable state statutes, govern the disposal of solid waste and hazardous waste and authorize the imposition of substantial fines and penalties for noncompliance, as well as requirements for corrective actions. CERCLA, RCRA and comparable state statutes can impose liability for clean-up of sites and disposal of substances found on exploration, mining and processing sites long after activities on such sites have been completed.

The Clean Air Act ("**CAA**") restricts the emission of air pollutants from many sources, including mining and processing activities. Our mining operations may produce air emissions, including fugitive dust and other air pollutants from stationary equipment, storage facilities and the use of mobile sources such as trucks and heavy construction equipment, which are subject to review, monitoring or control requirements under the CAA and state air quality laws. New facilities may be required to obtain permits before work can begin, and existing facilities may be required to incur capital costs in order to remain in compliance. In addition, permitting rules may impose limitations on our production levels or result in additional capital expenditures in order to comply with the regulations.

The National Environmental Policy Act ("**NEPA**") requires federal agencies to integrate environmental considerations into their decision-making processes by evaluating the environmental impacts of their proposed actions, including issuance of permits to mining facilities, and assessing alternatives to those actions. If a proposed action could significantly affect the environment, the agency must prepare a detailed statement known as an Environmental Impact Statement ("**EIS**"). The U.S. Environmental Protection Agency ("**EPA**"), other federal agencies, and any interested third parties will review and comment on the scoping of the EIS and the adequacy of and findings set forth in the draft and final EIS. We are required to undertake the NEPA process for the Whistler Project permitting. The NEPA process can cause delays in issuance of required permits or result in changes to a project to mitigate its potential environmental impacts, which can in turn impact the economic feasibility of a proposed project or the ability to construct or operate the Whistler Project or other properties and may make them entirely uneconomic.

The Clean Water Act ("**CWA**"), and comparable state statutes, impose restrictions and controls on the discharge of pollutants into waters of the United States. The discharge of pollutants into regulated waters is prohibited, except in accordance with the terms of a permit issued by the EPA or an analogous state agency. The CWA regulates storm water mining facilities and requires a storm water discharge permit for certain activities. Such a permit requires the regulated facility to monitor and sample storm water run-off from its operations. The CWA and regulations implemented thereunder also prohibit discharges of dredged and fill material in wetlands and other waters of the United States unless authorized by an appropriately issued permit. The CWA and comparable state statutes provide for civil, criminal and administrative penalties for unauthorized discharges of pollutants and impose liability on parties responsible for those discharges for the costs of cleaning up any environmental damage caused by the release and for natural resource damages resulting from the release.

The Safe Drinking Water Act ("**SDWA**") and the Underground Injection Control ("**UIC**") program promulgated thereunder, regulate the drilling and operation of subsurface injection wells. The EPA directly administers the UIC program in some states and in others the responsibility for the program has been delegated to the state. The program requires that a permit be obtained before drilling a disposal or injection well. Violation of these regulations or contamination of groundwater by mining related activities may result in fines, penalties, and remediation costs, among other sanctions and liabilities under the SDWA and state laws. In addition, third party claims may be filed by landowners and other parties claiming damages for alternative water supplies, property damages, and bodily injury.

**We may be unsuccessful in obtaining necessary permits to explore, develop or mine the Whistler Project in a timely manner or at all.**

Exploration, development and mining activities will require certain permits and other governmental approvals. We may be unsuccessful in obtaining such permits and approvals on a timely basis, or on favorable terms or at all.

The State of Alaska requires that an Application for Permit to Mine in Alaska ("**APMA**") be submitted to obtain permits for all exploration, mining, or transportation of equipment and maintaining a camp. These permits are reviewed by related state and federal agencies that can comment on and require specific changes to proposed work plans to minimize impacts on the environment. We have submitted an APMA to Alaska's Department of Natural Resources ("**ADNR**") for the issuance of permits that will allow for future exploration work on the property in connection with the Whistler Project and on September 22, 2022, the ADNR approved Multi-Year 2022-2026 Exploration and Reclamation Permit Number 2778 for Hardrock Exploration – Skwentna River – Yentna Mining District, and in addition also approved Reclamation Plan Approval Number 2778.

Any failure to obtain permits and other governmental approvals could delay or prevent us from completing contemplated activities as planned which could negatively impact our financial condition and results of operations.

***Mining and project development is inherently risky and subject to conditions or events some of which are beyond our control, and which could have a material adverse effect on our business.***

Our activities related to the exploration and development of the Whistler Project and any other projects we may acquire in the future are subject to hazards and risks inherent in the mining industry. These risks, include, but are not limited to, rock falls, rock bursts, collapses, seismic activity, flooding, environmental pollution, mechanical equipment failure, facility performance issues, and periodic disruption due to inclement or hazardous weather conditions. Such risks could result in personal injury or fatality, damage to equipment or infrastructure, environmental damage, delays, suspensions or permanent cessation of activities, monetary losses and possible legal liability.

Our mining, processing, development and exploration activities depend on adequate infrastructure. Mining, processing, development and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important determinants that affect capital and operating costs. Unusual or infrequent weather phenomena, sabotage and government or other interference in the maintenance or provision of such infrastructure could adversely affect the Company's operations, financial condition and results of operations.

***The validity of our title to the Whistler Project and future mineral properties may be disputed by others claiming title to all or part of such properties.***

The acquisition of title to mineral properties is a very detailed and time-consuming process. Title to, and the area of, mineral concessions may be disputed. Although we believe we have taken reasonable measures to ensure proper title to our interests in our properties, there is no guarantee that title to any such properties will not be challenged or impaired. Third parties may have valid claims underlying portions of our interests, including prior unregistered liens, agreements, transfers or claims and title may be affected by, among other things, undetected defects. In addition, we may be unable to operate on such properties as permitted or to enforce its rights with respect to such properties.

***We may in the future enter into transactions with related parties and such transactions present possible conflicts of interest.***

We may in the future enter into transactions with related parties and such transactions present possible conflicts of interest. GoldMining, or other related parties may have interests in such transactions that do not align with the interests of our security holders. There can be no assurance that we may have been able to achieve more favorable terms, including as to value and other key terms, if such transaction had not been with a related party.

We may in the future enter into transactions with entities in which our board of directors and other related parties hold ownership interests. Material transactions with related parties after this offering, if any, will be reviewed and approved by our audit committee, which is comprised solely of independent directors. Nevertheless, there can be no assurance that any such transactions will result in terms that are more favorable to us than if such transactions are not entered into with related parties. Furthermore, we may achieve more favorable terms if such transactions had not been entered into with related parties and, in such case, these transactions, individually or in the aggregate, may have an adverse effect on our business, financial position and results of operations.

***We face various risks related to health epidemics, pandemics or other health crises, which may have material adverse effects on our business, financial position, results of operations and/or cash flows.***

An outbreak of epidemics, pandemics or other health crises, such as COVID-19 and the subsequent response by government and private actors to such health crises could result in a materially adverse effect on the Company's business, operations and financial condition. As at the date of the date hereof, the COVID-19 pandemic and efforts to control its spread have significantly curtailed the movement of people, goods and services globally. Emergency measures imposed by governments on businesses and individuals, including quarantines, travel restrictions, social-distancing, closures of non-essential businesses and shelter-in-place orders, among other measures, have impacted and may further impact our workforce and operations.

The COVID-19 pandemic may lead to risks to employee health and safety and may result in a slowdown or temporary suspension of any exploration activities at the Whistler Project. The conduct of exploration and development programs of the Company may be impacted or delayed due to limitation on employee mobility, travel restrictions and shelter-in-place orders, which may restrict or prevent the Company's ability to access its mineral properties. Any such limitations, restrictions and orders may have a material adverse effect upon ongoing exploration programs at the Company's mineral properties and, ultimately, on our business and financial condition.

While these effects are expected to be temporary, the duration of the disruptions to business internationally and the related financial impact cannot be estimated with any degree of certainty at this time. The COVID-19 pandemic continues to rapidly evolve and the extent to which it may impact our business, financial condition and results of operations, as well as our plans relating to exploration expenditures and other discretionary items, will depend on future developments, which are highly uncertain and cannot be predicted with confidence.

The outbreak of COVID-19 has caused, and may cause further, disruptions to the Company's business and operational plans. Such disruptions may result from: (i) restrictions that governments and communities impose to address the COVID-19 outbreak; (ii) restrictions that the Company and its contractors and subcontractors impose to ensure the safety of employees and others; (iii) shortages of employees and/or unavailability of contractors and subcontractors; and/or (iv) interruption of supplies from third parties upon which the Company relies. Further, it is presently not possible to predict the extent or durations of these disruptions. These disruptions may have a material adverse effect on the Company's business, financial condition and results of operations, which could be rapid and unexpected.

***Increasing attention to ESG matters and conservation measures may adversely impact our business.***

Increasing attention to, and societal expectations on companies to address, climate change and other environmental and social impacts and investor and societal expectations regarding voluntary ESG disclosures may result in increased costs and reduced access to capital. While we may announce various voluntary ESG targets in the future, such targets are aspirational. Also, we may not be able to meet such targets in the manner or on such a timeline as initially contemplated, including, but not limited to, as a result of unforeseen costs or technical difficulties associated with achieving such results.

In addition, organizations that provide information to investors on corporate governance and related matters have developed ratings processes for evaluating companies on their approach to ESG matters. Unfavorable ESG ratings could lead to increased negative investor sentiment toward us and could impact our access to and costs of capital. Additionally, to the extent ESG matters negatively impact our reputation, we may not be able to compete as effectively to recruit or retain employees, which may adversely impact our business. Increased focus by stakeholders, regulators and others on ESG related matters may result in increased permitting requirements and delays in the future. Additionally, we may become subject to misinformation campaigns related to ESG and other matters which may require substantial management time and expense to address and could negatively impact community sentiment regarding the applicable project or delay expected development timelines.

***We rely on third-party contractors.***

As we continue with the exploration and advancement of the Whistler Project and any other projects we may acquire in the future, timely and cost-effective completion of work will depend largely on the performance of our contractors. If any of these contractors or consultants do not perform to accepted or expected standards, we may be required to hire different contractors to complete tasks, which may impact schedules and add costs to the Whistler Project and any other projects we may acquire in the future, and in some cases, lead to significant risks and losses. A major contractor default or the failure to properly manage contractor performance could have an adverse effect on our results.

***We are subject to various laws and regulations, and the costs associated with compliance with such laws and regulations may cause substantial delays and require significant cash and financial expenditure, which may have a material adverse effect on our business.***

We are subject to various laws and regulations. The costs associated with compliance with such laws and regulations may cause substantial delays and require significant cash and financial expenditure, which may have a material adverse effect on us or the development of the Whistler Project and any other projects we may acquire in the future.

We rely on various counsel, consultants and advisors in respect of legal, environmental compliance, banking, financing and tax matters in order to ensure compliance with material legal, regulatory and governmental developments as they pertain to and affect our operations. Nevertheless, we may fail to comply with a legal or regulatory requirement, which may lead to the revocation of certain rights or to penalties or fees and in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions.

Parties engaged in exploration operations may be required to compensate those suffering loss or damage by reason of the exploration activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations and, in particular, environmental laws. Any of the foregoing may have a material adverse effect on us or the development of the Whistler Project and any other projects we may acquire in the future.

***We rely on information technology systems and any inadequacy, failure, interruption or security breaches of those systems may harm our reputation and ability to effectively operate our business.***

Our operations depend on information technology ("**IT**") systems. These IT systems could be subject to network disruptions caused by a variety of sources, including computer viruses, security breaches and cyber-attacks, as well as disruptions resulting from incidents such as cable cuts, damage to physical plants, natural disasters, terrorism, fire, power loss, vandalism and theft. Our operations also depend on the timely maintenance, upgrade and replacement of networks, equipment, IT systems and software, as well as pre-emptive expenses to mitigate the risks of failures. Any of these and other events could result in IT system failures, delays and/or increase in capital expenses. The failure of IT systems or a component of information systems could, depending on the nature of any such failure, adversely impact our reputation and results of operations.

Although to date we have not experienced any material losses relating to cyber-attacks or other information security breaches, there can be no assurance that we will not incur such losses in the future. Our risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats. As a result, cyber security and the continued development and enhancement of controls, processes and practices designed to protect systems, computers, software, data and networks from attack, damage or unauthorized access remain a priority. As cyber threats continue to evolve, we may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities.

***Global financial markets can have a profound impact on the global economy in general and on the mining industry in particular.***

Many industries, including the precious metals mining industry, are impacted by volatile market conditions. Global financial conditions remain subject to sudden and rapid destabilization in response to economic shocks. A slowdown in the financial markets or other economic conditions, including but not limited to consumer spending, employment rates, business conditions, inflation, fluctuations in fuel and energy costs, consumer debt levels, lack of available credit, the state of financial markets, interest rates and tax rates may adversely affect our growth and financial condition. Any sudden or rapid destabilization of global economic conditions could impact our ability to obtain equity or debt financing in the future on favorable terms or at all. In such an event, our operations and financial condition could be adversely affected.

***The volatility in gold and other commodity prices may adversely affect any future operations and, if warranted, our ability to develop our properties.***

We are exposed to commodity price risk. The price of gold or other commodities fluctuates widely and may be affected by numerous factors beyond our control, including, but not limited to, the sale or purchase of commodities by various central banks and financial institutions, interest rates, exchange rates, inflation or deflation, global and regional supply and demand, and political and economic climates and conditions of major mineral-producing countries around the world.

Declines in the market price of gold, base metals and other minerals may adversely affect our ability to raise capital or attract joint venture partners in order to fund our ongoing operations and meet obligations under option and other agreements underlying our mineral interests. Commodity price declines could also reduce the amount we would receive on the disposition of the Whistler Project to a third party. In addition, the decision to put a mine into production and to commit the funds necessary for that purpose must be made long before the first revenue from production would be received. A decrease in the price of gold may prevent a property from being economically mined or result in the write-off of assets whose value is impaired as a result of lower gold prices.

***The mining industry is intensely competitive in all of its phases, and we compete with many companies possessing greater financial and technical resources.***

The mining industry is intensely competitive in all of its phases, and we compete with many companies possessing greater financial and technical resources. Competition in the precious metals mining industry is primarily for: (i) mineral rich properties that can be developed and produced economically; (ii) technical expertise to find, develop, and operate such properties; (iii) labor to operate the properties; and capital for the purpose of funding such properties. Many competitors not only explore for and mine precious metals but conduct refining and marketing operations on a global basis. Such competition may result in being unable to acquire desired properties, to recruit or retain qualified employees or to acquire the capital necessary to fund its operations and develop mining properties. Existing or future competition in the mining industry could materially adversely affect our prospects for mineral exploration and success in the future.

***We may be adversely affected by the effects of inflation.***

Although inflation in the United States has been relatively low in recent years, it rose significantly beginning in the second half of 2021. This is primarily believed to be the result of the economic impact from global armed conflict and the COVID-19 pandemic, including the effects of global supply chain disruptions, strong economic recovery and associated widespread demands for goods and government stimulus packages, among other factors. The existence of inflation in the economy has resulted in, and may continue to result in, higher interest rates and capital costs, shipping costs, supply shortages, increased costs of labor, weakening exchange rates, and other similar effects. Our ability to conduct exploration of the Whistler Project is dependent on the acquisition of goods and services at a reasonable cost, such as drilling equipment and skilled labor, assay laboratory testing in a timeframe that allows the Company to execute on follow-up exploration phases expeditiously, and aircraft (fixed wing and helicopter) charter service availability to mobilize labor, position equipment and supply exploration campaigns. If we are unable to take effective measures in a timely manner to mitigate the impact of the inflation, the scope of our exploration of the Whistler Project may decrease and our business, financial condition, and results of operations could be adversely affected.

***We are currently operating in a period of economic uncertainty and capital markets disruptions, which have been significantly impacted by geopolitical instability due to the ongoing military conflict between Russia and Ukraine.***

United States and other global markets are experiencing volatility and disruption following the escalation of geopolitical tensions and the start of the military conflict between Russia and Ukraine. On February 24, 2022, a full-scale military invasion of Ukraine by Russian troops was reported. Although the length and impact of the ongoing military conflict is highly unpredictable, the conflict in Ukraine could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions. In addition, Russian military actions and the resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets, potentially making it more difficult for us to obtain additional funds.

Any of the above-mentioned factors could affect our business, prospects, financial condition, and operating results. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial. Any such disruptions may also magnify the impact of other risks described in this prospectus. If we fail to maintain effective internal controls over financial reporting, the price of our common stock may be adversely affected.

***If we fail to maintain effective internal controls over financial reporting, the price of our common stock may be adversely affected.***

We may fail to maintain the adequacy of our internal controls over financial reporting as such standards are modified, supplemented or amended from time to time, and we cannot ensure that we will conclude on an ongoing basis that it has effective internal controls over financial reporting. Our failure to satisfy the requirements of applicable legislation on an ongoing, timely basis could result in the loss of investor confidence in the reliability of its financial statements, which in turn could harm our business and negatively impact the trading price and market value of its shares or other securities. In addition, any failure to implement required new or improved controls, or difficulties encountered in their implementation, could harm our operating results or cause it to fail to meet its reporting obligations.

We may fail to maintain the adequacy of its disclosure controls. Disclosure controls and procedures are designed to ensure that the information required to be disclosed by us in reports filed with securities regulatory agencies is recorded, processed, summarized and reported on a timely basis and is accumulated and communicated to our management, as appropriate, to allow timely decisions regarding required disclosure.

No evaluation can provide complete assurance that our financial and disclosure controls will detect or uncover all failures of persons within the company to disclose material information otherwise required to be reported. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance with respect to the reliability of financial reporting and financial statement preparation. The effectiveness of our controls and procedures could also be limited by simple errors or faulty judgements.

In connection with the preparation of our financial statements as of and for the years ended November 30, 2021 and 2020, we identified material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of annual or interim financial statements will not be prevented or detected on a timely basis. A material weakness relating to accounting for: (i) the carve-out allocation process; (ii) accounting for the royalty transaction with GoldMining in 2021; (iii) a past stock split; (iv) asset retirement costs; and (v) classification of related party liabilities to GoldMining were identified. To remediate these weaknesses we have engaged additional third party technical accounting consultants to assist with such technical accounting issues and will continue to do so in the future as applicable. Given the non-recurring nature of the transactions underlying these weaknesses and our decision to hire additional accounting consultants, we believe such identified material weaknesses have been remediated. No material weaknesses have been identified in connection with the audit of our financial statements for the year-ended November 30, 2022. If we identify any future material weakness and are unable to successfully remediate any future material weakness in our internal control over financial reporting, the accuracy and timeliness of our financial reporting may be adversely affected.

***Our results of operations could be affected by currency fluctuations.***

We maintain accounts in currencies including the United States dollars and Canadian dollars. While this offering is being conducted in United States dollars, the Company conducts its business using both the aforementioned currencies depending on the location of the operations in question and the payment obligations involved. Accordingly, the results of the Company's operations are subject to currency exchange risks. To date, the Company has not engaged in any formal hedging program to mitigate these risks. The fluctuations in currency exchange rates may significantly impact the Company's financial position and results of operations in the future.

***We are dependent on key personnel and the absence of any of these individuals could adversely affect our business. We may experience difficulty attracting and retaining qualified personnel.***

Our success is or will be dependent on a relatively small number of key management personnel, employees and consultants. Such skills and knowledge include the areas of permitting, geology, drilling, metallurgy, logistical planning, engineering and implementation of exploration programs, as well as finance and accounting. The loss of the services of one or more of such key management personnel could have a material adverse effect on our business. Our ability to manage our exploration and future development activities, and hence our success, will depend in large part on the efforts of these individuals. We face intense competition for qualified personnel, and there can be no assurance that we will be able to attract and retain such personnel.

***Litigation or legal proceedings could expose us to significant liabilities and have a negative impact on our reputation or business.***

From time to time, we may be party to various claims and litigation proceedings. All industries, including the mining industry, are subject to legal claims, with and without merit. Defense and settlement costs of legal claims can be substantial, even with respect to claims that have no merit. Due to the inherent uncertainty of the litigation process, the resolution of any particular legal proceeding to which we may become subject could have a material effect on our financial position, results of operations or our mining, project development operations and may divert our management's attention.

***Certain of our directors and officers also serve as directors and officers of other companies involved in natural resource exploration and development, which may cause them to have conflicts of interest.***

Certain of our directors and officers also serve as directors and/or officers of other companies involved in natural resource exploration and development and, consequently, there exists the possibility for such directors and officers to be in a position of conflict. In addition, Alastair Still, the Chief Executive Officer of GoldMining and Garnet Dawson, a director of GoldMining, are also directors of the Company. Tim Smith, our Chief Executive Officer, is also Vice President, Exploration for GoldMining. Pat Obara, our Chief Financial Officer, Secretary, and Treasurer, is also Chief Financial Officer and Secretary of GoldMining. As a result of their positions with GoldMining, they may have a potential conflict of interest with respect to ongoing matters relating to the Whistler Project. Additionally, the time and attention our directors and officers serving as directors and/or officers of other companies are required to dedicate to such positions could limit their ability to focus on our business and impact our business.

We expect that any decision made by any of such directors and officers involving our business will be made in accordance with their duties and obligations to deal fairly and in good faith with a view to the best interests of the company and our stockholders, but there can be no assurance in this regard.

***There will be significant hazards associated with our mining activities, some of which may not be fully covered by insurance. To the extent we must pay the costs associated with such risks, our business may be negatively affected.***

In the course of exploration, development and production of mineral properties, certain risks, and in particular, unexpected or unusual geological operating conditions including rock bursts, cave-ins, fires, flooding and earthquakes may occur. Such occurrences could result in damage to mineral properties or facilities thereon, personal injury or death, environmental damage to the Company's properties or the properties of others, delays in mining, monetary losses and possible legal liability.

Although we maintain insurance to protect against certain risks in such amounts as we consider being reasonable, our insurance will not cover all of the potential risks associated with our operations. We may also be unable to maintain insurance to cover certain risks at economically feasible premiums. In addition, insurance coverage may not continue to be available or may not be adequate to cover any resulting liability. Should such liabilities arise, they could reduce or eliminate any future profitability and result in increasing costs and a decline in the value of our securities.

Moreover, insurance against risks such as environmental pollution or other hazards as a result of exploration and production is not generally available to companies in the mining industry on acceptable terms. As a result, we may become subject to liability for pollution or other hazards that may not be insured against. Losses from these events may cause us to incur significant costs that could have a material adverse effect upon our financial performance and results of operations.

***Capital and operating cost estimates made in respect of our current and future development projects and mines may not prove to be accurate.***

Capital and operating cost estimates made in respect of our current and future development projects and mines may not prove to be accurate. Capital and operating costs are estimated based on the interpretation of geological data, feasibility studies, anticipated climatic conditions and other factors. Any of the following events, among the other events and uncertainties described herein, could affect the ultimate accuracy of such estimates: (i) unanticipated changes in grade and tonnage of ore to be mined and processed; (ii) incorrect data on which engineering assumptions are made; (iii) delay in construction schedules and unanticipated transportation costs; (iv) the accuracy of major equipment and construction cost estimates; (v) labor negotiations; (vi) changes in government regulation (including regulations regarding prices, cost of consumables, royalties, duties, taxes, permitting and restrictions on production quotas on exportation of minerals); and (vii) title claims.

**Risks Relating to Our Securities and this Offering**

***The requirements of being a public company may strain our resources, divert management's attention and affect our ability to attract and retain qualified board members.***

As a public company, we will be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") and applicable Canadian securities laws. In addition, we will become subject to other reporting and corporate governance requirements, including certain requirements of the NYSE American, the rules and regulations of the Canadian Securities Administrators and certain provisions of the Sarbanes-Oxley Act of 2002, or the "**Sarbanes-Oxley Act**", which will impose significant compliance obligations upon us. We will also be required to ensure that we have the ability to prepare financial statements that are fully compliant with all applicable reporting requirements on a timely basis. Compliance with these rules and regulations will increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our systems and resources. The Exchange Act requires, among other things, that we file annual and interim reports with respect to our business and operating results. Sarbanes-Oxley, as well as rules subsequently implemented by the SEC, and NYSE American, have imposed increased regulation and disclosure and require enhanced corporate governance practices of public companies. Our efforts to comply with evolving corporate governance laws, regulations and standards are likely to result in increased administrative expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities. These changes will require a significant commitment of additional resources. We may need to hire more employees in the future to comply with these requirements, which will increase our costs and expenses.

We may not be successful in implementing these requirements and implementing them could materially adversely affect our business. In addition, if we fail to implement the requirements with respect to our internal accounting and audit functions, our ability to report our operating results on a timely and accurate basis could be impaired. If we do not implement such requirements in a timely manner or with adequate compliance, we might be subject to sanctions or investigations by regulatory authorities, such as the SEC or NYSE American. Any such action could harm our reputation and the confidence of investors, customers and other third parties with whom we do business and could materially adversely affect our business and cause the trading price of our common stock to fall.

In addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for public companies, increasing legal and financial compliance costs and making some activities more time consuming. These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due to ambiguities related to practice, regulatory authorities may initiate legal proceedings against us and our business may be harmed.

We also expect that being a public company and the applicability of these new rules and regulations will make it more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These factors could also make it more difficult for us to attract and retain qualified members of our board of directors, particularly to serve on our audit committee and compensation committee, and qualified executive officers.

***We are an "emerging growth company", and any decision on our part to comply only with certain reduced reporting and disclosure requirements applicable to emerging growth companies could make our securities less attractive to investors.***

We are an "emerging growth company", as defined in the JOBS Act. For as long as we continue to be an "emerging growth company", we may choose to take advantage of exemptions from various reporting requirements applicable to other public companies that are not "emerging growth companies", including, but not limited to, not being required to have our independent registered public accounting firm audit our internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. We could be an "emerging growth company" for up to five years following the completion of this offering. However, if our non-convertible debt issued within a three-year period exceeds $1.0 billion or revenues exceeds $1.235 billion, or the market value of our common stock that is held by non-affiliates exceeds $700 million on the last day of the second fiscal quarter of any given fiscal year, we would cease to be an emerging growth company as of the following fiscal year. Even after we no longer qualify as an emerging growth company, we may still qualify as a "smaller reporting company", which would allow us to take advantage of many of the same exemptions from disclosure requirements, including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act and reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements. Investors could find our securities less attractive if we choose to rely on these exemptions. If some investors find our securities less attractive as a result of any choices to reduce future disclosure, there may be a less active trading market for our common stock and our share price may be more volatile.

***A small number of our stockholders could significantly influence our business.***

We anticipate that GoldMining will, upon completion of the offering and assuming no exercise of the representative's option to purchase additional shares of common stock and/or Warrants to cover over-allotments, own approximately 78% of our outstanding common stock. As such, GoldMining will be able to exercise significant influence over matters requiring stockholder approval, including the election of directors and approval of significant corporate transactions, such as a merger or other sale of the Company or our assets. This concentration of ownership may make it more difficult for other stockholders to effect substantial changes in the Company, may have the effect of delaying, preventing or expediting, as the case may be, a change in control of the Company and may adversely affect the market price of our securities. Further, the possibility that GoldMining or any other significant stockholders may sell all or a large portion of their securities in a short period of time could adversely affect the trading price of our shares. Also, the interests of such stockholder may not be in the best interests of all stockholders.

***We will be a "controlled company" within the meaning of the NYSE American corporate governance rules. As a result, we will qualify for exemptions from certain U.S. corporate governance requirements and such exemptions could have an adverse effect on our public stockholders.***

We have applied to list our common stock and Warrants on the NYSE American. Upon the closing of this offering, GoldMining will continue to control a majority of our common stock. As a result, we will be a "controlled company" within the meaning of the NYSE American corporate governance standards. The NYSE American Company Guide provides that a company of which more than 50% of the voting power for the election of directors is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including the requirements:

● that we have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities;

● that we have a nominating and governance committee composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and

● for an annual performance evaluation of the nominating and governance and compensation committees.

We have elected to rely on the "controlled company" exemption provided in the NYSE American Company Guide to permit our compensation committee to include a non-independent director, and we could elect to rely on other exemptions in the future. Our status as a controlled company could cause our securities to look less attractive to certain investors or otherwise harm the trading price of our common stock.

***The market price of our securities may be volatile, which could result in substantial losses for investors purchasing securities in this offering.***

The market price of our securities could be subject to significant fluctuations after this offering, and it may decline below the offering price. In addition, securities markets worldwide have experienced, and are likely to continue to experience, significant price and volume fluctuations. This market volatility, as well as general economic, market or political conditions, could subject the market price of our securities to wide price fluctuations regardless of our operating performance. Some of the factors that may cause the market price of our securities to fluctuate include:

● price and volume fluctuations in the global stock markets from time to time;

● changes in operating performance and stock market valuations of other companies in our industry;

● sales of our securities by us or GoldMining;

● failure of securities analysts and credit rating agencies to maintain coverage of us, changes in financial estimates by securities analysts and credit rating agencies who follow us, or our failure to meet these estimates or the expectations of investors;

● the financial projections we may provide to the public (in the event we decide to provide any such projections), any changes in those projections or our failure to meet those projections;

● rumors and market speculation involving us or other companies in our industry;

● actual or anticipated changes in our results of operations or fluctuations in our results of operations;

● litigation involving us, our industry or both, or investigations by regulators into our operations or those of our competitors;

● announced or completed acquisitions of businesses or technologies by us or our competitors;

● new laws or regulations or new interpretations of existing laws or regulations applicable to our business;

● changes in tax laws and regulations as well as accounting standards, policies, guidelines, interpretations or principles;

● any significant change in our management team;

● general economic conditions and slow or negative growth of our markets; and

● other risk factors described in this section of the prospectus.

In addition, stock markets have historically experienced substantial price and volume fluctuations. Broad market and industry factors may harm the market price of our securities. Hence, the market price of our securities could fluctuate based upon factors that have little or nothing to do with us, and these fluctuations could materially reduce the market price of our securities regardless of our operating performance. In the past, following periods of volatility in the market price of a company's securities, securities class action litigation has been instituted against that company. If we were involved in any similar litigation, we could incur substantial costs, our management's attention and resources could be diverted and it could harm our business, operating results and financial condition.

***An active, liquid and orderly trading market for our securities may not develop*.**

There is currently no market through which our securities may be sold and, if a market for our securities does not develop or is not sustained, you may not be able to resell your securities purchased in this offering. This may affect the pricing of our securities in the secondary market, the transparency and availability of trading prices, the liquidity of our securities and the extent of issuer regulation. The initial public offering price of our securities was determined through negotiations between us and the underwriters. The initial public offering price may not be indicative of the market price of our securities after this offering. In the absence of an active trading market for our securities, investors may not be able to sell their securities at or above the initial public offering price. We cannot predict the price at which our securities will trade.

***Substantial future sales of our securities, or the perception that these sales could occur, may cause the price of our securities to drop significantly, even if our business is performing well.***

A large volume of sales of shares of our common stock, or securities convertible into or exercisable or exchangeable for our common stock, into the public market, including shares of common stock issued upon exercise of options or warrants, could decrease the prevailing market price of such securities and could impair our ability to raise additional capital through the sale of equity securities in the future. Even if a substantial number of sales of our common stock or warrants does not occur, the mere perception of the possibility of these sales could depress the market price of our common stock or warrants and have a negative effect on our ability to raise capital in the future.

Additionally, sales of a substantial number of our common stock or warrants in the public market could occur at any time after the expiration of the 180-day contractual lock-up period described in the "*Underwriting*" section of this prospectus (or earlier if such lock-up period is waived by the underwriters). These sales, or the market perception that the holders of a large number of shares of our common stock or warrants intend to sell our common stock or warrants, could significantly reduce the market price of our common stock and the market price could decline below the initial public offering price. We cannot predict the effect, if any, that future public sales of these shares of our common stock or warrants, or the availability of these shares of our common stock or warrants for sale will have on the market price of our common stock. If the market price of our common stock was to drop as a result, this might impede our ability to raise additional capital and might cause remaining stockholders to lose all or part of their investments.

Further, we cannot predict the size of future issuances of our common stock or other securities or the effect, if any, that future issuances and sales of our securities will have on the market price of our common stock. Sales of substantial amounts of our securities, or the perception that such sales could occur, may adversely affect prevailing market prices for our common stock.

***The Units are equity interests and would be subordinate to future issuances by us of either indebtedness or preferred shares.***

Our Units are equity interests and do not constitute indebtedness. As such, the Units will rank junior to any indebtedness we may incur and to other non-equity claims against us and our assets available to satisfy claims against us, including in a liquidation. Additionally, holders of our common stock are subject to the prior dividend and liquidation rights of holders of our preferred shares, to the extent we issue preferred shares in the future and the preferred shares remain outstanding at that time. Our board of directors is authorized to issue classes or series of preferred shares without any action on the part of the holders of our common stock and we are permitted to incur debt. Upon liquidation, lenders and holders of any outstanding debt securities and preferred shares would receive distributions of our available assets prior to holders of our common stock.

***We do not anticipate paying cash dividends, and accordingly, stockholders must rely on share appreciation for any return on their investment.***

We have never paid any dividends on our common stock. We currently intend to retain our future earnings, if any, to fund the development and growth of our businesses and do not anticipate that we will declare or pay any cash dividends on our common stock in the foreseeable future. See "*Dividend Policy*". As a result, capital appreciation, if any, of our common stock will be your sole source of gain on your investment for the foreseeable future. Investors seeking cash dividends should not invest in our common stock.

***Investors in this offering will pay a much higher price than the book value of our common stock and therefore you will incur immediate and substantial dilution of your investment.***

The initial public offering price of our common stock will be substantially higher than the net tangible book value per share of common stock based on the total value of our tangible assets less our total liabilities immediately following this offering. Therefore, if you purchase Units in this offering, you will experience immediate and substantial dilution of approximately $8.70 per share, representing the difference between our pro forma as adjusted net tangible book value per share after giving effect to this offering at an initial public offering price of $10.00 per Unit, assuming no value is attributed to the Warrants included in the Units. To the extent the underwriters exercise their over-allotment option, you will experience further dilution. See "*Dilution*".

***The NYSE American may in the future delist our securities from its exchange, which could limit investors' ability to make transactions in our securities and subject us to additional trading restrictions.***

We have applied to list our common stock and Warrants for trading on the NYSE American under the trading symbol "USGO" and "USGOW", respectively, we cannot assure you that our securities will continue to be listed on the NYSE American. If the NYSE American delists any of our securities from trading on its exchange, we could face significant material adverse consequences, including:

● a limited availability of market quotations for our securities;

● a determination that our common stock is a "penny stock" which will require brokers trading in our common stock to adhere to more stringent rules and possibly resulting in a reduced level of trading activity in the secondary trading market for our common stock;

● a limited amount of news and analyst coverage for our Company; and

● a decreased ability to issue additional securities or obtain additional financing in the future.

***U.S. civil liabilities may not be enforceable against our directors, our officers or certain experts named in this prospectus. Similarly, it may be difficult for investors to enforce civil liabilities against us, our directors and officers residing outside of the United States.***

We are incorporated under the laws of Nevada and have an office in Canada. Many of our directors and officers, as well as certain experts named herein, reside outside of the United States, and a portion of their assets are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon such directors, officers or experts or to enforce judgments obtained against such persons, in U.S. courts, in any action, including actions predicated upon the civil liability provisions of U.S. federal securities laws or any other laws of the United States.

***If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our share price and trading volume could decline.***

The trading market for our common stock will depend on the research and reports that securities or industry analysts publish about us or our business. We do not have any control over these analysts. We cannot assure you that analysts will cover us or provide favorable coverage. If one or more of the analysts who cover us downgrade our stock or change their opinion of our common stock, our share price would likely decline. If one or more of these analysts cease coverage of our Company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which could cause our share price or trading volume to decline.

***Any issuance of preferred shares could make it difficult for another company to acquire us or could otherwise adversely affect holders of our common stock, which could depress the market price of our common stock.***

Upon completion of this offering, our board of directors will have the authority to issue preferred shares and to determine the preferences, limitations and relative rights of preferred shares and to fix the number of shares constituting any series and the designation of such series, without any further vote or action by our stockholders. Our preferred shares could be issued with liquidation, dividend and other rights superior to the rights of our common stock. The potential issuance of preferred shares may delay or prevent a change in control of us, discourage bids for our common stock at a premium over the market price and adversely affect the market price and other rights of the holders of our common stock.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus includes forward-looking statements and forward-looking information within the meaning of Canadian securities laws and the Private Securities Litigation Reform Act of 1995, collectively referred to as "forward-Looking statements". Forward-looking statements include statements that may relate to our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs and other information that is not historical information. Many of these statements appear, in particular, under the headings "*Prospectus Summary",* "*Risk Factors", "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business".* Forward-looking statements can often be identified by the use of terminology such as "subject to", "believe", "anticipate", "plan", "target", "expect", "intend", "estimate", "project", "outlook", "may", "will", "should", "would", "could", "can", the negatives thereof, variations thereon and similar expressions, or by discussions of strategy. In addition, any statements that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. In particular, forward-looking statements in this prospectus include, but are not limited to, statements about:

● anticipated tonnages and grades of the mineral resources disclosed for the Whistler Project;

● our expectations regarding the continuity of mineral deposits;

● our expectations regarding raising capital and developing the Whistler Project;

● our planned exploration activities and/or plans on the Whistler Project;

● expectations regarding environmental, social or political issues that may affect the exploration or development progress;

● our estimates regarding future revenue, expenses and needs for additional financing; and

● our ability to attract and retain qualified employees and key personnel.

These forward-looking statements are based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances, including that:

● the timing and ability to obtain requisite operational, environmental and other licenses, permits and approvals, including extensions thereof will occur and proceed as expected;

● current gold, silver, base metal and other commodity prices will be sustained, or will improve;

● the proposed development of the Whistler Project will be viable operationally and economically and will proceed as expected;

● any additional financing required by us will be available on reasonable terms or at all; and

● the Company will not experience any material accident, labor dispute or failure of plant or equipment.

Despite a careful process to prepare and review the forward-looking statements, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct.

Forward-looking statements are necessarily based on a number of opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the risk factors described in greater detail under the heading entitled "*Risk Factors*". Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements.

These factors should not be construed as exhaustive and should be read with other cautionary statements in this prospectus. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking statements, which speaks only as of the date made. The forward-looking statements contained in this prospectus represents our expectations as of the date of this prospectus (or as the date they are otherwise stated to be made) and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

An investment in us is speculative and involves a high degree of risk due to the nature of our business and the present state of exploration of the Whistler Project. Please carefully consider the risk factors set out herein under "*Risk Factors*", starting at page 15.

All of the forward-looking statements contained in this prospectus are expressly qualified by the foregoing cautionary statements. Investors should read this entire prospectus and consult their own professional advisors to ascertain and assess the income tax, legal, risk factors and other aspects of their investment in our securities.

**USE OF PROCEEDS**

We estimate that we will receive proceeds of $17,753,000, or $20,533,000 if the underwriters exercise their over-allotment option in full, from the sale of Units offered by us, based upon the initial public offering price of $10.00 per Unit, after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

**Principal Purposes**

The principal purposes of this offering are to provide capital to the Company to carry out planned exploration work at the Whistler Project. We currently intend to use the net proceeds of this offering to fund exploration and development activities and community consultation, permitting/reporting and environmental baseline and heritage studies, repayment of funds advanced by GoldMining and/or its subsidiaries, re-activation of the existing exploration camp at the Whistler Project and for working capital.

As at the end of the most recent calendar month, we had negative working capital of approximately $1.6 million. The following table sets forth the intended use of available funds, being such working capital amount along with the estimated net proceeds of $17,753,000, after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

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| | |
|:---|:---|
| **Principal purpose** | **Total Amount** |
| Exploration and development activities on Whistler Project, including infill and exploration drilling, metallurgical sampling, economic studies and consultation | $8938000 |
| Permitting and Reporting | $1675000 |
| Repayment of current liabilities, including advance from GoldMining<sup>(1)</sup> | $1809000 |
| General and administrative expenses | $4086000 |
| Other general working capital purposes | $1245000 |
| **Total** | $**17753000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Repayment
 of current liabilities and approximately $1.2 million in funds previously advanced from GoldMining
 to us to fund operations prior to this IPO. See "MD&A - Liquidity and Capital Resources"

The expected use of net proceeds of this offering represents our current intentions based upon our present plan and business conditions. As of the date of this prospectus, we cannot specify with certainty all of the particular uses for the net proceeds to be received upon the completion of this offering. We will have broad discretion in the application of the net proceeds in the category of "exploration and development activities" and investors will be relying on our judgment regarding the application of the proceeds of this offering. Depending on the outcome of our business activities and other unforeseen events, our plans and priorities may change and we may apply the net proceeds of this offering in different proportions than we currently anticipate. We estimate that we will utilize approximately $8,938,000 of the available funds for future direct or indirect exploration and development activities on the Whistler Project. There are no specific proposed acquisitions or other definitive plans for the expenditure of these funds as of the date hereof. Accordingly, all allocations will be at the sole discretion of our management and board of directors. See "*Risk Factors".*

Our general and administrative expenses for the 12 months following the completion of the offering are expected to total approximately $2,382,000 as follows: (i) $534,000 for professional fees; (ii) $383,000 for management and directors' fees; and (iii) $1,465,000 for administrative costs. We expect that other general working capital requirements will primarily relate to the Whistler exploration camp, plant and equipment repairs and purchases.

**Business Objectives and Milestones**

We are an exploration stage company and our sole project is currently the Whistler Project. The Whistler Project is a gold-copper exploration project located in the Yentna Mining District of Alaska, approximately 150 km northwest of Anchorage. We may also in the future evaluate and acquire additional interests in gold and gold-copper projects.

After the completion of this offering, we expect to pursue our primary business objective – to conduct value driving exploration in order to enhance and grow the estimated mineral resources at the Whistler Project so that the project can be advanced through economic assessment and study in order to support detailed feasibility and advancement of mine planning and development. In addition, we may in the future investigate and execute on opportunities to acquire additional gold and gold copper projects. To complete our objective regarding the exploration and development of the Whistler Project, the primary milestone to be achieved is the successful completion of a staged exploration program planned to consist of approximately 20,000 meters of drilling to support updated mineral resource capable of supporting a Preliminary Economic Assessment. The initial cost of such exploration and project advancement is set out above, and may vary as the project progresses. The approximate amount of time required to complete a Preliminary Economic Assessment will also vary with success of the exploration and related resource definition drilling, and is currently estimated to be roughly two years. The long-term feasibility of developing the project into a profitable mining operation will in part be directly related to the costs and success of our exploration programs, which may be affected by a number of factors. See "*Risk Factors".*

The ongoing COVID-19 pandemic and related mobility, travel and other restrictions are expected to continue to impact our ability to complete site-visits and diligence of potential acquisition opportunities, which may in turn impact our ability to complete our stated business objectives on our currently budgeted timelines. See "*Risk Factors*" and "*Management's Discussion and Analysis of Financial Condition and Results of Operations".*

**No Positive Operating Cash Flow**

We had no positive operating cash flow for the year ended November 30, 2022. If we continue to have no positive cash flow into the future, net proceeds may need to be allocated to fund our operations. We anticipate we will have negative cash flow from operating activities in foreseeable future periods. We are dependent on the sale of equity capital and/or access to credit in order to finance our exploration operations. See "*Risk Factors".*

**DIVIDEND POLICY**

We have never declared or paid any dividends on our common stock or any of our other securities. We currently intend to retain any future earnings to finance the growth and development of our business, and we do not anticipate that we will declare or pay any cash dividends in the foreseeable future. Any future determination to pay cash dividends will be at the discretion of our board of directors and will be dependent upon our financial condition, results of operations, capital requirements, restrictions under any future indebtedness and other factors that our board of directors deems relevant.

**CAPITALIZATION**

The following table sets forth our cash and cash equivalents and our capitalization as at November 30, 2022 on:

● an actual basis; and

● on an as adjusted basis to give further effect to our issuance and sale of Units in this offering at an initial public offering price of $10.00 per Unit, after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

This table should be read in conjunction with "*Use of Proceeds*", "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and our historical financial statements and related notes thereto appearing elsewhere in this prospectus.

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| | | |
|:---|:---|:---|
|  | **As Reported<br> As at**<br> **November 30,**<br> **2022<sup>(1)</sup>**<br>**($)** | **As Adjusted**<br> **for IPO<sup>(2)</sup>**<br>**($)** |
| Cash | 54508 | 17807540 |
| Common stock | 10135 | 12135 |
| Warrants |  | 200 |
| Issued Capital - Additional paid-in capital | 3827957 | 22286166 |
| Accumulated deficit | (5121363) | (5828740) |
| Total stockholders' equity (deficit) | (1283271) | 16469761 |
| Total capitalization | (1283271) | 16469761 |

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Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The shares and associated amounts are based on 10,135,001 shares of our common stock outstanding, which reflects the 2.714286-for-1 stock split of the shares of our common stock effected on September 22, 2022, as well as the increase in par value to $0.001 of our common stock effected on September 22, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Assumes no over-allotment option is exercised by the underwriters.

The outstanding share information in the table above excludes 1,378,500 shares of common stock reserved for future issuance under our share-based compensation plans based on the number of shares of common stock expected to be outstanding upon the completion of the offering.

**DILUTION**

If you invest in our Units in this offering, your interest will be diluted to the extent of the difference between the initial public offering price per Unit and the pro forma as adjusted net tangible book value per share of our common stock immediately after this offering, assuming no value is attributed to the Warrants included in the Units. The historical net tangible book value of our common stock as of November 30, 2022 was negative $1,283,271, or negative $0.13 per share based upon 10,135,001 shares of our common stock outstanding as of that date, such amount reflecting the 2.714286-for-1 stock split of the shares of our common stock effected on September 22, 2022. Net tangible book value per share represents our total tangible assets less our total liabilities, divided by the number of shares of our common stock outstanding at November 30, 2022.

After giving effect to the receipt of the net proceeds from our sale of 2,000,000 Units in this offering at an assumed public offering price of $10.00 per Unit, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us, pro forma as adjusted net tangible book value as of November 30, 2022 would have been $15.8 million, or $1.30 per share of common stock. This represents an immediate increase in pro forma as adjusted net tangible book value of $1.43 per share to existing stockholders and an immediate dilution of $8.70 per share of common stock, assuming no value is attributed to the Warrants included in the Units, to new investors purchasing our common stock in this offering.

The following table illustrates this dilution on a per share basis to new investors:

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| | | |
|:---|:---|:---|
| Assumed public offering price per Unit |  | $10.0 |
| Historical net tangible book value per share at November 30, 2022 | $(0.13) |  |
| Increase in net tangible book value per share after this offering | $1.43 |  |
| Pro forma as adjusted net tangible book value per share as of November 30, 2022 after giving further effect to this offering |  | $1.3 |
| Dilution in pro forma as adjusted net tangible book value per share to new investors |  | $8.7 |

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The following table summarizes, on a pro forma as adjusted basis as of November 30, 2022, the aggregate number of shares of our common stock, as well as the total consideration and the average price per share paid to us by existing stockholders and to be paid by new investors acquiring our common stock in this offering, assuming no value is attributed to the Warrants included in the Units.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Considerations** | **Total Considerations** | **Average Price** |
|  | **Number** | **%** | **Amount** | **%** | **Per Share** |
| Existing stockholders before this offering | 10135001 | 83.5% | $1220827 | 5.8% | $0.12 |
| Investors participating in this offering, assuming no value is attributed to the Warrants | 2000000 | 16.5% | $20000000 | 94.2% | 10.00 |
| Total | 12135001 | 100.0% | $21220827 | 100% | $1.75 |

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The table above assumes no exercise of the representative's option to purchase additional common stock and/or Warrants to cover over-allotments. If the representative's option to purchase additional common stock and/or Warrants to cover over-allotments, if any, in connection with this offering, is exercised in full, the number of shares of our common stock held by the existing stockholders after this offering would be reduced to 81.5% of the total number of shares of our common stock outstanding after this offering, and the number of shares of our common stock held by new investors would increase to 2,300,000 shares of our common stock, or 18.5% of the total number of shares of common stock outstanding after this offering.

The outstanding common stock information in the table above excludes 1,378,500 shares of common stock reserved for future issuance under our share-based compensation plans based on the number of shares of common stock expected to be outstanding upon the completion of the offering.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*This Management's Discussion and Analysis ("MD&A") provides an analysis of its financial position and results of operations contained elsewhere within this prospectus.*

 

*The following discussion of the Company's financial condition and results of operations should be read together with the Company's audited financial statements for the years ended November 30, 2022, 2021 and 2020 prepared in accordance with US GAAP and the related notes and the other financial information included elsewhere in this prospectus. Amounts for subtotals, totals and percentage variances included in tables may not sum or calculate using the numbers as they appear in the tables due to rounding. This discussion contains forward-looking statements that involve significant risks and uncertainties. The Company's actual results, performance and achievements could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this prospectus, particularly under "Risk Factors" and "Cautionary Note Regarding Forward-looking Statements"*.

The information contained in this management's discussion and analysis is current as of the date hereof.

***Overview***

The Company is an exploration stage company and its sole project is currently the Whistler Project. The Whistler Project is a gold, silver and copper project located in Alaska, U.S.A. We may also in the future evaluate and acquire additional interests in gold, gold-copper or other projects. See "*Business – Property, Plant and Equipment*" for further information regarding the Whistler Project.

This MD&A was prepared in conjunction with our Company's financial statements, which have been prepared on a "carve-out" basis to include allocations of certain assets, liabilities and expenses related to services and support functions from GoldMining, our parent company, which were allocated on a pro-rata basis considered by GoldMining to be a reasonable reflection of the utilization of services provided to GoldMining's subsidiaries for the years presented. Management believes the assumptions and allocations underlying the financial statements are reasonable and appropriate under the circumstances. Therefore, these financial statements are not necessarily indicative of the results that would be attained if our Company had operated as a separate legal entity during the years presented and are not necessarily indicative of future operating results.

See "*Business*" for further information regarding the Company's assets and operations.

 

***Selected Annual Financial Information***

The following tables set out selected financial information with respect to the Company's operations for each of the years ended November 30, 2022, 2021 and 2020.

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| | | | |
|:---|:---|:---|:---|
|  | November 30, 2022 | November 30, 2021 | November 30, 2020 |
| Total assets | 229619 | 439790 | 744832 |
| Total non-current liabilities | 225871 | 206616 | 189000 |
| Loss from operations | (1735387) | (697311) | (595010) |
| Net loss for the year | (1738657) | (697311) | (595010) |
| Net loss per share, basic and diluted | (0.17) | (0.07) | (0.06) |

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The Company has not realized any revenues in any of such financial periods. The Company did not declare any dividends during the years ended November 30, 2022, 2021 and 2020.

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 **

***Operating Results***

 **

The following discussion and analysis of the Company's financial condition and results of operations for the years ended November 30, 2022, 2021 and 2020 should be read in conjunction with its audited consolidated financial statements and related notes for the year ended November 30, 2022.

 

*Year ended November 30, 2022 compared to year ended November 30, 2021* 

 

For the year ended November 30, 2022, the Company had exploration expenses of $543,322, compared to $565,813 in the year ended November 30, 2021. Exploration expenses in the year ended November 30, 2022 comprised primarily of consulting fees to vendors that provided geological and technical services, annual land fee payments, camp maintenance costs and transportation and travel costs.

During the year ended November 30, 2022, exploration expenses mainly comprised of consulting fees of $256,275, compared to $106,029 for the year ended November 30, 2021. The increase was related to database compilation, validation and building of 3D geologic models, permit planning, commencement of environmental baseline surveys, and commencement of regulator, community and other stakeholder engagements during the year ended November 30, 2022. During the year ended November 30, 2022, annual land fee payment and camp maintenance expenses were $254,910 and included work on a road access study, compared to $452,282 in the year ended November 30, 2021. During the year ended November 30, 2022, transportation and travel costs were $29,887, compared to $7,502 in the years ended November 30, 2021. The increase was primarily related to additional management and consultant travel associated with the Whistler Project. The increases of the exploration expenditures for the year ended November 30, 2022 were in preparation of the Company's pending IPO, which does not include significant expenditures incurred in 2021 on a West Susitna road access study.

General and administrative expenditures were $1,172,810 in the year ended November 30, 2022, compared to $113,882 in the year ended November 30, 2021. In the year ended November 30, 2022, general and administrative expenditures primarily consisted of professional fees of $863,464, compared to $2,626 in the year ended November 30, 2021. The increase in such expenses was primarily as a result of increased legal, audit, accounting and tax services relating to the Company's preparation and execution of an initial public offering. General and administrative expenditures also included: (i) salaries, wages, management fees and stock-based compensation, which primarily related to fees, salaries and share-based compensation from GoldMining personnel allocated for their time spent on our affairs, of $223,227, compared to $98,893 in the year ended November 30, 2021; and (ii) office, insurance, corporate development, investor relations, and travel expenses of $86,119, compared to $12,363 in the year ended November 30, 2021. The increases of the general and administrative expenditures for the year ended November 30, 2022 were in preparation of the Company's pending IPO.

Depreciation and accretion expenses were $19,255 in the year ended November 30, 2022, compared to $17,616 in the year ended November 30, 2021.

Our loss from operations was $1,735,387 for the year ended November 30, 2022, compared to $697,311 for the year ended November 30, 2021.

Our net losses were $1,738,657 for the year ended November 30, 2022, compared to $697,311 for the year ended November 30, 2021.

*Year ended November 30, 2021 compared to year ended November 30, 2020*

For the year ended November 30, 2021, the Company had exploration expenses of $565,813, compared to $357,628 in the year ended November 30, 2020. During the year ended November 30, 2021, exploration expenses comprised primarily of consulting fees of $106,029, compared to $18,842 for the year ended November 30, 2020. The increase was primarily for the geological and technical services related to the completion of a new mineral resource estimate on the Whistler Project. During the year ended November 30, 2021, annual land fee payment and camp maintenance expenses were $452,282, compared to $332,705 for the year ended November 30, 2020. The increase was primarily related to additional work performed on a road access study during the year ended November 30, 2021. The exploration expenses also included transportation and travel costs of $7,502 in the year ended November 30, 2021, compared to $6,081 in the year ended November 30, 2020.

General and administrative expenditures were $113,882 in the year ended November 30, 2021, compared to $128,785 in the year ended November 30, 2020. During the year ended November 30, 2021, the general and administrative expenditures primarily consisted of (i) salaries, wages, management fees and stock-based compensation, which primarily related to fees, salaries and share-based compensation from GoldMining personnel allocated for their time spent on our affairs, of $98,893, compared to $114,555 in the year ended November 30, 2020; (ii) professional fees of $2,626, compared to $3,500 in the year ended November 30, 2020, and (iii) office and insurance expenses of $12,363, compared to $10,730 in the year ended November 30, 2020.

Depreciation and accretion expenses were $17,616 in the year ended November 30, 2021, compared to $108,597 in the year ended November 30, 2020. The decrease was primarily related to equipment being fully amortized in August 2020, resulting in less depreciation in fiscal year 2021.

Our loss from operations was $697,311 for the year ended November 30, 2021, compared to $595,010 for the year ended November 30, 2020.

Our net losses were $697,311 for the year ended November 30, 2021, compared to $595,010 for the year ended November 30, 2020.

***Quarterly Financial Results***

We were not a reporting issuer in Canada in the fiscal years ended November 30, 2022 and 2021 and did not prepare quarterly results during such periods.

***Liquidity and Capital Resources***

Prior to the completion of this offering, capital resources consisted primarily of cash contributed from GoldMining.

As at November 30, 2022, our Company had cash of $54,508, compared to $5,630 and $4,445 as at November 30, 2021 and 2020, respectively. As at November 30, 2022, we had an income tax receivable of $68,000, compared to $nil as at November 30, 2021 and 2020. The income tax receivable was for corporate income tax instalments paid during the year, which are refundable as there was no income tax expense for the year ended November 30, 2022. We had prepaid expenses and deferred costs of $107,111 as at November 30, 2022, compared to $17,037 and $7,050 as at November 30, 2021 and 2020, respectively. The increase was primarily related to deferred financing costs associated with the Company's IPO. During the years ended November 30, 2022, 2021 and 2020, liquidity needs were met through funding provided by GoldMining.

As at November 30, 2022, current liabilities were $1,287,019, compared to $497,506 and $494,481 as at November 30, 2021 and 2020, respectively. Current liabilities at November 30, 2022 consisted of: accounts payable of $466,127, compared to $25 and $nil as at November 30, 2021 and 2020, respectively; accrued liabilities of $26,922, compared to $3,000 and $nil as at November 30, 2021 and 2020, respectively; withholdings taxes payable of $116,187 as a result of a return of capital to GoldMining in September 2022; $677,783 due to parent company for expense advances, compared to $494,481; and $494,481 as at November 30 2021 and 2020, respectively. The increases in current liabilities were primarily related to a significant increase in activity of the Company in advance of its initial public offering.

In January 2021, we issued a 1.0% NSR to Gold Royalty Corp. ("**GRC**") on the areas comprising the project at such time pursuant to an agreement entered into with GoldMining. At the time of issuance, we and GRC were under common control by GoldMining. Additionally, the Company assigned certain buyback rights relating to an existing third party royalty on the Project such that GRC has a right to acquire a 0.75% NSR (including an area of interest) on the Project for $5,000,000 pursuant to such buyback rights. In consideration for our agreement to issue such royalty, GoldMining agreed to, among other things, fund certain qualifying exploration expenditures in an amount of up to $2,570,700, subject to the terms and conditions therein. Such commitment was later assigned and assumed by U.S. GoldMining Inc., a company organized under the laws of the Province of British Columbia, Canada ("**US Gold Canada**") and BRI Alaska Holdings Inc., ("**BRI Holdings**"), a company organized under the laws of British Columbia, our parent companies at such time prior to their dissolutions. In September 2022, GoldMining and us agreed to fully settle the outstanding funding commitment of $2,254,486 against certain amounts previously advanced by GoldMining to us in the amount of $1,158,143 and in satisfaction of a $1,096,343 return of capital of $1,096,343 declared by us.

In addition, as of the date of this prospectus, we have approximately $1.2 million outstanding and owing to GoldMining pursuant to expense advances made to us. We expect that there will be additional advances to us prior to the completion of our initial public offering. We intend to utilize a portion of the proceeds from our initial public offering to repay such advances in full. Amounts advanced by GoldMining to us did not accrue interest. See "*Use of Proceeds*".

We believe that following the completion of the initial public offering, our financial resources will be adequate to cover anticipated expenditures for general and administrative and exploration costs for at least twelve months following the closing of the offering. Our long-term capital requirements are primarily affected by our ongoing exploration programs. See "*Use of Proceeds*".

We have not generated any revenue from operations and the only sources of financing to date have been through advances from our parent company. Our ability to meet our obligations and finance exploration activities depends on our ability to generate cash flow through the issuance of shares of common stock pursuant to private placements and short-term or long-term loans. Capital markets may not be receptive to offerings of new equity from treasury or debt, whether by way of private placements or public offerings. This may be further complicated by the limited liquidity for our common shares, restricting access to some institutional investors. Our growth and success is dependent on external sources of financing which may not be available on acceptable terms, or at all.

***Summary of Cash Flows***

Operating Activities

During the year ended November 30, 2022, expenditures for operating activities were $1,322,149, compared to $636,117 during the year ended November 30, 2021. Significant operating expenditures during the year ended November 30, 2022 included general and administrative expenses and exploration expenditures. The increase of net cash used in operating activities is primarily the result of increased legal and accounting expenditures in preparation of the Company's pending IPO.

During the year ended November 30, 2021, operating activities used cash of $636,117, compared to $427,895 during the year ended November 30, 2020. Cash used in operating activities during the years ended November 30, 2021 and 2020, consisted primarily of exploration expenditures, which increased during fiscal 2021.

Investing Activities

During the year ended November 30, 2022, net cash provided by investing activities was $nil, compared to $316,214 during the year ended November 30, 2021. During the year ended November 30, 2021, cash provided from investing activities related to a funding contribution provided by GoldMining related to the sale of a royalty on the Company's Whistler Project.

During the year ended November 30, 2020, net cash provided by investing activities was $nil.

Financing Activities

During the year ended November 30, 2022, net cash provided by financing activities was $1,371,027, primarily for proceeds from settlement of funding commitment of $1,158,143, advances from GoldMining of $183,302, and expenses paid for by GoldMining on our Company's behalf of $87,284, offset by $57,702 withholding taxes paid on return of capital.

Net cash provided by financing activities during the years ended November 30, 2021 and 2020 were $321,088 and $428,217, respectively, primarily related to expenses paid for by GoldMining on the Company's behalf.

***Contractual Obligations***

As at November 30, 2022, 2021 and 2020, there were no payments due over the succeeding five year period pursuant to any contractual obligations.

***Commitments Required to Keep Whistler Project in Good Standing***

The Company is required to make annual land payments to the Department of Natural Resources of Alaska in the amount of $224,583 in 2023 and $230,605 thereafter, to keep the Whistler Project in good standing. Additionally, we have an annual labor requirement of $106,000 for 2023 and $135,200 thereafter, for which a cash-in-lieu payment equal to the value of the annual labor requirement may be made instead. The Company has excess labor carry forwards of $273,674 expiring in 2026, of which up to $106,000 can be applied each year to the Company's annual labor requirements. The Company notes that the expenditures above have been made and the Whistler Project is in good standing.

***Future Commitments***

We acquired rights to the Whistler Project and associated equipment in August 2015 pursuant to an asset purchase agreement by and among us, GoldMining, Kiska Metals Corporation ("Kiska") and Geoinformatics Alaska Exploration Inc "Geoinformatics". Pursuant to such agreement, we assumed an obligation on the Whistler Project pursuant to a royalty purchase agreement between Kiska, Geoinformatics, and MF2, LLC "MF2", dated December 16, 2014. This agreement granted MF2 a 2.75% NSR royalty over all 304 claims, and, extending outside the current claims, over an area of interest defined by the maximum historical extent of claims held on the project.

***Off-Balance Sheet Arrangements***

At November 30, 2022, 2021 and 2020, we did not have any off-balance sheet arrangements (as defined in Item 303(a)(4)(ii) of Regulation S-K).

***Critical Accounting Estimates and Judgments***

The preparation of these financial statements in conformity with U.S. GAAP requires management to make judgments and estimates and form assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of income and expenses during the year. On an ongoing basis, management evaluates its judgments and estimates in relation to assets, liabilities, income and expenses. Management uses historical experience and various other factors it believes to be reasonable under the given circumstances as the basis for its judgments and estimates. Actual outcomes may differ from these estimates under different assumptions and conditions.

Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognized in the financial statements is as follows:

*Asset retirement obligation*

An asset retirement obligation represents the present value of estimated future costs for the rehabilitation of our mineral property. These estimates include assumptions as to the future activities, cost of services, timing of the rehabilitation work to be performed, inflation rates, exchange rates and interest rates. The actual cost to rehabilitate a mineral property may vary from the estimated amounts because there are uncertainties in factors used to estimate the cost and potential changes in regulations or laws governing the rehabilitation of a mineral property. Management periodically reviews the rehabilitation requirements and adjusts the liability as new information becomes available and will assess the impact of new regulations and laws as they are enacted.

*Allocation of the carve-out of expenses from GoldMining.*

The balance sheets as of November 30, 2022, 2021 and 2020 and statements of operations, stockholder's equity (deficit) and cash flows for the years ended November 30, 2022, 2021 and 2020 have been prepared on a "carve-out" basis to include allocations of certain assets, liabilities and expenses related to services and support functions from GoldMining, which were allocated on a pro-rata basis considered by GoldMining to be a reasonable reflection of the utilization of services provided to GoldMining's subsidiaries for the years presented. These expenses, assets, and liabilities have been allocated to the Company on the basis of direct usage when identifiable, with others allocated based on relevant data criteria as follows:

● General and administrative expenses- allocated all direct expenses and corporate expenses were allocated based on an estimate of time incurred to reflect the utilization of those services by the Company including:

○ Office space, equipment and administrative services.

○ Employment related expenses, including share-based compensation which was calculated using the Black-Scholes model.

● Accounts payable and accrued expenses, prepaid expenses and deposits, due to parent, allocated all amounts directly related to the Company.

Management believes the assumptions and allocations underlying the financial statements are reasonable and appropriate under the circumstances. Therefore, these financial statements are not necessarily indicative of the results that would be attained if we had operated as a separate legal entity during the years presented and are not necessarily indicative of future operating results.

*Share-based compensation*

The fair value of the restricted shares is measured at grant date and recognized over the period during which the restricted shares vest. When restricted shares are conditional upon the achievement of a performance condition, the Company estimates the length of the expected vesting period at grant date, based on the most likely outcome of the performance condition. The fair value of the restricted shares is determined based on the fair value of the common shares on the grant date, adjusted for lack of marketability discount, minority shareholder discount, and other applicable factors that are generally recognized by market participants.

***Changes in, and Initial Adoption of, Accounting policies***

During the year ended November 30, 2021 we retrospectively adopted accounting principles generally accepted in the United States ("US GAAP") through to inception. Prior to the adoption of US GAAP, the financial statements were prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"), which are the reporting standards followed by our parent Company, GoldMining. During the year ended November 30, 2022, there were no new significant accounting policies adopted.

***Recently Issued Accounting Pronouncements***

In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes" ("ASU 2019-12"), which is intended to simplify various aspects related to accounting for income taxes. ASU 209-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The new standard is effective for the fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Management is currently evaluating the impact of this guidance on our financial statements.

***Qualitative and Quantitative Disclosures about Financial Risks***

***Financial Instruments***

The Company's financial assets at November 30, 2022, 2021 and 2020 include cash. The Company's financial liabilities include accounts payable, accrued liabilities, withholdings taxes payable and amounts due to parent company. The carrying value of the Company's financial liabilities approximate fair value due to their short term to maturity.

***Financial Risk Management Objectives and Policies***

The financial risks arising from the Company's operations are credit risk, liquidity risk and currency risk. These risks arise from the normal course of operations and all transactions undertaken are to support our ability to continue as a going concern. The risks associated with these financial instruments and the policies on how we mitigate these risks are set out below. Management manages and monitors these exposures to ensure appropriate measures are implemented in a timely and effective manner.

***Credit Risk***

Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company's credit risk is primarily associated with our bank balances. We mitigate credit risk associated with its bank balances by holding cash with large, reputable financial institutions.

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***Liquidity Risk***

Liquidity risk is the risk that the Company will not be able to settle or manage its obligations associated with financial liabilities. To manage liquidity risk, the Company closely monitors its liquidity position, including funding provided by GoldMining pursuant to the Capital Funding Agreement, to ensure it has adequate sources of funding to finance its projects and operations. We had negative working capital as at November 30, 2022 of $1,057,400, compared to $474,839 as at November 30, 2021, and $482,986 as at November 30, 2020. Our accounts payable and accrued liabilities, withholdings taxes payable and amounts due to our parent company are expected to be realized or settled, respectively, within a one-year period.

***Currency Risk***

We report our financial statements in U.S. dollars. The Company is exposed to foreign exchange risk when it undertakes transactions and holds assets and liabilities in currencies other than our functional currency. Financial instruments that impact our net loss due to currency fluctuations include cash, accounts payable, accrued liabilities and due to parent denominated in Canadian dollars. The impact of a U.S. dollar change against Canadian dollars of 10% would have an impact of approximately $19,200 on net loss for the year ended November 30, 2022.

***JOBS Act***

In April 2012, the JOBS Act was enacted. Section 107 of the JOBS Act provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.

We continue the process of evaluating the benefits of relying on other exemptions and reduced reporting requirements under the JOBS Act. Subject to certain conditions, as an emerging growth company, we may rely on certain of these exemptions, including without limitation, providing an auditor's attestation report on our system of internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act. We will remain an emerging growth company until the earlier of: (i) the last day of the fiscal year in which we have total annual gross revenue of $1.235 billion or more; (ii) the last day of the fiscal year following the fifth anniversary of the date of the completion of our IPO; (iii) the date on which we have issued more than $1.0 billion in nonconvertible debt during the previous three years; or (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC.

**BUSINESS**

*The information regarding the Whistler Project contained herein is derived from the S-K 1300 Report. As used herein, references to the "**S-K 1300 Report**" are to the technical report summary titled "S-K 1300 Technical Report Summary Initial Assessment for the Whistler Project, South Central Alaska" prepared by Moose Mountain Technical Services with an effective date of September 22, 2022, which was prepared in accordance with S-K 1300. The Whistler Technical Report is filed as Exhibit 96.1 to the registration statement of which this prospectus forms a part.*

**Business Overview**

We are a United States domiciled exploration stage company and our sole project is currently the Whistler Project. The Whistler Project is a gold-copper exploration project located in the Yentna Mining District, approximately 150 km northwest of Anchorage, in Alaska. See "*Business – Property, Plant and Equipment*" for further information regarding the Whistler Project.

We were incorporated on June 30, 2015 in Alaska as "BRI Alaska Corp." and on August 5, 2015, pursuant to an asset purchase agreement dated July 20, 2015 among the Company, GoldMining, Kiska Metals Corporation and Geoinformatics Alaska Exploration, Inc. (the "**Whistler Acquisition Agreement**"), we acquired a 100% interest in the Whistler Project and certain related assets. Following such acquisition and in the three completed financial years prior to this offering, there have been no corporate events, acquisitions or dispositions. On September 8, 2022, we redomiciled to Nevada and changed our name to "U.S. GoldMining Inc." We are a subsidiary of GoldMining, a Toronto Stock Exchange and NYSE American listed precious metals exploration and development company that was incorporated in 2009 and whose disclosed strategy is to expand its property portfolio through accretive transactions of resource stage gold projects and to advance its properties towards development.

Our principal executive offices are located at 1030 West Georgia Street, Suite 1830, Vancouver, British Columbia, Canada V6E 2Y3 and our head operating offices are located at 301 Calista Court, Suite 200, Office 203, Anchorage, Alaska, 99518, USA. Our website address is www.us.goldmining.com. The information contained on, or that can be accessed through, our website is not a part of this prospectus.

Our strategy is to enhance and grow the value of our asset base, with a focus on exploring and advancing the Whistler Project in Alaska. Our longer-term strategy may include seeking out compelling acquisition opportunities that enhance the value of our assets and demonstrate potential for significant growth through exploration and development.

Our management team and board of directors have extensive combined mining sector related experience, including exploration, development, operating and capital markets experience. We intend to capitalize on this significant experience as we seek to advance our Whistler Project and otherwise grow our business following best practices with a dedication to safety, the environment and sustainable development for local communities.

As part of our strategy, we expect to utilize a cost-efficient business model by operating with an efficient, highly experienced team and calling upon third-party resources to supplement our skill set as opportunities and needs may arise. This strategy should enable us to maintain a high degree of flexibility in our cost structure. We believe it will also help to ensure that our business model is scalable and should allow us to seek new growth opportunities in a cost effective and value enhancing manner.

***Competition***

The mining industry in general is extremely competitive in all of its phases, and the Company competes with many companies possessing greater financial and technical resources. Competition in the precious metals mining industry is primarily for: mineral rich properties that can be developed and produced economically; technical expertise to find, develop, and operate such properties; labor to operate the properties; and capital for the purpose of funding such properties. Many competitors not only explore for and mine precious metals, but also conduct refining and marketing operations on a global basis. Such factors may result in the Company being unable to acquire desired properties, to recruit or retain qualified employees or to acquire the capital necessary to fund its operations and develop mining properties. Existing or future competition in the mining industry could materially adversely affect the Company's prospects for mineral exploration and success in the future. See "*Risk Factors*".

***Environmental, Social, and Governance***

We are committed to the sustainable development of our projects by embedding ESG criteria in our decision-making framework from the earliest stages of project exploration and development. We are actively building partnerships with stakeholders around the Whistler project, through meeting with business, regulatory and community partners to identify opportunities to generate economic and social benefits. We aim to reduce our environmental impacts and put safety first, as well as employ responsible mineral exploration practices aligned to global best practices. We expect that our Sustainability Committee and Board will review and adopt various ESG and safety policies in due course after the completion of this offering. Key considerations that will influence our decision making include, but are not limited to, using clean and renewable energy in our future mining operations, optimizing and minimizing our water resource utilization, minimizing our environmental footprint, ensuring workforce diversity and hiring from local communities, health, safety and environmental performance as well as cultural heritage and biodiversity protection.

***Regulation***

Government Regulation

The exploration and development of a mining prospect is subject to regulation by a number of federal and state government authorities. These include the EPA and the United States Bureau of Land Management ("**BLM**") as well as the various state environmental protection agencies. The regulations address many environmental issues relating to air, soil and water contamination and apply to many mining related activities including exploration, mine construction, mineral extraction, ore milling, water use, waste disposal and use of toxic substances. In addition, we are subject to regulations relating to labor standards, occupational health and safety, mine safety, general land use, export of minerals and taxation. Many of the regulations require permits or licenses to be obtained and the filing of Notices of Intent and Plans of Operations, the absence of which or inability to obtain will adversely affect the ability for us to conduct our exploration, development and operation activities. The failure to comply with the regulations and terms of permits and licenses may result in fines or other penalties or in revocation of a permit or license or loss of a prospect.

In order to conduct drilling and other exploration activities under the laws of Alaska, the Company is required to submit an APMA in Alaska. The Company submitted an APMA to the ADNR on June 30, 2022, and on September 22, 2022, the ADNR approved Multi-Year 2022-2026 Exploration and Reclamation Permit Number 2778 for Hardrock Exploration – Skwentna River – Yentna Mining District, and in addition also approved Reclamation Plan Approval Number 2778.

*Federal*

On lands owned by the United States, mining rights are governed by the General Mining Law of 1872, as amended, which allows the location of mining claims on certain federal lands upon the discovery of a valuable mineral deposit and compliance with location requirements. The exploration of mining properties and development and operation of mines is governed by both federal and state laws. Federal laws that govern mining claim location and maintenance and mining operations on federal lands are generally administered by the BLM. Additional federal laws, governing mine safety and health, also apply. State laws also require various permits and approvals before exploration, development or production operations can begin. Among other things, a reclamation plan must typically be prepared and approved, with bonding in the amount of projected reclamation costs. The bond is used to ensure that proper reclamation takes place, and the bond will not be released until that time. Local jurisdictions may also impose permitting requirements (such as conditional use permits or zoning approvals).

*Alaska*

In Alaska, low impact, initial stage surface exploration such as stream sediment, soil and rock chip sampling do not require any permits. The State of Alaska requires an APMA exploration permit for all substantial surface disturbances such as trenching, road building and drilling. These permits are also reviewed by related state and federal agencies that can comment and require specific changes to the proposed work plans to minimize impacts on the environment. The permitting process for significant disturbances generally requires 30 days for processing and all work must be bonded. Due to the northern climate, exploration work in some areas of Alaska can be limited by excessive snow cover and cold temperatures. In general, surface sampling work is limited to May through September and surface drilling from March through November, although some locations afford opportunities for year round exploration operations and others, such as wetland areas, may only be explored while frozen in the winter. Mining is conducted in a number of locations in Alaska on a year round basis, both open pit and underground.

***Organizational Structure***

We are currently a subsidiary of GoldMining, which currently owns and controls 9,500,001 shares of our common stock, representing 93.73% of our outstanding common stock as of the date hereof. It is anticipated that on completion of this offering and assuming no exercise of the representative's option to purchase additional common stock and/or Warrants to cover over-allotments, GoldMining will own and control, approximately 78% of our outstanding common stock.

The following chart sets forth our current corporate organization as of the date hereof and prior to completion of this offering.

![](forms-1_005.jpg)

(1) GoldMining holds 100% of the issued and outstanding common stock of the Company, less 635,000 shares of performance based restricted common stock of the Company held by certain of our and GoldMining's executive officers and directors. See "*Executive and Director Compensation*".

**Employees**

As of February 10, 2023, we had two full-time employees and three part-time employees. We also utilize independent consultants to assist us in with our financial reporting, exploration and other activities related to the Whistler Project.

**Property, Plant and Equipment**

The Whistler Project is a gold-copper exploration project located in the Yentna Mining District of Alaska, approximately 150 km northwest of Anchorage. As of the date hereof, the Whistler Project comprises 377 State of Alaska mining claims covering an aggregate area of approximately 217.5 km2. A base camp and gravel airstrip for wheel-based aircraft is established adjacent to the Skwentna River. The camp is equipped with diesel generators, a satellite communication link, tent structures on wooden floors and several wood-frame buildings. Although chiefly used for summer field programs, the camp is winterized. The camp has been maintained in good condition, although some of the tent-based structures have been damaged by heavy snow loads and will need to be repaired or replaced. Our rights to the Whistler Project were acquired, in August 2015 pursuant to an asset purchase agreement by and among us, GoldMining, Kiska and Geoinformatics.

**Facilities**

We lease and maintain an office at 301 Calista Court, Suite 200, Office 203, Anchorage, Alaska, 99518. We also maintain office space at 1030 West Georgia Street, Suite 1830, Vancouver, British Columbia, Canada. We do not currently own any real estate. We believe that we have adequate space for our anticipated needs and that suitable additional space will be available at commercially reasonable prices as needed.

**Legal proceedings**

From time to time, we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We are not currently a party to any material proceedings. Regardless of outcome, such proceedings or claims can have an adverse impact on us because of defense and settlement costs, diversion of resources and other factors, and there can be no assurances that favorable outcomes will be obtained.

**The Whistler Project**

The following information is condensed and extracted from the S-K 1300 Report, prepared by Sue Bird, P.Eng. of Moose Mountain Technical Services. Sue Bird is a qualified person and is independent of the Company.

***Project Description, Location and Access***

The Whistler Project is a gold-copper exploration project located in the Yentna Mining District of Alaska, approximately 150 km northwest of Anchorage.

As of the date hereof, the Whistler Project comprises 377 State of Alaska mining claims covering an aggregate area of approximately 217.5 km<sup>2</sup>. The center of the property is located at 152.566° longitude west and 61.983° latitude north. The project is located in the drainage of the Skwentna River. Elevation varies from about 400m above sea level in the valley floors to over 5,000m in the highest peaks.

A base camp and gravel airstrip for wheel-based aircraft is established adjacent to the Skwentna River. The camp is equipped with diesel generators, a satellite communication link, tent structures on wooden floors and several wood-frame buildings. Although chiefly used for summer field programs, the camp is winterized. The camp has been maintained in good condition, although some of the tent-based structures have been damaged by heavy snow loads and will need to be repaired or replaced.

Additionally, the Alaska State Government has recently invested US$8.5M in a Roads to Resources initiative which is being managed by the Alaska Industrial Development and Export Authority (AIDEA). AIDEA has published several studies since 2014 to assess route alternatives, impacts and benefits of constructing a public access road from Palmer/Wasilla to the 'Susitna Mining District' in the Alaska Range. In October 2021 AIDEA received US$8.5M to advance pre-development work on the West Susitna Access Road. In 2022 AIDEA applied for a CWA 404 permit application to the US Army Corp of Engineers for the West Susitna Access project, initiating the environmental review process through compliance with the National Environmental Policy Act. Field studies proceeded in 2022 with further evaluation of cultural and historical sites, fish and wildlife habitat, engineering refinement and alternative route analysis. The development of this additional infrastructure may have a positive impact on the future capital requirements and operating cost profile for the project.

The following map sets forth the location of the Whistler Project and shows the proposed alignment of the West Susitna Road.

![](project_001.jpg)

We acquired rights to the Whistler Project and associated equipment in August 2015 for a total cost of approximately $1.32 million pursuant to an asset purchase agreement by and among us, GoldMining, Kiska and Geoinformatics. Pursuant to such agreement, we acquired rights and assumed obligations under several related underlying agreements. The related underlying agreements on the Whistler Project are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 first underlying agreement is a royalty purchase agreement between Kiska, Geoinformatics, and MF2, LLC, referred to as "**MF2** ",
 dated December 16, 2014. This agreement granted MF2 a 2.75% NSR royalty over the Project area, and, extending outside the
 current claims, over an area of interest defined by certain maximum historical extent of claims held on the project.

2. The second underlying agreement
 is an earlier agreement between Cominco American Incorporated, referred to as "**Cominco** ", and Kent Turner dated
 October 1, 1999. This agreement concerns a 2.0% net profit interest to Teck Resources Limited, referred to as "**Teck Resources** ",
 which was purchased by Sandstorm Gold Ltd., in connection with an area of interest specified by standard township sub-division.

3. The third underlying agreement
 is a purchase and sale agreement among Kent Turner, Kiska and Geoinformatics, dated December 16, 2014, that terminated the "Turner
 Agreement" (which granted Kennecott Exploration Company and its successors a 30-year lease on 25 unpatented State of Alaska
 Claims), and transferred to Kiska and Geoinformatics, and their successors, an undivided 100% of the legal and beneficial interest
 in, under, to, and respecting the Turner property free and clear of all encumbrances arising by, through or under Turner other than
 the Cominco American Incorporated net profit interest.

In January 2023, we were granted 73 new claims, acquired by staking, in Alaska by the Division of Mining, Land and Water, Alaska Department of Natural Resources (DNR). These additional claims are ancillary to the core project area which contains the Whistler, Raintree and Island Mountain mineral resources. These new claims provide flexibility for possible future exploration or operational needs. There is no known extension of mineral resources or unclassified mineralization or interpreted geological prospectivity underlying the new claims. Currently, we have no immediate plans for exploration on these claims, however they will be assessed in the future for possible work programs. We may also in the future evaluate and acquire additional interests in gold and gold-copper projects in the Americas.

We are also party to a royalty agreement with Gold Royalty Corp. dated January 11, 2021. This agreement granted to Gold Royalty Corp. a 1.0% NSR royalty on each of the Whistler, Raintree West and Island Mountain deposits/properties comprising the Whistler Project.

***History***

Mineral exploration in the Whistler area was initiated by Cominco in 1986 and continued through 1989. During this period, the Whistler and the Island Mountain gold-copper porphyry occurrences were discovered and partially tested by drilling. In 1990, Cominco ceased exploration and all cores from the Whistler region were donated to the State of Alaska and the property was allowed to lapse.

In 1999, Kent Turner staked 25 State of Alaska mining claims at Whistler and leased the property to Kennecott. From 2004 through 2006, Kennecott conducted extensive exploration of the Whistler region, including geological mapping, soil, rock and stream sediments sampling, ground Induced Polarization survey, and the evaluation of the Whistler gold-copper occurrence with fifteen core boreholes (7,948m) and reconnaissance core drilling at other targets in the Whistler region (4,184m). Over that period Kennecott invested over $6.3 million in exploration.

In June 2007, Geoinformatics announced the conditional acquisition of the Whistler Project as part of a strategic alliance with Kennecott.

From 2007 through 2008, Geoinformatics drilled twelve holes totaling 5,784m on the Whistler Deposit and six holes totaling 1,841m on other exploration targets in the Whistler area. Drilling by Geoinformatics on the Whistler Deposit was done to infill the deposit to sections spaced at 75m and to test for the north and south extensions of the deposit. Exploration drilling by Geoinformatics in the Whistler area targeted geophysical anomalies in the Raintree and Rainmaker areas, using the same basic porphyry exploration model as Kennecott.

In 2009, Kiska was formed by the merger of Geoinformatics and Rimfire Minerals Corporation. In total, Kiska completed 224 line-km of 3D Induced Polarization geophysics, 40 line-km of 2D IP geophysics, 327 line-km of cut-line, geological mapping on the 3D IP grid, detailed mapping of significant Au-Cu prospects, collection of 109 rock samples and 61 soil samples, 8,660m of diamond drilling from 23 drillholes (all greater than 200m in total length), petrographic analysis of mineralization at Island Mountain, a preliminary review of metallurgy at the Whistler Resource, and metallurgical testing of mineralization from the Discovery Breccia at Island Mountain. In August of 2010, Kiska delivered a report to Kennecott summarizing the results of the completed Trigger Program. In September of 2010, Kennecott informed Kiska that it would not exercise its back-in right on the project and hence retained a 2% NSR on the property.

From this point forward, Kiska continued to drill and explore the Whistler Project for the duration of the 2010 and 2011 field seasons. The majority of this work included shallow grid drilling (25m to 50m top of bedrock drilling) in the Whistler area (also referred to as the Whistler Corridor), conventional step-out drilling from prospects in the Whistler area, step-out drilling at the Island Mountain Deposit, an airborne EM survey of the Island Mountain area, reconnaissance drilling at Muddy Creek, and minor infill drilling at the Whistler Deposit, followed by the publication of an updated resource estimate.

***Geological Setting, Mineralization and Deposit Types***

Geological Setting

The Whistler Project is located in the Alaska Range. The Alaska Range is a continuation of the Pacific Coastal Mountains extending in an arc across the northern Pacific, and represents a long-lived continental arc characterized by multiple magmatic events ranging in age from about 70 Ma to 30 Ma and associated with a wide range of base and precious metals hydrothermal sulphide bearing mineralization. The geology of the Whistler Project is characterized by a thick succession of Cretaceous to early Tertiary (ca. 97 to 65 Ma) volcano-sedimentary rocks intruded by a diverse suite of plutonic rocks of Jurassic to mid-Tertiary age.

Two main intrusive suites are important in the Whistler Project area:

● The Whistler Igneous Suite comprises alkali-calcic basalt-andesite, diorite and monzonite intrusive rocks with an age of approximately 76 Ma with restricted extrusive equivalent. These intrusions are commonly associated with gold-copper porphyry-style mineralization.

● The Composite Suite intrusions vary in composition from peridotite to granite and their ages span from 67 to about 64 Ma. Gold-copper veinlets and pegmatitic occurrences are characteristics of the composite plutons (e.g. the Mt. Estelle prospect, the Muddy Creek prospect).

GoldMining acquired the project for its potential to host magmatic hydrothermal gold and copper mineralization. Magmatic hydrothermal deposits represent a wide clan of mineral deposits formed by the circulation of hydrothermal fluids into fractured rocks and associated with the intrusion of magma into the crust.

Mineralization and Deposit Types

Exploration on the Whistler Project by Kennecott, Geoinformatics and Kiska has identified three primary exploration targets for porphyry-style gold-copper mineralization. These include the Whistler Deposit, Raintree Deposit, and the Island Mountain Deposit. The porphyry deposits in the Whistler area share similar styles of alteration, mineralization, veining and cross-cutting relationships that are generally typical of porphyry systems associated with relatively oxidized magma series (A- and B-type quartz vein stockwork, chalcopyrite-pyrite mineralization assemblage, presence of sulphates, core of potassic alteration with well-developed peripheral phyllic alteration zones) and well developed airborne magnetic and Induced Polarization ('IP') chargeability/resistivity anomalies.

The Whistler-Raintree and Island Mountain areas also host multiple porphyry prospects defined by drilling, anomalous soil samples, alteration, veining, surface rock samples, IP chargeability/resistivity anomalies, airborne magnetic anomalies and airborne electromagnetic anomalies. These include the Raintree North, Rainmaker, Round Mountain, Puntilla, Snow Ridge, Dagwood, Super Conductor, Howell Zone and Cirque Zones.

Island Mountain exhibits a different style of alteration, veining and sulphide mineralization. Principally the occurrence of pyrrhotite and arsenopyrite associated with Au-Cu mineralization, strong sodic-calcic alteration, lack of significant sulphates, minor hydrothermal quartz and weak to insignificant phyllic alteration. For these reasons, the porphyry system at Island Mountain may belong to the "reduced" subclass of porphyry copper-gold deposits.

The Muddy Creek area represents an additional exploration target with the potential to host a bulk tonnage, intrusion-related gold deposit. Exploration by Millrock Resources Inc. on claims directly adjacent to the Muddy Creek area, which are geologically analogous, have returned encouraging preliminary results. Like Island Mountain, the Muddy Creek mineralization is distinct from the Whistler Porphyry systems and shares more similarity with intrusion related gold systems characteristic of the Tintina Gold Belt. The Muddy Creek prospect may also share geological similarities with the Korbel deposit owned by Nova Minerals Limited located 12 miles north. The Muddy Creek prospect may also share geological similarities with the Korbel deposit owned by Nova Minerals Limited located 12 miles north. The intrusive complex at Muddy Creek is predominantly monzonitic grading to more mafic marginal phases, yet is generally more felsic in composition relative to the diorites of the Whistler area. Mineralization is restricted to sheeted vein zones with narrow millimeter scale veinlets and pegmatitic veinlets of quartz, feldspar, tourmaline and sulphides that include arsenopyrite, minor chalcopyrite and pyrite-pyrrhotite. Gold mineralization is largely confined to the minute veinlets whereas the intervening intrusive rocks are largely unaltered and unmineralized.

The Company will also apply geologic search criteria to its property scale exploration programs to detect geological attributes similar to the recent discovery of the RPM prospect made by Nova Minerals Limited, located 7 miles southeast of Muddy Creek.

The Company will also apply geologic search criteria to its property scale exploration programs to detect geological attributes similar to the recent discovery of the RPM prospect made by Nova Minerals Limited, located 7 miles southeast of Muddy Creek.

***Exploration***

We have not conducted exploration work at Whistler since acquiring the project. The last previous exploration drilling was conducted by Kiska in 2011. Our strategy is to enhance and grow the value of our asset base, with a focus on exploring to grow the in situ mineral resource estimate and to advance mining, environmental and heritage studies on the Whistler Project towards delineation of a compelling business case optimizing bulk mineable near surface deposits. We have commenced planning activities and on June 30, 2022, submitted an APMA to the ADNR in order to commence exploration field work activities in 2023. On September 22, 2022, the ADNR approved Multi-Year 2022-2026 Exploration and Reclamation Permit Number 2778 for Hardrock Exploration – Skwentna River – Yentna Mining District, and in addition also approved Reclamation Plan Approval Number 2778. Planned field work and studies comprises an initial two-year work program over 2023-2024 with the objective to initiate a PEA at the end of that period. Work commenced on the project since mid-2022 has comprised of identification and engagement with key business partners and subject matter expert consultants, stakeholder and community consultation, assessment of the condition of the existing Whistler camp, initial environmental baseline data collection, and desktop geological database validation, interpretation and analysis of potential drilling targets. The Whistler Multi-Year 2022-2026 Exploration and Reclamation Permit allows us to conduct exploration including drilling, operate and maintain a camp including storage of fuel, and to transport people, equipment and consumables to the Whistler Project. The Company intends to initiate an exploration program in the first half of 2023, currently planned to consist of approximately 20,000-meters drilling, surface exploration including soil geochemical sampling and geophysical surveying, and collection of mining and mineral processing data including metallurgical, geotechnical and hydrogeological data. Exploration will have a number of objectives including 1. Infill drilling to advance the geological model, confirm grade continuity, improve resource model quality, and collect additional geotechnical and metallurgical data; 2. Exploration for incremental expansion of the known deposits ('wingspan' exploration); 3. Exploration for satellite deposits within the Whistler Corridor utilizing the minerals system approach to define the broader controls on porphyry emplacement and mineralization; and 4. Exploration of the broader property and region for porphyry, intrusion related and epithermal style mineralization. Environmental baseline and heritage surveying, including archaeological and traditional land use studies, will also take place in 2023. On completion of the proposed exploration drilling program, geological modeling, mineral resource estimation, mine design and financial modeling will be initiated in 2024 towards development of a mine scoping study (PEA).

***Drilling***

A total of 70,247m of diamond drilling in 257 holes has been completed on the Whistler Project by Cominco, Kennecott, Geoinformatics and Kiska from 1986 to the end of 2011. Of these drill holes, 21,132m in 52 holes have been drilled in the Whistler Deposit area, 20,479m in 94 holes have been drilled in the Raintree area and 14,410m in 36 holes comprise the Island Mountain resource area. There are 14,226m in 75 holes in areas outside the three resource areas.

***Sampling, Analysis and Data Verification***

We have not completed any sampling, nor has any sampling been done by GoldMining. There is no available documentation about sampling and analysis by Cominco. Previous operators Kennecott, Geoinformatics, and Kiska used industry standard practices to collect, handle and assay soil, rock and core samples collected during the period 2004-2011. These procedures are documented in detailed reports describing pertinent aspects of the exploration data collection and management.

All assay samples were assayed at either the Alaska Assay Laboratory (2004 and 2009) in Fairbanks, Alaska, or the accredited ALS-Chemex laboratory in Vancouver, British Columbia for all other years. Sample preparation was accomplished in Alaska, either at the Alaska Assay Lab or ALS-Chemex preparation lab in Anchorage, Alaska. Samples were assayed for gold by fire assay and a suite of elements including silver and copper by aqua regia or multi-acid digestion and inductively coupled plasma atomic emission spectroscopy. Operators Kennecott, Geoinformatics, and Kiska used industry standard quality control practices during exploration at Whistler. The S-K 1300 Report discloses that analysis of the QA/QC data indicates the assay data is of sufficient quantity and quality for resource estimation.

A site visit was conducted on September 14, 2022 by Sue Bird, the author of the S-K 1300 Report. No observations contradicting previously published information were made. The assay database did not have certificate numbers attached to the sample IDs, this was accomplished by the author of the S-K 1300 Report to the extent possible. Certificate checks revealed some minor errors which were corrected prior to resource modeling. Not all assay data in the database is fully supported by certificates and QA/QC. However, the percentage of data fully supported by certificates and QA/QC is consistent with similar projects that have the majority of drilling completed before 2010 and have undergone several changes in ownership. The S-K 1300 Report disclosed that the assay database is determined to be of sufficient quality and accuracy for resource estimation.

***Mineral Processing and Metallurgical Testing***

Metallurgical testing had been carried out in three phases starting with the 2004/05 preliminary testing in Salt Lake City under the general supervision of Kennecott and culminating in the two phases under Kiska conducted at G&T Laboratories in Kamloops during 2010 to 2012.

Whistler Deposit preliminary metallurgical testwork included gravity concentration or flotation to recover the copper and gold. From the metallurgical testwork results and subsequent analysis it appears that the Whistler Deposit is metallurgically amenable to a conventional flotation route to produce saleable high quality copper concentrates with gold credits, despite the low head grade, and that the levels of recovery and upgrade for both copper and gold are relatively insensitive to feed grade. We believe that there are no processing factors or deleterious elements that could have significant effect of potential economic extraction.

The preliminary testing indicated that the Island Mountain material tested is amenable to copper recovery by flotation and that the gold is relatively free milling. The results indicate that in the range of 90% of the potential gold may be recoverable by either whole ore leaching or a combination of flotation and leaching of the tailings. Further flotation work is expected to improve both potential copper and gold recoveries to concentrate.

For both deposits further metallurgical development and assessment work is required to develop the best flowsheet with respect to capital and operating costs, metal recoveries and overall economics.

As of the date hereof, no metallurgical testing has been carried out on rocks from the Raintree West Deposit, however, given the similarities in geological setting, host rock, mineralization and alteration between Raintree West and the Whistler Deposits, it has been assumed by GoldMining that metallurgical processes and metal recoveries determined for the Whistler Deposit are a reasonable approximation for the Raintree West Deposit at this time.

Metal recoveries reported for the Whistler Project resource estimate include 83% for copper, 70% for gold and 65% for silver with silver grades below 10 g/t and 0% for silver grades above 10 g/t.

***Mineral Resource Estimates***

The following table sets forth the Mineral Resource estimate set forth in the S-K 1300 Report, with an effective date of September 22, 2022, date of issue of September 23, 2022 and revised date of issue of December 16, 2022.

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Deposit** | | | **In Situ Grade** | **In Situ Grade** | **In Situ Grade** | **In Situ Grade** | **In Situ Grade** | **In Situ Metal** | **In Situ Metal** | **In Situ Metal** | **In Situ Metal** |
|  | **NSR Cutoff** | **Tonnage** | **NSR** | **Gold** | **Silver** | **Copper** | **Gold Eq** | **Gold** | **Silver** | **Copper** | **Gold Eq** |
|  | *(US$/t)* | *(Mt)* | (US$/t) | *(g/t)* | *(g/t)* | *(%)* | *(g/t)* | *(Moz)* | *(Moz)* | *(Mlbs)* | *(Moz)* |
|  | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** | **Indicated Resources** |
| Whistler | 10.50 | 107.77 | 26.44 | 0.50 | 1.95 | 0.17 | 0.79 | 1.75 | 6.76 | 399 | 2.74 |
| Raintree (Open Pit) | 10.50 | 7.76 | 20.61 | 0.49 | 4.88 | 0.09 | 0.67 | 0.12 | 1.22 | 15 | 0.17 |
| **Total Indicated (Open Pit)** | **10.50** | **115.53** | **26.05** | **0.50** | **2.15** | **0.16** | **0.78** | **1.87** | **7.97** | **414** | **2.90** |
| Raintree (Underground) | 25.00 shell | 2.68 | 34.02 | 0.79 | 4.18 | 0.13 | 1.03 | 0.07 | 0.36 | 8 | 0.09 |
| **Total Indicated** | **Varies** | **118.20** | **26.23** | **0.51** | **2.19** | **0.16** | **0.79** | **1.94** | **8.33** | **422** | **2.99** |
|  | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** |
| Whistler | 10.50 | 153.54 | 19.17 | 0.35 | 1.48 | 0.13 | 0.57 | 1.71 | 7.31 | 455 | 2.83 |
| Island Mountain | 10.50 | 111.90 | 18.99 | 0.47 | 1.06 | 0.05 | 0.57 | 1.70 | 3.81 | 131 | 2.04 |
| Raintree (Open Pit) | **10.50** | 11.77 | 24.28 | 0.62 | 4.58 | 0.07 | 0.77 | 0.23 | 1.73 | 18 | 0.29 |
| **Total Inferred (Open Pit)** | 10.50 | **277.21** | **19.32** | **0.41** | **1.44** | **0.10** | **0.58** | **3.64** | **12.85** | **604** | **5.16** |
| Raintree (Underground) | 25.00 shell | 39.77 | 32.65 | 0.80 | 2.51 | 0.12 | 1.00 | 1.03 | 3.21 | 107 | 1.28 |
| **Total Inferred** | **varies** | **316.98** | **20.99** | **0.46** | **1.58** | **0.10** | **0.63** | **4.67** | **16.06** | **711** | **6.45** |

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Notes:

1. Mineral
 resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of
 the mineral resources will be converted into mineral reserves.

2. The
 Mineral Resource for Whistler deposit and the upper portions of the Raintree West deposits
 have been confined by an open pit with "reasonable prospects of eventual economic extraction"
 using the 150% pit case and the following assumptions:

● Metal prices of US$1,600/oz Au, US$3.25/lb Cu and US$21/oz Ag;

● Payable metal of 99% payable Au, 90% payable Ag and 1% deduction for Cu;

● Offsite costs (refining, transport and insurance) of US$136/wmt proportionally distributed between Au, Ag and Cu;

● Royalty of 3% NSR has been assumed;

● Pit slopes are 50 degrees;

● Mining cost of US$1.80/t for waste and US$2.00/t for mineralized material; and

● Processing, general and administrative costs of US$10.50/t.

3. The
 lower portion of the Raintree West deposit has been constrained by a mineable shape with "reasonable prospects of eventual
 economic extraction" using a US$25.00/t cut-off.

4. Metallurgical
 recoveries are: 70% for Au, 83% for Cu, and 65% Ag for Ag grades below 10g/t. The Ag recovery is 0% for values above 10g/t for all
 deposits.

5. The
 NSR equations are: below 10g/t Ag: NSR (US$/t)=(100%-3%)\*((Au\*70%\*US$49.273g/t) + (Cu\*83%\*US$2.966\*2204.62 + Ag\*65%\*US$0.574)), and
 above 10g/t Ag: NSR (US$/t)=(100%-3%)\*((Au\*70%\*US$49.256g/t) + (Cu\*83%\*US$2.965\*2204.62))

6. The
 Au Equivalent equations are: below 10g/t Ag: AuEq=Au + Cu\*1.5733 +0.0108Ag, and above 10g/t Ag: AuEq=Au + Cu\*1.5733

7. The
 specific gravity for each deposit and domain ranges from 2.76 to 2.91 for Island Mountain, 2.60 to 2.72 for Whistler with an average
 value of 2.80 for Raintree West.

8. Numbers
 may not add due to rounding.

**MANAGEMENT**

**Executive Officers and Directors**

The table below sets out the names and the province or state and country of residence of each of our directors and executive officers, their positions and offices with us, their present principal occupation and respective principal occupations for the preceding five years and the number of shares of our common stock held by each of them as at the date of this prospectus. The term of office of each of the directors will expire at the close of the next annual general meeting, unless he or she resigns or otherwise vacates office before that time. The address for our directors and executive officers is c/o U.S. GoldMining Inc., 1030 West Georgia Street, Suite 1830, Vancouver, British Columbia, Canada V6E 2Y3. The address for our head operating office is c/o U.S. GoldMining Inc., 301 Calista Court, Suite 200, Office 203, Anchorage, Alaska, 99518.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, position, province or state and country of residence** | **Age** | **Principal occupation or employment for the past five years** | **Date elected or appointed** | **Number of Shares of Common <br> Stock** | **Percentage of Shares of Common Stock<sup>(9)</sup>** |
| **Tim Smith**<br> *Chief Executive Officer and President*<br> Burnaby, British Columbia, Canada | 52 | Chief Executive Officer and President of the Company, from September 12, 2022 to present. Vice President Exploration for GoldMining, from April 2022 to present. Regional Director Generative Exploration, North America for Newmont Corporation from June 2019 to March 2022. Exploration Director, Goldcorp Inc., from August 2016 to June 2019. | September 12, 2022 | 50000 | 0.49% |
| **Pat Obara**<br> *Chief Financial Officer, Secretary and Treasurer*<br> Vancouver, British Columbia, Canada | 66 | Chief Financial Officer of U.S. GoldMining, from September 2022 to present. Secretary and Treasurer of the Company, from September 2015 to present. Chief Financial Officer of GoldMining, from 2011 to present. Secretary of GoldMining, from 2009 to present. Secretary, Treasurer and a director of US Gold Canada. Secretary, Treasurer and Chief Financial Officer of Uranium Energy Corp., from 2015 to present. | September 12, 2022 | 40000**<sup>(6)</sup>** | 0.39% |
| **Alastair Still<sup>(4)</sup>**<br> *Director and Chairman of the board of directors*<br> Maple Ridge, British Columbia, Canada | 51 | <br> Director and Chairman of the Company, from September 2022 to present. Chief Executive Officer of GoldMining, from April 2021 to present. Chief Development Officer and Executive Vice President of GoldMining, from 2020 to 2021. Director of Technical Services of Gold Royalty Corp., from October 2020 to present. Special Advisor to Kalo Gold Corp., from September 2020. Director, Corporate Development, Newmont Corporation (formerly Goldcorp Inc.), from 2015 to 2020. | September 12, 2022 | 100000**<sup>(7)</sup>** | 0.99% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, position, province or state and country of residence** | **Age** | **Principal occupation or employment for the past five years** | **Date elected or appointed** | **Number of Shares of Common <br> Stock** | **Percentage of Shares of Common Stock<sup>(9)</sup>** |
| **Garnet Dawson<sup>(3)</sup>**<br> *Director*<br> Vancouver, British Columbia, Canada | 64 | <br> President of the Company, from 2015 to 2022, Chief Executive Officer of GoldMining from December 2014 to April 2021, Director of GoldMining, from 2018 to present. Director of Gold Royalty Corp., from 2020 to February 2022. Director of Freegold Ventures Limited, from 2011 to present. | September 12, 2022 | 20000**<sup>(8)</sup>** | 0.19% |
| **Ross Sherlock<sup>(1)(3)(5)</sup>**<br> *Director* <br> Sudbury, Ontario, Canada | 58 | Vice President, Geoscience at Kinross Gold Corp. from 2015 to 2016, Exploration Manager, North America at Gold Fields from 2008 to 2015, and Project Manager, Senior Geologist at Miramar Mining Corporation/Newmont Mining Corporation from 2004 to 2008. | September 12, 2022 |  |  |
| **Lisa Wade<sup>(2)(4)(5)</sup>**<br> *Director*<br> Kila, MT, United States | 49 | Environmental Engineer, from August 2015 to April 2019. Vice President, Environmental, Reclamation and Closure at Goldcorp Inc., from August 2015. Newmont Mining Corporation managing environmental and social matters in northern Nevada, California and at the Yanacocha Mine in Peru. | September 12, 2022 |  |  |
| **Laurie (Laura) Schmidt<sup>(1)(2)(4)(5)</sup>**<br> *Director*<br> Hotchkiss, CO, United States | 56 | GM Supply Chain in Shell, from July 2021 to present. Supply Chain Director at Shell secondee, from July 2018 to June 2021, V.P. Safety & Environment for Shell's Integrated Gas & New Energies, from January 2016 to June 2018, V.P. Shell Alaska, from January 2015 to December 2015. Head of Audit for Shell's Upstream and Projects & Technology Directorates, from September 2012 to December 2014. | September 12, 2022 |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, position, province or state and country of residence** | **Age** | **Principal occupation or employment for the past five years** | **Date elected or appointed** | **Number of Shares of Common <br> Stock** | **Percentage of Shares of Common**<br> **Stock<sup>(9)</sup>** |
| **Aleksandra Bukacheva<sup>(1)(2)(3)(5)</sup>**<br> *Director*<br> Colleton, St. Lucy, Barbados | 41 | Executive Vice President, Corporate Development of Element 29 Resources Inc., a junior explorer focused on copper resource development in Peru, from September 2018 until November 2020. Director of Gippsland Prospecting Pty. Ltd. Equity Research Analyst for BMO Capital Markets, from 2013 to 2016. | September 12, 2022 |  |  |
| **Total** |  |  |  | 210000 | **2.06%** |

---

Notes:

(1) Member
 of the audit committee.

(2) Member
 of the nominating and corporate governance committee.

(3) Member
 of the compensation committee.

(4) Member
 of the sustainability committee.

(5) Qualified
 as an independent director under the rules of the NYSE American Company Guide and NI 58-101.

(6) Consists
 of performance based restricted shares of common stock that are subject to cancellation if certain performance conditions are not
 met. See "*Executive and Director Compensation* ". Does not include 9,500,001 shares of common stock held by GoldMining,
 for which Mr. Obara is the Chief Financial Officer.

(7) Consists
 of performance based restricted shares of common stock that are subject to cancellation if certain performance conditions are not
 met. See "*Executive and Director Compensation* ". Does not include 9,500,001 shares of common stock held by GoldMining,
 for which Mr. Still is the Chief Executive Officer.

(8) Consists
 of performance based restricted shares of common stock that are subject to cancellation if certain performance conditions are not
 met. See "*Executive and Director Compensation* ". Does not include 9,500,001 shares of common stock held by GoldMining,
 for which Mr. Dawson is a director.

(9) On
 the basis of 10,135,001 shares of common stock outstanding as of the date of this prospectus.

**The following information provides a brief description of the business experience of each executive officer and director.**

**Tim Smith, Chief Executive Officer and President**

Mr. Smith was appointed as the Chief Executive Officer and President of the Company on September 12, 2022. Mr. Smith is also currently the Vice President, Exploration of GoldMining, having held such position since April 7, 2022. Mr. Smith is a Professional geologist with 27 years mineral industry experience, at locations throughout Australia and Canada, principally in gold exploration with an expertise in gold mineral systems, and specializing in orogenic lode gold, Ground selection, project generation, exploration strategy and project rate & rank. Prior to joining the Company, Mr. Smith was Regional Director Generative Exploration, North America for Newmont Corporation from June 2019 to March 2022 and Exploration Director, Goldcorp Inc., from August 2016 to June 2019.

**Pat Obara, Chief Financial Officer**

Mr. Obara was appointed as the Chief Financial Officer of the Company on September 12, 2022, and as the Secretary of the Company in September 2015. Mr. Obara currently serves as Chief Financial Officer and Secretary of GoldMining, having held such positions since 2011 and 2009, respectively and Chief Financial Officer, Treasurer and Secretary of Uranium Energy Corp., a uranium mining and exploration company listed on the NYSE American, since 2015. Previously, Mr. Obara served as Secretary, Treasurer and a director of US Gold Canada; from February 2022 through September 2022, and as a consultant to several private companies in the areas of corporate management, finance and administration. Mr. Obara holds a degree in Building Technology, Land and Construction Economics from the British Columbia Institute of Technology.

**Alastair Still, Director and Chairman of the board of directors**

Mr. Still was appointed as a director of our Company on September 12, 2022 and has served as the Chairman of the board of directors since September 12, 2022. Mr. Still is an experienced mining industry professional with over 25 years of experience including working for gold miners. Mr. Still currently serves as Chief Executive Officer of GoldMining and Director of Technical Services for Gold Royalty Corp., having held such positions since April 1, 2021 and October 1, 2020, respectively. Mr. Still also served as Executive Vice President and Chief Development Officer of GoldMining from 2020 through 2021, and Director, Corporate Development for Newmont Corporation (formerly Goldcorp Inc.) from 2015 to 2020. Prior to 2015, Mr. Still also worked for other gold miners, including Placer Dome Inc., Kinross Gold Corporation and Agnico Eagle Mines Limited. He has worked within Canada and internationally in a variety of leadership roles in mine operations and project development including as Project Director leading the acquisition, permitting and construction of the Cerro Negro gold mine in Argentina. Mr. Still has extensive experience in corporate development having formerly served most recently as Executive Vice President, Chief Development Officer for GoldMining. Mr. Still graduated with a Bachelor of Science (First Class, Honours) from the University of New Brunswick and a Master of Science (Structural Geology) from Queen's University. Mr. Still serves on the Technical Advisory Committee of Geoscience BC and is a member of Professional Engineers and Geoscientists British Columbia and Professional Geoscientists Ontario. We believe Mr. Still's extensive mining industry and leadership experience qualifies him to serve as a director of the Company.

**Garnet Dawson, Director**

Mr. Dawson was appointed as a director of our Company on September 12, 2022 and serves as Chairperson of the Company's compensation committee. Mr. Dawson served as the President of our Company from 2015 through September 12, 2022. Since 2018, Mr. Dawson has served as a member of the board of directors of GoldMining, a public company listed on the NYSE American and Toronto Stock Exchange; and Freegold Ventures Limited, a company listed on the Toronto Stock Exchange, since 2011. Mr. Dawson has also served as a member of the board of directors of Spanish Mountain Gold Ltd. since October 2022. He was Chief Executive Officer of GoldMining from 2014 to April 2021. Mr. Dawson is a geologist with 40 years of experience in the exploration and mining business working with senior and junior mining companies in the Americas, Europe, Africa and China. He has held executive roles with several Canadian mining companies including Chief Executive Officer of GoldMining Inc., Vice President, Exploration of Brazilian Gold and Vice President, Exploration of EuroZinc Mining Corporation. Prior to joining EuroZinc, he consulted internationally and held a number of positions with Battle Mountain Canada Inc., British Columbia Geological Survey and Esso Minerals Canada Ltd. Mr. Dawson is a registered Professional Geologist with Engineers & Geoscientists British Columbia and holds a Bachelor of Science degree in Geology from the University of Manitoba and a Master of Science degree in Economic Geology from the University of British Columbia. We believe Mr. Dawson's extensive exploration and mining business experience qualifies him to serve as a director of the Company.

**Ross Sherlock, Director**

Ross Sherlock was appointed as a director of our Company on September 12, 2022, and serves as a member of the Company's audit committee and compensation committee. Dr. Sherlock is a professional geologist with over 30 years of experience in the mining industry and academic research. Dr. Sherlock has served as a Full Professor and Research Chair in Exploration Targeting at the Harquail School of Earth Sciences, Laurentian University, Sudbury, since 2017. At Laureation Dr. Sherlock is the Director of the Mineral Exploration Research Center and the Metal Earth project. Prior to this, he has held senior positions with major mining companies including Vice President, Geoscience at Kinross Gold Corp. from 2015 to 2016, Exploration Manager, North America at Gold Fields from 2008 to 2015, and Project Manager, Senior Geologist at Miramar Mining Corporation/Newmont Mining Corporation from 2004 to 2008. Prior to this, he was a Research Geoscientist at the Geological Survey of Canada and Senior Geologist at SRK Consulting Engineers. Dr. Sherlock completed a Post-Doctoral Fellowship at the University of British Columbia's Mineral Deposits Research Unit, PhD at the University of Waterloo, MSc at Lakehead University, and BSc (Honors) at McMaster University, Canada. He is a member of Professional Engineers and Geoscientists British Columbia and Professional Geoscientists Ontario. We believe Dr. Sherlock's experience as a geologist and positions with mining companies qualifies him to serve as a director of the Company.

**Lisa Wade, Director**

Ms. Wade was appointed as a director of our Company on September 12, 2022, and serves as a member of the Company's nominating and corporate governance committee and the Chairperson of the Company's sustainability committee. Ms. Wade served as a member of the board of directors of Gold Standard Ventures Corp., a public company listed on the NYSE American and Toronto Stock Exchange, prior to its acquisition by Orla Mining Ltd. from 2021 to August 2022. Ms. Wade is an environmental engineer with over 25 years of experience in the mining industry. Ms. Wade has held environmental engineering, community relations, permitting, managerial and executive positions with a number of mining companies. From 2005 to 2019, Ms. Wade held increasingly senior positions at Goldcorp Inc., in Central America and then as Vice President, Environmental, Reclamation and Closure. Ms. Wade holds both a Bachelor of Science and Master of Science in Environmental Engineering from Montana Tech in Butte, Montana. We believe Ms. Wade's experience as an environmental engineer and positions with mining companies qualifies her to serve as a director of the Company.

**Laura (Laurie) Schmidt, Director**

Ms. Schmidt was appointed as a director of our Company on September 12, 2022, and serves as a member of the Company's audit committee and sustainability committee and the Chairperson of the Company's nominating and corporate governance committee. Ms. Schmidt is a global executive with over 30 years of worldwide experience in the oil/gas/new energy industry in Shell. She currently works in Supply Chain in Shell's Upstream Directorate and has worked for Shell since 1990 in a variety of senior leadership roles across the globe. Ms. Schmidt has held numerous senior positions including V.P. Shell Alaska, V.P. Safety & Environment for Shell's Integrated Gas & New Energies Directorate, Head of Audit for Shell's Upstream and Projects & Technology Directorates, as well as engineering and operations positions. Ms. Schmidt holds a Bachelor of Science (cum laude) in Mechanical Engineering from Virginia Tech, a Master of Science in Environmental Engineering, and a Doctor of Jurisprudence (magna cum laude) from the University of Houston. She is a licensed Professional Engineer, licensed US Patent Attorney, and a licensed attorney in Colorado and Texas. She is a Member of the Chartered Institute of Procurement and Supply. After attending INSEAD's International Directors Program, she obtained a Certificate in Corporate Governance. She is also an alumnus of Stanford's Directors College and Harvard Business School's Women on Boards Program. We believe Ms. Schmidt's experience in the oil/gas/new energy industry qualifies her to serve as a director of the Company.

**Aleksandra Bukacheva, Director**

Ms. Bukacheva was appointed as a director of our Company on September 12, 2022, and serves as a member of the Company's compensation committee and nominating and corporate governance committee, and the Chairperson of the Company's audit committee. Ms. Bukacheva is currently a member of the board of directors of Probe Metals Inc., where she has served since June 7, 2022, and Montage Gold Corp. where she has served since 2021, and was an independent director at Battle North Gold Corporation from 2018 until May 2021 prior to its acquisition by Evolution Mining Limited. Ms. Bukacheva was Executive Vice President, Corporate Development of Element 29 Resources Inc., a junior explorer focused on copper resource development in Peru from September 2018 until November 2020. She was also a director of Gippsland Prospecting Pty. Ltd., a private Australian company, which was sold to Battery Minerals Limited in October 2020. From 2013 to 2016, Ms. Bukacheva was the Equity Research Analyst Base Metals at BMO Capital Markets. Ms. Bukacheva is the Managing Director of ABUK Consulting Corp., a resource investment and advisory company. Ms. Bukacheva received her Master of Science (MSc.) at the London School of Economics and Political Science in 2005. She also achieved a Certificate in Mining Studies at the University of British Columbia in 2016 and holds a Chartered Financial Analyst designation. We believe Ms. Bukacheva's experience in capital markets and finance industry with a focus on the metals and mining industry qualifies her to serve as a director of the Company.

**Cease Trade Orders, Bankruptcies, Penalties or Sanctions**

None of our directors or executive officers are, as at the date of this prospectus, or have been within ten years before the date of this prospectus, a director, chief executive officer or chief financial officer of any company (including the Company) that: (a) was subject to a cease trade order, an order similar to a cease trade order or an order that denied the relevant company access to any exemption under securities legislation, that was issued while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer; or (b) was subject to a cease trade order, an order similar to a cease trade order or an order that denied the relevant company access to any exemption under securities legislation, that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer.

None of our directors, executive officers or stockholders holding a sufficient number of our securities to materially affect control of our Company: (a) is, as at the date of this prospectus, or has been within the ten years before the date of this prospectus, a director or executive officer of any company (including the Company) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; (b) has, within the ten years before the date of this prospectus, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, executive officer or stockholder; (c) has been subject to any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or (d) has been subject to any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision.

**Board Leadership Structure and Risk Oversight**

The board of directors oversees our business and considers the risks associated with our business strategy and decisions. The board of directors currently implements its risk oversight function as a whole. The board of directors adopted charters that establish an audit committee, compensation committee, nominating and corporate governance committee, and sustainability committee. Each of the board of directors' committees will provide risk oversight in respect of its areas of concentration and report material risks to the board of directors for further consideration.

Currently, the role of chairman of the board of directors is separated from the role of Chief Executive Officer. Our Chief Executive Officer is responsible for recommending strategic decisions and capital allocation to the board of directors and to ensure the execution of the recommended plans. The Chairman's responsibilities include ensuring that our board of directors works together as a cohesive team with open communication and that a process is in place by which the effectiveness of our board of directors, its committees and its individual directors can be evaluated on a regular basis. The Chairman also acts as a liaison between our board of directors and management. While our Bylaws and corporate governance guidelines do not require that our chairman and Chief Executive Officer positions be separate, our board of directors believes that having separate positions is the appropriate leadership structure for us at this time and demonstrates our commitment to good corporate governance.

**Term of Office**

Directors serve until the next annual meeting of our stockholders and until their successors are elected and qualified. Officers are appointed to serve at the discretion of our board of directors.

**Director Independence**

We have applied to have our common stock and Warrants listed on the NYSE American. Under the rules of the NYSE American, independent directors must comprise a majority of a listed company's board of directors within a specified period of the completion of this offering. In addition, rules require that, subject to specified exceptions, each member of a listed company's audit, compensation, and nominating and corporate governance committees be independent. Under Canadian National Instrument 58-101 – Disclosure of Corporate Governance Practice, or "NI 58-101"., a director is considered to be independent if he or she is independent within the meaning of Section 1.4 of Canadian National Instrument 52-110 – Audit Committees, or "NI 52-110". Under these rules, a director will only qualify as an "independent director" if, in the opinion of that company's board of directors, that person does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.

Audit committee members must also satisfy the independence criteria set forth in Rule 10A-3 under the Exchange Act. In order to be considered independent for purposes of Rule 10A-3, a member of an audit committee of a listed company may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee: (i) accept, directly or indirectly, any consulting, advisory, or other compensatory fee from the listed company or any of its subsidiaries; or (ii) be an affiliated person of the listed company or any of its subsidiaries. We intend to satisfy the audit committee independence requirements of Rule 10A-3 as of the closing of this offering.

In connection with this offering, our board of directors undertook a review of the independence of each director and considered whether each director has a material relationship with us that could compromise his or her ability to exercise independent judgment in carrying out his or her responsibilities. As a result of this review, our board of directors determined that Ross Sherlock, Lisa Wade, Aleksandra Bukacheva and Laurie J. Schmidt are "independent directors" as defined under the applicable rules and regulations of the SEC and the listing requirements and rules of the NYSE American, representing four of our six directors. Under the applicable NYSE American Company Guide standards and NI 58-101, Alastair Still and Garnet Dawson are not considered independent by virtue of their prior executive positions with or current executive positions with the Company or GoldMining. In making these determinations, our board of directors reviewed and discuss information provided by the directors and us with regard to each director's business and personal activities and current and prior relationships as they may relate to us and our management, including the beneficial ownership of our capital stock by each non-employee director and any transactions involving them described in the section titled "Certain Relationships and Related Party Transactions."

**Board Composition and Election of Directors** 

Our Bylaws provide that our board of directors shall consist of one or more directors. The size of our board of directors is currently fixed at 6 directors and may be changed by resolution of our directors. Our Chairman of the board of directors is Alastair Still.

The directors are appointed at the annual general meeting of stockholders and the term of office for each of the directors will expire at the time of our next annual stockholders meeting.

We anticipate our board of directors will be comprised of approximately 67% independent directors at the time of this offering. To enhance the ability of the board of directors to exercise independent judgment, it is anticipated that the independent members of our board of directors will hold in-camera meetings with members of management and the non-independent directors not in attendance, as part of regularly scheduled board of director's meetings. Open and candid discussion among the independent directors is facilitated by the relatively small size of our board of directors and great weight will be attributed to the views and opinions of the independent directors.

Our Chairman of the board of directors is Alastair Still, who is not an independent director. The role of the Chairman is to chair all meetings of our board of directors in a manner that promotes meaningful discussion, and to provide leadership to our board of directors to enhance our board of directors' effectiveness in meeting its responsibilities and fulfilling its role of providing advice to and independent oversight of management. The Chairman's responsibilities include ensuring that our board of directors works together as a cohesive team with open communication and that a process is in place by which the effectiveness of our board of directors, its committees and its individual directors can be evaluated on a regular basis. The Chairman also acts as a liaison between our board of directors and management to ensure that the relationship between our board of directors and management is professional and constructive and ensures that the allocation of responsibilities and the boundaries between our board of directors and management are clearly understood.

Our board of directors has not adopted director term limits or other automatic mechanisms of board renewal. Rather than adopting formal term limits, mandatory age-related retirement policies and other mechanisms of board renewal, the nominating and corporate governance committee of our board of directors will develop a skills and competencies matrix for our board of directors as a whole and for individual directors. The nominating and corporate governance committee will also conduct a process for the assessment of our board of directors, each committee and each director regarding his, her or its effectiveness and contribution, and will report evaluation results to our board of directors on a regular basis.

**Meetings of Directors** 

Our board of directors will hold regularly-scheduled quarterly meetings as well as ad hoc meetings from time to time. The independent members of our board of directors will also meet regularly without the non-independent directors and members of management before or after board meetings.

A director who has a material interest in a matter before our board of directors or any committee on which he or she serves is required to disclose such interest as soon as the director becomes aware of it. In situations where a director has a material interest in a matter to be considered by our board of directors or any committee on which he or she serves, such director may be required to remove himself or herself from the meeting while discussions and voting with respect to the matter are taking place.

**Mandate of the Board of Directors** 

Our board of directors is responsible for the stewardship of our Company and providing oversight as to the management of our business and affairs, including providing guidance and strategic oversight to management.

Our board of directors does not have a written mandate. In fulfilling its responsibilities, our board of directors is responsible for, among other things: (i) our strategic planning; (ii) monitoring of our financial performance, financial reporting, financial risk management and oversight of policies and procedures; (iii) reviewing and, where appropriate, approving major corporate actions and internal controls; (iv) assessing risks facing us and reviewing options for their mitigation; (v) ensuring that our business is conducted with the highest standards of ethical conduct and in conformity with applicable laws and regulations; (vi) appointing officers, ensuring that they are qualified for their roles and planning their success as appropriate from time to time; and (vii) establishing and overseeing committees of the board of directors as appropriate, approving their mandates and approving any compensation of their members.

***Position Descriptions***

Our board of directors has not developed a separate written position description for the Chairman and the chair of each board committee. Each of our audit committee and nominating and corporate governance committees are comprised entirely of independent directors, which helps ensure that the views of our independent directors are effectively presented on these committees. The role of the Chairman of the board and the chair of each committee is to preside over all meetings of the board of directors, lead the board of directors or committee in regularly reviewing and assessing the adequacy of its mandate and its effectiveness in fulfilling its mandate, and in the case of the chairs of each committee, report to the board of directors with respect to the activities of the committee.

Our board of directors and the Chief Executive Officer have not developed a written position description for the Chief Executive Officer. However, the Chief Executive Officer's principal duties and responsibilities are for planning our strategic direction, providing leadership to the Company, acting as our spokesperson, reporting to stockholders, and overseeing our executive management.

**Diversity**

We have not adopted a formal policy with respect to the identification and nomination of women and of other diverse attributes on our board of directors. Establishing and implementing a policy regarding diversity and female representation on our board of directors will be an element that we will take into consideration going forward. There are currently three women on our board of directors. We are committed to increasing the level of female representation on our board as board turnover occurs from time to time, taking into account the skills, background, experience and knowledge desired at a particular time by our board of directors and its committees. Accordingly, consideration of the number of women who are directors, along with consideration of whether other diverse attributes are sufficiently represented on our board of directors, will be an important component of the selection process for new directors going forward.

Our nominating and corporate governance committee will, within the purview of its mandate, have the responsibility to take diversity into consideration as part of the overall director selection and nomination processes and to make the identification of female candidates a search criterion. Gender diversity on our board of directors will be achieved by continuously monitoring the level of female representation and, where appropriate, recruiting qualified female candidates to fill positions, as the need arises, through vacancies, growth or otherwise.

Our board of directors has not adopted a target regarding the number of women on the board as it has determined that a target would not be the most effective way of ensuring greater diversity. Our board of directors will however consider the appropriateness of adopting such a target in the future.

In appointing individuals to executive officer positions, we weigh a number of factors, including skills, experience and personal attributes required for the position along with the level of female representation within our senior management team. Currently none of our executive officers is a woman. We are, however, committed to increasing the gender diversity of our executive officers going forward. We have not adopted a target for the number of women in executive officer positions, as we have determined that a target would not be the most effective way of ensuring greater diversity. Our board of directors will however consider the appropriateness of adopting such a target in the future.

**Trading Restrictions**

All of our executives, other employees and directors are subject to our insider trading restriction contained in our code of business conduct and ethics, referred to as "**Code of Conduct**," which prohibits trading in our securities while in possession of material undisclosed information about us. Under this policy, such individuals are also prohibited from entering into hedging transactions involving our securities, such as short sales, puts and calls. Furthermore, we permit executives, including our "named executive officers", to trade in our securities, only during prescribed trading windows.

**Committees of the Board of Directors**

Our board of directors has a separately standing audit committee, nominating and corporate governance committee, compensation committee and sustainability committee.

**Audit Committee Information**

Our audit committee of the board of directors is comprised of Aleksandra Bukacheva, Laurie J. Schmidt and Ross Sherlock, each of whom is independent pursuant to the NYSE American Company Guide. Aleksandra Bukacheva is an audit committee financial expert as defined by the rules and regulations of the SEC. Aleksandra Bukacheva serves as the Chairperson of the audit committee. The audit committee's duties are specified in our audit committee charter, and include, but are not limited to:

● appointing the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;

● reviewing with the independent auditors any audit problems or difficulties and management's response;

● discussing the annual audited financial statements with management and the independent auditors;

● reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures;

● reviewing and approving all proposed related party transactions;

● annually reviewing and reassessing the adequacy of our audit committee charter;

● meeting separately and periodically with management and the independent auditors; and

● monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

*Audit Committee Independence*

Our board of directors has to determined that each member of our audit committee meets the independence requirements, including the heightened independence standards for members of the audit committee, of the NYSE and NI 52-110.

The audit committee will at all times be composed exclusively of "independent directors", as defined for audit committee members under the NYSE American Company Guide and the rules and regulations of the SEC, who are "financially sophisticated". "Financially sophisticated" generally means having past employment experience in finance or accounting, requisite professional certification in accounting, or any other comparable experience or background which results in the individual's being able to read, understand, and prepare fundamental financial statements, including a company's balance sheet, income statement and cash flow statement. In addition, our board of directors will have to determine that each of the members of our audit committee is financially literate, including within the meaning of NI 52-110. Aleksandra Bukacheva has been identified as an audit committee financial expert as defined by the rules and regulations of the SEC.

*Audit Fees, Audit-Related Fees and Tax Fees*

Marcum LLP served as our auditor from July 7, 2022 through to November 29, 2022. Deloitte LLP has served as our auditor since January 26, 2023. Deloitte LLP did not bill us for any audit, audit related or tax fees during the fiscal years ended November 30, 2022 and 2021.

Amounts incurred by Deloitte LLP and Marcum LLP for services rendered for the fiscal years ended November 30, 2022 and 2021 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> November 30, 2022** | **Year ended<br> November 30, 2021** |
| Audit Fees <sup>(1)</sup> | $100000 | $274830 |
| Audit-Related Fees <sup>(2)</sup> | $96791 | $- |
| Tax Fees | $- | $- |
| All Other Fees | $- | $- |
| **Total** | $**196791** | $**274830** |

---

 

&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit
 fees consists of professional services provided in connection with the audit of the Company's annual financial statements.
 Audit fees incurred but not billed by Deloitte LLP for services rendered for the fiscal years ended November 30, 2022 and 2021 were
 $100,000 and $nil, respectively. Audit fees incurred for services rendered by Marcum LLP for the fiscal years ended November 30,
 2022 and 2021 were $nil and $274,830, respectively.

(2) Audit-related
 fees consists of services in connection with the Company's initial public offering. Audit-Related fees incurred but not billed
 by Deloitte LLP for services rendered for the years ended November 30, 2022 and 2021 were $50,000 and $nil, respectively. Audit-Related
 fees incurred for services rendered by Marcum LLP for the fiscal years ended November 30, 2022 and 2021 were $46,791 and $nil, respectively.

 

*Pre-Approval Procedures for Non-Audit Services*

Our audit committee is also responsible for the pre-approval of all non-audit services to be provided to us by our auditor.

**Nominating and Corporate Governance Committee Information**

Our nominating and corporate governance committee of the board of directors is comprised of Laurie J. Schmidt, Lisa Wade and Aleksandra Bukacheva, each of whom is independent pursuant to the NYSE American Company Guide. Laurie J. Schmidt is the Chairperson of the nominating and corporate governance committee. The nominating and corporate governance committee will assist the board in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee's duties are specified in our nominating and corporate governance committee charter, and include, but are not limited to:

● recommending nominees to the board for election by the stockholders, or for appointment to fill any vacancy on the board;

● reviewing annually with the board of directors the current structure and composition of the board committees with regards to characteristics such as independence, knowledge, skills, experience and diversity to ensure compliance with applicable criteria of the rules and regulations of the SEC and NYSE American;

● making recommendations on the frequency and structure of board meetings and monitoring the functioning of the committees of the board; and

● advising the board of directors periodically with regards to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to the board on all matters of corporate governance and on any remedial action to be taken.

Our board of directors and nominating and corporate governance committee will review our strategies to determine the composition of the board of directors and the appropriate candidates to be nominated for election as directors at annual general meetings. This review will take into account the desirability of maintaining a balance of skills, experience and background.

In identifying new candidates for our board of directors, the nominating and corporate governance committee will consider what competencies and skills our board of directors, as a whole, should possess and assess what competencies and skills each existing director possesses, considering our board of directors as a group, and the personality and other qualities of each director, as these may ultimately determine the boardroom dynamic.

It will be the responsibility of the nominating and corporate governance committee to regularly evaluate the overall efficiency of our board of directors and our Chairman and all board committees and their chairs. As part of its mandate, the nominating and corporate governance committee will conduct the process for the assessment of our board of directors, each committee and each director regarding his, her or its effectiveness and contribution, and report evaluation results to our board of directors on a regular basis.

**Compensation Committee Information**

Our compensation committee of the board of directors is comprised of Garnet Dawson, Ross Sherlock and Aleksandra Bukacheva, each of Dr. Sherlock and Ms. Bukacheva are independent pursuant to the NYSE American Company Guide. Mr. Dawson serves as the Chairperson of the compensation committee. Please refer to the biographies of such committee members under "*Management – Executive Officers and Directors*".

The compensation committee's duties, are specified in our compensation committee charter, include, but are not limited to:

● reviewing the compensation package for our executive officers and making recommendations to the board with respect to it;

● reviewing the compensation of our directors who are not also employees, each of whom is referred to as a "non-employee director", and making recommendations to the board with respect to it; and

● selecting compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person's independence from management.

The compensation committee, among other things, will annually review and approve corporate goals and objectives relevant to the compensation of the Chief Executive Officer, evaluates the Chief Executive Officer's performance in light of those goals and objectives and determines the Chief Executive Officer's compensation level based on this evaluation. The compensation committee will meet without the presence of executive officers when approving the Chief Executive Officer's compensation. See "*Executive and Director Compensation*".

**Sustainability Committee**

Our sustainability committee of the board of directors is comprised of Laurie J. Schmidt, Lisa Wade, and Alastair Still. Each of Ms. Schmidt and Ms. Wade are independent pursuant to the NYSE American Company Guide. Lisa Wade serves as the Chairperson of the sustainability committee. The sustainability committee's duties, which are specified in our sustainability committee charter, include, but are not limited to:

● overseeing and advising the Company's board of directors on the Company's goals, strategies, and commitments related to sustainability and ESG, including climate risks and opportunities, human rights and human capital management, community and social impact, and diversity and inclusion;

● approving and overseeing implementation of sustainability policies; and

● monitoring the Company's performance related to its sustainability and ESG goals, strategies, and commitments.

The sustainability committee will meet with the Company's management regarding significant sustainability and ESG-related events and matters.

**Code of Business Conduct and Ethics**

We have adopted a code of business conduct and ethics, referred to as "**Code of Conduct**", that applies to all of our employees, officers, and directors. This includes our chief executive officer, chief financial officer, and principal accounting officer or controller, or persons performing similar functions. The full text of our Code of Conduct will be posted on our website at www.us.goldmining.com. We intend to disclose on our website any future amendments of the Code of Conduct or waivers that exempt any executive officer, principal accounting officer or controller, persons performing similar functions, or our directors from provisions in the Code of Conduct. The Code of Conduct sets out our fundamental values and standards of behavior that are expected from our directors, officers and employees with respect to all aspects of our business. Its objective is to provide guidelines for maintaining our integrity, reputation and honesty with a goal of honoring others' trust in us at all times.

Our audit committee is responsible for reviewing and evaluating the Code of Conduct periodically and will recommend any necessary or appropriate changes thereto to our board of directors for consideration.

**Complaint Reporting and Whistleblower Protection**

In order to foster a climate of openness and honesty in which any concern or complaint pertaining to a suspected violation of the law, our Code of Conduct or any of our policies or any unethical or questionable act or behavior, our Code of Conduct requires that our employees promptly report such violation or suspected violation. In order to ensure that violations or suspected violations can be reported without fear of retaliation, harassment or an adverse employment consequence, our Code of Conduct prohibits any acts of retaliation against any director, officer, or employee who makes a good faith report of known or suspected acts of misconduct or violation of the Code of Conduct.

**Family Relationships**

There are no family relationships among any of our executive officers and directors.

**EXECUTIVE AND DIRECTOR COMPENSATION**

**Overview**

The following discussion contains forward-looking statements that are based on our current plans, considerations, expectations and determinations regarding future compensation programs. This discussion also reflects certain contemplated changes to our compensation program that would be implemented in connection with, and contingent upon, completion of this offering. The actual amount and form of compensation and the compensation policies and practices that we adopt in the future may differ materially from currently planned programs as summarized in this section.

This section provides an overview of the compensation of Tim Smith, our Chief Executive Officer, Pat Obara, our chief Financial Officer, and Garnet Dawson, our former President. The table below under "*Executive and Director Compensation – Summary Compensation Table*" provides information about our sole "named executive officer," Garnet Dawson. Mr. Dawson resigned as president effective September 12, 2022. Messrs. Smith and Obara are not named executive officers because they commenced their employment with us on September 12, 2022, but certain information about their compensation arrangements are included to the extent we believe it is helpful to an overall understanding of our executive compensation programs.

The goal of our executive compensation philosophy is to attract, motivate, retain and reward an energetic, goal driven, highly qualified and experienced management team and to encourage them to meet and exceed performance expectations within a calculated risk framework. Our compensation committee will meet periodically to review the adequacy and form of compensation to ensure it realistically reflects the responsibilities and risks involved in being an effective director or officer and that compensation allows us to attract qualified candidates.

**Elements of Compensation**

The compensation program is designed to reward each executive based on individual, business and corporate performance and is also designed to incentivize such executives to drive the annual and long-term business goals of the organization to enhance our sustainable growth in a manner which is fair and reasonable to our stockholders.

The following key principles guide our overall compensation philosophy:

● compensation is designed to align executives to the critical business issues facing us;

● compensation is fair and reasonable to our stockholders and is set with reference to the local market;

● the compensation design supports and rewards executives for entrepreneurial and innovative efforts and results;

● an appropriate portion of total compensation is equity-based, aligning the interests of executives with our stockholders; and

● compensation is transparent to the board of directors, executives and our stockholders.

As we have recently launched the Company, we do not assess our compensation through benchmarks or peer groups at this time.

When reviewing the compensation of executive officers, our compensation committee considers the following objectives:

● to engage individuals critical to our growth and success;

● to reward performance of individuals by recognizing their contributions to our growth and achievements; and

● to compensate individuals based on performance.

*Salaries*: For executive officers who are offered compensation, the base salary is the foundation of such compensation and is intended to compensate competitively. The desire is for base salary to be high enough to secure talented, qualified and effective personnel which, when coupled with performance-based compensation, provides for a direct correlation between individual accomplishment and our success as a whole. Salaries are fixed and therefore not subject to uncertainty and are used as the base to determine other elements of compensation.

*Bonuses*: Annual bonuses are a variable component of total cash compensation, designed to reward executives for individual achievements, maximizing annual operating performance, including in relation to our acquisition and growth initiatives. Annual bonuses (if any) are discretionary and are to incentivize management during the year to take actions and make decisions within their control, and, as a result, the performance criteria do not include matters outside of the control of management, most notably commodity pricing.

*Equity Incentives*: Although we do not have a formal policy with respect to the grant of equity incentive awards to our executive officers, we believe that equity grants provide our executives with a strong link to our long-term performance, create an ownership culture and help to align the interests of our executives and our stockholders. In addition, we believe that equity grants with a time-based vesting feature promote executive retention because this feature incentivizes our executive officers to remain in our employment during the vesting period.

On September 23, 2022, we adopted an equity incentive plan (the "**Legacy Incentive Plan**"), which provides for equity incentive awards in the form of options and performance based restricted shares of common stock. On September 23, 2022, we granted awards of an aggregate of 635,000 shares of performance based restricted shares of common stock under the Legacy Incentive Plan to certain of our and GoldMining's executive officers and directors. These awards are subject to performance based restrictions, whereby the restrictions will be cancelled if certain performance conditions are met in specified periods. It is expected that 15% of these performance based restricted shares of common stock (95,250 shares) will be vested, per the terms of the performance based restricted shares of common stock, and no longer subject to such restrictions as a result of the satisfaction of a condition resulting from completion of this offering. No further grants will be made under the Legacy Incentive Plan. See "*Executive and Director Compensation* – *Legacy Incentive Plan*".

We have adopted a long term incentive plan (the "**2023 Incentive Plan**"), which provides for equity incentive awards in the form of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock units, performance awards, restricted stock awards and other cash and equity-based awards. In connection with the offering, we plan to award options to purchase up to 40,000 shares of our common stock to certain of our non-employee directors at a price equal to the offer price under this offering. In addition, we may, from time to time, grant to our directors, officers, employees, consultants and other personnel incentive stock options to purchase our common stock and other equity incentives pursuant to the terms of the 2023 Incentive Plan and in accordance with applicable stock exchange policies.

Our compensation committee will make recommendations to our board of directors regarding the periodic grant of options and other incentives to key employees and executive officers. The compensation committee will make those recommendations on a discretionary basis, given our size, based on individual performance, positions held within us and our overall performance. Our compensation committee will take into consideration previous grants when it considers new grants of equity incentives to employees and executives. The board of directors will rely solely on the recommendation of our compensation committee regarding the periodic grant of equity incentives to key employees and executive officers. See "*Executive and Director Compensation* – *2023 Incentive Plan*".

**Risk Management**

The Company has taken steps to ensure its executive compensation program does not incentivize inappropriate risks. Some of the risk management initiatives currently employed by us and expected to be employed by us prior to the completion of this offering are as follows:

● appointing a compensation committee to oversee our executive compensation program; and

● use of discretion in adjusting bonus payments (if any) up or down as the compensation committee deems appropriate and recommends.

**Compensation Governance**

Please see "*Management*" for information regarding our compensation committee and its charter, responsibilities and policies.

**2023 Incentive Plan**

The 2023 Incentive Plan was approved by our board of directors and adopted by us on February 6, 2023 (such date of effectiveness, the "**Effective Date**"). Unless sooner terminated by our board of directors, the 2023 Incentive Plan will terminate and expire on the tenth anniversary of the Effective Date. No award may be made under the 2023 Incentive Plan after its expiration date, but awards made prior thereto may extend beyond that date.

The purpose of the 2023 Incentive Plan is to provide an incentive for employees, directors and certain consultants and advisors of the Company or its subsidiaries to remain in the service of the Company or its subsidiaries, to extend to them the opportunity to acquire a proprietary interest in the Company so that they will apply their best efforts for the benefit of the Company, and to aid the Company in attracting able persons to enter the service of the Company and its subsidiaries. The 2023 Incentive Plan provides for the grant of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock units, performance awards, restricted stock awards and other cash and equity-based awards.

*Share Authorization.* The aggregate number of shares of our common stock issuable under the 2023 Incentive Plan in respect of awards is equal to 10% of the aggregate number of shares issued and outstanding determined as of the Effective Date, of which 100% of the available shares may be delivered pursuant to incentive stock options (the "**ISO Limit**"). Notwithstanding the foregoing, on the first trading date immediately following the issuance of any shares by the Company to any person (the "**Adjustment Date**"), the number of shares of our common stock available under the 2023 Incentive Plan shall be increased so that the total number of shares issuable under the 2023 Incentive Plan shall be equal to 10% of the total number of shares issued and outstanding, as determined as of the Adjustment Date, provided that no such adjustment shall have any effect on the ISO Limit, except for any adjustments summarized below.

Shares to be issued may be made available from authorized but unissued shares of common stock, shares of common stock held by the Company in its treasury, or shares of common stock purchased by the Company on the open market or otherwise. During the term of the 2023 Incentive Plan, the Company will at all times reserve and keep enough shares of common stock available to satisfy the requirements of the 2023 Incentive Plan. If an award under the 2023 Incentive Plan is cancelled, forfeited or expires, in whole or in part, the shares subject to such forfeited, expired or cancelled award may again be awarded under the 2023 Incentive Plan.

Awards that may be satisfied either by the issuance of shares of common stock or by cash or other consideration shall be counted against the maximum number of shares of common stock that may be issued under the 2023 Incentive Plan only during the period that the award is outstanding or to the extent the award is ultimately satisfied by the issuance of shares of common stock. Shares of common stock otherwise deliverable pursuant to an award that are withheld upon exercise or vesting of an award for purposes of paying the exercise price or tax withholdings shall be treated as delivered to the participant and shall be counted against the maximum number of available shares. Awards will not reduce the number of shares of common stock that may be issued, however, if the settlement of the award will not require the issuance of shares of common stock. Only shares forfeited back to the Company, shares cancelled on account of termination, or expiration or lapse of an award, shall again be available for grant of incentive stock options under the 2023 Incentive Plan, but shall not increase the maximum number of shares described above as the maximum number of shares of common stock that may be delivered pursuant to incentive stock options.

*Administration.* The 2023 Incentive Plan will be administered by the compensation committee of the board of directors or such other committee of the board of directors as is designated by the board of directors (the "**Committee**"). Membership on the Committee shall include at least two independent directors who are "non-employee directors" in accordance with Rule 16b-3 under the Securities Exchange Act. The Committee may delegate certain duties to one or more officers of the Company as provided in the 2023 Incentive Plan. The Committee will determine the persons to whom awards are to be made, determine the type, size and terms of awards, interpret the 2023 Incentive Plan, establish and revise rules and regulations relating to the 2023 Incentive Plan and make any other determinations that it believes necessary for the administration of the 2023 Incentive Plan.

*Eligibility.* Employees (including any employee who is also a director or an officer), contractors, and non-employee directors of the Company or its subsidiaries whose judgment, initiative and efforts contributed to or may be expected to contribute to the successful performance of the Company are eligible to participate in the 2023 Incentive Plan.

*Financial Effect of Awards.* The Company will receive no monetary consideration for the granting of awards under the 2023 Incentive Plan, unless otherwise provided when granting restricted stock or restricted stock units. The Company will receive no monetary consideration other than the option price for shares of common stock issued to participants upon the exercise of their stock options and the Company will receive no monetary consideration upon the exercise of stock appreciation rights.

*Stock Options.* The Committee will be authorized to grant either incentive stock options qualifying under Section 422 of the Code or non-qualified stock options, provided that only employees of the Company and its subsidiaries (excluding subsidiaries that are not corporations) are eligible to receive incentive stock options. Stock options may not be granted with an option price less than 100% of the fair market value of a share of common stock on the date the stock option is granted. If an incentive stock option is granted to an employee who owns or is deemed to own more than 10% of the combined voting power of all classes of stock of the Company (or any parent or subsidiary), the option price shall be at least 110% of the fair market value of a share of common stock on the date of grant. The Committee will determine the terms of each stock option at the time of grant, including without limitation, the methods by or forms in which shares will be delivered to participants. The maximum term of each option, the times at which each option will be exercisable, and provisions requiring forfeiture of unexercised options at or following termination of employment or service generally are fixed by the Committee, except that the Committee may not grant stock options with a term exceeding 10 years.

Recipients of stock options may pay the option exercise price (i) in cash, check, bank draft or money order payable to the order of the Company, (ii) by delivering to the Company shares of common stock already owned by the participant having a fair market value equal to the aggregate option exercise price, (iii) by delivering to the Company or its designated agent an executed irrevocable option exercise form together with irrevocable instructions from the participant to a broker or dealer, reasonably acceptable to the Company, to sell certain of the shares of common stock purchased upon the exercise of the option or to pledge such shares to the broker as collateral for a loan from the broker and to deliver to the Company the amount of sale or loan proceeds necessary to pay the purchase price, and (iv) by any other form of valid consideration that is acceptable to the Committee in its sole discretion.

*Stock Appreciation Rights.* The Committee will be authorized to grant stock appreciation rights ("**SARs**") as a stand-alone award (or freestanding SARs), or in conjunction with stock options granted under the 2023 Incentive Plan (or tandem SARs). A SAR is the right to receive an amount equal to the excess of the fair market value of a share of common stock on the date of exercise over the exercise price. The exercise price may be equal to or greater than the fair market value of a share of common stock on the date of grant. The Committee, in its sole discretion, will be permitted to place a ceiling on the amount payable on the exercise of a SAR, but any such limitation shall be specified at the time the SAR is granted. A SAR granted in tandem with a stock option will require the holder, upon exercise, to surrender the related stock option with respect to the number of shares as to which the SAR is exercised. The Committee will determine the terms of each SAR at the time of the grant, including without limitation, the methods by or forms in which the value will be delivered to participants (whether made in shares of common stock, in cash or in a combination of both). The maximum term of each SAR, the times at which each SAR will be exercisable, and provisions requiring forfeiture of unexercised SARs at or following termination of employment or service generally are fixed by the Committee, except that no freestanding SAR may have a term exceeding 10 years and no tandem SAR may have a term exceeding the term of the option granted in conjunction with the tandem SAR.

*Restricted Stock and Restricted Stock Units.* The Committee will be authorized to grant restricted stock and restricted stock units. Restricted stock consists of shares that are transferred or sold by the Company to a participant, but are subject to substantial risk of forfeiture and to restrictions on their sale or other transfer by the participant. Restricted stock units are the right to receive shares of common stock at a future date in accordance with the terms of such grant upon the attainment of certain conditions specified by the Committee, which include substantial risk of forfeiture and restrictions on their sale or other transfer by the participant. The Committee will determine the eligible participants to whom, and the time or times at which, grants of restricted stock or restricted stock units will be made, the number of shares or units to be granted, the price to be paid, if any, the time or times within which the shares covered by such grants will be subject to forfeiture, the time or times at which the restrictions will terminate, and all other terms and conditions of the grants. Restrictions or conditions could include, but are not limited to, the attainment of performance goals (as described below), continuous service with the Company, the passage of time or other restrictions or conditions. The value of the restricted stock units may be paid in shares of common stock, cash, or a combination of both, as determined by the Committee.

*Performance Awards.* The Committee will be permitted to grant performance awards payable in cash, shares of common stock, or a combination thereof at the end of a specified performance period. Payment will be contingent upon achieving pre-established performance goals (as discussed below) by the end of the performance period. The Committee will determine the length of the performance period, the maximum payment value of an award, and the minimum performance goals required before payment will be made, so long as such provisions are not inconsistent with the terms of the 2023 Incentive Plan, and to the extent an award is subject to Section 409A of the Code, are in compliance with the applicable requirements of Section 409A of the Code and any applicable regulations or guidance. With respect to a performance award, if the Committee determines in its sole discretion that the established performance measures or objectives are no longer suitable because of a change in the Company's business, operations, corporate structure, or for other reasons that the Committee deems satisfactory, the Committee may modify the performance measures or objectives and/or the performance period.

*Other Awards.* The Committee will be permitted to grant other forms of awards payable in cash or shares of common stock if the Committee determines that such other form of award is consistent with the purpose and restrictions of the 2023 Incentive Plan. The terms and conditions of such other form of award shall be specified by the grant. Such other awards may be granted for no cash consideration, for such minimum consideration as may be required by applicable law, or for such other consideration as may be specified by the grant.

*Dividend Equivalent Rights.* The Committee will be permitted to grant a dividend equivalent right either as a component of another award or as a separate award. The terms and conditions of the dividend equivalent right shall be specified by the grant. Dividend equivalents credited to the holder of a dividend equivalent right shall be paid only as the applicable Award vests or may be deemed to be reinvested in additional shares of common stock. Any such reinvestment shall be at the fair market value at the time thereof. Dividend equivalent rights may be settled in cash or shares of common stock. No dividends or dividend equivalent rights may be granted with respect to stock options or SAR.

*Performance Goals.* Awards of restricted stock, restricted stock units, performance awards and other awards (whether relating to cash or shares of common stock) under the 2023 Incentive Plan may be made subject to the attainment of performance goals relating to one or more business criteria, and may consist of one or more or any combination of the following criteria: cash flow; cost; revenues; sales; ratio of debt to debt plus equity; net borrowing, credit quality or debt ratings; profit before tax; economic profit; earnings before interest and taxes; earnings before interest, taxes, depreciation and amortization; gross margin; earnings per share (whether on a pre-tax, after-tax, operational or other basis); operating earnings; capital expenditures; expenses or expense levels; economic value added; ratio of operating earnings to capital spending or any other operating ratios; free cash flow; net profit; net sales; net asset value per share; the accomplishment of mergers, acquisitions, dispositions, public offerings or similar extraordinary business transactions; sales growth; price of the Company's Common Stock; return on assets, equity or stockholders' equity; market share; inventory levels, inventory turn or shrinkage; or total return to stockholders ("**Performance Criteria**"). Any Performance Criteria may be used to measure the performance of the Company as a whole or any business unit of the Company and may be measured relative to a peer group or index. Any Performance Criteria may include or exclude (i) events that are of an unusual nature or indicate infrequency of occurrence, (iii) changes in tax or accounting regulations or laws, (iv) the effect of a merger or acquisition, as identified in the Company's quarterly and annual earnings releases, or (v) other similar occurrences. In all other respects, Performance Criteria shall be calculated in accordance with the Company's financial statements, under generally accepted accounting principles, or under a methodology established by the Committee prior to the issuance of an award which is consistently applied and identified in the audited financial statements, including footnotes, or the Compensation Discussion and Analysis section of the Company's annual report.

*Vesting of Awards; Forfeiture; Assignment.* The Committee, in its sole discretion, will be permitted to establish the vesting terms applicable to an award, subject in any case to the terms of the 2023 Incentive Plan. The Committee will be permitted to impose on any award, at the time of grant or thereafter, such additional terms and conditions as the Committee determines, including terms requiring forfeiture of awards in the event of a participant's termination of service. The Committee will specify the circumstances under which performance awards may be forfeited in the event of a termination of service by a participant prior to the end of a performance period or settlement of awards. Except as otherwise determined by the Committee, restricted stock will be forfeited upon a participant's termination of service during the applicable restriction period.

Awards granted under the 2023 Incentive Plan generally will not be assignable or transferable except by will or by the laws of descent and distribution, except that the Committee may, in its discretion and pursuant to the terms of an award agreement, permit certain transfers of nonqualified stock options or SARs to: (i) the spouse (or former spouse), children or grandchildren of the participant ("**Immediate Family Members**"); (ii) a trust or trusts for the exclusive benefit of such Immediate Family Members; (iii) a partnership in which the only partners are (1) such Immediate Family Members and/or (2) entities which are controlled by the participant and/or Immediate Family Members; (iv) an entity exempt from federal income tax pursuant to Section 501(c)(3) of the Code or any successor provision; or (v) a split interest trust or pooled income fund described in Section 2522(c)(2) of the Code or any successor provision, provided that (x) there shall be no consideration for any such transfer, (y) the applicable award agreement pursuant to which such award is granted must be approved by the Committee and must expressly provide for such transferability and (z) subsequent transfers of transferred awards shall be prohibited except those by will or the laws of descent and distribution.

*Adjustments Upon Changes in Capitalization.* In the event that any dividend or other distribution, recapitalization, stock split, reverse stock split, rights offering, reorganization, merger, consolidation, split-up, spin-off, split-off, combination, subdivision, repurchase, or exchange of the shares of common stock or other securities of the Company, issuance of warrants or other rights to purchase shares of common stock or other securities of the Company, or other similar corporate transaction or event affects the fair value of an award, then the Committee shall adjust any or all of the following so that the fair value of the award immediately after the transaction or event is equal to the fair value of the award immediately prior to the transaction or event (i) the number of shares and type of common stock (or the securities or property) which thereafter may be made the subject of awards, (ii) the number of shares and type of shares of common stock (or other securities or property) subject to outstanding awards, (iii) the option price of each outstanding award, (iv) the amount, if any, the Company pays for forfeited shares of common stock in accordance with the terms of the 2023 Incentive Plan, and (vi) the number of or exercise price of shares of common stock then subject to outstanding SARs previously granted and unexercised under the 2023 Incentive Plan to the end that the same proportion of the Company's issued and outstanding shares of common stock in each instance shall remain subject to exercise at the same aggregate exercise price; provided however, that the number of shares of common stock (or other securities or property) subject to any award shall always be a whole number. Notwithstanding the foregoing, no such adjustment shall be made or authorized to the extent that such adjustment would cause the 2023 Incentive Plan or any stock option to violate Section 422 of the Code or Section 409A of the Code. All such adjustments must be made in accordance with the rules of any securities exchange, stock market, or stock quotation system to which the Company is subject.

*Amendment or Discontinuance of the 2023 Incentive Plan.* The board of directors will be permitted to, at any time and from time to time, without the consent of the participants, alter, amend, revise, suspend or discontinue the 2023 Incentive Plan in whole or in part; provided, however, that (i) no amendment that requires stockholder approval in order for the 2023 Incentive Plan and any awards under the 2023 Incentive Plan to continue to comply with Sections 421 and 422 of the Code (including any successors to such Sections, or other applicable law) or any applicable requirements of any securities exchange or inter-dealer quotation system on which the Company's stock is listed or traded, shall be effective unless such amendment is approved by the requisite vote of the Company's stockholders entitled to vote on the amendment; and (ii) unless required by law, no action by the board of directors regarding amendment or discontinuance of the 2023 Incentive Plan may adversely affect any rights of any participants or obligations of the Company to any participants with respect to any outstanding award under the 2023 Incentive Plan without the consent of the affected participant.

*No Repricing of Stock Options or SARs*. The Committee will not be permitted to, without the approval of the Company's stockholders, "reprice" any stock option or SAR. For purposes of the 2023 Incentive Plan, "**reprice**" means any of the following or any other action that has the same effect: (i) amending a stock option or SAR to reduce its exercise price or base price, (ii) canceling a stock option or SAR at a time when its exercise price or base price exceeds the fair market value of a share of common stock in exchange for cash or a stock option, SAR, award of restricted stock or other equity award with an exercise price or base price less than the exercise price or base price of the original stock option or SAR, or (iii) taking any other action that is treated as a repricing under generally accepted accounting principles, provided that nothing shall prevent the Committee from (x) making adjustments to awards upon changes in capitalization; (y) exchanging or cancelling awards upon a merger, consolidation, or recapitalization, or (z) substituting awards for awards granted by other entities, to the extent permitted by the 2023 Incentive Plan.

*Recoupment for Restatements*. The Committee will be permitted to recoup all or any portion of any shares or cash paid to a participant in connection with an award, in the event of a restatement of the Company's financial statements as set forth in the Company's clawback policy, if any, approved by the board of directors from time to time.

**Legacy Incentive Plan**

The Legacy Incentive Plan was approved by our board of directors and adopted by us on September 23, 2022. Unless sooner terminated by our board of directors, the Legacy Incentive Plan will terminate and expire on the tenth anniversary of the date our board of directors adopted the Legacy Incentive Plan. No award may be made under the Legacy Incentive Plan after its expiration date, but awards made prior thereto may extend beyond that date.

The purpose of the Legacy Incentive Plan is to provide an incentive for employees, directors and certain consultants and advisors of the Company or its subsidiaries to remain in the service of the Company or its subsidiaries, to extend to them the opportunity to acquire a proprietary interest in the Company so that they will apply their best efforts for the benefit of the Company, and to aid the Company in attracting able persons to enter the service of the Company and its subsidiaries. The Legacy Incentive Plan only provides for the grant of restricted stock awards.

We do not intend to make any further grants under our Legacy Incentive Plan following this offering.

*Share Authorization.* Subject to certain adjustments, we had reserved an aggregate of 1,000,000 shares of common stock for the issuance of awards under the Legacy Incentive Plan. As of the date hereof, 635,000 shares of performance based restricted shares of common stock, that are subject to cancellation if certain performance conditions are not met, are outstanding under the Legacy Incentive Plan. It is expected that of these restricted shares of common stock will be vested and no longer subject to such restrictions as a result of the satisfaction of a condition resulting from completion of this offering.

Shares to be issued may be made available from authorized but unissued shares of common stock, shares of common stock held by the Company in its treasury, or shares of common stock purchased by the Company on the open market or otherwise. During the term of the Legacy Incentive Plan, the Company will at all times reserve and keep enough shares of common stock available to satisfy the requirements of the Legacy Incentive Plan. If an award under the Legacy Incentive Plan is cancelled, forfeited or expires, in whole or in part, the shares subject to such forfeited, expired or cancelled award may again be awarded under the Legacy Incentive Plan.

*Administration.* The Legacy Incentive Plan will be administered by our board of directors. Our board will determine the persons to whom awards are to be made, determine the type, size and terms of awards, interpret the Legacy Incentive Plan, establish and revise rules and regulations relating to the Legacy Incentive Plan and make any other determinations that it believes necessary for the administration of the Legacy Incentive Plan.

*Eligibility.* Employees (including any employee who is also a director or an officer), contractors, and non-employee directors of the Company or its subsidiaries whose judgment, initiative and efforts contributed to or may be expected to contribute to the successful performance of the Company are eligible to participate in the Legacy Incentive Plan.

*Financial Effect of Awards.* The Company will receive no monetary consideration for the granting of awards under the Legacy Incentive Plan, unless a purchase price is otherwise provided when granting restricted stock.

*Restricted Stock.* Our board of directors is authorized to grant restricted stock under the Legacy Incentive Plan. Restricted stock consists of shares that are transferred or sold by the Company to a participant, but are subject to substantial risk of forfeiture and to restrictions on their sale or other transfer by the participant. Our board of directors determines the eligible participants to whom, and the time or times at which, grants of restricted stock will be made, the number of shares to be granted, the price to be paid, if any, the time or times within which the shares covered by such grants will be subject to forfeiture, the time or times at which the restrictions will terminate, and all other terms and conditions of the grants. Restrictions or conditions could include, but are not limited to, the attainment of performance goals, continuous service with the Company, the passage of time or other restrictions or conditions.

*Vesting of Awards; Forfeiture; Assignment.* Our board of directors, in its sole discretion, may establish the vesting terms applicable to an award, subject in any case to the terms of the Legacy Incentive Plan. Our board of directors may impose on any award, at the time of grant or thereafter, such additional terms and conditions as our board of directors determines, including terms requiring forfeiture of awards in the event of a participant's termination of service. Our board of directors will specify the circumstances under which performance awards may be forfeited in the event of a termination of service by a participant prior to the end of a performance period or settlement of awards. Except as otherwise determined by our board of directors, restricted stock will be forfeited upon a participant's termination of service during the applicable restriction period.

Awards granted under the Legacy Incentive Plan generally are not assignable or transferable except by will or by the laws of descent and distribution.

*Adjustments Upon Changes in Capitalization.* In the event that any dividend or other distribution, recapitalization, stock split, reverse stock split, rights offering, reorganization, merger, consolidation, split-up, spin-off, split-off, combination, subdivision, repurchase, or exchange of the shares of common stock or other securities of the Company, issuance of warrants or other rights to purchase shares of common stock or other securities of the Company, or other similar corporate transaction or event affects the fair value of an award, then our board of directors shall adjust any or all of the following so that the fair value of the award immediately after the transaction or event is equal to the fair value of the award immediately prior to the transaction or event (i) the number of shares and type of common stock (or the securities or property) which thereafter may be made the subject of awards, (ii) the number of shares and type of shares of common stock (or other securities or property) subject to outstanding awards, and (iii) the amount, if any, the Company pays for forfeited shares of common stock in accordance with the terms of the Legacy Incentive Plan; provided however, that the number of shares of common stock (or other securities or property) subject to any award shall always be a whole number. Notwithstanding the foregoing, no such adjustment shall be made or authorized to the extent that such adjustment would cause the Legacy Incentive Plan to violate Section 409A of the Code. All such adjustments must be made in accordance with the rules of any securities exchange, stock market, or stock quotation system to which the Company is subject.

The table below sets forth the performance based restricted shares of our common stock that are subject to the transfer and other restrictions described above.

---

| | | | |
|:---|:---|:---|:---|
| **Class of Security** | **Number** | **Percentage of class at the date of this Prospectus<sup>(1)(3)</sup>** | **Percentage of class after giving effect to the Offering<sup>(2)(3)</sup>** |
| **Common stock** | **635000** | **6.27%** | **5.23%** |

---

Notes:

(1) On
 the basis of 10,135,001 shares of our common stock issued and outstanding as at the date of this prospectus.

(2) On
 the basis of 2,000,000 shares of our common stock issued on completion of the offering, assuming no exercise of the representative's
 option to purchase additional shares and/or warrants.

(3) Of
 the 635,000 performance based restricted shares of common stock currently issued, the conditions respecting 15% of such shares are
 expected to be satisfied on completion of the offering.

*Amendment or Discontinuance of the Legacy Incentive Plan.* The board of directors may, at any time and from time to time, without the consent of the participants, alter, amend, revise, suspend or discontinue the Legacy Incentive Plan in whole or in part; provided, however, that (i) no amendment that requires stockholder approval in order for the Legacy Incentive Plan and any awards under the Legacy Incentive Plan to continue to comply with any applicable requirements of any securities exchange or inter-dealer quotation system on which the Company's stock is listed or traded, shall be effective unless such amendment is approved by the requisite vote of the Company's stockholders entitled to vote on the amendment; and (ii) unless required by law, no action by the board of directors regarding amendment or discontinuance of the Legacy Incentive Plan may adversely affect any rights of any participants or obligations of the Company to any participants with respect to any outstanding award under the Legacy Incentive Plan without the consent of the affected participant.

*Recoupment for Restatements*. Our board of directors may recoup all or any portion of any shares or cash paid to a participant in connection with an award, in the event of a restatement of the Company's financial statements as set forth in the Company's clawback policy, if any, approved by the board of directors from time to time.

**Summary Compensation Table**

The following table sets forth summary compensation information for the respective fiscal years. For the purpose of this prospectus a named executive officer is our principal executive officer and the two most highly compensated executive officers for the applicable fiscal year (of which there were none). We refer to these persons as our "named executive officers" in this prospectus. Garnet Dawson is our sole "named executive officer." We provide a description of the employment arrangements with our current executive officers, Messrs. Smith and Obara below under "*Executive and Director Compensation - Employment Agreements and Arrangements; Termination and Change of Control*. The following table includes all compensation earned by the named executive officers for the respective period, regardless of whether such amounts were actually paid during the period:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and principal position** | **Year** | **Salary ($)** | **Bonus ($)** | **Stock Awards ($)** | **Option Awards ($)(1)** | **All Other Compensation ($)** | **Total<br> ($)** |
| Garnet Dawson | 2022 | – |  | 3204 | – |  | 3204 |
| *Former President<sup>(1)</sup>* | 2021 | – |  |  | – |  |  |

---

(1) Mr. Dawson served as President of the Company from 2015 through September 12, 2022. Mr. Dawson is the former Chief Executive Officer of GoldMining, our parent company and has provided his services as president of the Company on an interim basis and did not have an agreement directly with the Company. Mr. Dawson was not separately compensated for his services to the Company. Amounts do not include compensation Mr. Dawson received from GoldMining. Tim Smith is the Company's current Chief Executive Officer and has served as such since September 12, 2022.

**Employment Agreements and Arrangements; Termination and Change of Control**

The following is a summary description of material terms of compensation awarded to, earned by, paid or payable to our executive officers pursuant to agreements or arrangements. We expect to enter into new arrangements with our executive officers regarding their employment after completion of this offering, which are expected to be on customary terms, including as to change of control and termination benefits, for similarly situated companies of our size in the mining industry and commensurate with the position and responsibilities of our executive officers.

Our employment agreements with members of our management include customary confidentiality and non-disclosure provisions. Such agreements include provisions limiting the ability of such individuals to solicit our employees and consultants and prohibiting the appropriation of corporate opportunities, but do not include provisions otherwise restraining such individuals' ability to participate in competing businesses after they are no longer employed by us.

**Tim Smith.** On August 4, 2022, GoldMining entered into an amended and restated employment agreement with Mr. Smith, effective April 7, 2022, regarding his employment with GoldMining as Vice President, Exploration, and his appointment as our Chief Executive Officer. The agreement may be terminated by Mr. Smith on at least 60 days' prior written notice to GoldMining during the first twelve months of the term. Following the first twelve months of the term, the agreement may be terminated by Mr. Smith, as noted, or by GoldMining on at least 30 days' prior written notice to Mr. Smith. If terminated by GoldMining, such termination is subject to applicable notice periods under the laws of the Province of British Columbia, Canada, including the common law applicable therein. The agreement may be terminated by GoldMining for cause, as such term is interpreted at common law, at any time, without notice or payment in lieu thereof.

The agreement provides that Mr. Smith will be eligible to participate, from time to time, in long-term compensation and incentive plans and other benefit plans, as may be adopted and implemented from time to time on a basis commensurate with his position and responsibilities.

Mr. Smith does not receive a base salary directly from us. The agreement further provides that, as soon as possible after a qualifying financing, which would include this offering, the Company and Mr. Smith will negotiate in good faith towards finalizing and entering into an executive employment agreement on such terms, including as to compensation, that is commensurate with his position and responsibilities and as is customary for a similarly situated company in the mining industry.

In September 2022, Mr. Smith received 50,000 performance based restricted shares of our common stock under the Legacy Incentive Plan. It is expected that 15% of these performance based restricted shares of common stock (7,500 shares) will be vested, per the terms of the performance based restricted shares of common stock, and no longer subject to such restrictions as a result of the satisfaction of a condition resulting from completion of this offering. The remainder of such restricted shares are subject to surrender and cancelation if certain performance conditions are not met. In connections with the receipt of the 50,000 performance based restricted shares of our common stock, on September 23, 2022, Mr. Smith waived his entitlement to an option to purchase up to 10,000 shares of our common stock included in his employment agreement. See "*Executive and Director Compensation* – *Legacy Incentive Plan*".

**Pat Obara.** Mr. Obara is employed as Chief Financial Officer of GoldMining, our parent company. Mr. Obara is providing his services as Chief Financial Officer to the Company on an interim basis and does not have an agreement directly with the Company. On September 12, 2022, we entered into an indemnity agreement with Mr. Obara regarding his appointment as the Company's Chief Financial Officer.

Mr. Obara does not currently receive a base salary, but he may in the future.

In September 2022, Mr. Obara received 40,000 restricted shares of our common stock under the Legacy Incentive Plan. It is expected that 15 % of these performance based restricted shares of common stock (6,000 shares) will be vested, per the terms of the performance based restricted shares of common stock, and no longer subject to such restrictions as a result of the satisfaction of a condition resulting from completion of this offering. The remainder of such restricted shares are subject to surrender and cancelation if certain performance conditions are not met. See "*Executive and Director Compensation* – *Legacy Incentive Plan*".

**Incentive Plan Awards – Value Expected to be Vested or Earned During Fiscal Year 2023**

We do not currently have any stock options outstanding. However, we expect to issue an aggregate of 40,000 stock options to certain of our directors upon completion of the offering.

The following table sets out, for each of Mr. Smith and Mr. Obara, the value of option-based and share-based awards expected to vest in accordance with their terms during fiscal year 2023 (assuming continued employment of each named executive officer).

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| | | |
|:---|:---|:---|
| **Name and Principal Position** | **Option-based awards – value expected to vest during fiscal year 2023<sup>(1)</sup> ($)** | **Share-based awards – value expected to vest during fiscal year 2023 ($)<sup>(2)</sup>** |
| Tim Smith <br> Chief Executive Officer |  | 1553 |
| Pat Obara <br> Chief Financial Office |  | 1442 |

---

Note:

(1) Subsequent
 to the completing of this offering, the Company may issue each of Mr. Smith and Mr. Obara options to purchase shares of common stock.

(2) In
 September 2022, we issued 50,000, 40,000 and 20,000 performance based restricted shares of our common stock to our Chief Executive
 Officer, Tim Smith, Chief Financial Officer, Pat Obara and former President, Garnet Dawson, respectively. It is expected that 15%
 of these performance based restricted shares of common stock (7,500, 6,000 and 3,000 shares, respectively) will be vested, per the
 terms of the performance based restricted shares of common stock, and no longer subject to such restrictions as a result of the satisfaction
 of a condition resulting from completion of this offering. The remainder are subject to certain conditions and we are unable to determine,
 at this time, whether any such conditions will be satisfied in fiscal year 2023. See "*Executive and Director Compensation – Legacy Incentive Plan* ".

**Pension Plan Benefits**

We do not presently provide any defined benefit or pension plan to our directors, executive officers, employees or consultants.

**Outstanding Equity Awards at Fiscal Year End**

In September 2022, we issued 20,000 performance based restricted shares of our common stock to Garnet Dawson. It is expected that 15% of these performance based restricted shares of common stock (3,000 shares) will be vested, per the terms of the performance based restricted shares of common stock, and no longer subject to such restrictions as a result of the satisfaction of a condition resulting from completion of this offering. The remainder are subject to certain conditions. See "*Executive and Director Compensation – Legacy Incentive Plan*".

**Director Compensation**

The following discussion describes the significant elements of the expected compensation program for members of the board of directors and its committees following this offering. The compensation of our directors will be designed to attract and retain committed and qualified directors and to align their compensation with the long-term interests of our stockholders. Directors who are employees will not be entitled to receive any compensation for their service as directors.

*Director Fees*

We have not paid any director fees to our non-employee directors in the 2022 fiscal year.

Our board of directors, on the recommendation of our compensation committee, is responsible for reviewing and approving any changes to the directors' compensation arrangements. After completion of this offering, we expect to commence paying directors fees to our non-employee directors as well as fees for participation on the committees of our board of directors. Such fees are expected to be commensurate with those paid to the directors of other similarly situated public companies.

Directors may be reimbursed for travel and other expenses directly related to their activities as directors. Directors who also serve as employees receive no additional compensation for their service as directors.

We expect to grant options to purchase up to 40,000 shares of our common stock to certain of our non-employee directors after completion of this offering. We may also, from time to time, issue additional option-based and share-based awards to our non-employee directors. However, other than as disclosed herein, no determination has been made as to such potential future awards at this time and our board of directors is investigating alternatives in this regard.

In September 2022, we issued 20,000 performance based restricted shares of common stock to Garnet Dawson under the Legacy Incentive Plan. It is expected that 15% of these performance based restricted shares of common stock (3,000 shares) will be vested, per the terms of the performance based restricted shares of common stock, and no longer subject to such restrictions as a result of the satisfaction of a condition resulting from completion of this offering. The remainder are subject to certain conditions and we are unable to determine, at this time, whether any such conditions will be satisfied in fiscal year 2022. See "*Executive and Director Compensation* – *Legacy Incentive Plan"*.

In September 2022, we issued 100,000 performance based restricted shares of common stock to Alastair Still under the Legacy Incentive Plan. It is expected that 15% of these performance based restricted shares of common stock (15,000 shares) will be vested, per the terms of the performance based restricted shares of common stock, and no longer subject to such restrictions as a result of the satisfaction of a condition resulting from completion of this offering. The remainder are subject to certain conditions and we are unable to determine, at this time, whether any such conditions will be satisfied in fiscal year 2022. See "*Executive and Director Compensation* – *Legacy Incentive Plan"*.

The following table sets out information on the outstanding option-based awards expected to be held by each of our non-employee directors upon completion of this offering.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Option-based Awards<sup>(1)</sup> | Option-based Awards<sup>(1)</sup> | Option-based Awards<sup>(1)</sup> | Option-based Awards<sup>(1)</sup> |
| Name | Number of securities underlying unexercised options (#) | Option exercise price ($) | Option expiration date | Value of unexercised in-the-money options<sup>(2)</sup> ($) |
| Ross Sherlock | 10000 |  |  |  |
| Lisa Wade | 10000 |  |  |  |
| Laurie (Laura) Schmidt | 10000 |  |  |  |
| Aleksandra Bukacheva | 10000 |  |  |  |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each of our non-employee directors is expected to receive options to purchase our common stock upon completion of this offering, with vesting as to 25% immediately and on each day which is 6, 12 and 18 months from the date of grant. Each stock option entitles the holder to one share of common stock at an exercise price of $ per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The "Value of Unexercised in-the-Money Options" is calculated on the basis of $ per share of common stock.

**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS**

**Transactions with Related Persons**

In addition to the compensation arrangements discussed under "*Executive and Director Compensation*" the following is a description of the material terms of: (i) those transactions within the last three fiscal years to which we are party and in which any of our directors, executive officers or stockholders that beneficially own or control (directly or indirectly) more than 10% of any class of series of our outstanding voting securities, or any associate or affiliate of the forgoing persons, has, had or will have a direct or indirect material interest; and (ii) any other material contracts, other than contracts entered into in the ordinary course of business, to which we were a party within the last two fiscal years.

Initially GoldMining planned to utilize US Gold Canada as the entity to pursue a going public transaction to separate the Whistler Project. However, after reviewing its corporate structure, a determination was made to pursue this initial public offering directly through the Company. In September 2022, in recognition of past service and to incentivize the execution of our business plan, the growth of our Company and the completion of this offering, US Gold Canada awarded performance based restricted share awards consisting of 585,000 performance based restricted shares of common stock to certain of our and GoldMining's executive officers and directors. As a result of the determination for the Company to pursue the initial public offering, in September 2022, we agreed to issue an equal number of shares of our performance based restricted shares of common stock and issued a further 50,000 performance based restricted shares of our common stock to a member of our management. The restrictions and performance-based conditions were substantially the same as those governing the restricted shares of common stock previously awarded by US Gold Canada. In connection therewith, in September 2022, we issued 635,000 performance based restricted shares of common stock to certain of our and GoldMining's executive officers and directors and consultant under the Legacy Incentive Plan.

In January 2021, we issued a 1.0% NSR royalty to Gold Royalty Corp. pursuant to an agreement entered into with GoldMining. In consideration for our agreement to issue such royalty, GoldMining agreed to, among other things, fund certain qualifying exploration expenditures in an amount of up to $2,570,700, subject to the terms and conditions therein. Such commitment was later assigned and assumed by US Gold Canada and BRI Holdings, two of our parent companies at the time prior to their dissolution into GoldMining. In September 2022, GoldMining and we agreed to fully settle the funding commitment against certain amounts previously advanced by it to us and in satisfaction of a return of capital declared by us. In September 2022, GoldMining and us agreed to fully settle the outstanding funding commitment of $2,254,486 against certain amounts previously advanced by GoldMining to us in the amount of $1,158,143 and in satisfaction of a $1,096,343 return of capital of $1,096,343 declared by us.

In addition, as of the date of this prospectus, we have approximately $1.2 million outstanding and owing to GoldMining and/or its subsidiaries pursuant to expense advances made to us. We expect that there will be additional advances to us prior to the completion of our initial public offering. We intend to utilize a portion of the proceeds from our initial public offering to repay such advances. Amounts advanced by GoldMining to us did not accrue interest. See "*Use of Proceeds*".

**Indemnification Agreements and Directors' and Officers' Liability Insurance**

We carry directors' and officers' liability insurance for our directors and officers.

We have entered into indemnification agreements with each of our current directors and officers. The indemnification agreements generally require that we indemnify and hold the indemnitees harmless to the greatest extent permitted by law for liabilities arising out of the indemnitees' service to us as directors and officers, if the indemnitees acted honestly and in good faith with a view to the best interests of our Company and, with respect to criminal and administrative actions or other non-civil proceedings that are enforced by monetary penalty, if the indemnitee had reasonable grounds to believe that his or her conduct was lawful. The indemnification agreements also provide for the advancing of defense expenses to the indemnitees by us.

**Indebtedness of Directors, Executive Officers and Employees**

None of our directors, executive officers, employees, former directors, former executive officers or former employees, and none of their associates, is indebted to us or another entity whose indebtedness is the subject of a guarantee, support agreement, letter of credit or other similar agreement or understanding provided by us.

**Future Transactions**

All future transactions between us and our officers, directors, principal stockholders and their affiliates will be approved by the audit committee, or a similar committee consisting of entirely independent directors, according to the terms of our Code of Conduct.

**PRINCIPAL STOCKHOLDERS**

The following table indicates information as of February 10, 2023, regarding the beneficial ownership of our common stock, immediately prior to and after giving effect to the sale of Units offered in this offering held by: (i) each person known by us to be the beneficial owner of more than 5% of our outstanding common stock; (ii) each of our directors; (iii) each of our executive officers; and (iv) all of our directors, director nominees and executive officers as a group.

As of the date of this prospectus, there were 10,135,001 shares of our common stock issued and outstanding. The percentage ownership information shown below under "Shares Beneficially Owned Before the Offering" is based on this amount. The percentage ownership information shown below under "Shares Beneficially Owned After the Offering" assumes that there is no exercise of the underwriter's over-allotment option and is based upon shares of our common stock to be outstanding immediately after the offering.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities. In addition, the rules include our common stock issuable pursuant to the exercise of stock options or upon conversion of a security that are either exercisable or convertible within 60 days of February 10, 2023. These shares are deemed to be outstanding and beneficially owned by the person holding those options for the purpose of computing the percentage ownership of that person, but they are not treated as outstanding for the purpose of computing the percentage ownership of any other person. Unless otherwise indicated, the persons or entities identified in this table have sole voting and investment power with respect to all shares shown as beneficially owned by them, subject to applicable community property laws. The address for our directors and executive officers is c/o U.S. GoldMining Inc., 1030 West Georgia Street, Suite 1830, Vancouver, British Columbia, Canada V6E 2Y3. The address for our head operating offices is c/o U.S. GoldMining Inc., 301 Calista Court, Suite 200, Office 203, Anchorage, Alaska, 99518.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Shares Beneficially Owned Before the Offering** | **Shares Beneficially Owned Before the Offering** | **Shares Beneficially Owned After the Offering** | **Shares Beneficially Owned After the Offering** |
| <br>**Name of Beneficial Owner** | **Shares<sup>(1)</sup>** | **Percentage** | **Shares** | **Percentage** |
| **5% Stockholders:** |  |  |  |  |
| GoldMining Inc. | 9500001 | 93.7 |  |  |
| **Directors and Executive Officers:** |  |  |  |  |
| Alastair Still | 100000<sup>(2)</sup> | \* |  |  |
| Pat Obara | 40000<sup>(3)</sup> | \* |  |  |
| Garnet Dawson | 20000<sup>(4)</sup> | \* |  |  |
| Tim Smith | 50000<sup>(5)</sup> | \* |  |  |
| Ross Sherlock |  |  |  |  |
| Lisa Wade |  |  |  |  |
| Laura Schmidt |  |  |  |  |
| Aleksandra Bukacheva |  |  |  |  |
| All Executive Officers and Directors as a Group (8 persons) | 210000 | 2.06<sup>(2)(3)(4)</sup> |  |  |

---

<u>Notes</u>:

(1) Unless
 otherwise indicated, each executive officer and stockholder listed herein is both the record holder and beneficial owner of the shares
 listed opposite his, her or its name herein.

(2) Consists
 of performance based restricted shares of common stock that are subject to cancellation if certain performance conditions are not
 met. See "*Executive and Director Compensation* ". Does not include 9,500,001 shares of common stock held by GoldMining,
 for which Mr. Still is the Chief Executive Officer.

(3) Consists
 of performance based restricted shares of common stock that are subject to cancellation if certain performance conditions are not
 met. See "*Executive and Director Compensation* ". Does not include 9,500,001 shares of common stock held by GoldMining,
 for which Mr. Obara is the Chief Financial Officer.

(4) Consists
 of performance based restricted shares of common stock that are subject to cancellation if certain performance conditions are not
 met. See "*Executive and Director Compensation* ". Does not include 9,500,001 shares of common stock held by GoldMining,
 for which Mr. Dawson is a director.

(5) Consists
 of performance based restricted shares of common stock that are subject to cancellation if certain performance conditions are not
 met. See "*Executive and Director Compensation* ". Does not include 9,500,001 shares of common stock held by GoldMining,
 for which Mr. Smith is Vice President, Exploration.

\* Less than 1% of outstanding shares.

The voting rights of our major stockholders do not differ from the voting rights of holders of our shares who are not major stockholders. Each of the above listed securities entitles the holder to one vote at our Company's stockholder meetings.

**DESCRIPTION OF CAPITAL STOCK**

*The following is a description of our capital stock and the material provisions of our Articles of Incorporation, Bylaws and other agreements to which we and our stockholders are parties, in each case upon the closing of this offering.*

**General**

Our authorized capital stock consists of 300,000,000 shares of our common stock, par value $0.001 per share and 10,000,000 shares of preferred stock, par value $0.001 per share. As of the date of this prospectus, there were 10,135,001 shares of our common stock issued and outstanding held of record by stockholders. After giving effect to the closing of this offering, our authorized capital stock will consist of an aggregate of 300,000,000 shares of our common stock, of which 12,135,001 shares of our common stock will be issued and outstanding immediately after the closing of this offering. Each such outstanding share of our common stock will be validly issued, fully paid and non-assessable.

A description of the material terms and provisions of our Articles of Incorporation affecting the rights of holders of our capital stock is set forth below. The description is intended as a summary only.

**Units**

Each Unit consists of (i) one share of our common stock, par value $0.001 per share and (ii) one Warrant. Each Warrant entitles the holder thereof to purchase one share of common stock at an exercise price of $13.00.

**Common Stock**

*Voting.* The holders of our common stock are entitled to one vote for each outstanding share of common stock owned by that stockholder on every matter properly submitted to the stockholders for their vote. Stockholders are not entitled to vote cumulatively for the election of directors. Except for the election of directors, which are elected by a plurality vote, a majority vote of common stockholders is generally required to take action under our Articles of Incorporation and Bylaws.

*Conversion, Redemption and Preemptive Rights*. Holders of our common stock have no conversion, redemption, preemptive, subscription or similar rights.

*Dividends*. The holders of outstanding shares of common stock are entitled to receive dividends out of assets legally available therefore at such times and in such amounts as our board of directors may from time to time determine. Holders of common stock will share equally on a per share basis in any dividend declared by the board of directors.

*Liquidation*. Upon liquidation, dissolution or winding up of our Company, the holders of our common stock are entitled to share ratably in all net assets available for distribution to common stockholders after payment to creditors.

**Preferred Stock**

We are authorized to issue up to 10,000,000 shares of "blank-check" preferred stock. The board of directors will have the authority to issue this preferred stock in one or more series and to fix the number of shares and the relative rights, conversion rights, voting rights and terms of redemption (including sinking fund provisions) and liquidation preferences, without further vote or action by the stockholders. If shares of preferred stock with voting rights are issued, such issuance could affect the voting rights of the holders of our common stock by increasing the number of outstanding shares having voting rights, and by the creation of class or series voting rights. If the board of directors authorized the issuance of shares of preferred stock with conversion rights, the number of shares of our common stock outstanding could potentially be increased by up to the authorized amount. Issuance of preferred stock could, under certain circumstances, have the effect of delaying or preventing a change in control of the Company and may adversely affect the rights of the holders of our common stock. Also, preferred stock could have preferences over our common stock (and other series of preferred stock) with respect to dividend and liquidation rights. We currently have no plans to issue any preferred stock.

**Warrants**

*General*. The following is a summary of the material terms and provisions of the Warrants that are being offered hereby. This summary is subject to and qualified in its entirety by the form of Warrant, which has been filed as an exhibit to the registration statement of which this prospectus is a part. Prospective investors should carefully review the terms and provisions of the form of Warrant for a complete description of the terms and conditions of the Warrants.

*Duration and Exercise Price*. Each Unit offered in this offering consists of one share of common stock and one Warrant. Each whole Warrant shall be exercisable into one share of common stock at an exercise price equal to $13.00 per share of common stock. The Warrants will be immediately exercisable and will be immediately exercisable for a three-year period after the date of issuance. The exercise prices and numbers of shares of common stock issuable upon exercise are subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our common stock. Pursuant to a warrant agency agreement between us and Continental Stock Transfer & Trust Company, as warrant agent, or a successor warrant agent, the Warrants will be issued in book-entry form and shall be initially represented by one or more global warrants deposited with the warrant agent, as custodian on behalf of The Depository Trust Company, or DTC, and registered in the name of Cede & Co., a nominee of DTC, or as otherwise directed by DTC.

*Exercisability*. The Warrants will be exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full for the number of our shares of common stock purchased upon such exercise (except in the case of a cashless exercise as discussed below). A holder (together with its affiliates) may not exercise any portion of such holder's Warrants to the extent that the holder would own more than 4.99% (or, at the election of the holder, 9.99%) of our outstanding shares of common stock immediately after exercise. However, upon notice from the holder to us, the holder may decrease or increase the holder's beneficial ownership limitation, which may not exceed 9.99% of the number of outstanding shares of common stock immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Warrants, provided that any increase in the beneficial ownership limitation will not take effect until 61 days following notice to us.

*Cashless Exercise*. If, at the time a holder exercises a Warrant, a registration statement registering under the Securities Act either (i) the issuance of the shares of common stock for which the Warrants are exercisable or (ii) the resale of the common stock for which the Warrants are exercisable by the holder is not then effective or available for the issuance or resale, respectively, of such common stock, then in lieu of making the cash payment otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either in whole or in part) such number of shares of common stock as determined according to a formula set forth in the Warrant.

*Transferability*. A Warrant may be transferred at the option of the holder upon surrender of the Warrant to us together with the appropriate instruments of transfer.

*Fractional Shares*. No fractional share of common stock will be issued upon the exercise of the Warrants. Rather, the number of share of common stock to be issued will, at our election, either be rounded up to the nearest whole number or we will pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the exercise price.

*Trading Market*. There is no established trading market for any of the Warrants. Although we have applied to have the Warrants listed on the NYSE American, an active trading market for our Warrants may never develop or may not be sustained if one develops. Without an active trading market, the liquidity of the Warrants will be limited.

*Rights as a Stockholder*. Except as otherwise provided in the Warrants or by virtue of the holders' ownership of our common stock, the holders of Warrants do not have the rights or privileges of holders of our common stock, including any voting rights, until such Warrant holders exercise their Warrants.

*Fundamental Transaction*. In the event of a fundamental transaction, as described in the Warrants and generally including any reorganization, recapitalization or reclassification of our shares of common stock, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding share of common stock, or any person or group becoming the beneficial owner of 50% of the voting power represented by our outstanding shares of common stock, the holders of the Warrants will be entitled to receive upon exercise of the Warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the Warrants immediately prior to such fundamental transaction.

*Waivers and Amendments*. No term of the Warrants may be amended or waived without the written consent of the holder of such Warrant.

**History of Share Capital**

In connection with Whistler Acquisition Agreement, we entered into a share exchange agreement dated August 5, 2015 with GoldMining and BRI Holdings, pursuant to which we issued 3,500,000 shares of common stock to BRI Holdings at a price of C$0.46 per share.

On September 22, 2022, we filed a Certificate of Amendment of Articles of Incorporation (the "**Certificate of Amendment**") with the Secretary of State of Nevada to effect a 2.714286-for-1 stock split of the shares of our common stock, either issued and outstanding or held by the Company as treasury stock, effective as of such date (the "**Stock Split**").

As a result of the Stock Split, every one share of issued and outstanding common stock was automatically split into 2.714286 issued and outstanding shares of common stock, without any change in the par value per share. No fractional shares were issued as a result of the Stock Split. Any fractional shares that would otherwise have resulted from the Stock Split were rounded up to the next whole number. The Stock Split increased the number of shares of common stock outstanding from 3,500,000 shares to 9,500,001 shares.

On September 23, 2022, we issued 635,000 performance based restricted shares of our common stock pursuant to restricted share awards granted to certain of our and GoldMining's officers and directors. See "*Executive and Director Compensation — Legacy Incentive Plan*".

**Options to Purchase Securities** 

We do not expect to have any options to purchase our shares of common stock outstanding upon completion of this offering. However, after this offering is completed we expect to issue options to purchase an aggregate of 40,000 shares of common stock to certain of our non-employee directors, and may make additional issuances of options to purchase shares of common stock to directors, officers and other personnel. See "Executive and Director Compensation".

**Anti-Takeover Effects of Various Provisions of Nevada Law and Our Articles of Incorporation and Bylaws.**

Provisions of the Nevada Corporation Law and our Articles of Incorporation and Bylaws could make it more difficult to acquire us by means of a tender offer, a proxy contest or otherwise, or to remove incumbent officers and directors. These provisions, summarized below, would be expected to discourage certain types of coercive takeover practices and takeover bids our board of directors may consider inadequate and to encourage persons seeking to acquire control of us to first negotiate with us. We believe that the benefits of increased protection of our ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us will outweigh the disadvantages of discouraging takeover or acquisition proposals because, among other things, negotiation of these proposals could result in an improvement of their terms.

*Blank Check Preferred Stock*. Our Articles of Incorporation permit our board of directors to issue our preferred stock with voting, conversion and exchange rights that could negatively affect the voting power or other rights of our common stockholders, and the board of directors could take that action without stockholder approval. The issuance of our preferred stock could delay or prevent a change of control of the Company.

*Board Vacancies to be Filled by Remaining Directors and Not Stockholders*. Our Bylaws provide that any vacancies on the board of directors, including any newly created directorships, will be filled by the affirmative vote of the majority of the remaining directors then in office, even if such directors constitute less than a quorum, or by a sole remaining director.

*Removal of Directors by Stockholders*. Our Bylaws and the Nevada Corporation Law provide that directors may be removed by stockholders only by the affirmative vote of the holders of at least two-thirds of the voting power of the outstanding capital stock entitled to vote at a meeting of the Stockholders. In order to remove a director by written consent, such consent must be signed by the holders of all outstanding shares entitled to vote for the election of directors.

*Stockholder Action*. Our Bylaws preclude stockholders from calling special meetings. Our Bylaws require stockholder action by written consent for the election of directors or removal of a director, except where such written consent is signed by the holders of all outstanding shares entitled to vote for the election of directors.

*Advance Notice of Director Nominations and Stockholder Proposals*. Our Bylaws contain advance notice procedures for stockholders to make nominations of candidates for election as directors or to bring other business before the annual meeting of stockholders. As specified in our Bylaws, director nominations and the proposal of business to be considered by stockholders may be made only pursuant to a notice of meeting, at the direction of the board of directors or by a stockholder who is entitled to vote at the meeting and who has complied with the advance notice procedures that are provided in our Bylaws.

To be timely, a nomination of a director by a stockholder or notice for business to be brought before an annual meeting by a stockholder must be delivered to our secretary at our principal executive offices not less than 45 days nor more than 75 days prior to the first anniversary of the preceding year's annual meeting; provided, however, that in the event that the date of an annual meeting is advanced by more than 30 days or delayed by more than 60 days from such anniversary date, for notice by the stockholder to be timely, it must be delivered not earlier than the 120<sup>th</sup> day prior to such annual meeting and not later than the close of business on the later of: (i) the 90<sup>th</sup> day prior to such annual meeting; or (ii) the 10<sup>th</sup> day following the day on which public announcement of the date of such meeting is first made, whichever first occurs.

In the event a special meeting of stockholders is called for the purpose of electing one or more directors, any stockholder entitled to vote may nominate a person or persons as specified in our Bylaws, but only if the stockholder notice is delivered to our secretary at our principal executive offices not later than the close of business on the later of: (i) the 90<sup>th</sup> day prior to such special meeting; or (ii) the 10<sup>th</sup> day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by our board of directors to be elected at such meeting.

*Amendments to our Articles of Incorporation and Bylaws*. Under the Nevada Corporation Law, amendments to the Articles of Incorporation require a board resolution be submitted to the stockholders for approval, followed by stockholder approval. Our Bylaws may be altered, amended, or repealed in the sole and absolute discretion of our board of directors.

No Cumulative Voting. Our Articles of Incorporation prohibits cumulative voting in the election of directors.

**Stock Exchange Listing**

Prior to this offering, no public market has existed for our securities. We have applied to list our common stock and Warrants on the NYSE American under the symbol "USGO" and "USGOW", respectively. Listing will be subject to fulfilling all of the listing requirements of the NYSE American.

**Transfer Agent, Registrar and Warrant Agent**

Upon the closing of this offering, the transfer agent and registrar for our shares of common stock and our warrant agent for the Warrants will be Continental Stock Transfer & Trust Company, a New York limited liability trust company, with offices at 1 State Street Plaza, New York, New York 10004.

**SHARES ELIGIBLE FOR FUTURE SALE**

Upon closing of this offering of 2,000,000 Units, assuming an initial public offering price of $10.00 per Unit, we will have 12,135,001 outstanding shares of common stock (assuming no exercise of the Warrants included in the Units and no exercise of the representative's option to purchase an additional 300,000 shares of common stock and/or Warrants) and no preferred shares. All of the common stock issued in this offering will be freely transferable by persons other than our "affiliates" without restriction or further registration under the Securities Act. Shares purchased by our affiliates would be subject to the Rule 144 resale restrictions described below, other than the holding period requirement. Sales of substantial numbers of our securities in the public market could adversely affect prevailing market prices of our common stock. Upon closing of this offering, we will have &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; outstanding shares of our common stock subject to Rule 144 (assuming no exercise of the Warrants included in the Units and no exercise of the representative's option to purchase additional shares of common stock and/or Warrants).

Prior to this offering, there has been no public market for our securities, and while we have applied to list our common stock and Warrants on the NYSE American, we cannot assure you that a regular trading market will develop in our common stock. Future sales of substantial amounts of our common stock in the public market or the perception that such sales might occur could adversely affect market prices prevailing from time to time.

**Rule 144**

In general, under Rule 144 of the Securities Act as currently in effect, beginning 90 days after the date of this prospectus, an "affiliate" who has beneficially owned our shares for a period of at least six months is entitled to sell within any three-month period a number of shares that does not exceed the greater of either 1% of the then outstanding shares or the average weekly trading volume of our shares on the NYSE American during the four calendar weeks preceding the filing with the SEC of a notice on Form 144 with respect to such sale. Such sales under Rule 144 of the Securities Act are also subject to prescribed requirements relating to the manner of sale, notice and availability of current public information about us.

Under Rule 144, a person who is not deemed to have been an affiliate of ours at any time during the 90 days preceding a sale, and who has beneficially owned the shares proposed to be sold for at least six months, including the holding period of any prior holder other than an affiliate, is entitled to sell such shares without restriction, provided we have been in compliance with our reporting requirements under the Exchange Act for 90 days preceding such sale. To the extent that our affiliates sell their shares, other than pursuant to Rule 144 or a registration statement, the purchaser's holding period for the purpose of effecting a sale under Rule 144 commences on the date of transfer from the affiliate.

**Rule 701**

In general, under Rule 701 of the Securities Act as currently in effect, each of our employees or directors who acquire our common stock from us in connection with a compensatory stock plan or other written agreement executed prior to the closing of this offering is eligible to resell such shares in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144.

**Regulation S**

Regulation S provides generally that sales made in offshore transactions are not subject to the registration or prospectus-delivery requirements of the Securities Act.

**Canadian Resale Restrictions**

Any sale of any of our common stock which constitutes a "control distribution" under Canadian securities laws (generally a sale by a person or a group of persons holding more than 20% of the voting rights attached to our outstanding voting securities) will be subject to restrictions under applicable Canadian securities laws in addition to those restrictions noted above, unless the sale is qualified under a prospectus filed with Canadian securities regulatory authorities or if prior notice of the sale is filed with the Canadian securities regulatory authorities at least seven days before any sale and there has been compliance with certain other requirements and restrictions regarding the manner of sale, payment of commissions, reporting and availability of current public information about us and compliance with applicable Canadian securities laws.

**Lock-up Agreements**

For a description of the lock-up arrangements that we and our stockholders have entered into in connection with this offering, see "*Underwriting*".

**MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS**

The following is a summary of the material U.S. federal income tax considerations relating to the purchase, ownership and disposition of our common stock and Warrants purchased in this offering but is for general information purposes only and does not purport to be a complete analysis of all the potential tax considerations relating thereto. This summary is based upon the provisions of the Internal Revenue Code of 1986, as amended (the "**Code**"), existing and proposed Treasury regulations promulgated thereunder, administrative rulings and judicial decisions, all as of the date hereof. These authorities may be changed, possibly retroactively, so as to result in U.S. federal income and estate tax consequences different from those set forth below. There can be no assurance that the Internal Revenue Service (the "**IRS**") will not challenge one or more of the tax consequences described herein, and we have not obtained, and do not intend to obtain, an opinion of counsel or ruling from the IRS with respect to the U.S. federal income tax considerations relating to the purchase, ownership or disposition of our common stock or Warrants.

This summary does not address any alternative minimum tax considerations, any considerations regarding the tax on net investment income, or the tax considerations arising under the laws of any state, local or non-U.S. jurisdiction, or under any non-income tax laws, including U.S. federal gift and estate tax laws, except to the limited extent set forth below. In addition, this summary does not address tax considerations applicable to an investor's particular circumstances or to investors that may be subject to special tax rules, including, without limitation:

● banks, insurance companies or other financial institutions;

● tax-exempt organizations or governmental organizations;

● regulated investment companies and real estate investment trusts;

● controlled foreign corporations, passive foreign investment companies and corporations that accumulate earnings to avoid U.S. federal income tax;

● brokers or dealers in securities or currencies;

● traders in securities that elect to use a mark-to-market method of accounting for their securities holdings;

● persons that own, or are deemed to own, more than five percent of our capital stock (except to the extent specifically set forth below);

● tax-qualified retirement plans;

● certain former citizens or long-term residents of the United States;

● partnerships or entities or arrangements classified as partnerships for U.S. federal income tax purposes and other pass-through entities (and investors therein);

● persons who hold our common stock or Warrants as a position in a hedging transaction, "straddle," "conversion transaction" or other risk reduction transaction or integrated investment;

● persons who hold or receive our common stock or Warrants pursuant to the exercise of any employee stock option or otherwise as compensation;

● persons who do not hold our common stock or Warrants as a capital asset within the meaning of Section 1221 of the Code; or

● persons deemed to sell our common stock or Warrants under the constructive sale provisions of the Code.

In addition, if a partnership (or entity or arrangement classified as a partnership for U.S. federal income tax purposes) holds our common stock or Warrants, the tax treatment of a partner generally will depend on the status of the partner and upon the activities of the partnership. Accordingly, partnerships that hold our common stock or Warrants, and partners in such partnerships, should consult their tax advisors.

**You are urged to consult your own tax advisors with respect to the application of the U.S. federal income tax laws to your particular situation, as well as any tax consequences of the purchase, ownership and disposition of our common stock and Warrants arising under the U.S. federal estate or gift tax laws or under the laws of any state, local, non-U.S., or other taxing jurisdiction or under any applicable tax treaty.**

**General Treatment of Units and Allocation of Purchase Price**

For U.S. federal income tax purposes, the purchase of our common stock and associated Warrant in this offering by holders should be treated for U.S. federal income tax purposes as a "Unit" consisting of one share of our common stock and its associated Warrant. Each holder must allocate its purchase price of such Unit between each share of our common stock and its associated Warrant, as applicable based on their respective relative fair market values of each at the time of issuance. This allocation of the purchase price will establish the holder's initial tax basis for U.S. federal income tax purposes for each share of our common stock and its associated Warrant.

Any disposition of a Unit should be treated for U.S. federal income tax purposes as a disposition of the share of common stock and one Warrant comprising the Unit, and the amount realized on the disposition should be allocated between the common stock and the Warrant based on their respective relative fair market values (as determined by each such Unit holder on all the relevant facts and circumstances) at the time of disposition. The separation of shares of common stock and Warrants comprising the Units should not be a taxable event for U.S. federal income tax purposes.

The foregoing treatment of the shares of common stock and Warrants and a holder's purchase price allocation are not binding on the IRS or the courts. Because there are no authorities that directly address instruments that are similar to the Units, no assurance can be given that the IRS or the courts will agree with the characterization described above or the discussion below. Accordingly, each prospective investor is urged to consult its own tax advisors regarding the tax consequences of an investment in a Unit (including alternative characterizations of such Unit). The balance of this discussion assumes that the characterization of the Units described above is respected for U.S. federal income tax purposes.

**Consequences to U.S. Holders**

The following is a summary of the U.S. federal income tax consequences that will apply to a U.S. holder of our common stock or Warrants. For purposes of this discussion, you are a U.S. holder if, for U.S. federal income tax purposes, you are a beneficial owner of our common stock or Warrants, other than a partnership, that is:

● an individual citizen or resident of the United States;

● a corporation or other entity taxable as a corporation created or organized in the United States or under the laws of the United States, any State thereof or the District of Columbia;

● an estate whose income is subject to U.S. federal income tax regardless of its source; or

● a trust (x) whose administration is subject to the primary supervision of a U.S. court and which has one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code) who have the authority to control all substantial decisions of the trust or (y) which has made a valid election to be treated as a "United States person."

***Distributions***

As described in the section titled "Dividend Policy," we have not declared or paid cash dividends on our common stock and do not anticipate paying any dividends on our common stock in the foreseeable future. However, if we do make distributions on our common stock, those payments will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. To the extent those distributions exceed both our current and our accumulated earnings and profits, the excess will constitute a return of capital and will first reduce your basis in our common stock, but not below zero, and then will be treated as gain from the sale of stock as described below under "—Sale, Exchange or Other Taxable Disposition of Common Stock."

Dividend income may be taxed to an individual U.S. holder at rates applicable to long-term capital gains, provided that a minimum holding period and other limitations and requirements are satisfied. Any dividends that we pay to a U.S. holder that is a taxable corporation generally will qualify for a dividends received deduction allowed to U.S. corporations in respect of dividends received from other U.S. corporations equal to a portion of any dividends received, subject to generally applicable limitations on that deduction. U.S. holders should consult their own tax advisors regarding the holding period and other requirements that must be satisfied in order to qualify for the reduced tax rate on dividends or the dividends-received deduction.

***Constructive Distributions***

The terms of the Warrants may allow for changes in the exercise price of the Warrants under certain circumstances. A change in exercise price of a Warrant that allows holders to receive more shares of common stock on exercise may increase a holder's proportionate interest in our earnings and profits or assets. In that case, such holder may be treated as though it received a taxable distribution in the form of our common stock. A taxable constructive stock distribution would generally result, for example, if the exercise price is adjusted to compensate holders for distributions of cash or property to our stockholders.

Not all changes in the exercise price that result in a holder's receiving more common stock on exercise, however, would be considered as increasing a holder's proportionate interest in our earnings and profits or assets. For instance, a change in exercise price could simply prevent the dilution of a holder's interest upon a stock split or other change in capital structure. Changes of this type, if made pursuant to a bona fide reasonable adjustment formula, are not treated as constructive stock distributions for these purposes. Conversely, if an event occurs that dilutes a holder's interest and the exercise price is not adjusted, the resulting increase in the proportionate interests of our stockholders could be treated as a taxable stock distribution to our stockholders.

Any taxable constructive stock distributions resulting from a change to, or a failure to change, the exercise price of the Warrants that is treated as a distribution of common stock would be treated for U.S. federal income tax purposes in the same manner as distributions on our common stock paid in cash or other property, resulting in a taxable dividend to the recipient to the extent of our current or accumulated earnings and profits (with the recipient's tax basis in its common stock or Warrants, as applicable, being increased by the amount of such dividend), and with any excess treated as a return of capital or as capital gain. U.S. holders should consult their own tax advisors regarding whether any taxable constructive stock dividend would be eligible for tax rates applicable to long-term capital gains or the dividends-received deduction described under "—Distributions," as the requisite applicable holding period requirements might not be considered to be satisfied.

***Sale, Exchange, or Other Taxable Disposition of Common Stock***

A U.S. holder will generally recognize capital gain or loss on the sale, exchange, or other taxable disposition of our common stock. The amount of gain or loss will equal the difference between the amount realized on the sale and such U.S. holder's tax basis in such common stock. The amount realized will include the amount of any cash and the fair market value of any other property received in exchange for such common stock. Gain or loss will be long-term capital gain or loss if the U.S. holder has held the common stock for more than one year. Long-term capital gains of non-corporate U.S. holders are generally taxed at preferential rates. The deductibility of capital losses is subject to certain limitations.

***Sale, Exchange, Redemption, Expiration, or Other Taxable Disposition of a Warrant***

Upon a sale, exchange, redemption, expiration, or other taxable disposition of a Warrant, a U.S. holder generally will recognize capital gain or loss in an amount equal to the difference between the amount realized (if any) on the disposition and such U.S. holder's tax basis in the Warrant. The amount realized will include the amount of any cash and the fair market value of any other property received in exchange for the Warrant. The U.S. holder's tax basis in the Warrant generally will equal the amount the holder paid for the Warrant. Gain or loss will be long-term capital gain or loss if the U.S. holder has held the Warrant for more than one year. Long-term capital gains of non-corporate U.S. holders are generally taxed at preferential rates. The deductibility of capital losses is subject to certain limitations.

***Exercise of a Warrant***

Except as discussed below with respect to the cashless exercise of a Warrant, a U.S. holder generally will not recognize taxable gain or loss on the acquisition of common stock upon exercise of a Warrant for cash. The U.S. holder's tax basis in the share of our common stock received upon exercise of the Warrant generally will be an amount equal to the sum of the U.S. holder's initial investment in the Warrant (i.e., the portion of the U.S. holder's purchase price for Units that is allocated to the Warrant, as described above under "— General Treatment of Units and Allocation of Purchase Price") and the exercise price. It is unclear whether the U.S. holder's holding period for the common stock received upon exercise of the Warrants will begin on the date following the date of exercise or on the date of exercise of the Warrants; in either case, the holding period will not include the period during which the U.S. holder held the Warrants.

The U.S. federal income tax consequences of a cashless exercise of a Warrant are not clear. A cashless exercise may be tax-free, either because the exercise is not a realization event or because the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either tax-free situation, a U.S. holder's basis in the common stock received would equal the holder's basis in the Warrants exercised therefor. If the cashless exercise were treated as not being a realization event, it is unclear whether a U.S. holder's holding period in the common stock would be treated as commencing on the date following the date of exercise or on the date of exercise of the Warrant; in either case, the holding period would not include the period during which the U.S. holder held the Warrants. If the cashless exercise were treated as a recapitalization, the holding period of the common stock would include the holding period of the Warrants exercised therefore.

It is possible that a cashless exercise could be treated in part as a taxable exchange in which gain or loss would be recognized. In such event, a U.S. holder could be deemed to have surrendered Warrants equal to the number of shares of common stock having a value equal to the exercise price for the total number of Warrants to be exercised. The U.S. holder would recognize capital gain or loss in an amount equal to the difference between the fair market value of the common stock received in respect of the Warrants deemed surrendered and the U.S. holder's tax basis in the Warrants deemed surrendered. In this case, a U.S. holder's tax basis in the common stock received would equal the sum of the fair market value of the common stock received in respect of the Warrants deemed surrendered and the U.S. holder's tax basis in the Warrants exercised. Alternatively, it is possible that a cashless exercise could be treated as a fully taxable exchange of the Warrants for the common stock in which case the U.S. holder would generally recognize taxable gain to the extent the fair market value of the common stock exceeds the U.S. holder's basis in its Warrants exchanged therefor. It is unclear whether a U.S. holder's holding period for the common stock would commence on the date following the date of exercise or on the date of exercise of the Warrant; in either case, the holding period would not include the period during which the U.S. holder held the Warrant.

Due to the absence of authority on the U.S. federal income tax treatment of a cashless exercise, including when a U.S. holder's holding period would commence with respect to the common stock received, there can be no assurance which, if any, of the alternative tax consequences and holding periods described above would be adopted by the IRS or a court of law. Accordingly, U.S. holders should consult their tax advisors regarding the tax consequences of a cashless exercise of a Warrant.

**Consequences to Non-U.S. Holders**

The following is a summary of the U.S. federal income tax consequences that will apply to a non-U.S. holder of our common stock or Warrants. A "non-U.S. holder" is a beneficial owner of our common stock or Warrants (other than a partnership or an entity or arrangement treated as a partnership for U.S. federal income tax purposes) that, for U.S. federal income tax purposes, is not a U.S. holder.

***Distributions***

Distributions will be treated as described above under "Consequences to U.S. Holders—Distributions." Subject to the discussion below regarding effectively connected income, any dividend, including any taxable constructive stock dividend resulting from certain adjustments, or failure to make adjustments, to the exercise price of a Warrant (as described above under "Consequences to U.S. Holders—Constructive Distributions"), paid to a non-U.S. holder generally will be subject to U.S. withholding tax either at a rate of 30% of the gross amount of the dividend or such lower rate as may be specified by an applicable income tax treaty. In order to receive a reduced treaty rate, a non-U.S. holder must provide us with an IRS Form W-8BEN, IRS Form W-8BEN-E or other applicable IRS Form W-8 properly certifying qualification for the reduced rate. These forms must be updated periodically. A non-U.S. holder eligible for a reduced rate of U.S. withholding tax pursuant to an income tax treaty may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. If a non-U.S. holder holds our common stock or Warrants through a financial institution or other agent acting on the non-U.S. holder's behalf, the non-U.S. holder will be required to provide appropriate documentation to the agent, which then may be required to provide certification to us or our paying agent, either directly or through other intermediaries.

Dividends received by a non-U.S. holder that are effectively connected with its conduct of a U.S. trade or business (and, if required by an applicable income tax treaty, attributable to a permanent establishment or fixed base maintained by the non-U.S. holder in the United States) are generally exempt from such withholding tax if the non-U.S. holder satisfies certain certification and disclosure requirements. In order to obtain this exemption, the non-U.S. holder must provide us with an IRS Form W-8ECI or other applicable IRS Form W-8 properly certifying such exemption. Such effectively connected dividends, although not subject to withholding tax, are taxed at the same graduated U.S. federal income tax rates applicable to U.S. holders, net of certain deductions and credits. In addition, dividends received by a corporate non-U.S. holder that are effectively connected with its conduct of a U.S. trade or business may also be subject to a branch profits tax at a rate of 30% or such lower rate as may be specified by an applicable income tax treaty. Non-U.S. holders should consult their own tax advisors regarding any applicable tax treaties that may provide for different rules.

***Constructive Distributions***

Constructive distributions will be treated as described above under "Consequences to U.S. Holders—Constructive Distributions."

***Gain on Sale, Exchange, or Other Taxable Disposition of Common Stock or Warrants***

Subject to the discussion below regarding backup withholding and foreign accounts, a non-U.S. holder generally will not be required to pay U.S. federal income tax on any gain realized upon the sale, exchange, or other taxable disposition of our common stock or a Warrant unless:

● the gain is effectively connected with the non-U.S. holder's conduct of a U.S. trade or business (and, if required by an applicable income tax treaty, the gain is attributable to a permanent establishment or fixed base maintained by the non-U.S. holder in the United States);

● the non-U.S. holder is a non-resident alien individual who is present in the United States for a period or periods aggregating 183 days or more during the calendar year in which the sale or disposition occurs and certain other conditions are met; or

● shares of our common stock or our Warrants, as applicable, constitute U.S. real property interests by reason of our status as a "United States real property holding corporation" (a "**USRPHC**") for U.S. federal income tax purposes at any time within the shorter of the five-year period preceding the non-U.S. holder's disposition of, or the non-U.S. holder's holding period for, our common stock or Warrants, as applicable.

We believe that we are not currently and will not become a USRPHC for U.S. federal income tax purposes, and the remainder of this discussion so assumes. However, because the determination of whether we are a USRPHC depends on the fair market value of our U.S. real property relative to the fair market value of our other business assets, there can be no assurance that we will not become a USRPHC in the future. Even if we become a USRPHC, however, if our common stock becomes regularly traded on an established securities market (as defined by applicable Treasury regulations), such common stock will be treated as U.S. real property interests only if the non-U.S. holder actually or constructively held more than five percent of such regularly traded common stock at any time during the shorter of the five-year period preceding the non-U.S. holder's disposition of, or the non-U.S. holder's holding period for, our common stock. In addition, provided that our common stock is regularly traded on an established securities market (as defined by applicable Treasury regulations), a Warrant will not be treated as a U.S. real property interest with respect to a non-U.S. holder if such holder did not own, actually or constructively, Warrants whose total fair market value on the date they were acquired (and on the date or dates any additional Warrants were acquired) exceeded the fair market value on that date (and on the date or dates any additional Warrants were acquired) of five percent of all our common stock.

If the non-U.S. holder is described in the first bullet above, it will be required to pay tax on the net gain derived from the sale, exchange, or other taxable disposition under regular graduated U.S. federal income tax rates, and a corporate non-U.S. holder described in the first bullet above also may be subject to the branch profits tax at a rate of 30%, or such lower rate as may be specified by an applicable income tax treaty. An individual non-U.S. holder described in the second bullet above will be required to pay a flat 30% tax (or such lower rate specified by an applicable income tax treaty) on the gain derived from the sale, exchange, or other taxable disposition, which gain may be offset by U.S. source capital losses for the year (provided the non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses). Non-U.S. holders should consult their own tax advisors regarding any applicable income tax or other treaties that may provide for different rules.

***Exercise of a Warrant***

A non-U.S. holder generally will not be subject to U.S. federal income tax on the exercise of Warrants into shares of our common stock. However, if a cashless exercise of the Warrants results in a taxable exchange, as described in "Consequences to U.S. Holders — Exercise of a Warrant," the rules described above under "—Gain on Sale, Exchange, or Other Taxable Disposition of Common Stock or Warrants" would apply. Non-U.S. holders should consult their tax advisors regarding the tax consequences of a cashless exercise.

***Federal Estate Tax***

Common stock or Warrants beneficially owned by an individual who is not a citizen or resident of the United States (as defined for U.S. federal estate tax purposes) at the time of their death will generally be includable in the decedent's gross estate for U.S. federal estate tax purposes. Such securities, therefore, may be subject to U.S. federal estate tax, unless an applicable estate tax treaty provides otherwise.

**Backup Withholding and Information Reporting**

Generally, we must report annually to the IRS the amount of dividends paid to you, your name and address, and the amount of tax withheld, if any. A similar report will be sent to you. Pursuant to applicable income tax treaties or other agreements, the IRS may make these reports available to tax authorities in your country of residence if you reside outside of the United States.

Payments of dividends on or of proceeds from the disposition of our common stock or Warrants made to you may be subject to information reporting and backup withholding. Backup withholding may apply at a current rate of 24% unless you (i) provide the payor with a correct taxpayer identification number and comply with applicable certification requirements, or (ii) establish an exemption, for example, by properly certifying your non-U.S. status on an IRS Form W-8BEN or IRS Form W-8BEN-E or other applicable IRS Form W-8. Notwithstanding the foregoing, backup withholding and information reporting may apply if either we or our paying agent has actual knowledge, or reason to know, that you are a U.S. person that is not an exempt recipient.

Backup withholding is not an additional tax; rather, the U.S. federal income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld. If withholding results in an overpayment of taxes, a refund or credit may generally be obtained from the IRS, provided that the required information is furnished to the IRS in a timely manner.

**Foreign Account Tax Compliance Act**

The Foreign Account Tax Compliance Act ("**FATCA**") generally imposes withholding tax at a rate of 30% on dividends on our common stock or Warrants paid to a "foreign financial institution" (as specially defined under these rules), unless such institution enters into an agreement with the U.S. government to, among other things, withhold on certain payments and to collect and provide to the U.S. tax authorities substantial information regarding the U.S. account holders of such institution (which includes certain equity and debt holders of such institution, as well as certain account holders that are foreign entities with U.S. owners) or otherwise establishes an exemption. FATCA also generally imposes a U.S. federal withholding tax of 30% on dividends on our common stock or Warrants paid to a "non-financial foreign entity" (as specially defined for purposes of these rules) unless such entity provides the withholding agent with a certification identifying certain substantial direct and indirect U.S. owners of the entity, certifies that there are none or otherwise establishes an exemption. The withholding provisions under FATCA generally apply to dividends paid by us. Under certain circumstances, a non-U.S. holder might be eligible for refunds or credits of such taxes. An intergovernmental agreement between the United States and an applicable foreign country may modify the requirements described in this paragraph. Non-U.S. holders should consult their own tax advisors regarding the possible implications of this legislation on their investment in our common stock or Warrants.

**Each prospective investor should consult its own tax advisor regarding the particular U.S. federal, state and local and non-U.S. consequences of purchasing, owning and disposing of our common stock or Warrants, including the consequences of any proposed changes in applicable laws.**

**CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS**

The following summary describes the principal Canadian federal income tax considerations under the Income Tax Act (Canada) and the Income Tax Regulations or, collectively, the "**Tax Act**", generally applicable to a purchaser who acquires as beneficial owner our common stock and Warrants pursuant to this offering, and common stock upon the valid exercise of Warrants ("**Warrant Shares**" and, collectively, the "**Securities**"), and who, at all relevant times, for purposes of the Tax Act: (i) is, or is deemed to be, resident in Canada; (ii) deals at arm's length with the Company and the underwriters; (iii) is not affiliated with the Company or the underwriters; (iv) is not in a relationship with us such that we would be considered a "foreign affiliate" of such purchaser; and (v) holds the **Securities** as capital property (in this section, a "**Holder**"). Generally, the Securities will be capital property to a Holder provided the Holder does not acquire or hold them in the course of carrying on a business or as part of an adventure or concern in the nature of trade. The Securities will not be a "Canadian security" (as defined in the Tax Act) for the purpose of the irrevocable election under subsection 39(4) of the Tax Act. Consequently, a Holder will not be entitled to make or rely on such an election to have our common stock deemed to be capital property. Holders who do not hold our common stock as capital property should consult their own tax advisors regarding their particular circumstances.

This summary is not applicable to: (i) a Holder an interest in which is a "tax shelter investment"; (ii) a Holder that is a "financial institution" for purposes of certain rules referred to as the mark-to-market rules; (iii) a Holder that is a "specified financial institution"; (iv) a Holder that is a partnership or exempt from tax under Part I of the Tax Act; (v) a Holder that reports its "Canadian tax results" in a currency other than Canadian currency; (vi) a Holder that receives dividends on our common stock under or as part of a "dividend rental arrangement"; or (vii) a Holder that has entered or will enter into, in respect of our common stock, a "synthetic disposition arrangement" or a "derivative forward agreement", each as defined in the Tax Act. Additional considerations, not discussed herein, may be applicable to a Holder that is a corporation that is or becomes, or does not deal at arm's length for purposes of the Tax Act with a corporation resident in Canada that is or becomes, as part of a transaction or event or series of transactions or events that includes the acquisition of Securities, controlled by a non-resident person or group of non-resident persons for the purposes of the foreign affiliate dumping rules in section 212.3 of the Tax Act. Such Holders should consult their own tax advisors.

This summary is based on the current provisions of the Tax Act and an understanding of the current administrative policies and assessing practices of the Canada Revenue Agency published in writing prior to the date hereof. This summary takes into account all specific proposals to amend the Tax Act publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the "**Proposed Amendments**"), and assumes that all Proposed Amendments will be enacted in the form proposed. However, no assurances can be given that the Proposed Amendments will be enacted as proposed, or at all. This summary does not otherwise take into account or anticipate any changes in law or administrative policy or assessing practice whether by legislative, administrative or judicial action nor does it take into account tax legislation or considerations of any province, territory or foreign jurisdiction, which may differ from those discussed herein.

This summary assumes that we are, and at all relevant times will be, a non-resident of Canada for the purposes of the Tax Act. If we are (or become) a resident of Canada for the purposes of the Tax Act, the Canadian federal income tax consequences to a Holder may be materially different from those described in this summary.

**This summary is of a general nature only and is not, and is not intended to be, legal or tax advice to any prospective purchaser or holder of the Securities. This summary is not exhaustive of all Canadian federal income tax considerations. Accordingly, prospective purchasers of Securities should consult their own tax advisors having regard to their own particular circumstances.**

**Currency Conversion**

Generally, for purposes of the Tax Act, all amounts relating to the acquisition, holding or disposition of the Securities must be converted into Canadian dollars based on the exchange rates as determined in accordance with the Tax Act. The amount of dividends required to be included in the income of, and capital gains or capital losses realized by, a Holder may be affected by fluctuations in the Canadian / U.S. dollar exchange rate.

**Shares of Common Stock**

*<u>Dividends</u>*

A Holder will be required to include in computing its income for a taxation year the amount of any dividends received on our common stock. In the case of a Holder that is an individual, such dividends will not be subject to the gross-up and dividend tax credit rules applicable to taxable dividends received from taxable Canadian corporations. A Holder that is a corporation will not be entitled to deduct the amount of such dividends in computing its taxable income. The full amount of the dividends, including amounts deducted for U.S. withholding tax, if any, in respect of the dividends must be included in income. To the extent U.S. withholding tax is paid in respect of dividends paid on our common stock, the amount of such tax generally will be eligible for foreign tax credit or deduction treatment subject to the detailed rules and limitations under the Tax Act.

Holders are advised to consult their own tax advisors with respect to the availability of a credit or deduction to them having regard to their particular circumstances.

*Dispositions* 

Generally, on a disposition or deemed disposition of a share of our common stock (including Warrant Shares) (other than to the Company unless purchased by the Company in the open market in the manner in which shares are normally purchased by any member of the public in the open market) a Holder will realize a capital gain (or capital loss) equal to the amount, if any, by which the proceeds of disposition, net of any reasonable costs of disposition, exceed (or are less than) the adjusted cost base to the Holder of the share immediately before the disposition or deemed disposition.

The adjusted cost base to the Holder of a share of our common stock (including Warrant Shares) acquired pursuant to this offering will be determined by averaging the cost of such share with the adjusted cost base immediately before the time of acquisition of all other shares of our common stock owned by the Holder as capital property immediately before that time, if any.

*Taxation of Capital Gains and Capital Losses*

Generally, a Holder is required to include in computing its income for a taxation year one-half of the amount of any capital gain, or a "taxable capital gain", realized in the year. Subject to and in accordance with the provisions of the Tax Act, a Holder is required to deduct one-half of the amount of any capital loss, or an "allowable capital loss", realized in a taxation year from taxable capital gains realized by the Holder in the year, and allowable capital losses in excess of taxable capital gains for the year may be carried back and deducted in any of the three preceding taxation years or carried forward and deducted in any subsequent taxation year against net taxable capital gains realized in such years. Capital gains realized by a Holder that is an individual or trust, other than certain specified trusts, may give rise to a liability for alternative minimum tax under the Tax Act.

To the extent U.S. tax is paid in respect of capital gains realized on the disposition or deemed disposition of a share of our common stock (including Warrant Shares), the amount of such tax generally will be eligible for foreign tax credit treatment subject to the detailed rules and limitations under the Tax Act. Holders are advised to consult their own tax advisors with respect to the availability of a credit to them having regard to their particular circumstances.

**Warrants**

*Allocation of Cost*

The total purchase price paid for a Unit by a Holder must be allocated on a reasonable basis between the common stock and the Warrant that comprise such Unit to determine the respective costs of each to such Holder for purposes of the Tax Act. For its purposes, the Company intends to allocate US$ of the offering price to each share of common stock and US$ of the offering price to each Warrant. Although the Company believes that its allocation is reasonable, it is not binding on the Canada Revenue Agency or the Holder. Counsel expresses no opinion with respect to such allocation. For purposes of determining the adjusted cost base to a Holder of common stock or Warrant acquired pursuant to this Offering, the cost of such common stock or Warrant will be averaged with the adjusted cost base of all other common stock or Warrants, respectively, of the Company held at that time by the Holder as capital property.

*Exercise of Warrants*

The exercise of a Warrant to acquire a Warrant Share will be deemed not to constitute a disposition of property for purposes of the Tax Act. As a result, no gain or loss will be realized by a Holder upon the exercise of a Warrant to acquire a Warrant Share. When a Warrant is exercised, the Holder's cost of the Warrant Share acquired thereby will be equal to the aggregate of the Holder's adjusted cost base of such Warrant and the exercise price paid for the Warrant Share. The Holder's adjusted cost base of the Warrant Share so acquired will be determined by averaging the cost of the Warrant Share with the adjusted cost base to the Holder of all shares of common stock of the Company (if any) owned by the Holder as capital property immediately prior to such acquisition.

The Canadian income tax consequences of a cashless exercise of a Warrant are different than those described above. Holders who acquire a Warrant Share by means of a cashless exercise should consult their own tax advisors in this regard.

*Expiry of Warrants*

The expiry of an unexercised Warrant generally will result in a capital loss to the Holder equal to the adjusted cost base of the Warrant to the Holder immediately before its expiry. The tax treatment of capital gains and capital losses is discussed above under the heading "*Taxation of Capital Gains and Capital Losses*".

*Other Disposition of Warrants*

A disposition or deemed disposition of a Warrant by a Holder (other than on the exercise of a Warrant into Warrant Shares or expiry of a Warrant), generally should result in the Holder realizing a capital gain (or, subject to certain rules in the Tax Act, a capital loss) equal to the amount by which the proceeds of disposition, net of any reasonable costs of disposition, exceed (or are less than) the aggregate of the adjusted cost base to the Holder thereof and any reasonable costs of disposition. Such capital gain (or capital loss) should be subject to the tax treatment described above "- *Shares – Taxation of Capital Gains and Capital Losses*".

**Additional Refundable Tax**

A Holder that is, throughout its taxation year, a "Canadian-controlled private corporation" (as defined in the Tax Act) may be liable for an additional tax (refundable in certain circumstances) on its "aggregate investment income", which is defined in the Tax Act to include taxable capital gains and dividends that are not deductible in computing the dividend recipient's taxable income. Proposed Amendments released on August 9, 2022 are intended to extend this additional tax and refund mechanism in respect of "aggregate investment income" to "substantive CCPCs" as defined in such Proposed Amendments. Holders are advised to consult their own tax advisors.

**Foreign Property Information Reporting**

In general, a Holder that is a "specified Canadian entity" for a taxation year or fiscal period and whose total cost amount of "specified foreign property" (as such terms are defined in the Tax Act) at any time in the taxation year or fiscal period exceeds C$100,000 will be required to file an information return for the taxation year or fiscal period disclosing certain prescribed information. Subject to certain exceptions, a taxpayer resident in Canada will generally be a specified Canadian entity.

The Securities will come within the definition of "specified foreign property" for the purposes of the Tax Act. Penalties will apply where a Holder fails to file the required information return in respect of such Holder's "specified foreign property" on a timely basis in accordance with the Tax Act.

**The reporting rules in the Tax Act are complex and this summary does not purport to explain all circumstances in which reporting may be required.** 

**Holders should consult their own tax advisors regarding whether they must comply with these reporting requirements.**

**UNDERWRITING**

We have entered into an underwriting agreement, dated , 2023, with H.C. Wainwright & Co., LLC ("**Wainwright**" or the "**representative**") as the representative of the underwriters named below and joint book-running manager, BMO Capital Markets Corp. as joint book-running manager ("**BMO**") and Laurentian Bank Securities Inc. as the co-manager of this offering (collectively with the representative and BMO, the "**underwriters**"). Subject to the terms and conditions of the underwriting agreement, the underwriters have agreed to purchase the number of our securities set forth opposite their names below.

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| | |
|:---|:---|
| **Underwriter** | **Common Stock** |
| H.C. Wainwright & Co., LLC |  |
| BMO Capital Markets Corp. |  |
| Laurentian Bank Securities Inc. |  |
| Total |  |

---

We have been advised by the underwriters that they propose to offer the Units directly to the public at the initial public offering prices set forth on the cover page of this prospectus. Any Units sold by the underwriters to securities dealers will be sold at the initial public offering price less a selling concession not in excess of $&nbsp;&nbsp;&nbsp;&nbsp; per Unit.

The offering is being made concurrently in the United States and in each of the provinces and territories of Canada, other than Quebec. Our Units will be offered in the United States through those underwriters who are registered to offer the Units for sale in the United States and such other registered dealers as may be designated by the underwriters. The Units will be offered in each of the provinces and territories of Canada, other than Quebec, through BMO Nesbitt Burns Inc., Laurentian Bank Securities Inc. and such other registered dealers as may be designated by the underwriters. Subject to applicable law, the underwriters, or such other registered dealers or other entities outside the United States and Canada that are affiliates of the underwriters as may be designated by the underwriters, may offer the Units outside of the United States and Canada. H.C. Wainwright & Co., LLC is not registered as an investment dealer in any Canadian jurisdiction and, accordingly, will only sell Units outside of Canada.

The underwriting agreement provides that the underwriters' obligation to purchase the securities in this offering is subject to conditions contained in the underwriting agreement. Under the terms of the underwriting agreement, the underwriters may, at their discretion, terminate the underwriting agreement upon the occurrence of certain events. The underwriters, however, are obligated to take and pay for all of the Units being offered, if any are taken, other than those shares of common stock and/or Warrants covered by the over-allotment option described below. If an underwriter defaults, the underwriting agreement provides that the purchase commitments of the non-defaulting underwriters may be increased or the underwriting agreement may be terminated. A copy of the underwriting agreement has been filed as an exhibit to the registration statement of which this prospectus is part. The underwriters have advised us that they do not intend to confirm sales to any accounts over which they exercise discretionary authority.

Our Units are offered by the underwriters subject to a number of conditions, including:

● receipt and acceptance of such securities by the underwriters; and

● the underwriters' right to reject orders in whole or in part.

In Canada, the securities are to be taken up by the underwriters, if at all, on or before a date not later than 42 days after the date of this prospectus.

No action has been taken by us or the underwriters that would permit a public offering of the securities included in this offering in any jurisdiction where action for that purpose is required. None of our securities included in this offering may be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sales of any of the securities offered hereby be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons who receive this prospectus are advised to inform themselves about and to observe any restrictions relating to this offering of securities and the distribution of this prospectus. This prospectus is neither an offer to sell nor a solicitation of any offer to buy the shares in any jurisdiction where that would not be permitted or legal.

In connection with this offering, certain of the underwriters or securities dealers may distribute prospectuses electronically.

We have been advised by the representatives that the underwriters do not intend to make a market in our securities.

**Underwriting Discount and Expenses**

The following table summarizes the underwriting discount and commission to be paid to the underwriters by us.

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| | | | |
|:---|:---|:---|:---|
|  | **Per Unit <sup>(1)</sup>** | **Total Without <br> Option Exercise** | **Total With Full <br> Option exercise** |
| Initial public offering price | $10.00 | $20000000 | $23000000 |
| Underwriting discounts and commissions to the underwriters by us<sup>(1)</sup> | $0.70 | $1400000 | $1610000 |
| Proceeds to us (before expenses)<sup>(2)(3)</sup> | $9.30 | $18600000 | $21390000 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The initial public offering price and underwriting discount corresponds to (i) a public offering price per share of common stock of $9.9999 and (ii) a public offering price per Warrant of $0.0001.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Underwriting discounts and commissions with respect to the sale of the Units will be 7.0%. However, a reduced underwriting discount of 2.0% will be payable on the gross proceeds sold to certain purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Does not include proceeds from the exercise of Warrants.

We estimate that the total expenses of the offering, excluding underwriting discounts and commissions, will be approximately $847,000 and is payable by us. Subject to compliance with FINRA Rule 5110(g), we have agreed to reimburse the underwriters for their fees and expenses of U.S. legal counsel up to $150,000, fees and expenses of Canadian legal counsel up to $150,000 and other out-of-pocket expenses, up to $50,000, and for the representative's clearing expenses in the amount of $15,950 in connection with this offering.

**Over-Allotment Option**

We have granted to the representative an option, exercisable not later than 30 days after the date of this prospectus, to purchase up to 300,000 additional shares of common stock and/or Warrants. The representative may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with this offering. Any common stock and/or Warrants so purchased shall be sold at the initial public offering price per Unit, less the underwriting discounts and commissions, set forth on the cover page of this prospectus. If any additional common stock and/or Warrants are purchased pursuant to this option, the underwriters will offer these additional shares of common stock and/or Warrants on the same terms as those on which the other shares of common stock and Warrants are being offered hereby.

**Lock-up Agreements**

Our officers, directors and principal stockholders have agreed with the representative to be subject to a lock-up period of 180 days following the closing date of this offering. This means that, during the applicable lock-up period, such persons may not offer for sale, contract to sell, sell, distribute, grant any option, right or warrant to purchase, pledge, hypothecate or otherwise dispose of, directly or indirectly, any common stock or any securities convertible into, or exercisable or exchangeable for, common stock, subject to certain customary exceptions. We have also agreed, in the underwriting agreement, to similar lock-up restrictions on the issuance and sale of our securities for 180 days following the closing of this offering, subject to certain customary exceptions, without the consent of the representative. The representative may, in its sole discretion and without notice, waive the terms of any of these lock-up agreements.

**Determination of Offering Price**

Prior to this offering, there was no public market for our common stock or Warrants. The initial public offering price of the securities offered by this prospectus was determined by negotiation between us and the underwriters. Among the factors considered in determining the initial public offering price of the Units were:

● the information set forth in this prospectus and otherwise available to the underwriters;

● our history and our prospects;

● the industry in which we operate;

● our past and present operating results;

● the previous experience of our executive officers;

● the recent market prices of, and demand for, publicly traded common stock of generally comparable companies; and

● the general condition of the securities markets at the time of this offering.

The initial public offering price stated on the cover page of this prospectus should not be considered an indication of the actual value of the Units. The initial public offering price is determined by market conditions and other factors, and we cannot assure you that the Units can be resold at or above the initial public offering price.

**Affiliations**

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. The underwriters and their affiliates may from time to time in the future engage with us and perform services for us in the ordinary course of their business for which they will receive customary fees and expenses. In the ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and securities activities may involve securities and/or instruments of us. The underwriters and their respective affiliates may also make investment recommendations and/or publish or express independent research views in respect of these securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in these securities and instruments.

**Stabilization, Short Positions and Penalty Bids**

In connection with this offering, the underwriters may engage in stabilizing transactions, over-allotment transactions, syndicate covering transactions and penalty bids in connection with our common stock.

● Overallotment transactions involve sales by the underwriters of common stock in excess of the number of shares of common stock the underwriters are obligated to purchase. This creates a syndicate short position which may be either a covered short position or a naked short position. In a covered short position, the number of shares of common stock over-allotted by the underwriters are not greater than the number of shares of common stock that it may purchase in the option to purchase additional common stock. In a naked short position, the number of shares of common stock involved is greater than the number of shares of common stock in the option to purchase additional common stock. The underwriters may close out any short position by exercising their option to purchase additional common stock and/or purchasing common stock in the open market.

● Stabilizing transactions permit bids to purchase common stock so long as the stabilizing bids do not exceed a specified maximum.

● Syndicate covering transactions involve purchases of common stock in the open market after the distribution has been completed in order to cover syndicate short positions. Such a naked short position would be closed out by buying securities in the open market. A naked short position is more likely to be created if the underwriters are concerned that there could be downward pressure on the price of the securities in the open market after pricing that could adversely affect investors who purchase in the offering.

● Penalty bids permit the underwriters to reclaim a selling concession from a syndicate member when the securities originally sold by the syndicate member are purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.

These stabilizing transactions, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our common stock or preventing or retarding a decline in the market price of our common stock. As a result, the price of our common stock in the open market may be higher than it would otherwise be in the absence of these transactions. Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the price of our common stock. These transactions may be effected on the NYSE American, in the over-the-counter market or otherwise and, if commenced, may be discontinued at any time.

In accordance with rules and policy statements of certain Canadian securities regulatory authorities and the Universal Market Integrity Rules for Canadian Marketplaces, or the "**UMIR**", the underwriters may not, at any time during the period of distribution, bid for or purchase common stock. The foregoing restriction is, however, subject to exceptions as permitted by such rules and policy statements and UMIR. These exceptions include a bid or purchase permitted under such rules and policy statements and UMIR, relating to market stabilization and market balancing activities and a bid or purchase on behalf of a customer where the order was not solicited.

In connection with this offering, the underwriters also may engage in passive market making transactions in our common stock in accordance with Regulation M during a period before the commencement of offers or sales of common stock in this offering and extending through the completion of the distribution. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for that security. However, if all independent bids are lowered below the passive market maker's bid, that bid must then be lowered when specific purchase limits are exceeded. Passive market making may stabilize the market price of the securities at a level above that which might otherwise prevail in the open market and, if commenced, may be discontinued at any time.

**Indemnification**

We have agreed to indemnify the underwriters and selected dealers against certain liabilities, including certain liabilities arising under the Securities Act, or to contribute to payments that the underwriters or selected dealers may be required to make for these liabilities.

**Other Relationships**

The underwriters and their affiliates may in the future engage in investment banking and other commercial dealings in the ordinary course of business with us or our affiliates. The underwriters may in the future receive customary fees and commissions for these transactions.

Bank of Montreal, an affiliate of BMO Nesbitt Burns Inc. and BMO Capital Markets Corp., is the lender under the BMO Margin Loan Agreement, providing for the BMO Credit Facility. Our parent company may repay the BMO Credit Facility, from time to time, in accordance with the terms of the BMO Margin Loan Agreement, using net proceeds from the offering received through our intercompany loan payable to our parent company. Consequently, the Company may be considered a "connected issuer" of BMO Nesbitt Burns Inc. under applicable securities laws, and a "conflict of interest" may be deemed to exist under FINRA Rule 5121(f)(5)(C)(i) if five percent of the net offering proceeds, not including underwriters' compensation, are intended to be used to reduce or retire the balance of the BMO Credit Facility. However, our parent company does not expect to use five percent or more of the net offering proceeds to reduce or retire the BMO Credit Facility.

**NYSE American Listing**

Prior to this offering, no public market has existed for our common stock or Warrants. We have applied to list our common stock and Warrants on the NYSE American under the symbol "USGO" and "USGOW", respectively. Listing will be subject to fulfilling all of the listing requirements of the NYSE American.

**Notice to Investors**

*Australia*

This prospectus is not a disclosure document for the purposes of Australia's Corporations Act 2001 (Cth) of Australia, or Corporations Act, has not been lodged with the Australian Securities & Investments Commission and is only directed to the categories of exempt persons set out below. Accordingly, if you receive this prospectus in Australia:

You confirm and warrant that you are either:

● a "sophisticated investor" under section 708(8)(a) or (b) of the Corporations Act;

● a "sophisticated investor" under section 708(8)(c) or (d) of the Corporations Act and that you have provided an accountant's certificate to the Company which complies with the requirements of section 708(8)(c)(i) or (ii) of the Corporations Act and related regulations before the offer has been made; or

● a "professional investor" within the meaning of section 708(11)(a) or (b) of the Corporations Act.

To the extent that you are unable to confirm or warrant that you are an exempt sophisticated investor or professional investor under the Corporations Act, any offer made to you under this prospectus is void and incapable of acceptance.

You warrant and agree that you will not offer any of the shares issued to you pursuant to this prospectus for resale in Australia within 12 months of those securities being issued unless any such resale offer is exempt from the requirement to issue a disclosure document under section 708 of the Corporations Act.

*European Economic Area*

In relation to each Member State of the European Economic Area , no offer of any securities which are the subject of the offering contemplated by this prospectus has been or will be made to the public in that Member State other than any offer where a prospectus has been or will be published in relation to such securities that has been approved by the competent authority in that Member State or, where appropriate, approved in another Member State and notified to the relevant competent authority in that Member State in accordance with the Prospectus Directive, except that an offer of such securities may be made to the public in that Member State:

● to any legal entity which is a "qualified investor" as defined in the Prospectus Directive;

● to fewer than 150, natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the representative of the underwriters for any such offer; or

● in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of securities shall require the Company or any of the underwriters to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive.

For the purposes of this provision, the expression an "**offer to the public**" in relation to any securities in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the securities to be offered so as to enable an investor to decide to purchase or subscribe the securities, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression "**Prospectus Directive**" means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive), and includes any relevant implementing measure in the Member State and the expression "**2010 PD Amending Directive**" means Directive 2010/73/EU.

*Switzerland*

The securities may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange, or "**SIX**", or on any other stock exchange or regulated trading facility in Switzerland. This prospectus has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this prospectus nor any other offering or marketing material relating to the securities or the offering may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this prospectus nor any other offering or marketing material relating to the offering, the Company or the securities have been or will be filed with or approved by any Swiss regulatory authority. In particular, this prospectus will not be filed with, and the offer of securities will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA, or FINMA, and the offer of securities has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes, or the "**CISA**". The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of securities.

*United Kingdom*

This prospectus is only being distributed to, and is only directed at, persons in the United Kingdom that are qualified investors (as defined in the Prospectus Directive) that are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended, referred to herein as the "**Order**", and/or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order and other persons to whom it may lawfully be communicated or caused to be communicated. Each such person is referred to herein as a "**Relevant Person**".

This prospectus and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other persons in the United Kingdom. Any person in the United Kingdom that is not a Relevant Person should not act or rely on this document or any of its contents.

Any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000, or the "**FSMA**"), may only be communicated or caused to be communicated in connection with the issue or sale of the securities in circumstances in which Section 21(1) of the FSMA does not apply. All applicable provisions of the FSMA must be complied with in respect of anything done by any person in relation to the securities in, from or otherwise involving the United Kingdom.

**LEGAL MATTERS**

The validity of the securities being offered by this prospectus will be passed upon for us by Ballard Spahr LLP. Additional legal matters will be passed upon for us by Haynes and Boone, LLP, New York, New York. Certain legal matters in connection with this offering will be passed upon for the underwriters by Ellenoff Grossman & Schole LLP.

**EXPERTS**

The financial statements of U.S. GoldMining Inc. as of November 30, 2022, and for the year ended November 30, 2022, included in this prospectus have been audited by Deloitte LLP, an independent registered public accounting firm, as stated in their report. Such financial statements are included in reliance upon the report of such firm given their authority as experts in accounting and auditing.

The financial statements of U.S. GoldMining Inc. as of November 30, 2021 and 2020, and for the years ended November 30, 2021 and 2020, appearing in this prospectus have been audited by Marcum LLP ("Marcum"), independent registered public accounting firm, as set forth in their report thereon appearing elsewhere in this prospectus, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

The technical and scientific information contained herein relating to the Whistler Project was derived from the S-K 1300 Report prepared by, and has been incorporated by reference upon the authority of, Sue Bird, P.Eng. of Moose Mountain Technical Services. Sue Bird, P.Eng. is a qualified person with respect to the matters covered by such report and in giving such reports. As of the date of this prospectus, such persons do not own any of our outstanding common stock.

**CHANGE IN AUDITOR**

On November 29, 2022, Marcum was terminated as the Company's independent registered public accounting firm. The Audit Committee of the Board of Directors of the Company and the entire Board of Directors of the Company approved the termination of Marcum.

On January 26, 2023, Deloitte LLP ("Deloitte") was engaged as the Company's independent registered public accounting firm to audit the Company's consolidated financial statements for the year ended November 30, 2022. The Audit Committee of the Board of Directors of the Company and the entire Board of Directors of the Company approved the hiring of Deloitte.

Marcum's report of independent registered public accounting firm, dated November 3, 2022, on the Company's balance sheets as of November 30, 2021 and 2020 and the related accompanying statements of operations, changes in stockholder's equity (deficit) and cash flows for the years ended November 30, 2021 and 2020, and the related notes did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

During the period from December 1, 2020 through November 29, 2022 (the date of Marcum's termination), there were no: (i) disagreements with Marcum on any matter of accounting principles or practices, financial statement disclosures or audited scope or procedures, which disagreements if not resolved to Marcum's satisfaction would have caused Marcum to make reference to the subject matter of the disagreement in connection with its report or (ii) reportable events as defined in Item 304(a)(1)(v) of Regulation S-K under the Exchange Act, except, for the years ended November 30, 2020 and November 30, 2021, a material weakness associated with controls related to accounting for (i) the carve-out allocation process, (ii) the royalty transaction with GoldMining Inc., (iii) a past stock split, (iv) asset retirement costs, and (v) classification of related party liabilities.

During the period from December 1, 2020 through November 30, 2022, and the subsequent period through January 26, 2023 (the date Deloitte was engaged by the Company), the Company did not consult Deloitte with respect to either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and no written report or oral advice was provided to the Company by Deloitte that Deloitte concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or (ii) any matter that was either the subject of a disagreement, as that term is described in Item 304(a)(1)(iv) of Regulation S-K under the Exchange Act and the related instructions to Item 304 of Regulation S-K under the Exchange Act, or a reportable event, as that term is defined in Item 304(a)(1)(v) of Regulation S-K under the Exchange Act.

The Company has provided Marcum with a copy of the foregoing disclosures pursuant to Item 304(a) of Regulation S-K under the Exchange Act and has requested that Marcum furnish the Company with a letter addressed to the SEC stating whether it agrees with the statements herein made by the registrant set forth above. A letter from Marcum is filed as Exhibit 16.1 to the registration statement of which this prospectus forms a part.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a registration statement on Form S-1, including amendments and relevant exhibits and schedules, under the Securities Act covering the securities to be sold in this offering. This prospectus, which constitutes a part of the registration statement, summarizes material provisions of contracts and other documents that we refer to in the prospectus. Since this prospectus does not contain all of the information contained in the registration statement, you should read the registration statement and its exhibits and schedules for further information with respect to us and the securities. Our SEC filings, including the registration statement, are also available to you on the SEC's Web site at http://www.sec.gov.

Immediately upon completion of this offering, we will become subject to periodic reporting and other informational requirements of the Exchange Act and will file annual, quarterly and current reports, proxy statements and other information with the SEC. We maintain a website at www.us.goldmining.com at which you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed through, our website is not part of this prospectus.

We will also be subject to the informational requirements of the securities commissions in all provinces and territories of Canada, except Quebec, subject to available exemptions. You are invited to read and copy any reports, statements or other information, other than confidential filings, that we intend to file with the applicable Canadian provincial and territorial securities commissions. These filings are also electronically available from SEDAR (http://www.sedar.com), the Canadian equivalent of the SEC's Electronic Document Gathering and Retrieval System, or "EDGAR". Documents filed on SEDAR are not, and should not be considered, part of this prospectus.

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

**U.S. GOLDMINING INC.**

**(formerly, BRI Alaska Corp.)**

CONSOLIDATED FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED

NOVEMBER 30, 2022, 2021 AND 2020

(Expressed in United States Dollars unless otherwise stated)

---

| | |
|:---|:---|
| [Reports of Independent Registered Public Accounting Firms](#ax_001) | F-1 |
| Consolidated Financial Statements |  |
| &nbsp;&nbsp;&nbsp;[Consolidated Balance Sheets](#ax_002) | F-3 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Operations](#ax_003) | F-4 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Changes in Stockholders' Equity (Deficit)](#ax_004) | F-5 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Cash Flows](#ax_005) | F-6 |
| &nbsp;&nbsp;&nbsp;[Notes to Consolidated Financial Statements](#ax_006) | F-7 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholder and Board of Directors of

U.S. GoldMining Inc. (formerly, BRI Alaska Corp.)

**Opinion on the Financial Statements**

We have audited the accompanying balance sheets of U.S. GoldMining Inc. (formerly, BRI Alaska Corp.) (the "Company") as of November 30, 2021 and 2020, the related accompanying statements of operations, changes in stockholder's equity and cash flows for each of the two years in the period ended November 30, 2021, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of November 30, 2021 and 2020, and the results of its operations and its cash flows for each of the two years in the period ended November 30, 2021, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| /s/ Marcum llp |
| Marcum llp |
| We began serving as the Company's auditor in 2022. In 2022 we became the predecessor auditor. |
| Houston, TX |
| November 3, 2022 |

---

**Report of Independent Registered Public Accounting Firm**

To the stockholders and Board of Directors of U.S. Goldmining Inc.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheet of U.S. Goldmining Inc. (formerly, BRI Alaska Corp.) and its subsidiaries (the "Company") as of November 30, 2022, the related consolidated statements of operations, changes in stockholders' equity and cash flows for the year ended November 30, 2022, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of November 30, 2022, and the results of its operations and its cash flows for the year ended November 30, 2022, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

---

| |
|:---|
| /s/ Deloitte LLP |
| Chartered Professional Accountants |
| Vancouver, Canada |
| February 10, 2023 |
| We have served as the Company's auditors since 2023. |

---

**U.S. GOLDMINING INC.**

**(formerly, BRI Alaska Corp.)**

**CONSOLIDATED BALANCE SHEETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **November 30,** | **November 30,** | **November 30,** |
|  |<br>**Note** | **2022** | **2021** | **2020** |
| **ASSETS** |  |  |  |  |
| Current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash |  | $54508 | $5630 | $4445 |
| &nbsp;&nbsp;&nbsp;Income tax receivable | 6 | 68000 |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and deferred costs | 7 | 107111 | 17037 | 7050 |
| &nbsp;&nbsp;&nbsp;Total current assets |  | 229619 | 22667 | 11495 |
| Exploration and evaluation assets | 5 |  | 417123 | 733337 |
| &nbsp;&nbsp;&nbsp;**Total assets** |  | $229619 | $439790 | $744832 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)** |  |  |  |  |
| Current liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable |  | $466127 | $25 | $— |
| &nbsp;&nbsp;&nbsp;Accrued liabilities |  | 26922 | 3000 |  |
| &nbsp;&nbsp;&nbsp;Withholdings taxes payable | 9 | 116187 |  |  |
| &nbsp;&nbsp;&nbsp;Due to Parent | 16 | 677783 | 494481 | 494481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities |  | 1287019 | 497506 | 494481 |
| Asset retirement obligations | 10 | 225871 | 206616 | 189000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** |  | $1512890 | $704122 | $683481 |
| Commitments and Contingencies (Note 14) |  |  |  |  |
| Stockholders' equity (deficit): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock - $0.001 par value, 300,000,000 shares authorized, 10,135,001 shares issued and outstanding as of November 30, 2022, and 9,500,001 shares issued and outstanding as at November 30, 2021 and 2020<sup>1</sup> | 11 | 10135 | 9500 | 9500 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital |  | 3827957 | 3108874 | 2737246 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit |  | (5121363) | (3382706) | (2685395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity (deficit)** |  | (1283271) | (264332) | 61351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity (deficit)** |  | $229619 | $439790 | $744832 |

---

<sup>1</sup> The shares and associated amounts have been retroactively restated to reflect a 2.714286-for-1 stock split of each issued and outstanding share of common stock, an increase in its authorized shares of common stock from 10,000,000 to 300,000,000, as well as the increase in par value to $0.001, which occurred in September 2022 (see Note 11).

The accompanying notes are an integral part of these financial statements.

**U.S. GOLDMINING INC.**

**(formerly, BRI Alaska Corp.)**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  |<br>**Note** | **2022** | **2021** | **2020** |
| Operating Expenses: |  |  |  |  |
| Exploration expenses | 8 | $543322 | $565813 | $357628 |
| General & administrative <br>expenses |  | 1172810 | 113882 | 128785 |
| Depreciation and accretion | 410 | 19255 | 17616 | 108597 |
| &nbsp;&nbsp;&nbsp;Total operating expenses |  | 1735387 | 697311 | 595010 |
| &nbsp;&nbsp;&nbsp;Loss from operations |  | (1735387) | (697311) | (595010) |
| Other items |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange loss |  | (3270) |  |  |
| Loss before income taxes |  | (1738657) | (697311) | (595010) |
| Income tax expense | 15 |  |  |  |
| Net loss and comprehensive loss |  | $(1738657) | $(697311) | $(595010) |
| Basic and diluted net loss per common share | 12 | (0.17) | $(0.07) | $(0.06) |
| Weighted average number of shares outstanding, basic and diluted<sup>1</sup> |  | 9937248 | 9500001 | 9500001 |

---

<sup>1</sup> The shares and associated amounts have been retroactively restated to reflect a 2.714286-for-1 stock split of each issued and outstanding share of common stock, an increase in its authorized shares of common stock from 10,000,000 to 300,000,000, as well as the increase in par value to $0.001, which occurred in September 2022 (see Note 11).

The accompanying notes are an integral part of these financial statements.

**U.S. GOLDMINING INC.**

**(formerly, BRI Alaska Corp.)**

**CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Common Stock** | **Common Stock** | | | |
|  |<br>**Note** | **Shares**<sup>1</sup>** | **Amount**<sup>1</sup>** | **Additional**<br> **Paid-In**<br> **Capital** | **Accumulated**<br>**Deficit** | **Total**<br> **Stockholders'**<br> **Equity**<br> **(Deficit)** |
| **Balance at December 1, 2019** |  | 9500001 | $9500 | $2249404 | $(2090385) | $168519 |
| Capital contributions by Parent | 16 |  |  | 428217 |  | 428217 |
| Share-based compensation - allocated from Parent | 16 |  |  | 59625 |  | 59625 |
| Net loss and comprehensive loss |  |  |  |  | (595010) | (595010) |
| **Balance at November 30, 2020** |  | 9500001 | 9500 | 2737246 | (2685395) | 61351 |
| Capital contributions by Parent | 16 |  |  | 321088 |  | 321088 |
| Share-based compensation - allocated from Parent | 16 |  |  | 50540 |  | 50540 |
| Net loss and comprehensive loss |  |  |  |  | (697311) | (697311) |
| **Balance at November 30, 2021** |  | 9500001 | $9500 | $3108874 | $(3382706) | $(264332) |
| Performance based restricted shares issued | 11.4 | 635000 | 635 | (635) |  |  |
| Return of capital | 311.216 |  |  | (1096343) |  | (1096343) |
| Withholding taxes on return of capital | 11.216 |  |  | (173889) |  | (173889) |
| Settlement of funding agreement | 311.2 |  |  | 1837363 |  | 1837363 |
| Capital contribution from Parent | 16 |  |  | 87284 |  | 87284 |
| Share-based compensation – restricted shares | 11.4 |  |  | 5238 |  | 5238 |
| Share-based compensation – allocated from Parent | 16 |  |  | 60065 |  | 60065 |
| Net loss and comprehensive loss |  |  |  |  | (1738657) | (1738657) |
| **Balance at November 30, 2022** |  | 10135001 | $10135 | $3827957 | $(5121363) | $(1283271) |

---

<sup>1</sup> The shares and associated amounts have been retroactively restated to reflect a 2.714286-for-1 stock split of each issued and outstanding share of common stock, an increase in its authorized shares of common stock from 10,000,000 to 300,000,000, as well as the increase in par value to $0.001, which occurred in September 2022 (see Note 11).

The accompanying notes are an integral part of these financial statements.

**U.S. GOLDMINING INC.**

**(formerly, BRI Alaska Corp.)**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2022** | **2021** | **2020** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(1738657) | $(697311) | $(595010) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and accretion | 19255 | 17616 | 108597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 65303 | 50540 | 59625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and deferred costs | (90074) | (9987) | (1167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable | (68000) |  | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 466102 | 25 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 23922 | 3000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities  | (1322149) | (636117) | (427895) |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of royalty interest to GoldMining |  | 316214 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities |  | 316214 |  |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital contribution from parent company | 87284 | 321088 | 428217 |
| &nbsp;&nbsp;&nbsp;Withholding taxes paid on return of capital | (57702) |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from settlement of funding commitment | 1158143 |  |  |
| &nbsp;&nbsp;&nbsp;Due to parent | 183302 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 1371027 | 321088 | 428217 |
| Cash: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change during the year | 48878 | 1185 | 322 |
| &nbsp;&nbsp;&nbsp;Balance, beginning of year | 5630 | 4445 | 4123 |
| &nbsp;&nbsp;&nbsp;Balance, end of year | $54508 | $5630 | $4445 |
| **Non-cash financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Allocation of share-based compensation expense from GoldMining | $60065 | $50540 | $59625 |

---

The accompanying notes are an integral part of these financial statements.

**U.S. GOLDMINING INC.**

**(formerly, BRI Alaska Corp.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**1. Business and Going Concern** 

U.S. GoldMining Inc. (formerly, BRI Alaska Corp.) (the "Company") was incorporated under the laws of the State of Alaska as "BRI Alaska Corp." on June 30, 2015. On September 8, 2022, we redomiciled to Nevada and changed our name to "U.S. GoldMining Inc."

The Company was a direct wholly owned subsidiary of BRI Alaska Holdings Inc., a company organized under the laws of British Columbia ("BRI Alaska Holdings" or "former parent"), until September 23, 2022, which was at such time a wholly owned subsidiary of GoldMining Inc. ("GoldMining" or "Parent"), a mineral exploration and development company organized under the laws of Canada and listed on the Toronto Stock Exchange and NYSE American. On September 23, 2022, BRI Alaska Holdings was dissolved and the Company became a direct majority owned subsidiary of GoldMining on September 23, 2022.

We are a mineral exploration company with a focus on the exploration and development of a project located in Alaska, USA. The registered office of our Company is 3773 Howard Hughes Pkwy #500s Las Vegas, NV 89169. The principal executive office address of our Company is 1030 West Georgia Street, Suite 1830, Vancouver, British Columbia, Canada V6E 2Y3 and the head operating office address of our Company is 301 Calista Court, Suite 200, Office 203, Anchorage, Alaska, 99518.

Our primary asset and sole exploration project is our 100%-owned Whistler exploration property (the "Whistler Project" or "Project") located in Alaska, USA. Access to the project area is by fixed wing aircraft to a gravel airstrip located adjacent to the Whistler Project exploration camp. During the years presented in these financial statements, exploration expenditures being incurred on the property were primarily related to Whistler Project camp maintenance, including annual land dues and staking, the West Susitna road access study, permitting to recommence exploration activities in 2023, database ingestion, validation and building of 3D geologic models, commencement of environmental baseline surveys, and commencement of regulator, community and other stakeholder engagement. We have not yet determined whether the Whistler Project contains mineral reserves where extraction is both technically feasible and commercially viable and have not determined whether the Project will be mined by open-pit or underground methods.

***Going Concern***

These financial statements have been prepared on a going concern basis, which assumes that we will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations.

We have incurred operating losses to date and do not generate cash from operations to support our activities, and are subject to risks and challenges impacting our operations including, but not limited to, the technical feasibility and commercial viability of the Whistler Project, the ability to secure adequate financing to meet expenditure requirements including maintenance costs on the Whistler Project and to successfully satisfy our commitments and continue as a going concern. To fund our activities, on August 22, 2022, we entered into a funding agreement ("Capital Funding Agreement") with GoldMining, pursuant to which GoldMining committed to fund the Company for a period of fifteen months to November 22, 2023, or until such time as we complete an initial public offering or similar transaction. The proceeds of the Capital Funding Agreement were to be contributed by GoldMining by either debt or equity financing as determined between the parties. On January 10, 2023, the Capital Funding Agreement was extended to May 22, 2024 under the same terms.

**U.S. GOLDMINING INC.**

**(formerly, BRI Alaska Corp.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

***Risks and Uncertainties***

 ****

Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on our financial position and/or results of its operations, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that result from the outcome of this uncertainty.

**2. Summary of Significant Accounting Policies**

***Basis of Presentation***

The accompanying consolidated financial statements have been prepared in conformity with the accounting principles generally accepted in the United States ("U.S. GAAP") and rules and regulations of the Securities and Exchange Commission ("SEC"). Our financial statements are presented in United States dollars ("$" or "dollars") and the functional currency of the Company is the United States dollar.

The balance sheets as of November 30, 2022, 2021 and 2020 and statements of operations, stockholder's equity (deficit) and cash flows for the years ended November 30, 2022, 2021 and 2020 have been prepared on a "carve-out" basis to include allocations of certain assets, liabilities and expenses related to services and support functions from GoldMining, which were allocated on a pro-rata basis considered by GoldMining to be a reasonable reflection of the utilization of services provided to GoldMining's subsidiaries for the years presented. These expenses, assets, and liabilities have been allocated to the Company on the basis of direct usage when identifiable, with others allocated based on relevant data criteria as follows:

● General and administrative expenses- allocated all direct expenses and corporate expenses were allocated based on an estimate of time incurred to reflect the utilization of those services by the Company including:

○ Office space, equipment and administrative services.

○ Employment related expenses, including share-based compensation which was calculated using the Black-Scholes model.

● Accounts payable and accrued expenses, prepaid expenses and deposits, due to parent, allocated all amounts directly related to the Company.

Management believes the assumptions and allocations underlying the financial statements are reasonable and appropriate under the circumstances. Therefore, these financial statements are not necessarily indicative of the results that would be attained if we had operated as a separate legal entity during the years presented and are not necessarily indicative of future operating results.

 **

***Consolidation***

 **

The consolidated financial statements include the financial statements of U.S. GoldMining Inc. and US GoldMining Canada Inc., a wholly owned subsidiary of the Company from its incorporation on October 27, 2022. Subsidiaries are consolidated from the date the Company obtains control, and continues to be consolidated until the date that control ceases. Control is achieved when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

All inter-company transactions, balances, income and expenses are eliminated through the consolidation process.

 ****

 ****

**U.S. GOLDMINING INC.**

**(formerly, BRI Alaska Corp.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

 ****

***Management's Use of Estimates***

The preparation of these financial statements in conformity with U.S. GAAP requires management to make judgments and estimates and form assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of income and expenses during the year. On an ongoing basis, management evaluates its judgments and estimates in relation to assets, liabilities, income and expenses. Management uses historical experience and various other factors it believes to be reasonable under the given circumstances as the basis for its judgments and estimates. Actual outcomes may differ from these estimates under different assumptions and conditions. Significant estimates made by management include, but are not limited to, asset retirement obligations, share-based compensation and allocation of the carve-out of expenses from GoldMining.

 

***Net Income (Loss) Per Share***

Basic net income (loss) per share includes no potential dilution and is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for each year.

The basic and diluted net income (loss) per share are the same as the Company is in a net loss position.

***Segment Information***

 ****

We have determined that we operate and report in one segment, which focuses on the exploration and development of mineral properties. Our operating segment is reported in a manner consistent with the internal reporting provided to the chief operating decision maker ("CODM") who is identified as our Chief Executive Officer. All of our non-current assets are located in Alaska, USA.

 ****

***Cash and Cash Equivalents***

Cash and cash equivalents consist of all cash balances and highly liquid investments with a remaining maturity of three months or less when purchased and are carried at cost. The Company's cash is held in Canada and the United States with large, reputable financial institutions and considers risk of unexpected loss to be unlikely. The Company's cash balances as at November 30, 2022, 2021 and 2020 were $54,508, $5,630 and $4,445, respectively, and were completely insured by United States and Canadian government agencies.

As of, and for the years ended November 30, 2022, 2021 and 2020, we do not have any cash equivalents.

***Equipment***

Equipment is stated at cost, less accumulated depreciation. Equipment is recorded at cost and are depreciated using the straight-line method over the following estimated useful lives:

Schedule of Estimated Useful Lives of Equipment

Camp Structures 5 years <br> Exploration equipment 5 years <br> Vehicles 5 years

Expenditures incurred to replace a component of an item of equipment that is accounted for separately, including major inspection and overhaul expenditures are capitalized if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in the statements of operations as incurred.

 ****

 ****

**U.S. GOLDMINING INC.**

**(formerly, BRI Alaska Corp.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

***Impairment of Long-lived Assets***

 **

The Company's long-lived assets consist of exploration and evaluation assets and equipment. Management continually evaluates whether events or changes in circumstances might indicate that the remaining estimated useful life of long-lived assets may warrant revision, or that the remaining balance may not be recoverable. When factors indicate that long-lived assets should be evaluated for possible impairment, recoverability of long-lived assets is measured by comparing the carrying amount of an asset (asset group) to the estimated undiscounted future cash flows expected to be generated by the asset (asset group). If the carrying amount of an asset (asset group) exceeds its estimated undiscounted future cash flows, an impairment charged is recognized by the amount by which the carrying amount of the asset exceeds its fair value. Determination of the fair value would be based on generally accepted valuation methodologies, as deemed appropriate. If the carrying amount is greater than the undiscounted cash flows, the carrying amount of the asset is adjusted to the asset's fair value, and an impairment loss is recognized immediately as an operating expense in the statement of operations. The adjusted carrying amount of the long-lived asset shall be its new cost basis. For a depreciable long-lived asset, the new cost basis shall be depreciated (amortized) over the remaining useful life of that asset. Reversal of previously recorded impairment losses are prohibited.

Exploration and evaluation assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount, which is the higher of value in use and fair value less costs to sell, the asset is written down accordingly. An impairment loss is recognized in the statement of operations.

For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash flows. The Company determined that there are not multiple independent cash flows, so the Company's assets are assessed for impairment as a whole.

Mineral properties are subject to impairment tests, with one property representing an asset, or asset group. The Company currently has one mineral property, which is associated with the Whistler Project. An impairment review is undertaken when indicators of impairment arise. The Company considers the following to be examples of such indicators that would trigger an impairment review:

● The right to explore the area has expired or will expire in the near future with no expectation of renewal;

● Substantive expenditure on further exploration for and evaluation of mineral resources in the area is neither planned nor budgeted;

● No commercially viable deposits have been discovered, and the decision had been made to discontinue exploration in the area; and

● Sufficient work has been performed to indicate that the carrying amount of the expenditure carried as an asset will not be fully recovered.

During the years ended November 30, 2022, 2021 and 2020, management believed that no revision to the remaining useful lives or impairment of our long-lived assets was required.

 ****

***Mineral Exploration Rights and Costs, Exploration, Evaluation and Development Expenditures***

All direct costs related to the acquisition of exploration rights are capitalized on a property-by-property basis. There is no certainty that costs incurred to acquire exploration rights will result in discoveries of commercial quantities of minerals.

All cost recoveries attributable to selling economic interests in exploration rights, such as royalties, are credited against acquisition costs.

**U.S. GOLDMINING INC.**

**(formerly, BRI Alaska Corp.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

All other exploration and evaluation expenditures are charged to operations until such time as it has been determined that a property has economically recoverable reserves, in which case subsequent exploration and evaluation costs and the costs incurred to develop a property are capitalized into mineral properties. On the commencement of production, depletion of each mineral property will be provided on a units-of-production basis using estimated reserves as the depletion base.

 ****

***Asset Retirement Obligations***

At the end of each period, asset retirement obligations ("ARO") represents the present value of estimated future costs for the rehabilitation of our mineral properties. These estimates include assumptions as to the future activities, cost of services, timing of the rehabilitation work to be performed, inflation rates, exchange rates and interest rates. The actual cost to rehabilitate a mineral property may vary from the estimated amounts because there are uncertainties in factors used to estimate the cost and potential changes in regulations or laws governing the rehabilitation of a mineral property. Management periodically reviews the rehabilitation requirements and adjusts the liability as new information becomes available and will assess the impact of new regulations and laws as they are enacted.

***Income Taxes***

Income tax expense represents the sum of tax currently payable and deferred tax. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted at the end of each reporting period. Deferred income tax is provided using the liability method on temporary differences, at the end of each reporting period, between the income tax bases of assets and liabilities and financial reporting basis.

Deferred income tax assets are reviewed at the end of each reporting period and reduced to the extent that it is not more likely than not that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be realized. The valuation allowance against deferred tax assets reassessed at the end of each reporting period and is recognized to the extent that it is more likely than not that future taxable profit will allow the deferred tax asset to be recovered.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted at the end of each reporting period. Deferred income tax relating to items recognized directly in equity is recognized in equity and not in the statements of comprehensive loss.

Deferred income tax assets and deferred income tax liabilities are offset if, and only if, a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend to either settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered.

 ****

***Share-based Compensation***

The fair value of the restricted shares is measured at grant date and recognized over the period during which the restricted shares vest. When restricted shares are conditional upon the achievement of a performance condition, the Company estimates the length of the expected vesting period at grant date, based on the most likely outcome of the performance condition. The fair value of the restricted shares is determined based on the fair value of the common shares on the grant date, adjusted for lack of marketability discount, minority shareholder discount, and other applicable factors that are generally recognized by market participants.

**U.S. GOLDMINING INC.**

**(formerly, BRI Alaska Corp.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

The fair value of restricted shares is recognized as an expense over the vesting period based on the best available estimate of the number of restricted shares expected to vest and will revise that estimate if subsequent information indicates that the number of restricted shares expected to vest differs from previous estimates.

 ****

***Related Party Transactions***

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

***Fair Value of Financial Instruments***

The Company adopted FASB ASC Topic 820, Fair Value Measurements ("ASC Topic 820"). ASC Topic 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:

● Level 1 Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

● Level 2 Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

● Level 3 Inputs are unobservable inputs which reflect the reporting entity's own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information.

Due to the short-term nature of all financial assets and liabilities, their carrying value approximates their fair value as of the balance sheet dates.

***Recently Issued Accounting Pronouncements***

In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes" ("ASU 2019-12"), which is intended to simplify various aspects related to accounting for income taxes. ASU 209-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The new standard is effective for the fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Management is currently evaluating the impact of this guidance on our financial statements.

**3. Royalty Purchase Agreement**

On November 27, 2020, GoldMining, the ultimate parent company of the Company at the time, agreed to cause us to issue a 1.0% net smelter return ("NSR") royalty on our Whistler Project to Gold Royalty Corp. ("GRC"). The Company also assigned certain buyback rights relating to an existing third party royalty on the Project such that GRC has right to acquire a 0.75% NSR (including an area of interest) on the Project for $5,000,000 pursuant to such buyback rights.

Due to this transaction and our agreements with GoldMining, GoldMining received shares of GRC with a fair value of $2,570,700, and in turn GoldMining agreed to provide $2,570,700 (the "Funding Commitment") to the Company for future qualifying expenditures under a funding agreement ("Funding Agreement") in consideration for us issuing the royalty to GRC.

**U.S. GOLDMINING INC.**

**(formerly, BRI Alaska Corp.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

During the year ended November 30, 2021, GoldMining paid $316,214 in qualifying expenditures on behalf of us ($Nil for 2020), reducing the carrying value of the Company's exploration and evaluation asset (Note 5).

On September 26, 2022 we agreed to fully settle the outstanding Funding Commitment of $2,254,486 against certain amounts previously advanced by GoldMining to us in the amount of $1,158,143 and a promissory note issued by us in the amount of $1,096,343 in connection with a return of capital of $1,096,343 declared by us in September 2022 to GoldMining (Note 11.2). As a result, the exploration and evaluation asset was reduced by $417,123 to nil (Note 5) and the remaining amount of the Funding Commitment in the amount of $1,837,163 was recorded to additional paid-in capital (Note 11.2).

Funding Commitment balance:

Schedule of Funding Commitment

---

| | | | |
|:---|:---|:---|:---|
|  | **November 30, 2022** | **November 30, 2021** | **November 30, 2020** |
| Balance at the beginning of year | $2254486 | $2570700 | $2570700 |
| Qualified expenditures paid by GoldMining |  | (316214) |  |
| Reduction in amounts due to parent | (1158143) |  |  |
| Settlement of promissory note payable | (1096343) |  |  |
| Balance at the end of year | $— | $2254486 | $2570700 |

---

**4. Equipment**

Equipment consists of the following:

**** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Camp Structures | Exploration Equipment | Vehicles | Total |
| **Cost** |  |  |  |  |
| Balance at November 30, 2019 | $322393 | $152866 | $218380 | $693639 |
| Additions |  |  |  |  |
| Balance at November 30, 2020 | 322393 | 152866 | 218380 | 693639 |
| Additions |  |  |  |  |
| Balance at November 30, 2021 | 322393 | 152866 | 218380 | 693639 |
| Additions |  |  |  |  |
| Balance at November 30, 2022 | $322393 | $152866 | $218380 | $693639 |
| **Accumulated Depreciation** |  |  |  |  |
| Balance at November 30, 2019 | $279407 | $132484 | $189263 | $601154 |
| Depreciation | 42986 | 20382 | 29117 | 92485 |
| Balance at November 30, 2020 | 322393 | 152866 | 218380 | 693639 |
| Depreciation |  |  |  |  |
| Balance at November 30, 2021 | 322393 | 152866 | 218380 | 693639 |
| Depreciation |  |  |  |  |
| Balance at November 30, 2022 | $322393 | $152866 | $218380 | $693639 |
| **Equipment, net** |  |  |  |  |
| At November 30, 2020 | $— | $— | $— | $— |
| At November 30, 2021 | $— | $— | $— | $— |
| At November 30, 2022 | $— | $— | $— | $— |

---

Depreciation expense was nil, nil and $92,485 for the years ended November 30, 2022, 2021 and 2020, respectively.

**5. Exploration and Evaluation Assets**

Exploration and evaluation assets are comprised of acquisition costs for the Whistler Project reduced by amounts received under the Funding Commitment, including qualifying expenditures paid by GoldMining. Exploration and evaluation assets consist of the following:

Schedule of Exploration And Evaluation Assets

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| | | | |
|:---|:---|:---|:---|
|  | **November 30, 2022** | **November 30, 2021** | **November 30, 2020** |
| Balance at the beginning of year | $417123 | $733337 | $733337 |
| Qualified expenditures paid by GoldMining |  | (316214) |  |
| Settlement of Funding Commitment | (417123) |  |  |
| Total | $— | $417123 | $733337 |

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**U.S. GOLDMINING INC.**

**(formerly, BRI Alaska Corp.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

During the year ended November 30, 2021, exploration and evaluation assets were reduced by qualifying expenditures paid by GoldMining under the Funding Commitment (Note 3).

During the year ended November 30, 2022, exploration and evaluation assets were reduced to nil after the Funding Commitment was settled in full. The excess of proceeds received over the carrying value of the exploration and evaluation asset of $1,837,363 was recorded to additional paid-in capital as the transaction occurred between the Company and its parent company (Note 3).

---

| | |
|:---|:---|
|  | **Year ended<br> November 30, 2022** |
| Proceeds received on settlement of Funding Commitment | $2254486 |
| Carrying value of exploration and evaluation assets | (417123) |
| Excess of proceeds received over carrying value of exploration and evaluation assets | $1837363 |

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**6. Income Tax Receivable**

**** 

---

| | |
|:---|:---|
|  | **Year ended<br> November 30, 2022** |
| Federal income tax receivable | $45500 |
| State of Alaska income tax receivable | 22500 |
|  | $68000 |

---

During the year ended November 30, 2022, we made corporate income tax instalments totaling $68,000. These amounts are refundable to us as we have no income tax expense for the year ended November 30, 2022 (Note 15).

**7. Prepaid Expenses and Deferred Costs**

Prepaid expenses and deferred costs consist of the following:

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| | | | |
|:---|:---|:---|:---|
|  | **November 30, 2022** | **November 30, 2021** | **November 30, 2020** |
| Prepaid technical consulting services | $— | $10037 | $— |
| Prepaid dues and subscriptions | 5129 |  |  |
| Prepaid insurance | 7000 | 7000 | 7050 |
| Deferred financing costs | 94932 |  |  |
| Other | 50 |  |  |
| &nbsp;&nbsp;&nbsp;Total | $107111 | $17037 | $7050 |

---

**U.S. GOLDMINING INC.**

**(formerly, BRI Alaska Corp.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**8. Exploration Expenses**

Our exploration expenses are solely related to costs for the Whistler Project.

The following table presents costs incurred for exploration activities for the years ended November 30, 2022, 2021 and 2020:

Schedule of Exploration Expenses

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| | | | |
|:---|:---|:---|:---|
|  | **For the year ended November 30,** | **For the year ended November 30,** | **For the year ended November 30,** |
|  | **2022** | **2021** | **2020** |
| Consulting fees | $256275 | $106029 | $18842 |
| Land & camp maintenance | 254910 | 452282 | 332705 |
| Transportation & travel | 29887 | 7502 | 6081 |
| Other | 2250 |  |  |
| Total | $543322 | $565813 | $357628 |

---

**9. Withholding taxes payable**

As at November 30, 2022, we have federal withholding taxes payable of $116,187, as a result of the return of capital to GoldMining (Notes 11.2 and 16).

**10. Asset Retirement Obligations**

The Whistler Project's exploration activities are subject to the State of Alaska's laws and regulations governing the protection of the environment. The Whistler Project rehabilitation provision is valued under the following assumptions:

---

| | | | |
|:---|:---|:---|:---|
|  | **November 30, 2022** | **November 30, 2021** | **November 30, 2020** |
| Undiscounted amount of estimated cash flows | $235000 | $235000 | $235000 |
| Life expectancy (years) | 3 | 4 | 5 |
| Inflation rate | 2.00% | 2.00% | 2.00% |
| Discount rate | 9.32% | 9.32% | 9.32% |

---

The following table summarizes the movements in the rehabilitation provisions:

---

| | | | |
|:---|:---|:---|:---|
|  | **November 30, 2022** | **November 30, 2021** | **November 30, 2020** |
| Balance at the beginning of year | $206616 | $189000 | $172888 |
| Accretion | 19255 | 17616 | 16112 |
| Total | $225871 | $206616 | $189000 |

---

**U.S. GOLDMINING INC.**

**(formerly, BRI Alaska Corp.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**11. Stockholders' Equity**

***11.1 Common Shares and Preferred Shares***

**Years Ended November 30, 2021 and 2020**

As at November 30, 2021 and 2020 we had one class of common stock with voting rights that was issued on September 17, 2015 with no par value. 100% of the shares were held by BRI Alaska Holdings Inc. There were 300,000,000 shares authorized and 9,500,001 shares issued and outstanding for the years ended November 30, 2021 and 2020.

**Year Ended November 30, 2022**

On September 8, 2022, we redomiciled from Alaska to Nevada and our initial authorized shares were set at 10,000,000 common stock, no par value, and 1,000,000 preferred stock, no par value.

On September 22, 2022, we filed a Certificate of Amendment of Articles of Incorporation (the "Certificate of Amendment") with the Secretary of State of Nevada to effect a 2.714286-for-1 stock split of the shares of our common stock, either issued and outstanding or held by the Company as treasury stock, effective as of such date (the "Stock Split").

As a result of the Stock Split, every one share of issued and outstanding common stock was automatically split into 2.714286 issued and outstanding shares of common stock, without any change in the par value per share. No fractional shares were issued as a result of the Stock Split. The Stock Split increased the number of shares of common stock outstanding from 3,500,000 shares to 9,500,001 shares. Additionally, we changed: (a) the Company's common stock par value from nil to $0.001, and increased the authorized shares of common stock from 10,000,000 to 300,000,000; and (b) the Company's preferred stock par value from nil to $0.001, and increased the authorized shares of preferred stock from 1,000,000 to 10,000,000.

On September 23, 2022, BRI Alaska Holding's transferred 100% of its shares in us to GoldMining and was dissolved.

On September 23, 2022, we granted 635,000 performance based restricted shares (Note 11.4).

As at November 30, 2022 there were 300,000,000 common shares authorized and 10,135,001 common shares issued and outstanding.

***11.2 Additional Paid-in Capital***

 ****

Investments by BRI Alaska Holdings and GoldMining in the operations of the Company are presented as additional paid-in capital in the financial statements. These contributions are used to fund exploration costs and general and administrative costs. BRI Alaska Holdings and GoldMining also incurred share-based compensation costs on behalf of the Company which are presented as a non-cash contribution.

The total contributions from BRI Alaska Holdings were $371,628 and $487,842 for the year ended November 30, 2021 and 2020, respectively.

 ****

The total contributions from GoldMining and BRI Alaska Holdings were $147,349 for the year ended November 30, 2022.

On September 26, 2022 we declared a reduction of stated capital in our common shares by way of a return of capital distribution to GoldMining of $1,096,343. The return of capital to GoldMining resulted in federal withholding taxes of $173,889. Pursuant to the return of capital, a note payable was issued to GoldMining in the amount of $1,096,343, which was subsequently retired as a part of the settlement of the Funding Commitment (Note 3).

On September 26, 2022, upon settlement of the Funding Commitment, the excess of proceeds received over the carrying value of the exploration and evaluation asset of $1,837,363 was recorded to additional paid-in capital (Notes 3 and 5).

**U.S. GOLDMINING INC.**

**(formerly, BRI Alaska Corp.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

***11.3 Equity Incentive Plans***

On September 23, 2022 (the "Effective Date"), the Company adopted an equity incentive plan (the "Legacy Incentive Plan"). Unless sooner terminated by the Company's board of directors, the Legacy Incentive Plan will terminate and expire on the tenth anniversary of the Effective Date. No award may be made under the Legacy Incentive Plan after its expiration date, but awards made prior thereto may extend beyond that date. The purpose of the Legacy Incentive Plan is to attract and retain the services of key employees, key contractors, and outside directors of the Company and its subsidiaries. The Legacy Incentive Plan only provides for the grant of restricted stock awards. The maximum number of shares of common stock that may be issued pursuant to the grant of the restricted stock awards shall be 1,000,000 shares of common stock in the Company.

The Company does not intend to make any further grants under our Legacy Incentive Plan following this offering.

***11.4 Restricted Shares***

 ****

On September 23, 2022, we granted awards of an aggregate of 635,000 shares of performance based restricted shares (the "Restricted Shares") of common stock under the Legacy Incentive Plan to certain of our and GoldMining's executive officers, directors and consultants.

The grant of 635,000 Restricted Shares, included 585,000 Restricted Shares which were issued in exchange for shares previously issued by U.S. GoldMining Inc. ("former U.S. Gold"), a company organized under the federal laws of Canada, to certain of our and GoldMining's executive officers, directors and consultants on March 8, 2022. Former U.S. Gold had initially issued restricted shares with the goal of developing the Whistler Project as a separate standalone public company. Former U.S. Gold was a majority owned subsidiary of GoldMining at the time it was dissolved in September 2022.

The Restricted Shares are subject to restrictions that, among other things, prohibit the transfer thereof until certain performance conditions are met. In addition, if such conditions are not met within applicable periods, the restricted shares will be deemed forfeited and surrendered by the holder thereof to us without the requirement of any further consideration. Assuming completion of the offering, these conditions are:

&nbsp;&nbsp;&nbsp;&nbsp;(a) with
 respect to 15% of the performance based restricted shares of common stock, if we have not completed equity financing(s) in an aggregate
 amount of at least $15,000,000 prior to or concurrently with the earlier of: (i) the date that is two years after the date of grant
 of such award; and (ii) the occurrence of a liquidation event, as such term is defined in the Legacy Incentive Plan, or any merger
 with or sale of our outstanding shares or all or substantially all of our assets to a third-party, referred to as an "Exit
 Transaction", provided that, for greater certainty, the following shall not be considered an Exit Transaction: (A) any amalgamation,
 merger or consolidation of our business with or into a related entity; (B) a transaction undertaken solely for the purpose of changing
 our place of domicile or jurisdiction of incorporation; (C) an equity financing; and (D) completion of an initial public offering,
 spin-off from GoldMining or other going public transaction, referred to as an "IPO Event ";

(b) with
 respect to 15% of the performance based restricted shares of common stock, an IPO Event has not occurred that values our business
 at a minimum of $100,000,000 prior to the date that is two years after the date of grant of such award ;

**U.S. GOLDMINING INC.**

**(formerly, BRI Alaska Corp.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;(c) with
 respect to 15% of the performance based restricted shares of common stock, if the recipient of such award ceases to be our or our
 affiliates' director, officer, employee or consultant, as applicable, at any time during the period from the date of grant
 of such award until the date that is two years after the date of grant ;

(d) with
 respect to 15% of the performance based restricted shares of common stock, if we have not re-established camp at the Whistler Project
 and performed of a minimum of 10,000 meters of drilling prior to the date that is three years after the date of grant of such award ;

(e) with
 respect to 15% of the performance based restricted shares of common stock, if we have not achieved a share price of $15.00 prior
 to the date that is four years after the date of grant of such award ;

(f) with
 respect to 15% of the performance based restricted shares of common stock, if we have not achieved a $250,000,000 market capitalization,
 based on the number of shares of our outstanding common stock multiplied by the volume-weighted average price for any applicable
 five (5) consecutive trading day period on the principal stock exchange on which our common stock is listed prior to the date that
 is five years after the date of grant of such award ; or

(g) with
 respect to 10% of the performance based restricted common stock, if we have not achieved a share price of $25.00 prior to the date
 that is six years after the date of grant of such award .

During the year ended November 30, 2022, we recognized share-based compensation expense of $5,238 related to the Restricted Shares.

 ****

**12. Net Loss Per Share**

The following table provides reconciliation between earnings per common share:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended November 30** | **For the year ended November 30** | **For the year ended November 30** |
|  | **2022** | **2021** | **2020** |
| Net loss | $(1738657) | $(697311) | $(595010) |
| Weighted average number of shares outstanding, basic and diluted | 9937248 | 9500001 | 9500001 |
| Net loss per common share |  |  |  |
| Basic and diluted | $(0.17) | $(0.07) | $(0.06) |

---

The basic and diluted net loss per share are the same as the Company is in a net loss position.

**13. Financial Instruments**

The Company's financial assets at November 30, 2022 include cash. The Company's financial liabilities include accounts payable, accrued liabilities, withholdings taxes payable and amounts due to parent company. The carrying value of the Company's financial liabilities approximate fair value due to their short term to maturity.

***Financial Risk Management Objectives and Policies***

The financial risks arising from the Company's operations are credit risk, liquidity risk and currency risk. These risks arise from the normal course of operations and all transactions undertaken are to support our ability to continue as a going concern. The risks associated with these financial instruments and the policies on how we mitigate these risks are set out below. Management manages and monitors these exposures to ensure appropriate measures are implemented in a timely and effective manner.

**U.S. GOLDMINING INC.**

**(formerly, BRI Alaska Corp.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

***Credit Risk***

Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company's credit risk is primarily associated with our bank balances. We mitigate credit risk associated with its bank balances by holding cash with large, reputable financial institutions.

 ****

***Liquidity Risk***

Liquidity risk is the risk that the Company will not be able to settle or manage its obligations associated with financial liabilities. To manage liquidity risk, the Company closely monitors its liquidity position, including funding provided by GoldMining pursuant to the Capital Funding Agreement, to ensure it has adequate sources of funding to finance its projects and operations. We had negative working capital as at November 30, 2022 of $1,057,400. Our accounts payable and accrued liabilities, withholdings taxes payable and amounts due to our parent company are expected to be realized or settled, respectively, within a one-year period.

***Currency Risk***

We report our financial statements in U.S. dollars. The Company is exposed to foreign exchange risk when it undertakes transactions and holds assets and liabilities in currencies other than our functional currency. Financial instruments that impact our net loss due to currency fluctuations include cash, accounts payable, accrued liabilities and due to parent denominated in Canadian dollars. The impact of a U.S. dollar change against Canadian dollars of 10% would have an impact of approximately $19,200 on net loss for the year ended November 30, 2022.

**14. Commitments and Contingencies**

 ****

*Payments Required to Maintain the Whistler Project*

 

The Company is required to make annual land payments to the Department of Natural Resources of Alaska in the amount of $224,583 in 2023 and $230,605 thereafter, to keep the Whistler Project in good standing. Additionally, we have an annual labor requirement of $106,000 for 2023 and $135,200 thereafter, for which a cash-in-lieu payment equal to the value of the annual labor requirement may be made instead. The Company has excess labor carry forwards of $273,674 expiring in 2026, of which up to $106,000 can be applied each year to the Company's annual labor requirements.

*Future Commitments*

The Company acquired rights to the Whistler Project and associated equipment in August 2015 pursuant to an asset purchase agreement by and among the Company, GoldMining, Kiska Metals Corporation ("Kiska") and Geoinformatics Alaska Exploration Inc "Geoinformatics". Pursuant to such agreement, the Company assumed an obligation on the Whistler Project pursuant to a royalty purchase agreement between Kiska, Geoinformatics, and MF2, LLC "MF2", dated December 16, 2014. This agreement granted MF2 a 2.75% NSR royalty over the Project area, and, extending outside the current claims, over an area of interest defined by certain maximum historical extent of claims held on the project.

**U.S. GOLDMINING INC.**

**(formerly, BRI Alaska Corp.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**15. Income Tax**

A reconciliation of the provision for income taxes computed at the combined federal and state statutory rate to the provision for income taxes as shown in the statements of operations for the years ended November 30, 2022, 2021 and 2020 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended November 30,** | **For the year ended November 30,** | **For the year ended November 30,** |
|  | **2022** | **2021** | **2020** |
| Federal income tax provision rate | 21.00% | 21.00% | 21.00% |
| State income tax provision rate, net of federal tax | 7.43% | 7.43% | 7.43% |
|  | 28.43% | 28.43% | 28.43% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended November 30,** | **For the year ended November 30,** | **For the year ended November 30,** |
|  | **2022** | **2021** | **2020** |
| Net loss for the year | $(1738657) | $(697311) | $(595010) |
| Statutory federal income rate | 21.00% | 21.00% | 21.00% |
| Recovery of income taxes at statutory rates | $(365118) | $(146435) | $(124952) |
| State tax | (129182) | (51810) | (44209) |
| Non-deductible permanent differences | 525401 | 101 | 74 |
| Income tax rate differences |  |  |  |
| Change in valuation allowance | (31101) | 198144 | 169087 |
| Other |  |  |  |
| Income tax for the year | $— | $— | $— |

---

Deductible temporary differences and unused tax losses for which no deferred tax assets have been recognized are attributable to the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **November 30, 2022** | **November 30, 2021** | **November 30, 2020** |
| Non-capital loss carry-forward | $652677 | $700271 | $575942 |
| Resource properties | 90923 | 162835 | 65688 |
| Equipment | 58741 | 66659 | 77488 |
| Others | 6423 |  |  |
| Deferred income tax assets | 808764 | 929765 | 719118 |
| Valuation allowance | (808764) | (929765) | (719118) |
| Deferred income tax assets | $— | $— | $— |

---

Deferred tax assets have not been recognized in the financial statements, as management does not consider it more likely than not that those assets will be realized in the near future.

We have non-capital federal losses which may be carried forward to reduce taxable income in future years. As at November 30, 2022, we have non-capital losses of $2,295,732 in the United States.

**U.S. GOLDMINING INC.**

**(formerly, BRI Alaska Corp.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

Our U.S. federal net operating loss carryforwards expire as follows:

---

| | |
|:---|:---|
| November 30, 2034 | $62531 |
| November 30, 2035 | 314236 |
| November 30, 2036 | 308944 |
| November 30, 2037 | 303261 |
| Indefinite | 1306760 |
|  | $2295732 |

---

The Company has not recorded any uncertain tax positions.

**16. Related Party Transactions**

As at November 30, 2022 due to parent consisted of an intercompany loan payable to GoldMining Inc. in the amount of $677,783. Amounts previously due to BRI Alaska Holdings were assumed by GoldMining at the time BRI Alaska Holdings was dissolved in September 2022. As at November 30, 2021 and 2020 due to parent consisted of an intercompany loan payable to BRI Alaska Holdings in the amount of $494,481.

 

During the years presented, we shared personnel, including key management personnel, office space, equipment, and various administrative services with other companies, including GoldMining. Costs incurred by GoldMining were allocated between its related subsidiaries based on an estimate of time incurred and use of services and are charged at cost.

For the year ended November 30, 2022, we received general cash contributions from GoldMining of $nil ($2,500 for 2021 and $1,660 for 2020). Additional cash contributions from GoldMining include payment of prepaid expenses of $nil for 2022 ($9,987 for 2021 and $nil for 2020) and expenses in the amount of $nil for 2022 ($260,249 for 2021 and $371,628 for 2020) incurred by the Company and paid by GoldMining on our behalf. A further $147,349 for 2022 ($98,892 for 2021 and $114,554 for 2020) in expenses were allocated from GoldMining to the Company. Out of the allocated costs, $60,065 for 2022 ($50,540 for 2021 and $59,625 for 2020) were noncash share-based compensation costs. The allocated costs were paid by GoldMining through BRI Alaska Holdings until September 23, 2022, the date BRI Alaska Holdings was dissolved. Until BRI Alaska Holdings was dissolved, it was a subsidiary of GoldMining and the direct parent of the Company. As mentioned above, GoldMining was the ultimate parent company of U.S. GoldMining Inc. until September 23, 2022, at which point it became the direct parent of the Company.

For the year ended November 30, 2022, repayable amounts advanced to us and paid on our behalf by GoldMining totaled $1,341,445 ($nil for 2021 and $nil for 2020), of which $1,158,143 was settled against the Funding Commitment (Note 3). These amounts were recorded through an intercompany loan payable account as there is an obligation for these amounts to be repaid to GoldMining. The $147,349 in allocated costs from GoldMining were treated as a capital contribution, as there is no obligation or intent regarding the repayment of such amounts by the Company.

For the years ended November 30, 2021 and 2020, all of the aforementioned amounts were recognized in additional paid-in capital as there was no obligation or intent regarding the repayment of such amounts by the Company.

During the year ended November 30, 2020, GoldMining agreed to cause us to issue a 1.0% NSR royalty on our Whistler Project to GRC, which was a majority owned subsidiary of GoldMining at the time (Note 3).

For the year ended November 30, 2022, GoldMining paid $nil ($316,214 for 2021 and $nil for 2020) in qualified expenditures on behalf of the Company. Additionally, the Company declared a return of capital to GoldMining of $1,096,343, which resulted in federal withholding taxes payable of $173,889, of which $57,702 was paid during the year ended November 30, 2022. Pursuant to the return of capital, a note payable was issued to GoldMining in the amount of $1,096,343, which was subsequently retired as a part of the settlement of the remaining Funding Commitment to the Company in the amount of $2,254,286, which included the settlement of amounts previously advanced by GoldMining to us in the amount of $1,158,143 (Note 3).

Related party transactions are based on the amounts agreed to by the parties. During the years ended November 30, 2022, 2021 and 2020, we did not enter into any contracts or undertake any commitment or obligation with any related parties other than as described herein.

**17. Subsequent Events**

The Company performed an evaluation of subsequent events through February 10, 2023, the date the consolidated financial statements were available to be issued, for events requiring recording or disclosure. The Company has identified the following subsequent events:

On February 6, 2023, the Company adopted a long term incentive plan, which provides for equity incentive awards in the form of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock units, performance awards, restricted stock awards and other cash and equity-based awards.

2,000,000 **Units**

Each Unit Consisting of One Share of Common Stock and

One Warrant to Purchase One Share of Common Stock

![](pg61-120_001.jpg)

**U.S. GOLDMINING INC.**

**Preliminary Prospectus**

*Joint Book-Running Managers*

---

| | |
|:---|:---|
| **H.C. Wainwright & Co.** | **BMO Capital Markets** |

---

*Co-Manager*

 

**Laurentian Bank Securities Inc.**

Prospectus dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2023

**Through and including &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2023 (the 25th day after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.**

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**ITEM 13. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION**

The following table sets forth the costs and expenses payable by us in connection with the issuance and distribution of the securities being registered hereunder. All of the amounts shown are estimates, except for the SEC Registration Fee.

---

| | |
|:---|:---|
| SEC Registration Fee | $5830 |
| FINRA Filing Fee | $650 |
| NYSE American Market Listing Fee | $105000 |
| Printing Fees and Expenses | $70000 |
| Accounting Fees and Expenses | $105735 |
| Legal Fees and Expenses | $1050952 |
| Underwriter Expenses | $65950 |
| Transfer Agent and Registrar Fees | $24286 |
| Miscellaneous Fees and Expenses | $66082 |
| **Total** | $1494485 |

---

**ITEM 14. INDEMNIFICATION OF OFFICERS AND DIRECTORS**

The Registrant is a Nevada corporation.

Section 78.7502 of the Nevada Revised Statutes provides that a Nevada corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed proceeding, except an action by or in the right of the corporation, by reason of the fact that such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or other enterprise, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with the proceeding, if such person: (i) is not liable for breach of his or her fiduciary duties to the corporation; or (ii) acted in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.

In addition, a Nevada corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action by or in the right of the corporation to procure a judgment in its favor by reason of the fact that such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or other enterprise against expenses, including amounts paid in settlement and attorneys' fees actually and reasonably incurred by such person in connection with the defense or settlement of the action, if he or she: (i) is not liable for breach of his or her fiduciary duties to the corporation; or (ii) acted in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the corporation.

Under Nevada law, indemnification may not be made for any claim as to which such a person has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that a court of competent jurisdiction determines that in view of all the circumstances of the case, the person is fairly and reasonably titled to indemnity for such expenses as the court deems proper.

To the extent that a director, officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of any non-derivative proceeding or any derivative proceeding, or in defense of any claim, issue or matter therein, the corporation shall indemnify such person against expenses, including attorneys' fees, actually and reasonably incurred in connection with the defense.

Further, Nevada law permits a Nevada corporation to purchase and maintain insurance or to make other financial arrangements on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or other enterprise for any liability asserted against him or her and liability and expenses incurred by him or her in his or her capacity as a director, officer, employee or agent, or arising out of his or her status as such, whether or not the corporation has the authority to indemnify such person against such liability and expenses.

Under the Registrant's Bylaws, the Registrant is obligated to indemnify any director, officer, employee or agent of the Registrant to the fullest extent permitted by the Nevada Revised Statutes, as described above. The Registrant's Bylaws also require the Registrant to advance expenses, including attorneys' fees, incurred by a director or officer in defending any civil, criminal, administrative, or investigative proceeding in advance of the final disposition of such proceeding upon receipt of a written request therefor (together with documentation reasonably evidencing such expenses) and an undertaking by or on behalf of the person to repay all amounts advanced if it is ultimately determined that the person is not titled to be indemnified by the Registrant.

The Registrant has also entered into indemnification agreements with each of its current directors and officers. The indemnification agreements generally require that the Registrant indemnify and hold the indemnitees harmless to the greatest extent permitted by law for liabilities arising out of the indemnitees' service to it as directors and officers, if the indemnitees acted honestly and in good faith with a view to the best interests of the Registrant and, with respect to criminal and administrative actions or other non-civil proceedings that are enforced by monetary penalty, if the indemnitee had reasonable grounds to believe that his or her conduct was lawful. The indemnification agreements also provide for the advancing of defense expenses to the indemnitees by the Registrant.

**Item 15. Recent Sales of Unregistered Securities**

During the past three years, we issued securities that were not registered under the Securities Act as set forth below. We believe that each of such issuances was exempt from registration under the Securities Act in reliance on Section 4(a)(2) of the Securities Act, Rule 701 and/or Regulation S under the Securities Act.

On September 23, 2022, we granted awards of an aggregate of 635,000 shares of performance based restricted shares of common stock under the Legacy Incentive Plan to certain of our and GoldMining's executive officers and directors.

The performance based restricted shares of common stock award grants were reviewed and approved by GoldMining's board of directors. Such restricted shares of common stock are subject to restrictions that, among other things, prohibit the transfer thereof until certain performance conditions are met. In addition, if such conditions are not met within applicable periods, the restricted shares will be deemed forfeited and surrendered by the holder thereof to us without the requirement of any further consideration. Assuming completion of the offering, these conditions are:

&nbsp;&nbsp;&nbsp;&nbsp;(a) with
 respect to 15% of the performance based restricted shares of common stock, if we have not completed equity financing(s) in an aggregate
 amount of at least $15,000,000 prior to or concurrently with the earlier of: (i) the date that is two years after the date of grant
 of such award; and (ii) the occurrence of a liquidation event, as such term is defined in the Legacy Incentive Plan, or any merger
 with or sale of our outstanding shares or all or substantially all of our assets to a third-party, referred to as an "**Exit Transaction** ", provided that, for greater certainty, the following shall not be considered an Exit Transaction: (A) any
 amalgamation, merger or consolidation of our business with or into a related entity; (B) a transaction undertaken solely for the
 purpose of changing our place of domicile or jurisdiction of incorporation; (C) an equity financing; and (D) completion of an initial
 public offering, spin-off from GoldMining or other going public transaction, referred to as an "**IPO Event** ";

(b) with
 respect to 15% of the performance based restricted shares of common stock, an IPO Event has not occurred that values our business
 at a minimum of $100,000,000 prior to the date that is two years after the date of grant of such award;

(c) with
 respect to 15% of the performance based restricted shares of common stock, if the recipient of such award ceases to be our or our
 affiliates' director, officer, employee or consultant, as applicable, at any time during the period from the date of grant
 of such award until the date that is two years after the date of grant;

(d) with
 respect to 15% of the performance based restricted shares of common stock, if we have not re-established camp at the Whistler Project
 and performed of a minimum of 10,000m of drilling prior to the date that is three years after the date of grant of such award;

(e) with
 respect to 15% of the performance based restricted shares of common stock, if we have not achieved a share price of $15.00 prior
 to the date that is four years after the date of grant of such award;

(f) with
 respect to 15% of the performance based restricted shares of common stock, if we have not achieved a $250,000,000 market capitalization,
 based on the number of shares of our outstanding common stock multiplied by the volume-weighted average price for any applicable
 five (5) consecutive trading day period on the principal stock exchange on which our common stock is listed prior to the date that
 is five years after the date of grant of such award; or

(g) with
 respect to 10% of the performance based restricted common stock, if we have not achieved a share price of $25.00 prior to the date
 that is six years after the date of grant of such award.

See "*Executive and Director Compensation*" for more information.

None of the foregoing transactions involved any underwriters, underwriting discounts or commissions or any public offering. All recipients had adequate access, through their relationships with us, to information about us. The sales of these securities were made without any general solicitation or advertising.

**Item 16. Exhibits and Financial Statement Schedules** 

The exhibits listed below are filed as part of this Registration Statement.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1\*\* | Form of Underwriting Agreement |
| 3.1\* | [Articles of Incorporation](ex3-1.htm) |
| 3.2\* | [Amendment No. 1 to Articles of Incorporation](ex3-2.htm) |
| 3.3\* | [Bylaws](ex3-3.htm) |
| 4.1\* | [Specimen common stock certificate](ex4-1.htm) |
| 4.2\* | [Form of Warrant](ex4-2.htm) |
| 4.3\* | [Form of Warrant Agency Agreement](ex4-3.htm) |
| 5.1\* | [Opinion of Ballard Spahr LLP, Nevada counsel to the Company, as to the validity of the common stock](ex5-1.htm) |
| 10.1#\* | [Amended and Restated Employment Agreement of Tim Smith, dated August 4, 2022](ex10-1.htm) |
| 10.2#\* | [Waiver by Tim Smith in favor of GoldMining Inc. and U.S. GoldMining Inc., dated September 26, 2022](ex10-2.htm) |
| 10.3#\* | [2023 Incentive Plan](ex10-3.htm) |
| 10.4#\* | [Legacy Incentive Plan](ex10-4.htm) |
| 10.5#\* | [Form of Indemnification Agreement for Directors and Officers](ex10-5.htm) |
| 10.6#\* | [Form of Exchange Agreement](ex10-6.htm) |
| 10.7#\* | [Form of Restricted Stock Award Agreement](ex10-7.htm) |
| 16.1\* | [Letter from Marcum LLP regarding change in certifying accountant](ex16-1.htm) |
| 21.1\* | [List of Subsidiaries](ex21-1.htm) |
| 23.1\* | [Consent of Marcum LLP](ex23-1.htm) |
| 23.2\* | [Consent of Deloitte LLP](ex23-2.htm) |
| 23.3\* | [Consent of Ballard Spahr LLP (included in Exhibit 5.1)](ex5-1.htm) |
| 23.4\* | [Consent of Moose Mountain Technical Services](ex23-4.htm) |
| 24.1\* | [Powers of Attorney (included on the signature pages of this Registration Statement)](#p_001) |
| 96.1\* | [S-K 1300 Technical Report Summary, Initial Assessment for the Whistler Project](ex96-1.htm) |
| 107\* | [Filing Fee Table](ex107.htm) |

---

\* Filed herewith

\*\* To be filed by amendment.

# Indicates management contract or compensatory plan.

**Item 17. Undertakings** 

The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

(a)(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

(a)(2) For the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(a)(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(a)(6) For the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this Registration Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

(i)(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this Registration Statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this Registration Statement as of the time it was declared effective.

(i)(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-1 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Vancouver, British Columbia, Canada on February 10, 2023.

---

| | |
|:---|:---|
| **U.S. GoldMining Inc.** | **U.S. GoldMining Inc.** |
| By: | */s/ Tim Smith* |
| Name: | Tim Smith |
| Title: | Chief Executive Officer |

---

**POWER OF ATTORNEY** 

Each person whose signature appears below constitutes and appoints each of Tim Smith and Pat Obara as his true and lawful attorney-in-fact and agent, each acting alone, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective amendments) to this Registration Statement and to sign any related registration statement that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, each acting alone, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, each action alone, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signatures** | **Title** | **Date** |
| */s/ Tim Smith* | Chief Executive Officer (Principal Executive Officer) <br> and President | February 10, 2023 |
| Tim Smith |  |  |
| */s/ Pat Obara* | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | February 10, 2023 |
| Pat Obara |  |  |
| */s/ Alastair Still* | Chairman | February 10, 2023 |
| Alastair Still |  |  |
| */s/ Garnet Dawson* | Director | February 10, 2023 |
| Garnet Dawson |  |  |
| */s/ Ross Sherlock* | Director | February 10, 2023 |
| Ross Sherlock |  |  |
| */s/ Lisa Wade* | Director | February 10, 2023 |
| Lisa Wade |  |  |
| */s/ Laurie J. Schmidt* | Director | February 10, 2023 |
| Laurie J. Schmidt |  |  |
| */s/ Aleksandra Bukacheva* | Director | February 10, 2023 |
| Aleksandra Bukacheva |  |  |

---

## Exhibit 3.1

**Exhibit 3.1**

**ARTICLES OF INCORPORATION**

**OF**

**U.S. gOLDMINING INC.**

**Adopted in accordance with the provisions**

**of Section 78.035 of the Nevada Revised Statues**

The undersigned, a natural person, for the purpose of organizing a corporation for conducting the business and promoting the purposes hereinafter stated, under the provisions and subject to the requirements of the laws of the State of Nevada (particularly Chapter 78 of the Nevada Revised Statues and the acts amendatory thereof and supplemental thereto, and known, identified and referred to as the "General Corporation Law of the State of Nevada") hereby certifies that:

**Article I**

**Name**

The name of the corporation is U.S. GoldMining Inc. (the "<u>Corporation</u>").

**Article II**

**Address**

1. The
 address of the registered office of the Corporation in the State of Nevada is 3773 Howard
 Hughes Pkwy #500s, Las Vegas, NV 89169. The name of the registered agent at such registered
 office is InCorp Services, Inc.

2. Meetings
 of stockholders may be held within or without the State of Nevada, as the Bylaws of the Corporation
 may provide. The books of the Corporation may be kept (subject to any provision contained
 in the statutes) outside the State of Nevada at such place or places as may be designated
 from time to time by the Board of Directors or in the Bylaws of the Corporation.

**Article III**

**Purpose**

The nature of the business or purposes to be conducted or promoted is to engage in any lawful act or activity for which a corporation may be organized under the General Corporation Law of the State of Nevada.

**Article IV**

**Capital Stock**

1. The
 aggregate number of shares of capital stock that the Corporation will have authority to issue
 is 11,000,000 (11,000,000) shares **,** which shall consist of (i) ten million shares of
 Common Stock, no par value (the " <u>Common Stock</u> ") and (ii) one million (1,000,000)
 shares of Preferred Stock, no par value (the " <u>Preferred Stock</u> ").

2. No
 stockholder of the Corporation shall, by reason of being a stockholder, have any preemptive
 right to acquire additional, unissued or treasury shares of the Corporation, or securities
 convertible into or carrying a right to subscribe to or to acquire any shares of any class
 of the Corporation now or hereafter authorized.

3. The
 Board of Directors is authorized, subject to any limitations prescribed by law, to provide
 for the issuance of shares of Preferred Stock in series, and by filing a certificate pursuant
 to the applicable law of the State of Nevada (such certificate being hereinafter referred
 to as a " <u>Preferred Stock Designation</u> "), to establish from time to time
 the number of shares to be included in each such series, and to fix the designation, powers,
 preferences, and rights of the shares of each such series and any qualifications, limitations
 or restrictions thereof. The number of authorized shares of Preferred Stock may be increased
 or decreased (but not below the number of shares thereof then outstanding) by the affirmative
 vote of the holders of a majority of the voting power of all of the then-outstanding shares
 of capital stock of the Corporation entitled to vote thereon, without a vote of the holders
 of the Preferred Stock, or of any series thereof, unless a vote of any such holders is required
 pursuant to the terms of any Preferred Stock Designation.

4. The
 holders of Common Stock shall be entitled to one vote per share on all matters to be voted
 on by the stockholders; provided, however, that, except as otherwise required by law, holders
 of Common Stock shall not be entitled to vote on any amendment to these Articles of Incorporation
 (including any Preferred Stock Designation relating to any series of Preferred Stock) that
 relates solely to the terms of one or more outstanding series of Preferred Stock if the holders
 of such affected series are entitled, either separately or together as a class with the holders
 of one or more other such series, to vote thereon pursuant to these Articles of Incorporation
 (including any Preferred Stock Designation relating to any series of Preferred Stock). No
 stockholder shall have the right to cumulate votes at any election of directors of the Corporation.
 The number of authorized shares of Common Stock may be increased or decreased (but not below
 the number of shares thereof then outstanding) by (in addition to any vote of the holders
 of one or more series of Preferred Stock that may be required by the terms of these Articles
 of Incorporation) the affirmative vote of the holders of shares of capital stock of the Corporation
 representing a majority of the votes represented by all outstanding shares of capital stock
 of the Corporation entitled to vote. The directors of the Corporation need not be elected
 by written ballot unless the Bylaws of the Corporation so provide.

**Article V**

**Incorporator**

The name and mailing address of the incorporator of the Corporation are:

Jamie Davidian

Haynes and Boone, LLP

30 Rockefeller Plaza

26<sup>th</sup> Floor

New York, NY 10112

**Article VI**

**<br> Corporate Matters**

The affairs of the Corporation shall be managed by a Board of Directors. The number of directors of the Corporation shall be from time to time fixed by, or altered in the manner provided in, the Bylaws of the Corporation. The number of directors constituting the initial board of directors is two (2). The number of directors of the Corporation may be changed from time to time by a majority vote of the Board of Directors. The names of the first Board of Directors are as follows:

Garnet Dawson and

Pat Obara

The mailing address of all such directors is:

1030 West Georgia Street, Suite 1830

Vancouver, BC V6E 2Y3, Canada

**Article Vii**

**<br> Amendments**

In furtherance and not in limitation of the powers conferred upon the Board of Directors by law, the Board of Directors shall have the power to adopt, amend, and repeal, from time to time, the Bylaws of the Corporation.

**Article VIII**

**<br> Duration of Existence**

The Corporation will have a perpetual existence.

**Article IX**

**Right to Amend**

The Corporation reserves the right to amend, alter, change, or repeal any provision contained in this Articles of Incorporation, in the manner now or hereafter prescribed by statute, and all rights conferred upon stockholders herein are granted subject to this reservation.

**Article X**

**LIMITED Liability**

1. The
 liability of the directors or officers of the Corporation to the Corporation or its stockholders
 for monetary damages for acts or omissions occurring in their capacity as directors or officers
 shall be limited to the fullest extent permitted by the laws of the State of Nevada and any
 other applicable law, as such laws now exist and to such greater extent as they may provide
 in the future.

2. Any
 repeal or modification of this Articles of Incorporation shall operate prospectively only
 and shall not adversely affect the rights existing at the time of such repeal or modification
 of any of the aforementioned persons.

**Article XI**

**Indemnification and Insurance**

1. The
 Corporation shall have the power to indemnify and advance expenses to any person who was
 or is a party or is threatened to be made a party to any threatened, pending or completed
 action, suit or proceeding, whether civil, criminal, administrative or investigative (a " <u>Proceeding</u> ")
 by reason of the fact that he or she is or was a director, officer, employee or agent of
 the Corporation or is or was serving at the request of the Corporation as a director, officer,
 employee or agent of another corporation, partnership, joint venture, trust or other enterprise,
 including service with respect to employee benefit plans for amounts incurred by such person
 in connection with any such Proceeding to which such person was, is or may be a party by
 reason of such person's position with the Corporation or service on behalf of the Corporation,
 when and to the fullest extent permitted or required by the laws of the State of Nevada and
 any other applicable law, as such laws now exist and to such greater extent as they may provide
 in the future.

2. By
 action of the Board of Directors, notwithstanding an interest of the directors in the action,
 the Corporation may purchase and maintain insurance, in such amounts as the Board of Directors
 deems appropriate, on behalf of any person who is or was a director, officer, employee or
 agent of the Corporation, or is or was serving at the request of the Corporation as a director,
 officer, employee, or agent of another corporation, partnership, joint venture, trust, or
 other enterprise, against any liability asserted against him or her and incurred by him or
 her in any such capacity, or arising out of his or her status as such, whether or not the
 Corporation shall have the power to indemnify him or her against such liability under these
 provisions.

3. Any
 repeal or modification of this Articles of Incorporation shall operate prospectively only
 and shall not adversely affect the rights existing at the time of such repeal or modification
 of any of the aforementioned persons.

**Article XII**

**Acquisition of Controlling Interest and**

**Combinations with Interested Stockholders**

1. The
 Corporation elects not to be governed by the terms and provisions of Sections 78.378 through
 78.3793, inclusive, of the Nevada Revised Statutes, as the same may be amended, superseded,
 or replaced by any successor section, statute, or provision.

2. The
 Corporation elects not to be governed by the terms and provisions of Sections 78.411 through
 78.444, inclusive, of the Nevada Revised Statutes, as the same may be amended, superseded,
 or replaced by any successor section, statute, or provision.

\*\*\*\*\*\*\*

IN WITNESS WHEREOF, the undersigned, being an officer and duly authorized signatory of the Corporation, does now make this Articles of Incorporation, hereby declaring and certifying that this is my act and deed and that the facts herein stated are true, and have hereunto set my hand this 25th day of August, 2022.

---

| | |
|:---|:---|
| By: | */s/ Pat Obara* |
| Name: | Pat Obara |
| Title: | Director |

---

## Exhibit 3.2

**Exhibit 3.2**

![](ex3-2_001.jpg)

![](ex3-2_002.jpg)

![](ex3-2_003.jpg)

![](ex3-2_004.jpg)

## Exhibit 3.3

**Exhibit 3.3**

**BYLAWS OF**

**U.S. GOLDMINING INC.**

**A NEVADA CORPORATION**

(Effective as of September 8, 2022)

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **PAGE** |
| Article I — CORPORATE OFFICES | Article I — CORPORATE OFFICES | 1 |
| 1.1 | Registered Office | 1 |
| 1.2 | Other Offices | 1 |
| Article II — MEETINGS OF STOCKHOLDERS | Article II — MEETINGS OF STOCKHOLDERS | 1 |
| 2.1 | Places of Meetings | 1 |
| 2.2 | Annual Meeting | 1 |
| 2.3 | Special Meeting | 1 |
| 2.4 | Advance Notice Procedures | 1 |
| 2.5 | Notice of Stockholders' Meetings | 5 |
| 2.6 | Quorum | 5 |
| 2.7 | Adjourned Meeting; Notice | 5 |
| 2.8 | Conduct of Business | 6 |
| 2.9 | Voting | 6 |
| 2.10 | Stockholder Action by Written Consent Without a Meeting | 6 |
| 2.11 | Record Dates | 6 |
| 2.12 | Proxies | 7 |
| 2.13 | List of Stockholders Entitled to Vote | 7 |
| 2.14 | Inspectors of Election | 8 |
| Article III — DIRECTORS | Article III — DIRECTORS | 8 |
| 3.1 | Powers | 8 |
| 3.2 | Number of Directors | 8 |
| 3.3 | Election, Qualification and Term of Office of Directors | 8 |
| 3.4 | Resignation and Vacancies | 8 |
| 3.5 | Places of Meetings; Meetings by Telephone | 9 |
| 3.6 | Regular Meetings | 9 |
| 3.7 | Special Meetings; Notice | 9 |
| 3.8 | Quorum; Voting | 9 |
| 3.9 | Board Action by Written Consent Without a Meeting | 10 |
| 3.10 | Fees and Compensation of Directors | 10 |
| 3.11 | Removal of Directors | 10 |
| Article IV — COMMITTEES | Article IV — COMMITTEES | 10 |
| 4.1 | Committees of Directors | 10 |

---

i

---

| | | |
|:---|:---|:---|
| 4.2 | Committee Minutes | 10 |
| 4.3 | Meetings and Action of Committees | 10 |
| 4.4 | Subcommittees | 11 |
| Article V — OFFICERS | Article V — OFFICERS | 11 |
| 5.1 | Officers | 11 |
| 5.2 | Appointment of Officers | 11 |
| 5.3 | Subordinate Officers | 11 |
| 5.4 | Removal and Resignation of Officers | 12 |
| 5.5 | Vacancies in Offices | 12 |
| 5.6 | Representation of Shares or Interests of Other Corporations or Entities | 12 |
| Article VI — STOCK | Article VI — STOCK | 12 |
| 6.1 | Stock Certificates; Partly Paid Shares | 12 |
| 6.2 | Lost, Stolen or Destroyed Certificates | 12 |
| 6.3 | Dividends | 13 |
| 6.4 | Stock Transfer Agreements | 13 |
| 6.5 | Registered Stockholders | 13 |
| Article VII — MANNER OF GIVING NOTICE AND WAIVER | Article VII — MANNER OF GIVING NOTICE AND WAIVER | 13 |
| 7.1 | Notice of Stockholders' Meetings | 13 |
| 7.2 | Notice by Electronic Transmission | 13 |
| 7.3 | Waiver of Notice | 14 |
| Article VIII — INDEMNIFICATION | Article VIII — INDEMNIFICATION | 14 |
| 8.1 | Indemnification of Directors and Officers in Third Party Proceedings | 14 |
| 8.2 | Indemnification of Directors and Officers in Actions by or in the Right of the Corporation | 15 |
| 8.3 | Successful Defense | 15 |
| 8.4 | Indemnification of Others; Advance Payment to Others | 15 |
| 8.5 | Advance Payment of Expenses | 15 |
| 8.6 | Limitation of Indemnification | 15 |
| 8.7 | Determination; Claim | 16 |
| 8.8 | Non-Exclusivity of Rights | 16 |
| 8.9 | Insurance | 16 |
| 8.10 | Survival | 17 |
| 8.11 | Effect of Repeal or Modification | 17 |
| 8.12 | Certain Definitions | 17 |
| Article IX — GENERAL MATTERS | Article IX — GENERAL MATTERS | 17 |
| 9.1 | Execution of Corporate Contracts and Instruments | 17 |
| 9.2 | Fiscal Year | 17 |
| 9.3 | Seal | 17 |
| 9.4 | Construction; Definitions | 17 |
| Article X — AMENDMENTS | Article X — AMENDMENTS | 18 |

---

ii

**BYLAWS OF U.S. GOLDMINING INC.**

**Article I — CORPORATE OFFICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 ***Registered Office***. The registered office of U.S. GoldMining Inc. (the "**<u>Corporation</u>**") shall be fixed in the Corporation's Articles of Incorporation. References in these Bylaws (as amended from time to time, these "**<u>Bylaws</u>**") to "**<u>Articles of Incorporation</u>**" shall mean the Articles of Incorporation of the Corporation, as amended from time to time, including the terms of any certificates of designation of any series of Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 ***Other Offices***. The Corporation may at any time establish other offices at any place or places.

**Article II — MEETINGS OF STOCKHOLDERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 ***Places of Meetings***. Meetings of stockholders shall be held at any place, within or outside the State of Nevada, designated by the board of directors. The board of directors may, in its sole discretion, determine that a meeting of stockholders shall not be held at any place, but may instead be held solely by means of remote communication as authorized by Section 78.320 of the Nevada Revised Statute ("the NRS"). In the absence of any such designation or determination, stockholders' meetings shall be held at the Corporation's principal executive office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 ***Annual Meeting***. The annual meeting of stockholders shall be held on such date, at such time, and at such place (if any) within or without the State of Nevada as shall be designated from time to time by the board of directors, and stated in the Corporation's notice of the meeting. At the annual meeting, directors shall be elected and any other proper business, brought in accordance with Section 2.4 of these Bylaws, may be transacted. The board of directors may cancel, postpone or reschedule any previously scheduled annual meeting at any time, before or after the notice for such meeting has been sent to the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 ***Special Meeting.*** A special meeting of the stockholders, other than those required by statute or by the Articles of Incorporation, may be called at any time only by (A) the entire board of directors, (B) any two directors, or (C) the president, if there be one. A special meeting of the stockholders may not be called by any other person or persons. The board of directors may cancel, postpone or reschedule any previously scheduled special meeting at any time, before or after the notice for such meeting has been sent to the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Advance Notice Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ***Advance Notice of Stockholder Business****.* At an annual meeting of the stockholders, only such business shall be conducted as shall have been properly brought before the meeting. To be properly brought before an annual meeting, business must be brought: (A) pursuant to the Corporation's proxy materials with respect to such meeting, (B) by or at the direction of the board of directors, or (C) by a stockholder of the Corporation who (1) is a stockholder of record at the time of the giving of the notice required by this Section 2.4(i) and on the record date for the determination of stockholders entitled to vote at the annual meeting and (2) has timely complied in proper written form with the notice procedures set forth in this Section 2.4(i). In addition, for business to be properly brought before an annual meeting by a stockholder, such business must be a proper matter for stockholder action pursuant to these Bylaws and applicable law. Except for proposals properly made in accordance with Rule 14a-8 under the Securities and Exchange Act of 1934, and the rules and regulations thereunder (as so amended and inclusive of such rules and regulations, the "**<u>Exchange Act</u>**"), clause (C) above shall be the exclusive means for a stockholder to bring business before an annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To comply with clause (C) of Section 2.4(i) above, a stockholder's notice must set forth all information required under this Section 2.4(i) and must be timely received by the secretary of the Corporation. To be timely, a stockholder's notice must be received by the secretary at the principal executive offices of the Corporation not later than the 45th day nor earlier than the 75th day before the one-year anniversary of the date on which the Corporation first mailed its proxy materials or a notice of availability of proxy materials for the preceding year's annual meeting; *provided*, *however*, that in the event that no annual meeting was held in the previous year or if the date of the annual meeting is advanced by more than 30 days prior to or delayed by more than 60 days after the one-year anniversary of the date of the previous year's annual meeting, then, for notice by the stockholder to be timely, it must be so received by the secretary not earlier than the close of business on the 120th day prior to such annual meeting and not later than the close of business on the later of (i) the 90th day prior to such annual meeting, or (ii) the tenth day following the day on which Public Announcement (as defined below) of the date of such annual meeting is first made. In no event shall any adjournment or postponement of an annual meeting or the announcement thereof commence a new time period for the giving of a stockholder's notice as described in this Section 2.4(i)(a). "**<u>Public Announcement</u>**" shall mean disclosure in a press release reported by the Dow Jones News Service, Associated Press or a comparable national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To be in proper written form, a stockholder's notice to the secretary must set forth as to each matter of business the stockholder intends to bring before the annual meeting: (1) a brief description of the business intended to be brought before the annual meeting, the text of the proposed business (including the text of any resolutions proposed for consideration) and the reasons for conducting such business at the annual meeting, (2) the name and address, as they appear on the Corporation's books, of the stockholder proposing such business and any Stockholder Associated Person (as defined below), (3) the class and number of shares of the Corporation that are held of record or are beneficially owned by the stockholder or any Stockholder Associated Person and any derivative positions held or beneficially held by the stockholder or any Stockholder Associated Person as of the date of delivery of such notice, (4) whether and the extent to which any hedging or other transaction or series of transactions has been entered into by or on behalf of such stockholder or any Stockholder Associated Person with respect to any securities of the Corporation, and a description of any other agreement, arrangement or understanding (including any short position or any borrowing or lending of shares), the effect or intent of which is to mitigate loss to, or to manage the risk or benefit from share price changes for, or to increase or decrease the voting power of, such stockholder or any Stockholder Associated Person with respect to any securities of the Corporation, (5) any material interest of the stockholder or a Stockholder Associated Person in such business, and (6) a statement whether either such stockholder or any Stockholder Associated Person will deliver a proxy statement and form of proxy to holders of at least the percentage of the voting power of the Corporation's voting shares required under applicable law to carry the proposal (such information provided and statements made as required by clauses (1) through (6), a "**<u>Business Solicitation Statement</u>**"). In addition, to be in proper written form, a stockholder's notice to the secretary must be supplemented not later than ten days following the record date for notice of the meeting to disclose the information contained in clauses (3) and (4) above as of the record date for notice of the meeting. For purposes of this Section 2.4, a "**<u>Stockholder Associated Person</u>**" of any stockholder shall mean (i) any person controlling, directly or indirectly, or acting in concert with, such stockholder, (ii) any beneficial owner of shares of stock of the Corporation owned of record or beneficially by such stockholder and on whose behalf the proposal or nomination, as the case may be, is being made, or (iii) any person controlling, controlled by or under common control with such person referred to in the preceding clauses (i) and (ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Business proposed to be brought by a stockholder may not be brought before the annual meeting if such stockholder or a Stockholder Associated Person, as applicable, takes action contrary to the representations made in the Business Solicitation Statement applicable to such business or if the Business Solicitation Statement applicable to such business contains an untrue statement of a material fact or omits to state a material fact necessary to make the statements therein not misleading. The chairperson of the annual meeting shall, if the facts warrant, determine and declare at the annual meeting that business was not properly brought before the annual meeting and in accordance with the provisions of this Section 2.4(i), and, if the chairperson should so determine, he or she shall so declare at the annual meeting that any such business not properly brought before the annual meeting shall not be conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ***Advance Notice of Director Nominations at Annual Meetings****.* Notwithstanding anything in these Bylaws to the contrary, only persons who are nominated in accordance with the procedures set forth in this Section 2.4(ii) shall be eligible for election or re-election as directors at an annual meeting of stockholders. Nominations of persons for election or re-election to the board of directors of the Corporation shall be made at an annual meeting of stockholders only (A) by or at the direction of the board of directors or (B) by a stockholder of the Corporation who (1) was a stockholder of record at the time of the giving of the notice required by this Section 2.4(ii) and on the record date for the determination of stockholders entitled to vote at the annual meeting and (2) has timely complied with the notice procedures set forth in this Section 2.4(ii). In addition to any other applicable requirements, for a nomination to be made by a stockholder, the stockholder must have given timely notice thereof in proper written form to the secretary of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To comply with clause (B) of Section 2.4(ii) above, a nomination to be made by a stockholder must set forth all information required under this Section 2.4(ii) and must be received by the secretary of the Corporation at the principal executive offices of the Corporations at the time set forth in, and in accordance with Section 2.4(i)(a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To be in proper written form, such stockholder's notice to the secretary must set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) as to each person (a "**<u>nominee</u>**") whom the stockholder proposes to nominate for election or re-election as a director: (A) the name, age, business address and residence address of the nominee, (B) the principal occupation or employment of the nominee, (C) the class and number of shares of the Corporation that are held of record or are beneficially owned by the nominee and any derivative positions with respect to any securities of the Corporation held or beneficially held by the nominee, (D) whether and the extent to which any hedging or other transaction or series of transactions has been entered into by or on behalf of the nominee with respect to any securities of the Corporation, and a description of any other agreement, arrangement or understanding (including any short position or any borrowing or lending of shares), the effect or intent of which is to mitigate loss to, or to manage the risk or benefit of share price changes for, or to increase or decrease the voting power of the nominee, (E) a description of all arrangements or understandings between or among the stockholder and each nominee and any other person or persons (naming such person or persons) pursuant to which the nominations are to be made by the stockholder or concerning the nominee's potential service on the board of directors, (F) a written statement executed by the nominee acknowledging that as a director of the Corporation, the nominee will owe fiduciary duties under Nevada law with respect to the Corporation and its stockholders, and (G) any other information relating to the nominee that would be required to be disclosed about such nominee if proxies were being solicited for the election or re-election of the nominee as a director, or that is otherwise required, in each case pursuant to Regulation 14A under the Exchange Act (including without limitation the nominee's written consent to being named in the proxy statement, if any, as a nominee and to serving as a director if elected or re-elected, as the case may be); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) as to such stockholder giving notice, (A) the information required to be provided pursuant to clauses (2) through (5) of Section 2.4(i)(b) above, and the supplement referenced in the second sentence of Section 2.4(i)(b) above (except that the references to "business" in such clauses shall instead refer to nominations of directors for purposes of this paragraph), and (B) a statement whether either such stockholder or Stockholder Associated Person will deliver a proxy statement and form of proxy to holders of at least the percentage of voting power of the Corporation's voting shares reasonably believed by such stockholder or Stockholder Associated Person to be necessary to elect or re-elect such nominee(s) (such information provided and statements made as required by clauses (1) above and this clause (2), a "**<u>Nominee Solicitation Statement</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the request of the board of directors, any person nominated by a stockholder for election or re-election as a director must furnish to the secretary of the Corporation such other information as may reasonably be required by the Corporation to determine the eligibility of such proposed nominee to serve as an independent director of the Corporation or that could be material to a reasonable stockholder's understanding of the independence, or lack thereof, of such nominee; in the absence of the furnishing of such information if requested, such stockholder's nomination shall not be considered in proper form pursuant to this Section 2.4(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A nominee shall not be eligible for election or re-election if a stockholder or Stockholder Associated Person, as applicable, takes action contrary to the representations made in the Nominee Solicitation Statement applicable to such nominee or if the Nominee Solicitation Statement applicable to such nominee or if any other notice to the Corporation contains an untrue statement of a material fact or omits to state a material fact necessary to make the statements therein not misleading. The chairperson of the annual meeting shall, if the facts warrant, determine and declare at the annual meeting that a nomination was not made in accordance with the provisions prescribed by these Bylaws, and if the chairperson should so determine, he or she shall so declare at the annual meeting, and the defective nomination shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Advance Notice of Director Nominations for Special Meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the board of directors has authorized in the specific case that stockholders may fill a vacancy or newly created directorship at a special meeting of stockholders, and a special meeting has been properly called for such purpose, nominations of persons for election or appointment to the board of directors at such special meeting shall be made only (1) by or at the direction of the board of directors or (2) by any stockholder of the Corporation who (A) is a stockholder of record at the time of the giving of the notice required by this Section 2.4(iii) and on the record date for the determination of stockholders entitled to vote at the special meeting and (B) delivers a timely written notice of the nomination to the secretary of the Corporation that includes the information set forth in Sections 2.4(ii)(b) and (ii)(c) above. To be timely, such notice must be received by the secretary at the principal executive offices of the Corporation not later than the close of business on the later of the 90th day prior to such special meeting or the 10th day following the day on which Public Announcement is first made of the date of the special meeting and of the nominees proposed by the board of directors to be elected or appointed at such meeting. A person shall not be eligible for election or appointment as a director at a special meeting unless the person is nominated (i) by or at the direction of the board of directors or (ii) by a stockholder in accordance with the notice procedures set forth in this Section 2.4(iii). In addition, a nominee shall not be eligible for election or appointment if a stockholder or Stockholder Associated Person, as applicable, takes action contrary to the representations made in the Nominee Solicitation Statement applicable to such nominee or if the Nominee Solicitation Statement applicable to such nominee contains an untrue statement of a material fact or omits to state a material fact necessary to make the statements therein not misleading. Any person nominated in accordance with this Section 2.4(iii) is subject to, and must comply with, the provisions of Section 2.4(ii)(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The chairperson of such special meeting shall, if the facts warrant, determine and declare at the meeting that a nomination or business was not made in accordance with the procedures prescribed by these Bylaws, and if the chairperson should so determine, he or she shall so declare at the meeting, and the defective nomination or business shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) ***Other Requirements and Rights.*** In addition to the foregoing provisions of this Section 2.4, a stockholder must also comply with all applicable requirements of state law and of the Exchange Act with respect to the matters set forth in this Section 2.4. Nothing in this Section 2.4 shall be deemed to affect any rights of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a stockholder to request inclusion of proposals in the Corporation's proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Corporation to omit a proposal from the Corporation's proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 ***Notice of Stockholders' Meetings***. Written notice stating the place, day and hour of any annual or special meeting of stockholders, the means of electronic communication, if any, by which stockholders or proxies may be deemed to be present in the meeting and vote, and, in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be given not less than 10 days nor more than 60 days before the date of the meeting, either personally by mail, or by a form of electronic transmission permitted for such purpose by applicable law and each national securities exchange upon which the Corporation's voting stock is then listed, by or at the direction of the board of directors, the chief executive officer, or the president, or the officer or persons calling the meeting, to each stockholder of record entitled to vote at such meeting. If mailed, such notice shall be deemed to be given when deposited in the United States mail postage prepaid, directed to the stockholder at such stockholder's address as it appears on the records of the Corporation. If sent by electronic transmission, such notice shall be deemed to be given when sent to the stockholder at such stockholder's electronic address as it appears on the records of the Corporation. Failure to deliver such notice or obtain a waiver thereof shall not cause the meeting to be lost, but it shall be adjourned by the stockholders present for a period not to exceed 60 days until any deficiency to notice or waiver shall be supplied.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 ***Quorum***. The holders of a majority of the voting power of the stock issued, outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum for the transaction of business at all meetings of the stockholders, unless otherwise required by law, the Articles of Incorporation, these Bylaws or the rules and regulations of any applicable stock exchange. Where a separate vote by a class or series or classes or series is required, a majority of the voting power of the then-issued and outstanding shares of such class or series or classes or series, present in person or represented by proxy, shall constitute a quorum entitled to take action with respect to that vote on that matter, except as otherwise required by law, the Articles of Incorporation, these Bylaws or the rules and regulations of any applicable stock exchange. If, however, such quorum is not present or represented at any meeting of the stockholders, then either (i) the chairperson of the meeting, if there be one, or (ii) the stockholders entitled to vote at the meeting, present in person or represented by proxy, shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present or represented. The chairperson of the meeting shall have the authority to adjourn a meeting of the stockholders in all other events. At such adjourned meeting at which a quorum is present or represented, any business may be transacted that might have been transacted at the meeting as originally noticed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 ***Adjourned Meeting; Notice***. When a meeting is adjourned to another time or place, unless these Bylaws otherwise require, notice need not be given of the adjourned meeting if the time, place, if any, thereof, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such adjourned meeting are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. If after the adjournment a new record date for stockholders entitled to vote is fixed for the adjourned meeting, the board of directors shall fix a new record date for notice of such adjourned meeting in accordance with NRS 78.370 and Section 2.11 of these Bylaws, and shall give notice of the adjourned meeting to each stockholder of record entitled to vote at such adjourned meeting as of the record date fixed for notice of such adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 ***Conduct of Business***. The chairperson of any meeting of stockholders shall determine the order of business and the procedure at the meeting, including such regulation of the manner of voting and the conduct of business. The chairperson of any meeting of stockholders shall be designated by the board of directors; in the absence of such designation, the chairperson of the board of directors, if any, the chief executive officer (in the absence of the chairperson of the board of directors), if any, or the president (in the absence of the chairperson of the board of directors and the chief executive officer), or in their absence any other executive officer of the Corporation, shall serve as chairperson of the stockholder meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 ***Voting***. The stockholders entitled to vote at any meeting of stockholders shall be determined in accordance with the provisions of Section 2.11 of these Bylaws, subject to NRS 78.350 (Voting Rights of stockholders; determination of stockholders entitled to notice of and to vote at meeting), NRS 78.352 (Voting Rights: Persons holding stock in fiduciary capacity; persons whose stock is pledged; joint owners of stock) and NRS 78.365 (Voting Trusts). Except as may be otherwise provided in the Articles of Incorporation, each stockholder shall be entitled to one vote for each share of capital stock held by such stockholder. Except as otherwise provided by law, the Articles of Incorporation, these Bylaws or the rules and regulations of any applicable stock exchange, in all matters other than the election of directors, the affirmative vote of a majority of the voting power of the shares present in person or represented by proxy at the meeting and entitled to vote on the subject matter shall be the act of the stockholders. Except as otherwise required by law, the Articles of Incorporation, these Bylaws or the rules and regulations of any applicable stock exchange, directors shall be elected by a plurality of the voting power of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors. Where a separate vote by a class or series or classes or series is required, in all matters other than the election of directors, the affirmative vote of the majority of the voting power of shares of such class or series or classes or series present in person or represented by proxy at the meeting and entitled to vote on the subject matter shall be the act of such class or series or classes or series, except as otherwise provided by law, the Articles of Incorporation, these Bylaws, or the rules and regulations of any applicable stock exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 ***Stockholder Action by Written Consent Without a Meeting***. Unless otherwise provided in the Articles of Incorporation, any action required by statute to be taken at any annual or special meeting of the stockholders, or any action which may be taken at an annual or special meeting of stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of record on the record date (established in the manner set forth in Section 2.11 of these Bylaws) of outstanding shares of the Corporation having at least the number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted; *provided*, *however*, that in the case of the election or removal of directors by written consent, such consent shall be effective only if signed by the holders of all outstanding shares entitled to vote for the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 ***Record Dates***. In order that the Corporation may determine the stockholders entitled to notice of any meeting of stockholders or any adjournment thereof, the board of directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the board of directors and which record date shall not be more than 60 nor less than 10 days before the date of such meeting. If the board of directors so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the board of directors determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the board of directors, the record date for determining stockholders entitled to notice of and to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; *provided, however,* that the board of directors may fix a new record date for determination of stockholders entitled to vote at the adjourned meeting, and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote in accordance with the provisions of NRS 78.370 and this Section 2.11 at the adjourned meeting. In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the board of directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the board of directors adopts the resolution relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 ***Proxies***. Each stockholder entitled to vote at a meeting of stockholders may authorize another person or persons to act for such stockholder by proxy authorized by an instrument in writing or by a transmission permitted by law filed in accordance with the procedure established for the meeting, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A proxy shall be deemed irrevocable if the written authorization states that the proxy is irrevocable, but is irrevocable only for as long as it is coupled with an interest sufficient in law to support an irrevocable power pursuant to NRS 78.355. A written proxy may be in the form of electronic transmission which sets forth or is submitted with information from which it can be determined that the electronic transmission was authorized by the stockholder. No such proxy shall be valid after the expiration of six (6) months from the date of its execution, unless coupled with an interest, or unless the person executing it specifies therein the length of time for which it is to continue in force, which in no case shall exceed seven (7) years from the date of its execution. Subject to the above, any proxy duly executed is not revoked and continues in full force and effect until an instrument revoking it or a duly executed proxy bearing a later date is filed with the Secretary of the corporation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 ***List of Stockholders Entitled to Vote***. The officer who has charge of the stock ledger of the Corporation shall prepare and make a complete list of the stockholders entitled to vote at the meeting. The stockholder list shall be arranged in alphabetical order and show the address of each stockholder and the number of shares registered in the name of each stockholder. The Corporation shall not be required to include electronic mail addresses or other electronic contact information on such list. Such list shall be open to the examination of any stockholder for any purpose germane to the meeting for a period of at least ten (10) days prior to the meeting (i) on a reasonably accessible electronic network, provided that the information required to gain access to such list is provided with the notice of the meeting, or (ii) during ordinary business hours, at the Corporation's principal place of business. In the event that the Corporation determines to make the list available on an electronic network, the Corporation may take reasonable steps to ensure that such information is available only to stockholders of the Corporation. If the meeting is to be held at a place (as opposed to solely by means of remote communication), then a list shall be produced and kept at the time and place of the meeting during the whole time thereof, and may be examined by any stockholder who is present. If the meeting is to be held solely by means of remote communication, then a list shall also be open to the examination of any stockholder during the whole time of the meeting on a reasonably accessible electronic network, and the information required to access such list shall be provided with the notice of the meeting. The stock ledger of the Corporation shall be the only evidence as to the identity of the stockholders entitled to examine the stock list and vote at the meeting and the number of shares held by each of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 ***Inspectors of Election***. Before any meeting of stockholders, the board of directors shall appoint an inspector or inspectors of election to act at the meeting or its adjournment. The number of inspectors shall be either one (1) or three (3). If any person appointed as inspector fails to appear or fails or refuses to act, then the chairperson of the meeting shall appoint a person to fill that vacancy.

Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath to execute faithfully the duties of inspector with strict impartiality and according to the best of his or her ability. The inspector or inspectors so appointed and designated shall (i) ascertain the number of shares of capital stock of the Corporation outstanding and the voting power of each share, (ii) determine the shares of capital stock of the Corporation represented at the meeting and the validity of proxies and ballots, (iii) count all votes and ballots, (iv) determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspectors, and (v) certify their determination of the number of shares of capital stock of the Corporation represented at the meeting and such inspector or inspectors' count of all votes and ballots.

In determining the validity and counting of proxies and ballots cast at any meeting of stockholders of the Corporation, the inspector or inspectors may consider such information as is permitted by applicable law. If there are three (3) inspectors of election, the decision, act or certificate of a majority is effective in all respects as the decision, act or certificate of all.

**Article III — DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 ***Powers***. The business and affairs of the Corporation shall be managed by or under the direction of the board of directors, except as may be otherwise provided in the NRS or the Articles of Incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 ***Number of Directors***. The board of directors shall consist of one (1) or more members, each of whom shall be a natural person. Unless the Articles of Incorporation fixes the number of directors, the number of directors shall be determined from time to time solely by resolution of the board of directors. No reduction of the authorized number of directors shall have the effect of removing any director before that director's term of office expires.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 ***Election, Qualification and Term of Office of Directors***. Except as provided in Section 3.4 of these Bylaws, each director, including a director elected to fill a vacancy, shall hold office until the expiration of the term for which elected and until such director's successor is elected and qualified or until such director's earlier death, resignation or removal. Directors need not be stockholders unless so required by the Articles of Incorporation or these Bylaws. The Articles of Incorporation or these Bylaws may prescribe other qualifications for directors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 ***Resignation and Vacancies***. Any director may resign at any time upon notice given in writing or by electronic transmission to the Corporation. A resignation is effective when the resignation is delivered unless the resignation specifies a later effective date or an effective date determined upon the happening of an event or events.

Unless otherwise provided in the Articles of Incorporation or these Bylaws or if authorized by resolution of the board of directors, vacancies and newly created directorships resulting from any increase in the authorized number of directors shall be filled only by a majority of the directors then in office, although less than a quorum, or by a sole remaining director, and not by the stockholders. If the directors are divided into classes, a person so elected by the directors then in office to fill a vacancy or newly created directorship shall hold office until the next election of the class for which such director shall have been chosen and until his or her successor shall have been duly elected and qualified.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 ***Places of Meetings; Meetings by Telephone***. The board of directors may hold meetings, both regular and special, either within or outside the State of Nevada. Unless otherwise restricted by the Articles of Incorporation or these Bylaws, members of the board of directors may participate in a meeting of the board of directors by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 ***Regular Meetings***. Regular meetings of the board of directors may be held without notice at such time and at such place as shall from time to time be determined by the board of directors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 ***Special Meetings; Notice***. Special meetings of the board of directors for any purpose or purposes may be called at any time by (A) any two directors, (B) the chief executive officer, if there be one, or (C) the president, if there be one, at such times and places as he or she or they shall designate.

Notice of the time and place of special meetings shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) delivered personally by hand, by courier or by telephone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sent by United States first-class mail, postage prepaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) sent by facsimile; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) sent by electronic mail,

directed to each director at that director's address, telephone number, facsimile number or electronic mail address, as the case may be, as shown on the Corporation's records.

If the notice is (i) delivered personally by hand, by courier or by telephone, (ii) sent by facsimile or (iii) sent by electronic mail, it shall be delivered or sent at least 24 hours before the time of the holding of the meeting. If the notice is sent by United States mail, it shall be deposited in the United States mail at least four days before the time of the holding of the meeting. Any oral notice may be communicated to the director. The notice need not specify the place of the meeting (if the meeting is to be held at the Corporation's principal executive office) nor the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 ***Quorum; Voting***. Except as may be otherwise specifically provided by law, the Articles of Incorporation or these Bylaws, at all meetings of the board of directors, a majority of the total authorized number of directors shall constitute a quorum for the transaction of business. If a quorum is not present at any meeting of the board of directors, then the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present. The affirmative vote of a majority of the directors present at any meeting at which a quorum is present shall be the act of the board of directors, except as may be otherwise specifically provided by statute, the Articles of Incorporation or these Bylaws. If the Articles of Incorporation provides that one or more directors shall have more or less than one vote per director on any matter, every reference in these Bylaws to a majority or other proportion of the directors shall refer to a majority or other proportion of the votes of the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 ***Board Action by Written Consent Without a Meeting***. Unless otherwise restricted by the Articles of Incorporation, these Bylaws or statute, any action required or permitted to be taken at any meeting of the board of directors, or of any committee thereof, may be taken without a meeting if all members of the board of directors or committee, as the case may be, consent thereto in writing or by electronic transmission and the writing or writings or electronic transmission or transmissions are filed with the minutes of proceedings of the board of directors or committee. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form. Any person (whether or not then a director) may provide, whether through instruction to an agent or otherwise, that a consent to action will be effective at a future time (including a time determined upon the happening of an event), no later than 60 days after such instruction is given or such provision is made and such consent shall be deemed to have been given for purposes of this Section 3.9 at such effective time so long as such person is then a director and did not revoke the consent prior to such time. Any such consent shall be revocable prior to its becoming effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 ***Fees and Compensation of Directors***. Unless otherwise restricted by the Articles of Incorporation, these Bylaws or statute, the board of directors shall have the authority to fix the compensation of directors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 ***Removal of Directors***. Unless otherwise provided in the Articles of Incorporation, any director may be removed as a director by the vote of stockholders representing not less than two-thirds of the voting power of the issued and outstanding stock of the Corporation entitled to vote thereon.

**Article IV — COMMITTEES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 ***Committees of Directors***. The board of directors may designate one or more committees, each committee to consist of one or more of the directors of the Corporation. The board of directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, and in the absence of a designation by the board of directors of an alternate member to replace the absent or disqualified member, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the board of directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the board of directors, allowed by law and in these Bylaws, shall have and may exercise all the powers and authority of the board of directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers that may require it; but no such committee shall have the power or authority to (i) approve or adopt, or recommend to the stockholders, any action or matter (other than the election or removal of directors) expressly required by the NRS to be submitted to stockholders for approval, or (ii) adopt, amend or repeal any Bylaw of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 ***Committee Minutes***. Each committee shall keep regular minutes of its meetings and report the same to the board of directors when required.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 ***Meetings and Action of Committees***. Meetings and actions of committees shall be governed by, and held and taken in accordance with, the provisions of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Section 3.5 (place of meetings and meetings by telephone);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Section 3.6 (regular meetings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Section 3.7 (special meetings; notice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Section 3.8 (quorum; voting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Section 3.9 (action without a meeting); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Section 7.5 (waiver of notice)

with such changes in the context of these Bylaws as are necessary to substitute the committee and its members for the board of directors and its members. *However*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the time of regular meetings of committees may be determined by resolution of the committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) special meetings of committees may also be called by resolution of the committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) notice of special meetings of committees shall also be given to all alternate members, who shall have the right to attend all meetings of the committee. The board of directors or a committee may adopt rules for the government of any committee not inconsistent with the provisions of these Bylaws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 ***Subcommittees***. Unless otherwise provided in the Articles of Incorporation, these Bylaws or the resolutions of the board of directors designating the committee, a committee may create one or more subcommittees, each subcommittee to consist of one or more members of the committee, and delegate to a subcommittee any or all of the powers and authority of the committee.

**Article V — OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 ***Officers***. The officers of the Corporation shall be a chief executive officer, a secretary, and a treasurer. The Corporation may also have, at the discretion of the board of directors, a chairperson of the board of directors, a vice chairperson of the board of directors, a president, a chief financial officer or treasurer, one or more vice presidents, one or more assistant vice presidents, one or more assistant treasurers, one or more assistant secretaries, and any such other officers as may be appointed in accordance with the provisions of these Bylaws. Any number of offices may be held by the same person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 ***Appointment of Officers***. The board of directors shall appoint the officers of the Corporation, except such officers as may be appointed in accordance with the provisions of Section 5.3 of these Bylaws, subject to the rights, if any, of an officer under any contract of employment. A vacancy in any office because of death, resignation, removal, disqualification or any other cause shall be filled in the manner prescribed in this Article V for the regular election to such office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 ***Subordinate Officers***. The board of directors may appoint, or empower the chief executive officer, if any, or, in the absence of a chief executive officer, the president, to appoint, such other officers and agents as the business of the Corporation may require. Each of such officers and agents shall hold office for such period, have such authority, and perform such duties as are provided in these Bylaws or as the board of directors may from time to time determine.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 ***Removal and Resignation of Officers***. Subject to the rights, if any, of an officer under any contract of employment, any officer may be removed, either with or without cause, by the board of directors or by any officer upon whom such power of removal may be conferred by the board of directors, except that, unless specifically approved by the board, officers may not remove other officers chosen by the board of directors. Any officer may resign at any time by giving written or electronic notice to the Corporation; *provided, however*, that if such notice is given by electronic transmission, such electronic transmission must either set forth or be submitted with information from which it can be determined that the electronic transmission was authorized by the officer. Any resignation shall take effect at the date of the receipt of that notice or at any later time specified in that notice. Unless otherwise specified in the notice of resignation, the acceptance of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Corporation under any contract to which the officer is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 ***Vacancies in Offices***. Any vacancy occurring in any office of the Corporation shall be filled by the board of directors or as provided in Section 5.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 ***Representation of Shares or Interests of Other Corporations or Entities***. The chairperson of the board of directors, if any, the chief executive officer, the chief financial officer, the president, any vice president, the treasurer, the secretary or any assistant secretary of this Corporation, or any other person authorized by the board of directors is authorized to vote, represent, and exercise on behalf of this Corporation all rights incident to any and all shares or equity interests of any other corporation or corporations or entity or entities standing in the name of this Corporation, including the right to act by written consent. The authority granted herein may be exercised either by such person directly or by any other person authorized to do so by proxy or power of attorney duly executed by such person having the authority.

**Article VI — STOCK**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 ***Stock Certificates; Partly Paid Shares***. The shares of the Corporation shall be represented by certificates, provided that the board of directors may provide by resolution or resolutions that some or all of any or all classes or series of its stock shall be uncertificated shares, subject to the requirements of the NRS. Any such resolution shall not apply to shares represented by a certificate until such certificate is surrendered to the Corporation. Every holder of stock represented by certificates shall be entitled to have a certificate signed by, or in the name of the Corporation by the chairperson of the board of directors, if there be one, or vice-chairperson of the board of directors, if there be one, or the president or a vice-president, and by the treasurer or an assistant treasurer, or the secretary or an assistant secretary of the Corporation representing the number of shares registered in certificate form. In case any officer, transfer agent or registrar who has signed a certificate has ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if such person were such officer, transfer agent or registrar at the date of issue. The Corporation shall not have power to issue a certificate in bearer form.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 ***Lost, Stolen or Destroyed Certificates***. Any stockholder claiming that his certificate for shares is lost, stolen or destroyed may make an affidavit or affirmation of the fact and lodge the same with the Secretary of the corporation, accompanied by a signed application for a new certificate. Thereupon, and upon the giving of a satisfactory bond of indemnity to the corporation not exceeding an amount double the value of the shares as represented by such certificate (the necessity for such bond and the amount required to be determined by the president and treasurer of the corporation), a new certificate may be issued of the same tenor and representing the same number, class and series of shares as were represented by the certificate alleged to be lost, stolen or destroyed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 ***Dividends***. The board of directors, subject to any restrictions contained in the Articles of Incorporation or applicable law, may declare and pay dividends upon the shares of the Corporation's capital stock. Dividends may be paid in cash, in property, or in shares of the Corporation's capital stock, subject to the provisions of the Articles of Incorporation. The board of directors may set apart out of any of the funds of the Corporation available for dividends a reserve or reserves for any proper purpose and may abolish any such reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 ***Stock Transfer Agreements***. Subject to the limitation imposed by NRS 104.8204, a written restriction on the transfer or registration of transfer of a security of the corporation may be enforced against the holder of the restricted security or any successor or transferee of the holder. A restriction on the transfer or registration of transfer of the securities of the corporation may be imposed either by the Articles of Incorporation, the Bylaws or by an agreement among any number of security holders or between one or more such holders and the corporation. No restriction so imposed is binding with respect to securities issued prior to the adoption of the restriction, unless the holders of the securities are parties to an agreement or voted in favor of the restriction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.5 **Registered Stockholders***. The Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends and to vote as such owner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of another person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of Nevada.

**Article VII — MANNER OF GIVING NOTICE AND WAIVER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 ***Notice of Stockholders' Meetings***. Notice of any meeting of stockholders, if mailed, is given when deposited in the United States mail, postage prepaid, directed to the stockholder at such stockholder's address as it appears on the Corporation's records. An affidavit of the secretary or an assistant secretary of the Corporation or of the transfer agent or other agent of the Corporation that the notice has been given shall, in the absence of fraud, be *prima facie* evidence of the facts stated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 ***Notice by Electronic Transmission***. Without limiting the manner by which notice otherwise may be given effectively to stockholders pursuant to the NRS, the Articles of Incorporation or these Bylaws, any notice to stockholders given by the Corporation under any provision of the NRS, the Articles of Incorporation or these Bylaws shall be effective if given by a form of electronic transmission consented to by the stockholder to whom the notice is given. Any such consent shall be revocable by the stockholder by written notice to the Corporation. Any such consent shall be deemed revoked if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation is unable to deliver by electronic transmission two consecutive notices given by the Corporation in accordance with such consent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such inability becomes known to the secretary or an assistant secretary of the Corporation or to the transfer agent, or other person responsible for the giving of notice.

However, the inadvertent failure to treat such inability as a revocation shall not invalidate any meeting or other action.

Any notice given pursuant to the preceding paragraph shall be deemed given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if by facsimile telecommunication, when directed to a number at which the stockholder has consented to receive notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if by electronic mail, when directed to an electronic mail address at which the stockholder has consented to receive notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if by a posting on an electronic network together with separate notice to the stockholder of such specific posting, upon the later of (A) such posting and (B) the giving of such separate notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if by any other form of electronic transmission, when directed to the stockholder.

An affidavit of the secretary or an assistant secretary or of the transfer agent or other agent of the Corporation that the notice has been given by a form of electronic transmission shall, in the absence of fraud, be *prima facie* evidence of the facts stated therein.

An "<u>electronic transmission</u>" means any form of communication, not directly involving the physical transmission of paper, that creates a record that may be retained, retrieved, and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an automated process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 ***Waiver of Notice***. Whenever notice is required to be given to stockholders, directors or other persons under any provision of the NRS, the Articles of Incorporation or these Bylaws, a written waiver, signed by the person entitled to notice, or a waiver by electronic transmission by the person entitled to notice, whether before or after the time of the event for which notice is to be given, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders or the board of directors, as the case may be, need be specified in any written waiver of notice or any waiver by electronic transmission unless so required by the Articles of Incorporation or these Bylaws.

**Article VIII — INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 ***Indemnification of Directors and Officers in Third Party Proceedings***. Subject to the other provisions of this Article VIII, the Corporation shall indemnify, to the fullest extent permitted by the NRS, as now or hereinafter in effect, any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (a "**<u>Proceeding</u>**") (other than an action by or in the right of the Corporation) by reason of the fact that such person is or was a director of the Corporation or an officer of the Corporation, or while a director of the Corporation or officer of the Corporation is or was serving at the request of the Corporation as a director, officer, employee or agent of another Corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such Proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal Proceeding, had no reasonable cause to believe such person's conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction, or upon a plea of *nolo contendere* or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which such person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal Proceeding, had reasonable cause to believe that such person's conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 ***Indemnification of Directors and Officers in Actions by or in the Right of the Corporation***. Subject to the other provisions of this Article VIII, the Corporation shall indemnify, to the fullest extent permitted by the NRS, as now or hereinafter in effect, any person who was or is a party or is threatened to be made a party to any threatened, pending or completed Proceeding by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that such person is or was a director or officer of the Corporation, or while a director or officer of the Corporation is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such Proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation; except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Corporation unless and only to the extent that the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the such court shall deem proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 ***Successful Defense***. To the extent that a present or former director or officer of the Corporation has been successful on the merits or otherwise in defense of any Proceeding described in Section 8.1 or Section 8.2, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 ***Indemnification of Others; Advance Payment to Others***. Subject to the other provisions of this Article VIII, the Corporation shall have power to advance expenses to and indemnify its employees and its agents to the extent not prohibited by the NRS or other applicable law. The board of directors shall have the power to delegate the determination of whether employees or agents shall be indemnified or receive an advancement of expenses to such person or persons as the board of directors determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 ***Advance Payment of Expenses***. Expenses (including attorneys' fees) incurred by an officer or director of the Corporation in defending any Proceeding shall be paid by the Corporation in advance of the final disposition of such Proceeding upon receipt of a written request therefor (together with documentation reasonably evidencing such expenses) and an undertaking by or on behalf of the person to repay such amounts if it shall ultimately be determined that the person is not entitled to be indemnified under this Article VIII or the NRS. Such expenses (including attorneys' fees) incurred by former directors and officers or other employees and agents may be so paid upon such terms and conditions, if any, as the Corporation deems reasonably appropriate and shall be subject to the Corporation's expense guidelines. The right to advancement of expenses shall not apply to any claim for which indemnity is excluded pursuant to these Bylaws, but shall apply to any Proceeding referenced in Section 8.6(ii) or 8.6(iii) prior to a determination that the person is not entitled to be indemnified by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 ***Limitation of Indemnification***. Subject to the requirements in Section 8.3 and the NRS, the Corporation shall not be obligated to indemnify any person pursuant to this Article VIII in connection with any Proceeding (or any part of any Proceeding):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for which payment has actually been made to or on behalf of such person under any statute, insurance policy, indemnity provision, vote or otherwise, except with respect to any excess beyond the amount paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for an accounting or disgorgement of profits pursuant to Section 16(b) of the Exchange Act, or similar provisions of federal, state or local statutory law or common law, if such person is held liable therefor (including pursuant to any settlement arrangements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for any reimbursement of the Corporation by such person of any bonus or other incentive-based or equity-based compensation or of any profits realized by such person from the sale of securities of the Corporation, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Corporation pursuant to Section 304 of the Sarbanes–Oxley Act of 2002 (the "<u>Sarbanes–Oxley Act</u>"), or the payment to the Corporation of profits arising from the purchase and sale by such person of securities in violation of Section 306 of the Sarbanes-Oxley Act), if such person is held liable therefor (including pursuant to any settlement arrangements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) initiated by such person against the Corporation or its directors, officers, employees, agents or other indemnitees, unless (a) the board of directors authorized the Proceeding (or the relevant part of the Proceeding) prior to its initiation, (b) the Corporation provides the indemnification, in its sole discretion, pursuant to the powers vested in the Corporation under applicable law, (c) otherwise required to be made under Section 8.7 or (d) otherwise required by applicable law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if prohibited by applicable law; provided, however, that if any provision or provisions of this Article VIII shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (1) the validity, legality and enforceability of the remaining provisions of this Article VIII (including, without limitation, each portion of any paragraph or clause containing any such provision held to be invalid, illegal or unenforceable, that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (2) to the fullest extent possible, the provisions of this Article VIII (including, without limitation, each such portion of any paragraph or clause containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 ***Determination; Claim***. If a claim for indemnification or advancement of expenses under this Article VIII is not paid in full within 90 days after receipt by the Corporation of the written request therefor, the claimant shall be entitled to an adjudication by a court of competent jurisdiction of his or her entitlement to such indemnification or advancement of expenses. The Corporation shall indemnify such person against any and all expenses that are incurred by such person in connection with any action for indemnification or advancement of expenses from the Corporation under this Article VIII, to the extent such person is successful in such action, and to the extent not prohibited by law. In any such suit, the Corporation shall, to the fullest extent not prohibited by law, have the burden of proving that the claimant is not entitled to the requested indemnification or advancement of expenses.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 ***Non-Exclusivity of Rights***. The indemnification and advancement of expenses provided by, or granted pursuant to, this Article VIII shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under the Articles of Incorporation or any statute, Bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person's official capacity and as to action in another capacity while holding such office. The Corporation is specifically authorized to enter into individual contracts with any or all of its directors, officers, employees or agents respecting indemnification and advancement of expenses, to the fullest extent not prohibited by the NRS or other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 ***Insurance***. The Corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person's status as such, whether or not the Corporation would have the power to indemnify such person against such liability under the provisions of the NRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 ***Survival***. The rights to indemnification and advancement of expenses conferred by this Article VIII shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 ***Effect of Repeal or Modification***. Any amendment, alteration or repeal of this Article VIII shall not adversely affect any right or protection hereunder of any person in respect of any act or omission occurring prior to such amendment, alteration or repeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 ***Certain Definitions***. For purposes of this Article VIII, references to the "<u>Corporation</u>" shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees or agents, so that any person who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Article VIII with respect to the resulting or surviving corporation as such person would have with respect to such constituent corporation if its separate existence had continued. For purposes of this Article VIII, references to "<u>other enterprises</u>" shall include employee benefit plans; references to "<u>fines</u>" shall include any excise taxes assessed on a person with respect to an employee benefit plan (excluding any "parachute payments" within the meanings of Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended); and references to "<u>serving at the request of the Corporation</u>" shall include any service as a director, officer, employee or agent of the Corporation which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "<u>not opposed to the best interests of the Corporation</u>" as referred to in this Article VIII.

**Article IX — GENERAL MATTERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 ***Execution of Corporate Contracts and Instruments***. Except as otherwise provided by law, the Articles of Incorporation or these Bylaws, the board of directors may authorize any officer or officers, or agent or agents, to enter into any contract or execute any document or instrument in the name of and on behalf of the Corporation; such authority may be general or confined to specific instances. Unless so authorized or ratified by the board of directors or within the agency power of an officer, no officer, agent or employee shall have any power or authority to bind the Corporation by any contract or engagement or to pledge its credit or to render it liable for any purpose or for any amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 ***Fiscal Year***. The fiscal year of the Corporation shall be fixed by resolution of the board of directors and may be changed by the board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 ***Seal***. The Corporation may adopt a corporate seal, which shall be adopted and which may be altered by the board of directors. The Corporation may use the corporate seal by causing it or a facsimile thereof to be impressed or affixed or in any other manner reproduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 ***Construction; Definitions***. Unless the context requires otherwise, the general provisions, rules of construction, and definitions in the NRS shall govern the construction of these Bylaws. Without limiting the generality of this provision, the singular number includes the plural, the plural number includes the singular, and the term "<u>person</u>" includes both an entity and a natural person.

**Article X — AMENDMENTS**

Any Article or provision of these Bylaws may be altered, amended or repealed at any time, or new Bylaws may be adopted at any time, by a majority of the directors present at any meeting of the Board of Directors of the corporation at which a quorum is present, in the sole and absolute discretion of the Board of Directors.

\* \* \* \* \*

**U.S. GOLDMINING INC.**

**CERTIFICATE OF ADOPTION OF BYLAWS**

The undersigned hereby certifies that (s)he is the duly elected, qualified and acting Secretary of U.S. GoldMining Inc., a Nevada corporation (the "**<u>Corporation</u>**"), and that the foregoing Bylaws, were adopted as the Bylaws of the Corporation on August 30, 2022.

---

| |
|:---|
| */s/ Pat Obara* |
| (signature) |
| Pat Obara |
| (print name) |
| Secretary |
| (title) |

---

## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

![](ex4-1_002.jpg)

## Exhibit 4.2

**Exhibit 4.2**

**COMMON STOCK PURCHASE WARRANT**

**U.S. GOLDMINING INC.**

Warrant Shares: _____ Initial Exercise Date: _____, 2023

cusip:

isiN:<sup>1</sup>

THIS COMMON STOCK PURCHASE WARRANT (the "<u>Warrant</u>") certifies that, for value received, Cede & Co. or its assigns (the "<u>Holder</u>") is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the "<u>Initial Exercise Date</u>") and on or prior to 5:00 p.m. (New York City time) on _____<sup>2</sup> (the "<u>Termination Date</u>") but not thereafter, to subscribe for and purchase from U.S. GoldMining Inc., a Nevada corporation (the "<u>Company</u>"), up to ______ shares (as subject to adjustment hereunder, the "<u>Warrant Shares</u>") of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant shall initially be issued and maintained in the form of a security held in book-entry form and the Depository Trust Company or its nominee ("<u>DTC</u>") shall initially be the sole registered holder of this Warrant, subject to a Holder's right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.

<u>Section 1</u>. <u>Definitions</u>. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

"<u>Affiliate</u>" means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

"<u>Bid Price</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

<sup>1</sup> <u>Continental</u> to advise if ISIN is required.

<sup>2</sup> Insert the date that is the three-year anniversary of the Initial Exercise Date, provided that, if such date is not a Trading Day, insert the immediately following Trading Day.

"<u>Board of Directors</u>" means the board of directors of the Company.

"<u>Business Day</u>" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers on such day.

"<u>Commission</u>" means the United States Securities and Exchange Commission.

"<u>Common Stock</u>" means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such securities may hereafter be reclassified or changed.

"<u>Common Stock Equivalents</u>" means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Person</u>" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

"<u>Registration Statement</u>" means the Company's registration statement on Form S-1 (File No. 333-[).

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Subsidiary</u>" means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

"<u>Trading Day</u>" means a day on which the Common Stock is traded on a Trading Market.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange (or any successors to any of the foregoing).

"<u>Transfer Agent</u>" means Continental Stock Transfer & Trust Company, the current transfer agent of the Company, with a mailing address of 1 State Street, New York, New York 10004, and any successor transfer agent of the Company.

"<u>Underwriting Agreement</u>" means the underwriting agreement, dated as of _____, 2023, among the Company, BMO Capital Markets Corp., Laurentian Bank Securities Inc. and H.C. Wainwright & Co., LLC as representative of the underwriters named therein, as amended, modified or supplemented from time to time in accordance with its terms.

"<u>VWAP</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

"<u>Warrant Agency Agreement</u>" means that certain warrant agency agreement, dated on or about the Initial Exercise Date, between the Company and the Warrant Agent.

"<u>Warrant Agent</u>" means the Transfer Agent and any successor warrant agent of the Company.

"<u>Warrants</u>" means this Warrant and other Common Stock purchase warrants issued by the Company pursuant to the Registration Statement.

<u>Section 2</u>. <u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Exercise of Warrant</u>. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the "<u>Notice of Exercise</u>"). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier's check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. **The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.**

Notwithstanding the foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder's right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Exercise Price</u>. The exercise price per share of Common Stock under this Warrant shall be $13.00, subject to adjustment hereunder (the "<u>Exercise Price</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Cashless Exercise</u>. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a "cashless exercise" in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

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| | |
|:---|:---|
| (A) = | as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of "regular trading hours" (as defined in Rule 600(b) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder's execution of the applicable Notice of Exercise if such Notice of Exercise is executed during "regular trading hours" on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of "regular trading hours" on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of "regular trading hours" on such Trading Day; |
| (B) = | the Exercise Price of this Warrant, as adjusted hereunder; and |
| (X) = | the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise. |

---

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics, if any, of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d) <u>Mechanics of Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; i. <u>Delivery of Warrant Shares Upon Exercise</u>. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder's or its designee's balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system ("<u>DWAC</u>") if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 under the Securities Act and this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company's share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the "<u>Warrant Share Delivery Date</u>"). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after the Warrant Share Delivery Date) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, "<u>Standard Settlement Period</u>" means the standard settlement period, expressed in a number of Trading Days, on the Company's primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Initial Exercise Date, which may be delivered at any time after the time of execution of the Underwriting Agreement, the Company agrees to deliver the Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received by such Warrant Share Delivery Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Delivery of New Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Rescission Rights</u>. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</u>. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (subject to receipt of the aggregate exercise price for the applicable exercise (other than in the case of a cashless exercise)), and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a "<u>Buy-In</u>"), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder's total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder's right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>No Fractional Shares or Scrip</u>. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>Charges, Taxes and Expenses</u>. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <u>provided</u>, <u>however</u>, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. <u>Closing of Books</u>. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Holder's Exercise Limitations</u>. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder's Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder's Affiliates (such Persons, "<u>Attribution Parties</u>")), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder's determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company's most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The "<u>Beneficial Ownership Limitation</u>" shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61<sup>st</sup> day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

<u>Section 3</u>. <u>Certain Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Stock Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>[RESERVED.]</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>[RESERVED.]</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>[RESERVED.]</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Fundamental Transaction</u>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company or any Subsidiary, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock or 50% or more of the voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock or 50% or more of the voting power of the common equity of the Company (each a "<u>Fundamental Transaction</u>"), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the "<u>Alternate Consideration</u>") receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "<u>Successor Entity</u>") to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall be added to the term "Company" under this Warrant (so that from and after the occurrence or consummation of such Fundamental Transaction, each and every provision of this Warrant and the other Transaction Documents referring to the "Company" shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant and the other Transaction Documents with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein. For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(e) regardless of (i) whether the Company has sufficient authorized shares of Common Stock for the issuance of Warrant Shares and/or (ii) whether a Fundamental Transaction occurs prior to the Initial Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) <u>Notice to Holder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company or Warrant Agent shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company (and all of its Subsidiaries, taken as a whole) is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified but in no event earlier than the date on which the Company makes a public announcement, a notice (unless such information is filed with the Commission, in which case a notice shall not be required) stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) <u>Voluntary Adjustment By Company</u>. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of this Warrant, reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the Board.

<u>Section 4</u>. <u>Transfer of Warrant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Transferability</u>. Subject to compliance with any applicable securities laws, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>New Warrants</u>. If this Warrant is not held in global form through DTC (or any successor depositary), this Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Warrant Register</u>. The Warrant Agent shall register this Warrant, upon records to be maintained by the Warrant Agent for that purpose (the "<u>Warrant Register</u>"), in the name of the record Holder hereof from time to time. The Company and the Warrant Agent may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

<u>Section 5</u>. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>No Rights as Stockholder Until Exercise; No Settlement in Cash</u>. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a "cashless exercise" pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Authorized Shares</u>.

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys' fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Restrictions</u>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) <u>Nonwaiver and Expenses</u>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder's rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) <u>Notices</u>. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company, at U.S. GoldMining Inc., C/O GoldMining Inc., 1030 West Georgia Street, Suite 1830, Vancouver, BC, Canada V6E 2Y3, Attention: Chief Financial Officer, email address: pobara@goldmining.com, or such other email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) <u>Limitation of Liability</u>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) <u>Successors and Assigns</u>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) <u>Amendment</u>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder or the beneficial owner of this Warrant, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) <u>Severability</u>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) <u>Headings</u>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o) <u>Warrant Agency Agreement.</u> If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued subject to the Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agency Agreement, the provisions of this Warrant shall govern and be controlling.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

 

*(Signature Page Follows)* 

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

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| |
|:---|
| **U.S. GOLDMINING INC.** |
| By: |
| Name:<br>|
| Title:<br>|

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**NOTICE OF EXERCISE**

To: U.S. GOLDMINING INC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

[ ] in lawful money of the United States; or

[ ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

_______________________________

The Warrant Shares shall be delivered to the following DWAC Account Number:

_______________________________

_______________________________

_______________________________

[SIGNATURE OF HOLDER]

Name of Investing Entity: ___________________________________________________________________________

*Signature of Authorized Signatory of Investing Entity*: _____________________________________________________

Name of Authorized Signatory: _______________________________________________________________________

Title of Authorized Signatory: ________________________________________________________________________

Date: ___________________________________________________________________________________________

**ASSIGNMENT FORM**

*(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)*

 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

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| | |
|:---|:---|
| Name: | <u> </u> |
|  | (Please Print) |
| Address: | <u> </u> |
|  | (Please Print) |
| Phone Number: | |
| Email Address: | |
| Dated: _______________ __, ______ |  |

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Holder's Signature:   <br>Holder's Address:

## Exhibit 4.3

**Exhibit 4.3**

**WARRANT AGREEMENT**

THIS WARRANT AGREEMENT (this "Agreement"), dated as of ___________, 2023, is entered into by and between U.S. GoldMining Inc. a Nevada corporation (the "Company"), and Continental Stock Transfer & Trust Company, a New York corporation (the "Warrant Agent").

WHEREAS, the Company has filed with the Securities and Exchange Commission a Registration Statement on Form S-1, No: 333-______ (the "Registration Statement"), for the registration, under the Securities Act of 1933, as amended (the "Act") of, among other securities, the Warrants and the Common Stock issuable upon exercise of the Warrants;

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants;

WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement.

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

<u>Appointment of Warrant Agent</u>. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

<u>Warrants</u>.

<u>Form of Warrant</u>. Each Warrant shall be (a) issued in registered form only, (b) in substantially the form of <u>Exhibit A</u> hereto, the provisions of which are incorporated herein, and (c) signed by, or bear the facsimile signature of, the Chairman of the Board or the President and the Treasurer or the Secretary of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

<u>Effect of Countersignature</u>. Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

<u>Registration</u>.

<u>Warrant Register</u>. The Warrant Agent shall maintain books (the "Warrant Register") for the registration of the original issuance and transfers of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company.

<u>Registered Holder</u>. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant shall be registered upon the Warrant Register (the "registered holder"), as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the warrant certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

<u>Terms and Exercise of Warrants</u>.

<u>Warrant Price</u>. Each Warrant shall, when countersigned by the Warrant Agent, entitle the registered holder thereof, subject to the provisions of such Warrant, as the case may be, and of this Warrant Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $ per whole share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term "Warrant Price" as used in this Warrant Agreement refers to the price per share at which Common Stock may be purchased at the time a Warrant is exercised. The Company, in its sole discretion, may lower the Warrant Price at any time prior to the Expiration Date (as defined below).

<u>Duration of Warrants</u>. A Warrant may be exercised only during the period ("Exercise Period") commencing on ____________, 2023 and terminating at 5:00 p.m., New York City time on ____________, 20__ (the "**Expiration Date**"). Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on the Expiration Date. The Company, in its sole discretion, may extend the duration of the Warrants by delaying the Expiration Date.

<u>Exercise of Warrants</u>.

<u>Payment</u>. Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed, and by paying in full the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by certified check payable to the order of the Warrant Agent, or wire transfer.

<u>Issuance of Certificates</u>. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price or upon surrender of the Warrant (or portion thereof), the Company shall issue to the registered holder of such Warrant a certificate or certificates representing the number of full shares of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and, if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any securities pursuant to the exercise of a Warrant unless (a) a registration statement under the Act with respect to the Common Stock issuable upon exercise of such Warrants is effective and a current prospectus relating to the shares of Common Stock issuable upon exercise of the Warrants is available for delivery to the Warrant holders or (b) in the opinion of counsel to the Company, the exercise of the Warrants is exempt from the registration requirements of the Act and such securities are qualified for sale or exempt from qualification under applicable securities laws of the states or other jurisdictions in which the registered holder resides. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such exercise or issuance would be unlawful. In the event that a registration statement under the Act with respect to the Common Stock underlying the Warrants is not effective or a current prospectus is not available, and such exercise would be unlawful with respect to a registered holder in any state, the registered holder shall not be entitled to exercise such Warrants and such Warrants may have no value and expire worthless. In no event will the Company be required to "net cash settle" the warrant exercise.

<u>Valid Issuance</u>. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and nonassessable.

<u>Date of Issuance</u>. Each person in whose name any such certificate for shares of Common Stock is issued shall for all purposes be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open.

<u>Adjustments</u>.

<u>Stock Dividends - Split-Ups</u>. If the Company, at any time while the Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of the Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Warrant Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of the Warrant shall be proportionately adjusted such that the aggregate Warrant Price of the Warrant shall remain unchanged. Any adjustment made pursuant to Section 3 of the Warrant shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

<u>Adjustments in Exercise Price</u>. Whenever the Warrant Price is adjusted pursuant to any provision of Section 3 of the Warrant, the Company or Warrant Agent shall promptly deliver to the Holder by email a notice setting forth the Warrant Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

<u>Replacement of Securities upon Reorganization, etc</u>. If, at any time while the Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company or any Subsidiary, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock or 50% or more of the voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock or 50% or more of the voting power of the common equity of the Company (each a "Fundamental Transaction"), then, upon any subsequent exercise of the Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) of the Warrant on the exercise of the Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the "Alternate Consideration") receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which the Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) of the Warrant on the exercise of the Warrant). For purposes of any such exercise, the determination of the Warrant Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Warrant Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of the Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "Successor Entity") to assume in writing all of the obligations of the Company under the Warrant in accordance with the provisions of Section 3(e) of the Warrant pursuant to written agreements prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for the Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to the Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of the Warrant (without regard to any limitations on the exercise of the Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of the Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall be added to the term "Company" under the Warrant (so that from and after the occurrence or consummation of such Fundamental Transaction, each and every provision of the Warrant and the other Transaction Documents referring to the "Company" shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under the Warrant and the other Transaction Documents with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein. For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of Section 3(e) of the Warrant regardless of (i) whether the Company has sufficient authorized shares of Common Stock for the issuance of Warrant Shares and/or (ii) whether a Fundamental Transaction occurs prior to the Initial Exercise Date.

<u>Notices of Changes in Warrant</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company (and all of its Subsidiaries, taken as a whole) is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified but in no event earlier than the date on which the Company makes a public announcement, a notice (unless such information is filed with the Commission, in which case a notice shall not be required) stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in the Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise the Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

<u>No Fractional Shares</u>. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of the Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Warrant Price or round up to the next whole share.

<u>Form of Warrant</u>. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement. However, the Company may, at any time, in its sole discretion, make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

<u>Transfer and Exchange of Warrants.</u>

<u>Registration of Transfer</u>. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant in the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly medallion guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled may be delivered by the Warrant Agent to the Company from time to time upon request.

<u>Procedure for Surrender of Warrants</u>. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the registered holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer is exempt from registration under the Federal Securities Act of 1933, as amended and indicating whether the new Warrants must also bear a restrictive legend.

<u>Fractional Warrants</u>. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a warrant certificate for a fraction of a warrant.

<u>Service Charges</u>. No service charge shall be made for any exchange or registration of transfer of Warrants.

<u>Warrant Execution and Countersignature</u>. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

<u>Other Provisions Relating to Rights of Holders of Warrants</u>.

<u>No Rights as Stockholder</u>. A Warrant does not entitle the registered holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter.

<u>Lost, Stolen, Mutilated, or Destroyed Warrants</u>. If any Warrant is lost, stolen, mutilated or destroyed, the Company and the Warrant Agent may, on such terms as to indemnity or otherwise as they may in their discretion impose (which terms shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor and date as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone.

<u>Reservation of Common Stock</u>. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

<u>Registration of Common Stock</u>. The Company agrees that prior to the commencement of the Exercise Period, it shall use its best efforts to file with the Securities and Exchange Commission a post-effective amendment to the Registration Statement, or a new registration statement, for the registration under the Act of the Common Stock issuable upon exercise of the Warrants, and it shall take such action as is necessary to qualify for sale, in those states in which the Warrants were initially offered by the Company, the Common Stock issuable upon exercise of the Warrants. In either case, the Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement until the expiration of the Warrants in accordance with the provisions of this Agreement. In no event will the registered holder of a Warrant be entitled to receive a "net cash settlement" in lieu of physical settlement in shares of Common Stock, regardless of whether the Company complies with this Section 7.4.

<u>Limitation on Monetary Damages</u>. In no event shall the registered holder of a Warrant be entitled to receive monetary damages for failure to settle any Warrant exercise if the Common Stock issuable upon exercise of the Warrants has not been registered with the Securities and Exchange Commission pursuant to an effective registration statement or if a current prospectus is not available for delivery by the Warrant Agent, provided the Company has fulfilled its obligations under Section 7.4 to use its best efforts to effect the registration under the Act of the Common Stock issuable upon exercise of the Warrants.

<u>Concerning the Warrant Agent and Other Matters</u>.

<u>Payment of Taxes</u>. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares.

<u>Resignation, Consolidation, or Merger of Warrant Agent</u>.

<u>Appointment of Successor Warrant Agent</u>. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days' notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company's cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

<u>Notice of Successor Warrant Agent</u>. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment.

<u>Merger or Consolidation of Warrant Agent</u>. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act.

<u>Fees and Expenses of Warrant Agent</u>.

<u>Remuneration</u>. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

<u>Further Assurances</u>. The Company agrees to perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement.

<u>Liability of Warrant Agent</u>.

<u>Reliance on Company Statement</u>. Whenever in the performance of its duties under this Warrant Agreement the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by the President or Chairman of the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

<u>Indemnity</u>. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent's gross negligence, willful misconduct or bad faith.

<u>Exclusions</u>. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock will when issued be valid and fully paid and nonassessable.

<u>Acceptance of Agency</u>. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and, among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of shares of Common Stock through the exercise of Warrants.

<u>Miscellaneous Provisions</u>.

<u>Successors</u>. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns.

<u>Notices</u>. Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be delivered by hand or sent by registered or certified mail or overnight courier service, addressed (until another address is filed in writing by the Company with the Warrant Agent) as follows:

"Company Name"

Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be delivered by hand or sent by registered or certified mail or overnight courier service, addressed (until another address is filed in writing by the Company with the Warrant Agent) as follows:

Continental Stock Transfer & Trust Company

1 State Street, 30 FL

New York, New York 10004

Attn: Compliance Department

with a copy in each case to:

U.S. GoldMining Inc.

1830 – 1030 West Georgia Street

Vancouver, BC V6E 2Y3

Attn: Chief Financial Officer

Any notice, sent pursuant to this Warrant Agreement shall be effective, if delivered by hand, upon receipt thereof by the party to whom it is addressed, if sent by overnight courier, on the next business day of the delivery to the courier, and if sent by registered or certified mail on the third day after registration or certification thereof.

<u>Applicable Law</u>. The validity, interpretation and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

<u>Persons Having Rights under this Agreement</u>. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders of the Warrants, any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the registered holders of the Warrants.

<u>Examination of the Warrant Agreement</u>. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant Agent may require any such holder to submit his, her or its Warrant for inspection by it.

<u>Counterparts</u>. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

<u>Effect of Headings</u>. The section headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the interpretation thereof.

<u>Amendments</u>. This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the registered holders. All other modifications or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the written consent of the registered holders of a majority of the then outstanding Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the registered holders.

<u>Severability</u>. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

[Signature page follows]

IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

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| | |
|:---|:---|
| **U.S. GOLDMINING INC.** | **U.S. GOLDMINING INC.** |
| By: |  |
| Name: | Pat Obara |
| Title: | Chief Financial Officer |
| **CONTINENTAL STOCK TRANSFER & TRUST COMPANY** | **CONTINENTAL STOCK TRANSFER & TRUST COMPANY** |
| By: |  |
| Name: |  |
| Title: |  |

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## Exhibit 5.1

**Exhibit 5.1**

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|:---|
| ![](ex5-1_001.jpg) |
| ![](ex5-1_002.jpg) |

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February 10, 2023

U.S. GoldMining Inc.

Suite 200, Office 203

301 Calista Court

Anchorage, AK 99518

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| | |
|:---|:---|
| **Re:** | **U.S. GoldMining Inc.** |
|  | **Registration Statement on Form S-1** |

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Ladies and Gentlemen:

We have acted as counsel to U.S. GoldMining Inc., a Nevada corporation (the "<u>Company</u>"), in connection with the Company's Registration Statement on Form S-1, as filed with the United States Securities and Exchange Commission (the "<u>Commission</u>") on or about the date first referenced above (the "<u>Registration Statement</u>"), under the Securities Act of 1933, as amended ("<u>Securities Act</u>"), for the offer and sale of 2,000,000 units ("<u>Units</u>"), with each Unit consisting of (i) one share ("<u>Share</u>" and collectively, the "<u>Shares</u>") of the Corporation's common stock, par value $0.001 per share ("<u>Common Stock</u>"), and (ii) one warrant ("<u>Warrant</u>" and collectively, the "<u>Warrants</u>"), which entitles the holder thereof to purchase one share of Common Stock at a price of $13.00 per share ("<u>Warrant Shares</u>" and together with the Shares and Warrants, the "<u>Securities</u>"). The Securities are to be sold pursuant to the Underwriting Agreement to be entered into by the Company with H.C. Wainwright & Co., LLC as the Representative of the several underwriters set forth therein (the "<u>Agreement</u>").

We have examined executed original or counterparts of the following documents: (a) the Articles of Incorporation of the Company filed with the Nevada Secretary of State on September 8, 2022, as amended (the "<u>Articles</u>"); (b) the Bylaws of the Company; (c) the resolutions adopted by the Company's board of directors approving the Registration Statement and authorizing the offer and sale of the Securities, amongst other items (the "<u>Directors' Resolutions</u>"); (d) the Registration Statement; (e) the Agreement; and (f) the form of Warrant (the "<u>Warrant</u>"). We have also examined such corporate records and other agreements, documents and instruments, and such certificates or comparable documents of public officials and officers and representatives of the Company and have made such inquiries of such officers and representatives and have considered such matters of law as we have deemed appropriate as the basis for the opinion hereinafter set forth.

U.S. GoldMining Inc.

February 10, 2023

In delivering this opinion, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to originals of all documents submitted to us as certified, photostatic or conformed copies, the authenticity of originals of all such latter documents, and the accuracy and completeness of all records, information and statements submitted to us by officers and representatives of the Company. In making our examination of documents executed by parties other than the Company, we have assumed that such parties had the power, corporate or other, to enter into and perform all obligations thereunder and have also assumed the due authorization of all requisite action, corporate or other, and execution and delivery by such parties of such documents and the validity and binding effect thereof with respect to such parties.

The opinion expressed below is based on the assumption that: (a) the Registration Statement and any amendments or supplements thereto (including any post-effective amendments) have been, or will be, filed by the Company with the Commission and will be effective at the time that any of the Securities are issued, and that persons acquiring the Securities will receive a prospectus containing all of the information required by Part I of the Registration Statement before acquiring such Securities; (b) the Securities will continue to be duly and validly authorized on the dates that the Securities are issued, and, upon the issuance of any of the Securities, the total number of shares of Common Stock of the Company issued and outstanding, after giving effect to such issuance of such Securities, will not exceed the total number of shares of Common Stock that the Company is then authorized to issue under the Articles, as may be further amended; and (c) the Securities will issued and sold in compliance with the Securities Act and the securities or "Blue Sky" laws of various states.

On the basis of the foregoing, and subject to the qualifications, assumptions, and limitations set forth herein, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to the offer and sale of the Shares and the Warrant Shares by the Company pursuant to the Registration Statement (the "<u>Offered Shares</u>"), (a) the issuance and sale of the Offered Shares has been duly authorized and (b) when, as and if (i) certificates representing the Offered Shares have been manually signed by an authorized officer of the transfer agent and registrar for the Common Stock and registered by such transfer agent and registrar, and delivered to the purchasers thereof, and (ii) the Company receives consideration per share for the Offered Shares in such amount as contemplated by the Registration Statement, the Agreement and, with respect to the Warrant Shares and the Warrant, the Offered Shares will be validly issued, fully paid and non-assessable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With respect to the offer and sale of the Warrants by the Company pursuant to the Registration Statement (the "<u>Offered Warrants</u>"), (a) the issuance and sale of the Offered Warrants has been duly authorized and (b) when, as and if, (i) the Offered Warrants have been duly executed and countersigned in accordance with the Registration Statement and issued and sold as contemplated by the Registration Statement, and (ii) the Company has received consideration for the Offered Warrants provided for in the Registration Statement and the Agreement, then such Offered Warrants will be validly issued and will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.

This opinion is limited to the present laws of the State of Nevada. We express no opinion as to the laws of any other jurisdiction, of the United States of America, or to any state "Blue Sky" laws and regulations, and no opinion regarding the statutes, administrative decisions, rules and regulations or requirements of any county, municipality or subdivision or other local authority of any jurisdiction.

U.S. GoldMining Inc.

February 10, 2023

We do not undertake to advise you or anyone else of any changes in the opinions expressed herein resulting from changes in law, changes in fact or any other matters that hereafter might occur or be brought to our attention.

We hereby consent to the filing of this opinion letter as an exhibit to the Company's Registration Statement and to the reference to us under the heading "Legal Matters" in the prospectus forming part of the Registration Statement. In giving such consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations promulgated thereunder.

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| |
|:---|
| Very truly yours, |
| /s/ Ballard Spahr LLP |
| Ballard Spahr LLP |

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## Exhibit 10.1

**Exhibit 10.1**

![](ex10-1_001.jpg)

1830 - 1030 West Georgia Street

Vancouver, B.C. V6E 2Y3

**<u>VIA E-MAIL</u>**

August 4, 2022

Tim Smith

1300 Wynbrook Place

Burnaby, BC V5A 3Y6

Dear Mr. Smith:

**Re: Amended and Restated Employment Agreement**

This amended and restated letter agreement (the "**Agreement**") confirms and sets forth the agreement of the parties, pursuant to which GoldMining Inc. (the "**Company**") will employ Tim Smith (the "**Executive**") to provide services to the Company and its subsidiaries (the "**Services**"), including those set forth at Schedule "A" hereto, and to provide services as Vice President of Exploration of the Company and Chief Executive Officer of BRI Alaska Corp. and its successors or assigns ("**BRI**"), the Company's subsidiary, as of, and from, the Effective Date (as defined herein).

1. <u>Employment</u>

The Company hereby engages the Executive to provide the Services to the Company and the Executive hereby accepts such employment by the Company, all upon and subject to the terms and conditions of this Agreement as and from April 7, 2022 (the "**Effective Date**").

2. <u>Duties and Functions</u>

The Executive shall be responsible to, and shall report, to the Chairman and Chief Executive Officer ("**CEO**") and board of directors of the Company (the "**Board**"). The Executive's duties will include those duties set forth in Schedule "A" hereto, and such other responsibilities and duties reasonably commensurate therewith as the Chairman, CEO or Board may require and assign to the Executive from time to time. As an officer of the Company, the Company expects the Executive to act in a competent, trustworthy and loyal manner that promotes the interests of the Company. The Executive agrees to carry out the Services using the Executive's reasonable best efforts and in a manner that will promote the business of the Company.

The Executive hereby accepts the position of Vice President of Exploration of the Company and of Chief Executive Officer of BRI, and to serve in such positions as of, and from, the Effective Date.

3. <u>Compensation</u>

3.1 <u>Base Salary</u>

As compensation for his Services to the Company, the Executive shall receive a base salary of $250,000 (Canadian dollars) per annum (the "**Base Salary**"). Such Base Salary will be due and payable by the Company to the Executive in accordance with the Company's normal payroll practices, and shall be subject to deductions in respect of statutory remittances, including, without limitation, deductions for income tax, pension plan premiums and employment insurance premiums, in a manner consistent with the general payroll practice of the Company, or at such other time and in such other manner as the Executive and the Company may agree in writing, from time to time.

1830 – 1030 West Georgia Street, Vancouver, B.C. V6E 2Y3

In addition to the Base Salary, the Executive shall be eligible to receive in respect of each calendar year (or portion thereof) additional variable cash compensation, in an amount determined in accordance with any bonus, profit sharing or short term incentive compensation program which may be established by the Board either for the Executive or for senior officers of the Company.

3.2 <u>Options</u>

In consideration for, and as an inducement to, agreeing to enter into this Agreement and provide the Services hereunder, the Executive shall be granted options (the "**GOLD Options**") to purchase an aggregate of 100,000 common shares of the Company at an exercise price equal to the last closing price of the common shares of the Company on the Toronto Stock Exchange on the trading day immediately prior to the grant of the GOLD Options and vesting over a period of three years.

The Company will cause BRI to grant to the Executive options (the "**BRI Options**") to purchase an aggregate of 10,000 common shares of BRI, with an exercise price equal to the price per share in connection with an initial public offering or other going-public transaction of the Company (an "**IPO**").

For greater clarity: (i) 25% of each of the GOLD Options and the BRI Options will vest on the date of grant and 25% will vest on each of the dates that are 6, 12 and 18 months thereafter; (ii) the BRI Options will be granted as soon as reasonably practicable after completion of the IPO; (iii) the GOLD Options will be granted pursuant to, and shall at all times be subject to, the terms of the Company's second amended and restated stock option plan dated April 5, 2019, as the same may be amended, supplemented or replaced from time to time (the "**GOLD Plan**") and the terms of an option agreement as may be determined by the Board and/or its compensation committee; (iv) the BRI Options will be granted pursuant to, and shall at all times be subject to, the terms of a customary long-term incentive plan to be adopted by BRI prior to its IPO (the "**BRI Plan**") and the terms of an applicable award agreement as may be determined by the board of directors and/or compensation committee of BRI; and (v) each of the GOLD Options and the BRI Options will be exercisable for a period of five years from the grant date thereof, subject to the terms of the GOLD Plan and BRI Plan, respectively.

Notwithstanding the foregoing, the terms of the GOLD Options and BRI Options may be amended if required to comply with the requirements of any applicable stock exchange in connection with an IPO.

3.3 <u>Benefit Plan</u>

The Executive shall be entitled to participate in the benefit plans of the Company, if any, in accordance with the terms of such plans in effect from time to time and as determined by the Board and/or its compensation committee. The Executive understands and agrees that the Company reserves the right to revise, amend or discontinue any such benefit plans without notice.

3.4 <u>Vacation</u>

The Executive shall be entitled to four (4) weeks, based on a regular work week, of paid vacation in each calendar year of employment, to be taken during the calendar year in which it is earned. Vacation entitlement may not be carried over into subsequent calendar years without express written consent of the Company.

3.5 <u>Expenses</u>

The Company agrees to pay or promptly reimburse the Executive for the reasonable travel and business related expenses actually and properly incurred by the Executive in connection with the Executive's provision of the Services under this Agreement in accordance with the Company's policies, as may be in place from time to time, and provided that the Executive furnishes receipts to the Company in respect of such expenses. The Company shall provide underground parking to the Executive, should the Executive require it for providing Services while in the office of the Company.

4. <u>Time and Energy</u>

This is a full time position. Unless prevented by ill health, or physical or mental disability or impairment, the Executive shall, during the term hereof, devote substantially all of his business time, care and attention to the business of the Company and its subsidiaries in order to properly discharge the Executive's duties hereunder.

The Executive shall well and faithfully serve the Company and use his reasonable best efforts to promote the interests thereof and shall not use for the Executive's own purposes, or for any purposes other than those of the Company, any non-public information it may acquire with respect to the business, affairs and operations of the Company. The Executive shall refrain from any situation in which the Executive's own interests conflict, or appear to conflict, with the Executive's duties to the Company and/or its subsidiaries. The Executive acknowledges that in the case of any doubt in this respect, the Executive shall inform the Chairman or CEO of the Company, and obtain written authorization from such persons.

5. <u>Term</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement shall commence on the Effective Date and shall remain in effect for an initial
 period of twelve (12) months (the "**Initial Term**") and, after the Initial
 Term, shall continue and shall remain in effect until terminated pursuant to the provisions
 of Section 6 herein.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 Section 6(b), during the Initial Term, the Company shall not terminate the Executive's
 employment hereunder without Cause (as defined herein).

6. <u>Termination</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding
 Section 5 hereof, the Company may immediately terminate this Agreement and the Executive's
 employment for Cause (as defined herein) at any time without notice or payment in lieu thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to Section 5(b), the Company may terminate the Executive's employment hereunder without
 Cause on providing at least 60 days' notice of such termination and the Executive agrees
 that such notice will constitute full satisfaction of any of the Executive's entitlement
 to notice, pay in lieu of notice or other payments (other than expense reimbursements under
 Section 3.5 hereof) pursuant to this Agreement or in connection with the Executive's
 position as an officer of the Company or any of its subsidiaries (other than any indemnity
 obligations of the Company or its subsidiaries).

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Executive may terminate his employment under this Agreement at any time by providing the
 Company at least 30 days' written notice.

&nbsp;&nbsp;&nbsp;&nbsp;(d) For
 the purposes of this Agreement "**Cause**" means the occurrence of any of
 the following events: (i) serious misconduct, dishonesty or disloyalty of the Executive directly
 related to the performance of the Executive's duties for the Company or its subsidiaries
 which results from a willful act or omission or from gross negligence and which is materially
 injurious to the operations, financial condition or business reputation of the Company or
 any of its subsidiaries; (ii) failure by the Executive to comply with any valid and legal
 directive of the Chairman, CEO or Board; (iii) failure and continued failure by the Executive
 to substantially perform his duties under this Agreement (other than any such failure resulting
 from the incapacity due to physical or mental disability or impairment); (iv) the Executive's
 embezzlement, misappropriation or fraud, whether or not related to the Executive's
 employment with the Company; (v) theft, fraud, dishonesty or misconduct of the Executive
 involving the property, business or affairs of the Company or any of its subsidiaries or
 in the carrying out of the duties of the Executive's employment (vi) any material failure
 by the Executive to comply with the Company's or its applicable subsidiaries'
 written policies or rules, as they may be in effect from time to time; (vii) any other material
 breach of this Agreement by the Executive; or (viii) any event or circumstance that would
 constitute cause for termination of an employment under law. For purposes of this Agreement,
 no act, or failure to act shall be "willful" unless it is done, or omitted to
 be done, in bad faith and without a reasonable belief that the act or omission was in the
 best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Executive agrees that if he is a director of the Company or any of its subsidiaries at the
 time of termination of this Agreement or at the time of his resignation or termination as
 Vice President of Exploration of the Company, he will, if requested by the Company, immediately
 resign his position as a director of the Company or any of its subsidiaries.

7. <u>Confidentiality</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Confidential Information**" means information known or used by the Company or any of its subsidiaries
 in connection with their respective businesses and affairs that is not known to the general
 public and includes, but is not limited to, research, strategic plans or objectives, potential
 acquisitions or other transactions, unpublished financial information, unpublished exploration
 data and other information relating to the Company or the Company's subsidiaries, including
 their respective mineral interests and other assets and all intellectual property, but does
 not include any information that: (i) is or becomes a matter of public knowledge through
 no breach of this Agreement by the Executive; (ii) any information of which the Executive
 had specific knowledge prior to this employment; or (iii) any information of which the Executive
 obtains specific knowledge from a third party after the termination of this Agreement, unless
 the third party obtained such information directly or indirectly from a person in violation
 of a duty of confidence owed to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Executive acknowledges and agrees that: (i) during the course of the Executive's employment
 hereunder, the Executive will have an opportunity to learn or otherwise become aware of Confidential
 Information; (ii) the Confidential Information is a valuable asset which is the property
 of the Company exclusively, the unauthorized use or disclosure of which would cause very
 serious harm to the economic interests of the Company; (iii) it is important in the interests
 of the Company that the Confidential Information remain the exclusive confidential property
 of the Company and that it not be used or disclosed except in accordance with the knowledge
 and consent of the Company; and (iv) other than in the course of performing duties in accordance
 with the Executive's employment hereunder or as otherwise approved by the Company in
 writing, the Executive shall hold in confidence all Confidential Information, not directly
 or indirectly use any Confidential Information and not directly or indirectly disclose any
 Confidential Information.

8. <u>Ownership of Documents and Records</u>

All documents, software, records, work papers, notes, memoranda and similar records of or containers of Confidential Information made or compiled by the Executive at any time or made available to him at any time during the term of this Agreement (whether before the Effective Date of this Agreement or thereafter) including all copies thereof, shall be the property of the Company and belong solely to it, and shall be held by such person solely for the benefit of the Company and shall be immediately delivered by him to the Company upon the termination of this Agreement or at any other time upon request by the Company.

9. <u>Non-Solicitation</u>

The Executive acknowledges and agrees that during the term of the employment of the Executive hereunder and for a period of one (1) year thereafter, he shall not solicit, directly or indirectly, employees of the Company or its subsidiaries for the purpose of having them terminate their employment with the Company or its subsidiaries, provided, however, that any general solicitation of employment that does not target the Company's employees shall not be deemed to be a violation of this Section 9.

10. <u>Corporate Opportunities</u>

The Executive acknowledges and agrees that he will not**,** during the term of this Agreement and for a period of one (1) year thereafter, appropriate for himself or for any organization or person by which he is engaged, employed or retained, any Company or its subsidiaries property or business opportunity that had arisen through the use of Company property, information or by virtue of the Executive's employment with the Company unless first obtaining written permission from the Company.

The restriction as described above on the Executive appropriating any business opportunity the Executive (or for any organization or person by which the Executive is engaged, employed or retained) is meant to protect business opportunities that are confidential to the Company, and that the Executive could only have learned about through the Executive's provision of Services to the Company. For periods after the termination of this Agreement, the foregoing restriction will not prevent the Executive from pursuing business opportunities where information about such business opportunities is not confidential to the Company, such as where information about such business opportunities is made available to other companies, organizations, the public, or the Executive after the term of the Agreement on a non-confidential basis and where the person making such opportunity or information known was not under an obligation of confidentiality to the Company.

11. <u>Acknowledgment</u>

The Executive acknowledges that the restrictions and covenants contained in Sections 7 through 10 hereof are reasonably required for the protection of the Company. The Executive acknowledges that the Executive's ongoing employment with the Company and all remuneration and benefits coverage will be conferred by the Company upon the Executive only because and on condition of the Executive's willingness to commit his best efforts and loyalty to the Company and its subsidiaries, including protecting the right of the Company and its subsidiaries to have their Confidential Information protected against disclosure by the Executive and abiding by the confidentiality, non-solicitation, and other provisions herein. The Executive further acknowledges that: (i) the Executive's obligations under Sections 7 through 10 hereof would not unduly restrict or curtail his legitimate efforts to conduct business or earn a livelihood following any termination of the Executive's employment with the Company hereunder; and (ii) without prejudice to any and all other rights of the Company, in the event of a violation or attempted violation of any of the restrictions and covenants contained in Sections 7 through 10 hereof an injunction or other like remedy shall be the only effective immediate remedy to protect the rights and properties of the Company as set out above, and that an injunction or other like remedy may be granted immediately on the commencement of any suit. The preceding does not in any way restrict the Company from pursuing all legal remedies available to it in the event that the Executive breaches the restrictions and covenants contained in Sections 7 through 10 hereof.

12. <u>Independent Legal Advice</u>

The Executive hereby represents and warrants to the Company that the Executive has had the opportunity to seek and was not prevented nor discouraged by the Company from seeking independent legal advice prior to the execution of this Agreement and that, in the event that the Executive did not avail himself of that opportunity prior to signing this Agreement, he did so voluntarily without any undue pressure and agrees that his failure to obtain independent legal advice shall not be used by him as a defence to the enforcement of his obligations under this Agreement.

13. <u>Director's & Officer's Liability Insurance</u> 

The Company will provide the Executive with Director's & Officer's Liability Insurance as a named insured in connection with acting as an officer of the Company and/or its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;(a) By
 executing this Agreement the Executive hereby agrees to perform and abide by all of the Executive's
 obligations under this Agreement and hereby guarantees to the Company such performance by
 the Executive.

**14. <u>General</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) By
 executing this Agreement the Executive hereby agrees to perform and abide by all of the Executive's
 obligations under this Agreement and hereby guarantees to the Company such performance by
 the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Sections
 7 through 10 and 14 of this Agreement shall survive any termination of this Agreement. Any
 expiration or termination of this Agreement shall be without prejudice to any rights and
 obligations of the parties hereto arising or existing up to the effective date of such expiration
 or termination, or any remedies of the parties with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 Agreement constitutes the entire agreement between the parties with respect to the subject
 matter hereof and cancels and supersedes any prior understandings and agreements between
 the parties hereto with respect thereto. There are no representations, warranties, forms,
 conditions, undertakings or collateral agreements, express, implied or statutory between
 the parties other than as expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Each
 party must, from time to time, execute and deliver all such further documents and instruments
 and do all acts and things as the other party may reasonably require to effectively carry
 out or better evidence or perfect the full intent and meaning of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 Agreement is personal in nature and may not be assigned in whole or in part as security or
 otherwise by any party hereto without the express written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Except
 as otherwise provided herein, this Agreement shall be binding upon and enure to the benefit
 of the parties hereto and their respective legal representatives, heirs, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Any
 modification to this Agreement must be in writing, signed by each of the parties hereto,
 or it shall have no effect and shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 waiver by any party of any breach or violation of any provision of this Agreement shall not
 operate or be construed as a waiver of any subsequent breach or violation.

&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 any term of this Agreement or the application thereof to any person or circumstances shall
 be invalid and unenforceable, the remaining provisions of this Agreement shall remain in
 full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;(j) This
 Agreement shall be governed and interpreted in accordance with the laws of the province of
 British Columbia and the federal laws applicable therein. All disputes arising under this
 Agreement will be referred to the courts of British Columbia which will have jurisdiction,
 but not exclusive jurisdiction, and each party hereto irrevocably submits to the non-exclusive
 jurisdiction of such courts.

(k) This Agreement may be executed in several counterparts (including by e-mail or fax), each of which when so executed shall be deemed
to be an original and shall have the same force and effect as an original and such counterparts together shall constitute one and the
same instrument.

[*remainder of page left intentionally blank*]

The Executive hereby acknowledge his agreement to this arrangement by signing below as provided.

---

| | |
|:---|:---|
| Yours truly, | Yours truly, |
| **GOLDMINING INC.** | **GOLDMINING INC.** |
| By: | */s/ Alastair Still* |
| Name: | Alastair Still |
| Title: | Chief Executive Officer |

---

---

| |
|:---|
| AGREED TO as of the date first written above. |
| */s/ Tim Smith* |
| **TIM SMITH** |

---

**Schedule "A"** 

**SERVICES**

The Services provided by the Executive to the Company shall include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;(a) assisting
 the Chairman, CEO and Chief Financial Officer ()"**CFO**") in establishing
 and implementing operational and financial strategies and policies of the Company as approved
 by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;(b) assisting
 the Chairman, CEO, CFO and Board in the preparation of business plans as required from time
 to time for review and approval by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;(c) preparing
 an overall exploration strategy and execution plan to effectively and efficiently manage
 and advance exploration activities within the global portfolio of properties;

&nbsp;&nbsp;&nbsp;&nbsp;(d) identifying
 potential mergers and acquisition targets and assisting the Chairman, CEO, CFO and Board
 in reviewing and assessing such opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;(e) meeting
 regularly and as required with the Chairman, CEO, CFO and/or Board to review material issues
 and participate in planning; and

&nbsp;&nbsp;&nbsp;&nbsp;(f) performing
 such other duties consistent with the position of Vice President of Exploration, which the
 Chairman, CEO and/or Board shall, from time to time, reasonably direct.

Such Services shall also include, without limitation, the following Services to be provided to BRI:

&nbsp;&nbsp;&nbsp;&nbsp;(a) providing
 leadership to BRI's executive team;

&nbsp;&nbsp;&nbsp;&nbsp;(b) establishing
 and implementing operational and financial strategies and policies of BRI as approved by
 the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;(c) overseeing
 the preparation of business plans as required from time to time for review and approval by
 the board of directors of BRI;

&nbsp;&nbsp;&nbsp;&nbsp;(d) monitoring
 the operations of BRI;

&nbsp;&nbsp;&nbsp;&nbsp;(e) providing
 leadership in identifying, reviewing and assessing potential mergers and acquisition targets;

&nbsp;&nbsp;&nbsp;&nbsp;(f) supervising
 corporate information dissemination, directing the required interaction between BRI and institutional
 investors and the public, and acting as a spokesperson for BRI; and

&nbsp;&nbsp;&nbsp;&nbsp;(g) meeting
 regularly and as required with the board of directors of BRI to review material issues and
 to ensure that the board of directors of BRI is provided in a timely manner with all information
 and access to management necessary to permit the board of directors of BRI to fulfill its
 obligations.

## Exhibit 10.2

**Exhibit 10.2**

**<u>WAIVER</u>**

---

| | |
|:---|:---|
| **TO:** | **GOLDMINING INC. ("GMI")** |
| **AND TO:** | **U.S. GOLDMINING INC. ("USGMI")** |
| **FROM:** | **TIM SMITH** |
| **RE:** | **BRI Option Waiver** |

---

Reference is made to the amended and restated executive employment agreement dated August 4, 2022 between Tim Smith (the "**Executive**") and GMI (the "**Amended and Restated Agreement**"), amending and restating an executive employment agreement dated March 8, 2022. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to those terms in the Amended and Restated Agreement.

**WHEREAS:** 

A. Pursuant
 to the Amended and Restated Agreement the Executive accepted the positions of, and agreed
 to serve as, Vice President of Exploration to GMI and Chief Executive Officer to BRI Alaska
 Corp. (now U.S. GoldMining Inc.) in consideration for, among other things, the grant of 10,000
 BRI Options; and

B. On
 September 23, 2022, USGMI awarded to the Executive 50,000 newly issued shares of common stock
 in the capital of USGMI as restricted stock under USGMI's Equity Incentive Plan dated
 September 23, 2022.

**FOR GOOD AND VALUABLE CONSIDERATION THE UNDERSIGNED EXECUTIVE HEREBY** expressly waives the requirement in Section 3.2 of the Amended and Restated Agreement that USGMI shall, and that GMI shall cause USGMI to, grant the Executive the BRI Options.

DATED this _<u>26th</u>___day of ____<u>September</u>________________, 2022.

---

| |
|:---|
| <br> */s/ Tim Smith*<br>|
| TIM SMITH |

---

## Exhibit 10.3

**Exhibit 10.3**

**U. S. GOLDMINING INC.**

**2023 LONG-TERM INCENTIVE PLAN**

The U. S. Goldmining Inc. 2023 Long-Term Incentive Plan (the "***Plan***") was adopted by the Board of Directors of U.S. Goldmining Inc., a Nevada corporation (the "***Company***"), effective as of February 6, 2023 (the "***Effective Date***"), subject to approval by the Company's stockholders.

**Article 1.**

**PURPOSE**

The purpose of the Plan is to attract and retain the services of key Employees, key Contractors, and Outside Directors of the Company, its Parent, and its Subsidiaries and to provide such persons with a proprietary interest in the Company through the granting of Incentive Stock Options, Nonqualified Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Awards, Dividend Equivalent Rights, Other Awards, Performance Goals, and Tandem Awards whether granted singly, or in combination, or in tandem, that will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase the interest of such persons in the Company's welfare;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) furnish an incentive to such persons to continue their services for the Company, its Parent or its Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provide a means through which the Company may attract able persons as Employees, Contractors, and Outside Directors.

With respect to Reporting Participants, the Plan and all transactions under the Plan are intended to comply with all applicable conditions of Rule 16b-3 promulgated under the Exchange Act. To the extent any provision of the Plan or action by the Committee fails to so comply, such provision or action shall be deemed null and void *ab initio*, to the extent permitted by law and deemed advisable by the Committee.

**Article 2.**

**DEFINITIONS**

For the purpose of the Plan, unless the context requires otherwise, the following terms shall have the meanings indicated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 "***Applicable Law***" means all legal requirements relating to the administration of equity incentive plans and the issuance and distribution of shares of Common Stock, if any, under applicable corporate laws, applicable securities laws, the rules of any exchange or inter-dealer quotation system upon which the Company's securities are listed or quoted, the rules of any foreign jurisdiction applicable to Incentives granted to residents therein, and any other applicable law, rule or restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 "***Authorized Officer***" is defined in <u>Section 3.2(b)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 "***Award***" means the grant of any Incentive Stock Option, Nonqualified Stock Option, Restricted Stock, SAR, Restricted Stock Unit, Performance Award, Dividend Equivalent Right or Other Award, whether granted singly or in combination or in tandem (each individually referred to herein as an "***Incentive***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 "***Award Agreement***" means a written agreement between a Participant and the Company which sets out the terms of the grant of an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 "***Award Period***" means the period set forth in the Award Agreement during which one or more Incentives granted under an Award may be exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 "***Board***" means the board of directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 "***Change in Control***" means the occurrence of the event set forth in any one of the following paragraphs, except as otherwise provided herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its Affiliates) representing fifty percent (50%) or more of the combined voting power of the Company's then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (i) of paragraph (c) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on the Effective Date, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company's stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation, other than: (i) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least fifty percent (50%) of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation; or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including the securities beneficially owned by such Person any securities acquired directly from the Company or its Affiliates other than in connection with the acquisition by the Company or its Affiliates of a business) representing fifty percent (50%) or more of the combined voting power of the Company's then outstanding securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets, other than a sale or disposition by the Company of all or substantially all of the Company's assets to an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale.

For purposes hereof:

"***Affiliate***" shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act.

"***Beneficial Owner***" shall have the meaning set forth in Rule 13d-3 under the Exchange Act.

"***Person***" shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include: (i) the Company or any of its Subsidiaries; (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates; (iii) an underwriter temporarily holding securities pursuant to an offering of such securities; or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

Notwithstanding the foregoing provisions of this <u>Section 2.7</u>, if an Award issued under the Plan is subject to Section 409A of the Code, then an event shall not constitute a Change in Control for purposes of such Award under the Plan unless such event also constitutes a change in the Company's ownership, its effective control or the ownership of a substantial portion of its assets within the meaning of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 "***Claim***" means any claim, liability or obligation of any nature, arising out of or relating to this Plan or an alleged breach of this Plan or an Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 "***Code***" means the United States Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 "***Committee***" means the committee appointed or designated by the Board to administer the Plan in accordance with <u>Article 3</u> of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 "***Common Stock***" means the common stock, no par value per share, which the Company is currently authorized to issue or may in the future be authorized to issue, or any securities into which or for which the common stock of the Company may be converted or exchanged, as the case may be, pursuant to the terms of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 "***Company***" means U. S. Goldmining Inc., a Nevada corporation, and any successor entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 "***Contractor***" means any natural person, who is not an Employee, rendering *bona fide* services to the Company, its Parent, or one of its Subsidiaries, with compensation, pursuant to a written independent contractor agreement between such person and the Company or a Subsidiary, provided that such services are not rendered in connection with the offer or sale of securities in a capital raising transaction and do not directly or indirectly promote or maintain a market for the Company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 "***Corporation***" means any entity that (a) is defined as a corporation under Section 7701 of the Code and (b) is the Company or is in an unbroken chain of corporations (other than the Company) beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing a majority of the total combined voting power of all classes of stock in one of the other corporations in the chain. For purposes of clause (b) hereof, an entity shall be treated as a "corporation" if it satisfies the definition of a corporation under Section 7701 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 "***Date of Grant***" means the effective date on which an Award is made to a Participant as set forth in the applicable Award Agreement; provided, however, that solely for purposes of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder, the Date of Grant of an Award shall be the date of stockholder approval of the Plan if such date is later than the effective date of such Award as set forth in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 "***Dividend Equivalent Right***" means the right of the holder thereof to receive credits based on the cash dividends that would have been paid on the shares of Common Stock specified in the Award if such shares were held by the Participant to whom the Award is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 "***Employee***" means a common law employee (as defined in accordance with the Regulations and Revenue Rulings then applicable under Section 3401(c) of the Code) of the Company, its Parent, or any Subsidiary of the Company; <u>provided</u>, <u>however</u>, in the case of individuals whose employment status, by virtue of their employer or residence, is not determined under Section 3401(c) of the Code, "Employee" shall mean an individual treated as an employee for local payroll tax or employment purposes by the applicable employer under Applicable Law for the relevant period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 "***Exchange Act***" means the United States Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 "***Exercise Date***" is defined in <u>Section 8.3(b)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 "***Exercise Notice***" is defined in <u>Section 8.3(b)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 "***Fair Market Value***" means, as of a particular date: (a) if the shares of Common Stock are listed on any established national securities exchange, the closing sales price per share of Common Stock on the consolidated transaction reporting system for the principal securities exchange for the Common Stock on that date (as determined by the Committee, in its discretion), or, if there shall have been no such sale so reported on that date, on the last preceding date on which such a sale was so reported; (b) if the shares of Common Stock are not so listed, but are quoted on an automated quotation system, the closing sales price per share of Common Stock reported on the automated quotation system on that date, or, if there shall have been no such sale so reported on that date, on the last preceding date on which such a sale was so reported; (c) if the Common Stock is not so listed or quoted, the mean between the closing bid and asked price on that date, or, if there are no quotations available for such date, on the last preceding date on which such quotations shall be available, as reported by OTCQX, OTCQB or OTC Pink (Pink Open Market); or (d) if none of the above is applicable, such amount as may be determined by the Committee (acting on the advice of an Independent Third Party, should the Committee elect in its sole discretion to utilize an Independent Third Party for this purpose), in good faith, to be the fair market value per share of Common Stock. The determination of Fair Market Value shall, where applicable, be in compliance with Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 "***Immediate Family Members***" is defined in <u>Section 15.8</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 "***Incentive***" is defined in <u>Section 2.3</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 "***Incentive Stock Option***" means an incentive stock option within the meaning of Section 422 of the Code, granted pursuant to this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 "***Independent Third Party***" means an individual or entity independent of the Company having experience in providing investment banking or similar appraisal or valuation services and with expertise generally in the valuation of securities or other property for purposes of this Plan. The Committee may utilize one or more Independent Third Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 "***Nonqualified Stock Option***" means a nonqualified stock option, granted pursuant to this Plan, which is not an Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 "***Option Price***" means the price which must be paid by a Participant upon exercise of a Stock Option to purchase a share of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 "***Other Award***" means an Award issued pursuant to <u>Section 6.9</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 "***Outside Director***" means a director of the Company, its Parent, or one of its Subsidiaries who is not an Employee or a Contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 "***Parent"*** means a "parent corporation" as defined in Section 424(e) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 "***Participant***" means an Employee, Contractor or an Outside Director to whom an Award is granted under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 "***Performance Award***" means an Award hereunder of cash, shares of Common Stock, units or rights based upon, payable in, or otherwise related to, Common Stock pursuant to <u>Section 6.7</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 "***Performance Goal***" means any of the Performance Criteria set forth in <u>Section 6.10</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 "***Plan***" means this U. S. Goldmining Inc. 2023 Long-Term Incentive Plan, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 "***Reporting Participant***" means a Participant who is subject to the reporting requirements of Section 16 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 "***Restricted Stock***" means shares of Common Stock issued or transferred to a Participant pursuant to <u>Section 6.4</u> of this Plan which are subject to restrictions or limitations set forth in this Plan and in the related Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 "***Restricted Stock Units***" means units awarded to Participants pursuant to <u>Section 6.6</u> hereof, which are convertible into Common Stock at such time as such units are no longer subject to restrictions as established by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 "***Restriction Period***" is defined in <u>Section 6.4(b)(i)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 "***SAR***" or "**S*tock Appreciation Right***" means the right to receive an amount, in cash and/or Common Stock, equal to the excess of the Fair Market Value of a specified number of shares of Common Stock as of the date the SAR is exercised (or, as provided in the Award Agreement, converted) over the SAR Price for such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 "***SAR Price***" means the exercise price or conversion price of each share of Common Stock covered by a SAR, determined on the Date of Grant of the SAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 "***Spread***" is defined in <u>Section 12.4(b)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 "***Stock Option***" means a Nonqualified Stock Option or an Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 "***Subsidiary***" means: (a) any corporation in an unbroken chain of corporations beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing a majority of the total combined voting power of all classes of stock in one of the other corporations in the chain; (b) any limited partnership, if the Company or any corporation described in item (a) above owns a majority of the general partnership interest and a majority of the limited partnership interests entitled to vote on the removal and replacement of the general partner; and (c) any partnership or limited liability company, if the partners or members thereof are composed only of the Company, any corporation listed in item (a) above or any limited partnership listed in item (b) above. "***Subsidiaries***" means more than one of any such corporations, limited partnerships, partnerships or limited liability companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44 "***Termination of Service***" occurs when a Participant who is: (a) an Employee of the Company or any Subsidiary ceases to serve as an Employee of the Company, its Parent and its Subsidiaries, for any reason; (b) an Outside Director of the Company or a Subsidiary ceases to serve as a director of the Company, its Parent and its Subsidiaries for any reason; or (c) a Contractor of the Company or a Subsidiary ceases to serve as a Contractor of the Company, its Parent and its Subsidiaries for any reason. Except as may be necessary or desirable to comply with applicable federal or state law, a "Termination of Service" shall not be deemed to have occurred when a Participant who is an Employee becomes an Outside Director or Contractor or vice versa. If, however, a Participant who is an Employee and who has an Incentive Stock Option ceases to be an Employee but does not suffer a Termination of Service, and if that Participant does not exercise the Incentive Stock Option within the time required under Section 422 of the Code upon ceasing to be an Employee, the Incentive Stock Option shall thereafter become a Nonqualified Stock Option. Notwithstanding the foregoing provisions of this <u>Section 2.44</u>, in the event an Award issued under the Plan is subject to Section 409A of the Code, then, in lieu of the foregoing definition and to the extent necessary to comply with the requirements of Section 409A of the Code, the definition of "Termination of Service" for purposes of such Award shall be the definition of "separation from service" provided for under Section 409A of the Code and the regulations or other guidance issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 "***Total and Permanent Disability***" means a Participant is qualified for long-term disability benefits under the Company's or Subsidiary's disability plan or insurance policy; or, if no such plan or policy is then in existence or if the Participant is not eligible to participate in such plan or policy, that the Participant, because of a physical or mental condition resulting from bodily injury, disease, or mental disorder, is unable to perform his or her duties of employment for a period of six (6) continuous months, as determined in good faith by the Committee, based upon medical reports or other evidence satisfactory to the Committee; <u>provided that</u>, with respect to any Incentive Stock Option, Total and Permanent Disability shall have the meaning given it under the rules governing Incentive Stock Options under the Code. Notwithstanding the foregoing provisions of this <u>Section 2.45</u>, in the event an Award issued under the Plan is subject to Section 409A of the Code, then, in lieu of the foregoing definition and to the extent necessary to comply with the requirements of Section 409A of the Code, the definition of "Total and Permanent Disability" for purposes of such Award shall be the definition of "disability" provided for under Section 409A of the Code and the regulations or other guidance issued thereunder.

**Article 3.**

**ADMINISTRATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **General Administration; Establishment of Committee.** Subject to the terms of this <u>Article 3</u>, the Plan shall be administered by the Board or such committee of the Board as is designated by the Board to administer the Plan (the "***Committee***"). The Committee shall consist of not fewer than two persons. Any member of the Committee may be removed at any time, with or without cause, by resolution of the Board. Any vacancy occurring in the membership of the Committee may be filled by appointment by the Board. At any time there is no Committee to administer the Plan, any references in this Plan to the Committee shall be deemed to refer to the Board.

Membership on the Committee shall be limited to those members of the Board who are "non-employee directors" as defined in Rule 16b-3 promulgated under the Exchange Act. The Committee shall select one of its members to act as its Chairman. A majority of the Committee shall constitute a quorum, and the act of a majority of the members of the Committee present at a meeting at which a quorum is present shall be the act of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **Designation of Participants and Awards**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee or the Board shall determine and designate from time to time the eligible persons to whom Awards will be granted and shall set forth in each related Award Agreement, where applicable, the Award Period, the Date of Grant, and such other terms, provisions, limitations, and performance requirements, as are approved by the Committee, but not inconsistent with the Plan. The Committee shall determine whether an Award shall include one type of Incentive or two or more Incentives granted in combination or two or more Incentives granted in tandem (that is, a joint grant where exercise of one Incentive results in cancellation of all or a portion of the other Incentive). Although the members of the Committee shall be eligible to receive Awards, all decisions with respect to any Award, and the terms and conditions thereof, to be granted under the Plan to any member of the Committee shall be made solely and exclusively by the other members of the Committee, or if such member is the only member of the Committee, by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding <u>Section 3.2(a)</u>, to the extent permitted by Applicable Law, the Board may, in its discretion and by a resolution adopted by the Board, authorize one or more officers of the Company (an "***Authorized Officer***") to: (i) designate one or more Employees as eligible persons to whom Awards will be granted under the Plan; and (ii) determine the number of shares of Common Stock that will be subject to such Awards; <u>provided</u>, <u>however</u>, that the resolution of the Board granting such authority shall: (x) specify the total number of shares of Common Stock that may be made subject to the Awards; (y) set forth the price or prices (or a formula by which such price or prices may be determined) to be paid for the purchase of the Common Stock subject to such Awards; and (z) not authorize an officer to designate himself or herself as a recipient of any Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 **Authority of the Committee.** The Committee, in its discretion, shall: (a) interpret the Plan and Award Agreements; (b) prescribe, amend, and rescind any rules and regulations and sub-plans (including sub-plans for Awards made to Participants who are not resident in the United States), as necessary or appropriate for the administration of the Plan; (c) establish performance goals for an Award and certify the extent of their achievement; and (d) make such other determinations or certifications and take such other action as it deems necessary or advisable in the administration of the Plan. Any interpretation, determination, or other action made or taken by the Committee shall be final, binding, and conclusive on all interested parties. The Committee's discretion set forth herein shall not be limited by any provision of the Plan, including any provision which by its terms is applicable notwithstanding any other provision of the Plan to the contrary.

The Committee may delegate to officers of the Company, pursuant to a written delegation, the authority to perform specified functions under the Plan. Any actions taken by any officers of the Company pursuant to such written delegation of authority shall be deemed to have been taken by the Committee.

With respect to restrictions in the Plan that are based on the requirements of Rule 16b-3 promulgated under the Exchange Act, Section 422 of the Code, the rules of any exchange or inter-dealer quotation system upon which the Company's securities are listed or quoted, or any other Applicable Law, to the extent that any such restrictions are no longer required by Applicable Law, the Committee shall have the sole discretion and authority to grant Awards that are not subject to such mandated restrictions and/or to waive any such mandated restrictions with respect to outstanding Awards.

**Article 4.**

**ELIGIBILITY**

Any Employee (including an Employee who is also a director or an officer), Contractor or Outside Director of the Company whose judgment, initiative, and efforts contributed or may be expected to contribute to the successful performance of the Company is eligible to participate in the Plan; provided that Stock Options can only be granted to Employees, Outside Directors or Contractors of the Company or its Subsidiaries (not of its Parent) and only Employees of a Corporation shall be eligible to receive Incentive Stock Options. The Committee, upon its own action, may grant, but shall not be required to grant, an Award to any Employee, Contractor or Outside Director. Awards may be granted by the Committee at any time and from time to time to new Participants, or to then Participants, or to a greater or lesser number of Participants, and may include or exclude previous Participants, as the Committee shall determine. Except as required by this Plan, Awards need not contain similar provisions. The Committee's determinations under the Plan (including without limitation determinations of which Employees, Contractors or Outside Directors, if any, are to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the agreements evidencing same) need not be uniform and may be made by it selectively among Participants who receive, or are eligible to receive, Awards under the Plan.

**Article 5.**

**SHARES SUBJECT TO PLAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Number Available for Awards.** Subject to adjustment as provided in <u>Articles 11 and 12</u>, the maximum number of shares of Common Stock that may be delivered pursuant to Awards granted under the Plan is ten percent (10%) of the total number of shares of Common Stock issued and outstanding securities of the Company, determined as of the Effective Date (the "***Authorized Shares***"), of which one hundred percent (100%) may be delivered pursuant to Incentive Stock Options (the "***ISO Limit***"). Notwithstanding the foregoing, on the first trading date immediately following the issuance of any shares of Common Stock by the Company to any Person (the "***Adjustment Date***"), the number of Authorized Shares for grant under the Plan shall be increased by the amount necessary so that the total number of shares of Common Stock that may be issued under the Plan shall equal to ten percent (10%) of the total number of shares of Common Stock issued and outstanding, determined as of the Adjustment Date *provided*, *however*, that no such adjustment shall have any effect on, or otherwise change the ISO Limit, except for any adjustments permitted in <u>Articles 11 and 12</u> below*.* Shares to be issued may be made available from authorized but unissued Common Stock, Common Stock held by the Company in its treasury, or Common Stock purchased by the Company on the open market or otherwise. During the term of this Plan, the Company will at all times reserve and keep available the number of shares of Common Stock that shall be sufficient to satisfy the requirements of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Reuse of Shares.** To the extent that any Award under this Plan shall be forfeited, shall expire or be canceled, in whole or in part, then the number of shares of Common Stock covered by the Award so forfeited, expired or canceled may again be awarded pursuant to the provisions of this Plan. In the event that previously acquired shares of Common Stock are delivered to the Company in full or partial payment of the exercise price for the exercise of a Stock Option granted under this Plan, the number of shares of Common Stock available for future Awards under this Plan shall be reduced only by the net number of shares of Common Stock issued upon exercise of the Stock Option. Awards that may be satisfied either by the issuance of shares of Common Stock or by cash or other consideration shall be counted against the maximum number of shares of Common Stock that may be issued under this Plan only during the period that the Award is outstanding or to the extent the Award is ultimately satisfied by the issuance of shares of Common Stock. Awards will not reduce the number of shares of Common Stock that may be issued pursuant to this Plan if the settlement of the Award will not require the issuance of shares of Common Stock, as, for example, a SAR that can be satisfied only by the payment of cash. Notwithstanding any provisions of the Plan to the contrary, only shares forfeited back to the Company, shares canceled on account of termination, expiration or lapse of an Award, shares surrendered in payment of the exercise price of a Stock Option or shares withheld for payment of applicable employment taxes and/or withholding obligations resulting from the exercise of an option shall again be available for grant of Incentive Stock Options under the Plan, but shall not increase the maximum number of shares described in <u>Section 5.1</u> above as the maximum number of shares of Common Stock that may be delivered pursuant to Incentive Stock Options.

**Article 6.**

**GRANT OF AWARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **In General**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The grant of an Award shall be authorized by the Committee and shall be evidenced by an Award Agreement setting forth the Incentive or Incentives being granted, the total number of shares of Common Stock subject to the Incentive(s), the Option Price (if applicable), the Award Period, the Date of Grant, and such other terms, provisions, limitations, and performance objectives, as are approved by the Committee, but: (i) not inconsistent with the Plan; and (ii) to the extent an Award issued under the Plan is subject to Section 409A of the Code, in compliance with the applicable requirements of Section 409A of the Code and the regulations or other guidance issued thereunder. The Company shall execute an Award Agreement with a Participant after the Committee approves the issuance of an Award. Any Award granted pursuant to this Plan must be granted within ten (10) years of the date of adoption of this Plan by the Board. The Plan shall be submitted to the Company's stockholders for approval; however, the Committee may grant Awards under the Plan prior to the time of stockholder approval. Any such Award granted prior to such stockholder approval shall be made subject to such stockholder approval. The grant of an Award to a Participant shall not be deemed either to entitle the Participant to, or to disqualify the Participant from, receipt of any other Award under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Committee establishes a purchase price for an Award, the Participant must accept such Award within a period of thirty (30) days (or such shorter period as the Committee may specify) after the Date of Grant by executing the applicable Award Agreement and paying such purchase price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Award under this Plan that is settled in whole or in part in cash on a deferred basis may provide for interest equivalents to be credited with respect to such cash payment. Interest equivalents may be compounded and shall be paid upon such terms and conditions as may be specified by the grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Option Price.** The Option Price for any share of Common Stock which may be purchased under a Nonqualified Stock Option for any share of Common Stock must be equal to or greater than the Fair Market Value of the share on the Date of Grant. The Option Price for any share of Common Stock which may be purchased under an Incentive Stock Option must be at least equal to the Fair Market Value of the share on the Date of Grant; if an Incentive Stock Option is granted to an Employee who owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than ten percent (10%) of the combined voting power of all classes of stock of the Company (or any Parent or Subsidiary), the Option Price shall be at least one hundred ten percent (110%) of the Fair Market Value of the Common Stock on the Date of Grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **Maximum ISO Grants.** The Committee may not grant Incentive Stock Options under the Plan to any Employee which would permit the aggregate Fair Market Value (determined on the Date of Grant) of the Common Stock with respect to which Incentive Stock Options (under this and any other plan of the Company, its Parent and its Subsidiaries) are exercisable for the first time by such Employee during any calendar year to exceed $100,000. To the extent any Stock Option granted under this Plan which is designated as an Incentive Stock Option exceeds this limit or otherwise fails to qualify as an Incentive Stock Option, such Stock Option (or any such portion thereof) shall be a Nonqualified Stock Option. In such case, the Committee shall designate which stock will be treated as Incentive Stock Option stock by causing the electronic registration or, if applicable, issuance of a separate stock certificate and identifying such stock as Incentive Stock Option stock on the Company's stock transfer records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 **Restricted Stock.** If Restricted Stock is granted to or received by a Participant under an Award (including a Stock Option), the Committee shall set forth in the related Award Agreement: (a) the number of shares of Common Stock awarded; (b) the price, if any, to be paid by the Participant for such Restricted Stock and the method of payment of the price; (c) the time or times within which such Award may be subject to forfeiture; (d) specified Performance Goals of the Company, a Subsidiary, any division thereof or any group of Employees of the Company, or other criteria, which the Committee determines must be met in order to remove any restrictions (including vesting) on such Award; and (e) all other terms, limitations, restrictions, and conditions of the Restricted Stock, which shall be consistent with this Plan, to the extent applicable and, to the extent Restricted Stock granted under the Plan is subject to Section 409A of the Code, in compliance with the applicable requirements of Section 409A of the Code and the regulations or other guidance issued thereunder. The provisions of Restricted Stock need not be the same with respect to each Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Legend on Shares.** The Company shall electronically register the Restricted Stock awarded to a Participant in the name of such Participant, which shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock, substantially as provided in <u>Section 15.10</u> of the Plan, as well as any other legends as may be deemed reasonable, appropriate, or necessary by the Committee in its sole discretion. No stock certificate or certificates shall be issued with respect to such shares of Common Stock, unless, following the expiration of the Restriction Period (as defined in <u>Section 6.4(b)(i)</u>) without forfeiture in respect of such shares of Common Stock, the Participant requests delivery of the certificate or certificates by submitting a written request to the Committee (or such party designated by the Company) requesting delivery of the certificates. The Company shall deliver the certificates requested by the Participant to the Participant as soon as administratively practicable following the Company's receipt of such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Restrictions and Conditions.** Shares of Restricted Stock shall be subject to the following restrictions and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the other provisions of this Plan and the terms of the particular Award Agreements, during such period as may be determined by the Committee commencing on the Date of Grant or the date of exercise of an Award (the "***Restriction Period***"), the Participant shall not be permitted to sell, transfer, pledge or assign shares of Restricted Stock. Except for these limitations and the limitations set forth in <u>Section 7.2</u> below, the Committee may in its sole discretion, remove any or all of the restrictions on such Restricted Stock whenever it may determine that, by reason of changes in Applicable Laws or other changes in circumstances arising after the date of the Award, such action is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as provided in sub-paragraph 6.4(a) above or in the applicable Award Agreement, the Participant shall have, with respect to his or her Restricted Stock, all of the rights of a stockholder of the Company, including the right to vote the shares, and the right to receive any dividends thereon. Certificates for shares of Common Stock free of restriction under this Plan shall be delivered to the Participant promptly after, and only after, the Restriction Period shall expire without forfeiture in respect of such shares of Common Stock or after any other restrictions imposed on such shares of Common Stock by the applicable Award Agreement or other agreement have expired. Certificates for the shares of Common Stock forfeited under the provisions of the Plan and the applicable Award Agreement shall be promptly returned to the Company by the forfeiting Participant. Each Award Agreement shall require that each Participant, in connection with the issuance of a certificate for Restricted Stock, shall endorse such certificate in blank or execute a stock power in form satisfactory to the Company in blank and deliver such certificate and executed stock power to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Restriction Period as specified in the Award Agreement, and, subject to <u>Article 12</u> of the Plan, shall expire upon satisfaction of the conditions set forth in the Award Agreement; such conditions may provide for vesting based on length of continuous service or such Performance Goals, as may be determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Except as otherwise provided in the particular Award Agreement, upon Termination of Service for any reason during the Restriction Period, the nonvested shares of Restricted Stock shall be forfeited by the Participant. In the event a Participant has paid any consideration to the Company for such forfeited Restricted Stock, the Committee shall specify in the Award Agreement that either: (1) the Company shall be obligated to; or (2) the Company may, in its sole discretion, elect to, pay to the Participant, as soon as practicable after the event causing forfeiture, in cash, an amount equal to the lesser of the total consideration paid by the Participant for such forfeited shares or the Fair Market Value of such forfeited shares as of the date of Termination of Service, as the Committee, in its sole discretion shall select. Upon any forfeiture, all rights of a Participant with respect to the forfeited shares of the Restricted Stock shall cease and terminate, without any further obligation on the part of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 **SARs.** The Committee may grant SARs to any Participant, either as a separate Award or in connection with a Stock Option. SARs shall be subject to such terms and conditions as the Committee shall impose, provided that such terms and conditions are: (a) not inconsistent with the Plan; and (b) to the extent a SAR issued under the Plan is subject to Section 409A of the Code, in compliance with the applicable requirements of Section 409A of the Code and the regulations or other guidance issued thereunder. The grant of the SAR may provide that the holder may be paid for the value of the SAR either in cash or in shares of Common Stock, or a combination thereof. In the event of the exercise of a SAR payable in shares of Common Stock, the holder of the SAR shall receive that number of whole shares of Common Stock having an aggregate Fair Market Value on the date of exercise equal to the value obtained by multiplying: (a) the difference between the Fair Market Value of a share of Common Stock on the date of exercise over the SAR Price as set forth in such SAR (or other value specified in the Award Agreement granting the SAR); by (b) the number of shares of Common Stock as to which the SAR is exercised, with a cash settlement to be made for any fractional shares of Common Stock. The SAR Price for any share of Common Stock subject to a SAR may be equal to or greater than the Fair Market Value of the share on the Date of Grant. The Committee, in its sole discretion, may place a ceiling on the amount payable upon exercise of a SAR, but any such limitation shall be specified at the time that the SAR is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 **Restricted Stock Units.** Restricted Stock Units may be awarded or sold to any Participant under such terms and conditions as shall be established by the Committee, provided, however, that such terms and conditions are: (a) not inconsistent with the Plan; and (b) to the extent a Restricted Stock Unit issued under the Plan is subject to Section 409A of the Code, in compliance with the applicable requirements of Section 409A of the Code and the regulations or other guidance issued thereunder. Restricted Stock Units shall be subject to such restrictions as the Committee determines, including, without limitation: (a) a prohibition against sale, assignment, transfer, pledge, hypothecation or other encumbrance for a specified period; or (b) a requirement that the holder forfeit (or in the case of shares of Common Stock or units sold to the Participant, resell to the Company at cost) such shares or units in the event of Termination of Service during the period of restriction. The grant of the Restricted Stock Unit may provide that the holder may be paid the value of the RSU either in cash or in shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 **Performance Awards**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee may grant Performance Awards to one or more Participants. The terms and conditions of Performance Awards shall be specified at the time of the grant and may include provisions establishing the performance period, the Performance Goals to be achieved during a performance period, and the maximum or minimum settlement values, provided that such terms and conditions are: (i) not inconsistent with the Plan; and (ii) to the extent a Performance Award issued under the Plan is subject to Section 409A of the Code, in compliance with the applicable requirements of Section 409A of the Code and the regulations or other guidance issued thereunder. If the Performance Award is to be in shares of Common Stock, the Performance Awards may provide for the issuance of the shares of Common Stock at the time of the grant of the Performance Award or at the time of the certification by the Committee that the Performance Goals for the performance period have been met; <u>provided</u>, <u>however</u>, if shares of Common Stock are issued at the time of the grant of the Performance Award and if, at the end of the performance period, the Performance Goals are not certified by the Committee to have been fully satisfied, then, notwithstanding any other provisions of this Plan to the contrary, the Common Stock shall be forfeited in accordance with the terms of the grant to the extent the Committee determines that the Performance Goals were not met. The forfeiture of shares of Common Stock issued at the time of the grant of the Performance Award due to failure to achieve the established Performance Goals shall be separate from and in addition to any other restrictions provided for in this Plan that may be applicable to such shares of Common Stock. Each Performance Award granted to one or more Participants shall have its own terms and conditions.

If the Committee determines, in its sole discretion, that the established performance measures or objectives are no longer suitable because of a change in the Company's business, operations, corporate structure, or for other reasons that the Committee deemed satisfactory, the Committee may modify the performance measures or objectives and/or the performance period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Performance Awards may be valued by reference to the Fair Market Value of a share of Common Stock or according to any formula or method deemed appropriate by the Committee, in its sole discretion, including, but not limited to, achievement of Performance Goals or other specific financial, production, sales or cost performance objectives that the Committee believes to be relevant to the Company's business and/or remaining in the employ of the Company or a Subsidiary for a specified period of time. Performance Awards may be paid in cash, shares of Common Stock, or other consideration, or any combination thereof. If payable in shares of Common Stock, the consideration for the issuance of such shares may be the achievement of the performance objective established at the time of the grant of the Performance Award. Performance Awards may be payable in a single payment or in installments and may be payable at a specified date or dates or upon attaining the performance objective. The extent to which any applicable performance objective has been achieved shall be conclusively determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 **Dividend Equivalent Rights.** The Committee may grant a Dividend Equivalent Right to any Participant, either as a component of another Award or as a separate Award. The terms and conditions of the Dividend Equivalent Right shall be specified by the grant. Dividend equivalents credited to the holder of a Dividend Equivalent Right may be paid currently or may be deemed to be reinvested in additional shares of Common Stock (which may thereafter accrue additional dividend equivalents). Any such reinvestment shall be at the Fair Market Value at the time thereof. Dividend Equivalent Rights may be settled in cash or shares of Common Stock, or a combination thereof, in a single payment or in installments. A Dividend Equivalent Right granted as a component of another Award may provide that such Dividend Equivalent Right shall be settled upon exercise, settlement, or payment of, or lapse of restrictions on, such other Award, and that such Dividend Equivalent Right granted as a component of another Award may also contain terms and conditions different from such other Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 **Other Awards.** The Committee may grant to any Participant other forms of Awards, based upon, payable in, or otherwise related to, in whole or in part, shares of Common Stock, if the Committee determines that such other form of Award is consistent with the purpose and restrictions of this Plan. The terms and conditions of such other form of Award shall be specified by the grant. Such Other Awards may be granted for no cash consideration, for such minimum consideration as may be required by Applicable Law, or for such other consideration as may be specified by the grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 **Performance Goals.** Awards of Restricted Stock, Restricted Stock Units, Performance Award and Other Awards (whether relating to cash or shares of Common Stock) under the Plan may be made subject to the attainment of Performance Goals relating to one or more business criteria which may consist of one or more or any combination of the following criteria: cash flow; cost; revenues; sales; ratio of debt to debt plus equity; net borrowing, credit quality or debt ratings; profit before tax; economic profit; earnings before interest and taxes; earnings before interest, taxes, depreciation and amortization; gross margin; earnings per share (whether on a pre-tax, after-tax, operational or other basis); operating earnings; capital expenditures; expenses or expense levels; economic value added; ratio of operating earnings to capital spending or any other operating ratios; free cash flow; net profit; net sales; net asset value per share; the accomplishment of mergers, acquisitions, dispositions, public offerings or similar extraordinary business transactions; sales growth; price of the Company's Common Stock; return on assets, equity or stockholders' equity; market share; inventory levels, inventory turn or shrinkage; or total return to stockholders ("***Performance Criteria***"). Any Performance Criteria may be used to measure the performance of the Company as a whole or any business unit of the Company and may be measured relative to a peer group or index. Any Performance Criteria may include or exclude: (a) events that are of an unusual nature or indicate infrequency of occurrence; (b) gains or losses on the disposition of a business; (c) changes in tax or accounting regulations or laws; (d) the effect of a merger or acquisition, as identified in the Company's quarterly and annual earnings releases; or (e) other similar occurrences. In all other respects, Performance Criteria shall be calculated in accordance with the Company's financial statements, under generally accepted accounting principles, or under a methodology established by the Committee prior to the issuance of an Award which is consistently applied and identified in the audited financial statements, including footnotes, or the Compensation Discussion and Analysis section of the Company's annual report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 **Tandem Awards.** The Committee may grant two or more Incentives in one Award in the form of a "Tandem Award," so that the right of the Participant to exercise one Incentive shall be canceled if, and to the extent, the other Incentive is exercised. For example, if a Stock Option and a SAR are issued in a Tandem Award, and the Participant exercises the SAR with respect to one hundred (100) shares of Common Stock, the right of the Participant to exercise the related Stock Option shall be canceled to the extent of one hundred (100) shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 **No Repricing of Stock Options or SARs.** The Committee may not "reprice" any Stock Option or SAR without stockholder approval. For purposes of this <u>Section 6.12</u>, "reprice" means any of the following or any other action that has the same effect: (a) amending a Stock Option or SAR to reduce its exercise price or base price; (b) canceling a Stock Option or SAR at a time when its exercise price or base price exceeds the Fair Market Value of a share of Common Stock in exchange for cash or a Stock Option, SAR, award of Restricted Stock or other equity award; or (c) taking any other action that is treated as a repricing under generally accepted accounting principles, provided that nothing in this <u>Section 6.12</u> shall prevent the Committee from making adjustments pursuant to <u>Article 11</u>, from exchanging or cancelling Incentives pursuant to <u>Article 12</u>, or substituting Incentives in accordance with <u>Article 14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 **Recoupment for Restatements.** Notwithstanding any other language in this Plan to the contrary, the Company may recoup all or any portion of any shares or cash paid to a Participant in connection with an Award, in the event of a restatement of the Company's financial statements as set forth in the Company's clawback policy, if any, approved by the Company's Board from time to time.

**Article 7.**

**AWARD PERIOD; VESTING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Award Period.** Subject to the other provisions of this Plan, the Committee may, in its discretion, provide that an Incentive may not be exercised in whole or in part for any period or periods of time or beyond any date specified in the Award Agreement. Except as provided in the Award Agreement, an Incentive may be exercised in whole or in part at any time during its term. The Award Period for an Incentive shall be reduced or terminated upon Termination of Service. No Incentive granted under the Plan may be exercised at any time after the end of its Award Period. No portion of any Incentive may be exercised after the expiration of ten (10) years from its Date of Grant. However, if an Employee owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than ten percent (10%) of the combined voting power of all classes of stock of the Company (or any Parent or Subsidiary) and an Incentive Stock Option is granted to such Employee, the term of such Incentive Stock Option (to the extent required by the Code at the time of grant) shall be no more than five (5) years from the Date of Grant. Notwithstanding the foregoing, in the event that on the last business day of an Award Period (other than an Award Period as to an Incentive Stock Option) (a) the exercise or conversion of an Award is prohibited by Applicable Law or (b) shares of Common Stock may not be purchased or sold by certain Participants due to a "black-out period" or a "lock-up" agreement undertaken in connection with an issuance of the Company's securities, the Committee may, in its sole discretion, provide that the Award Period of such Incentive shall be extended, but not beyond a period of thirty (30) days following the end of the legal prohibition, black-out period, or lock-up agreement, and provided further that no extension will be made if the Incentive is subject to (or would become subject to) Section 409A of the Code unless such extension is permitted by and in accordance with Section 409A of the Code and the regulations and other guidance issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Vesting.** The Committee, in its sole discretion, may determine that an Incentive will be immediately vested in whole or in part, or that all or any portion may not be vested until a date, or dates, subsequent to its Date of Grant, or until the occurrence of one or more specified events, subject in any case to the terms of the Plan. If the Committee imposes conditions upon vesting, then, subsequent to the Date of Grant, the Committee may, in its sole discretion, accelerate the date on which all or any portion of the Incentive may be vested.

**Article 8.**

**EXERCISE OR CONVERSION OF INCENTIVE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **In General**. A vested Incentive may be exercised or converted, during its Award Period, subject to limitations and restrictions set forth in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **Securities Law and Exchange Restrictions.** In no event may an Incentive be exercised or shares of Common Stock issued pursuant to an Award if a necessary listing or quotation of the shares of Common Stock on a stock exchange or inter-dealer quotation system or any registration under state or federal securities laws required under the circumstances has not been accomplished.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 **Exercise of Stock Option**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **In General.** If a Stock Option is exercisable prior to the time it is vested, the Common Stock obtained on the exercise of the Stock Option shall be Restricted Stock which is subject to the applicable provisions of the Plan and the Award Agreement. If the Committee imposes conditions upon exercise, then subsequent to the Date of Grant, the Committee may, in its sole discretion, accelerate the date on which all or any portion of the Stock Option may be exercised. No Stock Option may be exercised for a fractional share of Common Stock. The granting of a Stock Option shall impose no obligation upon the Participant to exercise that Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Notice and Payment.** Subject to such administrative regulations as the Committee may from time to time adopt, a Stock Option may be exercised by the delivery of written notice to the Committee setting forth the number of shares of Common Stock with respect to which the Stock Option is to be exercised (the "***Exercise Notice***") and the date of exercise thereof (the "***Exercise Date***") with respect to any Stock Option shall be the date that the Participant has delivered both the Exercise Notice and consideration to the Company with a value equal to the total Option Price of the shares to be purchased (plus any employment tax withholding or other tax payment due with respect to such Award), payable as provided in the Award Agreement, which may provide for payment in any one or more of the following ways: (i) cash or check, bank draft, wire transfer of immediately available funds, or money order payable to the order of the Company; (ii) Common Stock owned by the Participant on the Exercise Date, valued at its Fair Market Value on the Exercise Date, and which the Participant has not acquired from the Company within six (6) months prior to the Exercise Date; (iii) by delivery (including by FAX or electronic transmission) to the Company or its designated agent of an executed irrevocable option exercise form (or, to the extent permitted by the Company, exercise instructions, which may be communicated in writing, telephonically, or electronically) together with irrevocable instructions from the Participant to a broker or dealer, reasonably acceptable to the Company, to sell certain of the shares of Common Stock purchased upon exercise of the Stock Option or to pledge such shares as collateral for a loan and promptly deliver to the Company the amount of sale or loan proceeds necessary to pay such purchase price; (iv) by requesting the Company to withhold the number of shares otherwise deliverable upon exercise of the Stock Option by the number of shares of Common Stock having an aggregate Fair Market Value equal to the aggregate Option Price at the time of exercise (*i.e.,* a cashless net exercise by forfeiture); and/or (v) in any other form of valid consideration that is acceptable to the Committee in its sole discretion. In the event that shares of Restricted Stock are tendered as consideration for the exercise of a Stock Option, if permitted by the Committee in accordance with Section 8.3(b)(v), a number of shares of Common Stock issued upon the exercise of the Stock Option equal to the number of shares of Restricted Stock used as consideration therefor shall be subject to the same restrictions and provisions as the Restricted Stock so tendered. If the Participant fails to deliver the consideration described in this <u>Section 8.3(b)</u> within three (3) business days of the date of the Exercise Notice, then the Exercise Notice shall be null and void and the Company will have no obligation to deliver any shares of Common Stock to the Participant in connection with such Exercise Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Issuance of Certificate.** Except as otherwise provided in <u>Section 6.4</u> hereof (with respect to shares of Restricted Stock) or in the applicable Award Agreement, upon payment of all amounts due from the Participant, the Company shall cause the Common Stock then being purchased to be electronically registered in the Participant's name (or the person exercising the Participant's Stock Option in the event of his or her death), but shall not issue certificates for the Common Stock unless the Participant or such other person requests delivery of the certificates for the Common Stock, in writing in accordance with the procedures established by the Committee. The Company shall deliver certificates to the Participant (or the person exercising the Participant's Stock Option in the event of his or her death) as soon as administratively practicable following the Company's receipt of a written request from the Participant or such other person for delivery of the certificates. Notwithstanding the forgoing, if the Participant has exercised an Incentive Stock Option, the Company may at its option retain physical possession of the certificate evidencing the shares acquired upon exercise until the expiration of the holding periods described in Section 422(a)(1) of the Code. Any obligation of the Company to deliver shares of Common Stock shall, however, be subject to the condition that, if at any time the Committee shall determine in its discretion that the listing, registration, or qualification of the Stock Option or the Common Stock upon any securities exchange or inter-dealer quotation system or under any state or federal law, or the consent or approval of any governmental regulatory body, is necessary as a condition of, or in connection with, the Stock Option or the issuance or purchase of shares of Common Stock thereunder, the Stock Option may not be exercised in whole or in part unless such listing, registration, qualification, consent, or approval shall have been effected or obtained free of any conditions not reasonably acceptable to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Failure to Pay.** Except as may otherwise be provided in an Award Agreement, if the Participant fails to pay for any of the Common Stock specified in such notice or fails to accept delivery thereof, that portion of the Participant's Stock Option and right to purchase such Common Stock may be forfeited by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 **SARs.** Subject to the conditions of this <u>Section 8.4</u> and such administrative regulations as the Committee may from time to time adopt, a SAR may be exercised by the delivery (including by FAX) of written notice to the Committee setting forth the number of shares of Common Stock with respect to which the SAR is to be exercised and the Exercise Date thereof which shall be at least three (3) days after giving such notice unless an earlier time shall have been mutually agreed upon. Subject to the terms of the Award Agreement and only if permissible under Section 409A of the Code and the regulations or other guidance issued thereunder (or, if not so permissible, at such time as permitted by Section 409A of the Code and the regulations or other guidance issued thereunder), the Participant shall receive from the Company in exchange therefor in the discretion of the Committee, and subject to the terms of the Award Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cash in an amount equal to the excess (if any) of the Fair Market Value (as of the Exercise Date, or if provided in the Award Agreement, conversion, of the SAR) per share of Common Stock over the SAR Price per share specified in such SAR, multiplied by the total number of shares of Common Stock of the SAR being surrendered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that number of shares of Common Stock having an aggregate Fair Market Value (as of the Exercise Date, or if provided in the Award Agreement, conversion, of the SAR) equal to the amount of cash otherwise payable to the Participant, with a cash settlement to be made for any fractional share interests; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company may settle such obligation in part with shares of Common Stock and in part with cash.

The distribution of any cash or Common Stock pursuant to the foregoing sentence shall be made at such time as set forth in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 **Disqualifying Disposition of Incentive Stock Option.** If shares of Common Stock acquired upon exercise of an Incentive Stock Option are disposed of by a Participant prior to the expiration of either two (2) years from the Date of Grant of such Stock Option or one (1) year from the transfer of shares of Common Stock to the Participant pursuant to the exercise of such Stock Option, or in any other disqualifying disposition within the meaning of Section 422 of the Code, such Participant shall notify the Company in writing of the date and terms of such disposition. A disqualifying disposition by a Participant shall not affect the status of any other Stock Option granted under the Plan as an Incentive Stock Option within the meaning of Section 422 of the Code.

**Article 9.**

**AMENDMENT OR DISCONTINUANCE**

Subject to the limitations set forth in this <u>Article 9</u>, the Board may at any time and from time to time, without the consent of the Participants, alter, amend, revise, suspend, or discontinue the Plan in whole or in part; provided, however, that no amendment for which stockholder approval is required either: (a) by any securities exchange or inter-dealer quotation system on which the Common Stock is listed or traded; or (b) in order for the Plan and Incentives awarded under the Plan to continue to comply with Sections 421 and 422 of the Code, including any successors to such Sections, or other Applicable Law, shall be effective unless such amendment shall be approved by the requisite vote of the stockholders of the Company entitled to vote thereon. Any such amendment shall, to the extent deemed necessary or advisable by the Committee, be applicable to any outstanding Incentives theretofore granted under the Plan, notwithstanding any contrary provisions contained in any Award Agreement. In the event of any such amendment to the Plan, the holder of any Incentive outstanding under the Plan shall, upon request of the Committee and as a condition to the exercisability thereof, execute a conforming amendment in the form prescribed by the Committee to any Award Agreement relating thereto. Notwithstanding anything contained in this Plan to the contrary, unless required by law, no action contemplated or permitted by this <u>Article 9</u> shall adversely affect any rights of Participants or obligations of the Company to Participants with respect to any Incentive theretofore granted under the Plan without the consent of the affected Participant.

**Article 10.**

**TERM**

The Plan shall be effective from the Effective Date, and, unless sooner terminated by action of the Board, the Plan will terminate on the tenth anniversary of the Effective Date, but Incentives granted before that date will continue to be effective in accordance with their terms and conditions.

**Article 11.**

**CAPITAL ADJUSTMENTS**

In the event that any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or other property), recapitalization, stock split, reverse stock split, rights offering, reorganization, merger, consolidation, split-up, spin-off, split-off, combination, subdivision, repurchase, or exchange of Common Stock or other securities of the Company, issuance of warrants or other rights to purchase Common Stock or other securities of the Company, or other similar corporate transaction or event affects the fair value of an Award, then the Committee shall adjust any or all of the following so that the fair value of the Award immediately after the transaction or event is equal to the fair value of the Award immediately prior to the transaction or event: (a) the number of shares and type of Common Stock (or the securities or property) which thereafter may be made the subject of Awards; (b) the number of shares and type of Common Stock (or other securities or property) subject to outstanding Awards; (c) the Option Price of each outstanding Award; (d) the amount, if any, the Company pays for forfeited shares of Common Stock in accordance with <u>Section 6.4</u>; and (e) the number of or SAR Price of shares of Common Stock then subject to outstanding SARs previously granted and unexercised under the Plan, to the end that the same proportion of the Company's issued and outstanding shares of Common Stock in each instance shall remain subject to exercise at the same aggregate SAR Price; provided, however, that the number of shares of Common Stock (or other securities or property) subject to any Award shall always be a whole number. Notwithstanding the foregoing, no such adjustment shall be made or authorized to the extent that such adjustment would cause the Plan or any Stock Option to violate Section 422 of the Code or Section 409A of the Code. Such adjustments shall be made in accordance with the rules of any securities exchange, stock market, or stock quotation system to which the Company is subject.

Upon the occurrence of any such adjustment, the Company shall provide notice to each affected Participant of its computation of such adjustment which shall be conclusive and shall be binding upon each such Participant.

**Article 12.**

**RECAPITALIZATION, MERGER AND CONSOLIDATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 **No Effect on Company's Authority.** The existence of this Plan and Incentives granted hereunder shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company's capital structure and its business, or any Change in Control, or any merger or consolidation of the Company, or any issuance of bonds, debentures, preferred or preference stocks ranking prior to or otherwise affecting the Common Stock or the rights thereof (or any rights, options, or warrants to purchase same), or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 **Conversion of Incentives Where Company Survives.** Subject to any required action by the stockholders and except as otherwise provided by <u>Section 12.4</u> hereof or as may be required to comply with Section 409A of the Code and the regulations or other guidance issued thereunder, if the Company shall be the surviving or resulting corporation in any merger, consolidation or share exchange, any Incentive granted hereunder shall pertain to and apply to the securities or rights (including cash, property, or assets) to which a holder of the number of shares of Common Stock subject to the Incentive would have been entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 **Exchange or Cancellation of Incentives Where Company Does Not Survive.** Except as otherwise provided by <u>Section 12.4</u> hereof or as may be required to comply with Section 409A of the Code and the regulations or other guidance issued thereunder, in the event of any merger, consolidation or share exchange pursuant to which the Company is not the surviving or resulting corporation, there shall be substituted for each share of Common Stock subject to the unexercised portions of outstanding Incentives, that number of shares of each class of stock or other securities or that amount of cash, property, or assets of the surviving, resulting or consolidated company which were distributed or distributable to the stockholders of the Company in respect to each share of Common Stock held by them, such outstanding Incentives to be thereafter exercisable for such stock, securities, cash, or property in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 **Cancellation of Incentives.** Notwithstanding the provisions of <u>Sections 12.2 and 12.3</u> hereof, and except as may be required to comply with Section 409A of the Code and the regulations or other guidance issued thereunder, all Incentives granted hereunder may be canceled by the Company, in its sole discretion, as of the effective date of any Change in Control, merger, consolidation or share exchange, or any issuance of bonds, debentures, preferred or preference stocks ranking prior to or otherwise affecting the Common Stock or the rights thereof (or any rights, options, or warrants to purchase same), or of any proposed sale of all or substantially all of the assets of the Company, or of any dissolution or liquidation of the Company, by either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) giving notice to each holder thereof or such holder's personal representative of its intention to cancel those Incentives for which the issuance of shares of Common Stock involved payment by the Participant for such shares, and permitting the purchase during the thirty (30) day period next preceding such effective date of any or all of the shares of Common Stock subject to such outstanding Incentives, including in the Board's discretion some or all of the shares as to which such Incentives would not otherwise be vested and exercisable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of Incentives granted to persons who are not residents in Canada for the purposes of the Income Tax Act (Canada) that are either: (i) settled only in shares of Common Stock; or (ii) at the election of the Participant, settled in shares of Common Stock, paying the holder thereof an amount equal to a reasonable estimate of the difference between the net amount per share payable in such transaction or as a result of such transaction, and the price per share of such Incentive to be paid by the Participant (hereinafter the "***Spread***"), multiplied by the number of shares subject to the Incentive. In cases where the shares constitute, or would after exercise, constitute Restricted Stock, the Company, in its discretion, may include some or all of those shares in the calculation of the amount payable hereunder. In estimating the Spread, appropriate adjustments to give effect to the existence of the Incentives shall be made, such as deeming the Incentives to have been exercised, with the Company receiving the exercise price payable thereunder, and treating the shares receivable upon exercise of the Incentives as being outstanding in determining the net amount per share. In cases where the proposed transaction consists of the acquisition of assets of the Company, the net amount per share shall be calculated on the basis of the net amount receivable with respect to shares of Common Stock upon a distribution and liquidation by the Company after giving effect to expenses and charges, including but not limited to taxes, payable by the Company before such liquidation could be completed.

An Award that by its terms would be fully vested or exercisable upon a Change in Control will be considered vested or exercisable for purposes of <u>Section 12.4(a)</u> hereof.

**Article 13.**

**LIQUIDATION OR DISSOLUTION**

Subject to <u>Section 12.4</u> hereof, in case the Company shall, at any time while any Incentive under this Plan shall be in force and remain unexpired: (a) sell all or substantially all of its property; or (b) dissolve, liquidate, or wind up its affairs, then each Participant shall be entitled to receive, in lieu of each share of Common Stock of the Company which such Participant would have been entitled to receive under the Incentive, the same kind and amount of any securities or assets as may be issuable, distributable, or payable upon any such sale, dissolution, liquidation, or winding up with respect to each share of Common Stock of the Company. If the Company shall, at any time prior to the expiration of any Incentive, make any partial distribution of its assets, in the nature of a partial liquidation, whether payable in cash or in kind (but excluding the distribution of a cash dividend payable out of earned surplus and designated as such) and an adjustment is determined by the Committee to be appropriate to prevent the dilution of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, make such adjustment in accordance with the provisions of <u>Article 11</u> hereof.

**Article 14.**

**INCENTIVES IN SUBSTITUTION FOR**

**INCENTIVES GRANTED BY OTHER ENTITIES**

Incentives may be granted under the Plan from time to time in substitution for similar instruments held by employees, independent contractors or directors of a corporation, partnership, or limited liability company who become or are about to become Employees, Contractors or Outside Directors of the Company or any Subsidiary as a result of a merger or consolidation of the employing corporation with the Company, the acquisition by the Company of equity of the employing entity, or any other similar transaction pursuant to which the Company becomes the successor employer. The terms and conditions of the substitute Incentives so granted may vary from the terms and conditions set forth in this Plan to such extent as the Committee at the time of grant may deem appropriate to conform, in whole or in part, to the provisions of the incentives in substitution for which they are granted.

**Article 15.**

**MISCELLANEOUS PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 **Investment Intent.** The Company may require that there be presented to and filed with it by any Participant under the Plan, such evidence as it may deem necessary to establish that the Incentives granted or the shares of Common Stock to be purchased or transferred are being acquired for investment and not with a view to their distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 **No Right to Continued Employment.** Neither the Plan nor any Incentive granted under the Plan shall confer upon any Participant any right with respect to continuance of employment by the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 **Indemnification of Board and Committee.** No member of the Board or the Committee, nor any officer or Employee of the Company acting on behalf of the Board or the Committee (including, without limitation, any Authorized Officer), shall be personally liable for any action, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board and the Committee, each officer of the Company, and each Employee of the Company acting on behalf of the Board or the Committee shall, to the extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, determination, or interpretation to the fullest extent provided by law. Except to the extent required by any unwaiveable requirement under Applicable Law, no member of the Board or the Committee (and no Subsidiary of the Company) shall have any duties or liabilities, including without limitation any fiduciary duties, to any Participant (or any Person claiming by and through any Participant) as a result of this Plan, any Award Agreement or any Claim arising hereunder and, to the fullest extent permitted under Applicable Law, each Participant (as consideration for receiving and accepting an Award Agreement) irrevocably waives and releases any right or opportunity such Participant might have to assert (or participate or cooperate in) any Claim against any member of the Board or the Committee and any Subsidiary of the Company arising out of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 **Effect of the Plan.** Neither the adoption of this Plan nor any action of the Board or the Committee shall be deemed to give any person any right to be granted an Award or any other rights except as may be evidenced by an Award Agreement, or any amendment thereto, duly authorized by the Committee and executed on behalf of the Company, and then only to the extent and upon the terms and conditions expressly set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 **Compliance with Other Laws and Regulations.** Notwithstanding anything contained herein to the contrary, the Company shall not be required to sell or issue shares of Common Stock under any Incentive if the issuance thereof would constitute a violation by the Participant or the Company of any provisions of any law or regulation of any governmental authority or any national securities exchange or inter-dealer quotation system or other forum in which shares of Common Stock are quoted or traded (including without limitation Section 16 of the Exchange Act); and, as a condition of any sale or issuance of shares of Common Stock under an Incentive, the Committee may require such agreements or undertakings, if any, as the Committee may deem necessary or advisable to assure compliance with any such law or regulation. The Plan, the grant and exercise of Incentives hereunder, and the obligation of the Company to sell and deliver shares of Common Stock, shall be subject to all applicable federal and state laws, rules and regulations and to such approvals by any government or regulatory agency as may be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 **Foreign Participation.** To assure the viability of Awards granted to Participants employed in foreign countries, the Committee may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Moreover, the Committee may approve such supplements to, or amendments, restatements or alternative versions of, this Plan as it determines is necessary or appropriate for such purposes. Any such amendment, restatement or alternative versions that the Committee approves for purposes of using this Plan in a foreign country will not affect the terms of this Plan for any other country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 **Tax Requirements.** The Company or, if applicable, any Subsidiary (for purposes of this <u>Section 15.7</u>, the term "***Company***" shall be deemed to include any applicable Subsidiary), shall have the right to deduct from all amounts paid in cash or other form in connection with the Plan, any federal, state, local, or other taxes required by law to be withheld in connection with an Award granted under this Plan. The Company may, in its sole discretion, also require the Participant receiving shares of Common Stock issued under the Plan to pay the Company the amount of any taxes that the Company is required to withhold in connection with the Participant's income arising with respect to the Award. Such payments shall be required to be made when requested by the Company and may be required to be made prior to the delivery of any certificate representing shares of Common Stock. Such payment may be made by: (a) the delivery of cash to the Company in an amount that equals or exceeds (to avoid the issuance of fractional shares under (c) below) the required tax withholding obligations of the Company; (b) if the Company, in its sole discretion, so consents in writing, the actual delivery by the exercising Participant to the Company of shares of Common Stock that the Participant has not acquired from the Company within six (6) months prior to the date of exercise, which shares so delivered have an aggregate Fair Market Value that equals or exceeds (to avoid the issuance of fractional shares under (c) below) the required tax withholding payment; (c) if the Company, in its sole discretion, so consents in writing, the Company's withholding of a number of shares to be delivered upon the exercise of the Stock Option, which shares so withheld have an aggregate Fair Market Value that equals (but does not exceed) the required tax withholding payment; or (d) any combination of (a), (b), or (c). The Company may, in its sole discretion, withhold any such taxes from any other cash remuneration otherwise paid by the Company to the Participant. The Committee may in the Award Agreement impose any additional tax requirements or provisions that the Committee deems necessary or desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8 **Assignability.** Incentive Stock Options may not be transferred, assigned, pledged, hypothecated or otherwise conveyed or encumbered other than by will or the laws of descent and distribution and may be exercised during the lifetime of the Participant only by the Participant or the Participant's legally authorized representative, and each Award Agreement in respect of an Incentive Stock Option shall so provide. The designation by a Participant of a beneficiary will not constitute a transfer of the Stock Option. The Committee may waive or modify any limitation contained in the preceding sentences of this <u>Section 15.8</u> that is not required for compliance with Section 422 of the Code.

Except as otherwise provided herein, Awards may not be transferred, assigned, pledged, hypothecated or otherwise conveyed or encumbered other than by will or the laws of descent and distribution. Notwithstanding the foregoing, the Committee may, in its discretion, authorize all or a portion of a Nonqualified Stock Option or SAR to be granted to a Participant on terms which permit transfer by such Participant to: (a) the spouse (or former spouse), children or grandchildren of the Participant ("***Immediate Family Members***"); (b) a trust or trusts for the exclusive benefit of such Immediate Family Members; (c) a partnership in which the only partners are: (1) such Immediate Family Members; and/or (2) entities which are controlled by the Participant and/or Immediate Family Members; (d) an entity exempt from federal income tax pursuant to Section 501(c)(3) of the Code or any successor provision; or (e) a split interest trust or pooled income fund described in Section 2522(c)(2) of the Code or any successor provision, <u>provided that:</u> (x) there shall be no consideration for any such transfer; (y) the Award Agreement pursuant to which such Nonqualified Stock Option or SAR is granted must be approved by the Committee and must expressly provide for transferability in a manner consistent with this Section; and (z) subsequent transfers of transferred Nonqualified Stock Options or SARs shall be prohibited except those by will or the laws of descent and distribution.

Following any transfer, any such Nonqualified Stock Option and SAR shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, provided that for purposes of <u>Articles 8, 9, 11, 13 and 15</u> hereof the term "***Participant***" shall be deemed to include the transferee. The events of Termination of Service shall continue to be applied with respect to the original Participant, following which the Nonqualified Stock Options and SARs shall be exercisable or convertible by the transferee only to the extent and for the periods specified in the Award Agreement. The Committee and the Company shall have no obligation to inform any transferee of a Nonqualified Stock Option or SAR of any expiration, termination, lapse or acceleration of such Stock Option or SAR. The Company shall have no obligation to register with any federal or state securities commission or agency any Common Stock issuable or issued under a Nonqualified Stock Option or SAR that has been transferred by a Participant under this <u>Section 15.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 **Use of Proceeds.** Proceeds from the sale of shares of Common Stock pursuant to Incentives granted under this Plan shall constitute general funds of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 **Legend.** Each certificate representing shares of Restricted Stock issued to a Participant shall bear the following legend, or a similar legend deemed by the Company to constitute an appropriate notice of the provisions hereof (any such certificate not having such legend shall be surrendered upon demand by the Company and so endorsed):

On the face of the certificate:

"Transfer of this stock is restricted in accordance with conditions printed on the reverse of this certificate."

On the reverse:

"The shares of stock evidenced by this certificate are subject to and transferable only in accordance with that certain U. S. Goldmining Inc. 2023 Long-Term Incentive Plan, a copy of which is on file at the principal office of the Company in Vancouver, British Columbia. No transfer or pledge of the shares evidenced hereby may be made except in accordance with and subject to the provisions of said Plan. By acceptance of this certificate, any holder, transferee or pledgee hereof agrees to be bound by all of the provisions of said Plan."

The following legend shall be inserted on a certificate evidencing Common Stock issued under the Plan if the shares were not issued in a transaction registered under the applicable federal and state securities laws:

"Shares of stock represented by this certificate have been acquired by the holder for investment and not for resale, transfer or distribution, have been issued pursuant to exemptions from the registration requirements of applicable state and federal securities laws, and may not be offered for sale, sold or transferred other than pursuant to effective registration under such laws, or in transactions otherwise in compliance with such laws, and upon evidence satisfactory to the Company of compliance with such laws, as to which the Company may rely upon an opinion of counsel satisfactory to the Company."

In addition, each certificate evidencing Common Stock issued under the Plan shall bear any and all other legends as may be deemed reasonable, appropriate, or necessary by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 **Governing Law.** The Plan shall be governed by, construed, and enforced in accordance with the laws of the State of Nevada (excluding any conflict of laws, rule or principle of Nevada law that might refer the governance, construction, or interpretation of this Plan to the laws of another state). A Participant's sole remedy for any Claim shall be against the Company, and no Participant shall have any claim or right of any nature against any Subsidiary of the Company or any stockholder or existing or former director, officer or Employee of the Company or any Subsidiary of the Company. The individuals and entities described above in this <u>Section 15.11</u> (other than the Company) shall be third-party beneficiaries of this Plan for purposes of enforcing the terms of this <u>Section 15.11</u>.

A copy of this Plan shall be kept on file in the principal office of the Company in Vancouver, British Columbia.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

IN WITNESS WHEREOF, the Company has caused this instrument to be executed as of February 6, 2023, by its Chief Executive Officer pursuant to prior action taken by the Board.

---

| | |
|:---|:---|
| **U. S. GOLDMINING INC.** | **U. S. GOLDMINING INC.** |
| By: | */s/ Tim Smith* |
| Name: | Tim Smith |
| Title: | Chief Executive Officer |

---

## Exhibit 10.4

**Exhibit 10.4**

**U. S. GOLDMINING INC.**

**2022 EQUITY INCENTIVE PLAN**

The U.S. GoldMining Inc. 2022 Equity Incentive Plan (the "***Plan***") was adopted by the Board of Directors of U.S. GoldMining Inc., a Nevada corporation (the "***Company***"), effective as of September 26, 2022 (the "***Effective Date***").

**Article 1.**

**PURPOSE**

The purpose of the Plan is to attract and retain the services of key Employees, key Contractors, and Outside Directors of the Company, its Parent, and its Subsidiaries and to provide such persons with a proprietary interest in the Company through the granting of Restricted Stock, that will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase the interest of such persons in the Company's welfare;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) furnish an incentive to such persons to continue their services for the Company, its Parent or its Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provide a means through which the Company may attract able persons as Employees, Contractors, and Outside Directors.

With respect to Reporting Participants, the Plan and all transactions under the Plan are intended to comply with all applicable conditions of Rule 16b-3 promulgated under the Exchange Act. To the extent any provision of the Plan or action by the Board fails to so comply, such provision or action shall be deemed null and void *ab initio*, to the extent permitted by law and deemed advisable by the Board.

**Article 2.**

**DEFINITIONS**

For the purpose of the Plan, unless the context requires otherwise, the following terms shall have the meanings indicated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 "***Applicable Law***" means all legal requirements relating to the administration of equity incentive plans and the issuance and distribution of shares of Common Stock, if any, under applicable corporate laws, applicable securities laws, the rules of any exchange or inter-dealer quotation system upon which the Company's securities are listed or quoted, the rules of any foreign jurisdiction applicable to Incentives granted to residents therein, and any other applicable law, rule or restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 "***Award***" means the grant of any Restricted Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 "***Award Agreement***" means a written agreement between a Participant and the Company which sets out the terms of the grant of an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 "***Board***" means the board of directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 "***Change of Control***" means the occurrence of the event set forth in any one of the following paragraphs, except as otherwise provided herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its Affiliates) representing fifty percent (50%) or more of the combined voting power of the Company's then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (i) of paragraph (c) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on the Effective Date, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company's stockholders was approved or recommended by a vote of at least two-thirds (2/3<sup>rds</sup>) of the directors then still in office who either were directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation, other than (i) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least fifty percent (50%) of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including the securities Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates other than in connection with the acquisition by the Company or its Affiliates of a business) representing fifty percent (50%) or more of the combined voting power of the Company's then outstanding securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets, other than a sale or disposition by the Company of all or substantially all of the Company's assets to an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale.

For purposes hereof:

"***Affiliate***" shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act.

"***Beneficial Owner***" shall have the meaning set forth in Rule 13d-3 under the Exchange Act.

"***Person***" shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its Subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

Notwithstanding the foregoing provisions of this <u>Section 2.5</u>, if an Award issued under the Plan is subject to Section 409A of the Code, then an event shall not constitute a Change of Control for purposes of such Award under the Plan unless such event also constitutes a change in the Company's ownership, its effective control or the ownership of a substantial portion of its assets within the meaning of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 "***Claim***" means any claim, liability or obligation of any nature, arising out of or relating to this Plan or an alleged breach of this Plan or an Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 "***Code***" means the United States Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 "***Common Stock***" means the common stock, no par value per share, which the Company is currently authorized to issue or may in the future be authorized to issue, or any securities into which or for which the common stock of the Company may be converted or exchanged, as the case may be, pursuant to the terms of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 "***Company***" means U. S. GoldMining Inc., a Nevada corporation, and any successor entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 "***Contractor***" means any natural person, who is not an Employee, rendering *bona fide* services to the Company, its Parent, or one of its Subsidiaries, with compensation, pursuant to a written independent contractor agreement between such person and the Company or a Subsidiary, provided that such services are not rendered in connection with the offer or sale of securities in a capital raising transaction and do not directly or indirectly promote or maintain a market for the Company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 "***Corporation***" means any entity that (a) is defined as a corporation under Section 7701 of the Code and (b) is the Company or is in an unbroken chain of corporations (other than the Company) beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing a majority of the total combined voting power of all classes of stock in one of the other corporations in the chain. For purposes of clause (b) hereof, an entity shall be treated as a "corporation" if it satisfies the definition of a corporation under Section 7701 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 "***Date of Grant***" means the effective date on which an Award is made to a Participant as set forth in the applicable Award Agreement; provided, however, that solely for purposes of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder, the Date of Grant of an Award shall be the date of stockholder approval of the Plan if such date is later than the effective date of such Award as set forth in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 "***Employee***" means a common law employee (as defined in accordance with the Regulations and Revenue Rulings then applicable under Section 3401(c) of the Code) of the Company, its Parent, or any Subsidiary of the Company; <u>provided</u>, <u>however</u>, in the case of individuals whose employment status, by virtue of their employer or residence, is not determined under Section 3401(c) of the Code, "Employee" shall mean an individual treated as an employee for local payroll tax or employment purposes by the applicable employer under Applicable Law for the relevant period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 "***Exchange Act***" means the United States Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 "***Fair Market Value***" means, as of a particular date, (a) if the shares of Common Stock are listed on any established national securities exchange, the closing sales price per share of Common Stock on the consolidated transaction reporting system for the principal securities exchange for the Common Stock on that date (as determined by the Board, in its discretion), or, if there shall have been no such sale so reported on that date, on the last preceding date on which such a sale was so reported; (b) if the shares of Common Stock are not so listed, but are quoted on an automated quotation system, the closing sales price per share of Common Stock reported on the automated quotation system on that date, or, if there shall have been no such sale so reported on that date, on the last preceding date on which such a sale was so reported; (c) if the Common Stock is not so listed or quoted, the mean between the closing bid and asked price on that date, or, if there are no quotations available for such date, on the last preceding date on which such quotations shall be available, as reported by OTCQX, OTCQB or OTC Pink (Pink Open Market); or (d) if none of the above is applicable, such amount as may be determined by the Board (acting on the advice of an Independent Third Party, should the Board elect in its sole discretion to utilize an Independent Third Party for this purpose), in good faith, to be the fair market value per share of Common Stock. The determination of Fair Market Value shall, where applicable, be in compliance with Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 "***Independent Third Party***" means an individual or entity independent of the Company having experience in providing investment banking or similar appraisal or valuation services and with expertise generally in the valuation of securities or other property for purposes of this Plan. The Board may utilize one or more Independent Third Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 "***Outside Director***" means a director of the Company, its Parent, or one of its Subsidiaries who is not an Employee or a Contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 "***Parent"*** means a "parent corporation" as defined in Section 424(e) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 "***Participant***" means an Employee, Contractor or an Outside Director to whom an Award is granted under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 "***Plan***" means this U. S. GoldMining Inc. 2022 Equity Incentive Plan, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 "***Reporting Participant***" means a Participant who is subject to the reporting requirements of Section 16 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 "***Restricted Stock***" means shares of Common Stock issued or transferred to a Participant pursuant to <u>Section 6.2</u> of this Plan which are subject to restrictions or limitations set forth in this Plan and in the related Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 "***Restriction Period***" is defined in <u>Section 6.2(b)(i)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 "***Subsidiary***" means (a) any corporation in an unbroken chain of corporations beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing a majority of the total combined voting power of all classes of stock in one of the other corporations in the chain, (b) any limited partnership, if the Company or any corporation described in item (a) above owns a majority of the general partnership interest and a majority of the limited partnership interests entitled to vote on the removal and replacement of the general partner, and (c) any partnership or limited liability company, if the partners or members thereof are composed only of the Company, any corporation listed in item (a) above or any limited partnership listed in item (b) above. "***Subsidiaries***" means more than one of any such corporations, limited partnerships, partnerships or limited liability companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 "***Termination of Service***" occurs when a Participant who is (a) an Employee of the Company or any Subsidiary ceases to serve as an Employee of the Company, its Parent and its Subsidiaries, for any reason; (b) an Outside Director of the Company or a Subsidiary ceases to serve as a director of the Company, its Parent and its Subsidiaries for any reason; or (c) a Contractor of the Company or a Subsidiary ceases to serve as a Contractor of the Company, its Parent and its Subsidiaries for any reason. Except as may be necessary or desirable to comply with applicable federal or state law, a "Termination of Service" shall not be deemed to have occurred when a Participant who is an Employee becomes an Outside Director or Contractor or vice versa. Notwithstanding the foregoing provisions of this <u>Section 2.25</u>, in the event an Award issued under the Plan is subject to Section 409A of the Code, then, in lieu of the foregoing definition and to the extent necessary to comply with the requirements of Section 409A of the Code, the definition of "Termination of Service" for purposes of such Award shall be the definition of "separation from service" provided for under Section 409A of the Code and the regulations or other guidance issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 "***Total and Permanent Disability***" means a Participant is qualified for long-term disability benefits under the Company's or Subsidiary's disability plan or insurance policy; or, if no such plan or policy is then in existence or if the Participant is not eligible to participate in such plan or policy, that the Participant, because of a physical or mental condition resulting from bodily injury, disease, or mental disorder, is unable to perform his or her duties of employment for a period of six (6) continuous months, as determined in good faith by the Board, based upon medical reports or other evidence satisfactory to the Board. Notwithstanding the foregoing provisions of this <u>Section 2.26</u>, in the event an Award issued under the Plan is subject to Section 409A of the Code, then, in lieu of the foregoing definition and to the extent necessary to comply with the requirements of Section 409A of the Code, the definition of "Total and Permanent Disability" for purposes of such Award shall be the definition of "disability" provided for under Section 409A of the Code and the regulations or other guidance issued thereunder.

**Article 3.<br> ADMINISTRATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **General Administration.** Subject to the terms of this <u>Article 3</u>, the Plan shall be administered by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **Designation of Participants and Awards**. The Board shall determine and designate from time to time the eligible persons to whom Awards will be granted and shall set forth in each related Award Agreement, where applicable, the Restriction Period, the Date of Grant, and such other terms, provisions, limitations, and performance requirements, as are approved by the Board, but not inconsistent with the Plan. Although the members of the Board shall be eligible to receive Awards, all decisions with respect to any Award, and the terms and conditions thereof, to be granted under the Plan to any member of the Board shall be made solely and exclusively by the other members of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 **Authority of the Board.** The Board, in its discretion, shall (a) interpret the Plan and Award Agreements, (b) prescribe, amend, and rescind any rules and regulations and sub-plans (including sub-plans for Awards made to Participants who are not resident in the United States), as necessary or appropriate for the administration of the Plan, (c) establish performance goals for an Award and certify the extent of their achievement, and (d) make such other determinations or certifications and take such other action as it deems necessary or advisable in the administration of the Plan. Any interpretation, determination, or other action made or taken by the Board shall be final, binding, and conclusive on all interested parties. The Board's discretion set forth herein shall not be limited by any provision of the Plan, including any provision which by its terms is applicable notwithstanding any other provision of the Plan to the contrary.

The Board may delegate to officers of the Company, pursuant to a written delegation, the authority to perform specified functions under the Plan. Any actions taken by any officers of the Company pursuant to such written delegation of authority shall be deemed to have been taken by the Board.

With respect to restrictions in the Plan that are based on the requirements of Rule 16b-3 promulgated under the Exchange Act, the rules of any exchange or inter-dealer quotation system upon which the Company's securities are listed or quoted, or any other Applicable Law, to the extent that any such restrictions are no longer required by Applicable Law, the Board shall have the sole discretion and authority to grant Awards that are not subject to such mandated restrictions and/or to waive any such mandated restrictions with respect to outstanding Awards.

**Article 4.**

**ELIGIBILITY**

Any Employee (including an Employee who is also a director or an officer), Contractor or Outside Director of the Company whose judgment, initiative, and efforts contributed or may be expected to contribute to the successful performance of the Company is eligible to participate in the Plan. The Board, upon its own action, may grant, but shall not be required to grant, an Award to any Employee, Contractor or Outside Director. Awards may be granted by the Board at any time and from time to time to new Participants, or to then Participants, or to a greater or lesser number of Participants, and may include or exclude previous Participants, as the Board shall determine. Except as required by this Plan, Awards need not contain similar provisions. The Board's determinations under the Plan (including without limitation determinations of which Employees, Contractors or Outside Directors, if any, are to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the agreements evidencing same) need not be uniform and may be made by it selectively among Participants who receive, or are eligible to receive, Awards under the Plan.

**Article 5.<br> SHARES SUBJECT TO PLAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Number Available for Awards.** Subject to adjustment as provided in <u>Articles 11 and 12</u>, the maximum number of shares of Common Stock that may be delivered pursuant to Awards granted under the Plan is one million (1,000,000) shares. Shares to be issued may be made available from authorized but unissued Common Stock, Common Stock held by the Company in its treasury, or Common Stock purchased by the Company on the open market or otherwise. During the term of this Plan, the Company will at all times reserve and keep available the number of shares of Common Stock that shall be sufficient to satisfy the requirements of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Reuse of Shares.** To the extent that any Award under this Plan shall be forfeited, shall expire or be canceled, in whole or in part, then the number of shares of Common Stock covered by the Award so forfeited, expired or canceled may again be awarded pursuant to the provisions of this Plan.

**Article 6.**

**GRANT OF AWARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **In General**. The grant of an Award shall be authorized by the Board and shall be evidenced by an Award Agreement setting forth the Award being granted, the total number of shares of Common Stock subject to the Award, the Restriction Period, the Date of Grant, and such other terms, provisions, limitations, and performance objectives, as are approved by the Board, but (i) not inconsistent with the Plan, and (ii) to the extent an Award issued under the Plan is subject to Section 409A of the Code, in compliance with the applicable requirements of Section 409A of the Code and the regulations or other guidance issued thereunder. The Company shall execute an Award Agreement with a Participant after the Board approves the issuance of an Award. Any Award granted pursuant to this Plan must be granted within ten (10) years of the date of adoption of this Plan by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Restricted Stock.** If Restricted Stock is granted to or received by a Participant under an Award, the Board shall set forth in the related Award Agreement: (a) the number of shares of Common Stock awarded, (b) the price, if any, to be paid by the Participant for such Restricted Stock and the method of payment of the price, (c) the time or times within which such Award may be subject to forfeiture, (d) specified Performance Goals of the Company, a Subsidiary, any division thereof or any group of Employees of the Company, or other criteria, which the Board determines must be met in order to remove any restrictions (including vesting) on such Award, and (e) all other terms, limitations, restrictions, and conditions of the Restricted Stock, which shall be consistent with this Plan, to the extent applicable and, to the extent Restricted Stock granted under the Plan is subject to Section 409A of the Code, in compliance with the applicable requirements of Section 409A of the Code and the regulations or other guidance issued thereunder. The provisions of Restricted Stock need not be the same with respect to each Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Legend on Shares.** The Company shall electronically register the Restricted Stock awarded to a Participant in the name of such Participant, which shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock, substantially as provided in <u>Section 13.9</u> of the Plan. No stock certificate or certificates shall be issued with respect to such shares of Common Stock, unless, following the expiration of the Restriction Period (as defined in <u>Section 6.2(b)(i)</u>) without forfeiture in respect of such shares of Common Stock, the Participant requests delivery of the certificate or certificates by submitting a written request to the Board (or such party designated by the Company) requesting delivery of the certificates. The Company shall deliver the certificates requested by the Participant to the Participant as soon as administratively practicable following the Company's receipt of such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Restrictions and Conditions.** Shares of Restricted Stock shall be subject to the following restrictions and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the other provisions of this Plan and the terms of the particular Award Agreements, during such period as may be determined by the Board commencing on the Date of Grant or the date of exercise of an Award (the "***Restriction Period***"), the Participant shall not be permitted to sell, transfer, pledge or assign shares of Restricted Stock. The Board may in its sole discretion, remove any or all of the restrictions on such Restricted Stock whenever it may determine that, by reason of changes in Applicable Laws or other changes in circumstances arising after the date of the Award, such action is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as provided in sub-paragraph (a) above or in the applicable Award Agreement, the Participant shall have, with respect to his or her Restricted Stock, all of the rights of a stockholder of the Company, including the right to vote the shares, and the right to receive any dividends thereon. Certificates for shares of Common Stock free of restriction under this Plan shall be delivered to the Participant promptly after, and only after, the Restriction Period shall expire without forfeiture in respect of such shares of Common Stock or after any other restrictions imposed on such shares of Common Stock by the applicable Award Agreement or other agreement have expired. Certificates for the shares of Common Stock forfeited under the provisions of the Plan and the applicable Award Agreement shall be promptly returned to the Company by the forfeiting Participant. Each Award Agreement shall require that each Participant, in connection with the issuance of a certificate for Restricted Stock, shall endorse such certificate in blank or execute a stock power in form satisfactory to the Company in blank and deliver such certificate and executed stock power to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Restriction Period as specified in the Award Agreement, and, subject to <u>Article 12</u> of the Plan, shall expire upon satisfaction of the conditions set forth in the Award Agreement; such conditions may provide for vesting based on length of continuous service or such Performance Goals, as may be determined by the Board in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Except as otherwise provided in the particular Award Agreement, upon Termination of Service for any reason during the Restriction Period, the nonvested shares of Restricted Stock shall be forfeited by the Participant. In the event a Participant has paid any consideration to the Company for such forfeited Restricted Stock, the Board shall specify in the Award Agreement that either (1) the Company shall be obligated to, or (2) the Company may, in its sole discretion, elect to, pay to the Participant, as soon as practicable after the event causing forfeiture, in cash, an amount equal to the lesser of the total consideration paid by the Participant for such forfeited shares or the Fair Market Value of such forfeited shares as of the date of Termination of Service, as the Board, in its sole discretion shall select. Upon any forfeiture, all rights of a Participant with respect to the forfeited shares of the Restricted Stock shall cease and terminate, without any further obligation on the part of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **Recoupment for Restatements.** Notwithstanding any other language in this Plan to the contrary, the Company may recoup all or any portion of any shares or cash paid to a Participant in connection with an Award, in the event of a restatement of the Company's financial statements as set forth in the Company's clawback policy, if any, approved by the Company's Board from time to time.

**Article 7.**

**VESTING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Vesting.** The Board, in its sole discretion, may determine that an Award will be immediately vested in whole or in part, or that all or any portion may not be vested until a date, or dates, subsequent to its Date of Grant, or until the occurrence of one or more specified events, subject in any case to the terms of the Plan. If the Board imposes conditions upon vesting, then, subsequent to the Date of Grant, the Board may, in its sole discretion, accelerate the date on which all or any portion of the Award may be vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Securities Law and Exchange Restrictions.** In no event may shares of Common Stock issued pursuant to an Award if a necessary listing or quotation of the shares of Common Stock on a stock exchange or inter-dealer quotation system or any registration under state or federal securities laws required under the circumstances has not been accomplished.

**Article 8.**

**AMENDMENT OR DISCONTINUANCE**

Subject to the limitations set forth in this <u>Article 8</u>, the Board may at any time and from time to time, without the consent of the Participants, alter, amend, revise, suspend, or discontinue the Plan in whole or in part; provided, however, that no amendment for which stockholder approval is required either (a) by any securities exchange or inter-dealer quotation system on which the Common Stock is listed or traded or (b) other Applicable Law, shall be effective unless such amendment shall be approved by the requisite vote of the stockholders of the Company entitled to vote thereon. Any such amendment shall, to the extent deemed necessary or advisable by the Board, be applicable to any outstanding Awards theretofore granted under the Plan, notwithstanding any contrary provisions contained in any Award Agreement. In the event of any such amendment to the Plan, the holder of any Award outstanding under the Plan shall, upon request of the Board and as a condition to the vesting thereof, execute a conforming amendment in the form prescribed by the Board to any Award Agreement relating thereto. Notwithstanding anything contained in this Plan to the contrary, unless required by law, no action contemplated or permitted by this <u>Article 8</u> shall adversely affect any rights of Participants or obligations of the Company to Participants with respect to any Award theretofore granted under the Plan without the consent of the affected Participant.

**Article 9.**

**TERM**

The Plan shall be effective from the Effective Date, and, unless sooner terminated by action of the Board, the Plan will terminate on the tenth anniversary of the Effective Date, but Awards granted before that date will continue to be effective in accordance with their terms and conditions.

**Article 10.**

**CAPITAL ADJUSTMENTS**

In the event that any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or other property), recapitalization, stock split, reverse stock split, rights offering, reorganization, merger, consolidation, split-up, spin-off, split-off, combination, subdivision, repurchase, or exchange of Common Stock or other securities of the Company, issuance of warrants or other rights to purchase Common Stock or other securities of the Company, or other similar corporate transaction or event affects the fair value of an Award, then the Board shall adjust any or all of the following so that the fair value of the Award immediately after the transaction or event is equal to the fair value of the Award immediately prior to the transaction or event (a) the number of shares and type of Common Stock (or the securities or property) which thereafter may be made the subject of Awards, (b) the number of shares and type of Common Stock (or other securities or property) subject to outstanding Awards, and (c) the amount, if any, the Company pays for forfeited shares of Common Stock in accordance with <u>Section 6.2</u>; provided, however, that the number of shares of Common Stock (or other securities or property) subject to any Award shall always be a whole number. Notwithstanding the foregoing, no such adjustment shall be made or authorized to the extent that such adjustment would cause the Plan to violate Section 409A of the Code. Such adjustments shall be made in accordance with the rules of any securities exchange, stock market, or stock quotation system to which the Company is subject.

Upon the occurrence of any such adjustment, the Company shall provide notice to each affected Participant of its computation of such adjustment which shall be conclusive and shall be binding upon each such Participant.

**Article 11.**

**RECAPITALIZATION, MERGER AND CONSOLIDATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 **No Effect on Company's Authority.** The existence of this Plan and Awards granted hereunder shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company's capital structure and its business, or any Change of Control, or any merger or consolidation of the Company, or any issuance of bonds, debentures, preferred or preference stocks ranking prior to or otherwise affecting the Common Stock or the rights thereof (or any rights, options, or warrants to purchase same), or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 **Conversion of Awards Where Company Survives.** Subject to any required action by the stockholders and except as otherwise provided by <u>Section 11.4</u> hereof or as may be required to comply with Section 409A of the Code and the regulations or other guidance issued thereunder, if the Company shall be the surviving or resulting corporation in any merger, consolidation or share exchange, any Award granted hereunder shall pertain to and apply to the securities or rights (including cash, property, or assets) to which a holder of the number of shares of Common Stock subject to the Award would have been entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 **Exchange or Cancellation of Awards Where Company Does Not Survive.** Except as otherwise provided by <u>Section 11.4</u> hereof or as may be required to comply with Section 409A of the Code and the regulations or other guidance issued thereunder, in the event of any merger, consolidation or share exchange pursuant to which the Company is not the surviving or resulting corporation, there shall be substituted for each share of Common Stock subject to the unvested Awards, that number of shares of each class of stock or other securities or that amount of cash, property, or assets of the surviving, resulting or consolidated company which were distributed or distributable to the stockholders of the Company in respect to each share of Common Stock held by them, such outstanding Awards to be thereafter exercisable for such stock, securities, cash, or property in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 **Cancellation of Awards.** Notwithstanding the provisions of <u>Sections 11.2 and 11.3</u> hereof, and except as may be required to comply with Section 409A of the Code and the regulations or other guidance issued thereunder, all Awards granted hereunder may be canceled by the Company, in its sole discretion, as of the effective date of any Change of Control, merger, consolidation or share exchange, or any issuance of bonds, debentures, preferred or preference stocks ranking prior to or otherwise affecting the Common Stock or the rights thereof (or any rights, options, or warrants to purchase same), or of any proposed sale of all or substantially all of the assets of the Company, or of any dissolution or liquidation of the Company, by paying the holder thereof an amount equal to the current Fair Market Value of the Common Stock, multiplied by the number of shares subject to the Award. In cases where the proposed transaction consists of the acquisition of assets of the Company, the Fair Market Value per share shall be calculated on the basis of the net amount receivable with respect to shares of Common Stock upon a distribution and liquidation by the Company after giving effect to expenses and charges, including but not limited to taxes, payable by the Company before such liquidation could be completed.

**Article 12.**

**LIQUIDATION OR DISSOLUTION**

Subject to <u>Section 11.4</u> hereof, in case the Company shall, at any time while any Award under this Plan shall be in force and remain unexpired, (a) sell all or substantially all of its property, or (b) dissolve, liquidate, or wind up its affairs, then each Participant shall be entitled to receive, in lieu of each share of Common Stock of the Company which such Participant would have been entitled to receive under the Award, the same kind and amount of any securities or assets as may be issuable, distributable, or payable upon any such sale, dissolution, liquidation, or winding up with respect to each share of Common Stock of the Company. If the Company shall, at any time prior to the expiration of any Award, make any partial distribution of its assets, in the nature of a partial liquidation, whether payable in cash or in kind (but excluding the distribution of a cash dividend payable out of earned surplus and designated as such) and an adjustment is determined by the Board to be appropriate to prevent the dilution of the benefits or potential benefits intended to be made available under the Plan, then the Board shall, in such manner as it may deem equitable, make such adjustment in accordance with the provisions of <u>Article 10</u> hereof.

**Article 13.<br> MISCELLANEOUS PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 **Investment Intent.** The Company may require that there be presented to and filed with it by any Participant under the Plan, such evidence as it may deem necessary to establish that the Awards granted or the shares of Common Stock to be purchased or transferred are being acquired for investment and not with a view to their distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 **No Right to Continued Employment.** Neither the Plan nor any Award granted under the Plan shall confer upon any Participant any right with respect to continuance of employment by the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 **Indemnification of Board.** No member of the Board, nor any officer or Employee of the Company acting on behalf of the Board shall be personally liable for any action, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board, each officer of the Company, and each Employee of the Company acting on behalf of the Board shall, to the extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, determination, or interpretation to the fullest extent provided by law. Except to the extent required by any unwaiveable requirement under Applicable Law, no member of the Board (and no Subsidiary of the Company) shall have any duties or liabilities, including without limitation any fiduciary duties, to any Participant (or any Person claiming by and through any Participant) as a result of this Plan, any Award Agreement or any Claim arising hereunder and, to the fullest extent permitted under Applicable Law, each Participant (as consideration for receiving and accepting an Award Agreement) irrevocably waives and releases any right or opportunity such Participant might have to assert (or participate or cooperate in) any Claim against any member of the Board and any Subsidiary of the Company arising out of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 **Effect of the Plan.** Neither the adoption of this Plan nor any action of the Board shall be deemed to give any person any right to be granted an Award or any other rights except as may be evidenced by an Award Agreement, or any amendment thereto, duly authorized by the Board and executed on behalf of the Company, and then only to the extent and upon the terms and conditions expressly set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 **Compliance with Other Laws and Regulations.** Notwithstanding anything contained herein to the contrary, the Company shall not be required to sell or issue shares of Common Stock under any Award if the issuance thereof would constitute a violation by the Participant or the Company of any provisions of any law or regulation of any governmental authority or any national securities exchange or inter-dealer quotation system or other forum in which shares of Common Stock are quoted or traded (including without limitation Section 16 of the Exchange Act); and, as a condition of any sale or issuance of shares of Common Stock under an Award, the Board may require such agreements or undertakings, if any, as the Board may deem necessary or advisable to assure compliance with any such law or regulation. The Plan of Awards hereunder, and the obligation of the Company to sell and deliver shares of Common Stock, shall be subject to all applicable federal and state laws, rules and regulations and to such approvals by any government or regulatory agency as may be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 **Foreign Participation.** To assure the viability of Awards granted to Participants employed in foreign countries, the Board may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Moreover, the Board may approve such supplements to, or amendments, restatements or alternative versions of, this Plan as it determines is necessary or appropriate for such purposes. Any such amendment, restatement or alternative versions that the Board approves for purposes of using this Plan in a foreign country will not affect the terms of this Plan for any other country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 **Tax Requirements.** The Company or, if applicable, any Subsidiary (for purposes of this <u>Section 13.7</u>, the term "***Company***" shall be deemed to include any applicable Subsidiary), shall have the right to deduct from all amounts paid in cash or other form in connection with the Plan, any federal, state, local, or other taxes required by law to be withheld in connection with an Award granted under this Plan. The Company may, in its sole discretion, also require the Participant receiving shares of Common Stock issued under the Plan to pay the Company the amount of any taxes that the Company is required to withhold in connection with the Participant's income arising with respect to the Award. Such payments shall be required to be made when requested by the Company and may be required to be made prior to the delivery of any certificate representing shares of Common Stock. Such payment may be made by (a) the delivery of cash to the Company in an amount that equals or exceeds (to avoid the issuance of fractional shares under (c) below) the required tax withholding obligations of the Company; (b) if the Company, in its sole discretion, so consents in writing, the actual delivery by the Participant to the Company of shares of Common Stock that the Participant has not acquired from the Company within six (6) months prior to the vesting date, which shares so delivered have an aggregate Fair Market Value that equals or exceeds (to avoid the issuance of fractional shares under (c) below) the required tax withholding payment; (c) if the Company, in its sole discretion, so consents in writing, the Company's withholding of a number of shares to be delivered upon vesting of the Award, which shares so withheld have an aggregate Fair Market Value that equals (but does not exceed) the required tax withholding payment; or (d) any combination of (a), (b), or (c). The Company may, in its sole discretion, withhold any such taxes from any other cash remuneration otherwise paid by the Company to the Participant. The Board may in the Award Agreement impose any additional tax requirements or provisions that the Board deems necessary or desirable.

Awards may not be transferred, assigned, pledged, hypothecated or otherwise conveyed or encumbered other than by will or the laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 **Use of Proceeds.** Proceeds from the sale of shares of Common Stock pursuant to Awards granted under this Plan shall constitute general funds of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 **Legend.** Each certificate representing shares of Restricted Stock issued to a Participant shall bear the following legend, or a similar legend deemed by the Company to constitute an appropriate notice of the provisions hereof (any such certificate not having such legend shall be surrendered upon demand by the Company and so endorsed):

On the face of the certificate:

"Transfer of this stock is restricted in accordance with conditions printed on the reverse of this certificate."

On the reverse:

"The shares of stock evidenced by this certificate are subject to and transferable only in accordance with that certain U. S. GoldMining Inc. 2022 Equity Incentive Plan, a copy of which is on file at the principal office of the Company in Vancouver, British Columbia. No transfer or pledge of the shares evidenced hereby may be made except in accordance with and subject to the provisions of said Plan. By acceptance of this certificate, any holder, transferee or pledgee hereof agrees to be bound by all of the provisions of said Plan."

The following legend shall be inserted on a certificate evidencing Common Stock issued under the Plan if the shares were not issued in a transaction registered under the applicable federal and state securities laws:

"Shares of stock represented by this certificate have been acquired by the holder for investment and not for resale, transfer or distribution, have been issued pursuant to exemptions from the registration requirements of applicable state and federal securities laws, and may not be offered for sale, sold or transferred other than pursuant to effective registration under such laws, or in transactions otherwise in compliance with such laws, and upon evidence satisfactory to the Company of compliance with such laws, as to which the Company may rely upon an opinion of counsel satisfactory to the Company."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 **Governing Law.** The Plan shall be governed by, construed, and enforced in accordance with the laws of the State of Nevada (excluding any conflict of laws, rule or principle of Nevada law that might refer the governance, construction, or interpretation of this Plan to the laws of another state). A Participant's sole remedy for any Claim shall be against the Company, and no Participant shall have any claim or right of any nature against any Subsidiary of the Company or any stockholder or existing or former director, officer or Employee of the Company or any Subsidiary of the Company. The individuals and entities described above in this <u>Section 13.10</u> (other than the Company) shall be third-party beneficiaries of this Plan for purposes of enforcing the terms of this <u>Section 13.10</u>.

A copy of this Plan shall be kept on file in the principal office of the Company in Vancouver, British Columbia.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

IN WITNESS WHEREOF, the Company has caused this instrument to be executed as of September 26, 2022, by its Chief Executive Officer pursuant to prior action taken by the Board.

---

| | |
|:---|:---|
| **U. S. GOLDMINING INC.** | **U. S. GOLDMINING INC.** |
| By: | */s/ Tim Smith* |
| Name: | Tim Smith |
| Title: | Chief Executive Officer |

---

## Exhibit 10.5

**Exhibit 10.5**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement (this "<u>Agreement</u>") is made as of September ___, 2022, by and between U.S. GoldMining Inc., a Nevada corporation (the "<u>Company</u>"), and ______________________ ("<u>Indemnitee</u>").

**WITNESSETH:**

**WHEREAS,** persons have become more reluctant to serve publicly traded corporations as directors, officers or in other capacities unless they are provided with adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the Company;

**WHEREAS,** the uncertainties relating to indemnification have increased the difficulty of retaining and attracting such persons;

**WHEREAS,** the Board of Directors of the Company has determined that the difficulty in retaining and attracting such persons is detrimental to the best interests of the Company's shareholders and the Company should act to assure such persons that there will be increased certainty of such protection in the future;

**WHEREAS,** it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; and

**WHEREAS,** the Indemnitee does not regard the protection available under the Company's Articles of Incorporation, Bylaws and insurance as adequate in the present circumstances, and may not be willing to serve the Company without adequate protection, and the Company desires the Indemnitee to continue to serve the Company.

**NOW, THEREFORE,** in consideration of Indemnitee's agreement to provide or continue to provide services to the Company and/or certain of its affiliates as contemplated hereby, the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. As used herein, the following words and terms shall have the following respective meanings (whether singular or plural):

"<u>Articles of Incorporation</u>" means the Articles of Incorporation of the Company (as they may be amended or restated from time to time).

"<u>Board</u>" means the board of directors of the Company.

"<u>Bylaws</u>" means the bylaws of the Company (as they may be amended or restated from time to time).

"<u>Change in Control</u>" shall mean the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the acquisition by any one person, or more than one person acting as a group, of ownership of stock of the Company that, together with stock held by such person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the acquisition by any one person, or more than one person acting as a group, of all or substantially all of the Company's assets during the 12-month period ending on the date of the most recent acquisition. For purposes of this <u>subsection (ii)</u>, "substantially all" means at least 60% of the assets of the Company immediately before such acquisition(s); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) when a majority of the members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election.

"<u>Company</u>" has the meaning set forth in the Preamble and also includes (i) BRI Alaska Corp., an Alaska corporation, the Company's predecessor-in-interest, (ii) any subsidiary of the Company, and (iii) any domestic or foreign entity that is the successor to the Company by reason of a merger or other transaction in which the Company's existence ceased upon the consummation of such transaction.

"<u>Covered Capacity</u>" means, with respect to any person, that such person (or a person for whom he or she is serving as a legal representative) is or was a director, officer, fiduciary, employee or agent of the Company, or is or was serving at the request of the Company as director, manager, officer, trustee, partner, promoter, associate, member, fiduciary, employee or agent of another domestic or foreign entity or an employee benefit plan. The term "director" includes the estate or personal representative of a deceased director. The term "officer" includes the estate or personal representative of a deceased officer.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>Expenses</u>" include all direct and indirect costs, fees and expenses of any type or nature, including, without limitation, all attorneys' fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators and professional advisors, consultants, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements or expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of or otherwise participating in a Proceeding, including reasonable compensation for time spent by Indemnitee for which he or she is not otherwise compensated by the Company or any third party. "Expenses" also include expenses incurred in connection with any appeal resulting from any Proceeding, including the premium for, security for, and other costs relating to, any cost bond, supersedes bond or other appeal bond or its equivalent. "Expenses" do not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

"<u>Independent Counsel</u>" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the five (5) years previous to his selection or appointment has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. The term "Independent Counsel" does not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement, the Bylaws or under any agreement between Indemnitee and the Company.

"<u>NRS</u>" means the Nevada Revised Statutes (as amended from time to time).

"<u>Proceeding</u>" includes a threatened, pending or completed action, suit, arbitration, alternate dispute resolution, investigation, inquiry, administrative hearing, appeal or any other actual, threatened or completed proceedings with or brought in the right of the Company or otherwise and whether civil, criminal, administrative or investigative in nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Services to the Company</u>. Indemnitee agrees to serve or continue to serve in his or her current capacity or capacities as a director, officer, employee, agent or fiduciary of the Company, as applicable. Indemnitee may also serve, as the Company may reasonably request from time to time, as a director, officer, employee, agent or fiduciary of any other corporation, partnership, limited liability company, association, joint venture, trust, employee benefit plan or other enterprise in which the Company has an interest. Indemnitee and the Company each acknowledge that they have entered into this Agreement as a means of inducing Indemnitee to serve or continue to serve the Company in such capacities. Indemnitee may at any time and for any reason resign from such position or positions (subject to any other contractual obligation or any obligation imposed by operation of law). The Company shall have no obligation under this Agreement to continue Indemnitee in any such position for any period of time and shall not be precluded by the provisions of this Agreement from removing Indemnitee from any such position at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Indemnification in Third Party Proceedings</u>. The Company shall, to the fullest extent permitted or required by law, indemnify Indemnitee if he or she was or is a party or is threatened to be made a party to any Proceeding, except an action by or in the right of the Company, by reason of the fact that he or she is or was serving or acting in a Covered Capacity, against Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee in accordance with <u>Section 8</u> in connection with the Proceeding if Indemnitee (i) is not liable pursuant to NRS 78.138, (ii) acted in good faith, (iii) acted in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, or (iv) with respect to any criminal proceeding or action, had no reasonable cause to believe his or her conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, does not, of itself, create a presumption that Indemnitee did not meet the standard of conduct described in this <u>Section 3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Derivative Actions</u>. The Company shall, to the fullest extent permitted or required by law, indemnify Indemnitee if he or she was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Company to procure a judgment in its favor, by reason of the fact that Indemnitee is or was serving or acting in a Covered Capacity, against Expenses actually and reasonably incurred by Indemnitee in accordance with <u>Section 8</u> and amounts paid in settlement thereof if Indemnitee (i) is not liable pursuant to NRS 78.138, (ii) acted in good faith, and (iii) acted in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. Notwithstanding the foregoing, indemnification may not be made for any claim, issue or matter as to which Indemnitee has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the Company or for amounts paid in settlement to the Company, unless and only to the extent that the court in which the action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such Expenses as the court deems proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Indemnification For Expenses of a Party Who is Wholly or Partly Successful</u>. Notwithstanding any other provisions of this Agreement, to the extent that Indemnitee is a party to or a participant in and is successful on the merits or otherwise in any Proceeding or in defense of any claim, issue or matter in any Proceeding, in whole or in part, to which Indemnitee was or is a party or is otherwise involved by reason of the fact that he or she is or was serving or acting in a Covered Capacity, the Company shall indemnify and hold harmless Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in accordance with <u>Section 8</u> in connection with any Proceeding or defense. If Indemnitee is not wholly successful in the Proceeding, the Company shall indemnify and hold harmless Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on the Indemnitee's behalf to the fullest extent permitted by applicable law. The termination of any claim, issue or matter in the Proceeding by dismissal, with or without prejudice, by reason of settlement, judgment, order or otherwise, shall be deemed to be a successful result as to such Proceeding, claim, issue or matter, so long as there has been no finding that Indemnitee (i) is liable pursuant to NRS 78.138, (ii) did not act in good faith, (iii) did not act in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, or (iv) with respect to any criminal proceeding or action, had reasonable cause to believe his or her conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Indemnification For Expenses of a Witness</u>. To the extent Indemnitee is, by reason of his or her serving or acting in a Covered Capacity, a witness in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified and held harmless against all Expenses actually and reasonably incurred by him or her or on his or her behalf in accordance with <u>Section 8</u> in connection with the Proceeding and his or her acting as a witness in it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Exclusions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any provision in this Agreement, the Company is not obligated under this Agreement to make any indemnification payments in connection with any claim made against Indemnitee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement or other indemnity provision or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as provided for in <u>Sections 8</u> or <u>11(c)</u> of this Agreement, in connection with any Proceeding or any part of any Proceeding, initiated by Indemnitee, including those initiated against the Company or its officers, directors or employees, unless (i) the Board authorizes the Proceeding or part thereof before its initiation or (ii) the Company provides the indemnification in its sole discretion, pursuant to the powers vested in the Company under applicable law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For an accounting of profits made from the purchase and sale, or sale and purchase, by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Advancement of Expenses</u>. Notwithstanding any other provision of this Agreement and to the fullest extent permitted by applicable law, the Company shall advance the Expenses incurred by Indemnitee, or reasonably expected by Indemnitee to be incurred by him or her within three months, in connection with any Proceeding to which Indemnitee was or is a party or is otherwise involved by reason of the fact that he or she is or was serving or acting in a Covered Capacity, as soon as practicable but in any event not more than ten (10) days after receipt by the Company of a statement requesting the advances, whether the statement is submitted before or after final disposition of any Proceeding. Unless otherwise required by law, the Company shall not require that Indemnitee provide any form of security for repayment of or charge any interest on any amounts advanced pursuant to this <u>Section 8</u>. The advances shall be made without regard to Indemnitee's ability to repay the Expenses and without regard to any belief or determination as to Indemnitee's ultimate entitlement to be indemnified. Advances shall include any and all reasonable Expenses incurred in pursuing a Proceeding to enforce the right of advancement, including Expenses incurred in preparing statements to the Company to support the advances claimed. Indemnitee qualifies for advances, to the fullest extent permitted by applicable law, if Indemnitee undertakes to repay the advance as described in NRS 78.751(2) to the extent it is ultimately determined by a court that the Indemnitee is not entitled to indemnification by the Company under the provisions of this Agreement or the Articles of Incorporation or Bylaws of the Company. This section does not apply to any claim made by Indemnitee for any indemnification payment that is excluded pursuant to <u>Section 7</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Procedure For Notification and Application for Indemnification</u>. Indemnitee agrees to notify the Company in writing promptly after being served with any summons, citation, subpoena, complaint or threat of a complaint, indictment, inquiry, information request or other document relating to any Proceeding or matter which may be subject to indemnification, hold harmless or exoneration rights or the advancement of expenses; <u>provided</u>, <u>however</u>, that the failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation it may have to Indemnitee under this Agreement or otherwise. Indemnitee may deliver to the Company a written application to indemnify and hold harmless Indemnitee in accordance with this Agreement. The application may be delivered from time to time and may be amended and supplemented and at such times as Indemnitee deems appropriate in his or her sole discretion. After a written application for indemnification is delivered by Indemnitee, Indemnitee's entitlement to indemnification shall be determined pursuant to <u>Sections 10</u>, <u>11</u> and <u>12</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Procedure Upon Application For Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law, the indemnification provided for in this Agreement shall be deemed mandatory. To the extent that, under applicable law, any indemnification provided for in this Agreement is treated as discretionary, any indemnification determination, unless ordered by a court or advanced pursuant to <u>Section 8</u> of this Agreement, may be made by the Company only as authorized in the specific case upon a determination that the indemnification of Indemnitee is proper in the circumstances. Such determination must be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) By the stockholders of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) By the Board by a majority vote of those present at a meeting at which a quorum is present, and only those directors not parties to the proceeding shall be counted in satisfying the quorum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) By the Board by a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If a quorum consisting of directors who were not parties to the action, suit or proceeding cannot be obtained, by a written opinion from Independent Counsel.

Notwithstanding the foregoing, if at any time during the two (2) year period prior to the date of any written application for indemnification submitted by Indemnitee in connection with a particular Proceeding there shall have occurred a Change in Control, the Board shall direct (unless Indemnitee otherwise agrees in writing) that the indemnification determination shall be made by Independent Counsel in a written opinion. Notwithstanding the foregoing, if the determination that indemnification or advance of Expenses is permissible is made by Independent Counsel then the Board shall authorize and direct such indemnification and advancement of Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the determination of Indemnitee's entitlement to indemnification is to be made by Independent Counsel following a Change in Control, the Independent Counsel must be selected as provided in this <u>Section 10(b)</u>. The Independent Counsel shall be selected by Indemnitee and Indemnitee must give written notice to the Company advising it of the Independent Counsel's identity so selected, unless Indemnitee requests in writing that the Independent Counsel be selected by the Board. If the Independent Counsel is selected by the Board, the Company must give written notice to Indemnitee setting forth the identity of the Independent Counsel. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after the written notice of selection is received, deliver to the other party a written objection to the selection. The objection may be asserted only on the grounds that the Independent Counsel selected does not meet the requirements of an "Independent Counsel" as defined in Section I of this Agreement, and the objection must set forth with particularity the factual basis of the assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If within twenty (20) days after submission by Indemnitee of a request for indemnification, no Independent Counsel has been selected, either the Company or Indemnitee may petition a court with jurisdiction over the parties for resolution of the objection and/or the appointment of a person to be Independent Counsel selected by the court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company agrees to pay the reasonable fees and Expenses of Independent Counsel in accordance with <u>Section 8</u> and to fully indemnify and hold the Independent Counsel harmless against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or the Independent Counsel's engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company must promptly advise Indemnitee in writing if a determination is made that Indemnitee is not entitled to indemnification and must include a description of the reasons or basis for denial. If it is determined Indemnitee is entitled to indemnification, the payment to Indemnitee must be made as soon as practicable but in no event more than ten (10) days after the determination. Indemnitee must reasonably cooperate with the persons making the determination and, upon request, must provide such persons with documents and information (which are not privileged or otherwise protected) reasonably available to Indemnitee and reasonably necessary to the determination. All Expenses incurred by Indemnitee in cooperating with the persons making the determination shall be paid by the Company (irrespective of the determination as to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless from those Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Presumptions and Effect of Certain Proceedings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In determining whether Indemnitee is entitled to indemnification under this Agreement, the person or persons making the determination must presume that Indemnitee is entitled to indemnification under this Agreement and the Company has the burden of proof to overcome that presumption. Moreover, if at any time during the two (2) year period prior to the date of any written application for indemnification submitted by Indemnitee in connection with a particular Proceeding or other matter there shall have occurred a Change in Control, the foregoing presumption may only be overcome by clear and convincing evidence. Neither of the following is a defense to an action seeking a determination granting indemnity to Indemnitee or creates a presumption that Indemnitee has not met the applicable standard of conduct: (i) the failure of the Company (including its directors or Independent Counsel) to have made a determination before the beginning of an action seeking a ruling that indemnification is proper nor (ii) an actual determination by the Company (including its directors or Independent Counsel) that Indemnitee has not met the applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the persons or entity selected under <u>Section 10</u> of this Agreement to determine whether Indemnitee is entitled to indemnification has not made a determination within thirty (30) days after receipt by the Company of the request for it, the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee is entitled to such indemnification, absent (i) an intentional misstatement by Indemnitee of a material fact or an omission of material fact necessary to make his or her statements not materially misleading made in connection with the request for indemnification (which misstatement or omission is shown by the Company to be of sufficient importance that it would likely alter the applicable determination) or (ii) a final judicial determination that indemnification is expressly prohibited under applicable law. The thirty (30) day period may be extended for a reasonable time, not to exceed fifteen (15) additional days, if the persons or entity making the determination requires the additional time for obtaining or evaluating documents or information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The termination of any Proceeding or any claim therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere does not (except as expressly provided elsewhere in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not meet any particular standard of conduct, did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe his or her conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In determining good faith, Indemnitee must be deemed to have acted in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee's action is based on the records or books of account of the Company, including financial statements, or on information, opinions, reports or statements supplied to Indemnitee by the directors or officers of the Company or other enterprise in the course of their duties, or on the advice of legal counsel for the Company or the enterprise or on information or records given or reports made by an independent certified public accountant or by an appraiser or other expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The knowledge and actions or failures to act of any other director, officer, trustee, partner, member, fiduciary, agent or employee of the Company or other enterprise shall not be imputed to Indemnitee for the purposes of determining his or her right to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Remedies of Indemnitee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a determination is made that Indemnitee is not entitled to indemnification under this Agreement, any judicial Proceeding or arbitration begun pursuant to this Agreement must be conducted in all respects as a de novo trial or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination. In such a Proceeding or arbitration, Indemnitee is presumed to be entitled to indemnification and the Company has the burden of proving Indemnitee is not entitled to be indemnified. Moreover, if at any time during the two (2) year period prior to the date of any written application for indemnification submitted by Indemnitee in connection with a particular Proceeding or other matter there shall have occurred a Change in Control, the Company will be deemed to have satisfied such burden only if it meets the standard of proof by clear and convincing evidence. The Company may not refer to or introduce into evidence any determination made pursuant to <u>Section 10(a)</u> of this Agreement adverse to Indemnitee for any purpose. If Indemnitee begins a judicial Proceeding or arbitration seeking indemnification, Indemnitee is not required to reimburse the Company for any advances pursuant to <u>Section 8</u> of this Agreement until a final determination is made with respect to Indemnitee's right to indemnification, after all rights of appeal have been exhausted or lapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If it has been determined that Indemnitee is entitled to indemnification, the Company is bound by that determination in any judicial Proceeding or arbitration commenced by Indemnitee seeking to compel the indemnification, absent (i) an intentional misstatement by Indemnitee of a material fact or an omission of a material fact necessary to make Indemnitee's statement not materially misleading connected with the request for indemnification (which misstatement or omission is shown by the Company to be of sufficient importance that it would likely alter the applicable determination) or (ii) a prohibition of the indemnification under applicable law. In any Proceeding or arbitration commenced by Indemnitee seeking indemnification, the Company is precluded from asserting that the procedures and presumptions of this Agreement are not valid, binding and enforceable and must stipulate that the Company is bound by all the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by applicable law against all Expenses and, upon Indemnitee's request, shall advance to Indemnitee, within ten (10) days after the Company's receipt of a request, Indemnitee's Expenses incurred in connection with any judicial Proceeding or arbitration brought by Indemnitee to enforce his or her right for indemnification or to recover advances under any insurance policy maintained for the benefit of Indemnitee, regardless of whether Indemnitee is ultimately determined to be entitled to such indemnification, advance, or insurance recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Contribution; Joint Liability</u>. To the fullest extent permissible under applicable law, if the indemnification rights provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever (other than by reason of the language of any express exclusion contained in this Agreement), the Company, instead of indemnifying and holding harmless Indemnitee, must contribute to the payment thereof, in the first instance, by paying the entire amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee to contribute to the payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee. The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee, or would be joined in the Proceeding, unless the settlement provides for a full and final release of all claims asserted against Indemnitee. The Company hereby agrees to fully indemnify and hold harmless Indemnitee from any claims for contribution which may be brought by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Subrogation</u>. If any payment is made under this Agreement, the Company is subrogated to the extent of such payment to all the rights of recovery of Indemnitee, who must within a reasonable period of time after payment execute all papers required and take all action necessary to secure those rights, including the execution of such documents as are necessary to enable the Company to bring suit to enforce those rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Severability</u>. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, but not limited to, each portion of any paragraph containing any such provision held to be invalid, illegal or unenforceable, that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, but not limited to, each such portion of any paragraph containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Non-Exclusivity of Rights; Amendment</u>. The rights of Indemnitee under this Agreement are not exclusive of any other rights to which Indemnitee may at any time be entitled under the law, the Articles of Incorporation, the Bylaws or any agreement. The indemnification and advancement of Expenses for Indemnitee who has ceased to be a director, officer, employee or agent shall continue in full force and effect and shall inure to the benefit of the heirs, executors and administrators of Indemnitee. The rights of Indemnitee under this Agreement shall be contract rights. No amendment, alteration or repeal of this Agreement can limit or restrict any right of Indemnitee under this Agreement with respect to any action taken before the amendment, alteration or repeal. If a change in applicable law permits greater indemnification than that which would be afforded under this Agreement, it is the intent of the Company that Indemnitee shall enjoy by this <u>Section 16</u> the greater benefits so afforded. Except as provided in this <u>Section 16</u> with respect to changes in applicable law which broaden the right of Indemnitee to be indemnified by the Company, no supplement, modification or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Acknowledgment of Certain Matters</u>. Both the Company and Indemnitee acknowledge that in certain instances, applicable law or public policy may prohibit indemnification of Indemnitee by the Company under this Agreement or otherwise. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake, by the Securities and Exchange Commission, to submit the question of indemnification to a court in certain circumstances for a determination of the Company's right under public policy to indemnify Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Waivers</u>. The observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) by the party entitled to enforce such term only by a writing signed by the party against which such waiver is to be asserted. Unless otherwise expressly provided herein, no delay on the part of any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party hereto of any right, power or privilege hereunder operate as a waiver of any other right, power or privilege hereunder nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Certain Rights</u>. The right to be indemnified or to the advancement or reimbursement of Expenses (i) is intended to be retroactive and shall be available as to events occurring prior to the date of this Agreement and (ii) shall continue after any rescission or restrictive modification of such provisions as to events occurring prior thereto. Nothing in this Agreement, expressed or implied, is intended to confer any rights or remedies under or by reason of this Agreement on any person other than the parties to this Agreement and their respective heirs, personal representatives, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Governing Law; Venue</u>. This Agreement shall be construed in accordance with and governed by the laws of the State of Nevada without regard to any principles of conflict of laws that, if applied, might permit or require the application of the laws of a different jurisdiction. The parties hereby agree that any dispute that may arise between them arising out of or in connection with this Agreement shall be adjudicated before a court located within the Clark County, Nevada, and they hereby submit to the exclusive jurisdiction of the courts of the State of Nevada located in Clark County, Nevada, and of the federal courts having jurisdiction in such district with respect to any action or legal proceeding commenced by either party, and irrevocably waive any objection they now or hereafter may have respecting the venue of any such action or proceeding brought in such a court or respecting the fact that such court is an inconvenient forum, relating to or arising out of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Headings</u>. The Section headings in and referred to in this Agreement are for convenience of reference only, and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Use of Certain Terms</u>. As used in this Agreement, the words "herein," "hereof," and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular paragraph, subparagraph, section, subsection, or other subdivision. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

[Signature Page Follows]

**IN WITNESS WHEREOF,** this Agreement has been duly executed as of the date first above written.

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| |
|:---|
| **U.S. GOLDMINING INC.** |
| By: |
| Name: |
| Title: |
| **INDEMNITEE** |
| By: |
| Name: |
| Title: |

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[Signature Page to Indemnification Agreement]

## Exhibit 10.6

**Exhibit 10.6**

**U.S. GOLDMINING INC.**

**(formerly BRI Alaska Corp.)**

September 23, 2022

**<u>VIA EMAIL</u>**

● U.S. GoldMining Inc.

Suite 1830, 1030 West Georgia Street

Vancouver, BC V6E 2Y3

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| | |
|:---|:---|
| Attention: | **Patrick Obara, Secretary and Treasurer** |

---

Dear Sirs:

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| | |
|:---|:---|
| **Re:** | **Share Exchange among U.S. GoldMining Inc., a company organized under the federal laws of Canada ("USGMI"), U.S. GoldMining Inc. (formerly BRI Alaska), a company organized under the laws of the State of Nevada ("Pubco") and ● (the "Recipient")** |

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This Letter Agreement confirms our discussions to date and our mutual understanding with respect to certain awards granted under USGMI's Equity Incentive Plan dated March 8 2022 (the "**USGMI Plan**") and pursuant to a Restricted Share Award Agreement between USGMI and the Recipient dated March 8, 2022 (the "**Original Award Agreement**").

WHEREAS:

A. USGMI
 was incorporated on January 27, 2022, as a wholly-owned subsidiary of GoldMining Inc., with
 the goal of developing and progressing the Whistler Project, located in Alaska, USA (the
 "**Business Objective**") as a separate standalone public company;

B. Pubco
 is the owner of 100% of the Whistler Project;

C. USGMI
 adopted the USGMI Plan on March 8, 2022, to assist USGMI in attracting, retaining and motivating
 key employees, officers, directors and consultants to contribute to USGMI's long-term
 success by providing them with incentives that align their interests with those of the shareholders
 of USGMI;

D. USGMI
 granted ● restricted common shares in the capital of USGMI (the "**USGMI Restricted Shares**") to the Recipient pursuant to the Original Award Agreement as consideration
 for past services of the Recipient, including its subsidiaries and services related to the
 Whistler Project, and to incentivize the Recipient to assist USGMI in reaching certain target
 goals in furtherance of the Business Objective;

E. USGMI
 and Pubco have determined that Pubco, an indirect wholly-owned subsidiary of USGMI, will
 execute the Business Objective and pursue a potential initial public offering and public
 listing of its shares; and

F. The
 parties wish to set out their agreement for the exchange of the existing USGMI Restricted
 Shares for the same number of restricted shares of common stock in the capital of Pubco.

Page 2 of 3

NOW THEREFORE, for good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the parties hereto), the parties hereto hereby acknowledge and agree as follows:

1. The
 parties hereby agree that the USGMI Restricted Shares shall be exchanged for ● restricted
 shares of common stock in the capital of Pubco (the "**Restricted Stock** "),
 which Restricted Stock will be subject to restricted stock award agreements to be entered
 into between Pubco and the Recipient on substantially the same terms and restrictions as
 set forth in the Original Award Agreement (the "**Exchange** ").

2. In
 furtherance of the Exchange, the following will occur concurrently:

a. the Recipient hereby irrevocably transfers and surrenders for cancellation to USGMI ● USGMI Restricted Shares, and USGMI hereby accepts the surrender of such shares for cancellation and return to treasury. The parties agree that the Original Award Agreement is hereby terminated and of no further force or effect; and

b. Pubco hereby agrees to immediately issue ● Restricted Stock to the Recipient pursuant to an equity incentive plan adopted or to be adopted by Pubco and Pubco and the Recipient hereby agree to execute and deliver a restricted stock award agreement on substantially the same terms as the Original Award Agreement.

3. This
 Letter Agreement is for the sole benefit of the parties hereto and nothing herein is intended
 to or shall confer upon any other person any legal or equitable right, benefit or remedy
 of any nature whatsoever under or by reason of this Letter Agreement.

4. This
 Letter Agreement shall enure to the benefit of and be binding on, each of the parties hereto
 and their respective successors and permitted assigns. None of the parties hereto may assign
 or transfer, whether absolutely, by way of security or otherwise, all or any part of its
 respective rights or obligations under this Letter Agreement without the prior written consent
 of the other parties.

5. Each
 party will, at its own expense, execute and deliver all such further agreements and documents
 and do such further acts and things as may be reasonably required to give effect to this
 Letter Agreement.

6. This
 Letter Agreement shall be governed by and construed in accordance with the laws of British
 Columbia and the federal laws of Canada applicable therein and each of the parties hereto
 irrevocably attorn to the exclusive jurisdiction of the courts of British Columbia situate
 in Vancouver, British Columbia.

7. The
 parties acknowledge and agree that this Letter Agreement replaces and supersedes any prior
 commitments, understandings, negotiations, agreements, letters of intent or discussions (whether
 oral or written) of the parties in respect of the transactions contemplated hereby.

8. If
 any term of this Letter Agreement or the application thereof to any person or circumstances
 shall be invalid and unenforceable, the remaining provisions of this Letter Agreement shall
 remain in full force and effect.

9. This
 Letter Agreement may be executed in several counterparts (including by e-mail or fax), each
 of which when so executed shall be deemed to be an original and shall have the same force
 and effect as an original and such counterparts together shall constitute one and the same
 instrument.

 ****

***[Intentionally left blank.]***

Page 3 of 3

---

| | |
|:---|:---|
| Yours truly, | Yours truly, |
| **U.S. GOLDMINING INC. (formerly BRI ALASKA CORP.)** | **U.S. GOLDMINING INC. (formerly BRI ALASKA CORP.)** |
| Per: | |
| Name: | Patrick Obara |
| Title: | Chief Financial Officer and Secretary |

---

The terms and conditions set forth in this letter are hereby accepted and agreed to by the undersigned as of the date first written above.

---

| | |
|:---|:---|
| **U.S. GOLDMINING INC.** | **U.S. GOLDMINING INC.** |
| Per: | |
| Name: | Patrick Obara |
| Title: | Secretary and Treasurer |

---

●

## Exhibit 10.7

**Exhibit 10.7**

**U.S. GOLDMINING INC.**

**RESTRICTED STOCK AWARD AGREEMENT**

This RESTRICTED STOCK AWARD AGREEMENT (this "**Agreement**") is made as of September ____, 2022 between U.S. GoldMining Inc., a corporation organized under the laws of the State of Nevada (the "**Company**"), and [●] (the "**Awardee**") pursuant to the Company's Equity Incentive Plan dated September 26, 2022 (the "**Plan**"). Capitalized terms used herein and not otherwise defined shall have the same meanings as set forth in the Plan.

**1.** **AWARD OF RESTRICTED STOCK** 

1.1 <u>Award</u> *.* Pursuant and subject to the terms of the Plan, effective the date hereof (the "**Award Date** "), the Company hereby
 awards to the Awardee (the "**Award**") [●] newly issued shares of Common Stock as Restricted Stock under the
 Plan (the "**Restricted Stock** "), as consideration for past services of the Awardee to the Company. Such Restricted
 Stock will be issued by the Company to the Awardee and registered in the name of the Awardee on the stock transfer books of the Company
 as soon as reasonably practicable with the execution of this Agreement and shall, at all times, be subject to the terms of this Agreement
 and the Plan.

1.2 <u>Deemed Price</u>. The deemed price per Restricted Stock underlying the Award is US**$0.18**, being the Fair Market Value of each Restricted
 Stock on the Award Date as determined by the board of directors of the Company (the "**Board**") in accordance with
 the Plan.

1.3 <u>Rights as Stockholder</u>. Except for the restrictions set forth in Section 2 hereof and under the Plan, the Awardee shall have all of the
 rights and privileges of a stockholder of the Company as to the Restricted Stock, including the right to vote the Restricted Stock
 and the right to receive dividends and other distributions that may be declared or made by the Company from time to time; provided
 that, any dividends or other distributions with respect to the Restricted Stock shall be withheld by the Company for the Awardee's
 account. The dividends or other distributions so withheld by the Company and attributable to any particular share of the Restricted
 Stock (and earnings thereon, if applicable) shall be distributed to the Awardee upon such share becoming a Released Stock (as defined
 herein) and, if such share is forfeited or otherwise cancelled in accordance with this Award Agreement, the Awardee shall have no
 right to such dividends or other distributions.

**2.** **RESTRICTIONS** 

2.1 <u>Restricted Period</u> *.* The Restricted Stock shall be deemed to be forfeited and surrendered by the Awardee to the Company for cancellation,
 without the requirement of any further consideration from, or action by, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with
 respect to 15% of the Restricted Stock, if the Company has not completed equity financing(s) in an aggregate amount of at least $15,000,000
 (United States dollars) prior to or concurrently with the earlier of: (i) the date that is two years after the Award Date; and (ii)
 the occurrence of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Company or other distribution
 of all or substantially all of the assets of the Company among its shareholders for the purpose of winding-up its affairs or any
 merger with or sale of the outstanding shares of the Company or all or substantially all of its assets to a third-party (an "**Exit Transaction** "), provided that, for greater certainty, the following shall not be considered an Exit Transaction: (A) any
 amalgamation, merger or consolidation of the Company with or into a person that controls or is controlled by the Company or that
 is controlled by the same person that controls the Company; (B) a transaction undertaken solely for the purpose of changing the Company's
 place of domicile or jurisdiction of incorporation; (C) an equity financing of the Company; and (D) completion of an Initial Public
 Offering, spin-off from GoldMining Inc. or other going public transaction (each, an "**IPO Event** ");

(b) with
 respect to 15% of the Restricted Stock, an IPO Event has not occurred that values the Company at a minimum of $100,000,000 (United
 States dollars) prior to the date that is two years after the Award Date;

(c) with
 respect to 15% of the Restricted Stock, if the Awardee ceases to be a director, officer, employee or consultant of the Company at
 any time during the period from the Award Date until the date that is two years after the Award Date;

(d) with
 respect to 15% of the Restricted Stock, if the Company has not re-established camp and performed of a minimum of 10,000m of drilling
 prior to the date that is three years after the Award Date;

(e) with
 respect to 15% of the Restricted Stock, if the Company has not achieved a share price of $15.00 (United States dollars) prior to
 the date that is four years after the Award Date;

(f) with
 respect to 15% of the Restricted Stock, if the Company has not achieved a $250,000,000 (United States dollars) market capitalization,
 based on the number of outstanding shares of the Company multiplied by the volume-weighted average price for any applicable 5 consecutive
 trading day period on the principal stock exchange on which the shares of the Company are listed prior to the date that is five years
 after the Award Date; or

(g) with
 respect to 10% of the Restricted Stock, if the Company has not achieved a share price of $25.00 (United States dollars) prior to
 the date that is six years after the Award Date.

Share price targets set in this Section 2.1 shall be deemed achieved if and when the applicable threshold is met based upon the volume-weighted average price for 5 consecutive trading days on the principal stock exchange on which the shares of the Company are listed.

For the purposes of this Agreement, the Award and the Plan, the "**Restricted Period**" in respect of the number of Restricted Stock referenced in each of Sections 2.1(a), 2.1(b), 2.1(c), 2.1(d), 2.1(e), 2.1(f) and 2.1(g) respectively, means the period from the Award Date until the earlier of: (i) the satisfaction of the condition in the applicable Section in accordance with its terms; or (ii) the date that such Restricted Stock is deemed forfeited in accordance with its terms. Upon satisfaction of the conditions referenced in any of Section 2.1(a), 2.1(b), 2.1(c), 2.1(d), 2.1(e), 2.1(f) and 2.1(g) in accordance with their respective terms, the Restricted Stock subject to that section will be "**Released Stock**" for the purposes of this Agreement and will be deemed "vested" and will no longer be Restricted Stock for the purposes of this Agreement or the Plan.

2.2 <u>Determinations</u>.
 Determination of the achievement of the thresholds set out in Section 2.1 shall be made by the Board, in its sole and absolute discretion.

2.3 <u>Change of Control</u>. In the event of a Change of Control, all restrictions upon any Restricted Stock shall lapse immediately and all such
 Restricted Stock shall become Released Stock for the purposes of this Agreement and will be deemed "vested" and will
 no longer be Restricted Stock for the purposes of this Agreement or the Plan.

2.4 <u>Restrictions</u> *.* In addition to the restrictions set forth in the Plan and this Agreement, for the duration of the Restricted Period and until
 the Restricted Stock become Released Stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Awardee shall not be entitled to delivery of any share certificates with respect to the Restricted
 Stock and any such certificate will be held by the Company until the shares represented thereby
 are Released Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Awardee shall not sell, assign, transfer, pledge or otherwise encumber or dispose of the
 Restricted Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Restricted Stock will remain subject to forfeiture and cancellation in accordance with the
 Plan and this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 any of the Restricted Stock is forfeited by the Awardee to the Company in accordance with
 the terms of Section 2.1 hereof, all rights of the Awardee to such Restricted Stock and as
 a stockholder with respect to such Restricted Stock shall terminate in accordance with Section
 5.04 of the Plan and without further obligation on the part of the Company.

2.5 <u>Earlier Termination</u>. Notwithstanding the Restricted Period, if the Awardee is: (i) terminated by the Company; (ii) voluntarily resigns
 his or her engagement or employment with the Company; or (iii) ceases to work for the Company as a result of retirement (which shall
 mean termination of employment by the Awardee on or after age 65 or age 60 with 5 years of service), death or Total and Permanent
 Disability (each, a "**Service Termination** "), in each case, prior to the expiry of the applicable Restricted Period,
 any Restricted Stock that have not become Released Stock at the time of the Service Termination shall automatically, and without
 any requirement of notice to the Awardee or the requirement of any further consideration from, or action by, the Company, be deemed
 to have been forfeited by the Awardee and surrendered by the Awardee to the Company for cancellation.

2.6 <u>Legend</u>.
 Any certificate or other document evidencing the Restricted Stock shall bear such legend
 as the Company deems appropriate, including any legends required under applicable securities
 law. In addition, any certificate representing the Restricted Stock will bear the following
 legend:

On the face of the certificate:

"Transfer of this stock is restricted in accordance with conditions printed on the reverse of this certificate."

On the reverse:

"The shares of stock evidenced by this certificate are subject to and transferable only in accordance with that certain U. S. Goldmining Inc. 2022 Equity Incentive Plan, a copy of which is on file at the principal office of the Company in **Vancouver, British Columbia.** No transfer or pledge of the shares evidenced hereby may be made except in accordance with and subject to the provisions of said Plan. By acceptance of this certificate, any holder, transferee or pledgee hereof agrees to be bound by all of the provisions of said Plan."

The following legend shall be inserted on a certificate evidencing Common Stock issued under the Plan if the shares were not issued in a transaction registered under the applicable federal and state securities laws:

"Shares of stock represented by this certificate have been acquired by the holder for investment and not for resale, transfer or distribution, have been issued pursuant to exemptions from the registration requirements of applicable state and federal securities laws, and may not be offered for sale, sold or transferred other than pursuant to effective registration under such laws, or in transactions otherwise in compliance with such laws, and upon evidence satisfactory to the Company of compliance with such laws, as to which the Company may rely upon an opinion of counsel satisfactory to the Company."

Such legend shall be removed only if and to the extent that the applicable Restricted Stock become Released Stock.

2.7 <u>Power of Attorney / Further Assurances</u>. The Awardee hereby irrevocably grants to the Company
 a power of attorney to transfer to the Company any Restricted Stock that is forfeited by
 the Awardee in accordance with this Agreement or the Plan and hereby authorizes the Company
 to take any actions necessary to complete the surrender and cancellation of such forfeited
 Restricted Stock on behalf of the Awardee, including entering such surrender and removing
 the Awardee's name from the stock register of the Company in respect of any such forfeited
 Restricted Stock. The Awardee further agrees to use his or her reasonable best efforts to
 take or cause to be taken all action, to do or cause to be done, to execute such further
 instruments, and to assist and cooperate with the Company in doing, all things necessary,
 proper or advisable under applicable laws or otherwise in connection with any forfeiture
 or cancellation of the Restricted Stock in accordance with the terms of this Agreement.

**3.** **MISCELLANEOUS** 

3.1 <u>No Right to Continued Position</u>. This Agreement shall not confer on the Awardee any right to be retained in any position, as a director,
 executive officer or consultant of the Company. Nothing in this Agreement shall be deemed to entitle the Awardee to receive any consideration
 beyond the Award.

3.2 <u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Awardee hereby authorizes the Company to withhold from any amount otherwise payable to the Awardee any amounts required by any taxing
 authority to be withheld by the Company for taxes of any kind as a consequence of the Awardee's participation in the Plan,
 receipt of this Award or issuance of the Restricted Stock.

(b) The
 Awardee acknowledges that the tax consequences associated with this Award are complex and that the Company has urged the Awardee
 to review with the Awardee's own tax advisors the federal, provincial, state and local tax consequences of this Award. The
 Awardee is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The
 Awardee understands that they (and not the Company) shall be responsible for the Awardee's own tax liability that may arise
 as a result of the Award.

3.3 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of Nevada. The parties attorn to the exclusive
 jurisdiction of the courts situated in Nevada in relation to any matter relating to this Agreement.

3.4 <u>Inurement</u>.
 This Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and the Awardee and
 his heirs, executors and administrators.

3.5 <u>Notices</u>.
 Any notice, request, instruction or other document given under this Agreement shall be in writing and may be delivered by such method
 as may be permitted by the Company, and shall be addressed and delivered, in the case of the Company, to the Chief Financial Officer
 of the Company at the principal office of the Company and, in the case of the Awardee, to the Awardee's address as shown in
 the records of the Company or to such other address as may be designated in writing (or by such other method approved by the Company)
 by such party. This Agreement shall be effective from the Award Date, notwithstanding its date of execution.

3.6 <u>Amendment and Waiver</u>. Subject to the terms and conditions of the Plan, this Agreement may be amended or modified by means of a written
 document or documents signed by the Company. If such amendment or modification shall adversely affect any rights of the Awardee,
 such amendment or modification shall be signed by the Awardee, unless such amendment or modification is required by law. Any provision
 for the benefit of the Company contained in this Agreement may be waived, either generally or in any particular instance, by the
 Board. A waiver on one occasion shall not be deemed to be a waiver of the same or any other breach on a future occasion.

3.7 <u>Severability</u>.
 The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
 provision of this Agreement, and each other provision of the Agreement shall be severable and enforceable to the extent permitted
 by law.

3.8 <u>Incorporation of the Plan and Conflicts</u>. This Agreement and the Award are subject to all of the terms and provisions of the Plan, as it may
 be amended and supplemented from time to time (including any determinations made by the Board in accordance with the terms of the
 Plan), and all of such terms and provisions are hereby incorporated herein and made a part hereof. In the event of a conflict between
 any express term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan
 will govern and prevail.

[*Intentionally left blank*]

3.9 <u>Counterpart</u>.
 This Agreement may be executed in counterparts in the same form and by facsimile and such
 parts as so executed shall together constitute one original document, and such parts, if
 more than one, shall be read together and construed as if all the signing parties had executed
 one copy of the Agreement.

If you wish to accept this Award, please print your name and sign and date this Restricted Stock Award Agreement, as set out below.

**U.S. GOLDMINING INC.**

By:   <br> Name: <br> Title:

I have read the foregoing Agreement and accept this Award to receive shares of Common Stock in accordance with and subject to the terms and conditions of this Agreement and the Plan. I understand that I may review the complete text of the Plan by contacting the Chief Executive Officer of the Company. I agree to be bound by the terms and conditions of the Plan governing this Award.)))))))

## Exhibit 16.1

**Exhibit 16.1**

February 10, 2023

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

Commissioners:

We have read the statements made by U.S. GoldMining Inc. under the heading "Change in Auditor" in the Registration Statement on Form S-1 dated November 29, 2022. We agree with the statements concerning our Firm in such Form S-1; we are not in a position to agree or disagree with other statements of U.S. GoldMining Inc. contained therein.

---

| |
|:---|
| Very truly yours, |
| /s/ Marcum llp |
| Marcum LLP |

---

## Exhibit 21.1

**Exhibit 21.1**

LIST OF SUBSIDIARIES OF

U.S. GOLDMINING INC.

<u>Subsidiaries</u> <u>Jurisdiction</u> <br> U.S. GoldMining Canada Inc. British Columbia

## Exhibit 23.1

**Exhibit 23.1**

<u>Independent Registered Public Accounting Firm's Consent</u>

We consent to the inclusion in this Registration Statement of U.S. GoldMining Inc. (formerly, BRI Alaska Corp.) on Form S-1 of our report dated November 3, 2022, with respect to our audits of the financial statements of U.S. GoldMining Inc. (formerly, BRI Alaska Corp.) as of November 30, 2021 and 2020, and for the years ended November 30, 2021 and 2020, which report appears in the Prospectus, which is part of this Registration Statement. We also consent to the reference to our Firm under the heading "Experts" in such Prospectus.

/s/ Marcum llp

Marcum llp

Houston, TX

February 10, 2023

## Exhibit 23.2

**Exhibit 23.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the use in this Registration Statement on Form S-1 of our report dated February 10, 2023, relating to the financial statements of U.S. GoldMining Inc. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ Deloitte LLP

Chartered Professional Accountants

Vancouver, Canada

February 10, 2023

## Exhibit 23.4

**Exhibit 23.4**

**CONSENT OF THIRD-PARTY QUALIFIED PERSON**

Moose Mountain Technical Services and its Vice President of Geology and Resources, Sue Bird, P.Eng., in connection with the Registration Statement on Form S-1 (and any amendments, supplements and/or exhibits thereto, the "Registration Statement") of U.S. GoldMining Inc. (the "Company"), hereby consents to:

● The public filing and/or incorporation by reference by the Company and use of the technical report summary titled "S-K 1300 Technical Report Summary Initial Assessment for the Whistler Project, South Central Alaska" (the "Technical Report"), with an effective date of September 22, 2022, date of issue of September 23, 2022 and revised date of issue of December 16, 2022, which was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission, as an exhibit to and referenced in the Registration Statement;

● The use of and references to their name, including their status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) on the Company's website, or in connection with the Registration Statement; and

● Any extracts from or a summary of the Technical Report on the Company's website and in the Registration Statement and the use of any information derived, summarized, quoted or referenced from the Technical Report, or portions thereof, that was prepared by them, that they supervised the preparation of and/or that was reviewed and approved by them, that is made available on the Company's website or included in the Registration Statement.

Moose Mountain Technical Services and Sue Bird, P.Eng. are responsible for authoring, and this consent pertains to, the Technical Report. Moose Mountain Technical Services and Sue Bird, P.Eng. certify that they have read the Registration Statement and that it fairly and accurately represents the information in the sections of the Technical Report for which Moose Mountain Technical Services and Sue Bird, P.Eng. are responsible.

---

| | | |
|:---|:---|:---|
| Dated: February 10, 2023 |  |  |
|  | Executed by Sue Bird, P.Eng. both in her individual capacity, and on behalf of Moose Mountain Technical Services | Executed by Sue Bird, P.Eng. both in her individual capacity, and on behalf of Moose Mountain Technical Services |
|  | By: | */s/ Sue Bird, P.Eng.* |
|  | Name: | Sue Bird, P.Eng. |
|  | Title: | Vice President of Geology and Resources |

---

## Exhibit 96.1

**Exhibit 96.1**

**S-K 1300 Technical Report Summary**

**iNITIAL aSSESSMENT**

**for THE<br> Whistler Project**

![](ex96-1_001.jpg)

**South Central Alaska**

Centred at 6,872,000 N and 520,000 E (NAD 83)

---

| |
|:---|
| Submitted to: |
| **U.S. GoldMining Inc.** |
| 1830-1030 West Georgia St. |
| Vancouver, B.C. V6E 2Y3, Canada |
| Tel: 604.630.1000 |
| **Effective Date: 22 September 2022** |
| **Date of Issue: 23 September 2022** |
| **Revised Date of Issue: 16 December 2022**  |
| Submitted by: |
| **Moose Mountain Technical Services** |
| #210 1510-2nd St. North |
| Cranbrook, B.C. V1C 3L2, Canada |
| Tel: 250.489.1212 |
| Author: |
| **Sue Bird, P. Eng.** |
| Email: <u>sueb@moosemmc.com</u> |

---

*Page 1 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**TABLE OF CONTENTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **1** | **EXECUTIVE SUMMARY** | **EXECUTIVE SUMMARY** | **EXECUTIVE SUMMARY** | **12** |
|  | 1.1 | Introduction | Introduction | 12 |
|  | 1.2 | Mineral Resource Estimate | Mineral Resource Estimate | 12 |
|  | 1.3 | Terms of Reference | Terms of Reference | 13 |
|  | 1.4 | Property Description | Property Description | 14 |
|  | 1.5 | Mineral Tenure | Mineral Tenure | 14 |
| | | *1.5.1* | *Royalties and Encumbrances* | *14* |
|  | 1.6 | Surface Rights | Surface Rights | 15 |
|  | 1.7 | Accessibility, Climate, Local Resources, Infrastructure and Physiography | Accessibility, Climate, Local Resources, Infrastructure and Physiography | 15 |
| | | *1.7.1* | *Accessibility and Climate* | *15* |
| | | *1.7.2* | *Local Resources and Infrastructure* | *15* |
| | | *1.7.3* | *Physiography* | *15* |
|  | 1.8 | Geologic Setting and Mineralization | Geologic Setting and Mineralization | 15 |
|  | 1.9 | Exploration | Exploration | 16 |
|  | 1.10 | Drilling | Drilling | 16 |
|  | 1.11 | Conclusions and Recommendations | Conclusions and Recommendations | 17 |
| | | *1.11.1* | *Sampling, Preparation, Analysis Conclusions* | *17* |
| | | *1.11.2* | *Metallurgical Testwork Conclusions* | *17* |
| | | *1.11.3* | *Resource Estimate Conclusions* | *17* |
| | | *1.11.4* | *Sampling, Preparation, Analysis Recommendations* | *17* |
| | | *1.11.5* | *Metallurgical Recommendations* | *17* |
| | | *1.11.6* | *Resource and Exploration Recommendations* | *17* |
|  |  |  | |  |
| **2** | **INTRODUCTION** | **INTRODUCTION** | **INTRODUCTION** | **18** |
|  |  |  | |  |
|  | 2.1 | Terms of Reference | Terms of Reference | 18 |
|  | 2.2 | Qualified Persons | Qualified Persons | 18 |
|  | 2.3 | Site visits and Scope of Personal Inspection | Site visits and Scope of Personal Inspection | 18 |
|  | 2.4 | Effective Date | Effective Date | 18 |
|  | 2.5 | Sources of Information | Sources of Information | 18 |
| **3** | **PROPERTY DESCRIPTION** | **PROPERTY DESCRIPTION** | **PROPERTY DESCRIPTION** | **19** |
|  | 3.1 | Royalties and Encumbrances | Royalties and Encumbrances | 20 |
| **4** | **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY** | **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY** | **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY** | **22** |
|  | 4.1 | Accessibility | Accessibility | 22 |
|  | 4.2 | Climate | Climate | 23 |
|  | 4.3 | Local Resources | Local Resources | 23 |
|  | 4.4 | Infrastructure | Infrastructure | 23 |
|  | 4.5 | Physiography | Physiography | 25 |
| **5** | **HISTORY** | **HISTORY** | **** | **26** |
|  |  |  | |  |
| **6** | **GEOLOGICAL SETTING, MINERALIZATION AND DEPOSIT** | **GEOLOGICAL SETTING, MINERALIZATION AND DEPOSIT** | **GEOLOGICAL SETTING, MINERALIZATION AND DEPOSIT** | **27** |
|  | 6.1 | Geological Setting | Geological Setting | 27 |
|  | 6.2 | Property Geology | Property Geology | 27 |
| | | *6.2.1* | *Whistler Corridor* | *33* |
| | | *6.2.2* | *Island Mountain* | *34* |
| | | *6.2.3* | *Muddy Creek* | *36* |

---

*Page 2 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 6.3 | Mineralization | Mineralization | 38 |
| | | *6.3.1* | *Whistler Area and Whistler Deposit Mineralization Overview* | *39* |
| | | *6.3.2* | *Mineralization: Whistler Deposit* | *45* |
| | | *6.3.3* | *Mineralization: Raintree West* | *49* |
| | | *6.3.4* | *Mineralization: Island Mountain* | *52* |
| | | *6.3.5* | *Mineralization: Muddy Creek* | *55* |
|  | 6.4 | Deposit Types | Deposit Types | 56 |
| **7** | **EXPLORATION** | **EXPLORATION** | **EXPLORATION** | **57** |
|  |  |  | |  |
|  | 7.1 | Geological Mapping | Geological Mapping | 57 |
|  | 7.2 | Airborne Geophysics | Airborne Geophysics | 57 |
|  | 7.3 | Ground Geophysics | Ground Geophysics | 58 |
|  | 7.4 | Soil and Rock Sampling | Soil and Rock Sampling | 60 |
|  | 7.5 | Drilling | Drilling | 62 |
|  | 7.6 | Drilling by Cominco Alaska Inc. | Drilling by Cominco Alaska Inc. | 65 |
|  | 7.7 | Drilling by Kennecott | Drilling by Kennecott | 66 |
|  | 7.8 | Drilling by Geoinformatics | Drilling by Geoinformatics | 66 |
|  | 7.9 | Drilling by Kiska | Drilling by Kiska | 66 |
| | | *7.9.1* | *Whistler Deposit* | *67* |
| | | *7.9.2* | *Raintree Deposit* | *67* |
| | | *7.9.3* | *Whistler Area Exploration Drilling* | *67* |
| | | *7.9.4* | *Island Mountain Drilling* | *68* |
|  |  |  | |  |
| **8** | **SAMPLE PREPARATION, ANALYSES, AND SECURITY** | **SAMPLE PREPARATION, ANALYSES, AND SECURITY** | **SAMPLE PREPARATION, ANALYSES, AND SECURITY** | **71** |
|  | 8.1 | Sample Preparation and Analyses | Sample Preparation and Analyses | 71 |
| | | *8.1.1* | *Sample Preparation and Analysis - Cominco* | *71* |
| | | *8.1.2* | *Sample Preparation and Analysis – Kennecott and Geoinformatics* | *71* |
| | | *8.1.3* | *Sample Preparation and Analysis – Kiska* | *72* |
|  | 8.2 | Security and Chain of Custody | Security and Chain of Custody | 73 |
|  | 8.3 | QAQC Summary | QAQC Summary | 74 |
| | | *8.3.1* | *QAQC Whistler Deposit* | *75* |
| | | *8.3.2* | *QAQC Raintree Deposit* | *84* |
| | | *8.3.3* | *QAQC Island Mountain Deposit* | *93* |
|  | 8.4 | Sample Preparation, Analyses and Security Conclusions and Recommendations | Sample Preparation, Analyses and Security Conclusions and Recommendations | 101 |
| **9** | **DATA VERIFICATION** | **DATA VERIFICATION** | **DATA VERIFICATION** | **102** |
|  | 9.1 | Site Visit | Site Visit | 102 |
|  | 9.2 | Re-Assay Results | Re-Assay Results | 104 |
|  | 9.3 | Data Audit | Data Audit | 106 |
| | | *9.3.1* | *Certificate Checks and Database Corrections* | *106* |
| | | *9.3.2* | *Check assays* | *107* |
|  | 9.4 | Collar Survey | Collar Survey | 107 |
|  | 9.5 | Data Verification Conclusions and Recommendations | Data Verification Conclusions and Recommendations | 107 |
|  | 9.6 | Statement on Adequacy of Data | Statement on Adequacy of Data | 107 |
| **10** | **MINERAL PROCESSING AND METALLURGICAL TESTING** | **MINERAL PROCESSING AND METALLURGICAL TESTING** | **MINERAL PROCESSING AND METALLURGICAL TESTING** | **108** |
|  | 10.1 | Summary of Preliminary Metallurgical Testing, Whistler Deposit (Phase One) | Summary of Preliminary Metallurgical Testing, Whistler Deposit (Phase One) | 108 |
| | | *10.1.1* | *Sample Preparation* | *108* |
|  | 10.2 | Testing | Testing | 109 |
| | | *10.2.1* | *Results from Preliminary Testing* | *109* |
| | | *10.2.2* | *Preliminary Conclusions* | *110* |

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*Page 3 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 10.3 | Summary of Preliminary Metallurgical Testing, Island Mountain Deposit (August 21, 2010) (Phase 2) | Summary of Preliminary Metallurgical Testing, Island Mountain Deposit (August 21, 2010) (Phase 2) | 111 |
| | | *10.3.1* | *Introduction* | *111* |
| | | *10.3.2* | *Sample Selection* | *111* |
| | | *10.3.3* | *Feed Grade* | *112* |
| | | *10.3.4* | *Test Program* | *112* |
| | | *10.3.5* | *Metallurgical Results* | *113* |
| | | *10.3.6* | *Whole Ore Leach* | *113* |
| | | *10.3.7* | *Leaching of Selective Flotation Tails* | *114* |
| | | *10.3.8* | *Overall Recoveries* | *114* |
| | | *10.3.9* | *Conclusions* | *114* |
|  | 10.4 | Summary of Whistler Deposit Testwork (2012) (Phase 3) | Summary of Whistler Deposit Testwork (2012) (Phase 3) | 115 |
| | | *10.4.1* | *Metallurgical Samples* | *115* |
| | | *10.4.2* | *Results* | *117* |
|  | 10.5 | Cyanidation | Cyanidation | 121 |
|  | 10.6 | Concentrate Specifications | Concentrate Specifications | 121 |
|  | 10.7 | Conclusions | Conclusions | 122 |
|  | 10.8 | Overall Metallurgical Observations and Comments for 2021 Resource Estimate | Overall Metallurgical Observations and Comments for 2021 Resource Estimate | 122 |
| **11** | **MINERAL RESOURCE ESTIMATES** | **MINERAL RESOURCE ESTIMATES** | **MINERAL RESOURCE ESTIMATES** | **124** |
|  | 11.1 | Mineral Resource Estimate | Mineral Resource Estimate | 124 |
|  | 11.2 | Key Assumptions and Data used in the Estimate | Key Assumptions and Data used in the Estimate | 127 |
|  | 11.3 | Geologic Modelling | Geologic Modelling | 128 |
|  | 11.4 | Capping | | 130 |
|  | 11.5 | Compositing | Compositing | 134 |
|  | 11.6 | Variography | Variography | 135 |
|  | 11.7 | Block Model Interpolations | Block Model Interpolations | 142 |
|  | 11.8 | Classification | Classification | 144 |
|  | 11.9 | Block Model Validation | Block Model Validation | 144 |
| | | *11.9.1* | *Comparison of Tonnage and Grades* | *144* |
|  | 11.10 | Visual Validation | Visual Validation | 148 |
|  | 11.11 | Reasonable Prospects of Eventual Economic Extraction | Reasonable Prospects of Eventual Economic Extraction | 154 |
|  | 11.12 | Statement on Prospect of Economic Extraction | Statement on Prospect of Economic Extraction | 155 |
|  | 11.13 | Factors That May Affect the Mineral Resource Estimate | Factors That May Affect the Mineral Resource Estimate | 156 |
|  | 11.14 | Risk Assessment | Risk Assessment | 157 |
| **12** | **MINERAL RESERVE ESTIMATES** | **MINERAL RESERVE ESTIMATES** | **MINERAL RESERVE ESTIMATES** | **157** |
| **13** | **MINING METHODS** | **MINING METHODS** | **MINING METHODS** | **157** |
| **14** | **PROCESS AND RECOVERY METHODS** | **PROCESS AND RECOVERY METHODS** | **PROCESS AND RECOVERY METHODS** | **157** |
| **15** | **INFRASTRUCTURE** | **INFRASTRUCTURE** | **INFRASTRUCTURE** | **157** |
| **16** | **MARKET STUDIES** | **MARKET STUDIES** | **MARKET STUDIES** | **157** |
| **17** | **ENVIRONMENTAL STUDIES, PERMITTING AND PLANS, NEGOTIATIONS, OR AREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS** | **ENVIRONMENTAL STUDIES, PERMITTING AND PLANS, NEGOTIATIONS, OR AREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS** | **ENVIRONMENTAL STUDIES, PERMITTING AND PLANS, NEGOTIATIONS, OR AREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS** | **158** |
| **18** | **CAPITAL AND OPERATING COSTS** | **CAPITAL AND OPERATING COSTS** | **CAPITAL AND OPERATING COSTS** | **159** |
| **19** | **ECONOMIC ANALYSIS** | **ECONOMIC ANALYSIS** | **ECONOMIC ANALYSIS** | **159** |
| **20** | **ADJACENT PROPERTIES** | **ADJACENT PROPERTIES** | **ADJACENT PROPERTIES** | **159** |
| **21** | **OTHER RELEVANT DATA AND INFORMATION** | **OTHER RELEVANT DATA AND INFORMATION** | **OTHER RELEVANT DATA AND INFORMATION** | **159** |

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*Page 4 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| | | | | |
|:---|:---|:---|:---|:---|
| **22** | **INTERPRETATION AND CONCLUSIONS** | **INTERPRETATION AND CONCLUSIONS** | **INTERPRETATION AND CONCLUSIONS** | **160** |
|  | 22.1 | Sampling, Preparation, Analysis | Sampling, Preparation, Analysis | 160 |
|  | 22.2 | Data Verification | Data Verification | 160 |
|  | 22.3 | Metallurgical Testwork | Metallurgical Testwork | 160 |
|  | 22.4 | Resource Estimate | Resource Estimate | 160 |
|  | 22.5 | Risks and Opportunities | Risks and Opportunities | 160 |
| | | *22.5.1* | *Sampling, Preparation, Analysis and Data Risks and Opportunities* | 160 |
| | | *22.5.2* | *Metallurgical Testwork Risks and Opportunities* | *160* |
| | | *22.5.3* | *Resource Estimate Risks and Opportunities* | *160* |
|  |  |  | |  |
| **23** | **RECOMMENDATIONS** | **RECOMMENDATIONS** | **RECOMMENDATIONS** | **161** |
|  | 23.1 | Sample Preparation, Analyses and Security | Sample Preparation, Analyses and Security | 161 |
|  | 23.2 | Data Verification | Data Verification | 161 |
|  | 23.3 | Metallurgy | Metallurgy | 161 |
|  | 23.4 | Exploration and Resource | Exploration and Resource | 161 |
| | | *23.4.1* | *Whistler* | *161* |
| | | *23.4.2* | *Raintree* | *162* |
| | | *23.4.3* | *Island Mountain* | *162* |
| | | *23.4.4* | *Exploration Program and Budget* | *162* |
|  |  |  | |  |
| **24** | **REFERENCES** | **REFERENCES** | **REFERENCES** | **164** |
|  |  |  | |  |
| **25** | **RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT** | **RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT** | **RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT** | **166** |
|  | 25.1 | Mineral Tenure and Surface Rights | Mineral Tenure and Surface Rights | 166 |
|  | 25.2 | Royalties and Incumbrances | Royalties and Incumbrances | 166 |
| **26** | **DATE AND SIGNATURE PAGE** | **DATE AND SIGNATURE PAGE** | **DATE AND SIGNATURE PAGE** | **167** |
| **APPENDIX A: CLAIMS LIST** | **APPENDIX A: CLAIMS LIST** | **APPENDIX A: CLAIMS LIST** | **APPENDIX A: CLAIMS LIST** | **169** |

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*Page 5 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**LIST OF TABLES**

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| | | |
|:---|:---|:---|
| Table 1-1 | Mineral Resource Estimate For The Total Whistler Project (Effective Date: September 22, 2022) | 13 |
| Table 7-1 | Summary of Exploration on the Whistler Project | 61 |
| Table 7-2 | Summary of Diamond Drilling on the Whistler Project | 62 |
| Table 7-3 | Examples of Significant Drill Results North of the Island Mountain Deposit | 70 |
| Table 8-1 | QAQC Sample Summary (All Areas and Years) | 75 |
| Table 8-2 | Summary of Gold Assays of Blanks, Whistler Deposit | 76 |
| Table 8-3 | Summary of Copper Assays of Blanks, Whistler Deposit | 77 |
| Table 8-4 | Whistler Deposit CRM Summary, Gold | 78 |
| Table 8-5 | Whistler Deposit CRM Summary, Copper | 79 |
| Table 8-6 | Whistler Field Duplicates Simple Statistics | 80 |
| Table 8-7 | Whistler Coarse Duplicate Simple Statistics | 82 |
| Table 8-8 | Summary of Gold Assays of Blanks, Raintree Deposit | 85 |
| Table 8-9 | Summary of Copper Assays of Blanks, Raintree Deposit | 86 |
| Table 8-10 | Raintree Deposit CRM Summary, Gold | 87 |
| Table 8-11 | Raintree Deposit CRM Summary, Copper | 88 |
| Table 8-12 | Raintree Field Duplicates - Simple Statistics | 89 |
| Table 8-13 | Raintree Coarse Duplicates - Simple Statistics | 91 |
| Table 8-14 | Summary of Gold Assays of Blanks, Island Mountain Deposit | 93 |
| Table 8-15 | Summary of Copper Assays of Blanks, Island Mountain Deposit | 94 |
| Table 8-16 | Island Mountain Deposit CRM Summary, Gold | 95 |
| Table 8-17 | Island Mountain Deposit CRM Summary, Copper | 96 |
| Table 8-18 | Island Mountain Field Duplicate Simple Statistics | 97 |
| Table 8-19 | Island Mountain Coarse Duplicates Simple Statistics | 99 |
| Table 9-1 | Certificate Check Results | 106 |
| Table 9-2 | Summary of Data Supported by Certificate and QAQC | 107 |
| Table 10-1 | Three Stage Cleaning Tests | 110 |
| Table 10-2 | Summary of Analysis of Composites from IM09-001 and IM09-002 | 112 |
| Table 10-3 | Bulk Flotation Results | 113 |
| Table 10-4 | Selective Cleaner Flotation | 113 |
| Table 10-5 | Whole Ore Cyanidation | 114 |
| Table 10-6 | Cyanidation of Selective Flotation Tailings | 114 |
| Table 10-7 | Sample Head Grades | 115 |
| Table 10-8 | Minor Element Data | 122 |
| Table 11-1 | Mineral Resource Estimate for the Total Whistler Project (Effective date: September 22, 2022) | 125 |
| Table 11-2 | Mineral Resource Estimate and Sensitivity – Whistler Deposit | 126 |
| Table 11-3 | Mineral Resource Estimate and Sensitivity – Raintree Deposit | 126 |
| Table 11-4 | Mineral Resource Estimate and Sensitivity – Island Mountain Deposit | 127 |
| Table 11-5 | Summary of Whistler Project Drillhole Data within Block Models | 127 |
| Table 11-6 | Summary of Capping and Outlier Restriction Values | 133 |
| Table 11-7 | Capped Assay and Composite Statistics by Domain - Au | 133 |
| Table 11-8 | Capped Assay and Composite Statistics by Domain - Cu | 134 |

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*Page 6 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| | | |
|:---|:---|:---|
| Table 11-9 | Capped Assay and Composite Statistics by Domain – Ag | 134 |
| Table 11-10 | Variogram Parameters - Whistler | 136 |
| Table 11-11 | Variogram Parameters - Raintree | 136 |
| Table 11-12 | Variogram Parameters – Island Mountain | 137 |
| Table 11-13 | Block Model Limits | 142 |
| Table 11-14 | Search Rotation and Distances – Whistler | 142 |
| Table 11-15 | Search Rotation and Distances – Raintree | 143 |
| Table 11-16 | Search Rotation and Distances – Island Mountain | 143 |
| Table 11-17 | Additional Search Criteria | 144 |
| Table 11-18 | Classification Criteria | 144 |
| Table 11-19 | Comparison of De-clustered Composite and OK Modelled Grades for Cu | 145 |
| Table 11-20 | Comparison of De-clustered Composite and OK Modelled Grades for Au | 145 |
| Table 11-21 | Economic Inputs and Metallurgical Recoveries | 155 |
| Table 11-22 | List of Risks and Mitigations/Justifications | 156 |
| Table 23-1 | Proposed Exploration Budget | 163 |

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*Page 7 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**LIST OF FIGURES**

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| | | |
|:---|:---|:---|
| Figure 3-1 | Location of the Whistler Project (Source: MMTS, 2015, modified from Roberts, 2011a) | 19 |
| Figure 3-2 | Tenement Map (Source: MMTS, 2015) | 21 |
| Figure 4-1 | Layout of Built and Proposed (and permitted) Roads in the Whistler Area (Source: MMTS, 2015) | 22 |
| Figure 4-2 | Layout of the U.S. GoldMining Camp and Facilities located adjacent to Whisky Bravo Airstrip (Source: MMTS, 2015, modified from Roberts, 2011a) | 24 |
| Figure 4-3 | Layout of the Runway relative to Camp (2016, modified from Roberts, 2011a) | 25 |
| Figure 6-1 | Regional Geological Map of South-central Alaska (Source: Trop and Ridgeway, 2007) | 28 |
| Figure 6-2 | Regional Geology of the Whistler Project (Source: Wilson et al., 2009) | 30 |
| Figure 6-3 | Stratigraphic column of the Whistler district and property (Source: Young, 2005 and Hames, 2014) | 31 |
| Figure 6-4 | Geological Map of the Whistler Corridor, Island Mountain, and Muddy Creek (Source: MMTS, 2015, modified from Roberts, 2011a) | 32 |
| Figure 6-5 | Whistler Project Geology (Source: MMTS, 2015, modified from Roberts, 2011a) | 33 |
| Figure 6-6 | Property Geology of the Island Mountain Area (Source: MMTS, 2015, modified from Roberts, 2011b) | 35 |
| Figure 6-7 | Geological Map of Muddy Creek (Source: MMTS, 2015, modified from Roberts, 2011c) | 37 |
| Figure 6-8 | Prospect Areas (Source: MMTS 2016) | 38 |
| Figure 6-9 | Photo of irregular M-veins in dark magnetite alteration of mafics (upper) and pervasive pink-black blotchy k-feldspar and magnetite alteration (lower) with wormy quartz + magnetite + chalcopyrite A-veins (Whistler Deposit) (Source: MMTS, 2015) | 40 |
| Figure 6-10 | Photo of a classic B-style quartz vein with a chalcopyrite-filled centreline cutting an irregular, wormy A-style quartz vein (Whistler Deposit, WH 08-08, ~123.0 m) (Source: MMTS, 2015) | 41 |
| Figure 6-11 | Photo or chlorite-sericite (+calcite) alteration overprinting potassic – magnetite alteration in a zone of quartz vein stockwork, subsequently cut by later Dpy veinlets with sericitic and iron-carbonate halos (Whistler Deposit) (Source: MMTS, 2015) | 42 |
| Figure 6-12 | D-style pyrite veins with well-developed phyllic halos (Whistler Deposit), that cut and off-set B-style quartz veins (lower sample). Also note the local occurrence of hematite at the intersection of both vein types (magnetite>hematite?) (Source: MMTS, 2015) | 43 |
| Figure 6-13 | Photo of quartz-carbonate vein from Raintree West (WH11-030) showing well-developed colliform banding and coarse-grained sphalerite and galena (Source: MMTS, 2015) | 44 |
| Figure 6-14 | Common vein paragenesis in all porphyry occurrences in Whistler Area: dark grey quartz vein stockwork with chalcopyrite (A- and B-style), cut by quartz-calcite-carbonate-sphalerite-galena veinlet (Dbm veins, top left down to bottom right), cut by narrow Fe-carbonate veinlets with Fe-carbonate alteration halos (Raintree West example) (Source: MMTS, 2015) | 44 |
| Figure 6-15 | Geological Map of the Whistler Deposit (Source: MMTS, 2015, modified from AMC, 2012) | 45 |
| Figure 6-16 | Geological Cross-section (6,871,350mN) of the Whistler Deposit (Source: MMTS, 2015, modified from AMC, 2012) | 46 |
| Figure 6-17 | Oblique view of geological domains and faults at the Whistler Deposit (the host Feldspathic Sandstone is not shown) (Source: MMTS, 2015, modified from AMC, 2012) | 48 |

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*Page 8 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| | | |
|:---|:---|:---|
| Figure 6-18 | Plan Map of the Raintree West on a Background of greyscale airborne magnetic data, (magnetic high anomalies shown as lighter shades of grey) (Source: MMTS, 2015, modified from Roberts, 2011a) | 51 |
| Figure 6-19 | Photo of monzonite-matrix intrusive breccia with patchy albite alteration, silicification and disseminated chalcopyrite (Source: MMTS, 2015) | 52 |
| Figure 6-20 | Photos of various textures of actinolite-magnetite hydrothermal breccia (BXMA), showing strong albitization in monomict breccia (upper), pyrrhotite matrix in polymict breccia (lower) (Source: MMTS, 2015) | 53 |
| Figure 6-21 | Schematic Model of Breccia Zone Alteration and Mineralization. (Source: Roberts, 2011b) | 54 |
| Figure 6-22 | Detail view of Biotite Monzonite Northwest of Muddy Creek, cut by sub-vertical limonite-stained fracture fillings of chalcopyrite-arsenopyrite (~1-3 per metre) (Source: MMTS, 2015) | 55 |
| Figure 7-1 | Depth slices (100m) of the chargeability (top) and resistivity (bottom) inversion model of the 3D IP data in the Whistler Area (with contours of the 400m line spacing AMAG RTP). WD, Whistler Deposit; RTW, Raintree West; RTN, Raintree North; RTS, Raintree South, DGW, Dagwood; RMK, Rainmaker. (Source: Roberts, 2011a) | 59 |
| Figure 7-2 | From the Whistler Area looking North to the Snow Ridge Area (Source: MMTS, 2015) | 61 |
| Figure 7-3 | From the Whistler Area looking South to the Rainmaker Area (Source: MMTS, 2015) | 61 |
| Figure 7-4 | Plan View of Drillholes by Year/Owner – Whistler (Source: MMTS, 2021) | 63 |
| Figure 7-5 | Plan View of Drillholes by Year/Owner – Raintree (Source: MMTS, 2021) | 64 |
| Figure 7-6 | Plan View of Drillholes by Year/Owner – Island Mountain (Source: MMTS, 2021) | 65 |
| Figure 7-7 | Whistler Area Drilling (Source: MMTS, 2015) | 68 |
| Figure 7-8 | Plan Map of Drillholes and Mineralization Style at the Breccia Zone (Source: MMTS, 2015, modified from Roberts, 2011b) | 69 |
| Figure 8-1 | Sample Bags with Security Tags (Source: Roberts, 2011a) | 73 |
| Figure 8-2 | Sample Dispatch Form (Source: Roberts, 2011a) | 74 |
| Figure 8-3 | Sequential Plot of Gold Assays of Blanks, Whistler Deposit (Source: MMTS, 2021) | 76 |
| Figure 8-4 | Sequential Plot of Copper Assays of Blanks, Whistler Deposit (Source: MMTS, 2021) | 77 |
| Figure 8-5 | Whistler Deposit Normalized Process Control Chart, Gold (Source: MMTS, 2021) | 79 |
| Figure 8-6 | Whistler Deposit Normalized Process Control Chart, Copper (Source: MMTS, 2021) | 80 |
| Figure 8-7 | Whistler Deposit Field Duplicate Scatter Plot, Gold (Source: MMTS, 2021) | 81 |
| Figure 8-8 | Whistler Deposit Field Duplicate Scatter Plot, Copper (Source: MMTS, 2021) | 82 |
| Figure 8-9 | Whistler Deposit Coarse Duplicate Scatter Plot, Gold, no outliers (Source: MMTS, 2021) | 83 |
| Figure 8-10 | Whistler Deposit Coarse Duplicate Scatter Plot, Copper (Source: MMTS, 2021) | 84 |
| Figure 8-11 | Sequential Plot of Gold Assays of Blanks, Raintree Deposit (Source: MMTS, 2021) | 85 |
| Figure 8-12 | Sequential Plot of Copper Assays of Blanks, Raintree Deposit (Source: MMTS, 2021) | 86 |
| Figure 8-13 | Raintree Deposit Normalized Process Control Chart, Gold (Source: MMTS, 2021) | 87 |
| Figure 8-14 | Raintree Deposit Normalized Process Control Chart, Copper (Source: MMTS, 2021) | 88 |
| Figure 8-15 | Process Control Chart Raintree OREAS-50c, Copper (Source: MMTS, 2021) | 89 |
| Figure 8-16 | Raintree Deposit Field Duplicate Scatter Plot, Gold (Source: MMTS, 2021) | 90 |
| Figure 8-17 | Raintree Deposit Field Duplicate Scatter Plot, Copper (Source: MMTS, 2021) | 91 |
| Figure 8-18 | Raintree Deposit Coarse Duplicate Scatter Plot, Gold (Source: MMTS, 2021) | 92 |
| Figure 8-19 | Raintree Deposit Coarse Duplicate Scatter Plot, Copper (Source: MMTS, 2021) | 93 |
| Figure 8-20 | Sequential Plot of Gold Assays of Blanks, Island Mountain Deposit (Source: MMTS, 2021) | 94 |

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*Page 9 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| | | |
|:---|:---|:---|
| Figure 8-21 | Sequential Plot of Copper Assays of Blanks, Island Mountain Deposit (Source: MMTS, 2021) | 95 |
| Figure 8-22 | Island Mountain Deposit Normalized Process Control Chart, Gold (Source: MMTS, 2021) | 96 |
| Figure 8-23 | Island Mountain Deposit Normalized Process Control Chart, Copper (Source: MMTS, 2021) | 97 |
| Figure 8-24 | Process Control Chart Island Mountain CRM OREAS-50c, Copper (Source: MMTS, 2021) | 97 |
| Figure 8-25 | Island Mountain Deposit Field Duplicate Scatter Plot, Gold (Source: MMTS, 2021) | 98 |
| Figure 8-26 | Island Mountain Deposit Field Duplicate Scatter Plot, Copper (Source: MMTS, 2021) | 99 |
| Figure 8-27 | Island Mountain Deposit Coarse Duplicate Scatter Plot, Gold (Source: MMTS, 2021) | 100 |
| Figure 8-28 | Island Mountain Deposit Coarse Duplicate Scatter Plot, Copper (Source: MMTS, 2021) | 101 |
| Figure 9-1 | Aerial view of Whistler Camp (Source: MMTS, 2021) | 102 |
| Figure 9-2 | Drillcore Boxes in Storage Area (Source: MMTS, 2021, 2022) | 103 |
| Figure 9-3 | Core Logging Shed | 104 |
| Figure 9-4 | Check Assay Results from 2022 Site Visit – Au (MMTS, 2022) | 105 |
| Figure 9-5 | Check Assay Results from 2022 Site Visit – Cu (MMTS, 2022) | 105 |
| Figure 10-1 | Flotation and Cyanidation Flowsheet and Test Conditions (MMTS, 2015). | 116 |
| Figure 10-2 | Flotation Test Results (MMTS, 2015) | 119 |
| Figure 10-3 | Copper Grade Recovery (MMTS, 2015) | 120 |
| Figure 10-4 | Gold Grade Recovery (MMTS, 2015) | 120 |
| Figure 11-1 | Domains – Whistler Deposit (Source: MMTS, 2021) | 128 |
| Figure 11-2 | Domains Modeled for Raintree Deposit (Source: MMTS, 2021) | 129 |
| Figure 11-3 | Domains Modelled for Island Mountain (Source: MMTS, 2021) | 129 |
| Figure 11-4 | CPP of Au Assay Data by Domain - Whistler (Source: MMTS, 2021) | 130 |
| Figure 11-5 | CPP of Cu Assay Data by Domain – Whistler (Source: MMTS, 2021) | 130 |
| Figure 11-6 | CPP of Au Assay Data by Domain – Raintree (Source: MMTS, 2021) | 131 |
| Figure 11-7 | CPP of Cu Assay Data by Domain – Raintree (Source: MMTS, 2021) | 131 |
| Figure 11-8 | CPP of Au Assay Data by Domain – Island Mountain (Source: MMTS, 2021) | 132 |
| Figure 11-9 | CPP of Cu Assay Data by Domain – Island Mountain (Source: MMTS, 2021) | 132 |
| Figure 11-10 | Assay Lengths | 135 |
| Figure 11-11 | Variogram Model for Cu in Domain 1 – Major and Minor Axes – Whistler Deposit (Source: MMTS, 2021) | 138 |
| Figure 11-12 | Variogram Model for Au in Domain 1 – Major and Minor Axes – Whistler Deposit (Source: MMTS, 2021) | 139 |
| Figure 11-13 | Variogram Model for Cu in Domain 5 – Major and Minor Axes – Raintree Deposit (Source: MMTS, 2021) | 140 |
| Figure 11-14 | Variogram Model for Au in Domains 1-6 – Major and Minor Axes – Island Mountain Deposit (Source: MMTS, 2021) | 141 |
| Figure 11-15 | Tonnage-Grade Curves for Au – Comparison of Interpolation Methods – Whistler (Source: MMTS, 2021) | 145 |
| Figure 11-16 | Tonnage-Grade Curves for Cu – Comparison of Interpolation Methods - Whistler (Source: MMTS, 2021) | 146 |
| Figure 11-17 | Tonnage-Grade Curves for Au – Comparison of Interpolation Methods – Raintree (Source: MMTS, 2021) | 146 |
| Figure 11-18 | Tonnage-Grade Curves for Cu – Comparison of Interpolation Methods - Raintree (Source: MMTS, 2021) | 147 |

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*Page 10 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| | | |
|:---|:---|:---|
| Figure 11-19 | Tonnage-Grade Curves for Au – Comparison of Interpolation Methods – Island Mountain (Source: MMTS, 2021) | 147 |
| Figure 11-20 | Tonnage-Grade Curves for Cu – Comparison of Interpolation Methods - Island Mountain (Source: MMTS, 2021) | 148 |
| Figure 11-21 | E-W Section Comparing Au Grades for Block Model and Assay Data - Whistler (Source: MMTS, 2021) | 149 |
| Figure 11-22 | E-W Section Comparing Cu Grades for Block Model and Assay Data - Whistler (Source: MMTS, 2021) | 150 |
| Figure 11-23 | Section Looking SW - Comparing Au Grades for Block Model and Assay Data – Raintree (Source: MMTS, 2021) | 151 |
| Figure 11-24 | Section Looking SW - Comparing Cu Grades for Block Model and Assay Data – Raintree (Source: MMTS, 2021) | 152 |
| Figure 11-25 | E-W Section Comparing Cu Grades for Block Model and Assay Data – Island Mountain (Source: MMTS, 2021) | 153 |
| Figure 11-26 | E-W Section Comparing Cu Grades for Block Model and Assay Data – Island Mountain (Source: MMTS, 2021) | 154 |

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*Page 11 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**1** **EXECUTIVE SUMMARY**

**1.1** **Introduction**

Moose Mountain Technical Services (MMTS) has prepared an inaugural Technical Report Summary (TRS, or Report) on the Mineral Resource Estimate (MRE), for U.S. GoldMining Inc. ('U.S. GoldMining'), of the Whistler Project located in Alaska, U.S.A. U.S. GoldMining is an indirect subsidiary of GoldMining Inc. and holds the rights to the Whistler gold-copper property located 150 km northwest of Anchorage, Alaska. U.S. GoldMining is expected to be focused on the development and advancement of the Whistler Project. U.S. GoldMining does not have any operating revenues and does not expect to have any operating revenues in the near future.

The Whistler Project resource estimate is an update of the 2016 resource estimate which includes the Whistler, Raintree, and Island Mountain deposits, which estimate was then prepared under Canadian National Instrument 43-101 (NI 43-101). The estimate contained herein was initially reported by GoldMining Inc. (GoldMining), the ultimate parent company of U.S. GoldMining, in July 2021 under NI 43-101.

This TRS provides an overview of the Whistler Project and includes recommendations for future work required to reach a decision point. It discloses an MRE including information about the geology, mineralization, metallurgy, exploration potential, Mineral Resources, and recommendations for the Whistler Project.

**1.2** **Mineral Resource Estimate**

The Whistler Project total MRE includes the Whistler, Raintree and Island Mountain deposits and is summarized in Table 1-1 for the base case cut-off grade. The resource is prepared under direction of Independent Qualified Persons (QPs) and in accordance with the United States Securities and Exchange Commission (SEC) regulation S-K subpart 1300 (S-K 1300) for reporting mineral properties (CFR Title 17 § 229.1300-1305).

The resource utilizes pit shells to constrain resources at the Whistler, Island Mountain, and Raintree West gold-copper deposits, as well as an underground potentially mineable shape to constrain the mineral resource estimate for the deeper portion of the Raintree West deposit. ***The current estimate uses metal prices of*** US$1,600/oz gold price, US$3.25/lb copper and US$21/oz silver***,*** updated recoveries, smelter terms and costs, as summarized in the notes to Table 1-1. Metal prices have been chosen based partially on market research by the Bank of Montreal (BMO, 2021a) for Au prices as quoted in numerous NI43-101 reports and for Cu and Ag (BMO, 2021b) based on mean prices from 2021 and forecast up to 2026 and for long term prices. The metal prices chosen also considered the spot prices and the three-year trailing average prices. For all three metals, the final prices used for this resource estimate are below both the spot metal price and the three-year trailing average, which is considered an industry standard in choosing prices.

Cut-off grades for open pit mining are based on Processing costs of US$10.50/tonne processed, this is the marginal cut-off for which mining costs are not included. Cut-off grades for underground mining are based on Processing costs plus an additional US$14.50/tonne for underground bulk mining, to define the marginal cut-off NSR grade. Geologic modelling has also been updated, with drilling and exploration work completed prior to 2016. No additional work has been completed on the project since 2016.

For the mineral resource cut-off grade determination, a 3.0% NSR was assumed. This is derived from the sum of a 2.75% royalty to MF2 plus a 1% royalty to Gold Royalty Corp., with an assumption that U.S. GoldMining can negotiate a buy back of a 0.75% NSR, for a net 3.0% NSR, as is customary to occur for similar project developments. In preparing the resource estimate herein, a sensitivity analysis has also been conducted by the author. Based on such analysis, utilizing a higher 3.75% NSR royalty rate in determining a cut-off grade would not materially impact the estimates contained herein and would be de minimis (approx. 0.7% differential of total metal in the Whistler pit on a gold equivalent basis).

These mineral resource estimates include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The QP is of the opinion that issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work. These factors may include environmental permitting, infrastructure, sociopolitical, marketing, or other relevant factors.

As a point of reference, the in-situ gold, copper and silver mineralization are inventoried and reported by intended processing method.

*Page 12 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**Table 1-1 Mineral Resource Estimate for the Total Whistler Project (Effective date: September 22, 2022)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **In situ Grades** | **In situ Grades** | **In situ Grades** | **In situ Grades** | **In situ Grades** | **In situ Metal** | **In situ Metal** | **In situ Metal** | **In situ Metal** |
| <br>**Class** | <br>**Deposit** | **Cut-off Value**<br>**(US$/t)** | **ROM tonnage**<br>**(ktonnes)** | **NSR (US$/t)** | **AuEqv (gpt)** | **Au (gpt)** | **Cu (%)** | **Ag (gpt)** | **AuEqv (koz)** | **Au (koz)** | **Cu (klbs)** | **Ag (koz)** |
|  | Whistler | 10.5 | 107771 | 26.44 | 0.79 | 0.50 | 0.17 | 1.95 | 2738 | 1749 | 399396 | 6757 |
|  | Raintree-Pit | 10.5 | 7756 | 20.61 | 0.67 | 0.49 | 0.09 | 4.88 | 166 | 121 | 14893 | 1216 |
| **Indicated** | **Indicated Open Pit** | **10.5** | **115527** | **26.05** | **0.78** | **0.50** | **0.16** | **2.15** | **2904** | **1871** | **414289** | **7973** |
|  | Raintree-UG | US$25 shell | 2675 | 34.02 | 1.03 | 0.79 | 0.13 | 4.18 | 89 | 68 | 7690 | 359 |
|  | Total Indicated | varies | 118202 | 26.23 | 0.79 | 0.51 | 0.16 | 2.19 | 2993 | 1939 | 421979 | 8332 |
|  | Whistler | 10.5 | 153536 | 19.17 | 0.57 | 0.35 | 0.13 | 1.48 | 2829 | 1706 | 455267 | 7306 |
|  | Island Mountain | 10.5 | 111901 | 18.99 | 0.57 | 0.47 | 0.05 | 1.06 | 2042 | 1701 | 130751 | 3814 |
|  | Raintree-Pit | 10.5 | 11774 | 24.28 | 0.77 | 0.62 | 0.07 | 4.58 | 291 | 235 | 17988 | 1732 |
| **Inferred** | **Inferred Open Pit** | **10.5** | **277211** | **19.32** | **0.58** | **0.41** | **0.10** | **1.44** | **5162** | **3642** | **604006** | **12851** |
|  | Raintree-UG | US$25 shell | 39772 | 32.65 | 1.00 | 0.80 | 0.12 | 2.51 | 1284 | 1027 | 107411 | 3208 |
|  | Total Inferred | varies | 316983 | 20.99 | 0.63 | 0.46 | 0.10 | 1.58 | 6446 | 4669 | 711417 | 16060 |

---

Notes to Table 1-1:

&nbsp;&nbsp;&nbsp;&nbsp;1. Mineral
 resources are not mineral reserves and do not have demonstrated economic viability. There
 is no certainty that all or any part of the mineral resources will be converted into mineral
 reserves.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Mineral Resource for the Whistler, Island Mountain, and the upper portions of the Raintree
 West deposits have been confined by an open pit with "reasonable prospects of economic
 extraction" using the 150% pit case and the following assumptions:

● Metal prices of US$1,600/oz Au, US$3.25/lb Cu and US$21/oz Ag;

● Payable metal of 99% payable Au, 90% payable Ag and 1% deduction for Cu;

● Offsite costs (refining, transport and insurance) of US$136/wmt proportionally distributed between Au, Ag and Cu;

● Royalty of 3% NSR has been assumed;

● Pit slopes are 50 degrees;

● Mining cost of US$1.80/t for waste and US$2.00/t for mineralized material; and

● Processing, general, and administrative costs of US$10.50/t.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 lower portion of the Raintree West deposit has been constrained by a mineable shape with
 "reasonable prospects of eventual economic extraction" using a US$25.00/t cut-off.

&nbsp;&nbsp;&nbsp;&nbsp;4. Metallurgical
 recoveries are: 70% for Au, 83% for Cu, and 65% Ag for Ag grades below 10g/t. The Ag recovery
 is 0% for values above 10g/t for all deposits.

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 NSR equations are: below 10g/t Ag: NSR (US$/t)=(100%-3%)\*((Au\*70%\*US$49.273g/t) + (Cu\*83%\*US$2.966\*2204.62
 + Ag\*65%\*US$0.574)), and above 10g/t Ag: NSR (US$/t)=(100%-3%)\*((Au\*70%\*US$49.256g/t) + (Cu\*83%\*US$2.965\*2204.62))
 ;

&nbsp;&nbsp;&nbsp;&nbsp;6. The
 Au Equivalent equations are: below 10g/t Ag: AuEq=Au + Cu\*1.5733 +0.0108Ag, and above 10g/t
 Ag: AuEq=Au + Cu\*1.5733

&nbsp;&nbsp;&nbsp;&nbsp;7. The
 specific gravity for each deposit and domain ranges from 2.76 to 2.91 for Island Mountain,
 2.60 to 2.72 for Whistler with an average value of 2.80 for Raintree West.

&nbsp;&nbsp;&nbsp;&nbsp;8. Numbers
 may not add due to rounding.

**1.3** **Terms of Reference**

The TRS is being completed in connection with the strategy to have U.S. GoldMining operated as a separate public company through an initial public offering or similar transaction and related disclosures of U.S. GoldMining. U.S. GoldMining is a Nevada corporation and indirect subsidiary of GoldMining.

*Page 13 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**1.4** **Property Description**

The Whistler Project is a gold-copper exploration project located in the Yentna Mining District of Alaska, approximately 150 km northwest of Anchorage.

The Whistler Project comprises 304 State of Alaska mining claims covering an aggregate area of approximately 172 km<sup>2</sup>. The center of the property is located at 152.566° longitude west and 61.983° latitude north. The project is located in the drainage of the Skwentna River. Elevation varies from about 400m above sea level in the valley floors to over 5,000 m in the highest peaks resulting in quite a spectacular landscape. The Whiskey Bravo gravel airstrip established adjacent to the Skwentna River is compliant for wheel-based aircraft up to DC-3s. A fifty-person camp is equipped with diesel generators, a satellite communication link, tent structures on wooden floors and several wood-frame buildings. Although chiefly used for summer field programs, the camp is winterized.

**1.5** **Mineral Tenure**

Rights to the Whistler Project were acquired by GoldMining, through its subsidiary U.S. GoldMining, formerly named BRI Alaska Corp., in August 2015 pursuant to an Asset Purchase Agreement (the "Asset Purchase") with Kiska Metals Corporation ("Kiska") in exchange for the issuance of 3,500,000 common shares in the capital of GoldMining as disclosed by news releases of GoldMining on July 21 and August 6, 2015. The project is subject to three underlying agreements, which were assigned to U.S. GoldMining under the transaction.

**1.5.1** **Royalties and Encumbrances**

The first underlying agreement is a Royalty Purchase Agreement between Kiska Metals Corporation, Geoinformatics Alaska Exploration Inc. and MF2, LLC, dated December 16, 2014. This agreement grants MF2 a 2.75 percent NSR royalty over all 304 claims and extending outside the current claims over an Area of Interest defined by the maximum historical extent of claims held on the project as indicated on Figure 3-1. There is a right, currently held by Gold Royalty Corp, to buy back 0.75 percent of the 2.75 percent NSR royalty for a payment of US$5,000,000 to MF2.

The second underlying agreement is an earlier agreement between Cominco American Incorporated and Mr. Kent Turner, (whose rights and obligations thereunder were assumed by U.S. GoldMining) dated October 1, 1999. This agreement concerns a 2.0 percent net profit interest to Teck Resources, recently purchased by Sandstorm Gold, in connection with an Area of Interest specified by standard township sub-division as indicated in Figure 3-2.

The third underlying agreement is a Purchase and Sale agreement between Kent Turner, Kiska Metals Corporation and Geoinformatics Alaska Exploration Inc. (whose rights and obligations thereunder were assumed by U.S. GoldMining) dated December 16, 2014 that terminates the "Turner Agreement" (an agreement that grants Kennecott and its successors a 30-year lease on twenty-five unpatented State of Alaska Claims; see Figure 3-2) and transfers to Kiska and Geoinformatics, and their successors, an undivided 100 percent of the legal and beneficial interest in, under, to, and respecting the Turner Property free and clear of all Encumbrances arising by, through or under Turner other than the Cominco American net profit interest.

*Page 14 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

In addition to the above royalties, pursuant to a royalty agreement dated January 11, 2021, between U.S. Gold Mining and Gold Royalty U.S. Corp, Gold Royalty U.S. Corp holds a 1 percent NSR royalty covering the Whistler Project.

**1.6** **Surface Rights**

Under AS 38.05.255, the surface uses of land or water included within a state mining location that the owners, lessees, or operators of the location may undertake by virtue of such location are (a) are limited to those necessary for the prospecting for, extraction of, or basic processing of minerals and (b) shall be subject to reasonable concurrent uses (Stoel Rives, 2021).

**1.7** **Accessibility, Climate, Local Resources, Infrastructure and Physiography**

**1.7.1** **Accessibility and Climate**

The Whistler Project is in the Alaska Range approximately 150 km northwest of Anchorage and 76km west of the township of Skwentna as illustrated in Figure 3-1. Access to the project area is by fixed wing aircraft to a gravel airstrip located adjacent to the Whistler exploration camp. The project area is between regions of maritime and continental climate and is characterized by severe winters and hot, dry summers. Annual precipitation ranges from 500 to 900 mm. Winter snow accumulation usually begins in October and by mid to late May the snow has melted sufficiently to allow for fieldwork.

**1.7.2** **Local Resources and Infrastructure**

The nearest public infrastructure for the Whistler Project is the town of Petersville, located approximately 100 km east of Whistler; Petersville is connected to Anchorage by an all-weather road and highway. The Whistler Project is supported by a fifty person, all season camp located on the banks of the Skwentna River approximately 2.7 km from the Whistler Deposit and 22km from the Island Mountain prospect. The camp is connected to the Whistler Deposit by a 6km access road.

**1.7.3** **Physiography**

The project is in the drainage of the Skwentna River that forms a large network of interconnected low-elevation U-shaped valleys cutting through the rugged terrain of the southern Alaska Range. Elevation varies from about 400 m above sea level in the valley floors to over 5,000 m in the highest peaks resulting in a quite spectacular landscape.

**1.8** **Geologic Setting and Mineralization**

Alaskan geology consists of a collage of various terrains that were accreted to the western margin of North America because of complex plate interactions through most of the Phanerozoic. The southernmost Pacific margin is underlain by the Chugach–Prince William composite terrain, a Mesozoic-Cenozoic accretionary prism developed seaward from the Wrangellia composite terrain. It comprises arc batholiths and associated volcanic rocks of Jurassic, Cretaceous, and early Tertiary age.

The Alaska Range represents a long-lived continental arc characterized by multiple magmatic events ranging in age from about 70 million years ("Ma") to 30 Ma and associated with a wide range of base and precious metals hydrothermal sulphide bearing mineralization. The geology of Whistler Project is characterized by a thick succession of Cretaceous to early Tertiary (ca. 97 to 65 Ma) volcano-sedimentary rocks intruded by a diverse suite of plutonic rocks of Jurassic to mid-Tertiary age.

*Page 15 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

Two main intrusive suites are important in the Whistler Project area:

1) The Whistler Igneous Suite comprises alkali-calcic basalt-andesite, diorite, and monzonite intrusive rocks approximately 76 Ma with restricted extrusive equivalent. These intrusions are commonly associated with gold-copper porphyry-style mineralization (Whistler Deposit).

2) The Composite Suite intrusions vary in composition from peridotite to granite and their ages span from 67 to about 64 Ma. Gold-copper veinlets and pegmatitic occurrences are characteristics of the Composite plutons (e.g., the Mt. Estelle prospect, the Muddy Creek prospect).

The Whistler Project was acquired for its potential to host magmatic hydrothermal gold and copper mineralization. Magmatic hydrothermal deposits represent a wide clan of mineral deposits formed by the circulation of hydrothermal fluids into fractured rocks and associated with the intrusion of magma into the crust. Exploration work completed by Kennecott, Geoinformatics, and Kiska has discovered several gold-copper sulphide occurrences exhibiting characteristics indicative of magmatic hydrothermal processes and suggesting that the project area is generally highly prospective for porphyry gold-copper deposits.

**1.9** **Exploration**

Kennecott completed airborne helicopter geophysical surveys during 2003 and 2004. Results from these airborne surveys were used to interpret geological contacts, fault structures and potential mineralization in the Whistler, Island Mountain, and Muddy Creek areas. In particular, the airborne magnetic data showed that the Whistler Deposit displays a strong 900 m by 700 m positive magnetic anomaly attributed to the magnetic Whistler Diorite intrusive complex (host to the Whistler Deposit) in addition to a contribution from secondary magnetite alteration and veining associated with Au-Cu mineralization.

Cominco acquired 8.4 line-km of 2D Induced Polarization geophysics with results used to target the deposit area with subsequent drilling. From 2004 to 2006, Kennecott completed 39.4 line-km of 2D IP geophysics in the Whistler area. Subsequent lines targeted magnetic anomalies at the Round Mountain, Canyon Creek, Canyon Ridge, Canyon Mouth, Long Lake Hills, Raintree, and Rainmaker prospects. In 2007-2008, Geoinformatics completed 8.8 line-km of 2D IP from six separate reconnaissance lines in the Whistler area targeting airborne magnetic highs. Anomalous results from this survey in the Raintree area led to the Raintree West discovery. In 2009, Kiska completed 224 line-km of a 3D Induced Polarization geophysical survey. This was executed on two grids (Round Mountain; Whistler Area). This survey reaffirmed that the Whistler Deposit is coincident with a discrete 3D chargeability anomaly.

**1.10** **Drilling**

No drilling has been done on the Whistler Project by U.S. GoldMining or GoldMining since the date of their acquisition of the Whistler Project in 2015.

A total of 70,247 m of diamond drilling in 257 holes are documented in the Whistler database for drilling on the Whistler Project by Cominco, Kennecott, Geoinformatics, and Kiska from 1986 to the end of 2011. Of these drillholes 21,132 m in 52 holes have been drilled in the Whistler Deposit area, 20,479 m in 94 holes have been drilled in the Raintree area, and 14,410 m in 36 holes comprise the Island Mountain resource area. There are 14,226 m in 75 holes in areas outside the three resource areas.

*Page 16 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**1.11** **Conclusions and Recommendations**

The QPs make the following conclusions regarding sampling, analysis, metallurgical testwork and the resource estimate.

**1.11.1** **Sampling, Preparation, Analysis Conclusions**

In the opinion of the QP, sampling preparation, analysis, and security by previous operators are consistent with industry standard practices. Review and analysis of the assay database and QAQC data shows the assay database is of sufficient quality for resource estimation.

**1.11.2** **Metallurgical Testwork Conclusions**

The recoveries used for Resource estimate are reasonable for this level of study based on the metallurgical testing to date.

**1.11.3** **Resource Estimate Conclusions**

In the opinion of the QP the block model resource estimate and resource classification reported herein are a reasonable representation of the global gold, copper, and silver mineral resources found in the Whistler, Raintree West, and Island Mountain deposits. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserve.

The QPs make the following recommendations regarding sampling, analysis, metallurgical testwork and the resource estimate.

**1.11.4** **Sampling, Preparation, Analysis Recommendations**

● QAQC for silver was not available, data for blanks and duplicates should be collected from the database. Future drilling should include CRMs for silver.

● Future programs should ensure that QAQC sample failures are identified and affected samples are re-assayed.

● Survey of 10% of collar locations be accomplished and all resurveyed as necessary.

● U.S. GoldMining continues to amend the assay database with certificate numbers and locate missing certificates as necessary.

**1.11.5** **Metallurgical Recommendations**

● Mineralogical studies to better understand the gold associations

● Comminution testing specifically to address SAG mill power requirements and design

● Variability testing

● Confirmatory locked cycle flotation testing at the coarser primary grind size

● Testwork to include feed material containing Pb, Zn sulphide, and higher Ag grade material

**1.11.6** **Resource and Exploration Recommendations**

● Further step-out and infill drilling at Raintree West and Island Mountain to upgrade the resource classification and to potentially add new resources.

● Construction of a geological model and mineral domains at Raintree West.

● Preliminary metallurgical testwork for Raintree West.

● Additional geological modelling and mineral domain definition at the Whistler Deposit to further determine potential lithological and structural controls on mineralization, with potential updates to the resource estimate.

● The collection of additional specific gravity measurements from existing drillholes at all deposits to augment the database.

● Additional in-fill drilling at the Whistler Deposit to upgrade the classification of Inferred to Indicated with 50 m drillhole spacing.

● Top-of-bedrock grid drilling in the Whistler area to define new targets.

● A new and full review of all exploration data, with an outlook to review, and rank all targets for further exploration drilling.

*Page 17 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**2** **INTRODUCTION**

U.S. GoldMining is an indirect subsidiary of GoldMining Inc. and holds the rights to the Whistler gold-copper property located 150 km northwest of Anchorage, Alaska. U.S. GoldMining will be focused on the development and advancement of the Whistler Project.

Moose Mountain Technical Services (MMTS) was retained by U.S. GoldMining to produce an updated resource estimate on the Whistler Project for the Whistler, Raintree West, and Island Mountain deposits. MMTS was initially retained by GoldMining to conduct NI 43-101 technical reports on the project in 2016 and 2021. The effective date for this TRS resource estimate is September 22, 2022. This report is an update to the previously filed NI 43-101 report completed in 2016 for GoldMining (Giroux, 2016). This update was previously reported by GoldMining in a NI 43-101 technical report issued by MMTS in 2021.

This Report is the inaugural TRS developed for the Whistler Project in accordance with United States SEC S-K 1300 regulations. The TRS summarizes a 2021 Mineral Resource Estimate (MRE) Technical Report that was completed under NI 43-101 guidelines for GoldMining. All technical analyses, design information, capital, and operating cost information, permitting and legal assumptions, conclusions and recommendations are consistent between this S-K 1300 TRS and the GoldMining 2021 NI 43-101 report.

**2.1** **Terms of Reference**

The purpose of this report is to support a proposed initial public offering of U.S. GoldMining Inc. and related disclosures on the Whistler Project.

All measurement units used in this Report are metric, and currency is expressed in US dollars unless stated otherwise.

**2.2** **Qualified Persons**

The following serve as the qualified person (QP) for this Technical Summary Report:

● Sue Bird, P.Eng., Moose Mountain Technical Services is responsible for all Sections of the report.

**2.3** **Site visits and Scope of Personal Inspection**

Sue Bird, P.Eng., of MMTS, visited the Whistler Project site on September 14, 2022. During the site visit collar locations at Whistler and Raintree were validated. The core storage at both Whiskey Bravo camp and Rainy Pass core storage site visited. The core from each deposit was examined for mineralization with 4 samples for re-assay obtained. The buildings at the previous camp at Rainy Pass were also investigated with most of the buildings found to be in good shape to be re-vamped for future drill programs.

**2.4** **Effective Date**

The overall Report effective date is September 22, 2022.

**2.5** **Sources of Information**

Sources of information are listed in the references, Section 24 of this report, with the sources provided by U.S. GoldMining and its parent, GoldMining, regarding property ownership and environmental permitting listed in Section 25.

*Page 18 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**3** **PROPERTY DESCRIPTION**

The Whistler Project is in the Alaska Range approximately 150 km northwest of Anchorage as illustrated in Figure 3-1 below. The centre of the property is located at 152.57 degrees longitude west and 61.98 degrees latitude north.

![](ex96-1_002.jpg)

**Figure 3-1 Location of the Whistler Project (Source: MMTS, 2015, modified from Roberts, 2011a)**

The Whistler Project comprises 304 State of Alaska mining claims covering an aggregate area of approximately 172 km<sup>2</sup> in the Yentna Mining District of Alaska. All the claims are owned by U.S. GoldMining. The property boundaries have not been legally surveyed.

An all-season camp facility exists near the confluence of Portage Creek and the Skwentna River, approximately 15 km southeast of the Rainy Pass Hunting Lodge. The camp is serviced with a 1,000 m gravel airstrip for wheel-based aircraft. The camp is equipped with diesel generators, a satellite communication link, tent structures on wooden floors, and several wood-framed buildings.

GoldMining, through its subsidiary U.S. GoldMining (then known as BRI Alaska Corp.), acquired the rights to the project on August 5, 2015, pursuant to an asset purchase agreement date August 5, 2015, between GoldMining, U.S. GoldMining, Kiska Metals Corporation, and Geoinformatics Alaska Exploration, Inc. in exchange for the issuance of 3,500,000 GoldMining shares as set out in Gold Mining's news release of August 6, 2015.

*Page 19 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

A full Claims List can be found in Appendix A at the end of this report. Annual Labor requirements:

● $400 for each quarter section MTRS claim

● $100 each for any other type of claim

Labor must be performed by September 1 of each year and the statement of annual labor must be recorded by November 30. Excess labor from previous years may be carried forward.

**3.1** **Royalties and Encumbrances**

The first underlying agreement is a Royalty Purchase Agreement between Kiska Metals Corporation, Geoinformatics Alaska Exploration Inc. and MF2, LLC, dated December 16, 2014. This agreement grants MF2 a 2.75 percent NSR royalty over all 304 claims and extending outside the current claims over an Area of Interest defined by the maximum historical extent of claims held on the project as indicated on Figure 3-1. There is a right, currently held by Gold Royalty Corp, to buy back 0.75 percent of the 2.75 percent NSR royalty for a payment of US$5,000,000 to MF2.

The second underlying agreement is an earlier agreement between Cominco American Incorporated and Mr. Kent Turner (whose rights and obligations thereunder were assumed by U.S. GoldMining) dated October 1, 1999. This agreement concerns a 2.0 percent net profit interest to Teck Resources, recently purchased by Sandstorm Gold, in connection with an Area of Interest specified by standard township sub-division as indicated in Figure 3-2.

The third underlying agreement is a Purchase and Sale agreement between Kent Turner, Kiska Metals Corporation and Geoinformatics Alaska Exploration Inc. (whose rights and obligations thereunder were assumed by U.S. GoldMining) dated December 16, 2014 that terminates the "Turner Agreement" (an agreement that grants Kennecott and its successors a 30-year lease on twenty-five unpatented State of Alaska Claims; see Figure 3-2) and transfers to Kiska and Geoinformatics, and their successors, an undivided 100 percent of the legal and beneficial interest in, under, to, and respecting the Turner Property free and clear of all Encumbrances arising by, through or under Turner other than the Cominco American net profit interest.

In addition to the above royalties, pursuant to a royalty agreement dated January 11, 2021, between U.S. GoldMining and Gold Royalty U.S. Corp, Gold Royalty U.S. Corp holds a 1% NSR royalty covering the Whistler Project.

*Page 20 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_003.jpg)

**Figure 3-2 Tenement Map (Source: MMTS, 2015)**

*Page 21 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**4** **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY**

**4.1** **Accessibility**

The Whistler Project is in the Alaska Range approximately 150 km northwest of Anchorage and 76 km west of the township of Skwentna as illustrated in Figure 3-1. Access to the project area is by fixed wing aircraft to the Whiskey Bravo gravel airstrip located adjacent to the Whistler exploration camp. In the winter of 2011, Kiska had constructed a temporary winter trail to the Whistler Project that was then used for the inbound transportation of fuel, earth moving equipment, and bulk items for the camp and exploration programs. A 1,000 m compacted gravel runway provides a near year round landing surface. The runway is capable of landing DC-3 class aircraft and smaller and is currently shared with the Estelle Gold Project by Nova Minerals (Figure 4-1).

![](ex96-1_004.jpg)

**Figure 4-1 Layout of Built and Proposed (and permitted) Roads in the Whistler Area (Source: MMTS, 2015)**

*Page 22 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**4.2** **Climate**

The project area is between regions of maritime and continental climate and is characterized by severe winters and warm, dry summers. The maritime climatic influence provides for dry, mild, and temperate summers. Fog and low clouds are common in mid-summer and fall especially around higher elevation areas. Average summer temperatures range between 5° and 20° C, whereas winter temperatures range from -15° to -5° C. Occasionally, arctic cold fronts will propagate across the Alaska Range from the interior, causing cold dry air to seep into the watershed. These infrequent stationary high-pressure systems can lead to clear days with temperatures dropping to a low of -35° C during the winter. Strong winds persist during the winter months. Annual precipitation ranges from 500 to 900 mm. Winter snow accumulation usually begins in October and by mid to late May the snow has melted sufficiently to allow for fieldwork.

**4.3** **Local Resources**

The nearest public infrastructure for the Whistler Project is the town of Petersville, located approximately 100 km west of Whistler; Petersville is connected to Anchorage by an all-weather road and highway. The project is also located approximately 150 km north of the Beluga coalfield project and the Tyonek gas power station on the Cook Inlet coast.

**4.4** **Infrastructure**

When last operating, the Whistler Project was supported by a fifty person, all season camp located on the banks of the Skwentna River approximately 2.7 km from the Whistler Deposit and 22 km from the Island Mountain prospect. The camp has been maintained in good condition, although some of the tent-based structures have been damaged by heavy snow loads and will need to be repaired or replaced. The camp is connected to the Whistler Deposit by a 6 km access road, as illustrated in Figure 4-2. On October 27, 2021, the Alaska Industrial Development and Export Authority announced the receipt of $8.5 million in funds for the advancement of predevelopment work for the West Susitna Access Road project, which would extend into areas west of Cook Inlet in Southcentral Alaska in the vicinity of the Whistler Project.

The camp is served by a 38-kilowatt generator, water well, septic system, showers and flush toilets, and a modern kitchen. A smaller 16-kilowatt backup and low peak need generator is also installed in the well/generator house. The camp has 37 sleeper tents, 3 wood frame cabins, a cook tent, a recreational tent, First Aid Tent, a wood frame well/generator house and a wood frame men's and women's shower/restroom building.

Core processing facilities consist of one insulated core cutting tent that houses two core saws. The core logging facilities consist of two 7 m by 14 m structures. One is an insulated tent and the other is a well-insulated, well lit, wood-frame building. All core cutting and logging facilities have decks that are designed for ease of handling large volumes of core with skid steer forklifts. All areas around camp have graveled travel ways that connect camp facilities with runway facilities.

There is a wood-frame shop building that is for general camp maintenance and all rolling stock. The shop and core cutting facilities are supplied electricity by a separate generator building. A 20-kilowatt generator supplies power during peak months when both saws are running. A 16-kilowatt generator is available for lower peak needs and back-up.

*Page 23 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

Heavy equipment and ground transport machines at the Whistler Project include one Cat D6 bulldozer; one Cat 226B track skid-steer; one Bobcat skid-steer; one Volvo A-30 haul truck; ten snowmobiles; five ranger-style ATVs; and three 4-wheeler "Quad" ATVs.

An area, the size of a sports field, has been cleared and graveled for core storage. Adjacent areas can be cleared for more storage as the project grows. There are also two wooden-deck helicopter pads with a small building for helicopter support.

![](ex96-1_005.jpg)

**Figure 4-2 Layout of the U.S. GoldMining Camp and Facilities located adjacent to Whisky Bravo Airstrip (Source: MMTS, 2015, modified from Roberts, 2011a)**

The runway for the camp is illustrated in Figure 4-3. A 113,400-litre fuel storage facility is located at the northeast end of the runway. All tanks are stored in separate lined containments. They are designed to contain at least 1.5 times the volume of the largest tank in the containment. All pumping is done through aircraft approved filter systems. Two buildings are located just off the runway for drilling company shop/warehouses and there is ample room for lay down areas for parts and materials storage.

*Page 24 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_021.jpg)

**Figure 4-3 Layout of the Runway relative to Camp (2016, modified from Roberts, 2011a)**

Communications is provided by a wireless satellite system. There is also a cell phone repeater at the satellite communications station located on Whistler Ridge. It provides fair-quality cell phone service in camp.

**4.5** **Physiography**

The project is in the drainage of the Skwentna River that forms a large network of interconnected low-elevation U-shaped valleys cutting through the rugged terrain of the southern Alaska Range. Elevation varies from about 400 m above sea level in the valley floors to over 5,000 m in the highest peaks resulting in a quite spectacular landscape. The Alaska Range is a continuation of the Pacific Coast Mountains extending in an arc across the northern Pacific. Mount McKinley, North America's highest peak at 6,194 m, is located approximately 130 km northeast of the project area. The vegetation in the Whistler region is quite variable. The valley floors and lower slopes are usually characterized by dense vegetation giving way above about 750 m elevation to dense bushy shrubs rendering ground access difficult. At higher elevations, vegetation is absent and active glaciers with terminal and lateral moraines are present. The timber line is located at elevations varying between 800 m to 1,100 m. Bedrock exposures within the project area are scarce except at elevations above 1,000 m and along incised drainage.

The Whistler Project mineral claims provide the area that is sufficient for the development of a potential open pit project, including tailings storage, waste disposal, potential processing plant sites and water sources. A source of power has yet to be determined and mining personnel would likely have to be housed in a camp.

*Page 25 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**5** **HISTORY**

During the late 1960s, regional mapping and geochemical sampling by the United States Geological Survey ("USGS") identified several base and precious metal occurrences over a very large area in the southern Alaska Range including southern portions of the Whistler project area.

Following the results of that work, limited exploration was conducted in the area during the 1960s and 1980s. Falconbridge (or their operator St. Eugene) was involved in exploring the nearby Stoney Vein in the late 1960s. A local prospector, Arne Murto (deceased), was active in the Long Lake Hills area from at least 1964 and AMAX staked at least four claims over the Lower Discovery showing at Mount Estelle (circa 1982).

Mineral exploration in the Whistler area was initiated by Cominco Alaska in 1986 and continued through 1989. During this period, the Whistler and the Island Mountain gold-copper porphyry occurrences were discovered and partially tested by drilling. In 1990, Cominco's interest waned and all core from the Whistler region were donated to the State of Alaska. The property was allowed to lapse.

In 1999, Kent Turner staked twenty-five State of Alaska mining claims at Whistler and leased the property to Kennecott. From 2004 through 2006 Kennecott conducted extensive exploration of the Whistler region, including geological mapping, soil, rock, and stream sediments sampling, ground induced polarization and they conducted an evaluation of the Whistler gold-copper occurrence with fifteen core boreholes (7,948 m) and reconnaissance core drilling at other targets in the Whistler region (4,184 m). Over that period, Kennecott invested over USD$6.3 million in exploration.

In June 2007, Geoinformatics Exploration Inc. ("Geoinformatics") announced the conditional acquisition of the Whistler Project as part of a strategic alliance with Kennecott Exploration Company ("Kennecott"). Between July and October 2007, Geoinformatics drilled seven core boreholes (3,321 m) to infill the deposit to sections spaced at seventy-five metres and to test for the north and south extensions of the deposit.

In August 2009, Geoinformatics acquired Rimfire Minerals Corporation and changed its name to Kiska Metals Corporation ("Kiska"). In 2009 and 2010, Kiska completed three phases of exploration on the property to fulfill the terms of the Standardization of Back-In Rights ("SOBIR") Agreement between Kennecott Exploration Company and Kiska Metals Corporation.

In total, Kiska completed 224 line-km of 3D induced polarization ("IP") geophysics, 40 line-km of 2D IP geophysics, 327 line-km of cut-line, geological mapping on the 3D IP grid, detailed mapping of significant Au-Cu prospects, collection of 109 rock samples and 61 soil samples, 8,660 m of diamond drilling from 23 drillholes (all greater than 200 m in total length), petrographic analysis of mineralization at Island Mountain, a preliminary review of metallurgy at the Whistler Resource, and metallurgical testing of mineralization from the Discovery Breccia at Island Mountain. This program was executed by Kiska geologists, independent geologists, and multiple contractors, under the supervision of Kiska personnel. All aspects of the exploration program were designed and monitored by a Technical Committee comprised of two Kennecott employees and two Kiska employees. In August of 2010, Kiska delivered a Technical Report (Roberts, 2010) to Kennecott summarizing the results of the completed Trigger Program. In September of 2010, Kennecott informed Kiska that it would not exercise its back-in right on the project and hence retained a 2% Net Smelter Royalty on the property.

From this point forward, Kiska continued to drill and explore the Whistler Project for the duration of the 2010 and 2011 field seasons. The majority of this work included shallow grid drilling (25 m to 50 m top of bedrock drilling) in the Whistler Area (also referred to as the Whistler Corridor), conventional step-out drilling from prospects in the Whistler Area, step-out drilling at the Island Mountain Breccia Zone, an airborne EM survey of the Island Mountain area, reconnaissance drilling at Muddy Creek, and minor infill drilling at the Whistler Deposit, followed by the publication of an updated NI 43-101 resource estimate (MMTS, 2011).

*Page 26 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**6** **GEOLOGICAL SETTING, MINERALIZATION and DEPOSIT**

**6.1** **Geological Setting**

The Whistler Project is situated within the Wrangellia Composite Terrane ("WCT"), one of three composite terranes accreted to the Alaskan portion of the North America Cordilleran margin in the Mesozoic and Cenozoic. This margin records a complex history of terrane accretion, basin formation, basin exhumation, subduction, and multiple pulses of magmatism.

In south-central Alaska, the WCT is comprised of three significant tectono-magmatic assemblages (Figure 6-1): 1) the Paleozoic-Triassic basement rocks upon which the Early to Late Jurassic Talkeetna island arc was built, including volumetrically significant plutonic rocks; 2) the Kahiltna assemblage, consisting of Jura-Cretaceous flysch sediments that formed in basins initiated by the convergence of Wrangellia with the former continental craton; and 3) voluminous Upper Cretaceous and Paleocene-Oligocene igneous rocks, dominantly plutons, that stitch the Wrangellia composite terrane with the inboard autochthonous terranes. The latter two assemblages dominate the regional geology of the Whistler area.

The Kahiltna assemblage occurs as a broad 100 km by >300 km belt extending across the Alaska Range. This assemblage is comprised of mostly marine sediments with fossils indicating deposition from the Late Jurassic to Early Cretaceous.

*Page 27 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_006.jpg)

**Figure 6-1 Regional Geological Map of South-central Alaska (Source: Trop and Ridgeway, 2007)**

The black inset box shows the location of Whistler area and map extent in Figure 6-1 above.

*Page 28 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

Uplift and shortening of the Kahiltna basin were followed by the construction of a continental-margin arc as defined by an extensive belt of 80 - 60 Ma plutons extending from the Alaska Range south-eastwards into the Coast Range of Canada. In the Alaska Range, these arc rocks are dominated by plutons interpreted to be the deeper roots of subvolcanic and volcanic centres; however extrusive sections are locally preserved.

There are four intrusive suites associated with this epoch of magmatism that are recognized in the Whistler region, including (from oldest to youngest): 1) the Whistler Intrusive Suite or "WIS" (host to the Whistler Deposit); 2) the Summit Lake Suite; 3) the Composite Suite; and 4) the Crystal Creek Suite, as illustrated in Figure 6-2. A stratigraphic column in Figure 6-3 illustrates the timing relationship of intrusive suites in the district, and their relationship to host country rocks.

The Whistler Intrusive Suite consists of intermediate to mafic extrusive and intrusive rocks, including diorite porphyries. These diorite porphyries are host to, and genetically associated with, gold-copper porphyry mineralization in the Whistler Project area. This is the only suite where comagmatic extrusive rocks and shallow subvolcanic intrusive rocks are recognized in the region. On a district scale the intrusions generally occur as sills and less commonly as dikes and small stocks. Hornblende Ar-Ar dating of Whistler diorite porphyry gives an age of 75.5 +/- 0.3 Ma (Layer and Drake, 2005) and mapping shows Whistler diorite intruding extrusive andesite. Subsequent U-Pb age dating of zircons from the mineralized diorite porphyry in the Whistler Deposit, and other mineralized porphyries on the Whistler Project, indicate igneous ages of 76.36 Ma ±0.3 Ma (Hames, 2014). One of the least-altered diorite porphyry intrusions located on the Whistler Ridge has a hornblende Ar-Ar age date of 75.5 ± 0.3 Ma (Young, 2005).

The Summit Lake intrusions are regionally represented by 74 to 61 Ma calc-alkaline granodiorite to diorite, becoming more monzonitic and of alkali-calcic affinity in the Whistler area. East and northeast from Whistler, these intrusions are associated with local gold prospects and have been called the Kichatna plutons and more locally, the "Old Man Diorite".

The Composite Plutons include the Emerald, Mount Estelle, Stoney, and Kohlsaat plutons, and are locally associated with gold mineralization. The Composite Plutons are seen to be somewhat concentrically zoned magmatic series, with an early border phase of alkaline mafic to ultramafic rock, inwards towards less alkaline monzonites to granites. The common age range is 67 to 64 Ma.

The regional geology of the Whistler deposit area is shown in Figure 6-2. The Crystal Creek sequence, located south of Whistler, is mainly calc-alkaline granite or rhyolite and ranges in age from 61 to 56 Ma. More mafic rocks, including the 61Ma Porcupine Butte andesite and Bear Cub (diorite) pluton, may represent higher level/border phases to the Crystal Creek sequence.

Continental arc magmatism in the Latest Cretaceous is responsible for some of the most significant gold and copper-gold deposits in Alaska. These include the Pebble gold-copper porphyry deposit (89 Ma; Schrader et al, 2001), the Donlin Creek gold deposit (70 Ma, Szumigala et al, 2000), the Fort Knox gold deposit (95 – 89 Ma, Mortenson et al, 1995), and the Livengood gold deposit (Late Cretaceous).

*Page 29 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_007.jpg)

**Figure 6-2 Regional Geology of the Whistler Project (Source: Wilson et al., 2009)**

*Page 30 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**Figure 6 3 Stratigraphic column of the Whistler district and property (Source: Young, 2005 and Hames, 2014)**

*Page 31 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**6.2** **Property Geology**

The property geology of the Whistler area is well documented and described in detail by Young (2005) and Franklin (2007). A stratigraphic column in Figure 6-3 illustrates the timing relationship of intrusive suites and their relationship to host country rocks at the property scale. The property can be subdivided into three main areas based on distinctive intrusive rocks and their association with gold-copper and gold-only mineralization: 1) The Whistler Corridor; 2) Island Mountain; and 3) Muddy Creek as illustrated in Figure 6-4.

![](ex96-1_008.jpg)

**Figure 6-4 Geological Map of the Whistler Corridor, Island Mountain, and Muddy Creek (Source: MMTS, 2015, modified from Roberts, 2011a)**

*Page 32 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**6.2.1** **Whistler Corridor**

The bulk of the Whistler property is underlain by flysch sediments of the Kahiltna assemblage, while the Whistler Corridor is dominated by a largely fault bounded block of andesitic volcanic rocks, interpreted to represent a local volcanic-dominated basin as illustrated in Figure 6-5. The sedimentary and volcanic rocks are host to a variety of dioritic to monzonitic dykes, sills, and stocks of the WIS. Much of the low-lying areas in this region are covered by 5 to 15 m of glacial till, and hence much of the geological map is based on drilling and interpretation of geophysical data.

![](ex96-1_009.jpg)

**Figure 6-5 Whistler Project Geology (Source: MMTS, 2015, modified from Roberts, 2011a)**

The Whistler Deposit is hosted by a multi-phase diorite porphyry intrusive complex of the WIS nested within sediments of the flysch package, whereas prospects in the Whistler Area (Raintree, Rainmaker) are hosted by similar diorite porphyry intrusive centres within the volcanic basin. Age dating of mineralized and barren diorite porphyry units on the Whistler ridge indicates that magmatism occurred at approximately 75 to 76 Ma (Layer & Drake, 2005; Young, 2005; Hames, 2011). The mineralogy and composition of the intrusive rocks and the andesitic volcanic rocks are quite similar, suggesting that they are broadly comagmatic (Young, 2005). Mapping implies monzodiorite porphyry and hornblende diorite suites intruded prior to eruption of extrusive andesites and therefore is older than the Whistler diorite porphyry. Hornblende Ar-Ar dating indicates unmineralized diorite porphyry is likely a later phase of Whistler diorite porphyry (Hames, 2014). Andesitic porphyry is observed to cut all phases of diorite porphyry (Young, 2005) and can be assumed to be the youngest intrusive rock at the Whistler property.

Inversion modeling of the airborne geophysical data suggests that there is a large 5 km diameter batholith possibly situated 1 km below the surface and that some of the diorite porphyry intrusive centres are cupolas at the peaks of the batholith.

*Page 33 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

The detailed geology of the volcanic stratigraphy remains uncertain, largely due to glacial cover and the extensive amount of texturally destructive, hydrothermal alteration. Volcanic rocks are comprised of coherent andesites and volcanic breccias that define a variety of depositional facies. Based on the occurrence of common argillaceous interflow sediments Young (2005) inferred a sub-aqueous marine setting for the bulk of the volcanic rocks. In the eastern Long Lake Hills area, volcanic flows are interbedded with Feldspathic Sandstones, and Young (2005) interpreted this to represent the onset of volcanism in a shallower marine setting. In addition to these extrusive rocks, a large volume of the volcanic rocks is interpreted to be comprised of porphyritic, subvolcanic units, as either large sills or stocks. These subvolcanic units can be difficult to differentiate from coherent volcanic rocks, particularly porphyritic flows, and in areas of intense texturally destructive phyllic alteration. The stratigraphy of the volcanic rocks is currently unresolved. The current geological map only differentiates "least-altered" from "altered" volcanic rocks based on the extrapolation of airborne magnetic data from the grid and scout drilling. All the volcanic and subvolcanic rocks encountered in drilling are magnetic when they are least altered, and magnetism is generally destroyed by sulphidation during phyllic alteration.

In addition to least-altered volcanic rocks, magnetic high anomalies also occur in association with northwest-elongated linear to oval-shaped diorite dykes and stocks hosted by flysch sediments and in association with zones of near-surface secondary magnetite alteration and veining, such as the Whistler Deposit, and the Rainmaker and Raintree North deposits.

The bulk of the flysch sediments on the Whistler Project area have north to northeast striking and steeply dipping bedding orientations due to compressional deformation that resulted in chevron-style folding. These folds are north-east striking, and fold limbs are typically moderate to steep or overturned (Young, 2005). A dioritic sill exposed on the Whistler Ridge is likewise folded, suggesting that a component of dioritic magmatism pre-dated regional deformation.

Several northeast-trending faults have been interpreted based on topographic linear features and the truncation and offset of magnetic features. These are the earliest structure features on the property since they are truncated by north-northwest-oriented faults with left-lateral offset, such as the Alger Peak Fault.

**6.2.2** **Island Mountain**

The Island Mountain area is comprised of a suite of nested intrusions, ranging compositionally from hornblende diorite to hornblende-biotite monzonite, emplaced within flysch sediments of the Kahiltna assemblage as illustrated in Figure 6-6. Texturally, these intrusions range from equigranular to strongly porphyritic, suggesting a relatively high level of emplacement typical of the porphyry environment. Unlike the Whistler area, no coeval volcanic rocks are recognized. Based on limited whole-rock geochemistry (Young, 2005) the Monzonite at Island Mountain plots within the silica-saturated alkalic field of Lang et al. (1995) and is the intrusive equivalent of trachyandesite on a total alkali versus silica diagram. This suite of intrusions is mapped as part of the circa 67 to 64 Ma Composite Suite of intrusions, like the Muddy Creek area, however recent age dating suggests some complexity with dates ranging from 77 Ma down to 64 Ma (Gross, 2014). Compared to Muddy Creek, the intrusive rocks at Island Mountain are generally more mafic (diorite and monzonites as opposed to quartz monzonite and granites at Muddy Creek), are magnetite-bearing rather than ilmenite-bearing, are commonly more porphyritic rather than coarse equigranular, lack the strong, pervasive gold-arsenic association, and lack the evenly distributed northwest-oriented sheeted fracture set that typifies mineralized structures at Muddy Creek. For these reasons, it is likely that igneous rocks at Island Mountain represent a unique intrusive suite separate from the Composite Suite.

This unique intrusive centre is broadly situated at the intersection between the regionally significant northwest-striking Timber Creek Fault, which can be traced for 10's of kilometres, and the Skwentna River valley, postulated as a possible fault zone (Young, 2005). The bulk of the nested intrusions occur on the southeast side of Island Mountain, and this is where sediments in the contact metamorphic aureole of these intrusions are hornfelsed. The hornfels, especially on the southwest corner of Island Mountain, occur as irregular rafts and possibly roof pendants that appear to form a slope-parallel skin of country rock that demarks the roof zone of this intrusive complex. Sediments consist of dark mudstone, shale, thin-to-medium-bedded siltstone and dark grey sandstone and minor dirty calcareous sedimentary beds and a few local thin pebble conglomerate units. These units predominate on the northwest portion of Island Mountain.

*Page 34 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_010.jpg)

**Figure 6-6 Property Geology of the Island Mountain Area (Source: MMTS, 2015, modified from Roberts, 2011b)**

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The earliest recognized intrusive phase is the Island Mountain Diorite Porphyry. This unit has been observed to be cut by all other igneous units and is the host to gold-copper porphyry mineralization associated with intrusive and hydrothermal breccias at the Island Mountain Deposit (previously referred to as the "Breccia Zone").

The next most volumetrically significant intrusive phase is a Monzonite Porphyry (IFMIP) that occurs in the northeast corner of Island Mountain, and which is generally the host of gold-copper porphyry-style mineralization at the Cirque and the Howell zones. Unlike the Diorite Porphyry, this unit contains magnetite phenocrysts and is thus well delineated by airborne magnetic survey data.

In the Breccia Zone, Diorite- and Monzonite-cemented intrusive breccias occur as sub-vertical, 100-150 metre diameter, sub-circular to irregularly shaped pipes that grade into actinolite-magnetite-cemented hydrothermal breccias with pyrrhotite-pyrite-chalcopyrite mineralization, which together define magmatic-hydrothermal conduits that host the bulk of gold-copper porphyry mineralization in this area. Not all the Intrusive Breccia bodies are altered or mineralized, suggesting that either some of these breccias post-date the main phase of mineralization, or that some pre-mineral intrusive breccias were not affected by hydrothermal fluid. Together, these intrusive and hydrothermal breccias have been the focus of the majority of the exploration drilling at Island Mountain since 2009. A series of these breccias extend discontinuously for 700m from the "Breccia Zone" on a north-northwest trend along the south-western slope of Island Mountain. The Breccia Zone also contains narrow, pencil-like bodies of Coarse Porphyritic Hornblende Diorite that are syn to post gold-copper mineralization.

This corridor of breccias is flanked by strong pervasive albite alteration with local zones of vein and disseminated pyrrhotite that constitutes significant Au-only mineralization within and flanking the Breccia Zone. Similar intrusive and hydrothermal breccias with peripheral sodic alteration and pyrrhotite mineralization occur in areas of gold and copper soil anomalies at the Howell Zone, suggesting the occurrence of multiple magmatic-hydrothermal centres. The Howell Zone remains untested by drilling.

The last volumetrically significant phase of magmatism is represented by a coarse grained equigranular monzonite that occurs as a northwest-striking dyke or sill exposed near the base of slope on the south-western side of Island Mountain. This unit lies adjacent and strikes parallel to the regional Timber Creek Fault, suggesting a possible regional control on the emplacement of this unit. Likewise, all the above-mentioned units are cut by narrow, post-mineral, fine-grained mafic to intermediate dykes that generally strike to the northwest and dip steeply.

**6.2.3** **Muddy Creek**

Muddy Creek is in rugged terrain along the western edge of the Whistler Project and is comprised of several steep, north-east facing U-shaped glacial valleys separated by razor-back ridges with small remnant glaciers at the heads of each valley. This prospect is largely underlain by a monzonitic intrusive complex, part of the Composite Suite (or Estelle Suite) of intrusions that were emplaced within sediments of the Kahiltna Assemblage in the late Cretaceous (Figure 6-7). An argon-argon analysis of igneous biotite from a granodiorite on the western margin of the intrusive complex returned an age date of 67.4Ma ± 0.4Ma (Solie et al., 1991a). A steep, east-west trending contact between the intrusive complex and hornfels sediments is well-exposed in the ridgelines in the northern portion of the prospect and is comprised of a conspicuous and extensive red-brown colour anomaly. Hornfels also comprises the eastern contact of the intrusive complex.

*Page 36 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

The bulk of the geological mapping at Island Mountain was completed by Kennecott and the following descriptions are from Young (2005). The core of the intrusive complex is monzonitic, grading outwards to progressively more mafic and older intrusive phases (Crowe et al, 1991), with pendants of ultramafic rocks at the margins (Millholland, 1998). The pluton intrudes very steeply north-dipping sedimentary rocks of the middle Graywacke Sandstone subunit and Tabular Sandstone unit. Local matrix-supported pebble conglomerate and spherical concretions along Muddy Creek support a correlation with the Tabular Sandstone unit.

The majority of the Mount Estelle pluton consists of biotite-monzonite, with an increasing proportion of augite phenocrysts towards the margins. Monzonite is medium- to coarse-grained and idiomorphic granular and occurs at the central and southern portions of the mapped area at Muddy Creek. Mafics, principally biotite books (to 5 mm) and subordinate to absent stubby dark augite generally constitute 15 to 35% of the monzonite. Twinned 3mm to 1cm orthoclase phenocrysts are a fundamental component. Groundmass consists of a medium-grained equigranular mixture of feldspar and quartz. Rounded xenoliths are rare, but widespread, and consist of biotitized sediments and more strongly mafic (biotite and augite)-rich intrusive rock of earlier intrusive phases. Intrusion breccia's with rounded clasts are a very local feature as are sinuous to linear aplitic dikes.

![](ex96-1_011.jpg)

**Figure 6-7 Geological Map of Muddy Creek (Source: MMTS, 2015, modified from Roberts, 2011c)**

*Page 37 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**6.3** **Mineralization**

Exploration on the Whistler Project by Kennecott, Geoinformatics and Kiska has identified three primary exploration targets for porphyry-style gold-copper mineralization. These include the Whistler Deposit, Raintree West, and the Island Mountain Breccia Zone as shown in Figure 6-8. The Whistler Raintree and Island Mountain areas also host multiple secondary porphyry-like prospects defined by drilling, anomalous soil samples, alteration, veining, surface rock samples, induced polarization chargeability/resistivity anomalies, airborne magnetic anomalies, and airborne electromagnetic anomalies. These include the Raintree North, Rainmaker, Round Mountain, Puntilla, Snow Ridge, Dagwood, Super Conductor, Howell Zone, and Cirque Zones. The Muddy Creek area represents an additional exploration target with the potential to host a low-grade, bulk tonnage, Intrusion-Related Gold mineralization.

**Figure 6-8 Prospect Areas (Source: MMTS 2016)**

*Page 38 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**6.3.1** **Whistler Area and Whistler Deposit Mineralization Overview**

The Whistler Deposit and prospects in the Whistler Area (Raintree West, Raintree North and Rainmaker) display a common pattern of alteration, vein paragenesis, and mineralization styles that suggest these spatially separate porphyry centres share a common genetic association. These features are hosted by, and genetically linked to, pulses of diorite porphyry intrusive bodies that are nested in pipe-like centres. Geophysical inversion models of the airborne magnetic data suggest that these pipes may be cupolas that occur above a common batholith. That these porphyry centres are genetically associated is corroborated by common alteration assemblages, vein types, mineralization styles and paragenetic relationships. At the Whistler Deposit, the earliest Diorite Porphyry phase (Main Stage Whistler Diorite Porphyry) is associated with the main stage of gold-copper mineralization, whereas subsequent phases are less mineralized, and thus are either weak metal contributors or diluting bodies.

The earliest recognized alteration event recognized at the Whistler Deposit and the porphyry prospects in the Whistler Area, referred to as "Magnetite" alteration, occurs as patchy magnetite alteration of mafic minerals (dominantly hornblende and possibly pyroxenes) and narrow, irregular magnetite veinlets ("M-veins"). Magnetite in this event is occasionally intergrown with trace chalcopyrite. This stage may include the partial replacement of feldspars by secondary K-feldspar, particularly in the selvages to M-veins, and hence may be part of the earliest, weakest stage of Potassic alteration (see Figure 6-9 below). This stage is recognized in both the Main Stage and Inter-mineral Stage Diorite Porphyry generally in the core zone of mineralization at the Whistler Deposit. In addition, it has been observed to occur within andesitic volcanic and volcaniclastic rocks within 50 m of similarly altered diorite intrusions in the Whistler Area, however not within the Feldspathic Sandstones that host the Whistler Deposit.

*Page 39 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_013.jpg)

**Figure 6-9 Photo of irregular M-veins in dark magnetite alteration of mafics (upper) and pervasive pink-black blotchy k-feldspar and magnetite alteration (lower) with wormy quartz + magnetite + chalcopyrite A-veins (Whistler Deposit) (Source: MMTS, 2015)**

The subsequent stage of alteration is "Potassic" alteration, defined by the occurrence of pinkish K-feldspar replacing plagioclase and matrix, which generally occurs as halos to, or pervasively in zones of, A-style and B-style quartz veins. Potassic alteration also includes the replacement of mafic phases by fine-grained secondary "shreddy" biotite, however this is generally difficult to observe due to overprinting Chlorite-Sericite alteration (see Figure 6-10, below). Strong Potassic alteration (pink rock) is generally accompanied by strong patchy magnetite alteration, and overall this leads to strong textural destruction such that the rock is mottled pink-black without an obvious porphyritic texture. Potassic alteration is associated with the bulk of gold-copper mineralization, which occurs as chalcopyrite and rare bornite in A- and B-style quartz veins and as fine-grained disseminations in adjacent wall rock. At the Whistler Deposit, gold occurs predominantly as electrum associated with chalcopyrite. There exists a spectrum of A- and B-style quartz veins. A-veins are millimetre wide, sugary quartz ± magnetite with wormy margins. These are generally observed to cut M-veins, however occasional M-veins have been seen to transition into A-like quartz veins. B-veins are generally comprised of slightly coarser, equigranular quartz with centre-line septa of chalcopyrite, and have straight sides. Intense zones of B-style veining form strong stockwork zones are associated with high-grade zones (>1 gpt Au, >0.5% Cu). Potassic alteration and quartz veining may include minor pyrite, yet these zones have relatively low total sulphide content (<1-2%).

*Page 40 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_014.jpg)

**Figure 6-10 Photo of a classic B-style quartz vein with a chalcopyrite-filled centreline cutting an irregular, wormy A-style quartz vein (Whistler Deposit, WH 08-08, ~123.0 m) (Source: MMTS, 2015)**

In general, core zones of Potassic alteration and Au-Cu mineralization are partially to completely overprinted by "Chlorite-Sericite" alteration. This "green rock" alteration is ubiquitous and the most macroscopically obvious alteration in zones of Au-Cu mineralization, even though it is a later event. As shown in Figure 6-11, bright green chlorite replaces secondary biotite and any primary mafic phases remaining, and waxy green sericite replaces feldspars. Pyrite is part of this assemblage, partly replacing mafics and magnetite. Calcite or carbonate may be part of this assemblage, as well as trace epidote. Kennecott referred to this alteration assemblage as "Intermediate Argillic", which is equivalent to SCC alteration in the porphyry literature (Sillitoe, 2010). Kiska interpreted the Chlorite-Sericite alteration to be transitional to "Phyllic" alteration, overprinting (telescoping) and immediately peripheral to core zones of mineralization. This pervasive style of alteration is not obviously associated with any veining event, however there is a continuum of glassy quartz veins with pyrite>>chalcopyrite + molybdenite that appears to only occur in zones of Chlorite-Sericite and Phyllic alteration.

*Page 41 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_015.jpg)

**Figure 6-11 Photo or chlorite-sericite (+calcite) alteration overprinting potassic – magnetite alteration in a zone of quartz vein stockwork, subsequently cut by later Dpy veinlets with sericitic and iron-carbonate halos (Whistler Deposit) (Source: MMTS, 2015)**

Potassic and Chlorite-Sericite alteration is variably overprinted by "Phyllic" alteration. The Phyllic assemblage consists of sericite + pyrite + quartz. Moderate to strong Phyllic alteration is typically bleached grey-tan, where mafic minerals are completely to strongly replaced by sericite and pyrite, magnetite is replaced by pyrite, and feldspars are replaced by sericite (and clays). Phyllic alteration commonly occurs in halos to pyritic stringers ("Dpy") and quartz + pyrite veins ("D-veins"). In areas with intense D-style veining, phyllic halos coalesce to give pervasive Phyllic alteration, as illustrated in Figure 6-12. Strong to intense Phyllic alteration is texturally destructive, which often leads to difficulty in distinguishing intrusive from volcanic rocks. It is also suspected that intense Phyllic alteration is grade destructive. At the Whistler Deposit and other prospects Phyllic alteration forms an outer and upper, commonly gradational halo to Chlorite-Sericite alteration, and is also preferentially developed in structural zones, including faults and hydrothermal breccias. Hydrothermal breccias commonly occur along the boundaries of different units (sediment/diorite; volcanic/diorite; diorite/diorite) and are comprised of variably milled wall rock fragments cemented by quartz-sericite-pyrite ("pyritic rock flour breccias"). These breccias occasionally contain tourmaline.

In the Whistler Area, strong Phyllic alteration and high pyrite content (10 - 15%) is common peripheral to individual porphyry centres extending for hundreds of metres into surrounding volcanic rocks. This has led to significant demagnetization of the volcanic stratigraphy such that the magnetic signature in the area is a function of alteration (dominantly Phyllic) rather than primary rock types. In contrast, the Phyllic halo at the Whistler Deposit only extends 50m into the surrounding Feldspathic Sandstone. In addition to pyrite, porphyry centres in the area are also large sulphur anomalies, in the form of sulphates. Anhydrite appears to span several alteration and vein types: anhydrite occurs within B-type quartz-chalcopyrite veins and within cross-cutting D-veins and Dbm veins (see below). Fine-grained anhydrite, of an uncertain alteration affiliation, also replaces feldspars at the microscopic scale. Gypsum locally replaces vein anhydrite and occurs as very narrow and abundant hairline veinlets in zones of strong to intense and pyritic phyllic alteration.

*Page 42 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_016.jpg)

**Figure 6-12 D-style pyrite veins with well-developed phyllic halos (Whistler Deposit), that cut and off-set B-style quartz veins (lower sample). Also note the local occurrence of hematite at the intersection of both vein types (magnetite>hematite?) (Source: MMTS, 2015)**

At the Whistler Deposit and other prospects in the Whistler Area, the latest stage of precious and base metal mineralization is associated with quartz-carbonate (dolomite and calcite)-sphalerite-galena ± chalcopyrite veins ("Dbm" or "D-base metal veins"). These veins have been observed to cut Potassic and Chlorite Sericite alteration (including Au-Cu mineralization and A- and B-vein stockwork), Dpy and D veins, and sericite-quartz-pyrite cemented hydrothermal breccias as illustrated in Figure 6-14. In the Whistler Area, these veins are commonly most abundant in the outer, intense phyllic halo within volcanic rocks within 100 – 200 m of the diorite intrusive centres. The veins can range from narrow veins (0.5 - 1.0 cm wide) up to 2 – 5 m wide (generally as vein breccias). Veins minerals, including sulphides, are medium to very coarse-grained (Figure 6-13), have local colliform banding, and vein quartz is occasionally chalcedonic. Based on their cross-cutting relationships, textures, mineralogy and spatial relationship to porphyry centres, these veins are interpreted to have formed syn- to post-Phyllic stage alteration. That these veins typically cut phyllic-stage hydrothermal breccias and have open-space fill colliform banding, suggests that these veins formed in a much different hydrologic/structural regime (hydrostatic, possible incursion of meteoric waters) relative to Magnetite through to Phyllic events. Relative to the Whistler Deposit, these veins are much more abundant in the host rocks to porphyry centres in the volcanic-hosted prospects in the Whistler Area, particularly Raintree West. This observation, in addition to the epithermal-like textures of these veins, supports the notion that other porphyry centres in the Whistler Area may have formed at shallower stratigraphic levels compared to that of the Whistler Deposit.

*Page 43 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_017.jpg)

**Figure 6-13 Photo of quartz-carbonate vein from Raintree West (WH11-030) showing well-developed colliform banding and coarse-grained sphalerite and galena (Source: MMTS, 2015)**

![](ex96-1_018.jpg)

**Figure 6-14 Common vein paragenesis in all porphyry occurrences in Whistler Area: dark grey quartz vein stockwork with chalcopyrite (A- and B-style), cut by quartz-calcite-carbonate-sphalerite-galena veinlet (Dbm veins, top left down to bottom right), cut by narrow Fe-carbonate veinlets with Fe-carbonate alteration halos (Raintree West example) (Source: MMTS, 2015)**

The most significant style of post-mineral alteration is Fe-carbonate alteration as illustrated in Figure 7-14 above. This occurs as pervasive alteration of feldspars in structural zones and as selvages to ankerite veins. Primary igneous magnetite and secondary magnetite is commonly altered to hematite in these zones. Ankerite veins, typically as brittle tension gashes, cross-cut all vein styles, including the Dbm veins. The degree and extent of this style of alteration is typically not obvious until the core has weathered for a year or more and is therefore not well-documented in the core logs.

*Page 44 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**6.3.2** **Mineralization: Whistler Deposit**

Gold and copper mineralization at the Whistler Deposit is hosted by a Late Cretaceous, multi-phase diorite porphyry intrusive complex that intrudes the Feldspathic Sandstone unit of the Kahiltna assemblage (Figure 6-15). The Feldspathic Sandstone is comprised of sandstone with minor interbeds of mudstone, siltstone, and conglomerate. Sedimentary bedding in the vicinity of the deposit primarily strikes to the northeast and dips steeply to the northwest.

![](ex96-1_019.jpg)

**Figure 6-15 Geological Map of the Whistler Deposit (Source: MMTS, 2015, modified from AMC, 2012)**

The diorite porphyry intrusive complex is ovoid-shaped and vertically plunging (Figure 6-16). The long axis of the ovoid is 700 m long and oriented in a northwest-southeast direction. The short axis of the ovoid is 500 m wide and oriented in a northeast-southwest direction. Deep drilling indicates that the intrusive complex is open below a depth of 800 m from surface.

*Page 45 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

The intrusive complex is composed of at least three diorite porphyry phases that are compositionally and texturally similar: they are comprised of 60% - 80%, euhedral to subhedral blocks of plagioclase feldspar phenocrysts (0.2 - 3.0 mm diameter), 5%-20% hornblende laths (0.2 - 3.0 mm) that are usually altered to sericite, chlorite, pyrite, or a combination of these, and a fine grained, granular groundmass of feldspar and minor quartz, that is usually altered to silica, chlorite, sericite, clay or potassium feldspar. In places within the deposit, three intrusive phases are recognized based on cross-cutting relationships with mineralization and alteration. The oldest intrusive phase, the "main stage diorite porphyry", carries the earliest recognized veining and alteration associated with gold-copper mineralization (see below); the second phase, the "inter-mineral diorite porphyry" is recognized where it clearly cuts main stage diorite porphyry mineralization (i.e., intrusive contact cutting mineralized veins), and is itself veined and mineralized. The third and youngest phase, the "late-stage diorite porphyry" is barren except for local mineralized xenoliths of main or inter-mineral porphyry.

![](ex96-1_020.jpg)

**Figure 6-16 Geological Cross-section (6,871,350mN) of the Whistler Deposit (Source: MMTS, 2015, modified from AMC, 2012)**

Due to the compositional and textural similarity of the main stage and inter-mineral stage porphyries and hence the difficulty in consistently identifying these stages in areas that lack clear cross-cutting relationships with mineralization or alteration, Kiska geologists modeled these phases as a single mineralized porphyry unit. For consistency these phases are therefore referred to as the "Main Stage Porphyry". Further re-logging of drill core and future in-fill drilling may be able to differentiate these phases clearly and consistently.

*Page 46 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

The Main Stage Porphyry ("MSP") comprises the bulk of the volume of the intrusive complex and is cut by the Late-Stage Porphyry. This latter phase clearly post-dates mineralization and truncates grade. It occurs as narrow, sub-vertical dykes and pencil-like bodies, generally 2 to 10 m wide but up to 150 m wide on the north and western edges of the MSP. This phase generally has strong pervasive phyllic alteration, and occasionally xenoliths or rafts of the MSP, which locally contribute grade.

Gold and copper mineralization in the Main Stage Porphyry is comprised of 1 - 3% chalcopyrite and trace bornite as grains within magnetite and quartz veins (see below) and as disseminations in the host porphyry generally within the halos to these veins. Petrography indicates that gold occurs predominantly as electrum associated with chalcopyrite (Petersen, 2004). This mineralogy and style of mineralization is typical of diorite-hosted gold-copper porphyry deposits (Sillitoe, 2010).

Recent, preliminary modeling has identified two zones within the MSP which should be incorporated with further resource modeling. These zones of gold-copper mineralization occur in two areas within the Main Stage Porphyry: the East Core ("ECORE") and West Core ("WCORE") domains (Figure 6-17). These domains are interpreted as discrete, near-vertical, ovoid-shaped fluid flow conduits (interconnected vein networks) that delivered and trapped the bulk of the metals in the MSP. The ECORE is defined by coincident 0.40 gpt gold and 0.20% Cu grade contours and extends approximately 500 m in the north-south dimension, 250 m in the east-west dimension and is 600 m deep (from surface). The WCORE is defined by a 0.30 gpt gold grade shell with lower and irregular Cu grades relative to the ECORE. This domain is approximately 400m long in the north-south direction, 200 m wide in the east-west orientation and is 450 m deep in a vertical dimension starting from 75 m below surface.

These domains have the highest gold-copper grades relative to the remainder of the MSP domain, yet the boundaries of the ECORE and WCORE domains with the MSP are geologically gradational. Outside of the ECORE and WCORE domains, the MSP lacks any volumetrically significant zones of potassic and magnetite alteration, or significant volumes of mineralized quartz veining. However, wide-spaced drilling in the northern portion of the deposit has encountered gold-copper mineralization association with magnetite and quartz veining, suggesting that further drilling may define other zones of mineralization like the ECORE and WCORE.

Both the ECORE and WCORE domains contain inner zones of strong potassic and magnetite alteration (see below), which are dominantly overprinted by pervasive chlorite-sericite alteration and local phyllic alteration. These domains are also defined by the consistent occurrence and highest concentration of M-veins and mineralized quartz veins (A- and B-veins). In these domains, mineralized quartz veins generally range in volume from 1 to 5%. Local high-grade mineralization within these domains occurs in zones of high-density quartz vein stockwork (locally >20% quartz vein volume) and quartz + magnetite + chalcopyrite cemented hydrothermal breccias. Minor 1cm to 10cm wide quartz-carbonate (ankerite and calcite)-barite-sphalerite-galena ± chalcopyrite veins (Dbm veins) cross-cut mineralized and unmineralized portions of the Main Stage Porphyry and are interpreted as intermediate sulphidation epithermal veins that have telescoped on the porphyry system. These sparse veins contain minor Au, Ag, Pb, Zn, and Cu, yet do not contribute significantly to the economic resource.

*Page 47 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

The structure of the intrusive complex is not well constrained with the widely spaced drilling. However, five faults that cross-cut the deposit are currently geologically modeled (Figure 6-17): Big Gulley Fault, Little Gulley Fault, Divide Fault, Conquer Fault and Ridge Fault. All these faults have been modelled based on topographic features, fault textures in drill core intercepts, breaks in the airborne magnetic data (50 metre line-spacing) and breaks in the drill core magnetic susceptibility readings. These faults are generally between 0.5 and 5 m wide, and display a variety of textures in drill core, included silica and/or carbonate cemented fault breccias, shear textures, clay gouge, brittle fractures and/or a combination of these features. Fault structures in the deposit are commonly associated with narrow zones of strong to intense sericite, clay, pyrite, and carbonate alteration. This generally results in the conversion of magnetite to either pyrite and/or hematite, and therefore leads to demagnetization.

![](ex96-1_056.jpg)

**Figure 6-17 Oblique view of geological domains and faults at the Whistler Deposit (the host Feldspathic Sandstone is not shown) (Source: MMTS, 2015, modified from AMC, 2012)**

The Big and Little Gulley Faults strike to the northeast and dip steeply to the northwest. The strike of these faults is based on a prominent set of northeast-trending gulley's that traverse the northern portion of the deposit, whereas the dip of the faults is based on drill core intercepts.

The Ridge Fault is a steeply northwest dipping (80° dip), curviplanar fault that strikes sub-parallel to the Gulley Fault and is coincident with a significant northwest-dipping break-in-slope near the apex of the Whistler Ridge. The irregular strike of the fault is modelled based on a best fit between faults in drill core and an axis of demagnetization along this fault from the magnetic susceptibility data. Based on the staircase geometry of topography downwards across the Gulley and Ridge faults to the northwest, Kiska geologists interpret these faults as possible normal faults with upper plate blocks downs to the northwest. These faults do not appear to truncate Au-Cu grade, and hence they have not been modelled as hard boundaries. The actual sense of motion and amount of potential offset across this fault zone is unknown.

*Page 48 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

The Divide Fault (modelled as two strands) and the Conquer Fault are northwest-striking faults that dip steeply to the southwest (70 - 80° dip). These faults are modelled based on drill core intercepts and prominent breaks in the downhole magnetic susceptibility readings. These faults likely comprise strands within a fault zone. Where these faults intersect the Gulley and Ridge faults, the latter have a kinked geometry suggesting possible right-lateral offset of approximately 25 - 50 m.

All these faults generally show evidence that the latest movement within these faults post-dates mineralization (i.e., clay altered gouge and wall rock overprinting higher temperature alteration assemblages, carbonate-filled tension veins). However, both the ECORE and WCORE occur near the intersection of the Divide and Ridge Faults, suggesting that they may have been active prior to or during mineralization, and hence may have acted as important controls on mineralization.

**6.3.3** **Mineralization: Raintree West**

The Raintree West deposit occurs 1,500 m to the east of the Whistler Deposit, just off the nose of Whistler Ridge. It occurs below a thin veneer of glacial till (5 to 15 m) and hence is not exposed at surface. Outside of the Whistler Deposit, Raintree West is currently the most advanced deposit in the Whistler Area based on drill metres, with a total of 8,538 m since the original discovery hole drilled by Geoinformatics in 2008. The discovery drillhole, RN-08-06, targeted an airborne magnetic high anomaly that is coincident with an IP chargeability high detected on a 2D IP reconnaissance line that crossed the Whistler Area. This hole discovered a significant zone of near surface (below 5m of till cover) gold-copper porphyry mineralization (160 m grading 0.59 gpt gold, 6.02 gpt silver, 0.10% copper).

Mineralization at Raintree West occurs as two main types: 1) early, porphyry-style gold-copper mineralization hosted by diorite porphyry stocks and consisting of quartz and magnetite stockwork veining, with vein and disseminated chalcopyrite associated with potassic alteration, and 2) later cross-cutting silver-gold-lead-zinc mineralization in quartz-carbonate veins (Dbm) that contain pyrite, sphalerite, galena, and chalcopyrite, with occasional banded epithermal-like textures. The early gold-copper mineralization is best developed within, and controlled by, early diorite porphyry intrusions (akin to Main Stage Porphyry at the Whistler Deposit), whereas the later silver-gold-lead-zinc veins surround and locally overprint the porphyry mineralization and are most abundant in the host volcanic rocks in zones of strong to intense phyllic alteration vertically above and adjacent to the diorite porphyries. In places, 25m to 50m wide diorite porphyry dykes cut both types of mineralization and are barren (akin to Late-Stage Porphyry at the Whistler Deposit).

Current drilling at Raintree West has defined two significant zones of gold-copper porphyry mineralization: 1) a near surface zone on the east side of the Alger Peak fault; and 2) a deep zone on the west side of the fault (Figure 6-18).

*Page 49 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

The near surface porphyry gold-copper mineralization is coincident with a northwest-elongate airborne magnetic high anomaly that measures 250 m long and 150 m wide, which pinches to the northwest and southeast. Drilling has only intersected this mineralization on two 100 metre-spaced east-west sections (6,871,350mN and 6,871,450mN). Gold-copper mineralization occurs from the top of bedrock to a maximum depth of approximately 170 m, where it is either truncated by post-mineral diorite porphyry intrusions or faulting, and has a true width of approximately 150 m. Gold-copper mineralization is closed to the north, and potentially open to the south, however grade diminishes, and the airborne magnetic high anomaly pinches out just south of the most southerly hole (WH10-025).

The deep zone of porphyry gold-copper mineralization on the west side of the fault has a maximum apparent width and vertical extent of 300 by 300 m at its widest (6,871,650N), is open to depth, and occurs at its shallowest at 470 m below surface. This deep zone of mineralization can be traced along a northwest-trending strike extent for at least 325 m where it appears fault bound to the northwest and is open to depth to the southeast. The mineralization is essentially blind to the airborne magnetic data and the 3D IP due to the limited depth penetration of these techniques.

Porphyry mineralization at Raintree West is essentially like that at the Whistler Deposit with respect to veining and alteration, although Raintree West is mantled by intensely altered volcanic rocks with epithermal-texture quartz-carbonate veins. These veins (Dbm), interpreted to have formed in a shallow environment post-dating the main phase of porphyry gold-copper mineralization, may have developed through hydrothermal/thermal downward collapse onto to earlier formed high temperature porphyry system, contributing base and precious metals to the mantle of volcanic rocks and porphyry mineralization.

*Page 50 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_022.jpg)

**Figure 6-18 Plan Map of the Raintree West on a Background of greyscale airborne magnetic data, (magnetic high anomalies shown as lighter shades of grey) (Source: MMTS, 2015, modified from Roberts, 2011a)**

*Page 51 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**6.3.4** **Mineralization: Island Mountain**

The Island Mountain deposit area is host to several mineralized zones interpreted to represent a cluster of individual porphyry centres within this large intrusive complex. These include the Breccia (the "Island Mountain Deposit"), Cirque and Howell Zones, and other prospects defined by surface geochemistry and geophysical anomalies that require further field assessment. Exploration activity and the majority of diamond drilling by Kiska have concentrated on mineralization associated within the Breccia Zone on the southwest slope of Island Mountain. Here, at least three styles of significant gold and copper mineralization are currently recognized: 1) gold-copper mineralization hosted by k-feldspar altered monzonitic intrusive breccia, 2) gold-copper mineralization hosted by intrusive and hydrothermal breccias associated with strong sodic-calcic alteration, and 3) gold-only mineralization associated with vein and disseminated pyrrhotite ("pyrrhotite-gold").

At the Breccia Zone, the first two styles of mineralization occur within a 300 m diameter, sub-circular, sub-vertical breccia pipe, which appears to have been a conduit for inter-mingled intrusive and hydrothermal breccias hosted by the Diorite Porphyry. Gold-copper mineralization hosted by the k-feldspar altered monzonitic intrusive breccia is volumetrically smaller than the subjacent hydrothermal breccias and is interpreted as being the earliest stage of mineralization, since this breccia body is cut by actinolite veinlets. Mineralization is associated with trace to 2% disseminated chalcopyrite in the k-feldspar altered intrusive cement of the breccia, as illustrated in Figure 6-19 below.

![](ex96-1_023.jpg)

**Figure 6-19 Photo of monzonite-matrix intrusive breccia with patchy albite alteration, silicification and disseminated chalcopyrite (Source: MMTS, 2015)**

The bulk of gold-copper mineralization at the Breccia Zone is hosted by intrusive and hydrothermal breccias with strong sodic-calcic alteration with pyrrhotite as the predominate sulphide and trace to 1% chalcopyrite. Chalcopyrite is most abundant in the matrix of the hydrothermal breccias and is commonly intergrown with pyrrhotite and actinolite ± magnetite. Pyrrhotite, ranging from 1 to 5%, occurs as disseminations within the breccia matrix and as large blebs cementing the matrix as illustrated in Figure 6-20. The deportment of gold in the breccia zone is not known. Weaker gold-copper mineralization extends 50 - 75 m beyond the breccia zone and is associated with actinolite stockwork veining.

*Page 52 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**Figure 6-20 Photos of various textures of actinolite-magnetite hydrothermal breccia (BXMA), showing strong albitization in monomict breccia (upper), pyrrhotite matrix in polymict breccia (lower) (Source: MMTS, 2015)**

Gold-only mineralization in the Breccia Zone (referred to as "Pyrrhotite-Gold" mineralization) occurs 100 – 200 m peripherally to the intrusive-hydrothermal breccia body and occurs in association with vein and disseminated pyrrhotite within the Diorite Porphyry. Pyrrhotite veins occur in irregular, possibly sheeted sets, and are typically 1 - 10 millimetres wide and have pyrrhotite-rich (up to 15 - 20%) net-textured vein selvages (i.e., replacing the igneous matrix of the Diorite Porphyry). Petrography and SEM studies indicate that gold occurs as electrum intergrown within and marginal to pyrrhotite grains. The orientation and continuity of these veins is currently undefined.

The relationship between the breccia-hosted gold-copper mineralization and the pyrrhotite-associated gold-only mineralization is not fully understood. The current working hypothesis is that the gold-copper and gold-only mineralization are associated with the same hydrothermal fluid, such that copper was precipitated in the hotter parts of the system within the hydrothermal breccia, and copper-depleted, gold-bearing fluids persisted into cooler, structural zones beyond the breccia and were subsequently precipitated as illustrated schematically in Figure 6-21 below (Rowins, 2011).

*Page 53 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_026.jpg)

**Figure 6-21 Schematic Model of Breccia Zone Alteration and Mineralization. (Source: Roberts, 2011b)**

*Page 54 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

6.3.5 Mineralization: Muddy Creek

Gold mineralization at Muddy Creek is hosted throughout the core of the plutonic complex and is controlled by northwest-striking and steeply southwest-dipping, mm- to locally cm-wide veinlets of sulphides and quartz, manifest as rusty-weathering sub-parallel fracture sets, commonly spaced a metre or more apart (Figure 6-22). These veinlets may contain any combination of chalcopyrite, arsenopyrite, pyrite, stibnite, pyrrhotite and native gold, with minor amounts of galena, sphalerite and molybdenite. Moderate sericitic alteration is typically restricted to cm-wide selvages to these veins, whereas the bulk of the interleaving rock is relatively unaltered and unmineralized. Cone sheets and circular onion skin-type joints that resemble bubbles or miarolites also carry gold mineralization, and elevated gold and copper values are also found in cm-scale pegmatites. Coarse- to very coarse-grained feldspar-quartz pegmatite with chalcopyrite and subordinate molybdenite occur along joint planes and intersections, centered in aplitic dikes and at the cores of circular joint sets or cone sheets. Lastly, massive sulfide veins occur locally along Muddy Creek in hornfelsed sedimentary wall rock. Previous workers report gold in all mineralization types to range from ppm to more than 1 oz/t in select samples (Millholland, 1998).

![](ex96-1_027.jpg)

**Figure 6-22 Detail view of Biotite Monzonite Northwest of Muddy Creek, cut by sub-vertical limonite-stained fracture fillings of chalcopyrite-arsenopyrite (~1-3 per metre) (Source: MMTS, 2015)**

Accessory minerals associated with mineralization in veins include vuggy quartz and K-spar, with greatly subordinate ilmenite, tourmaline, apatite, beryl, and possibly corundum. Unlike most other mineral types of the Whistler region, magnetite is completely absent and the only measurable magnetism in hand samples is imparted by ilmenite and pyrrhotite.

*Page 55 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

Previous exploration has largely been focused on areas where the vein/fracture density is highest. This includes structural zones near the top of Discovery Creek, Phoenix Creek, Prospect Creek, and Muddy Creek that occur along the strike extent of a significant northwest-striking fault zone. Two diamond drillholes drilled by Kiska in 2011 focused on a high-density vein/fracture zone at the top of Prospect Creek. Here drilling returned a highlight result of 0.44 gpt gold over 44.2 m from 297.0 downhole (MC11-002). True widths on mineralization in this area may be approximately 80% of drilled widths, yet the full extent of mineralization down-dip or along strike is unknown due to a lack of drilling.

**6.4** **Deposit Types**

Exploration on the Whistler Project by Kennecott, Geoinformatics and Kiska has identified three primary exploration targets for porphyry-style gold-copper deposits. These include the Whistler Deposit, Raintree, and the Island Mountain Breccia Zone. These deposits and their exploration criteria, conform to the porphyry deposit model as described in Sillitoe (2010). All the porphyry deposits in the Whistler Area share similar styles of alteration, mineralization, veining and cross-cutting relationships that are generally typical of porphyry systems associated with relatively oxidized magma series (A- and B-type quartz vein stockwork, chalcopyrite-pyrite ore assemblage, presence of sulphates, core of potassic alteration with well-developed peripheral phyllic alteration zones). The Whistler area also hosts multiple secondary porphyry-like prospects defined by drilling, anomalous soil samples, alteration, veining, surface rock samples, Induced Polarization chargeability/resistivity anomalies and airborne magnetic anomalies. These include the Raintree North, Rainmaker, Dagwood, Round Mountain, Puntilla, Canyon Creek, and Snow Ridge prospects.

In contrast, Island Mountain has significantly different alteration, veining and sulphide assemblages associated with mineralization, principally the occurrence of pyrrhotite and to a lesser extent arsenopyrite associated with Au-Cu mineralization, Au-Cu association with strong sodic-calcic alteration, lack of significant sulphates, very minor hydrothermal quartz and weak to insignificant phyllic alteration. For these reasons, the porphyry system at Island Mountain may belong to the "reduced" subclass of porphyry copper-gold deposits (see Rowins, 2000).

The Muddy Creek area represents an additional exploration target with the potential to host a bulk tonnage, Intrusion Related Gold (IRG) deposit. Explorations by Millrock Resources Inc. on claims directly adjacent to the Muddy Creek area, which are geologically analogous, have returned encouraging preliminary results. Like Island Mountain, the Muddy Creek mineralization is distinct from the Whistler Porphyry systems and shares more similarity with IRG systems characteristic of the Tintina Gold Belt. The intrusive complex at Muddy Creek is predominantly monzonitic grading to more mafic marginal phases yet is generally more felsic in composition relative to the diorites of the Whistler Area. Mineralization is restricted to sheeted vein zones with narrow millimetre scale veinlets and pegmatitic veinlets of quartz, feldspar, tourmaline, and sulphides that include arsenopyrite, minor chalcopyrite and pyrite-pyrrhotite. Gold mineralization is largely confined to the minute veinlets whereas the intervening intrusive rocks are largely unaltered and unmineralized.

*Page 56 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**7** **EXPLORATION**

A summary of all exploration work conducted by various operators from 1986 to present is summarized in Table 7-1. Cominco Alaska Inc. is attributed with the discovery of the Whistler Deposit in 1986. The only exploration activity documented by Cominco for which Kiska has records are 8.4 line-kilometres of 2D Induced Polarization geophysics over the Whistler Deposit and sixteen diamond drillholes (1,677 m) in the Whistler Deposit.

**Table 7-1 Summary of Exploration on the Whistler Project**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Operator** | **Field Seasons** | **Mapping** | **Geophysics** | **Rocks** | **Soils** | **Silts** |
| **Cominco** | 1986-1989 | n/a | ● 8.4 line-km of 2D IP over the Whistler deposit | n/a | n/a | n/a |
| **Kennecott** | 2003-2006 | Property-wide mapping | ● 39.4 line-km of 2D IP <br>● Property-wide AM (400m line spacing) <br>● Snow Ridge AM (79 line-km at 200m line spacing) <br>● Whistler Area AM (1,365 line-km at 50m line spacing) | 1312 | 2446 | 103 |
| **Geoinformatics** | 2007-2008 | Prospect-scale mapping | ● 8.8 line-km of 2D IP (Whistler area) | 20 | 195 | nil |
| **Kiska** | 2009-2011 | Prospect-scale mapping | ● 40 line-km of 2D IP (Whistler area, Muddy Creek, Island Mountain) <br>● 224 line-km of 3D IP (Whistler area) <br>● Island Mountain EM (635 line-km at 100m line spacing) | 315 | 1425 | 46 |

---

AM=Airborne Magnetic survey

EM=Airborne Electro-Magnetic survey

IP=Induced Polarization survey

**7.1** **Geological Mapping**

The bulk of the detailed geological mapping and interpretation on the property was undertaken by Kennecott and summarized in a report by Young (2006). This work laid the foundation for the geological interpretation of porphyry-style mineralization in the Whistler area (including the Whistler Deposit and the Raintree - Rainmaker deposits), the Breccia Zone at Island Mountain, and Intrusion-Related Au mineralization in the Muddy Creek area.

**7.2** **Airborne Geophysics**

An airborne helicopter geophysical survey was commissioned from Fugro Airborne Surveys ("Fugro") by Kennecott during 2003. This survey covered the entire property with a high sensitivity cesium magnetometer and a 256-channel spectrometer.

Additional airborne magnetic data were acquired by Kennecott in 2004 over two smaller areas using a helicopter equipped by a Rio Tinto bird operated by Fugro and a Kennecott geophysicist. One area over the Snow Ridge target was investigated at 200m line spacing (79-line kilometres). The other grid was flown over the Whistler Deposit and surrounding area using fifty-metre line spacing (1,365-line kilometres).

*Page 57 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

Results from these airborne surveys were used by Kennecott to interpret geological contacts, fault structures and potential mineralization in the Whistler, Island Mountain, and Muddy Creek areas. In particular, the airborne magnetic data showed that the Whistler Deposit displays a strong 900m by 700m positive magnetic anomaly attributed to the magnetic Whistler Diorite intrusive complex (host to the Whistler Deposit) in addition to a contribution from secondary magnetite alteration and veining associated with Au-Cu mineralization. This observation formed that basis for exploration targeting in the Whistler area, particularly those areas covered by a thin veneer of glacial sediments, such as the Raintree and Rainmaker deposits. These surveys, in addition to 2D Induced Polarization ground geophysical surveys targeted over airborne magnetic anomalies, were instrumental in the "blind" discovery of the Rainmaker and Raintree deposits by Kennecott in 2005 and 2006, respectively.

Kiska commissioned a helicopter borne AeroTEM survey over the Island Mountain area by Aeroquest Airborne in June 2011. The principal geophysical sensor was an AeroTEM III time domain electromagnetic system, employed in conjunction with a caesium vapour magnetometer. Navigation was provided by a real-time differential GPS navigation system, plus a radar altimeter and a video recorder mounted in the nose of the helicopter.

The survey was flown on east-west flight lines with a spacing of 100 m. Control lines were flown north-south, perpendicular to the survey lines, with a spacing of 1,000 m. The nominal terrain clearance of the EM bird was 30 m. The magnetometer sensor was mounted in a smaller bird connected to the tow rope 33 m above the EM bird and 20 m below the helicopter. Nominal survey speed was 75 km/hr., resulting in a geophysical reading about every 1.5 to 2.5 m along the flight path. The total survey coverage, including tie lines, was 635 km. Mira Geoscience was subsequently engaged to produce a 3D inversion of the data. The survey was designed to target potential zones of disseminated and net-textured pyrrhotite mineralization like the pyrrhotite-associated gold-only zone of mineralization on the flanks of the Breccia Zone. The survey did detect a large 1.5 km long by 1.0 km wide conductivity low anomaly on the southeast side of the Island Mountain area, referred to as the Super Conductor target. This anomaly was subsequently tested by three drillholes that did suggest that the conductivity anomaly may be associated with disseminated pyrrhotite mineralization with elevated gold values, yet further drilling is required to be conclusive and fully test the target.

**7.3** **Ground Geophysics**

Cominco acquired 8.4 line-km of 2D Induced Polarization geophysics from six east-west oriented lines centred over the Whistler Deposit discovery outcrops. Anomalous results from these lines were used to target the deposit area with subsequent drilling. From 2004 to 2006, Kennecott completed 39.4 line-km of 2D IP geophysics in the Whistler area. Within this survey, two IP lines were run over the Whistler Deposit magnetic anomaly and showed that mineralization is coincident with a strong chargeability anomaly. Subsequent lines targeted magnetic anomalies at the Round Mountain, Canyon Creek, Canyon Ridge, Canyon Mouth, Long Lake Hills, Raintree and Rainmaker deposits. In 2007-2008, Geoinformatics completed 8.8 line-km of 2D IP from six separate reconnaissance lines in the Whistler area targeting airborne magnetic highs. Anomalous results from this survey in the Raintree area led to the Raintree West discovery.

In 2009, Kiska undertook a significant 2D and 3D IP survey over most of the prospective areas in the Whistler, Island Mountain, and Muddy Creek areas. Kiska commissioned Aurora Geoscience to complete 224 line-km of a 3D Induced Polarization geophysical survey. This was executed on two grids (Round Mountain; Whistler Area) which were comprised of grid lines ranging from 4 to 9 km long with a line-spacing of 400 m. From November to December 2009, the raw data was delivered to Mira Geoscience for detail data quality control and error analysis prior to the construction of a 3D inversion model. This survey reaffirmed that the Whistler Deposit is coincident with a discrete 3D chargeability anomaly and showed that much of the Whistler area contains broad areas of anomalous chargeability (Figure 7-1). In conjunction with the airborne magnetic data, these zones of anomalous chargeability formed the basis for exploration drilling in the Whistler Area in 2010.

*Page 58 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_028.jpg)

**Figure 7-1 Depth slices (100m) of the chargeability (top) and resistivity (bottom) inversion model of the 3D IP data in the Whistler Area (with contours of the 400m line spacing AMAG RTP). WD, Whistler Deposit; RTW, Raintree West; RTN, Raintree North; RTS, Raintree South, DGW, Dagwood; RMK, Rainmaker. (Source: Roberts, 2011a)**

*Page 59 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

In 2009 Kiska commissioned SJ Geophysics to complete 40 line-km of a 2D Induced Polarization geophysical survey. Survey lines were generally semi-straight reconnaissance-type lines over areas of interest at Alger Peak, Island Mountain, and Muddy Creek. The geophysical survey was acquired with a pole – dipole 2DIP technique with 100m dipoles.

**7.4** **Soil and Rock Sampling**

From 2004 to 2006 Kennecott collected 1,300 rock samples, close to 2,500 soil samples and 103 stream sediments samples in the Whistler, Island Mountain, and Muddy Creek areas. Within this program, a soil grid over the Whistler Deposit returned anomalous Au-Cu results coincident with the magnetic high. Other reconnaissance soil lines in the Whistler area with anomalous Au-Cu results helped to define areas of interest at the Round Mountain, Canyon Creek, Canyon Ridge, Canyon Mouth, and Long Lake Hills prospects. In addition, soil reconnaissance lines at Island Mountain led to the Discovery of the Breccia Zone and broad zones of anomalous Au at Muddy Creek. In 2009 and 2010, Kiska collected 1,417 soil samples and 293 rocks samples, which largely confirmed areas of interest in the Whistler, Island Mountain, and Muddy Creek areas previously defined by Kennecott.

Rock samples consist of approximately one kilogram of rock collected over a small area surrounding each sampling site using a rock hammer. The sampling location is located using a handheld GPS unit and marked in the field with a metallic tag. Descriptive information about the geology of the sample was recorded and aggregated into the project database.

Soil samples are collected from the surface soils (generally the B-horizon) by extracting approximately one kilogram of soil into a plastic bag usually with a hand auger. Each sampling site is located using a GPS unit. Descriptive information such sampling depth and physical attributes are recorded and aggregated into the project database. Typically, field duplicates are collected at a rate of one every twenty samples.

Soil samples were collected along traverses as part of multi-kilometre reconnaissance programs, generally at 100 metre spacing. In two areas (Whistler Deposit and Snow Ridge), samples were collected at a more regular 100 metre grid spacing. This area is illustrated in Figure 7-2 with the whistler-Rainmaker terrain shown in Figure 7-3.

*Page 60 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_029.jpg)

**Figure 7-2 From the Whistler Area looking North to the Snow Ridge Area (Source: MMTS, 2015)**

![](ex96-1_030.jpg)

**Figure 7-3 From the Whistler Area looking South to the Rainmaker Area (Source: MMTS, 2015)**

*Page 61 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**7.5** **Drilling**

A total of 70,247 m of diamond drilling in 257 holes are documented in the Whistler database for drilling on the Whistler Project by Cominco, Kennecott, Geoinformatics, and Kiska from 1986 to the end of 2011 as shown in Table 7-2. Of these drillholes 21,132 m in 52 holes have been drilled in the Whistler Deposit area, 20,479 m in 94 holes have been drilled in the Raintree area, and 14,410m in 36 holes comprise the Island Mountain resource area. There are 14,226 m in 75 holes in areas outside the three resource areas.

**Table 7-2 Summary of Diamond Drilling on the Whistler Project**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Whistler** | **Whistler** | **Raintree** | **Raintree** | **Island Mountain** | **Island Mountain** | **Outside Resource Areas** | **Outside Resource Areas** | **Total** | **Total** |
| <br>**Operator** |<br>**Year** | **No. Holes** | **Length (m)** | **No. Holes** | **Length (m)** | **No. Holes** | **Length (m)** | **No. Holes** | **Length (m)** | **No. Holes** | **Length (m)** |
| Cominco | 1986-1989 | 16 | 1677 |  |  |  |  |  |  | 16 | 1677 |
|  | 2004 | 5 | 1997 |  |  |  |  | 1 | 310 | 6 | 2307 |
|  | 2005 | 9 | 5251 | 1 | 213 |  |  | 8 | 1479 | 18 | 6943 |
| Kennecott | 2006 | 1 | 705 | 4 | 1115 |  |  | 6 | 1378 | 11 | 3199 |
|  | Kennecott Sub-Total | 15 | 7953 | 5 | 1328 |  |  | 15 | 3168 | 35 | 12449 |
|  | 2007 | 7 | 3321 |  |  |  |  |  |  | 7 | 3321 |
| Geoinformatics | 2008 | 6 | 2707 | 2 | 622 |  |  | 3 | 975 | 11 | 4303 |
|  | Geoinformatics Sub-Total | 13 | 6027 | 2 | 622 |  |  | 3 | 975 | 18 | 7624 |
|  | 2009 | 1 | 228 | 1 | 479 | 1 | 387 | 2 | 424 | 5 | 1518 |
|  | 2010 | 7 | 5247 | 8 | 3.255 | 11 | 4991 | 10 | 3182 | 36 | 16674 |
| Kiska | 2011 |  |  | 78 | 14795 | 24 | 9032 | 45 | 6478 | 147 | 30305 |
|  | Kiska Sub-Total | 8 | 5475 | 87 | 18529 | 36 | 14410 | 57 | 10084 | 188 | 48498 |
| **Total** | **Total** | **52** | **21132** | **94** | **20479** | **36** | **14410** | **75** | **14226** | **257** | **70247** |

---

Figure 7-4 through Figure 7-6 are plan views of each deposit illustrating the drillholes by Year / Owner for Whistler, Raintree, and Island Mountain respectively. The resource pit outline is shown in black on all figures, with the underground resource confining shape in grey for the Raintree deposit.

*Page 62 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_031.jpg)

**Figure 7-4 Plan View of Drillholes by Year/Owner – Whistler (Source: MMTS, 2021)**

*Page 63 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_032.jpg)

**Figure 7-5 Plan View of Drillholes by Year/Owner – Raintree (Source: MMTS, 2021)**

*Page 64 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_033.jpg)

**Figure 7-6 Plan View of Drillholes by Year/Owner – Island Mountain (Source: MMTS, 2021)**

**7.6** **Drilling by Cominco Alaska Inc.**

Partial records documenting the sixteen shallow core boreholes (1,677 m) drilled by Cominco on the Whistler gold-copper deposit in 1988 and 1989 including descriptions of the core, drilling logs and assay results are described by Couture, 2007.

Kennecott resurveyed the locations of several holes using either a handheld GPS or with a Trimble ProXr receiver providing real-time sub-metre accuracy. Three holes were unable to be located. The core from the Cominco holes was reportedly donated to the State of Alaska in 1990 and may be stored at a core library in Eagle River, Alaska (Couture, 2007).

*Page 65 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**7.7** **Drilling by Kennecott**

Between 2004 and 2006, Kennecott drilled a total of thirty-five core holes (12,449 m) on the Whistler Project, with fifteen of those core holes (7,953 m) intersecting the Whistler Deposit. The Kennecott core is partly stored at the site camp with some in a secured warehouse in Wasilla, Alaska. Drilling operations were conducted by NANA-Dynatec and NANA-Major drilling out of Salt Lake City, Utah using up to three drill rigs supported by helicopter. Core size was HQ-diameter in 2004 and subsequently NQ in 2005 and 2006 (Couture, 2007).

Drilling was documented by Kennecott personnel. The collar position of each borehole was laid out with a hand GPS unit, while azimuth and inclination were determined with a compass. Individual collars were subsequently surveyed using a Trimble ProXr receiver providing real-time sub-metre accuracy. Flex It Multi-shot readings at twenty-foot (six metre) intervals were taken to monitor downhole deviation. Magnetic susceptibility and gravity data were also recorded. Drilling, logging, and sampling were directly supervised by a suitably qualified geologist. Core retrieved from drilling was oriented using EzMark or an ACE device. All casing was pulled after drilling. Core recovery, geotechnical point load test, and rock quality determination were collected before the geologist recorded detailed information about lithology, mineralogy, alteration, vein density, and structure. All recorded descriptive data were entered into an acQuire database (Couture, 2007).

Twenty boreholes (4,746 m) were drilled by Kennecott to investigate exploration targets outside the Whistler deposit. Targets selected for drilling were typically chosen based on a combination of geology, geochemical and geophysical criteria believed to be indicative of magmatic hydrothermal processes. Selected targets were explored with vertical or angled drillholes to validate the geological model. One or more boreholes were drilled with the intent to identify the potassic core of a magmatic hydrothermal system known to be associated with better copper and gold sulphide mineralization in this area (Couture, 2007).

**7.8** **Drilling by Geoinformatics**

In 2007 and 2008, Geoinformatics drilled twelve holes totaling 5,784 m on the Whistler Deposit, and six holes totaling 1,841 m on Raintree and other exploration targets in the Whistler project area. Geoinformatics used the same drilling contractor and drilling procedures as previously Kennecott except that oriented core was not obtained. Exploration drilling by Geoinformatics in the Whistler area targeted geophysical anomalies in the Raintree and Rainmaker areas, using the same basic porphyry exploration model as Kennecott (Roberts, 2011a).

**7.9** **Drilling by Kiska**

During the 2009-2011 Kiska drilling campaigns, diamond drilling was performed by Quest America Drilling and Falcon Drilling Ltd. and supervised by geological staff from Kiska. Drilling was performed by helicopter-portable diamond drill rigs. Drillholes were collared with HQ diameter tools (6.35 cm) and reduced to NQ diameter tools (4.76 cm) when the rig reached the depth capacity of the HQ equipment. Collar locations were determined with hand-held GPS devices by Kiska staff. Downhole surveys for all holes were conducted by the drill contractor at 60 m intervals down-hole using a Reflex EZ Shot down-hole camera (Roberts, 2011a).

*Page 66 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

During the 2009-2011 Kiska drilling campaign a total of 188 diamond drillholes were completed for a total of 48,498 m. All drillholes were logged by Kiska geologists at the core logging facility at the Whistler exploration camp. Logged geological information included lithology type, alteration type and intensity, vein types, percent vein volume and vein orientations (to core axis), structures (to core axis), the percent of sulphides and oxides, and magnetic susceptibility at meter intervals. Geotechnical information logged included core recovery and rock quality designation (RQD). All logging data was entered on paper logging forms in 2009 and transcribed digitally info LogChief software in 2010 and 2011 (Roberts, 2011a).

**7.9.1** **Whistler Deposit**

A total of 8 holes totaling 5,475 m were drilled on the Whistler Deposit by Kiska. These holes were targeted to in-fill gaps from the previous drill campaigns and to test the edges and depth of the intrusive complex that hosts the deposit.

**7.9.2** **Raintree Deposit**

The Raintree deposit is located 1,800 m to the east of the Whistler Deposit in the area formerly called Raintree West, just off the nose of Whistler Ridge. The discovery drillhole, RN-08-06, targeted an airborne magnetic high anomaly that is coincident with an IP chargeability high anomaly detected on a 2D IP reconnaissance line that crossed the Whistler Area. This hole discovered a significant zone of near surface (below 5 m to 15 m of till cover) gold-copper porphyry mineralization (160 m grading 0.59 gpt gold, 6.02 gpt silver, 0.10% copper). Kiska expanded on this discovery in 2009 with a scissor hole drilled on the same section as RN-08-06 (WH09-02). This was successful at duplicating the gold-copper mineralization zone in RN-08-06, and identified a second, deeper zone of porphyry mineralization on the west side of the Alger Peak fault zone. In 2010, Kiska followed up with an additional four drillholes, and in 2011 further tested the shallow zone and the deep zone with a total of eight holes for a total of 5,997 m. The majority of drillholes in Raintree were drilled on east-west sections with section spacing of 100 m.

**7.9.3** **Whistler Area Exploration Drilling**

A total of 133 exploration holes for 27,464 m of drilling in the Whistler area were completed by Kiska in 2009-2011. A majority of these holes were drilled in the area that includes much of the broad valley floor to the north, east and south of the Whistler Ridge, that includes the parts of the Raintree and Rainmaker prospect areas (Figure 7-7). Targeting for this drilling program was developed by a technical team comprised of Kiska and Kennecott geologists based on blind geophysical targets heavily weighted by the results of the 2009 3D IP survey (chargeability and resistivity anomalies), airborne magnetic anomalies, anomaly size, and proximity to areas of known mineralization or anomalous surface geochemistry. A majority of these holes intersected andesitic volcanic rocks with moderate to strong sericite-clay-pyrite alteration and occasional sphalerite- and galena-bearing quartz-carbonate veins with banded and colliform epithermal-like textures. The holes were spaced on average greater than 500 m apart and alteration and veining indicate that broad areas in the Whistler Area define the upper, cooler margins of a large porphyry-related hydrothermal system or a cluster of smaller, coalescing porphyry-related hydrothermal systems. Within this broad area, drilling returned Whistler-like, porphyry-style Au-Cu mineralization with significant intercepts at the Raintree, Raintree North, and the Rainmaker deposits, and anomalous alteration and geochemistry at the Dagwood prospect.

*Page 67 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**Figure 7-7 Whistler Area Drilling (Source: MMTS, 2015)**

**7.9.4** **Island Mountain Drilling**

The 35 out of 42 holes completed by Kiska in the Island Mountain area between 2009 and 2011 targeted the Breccia Zone. The remainder targeted zones of either anomalous surface rock geochemistry and alteration (Cirque Zone) or geophysical anomalies (Super Conductor). Significant results were only returned from the Breccia Zone and are summarized below. The alteration patterns and geochemical pathfinder elements from the other areas may be useful for future drill targeting.

At the Island Mountain Deposit, drilling included in the resource estimate includes 36 drillholes for 14,410 m of drilling. The majority of these holes were completed on seven east-west cross-sections spaced 50 m apart in a 300 square metre area from 6,847,600N to 6,847,900N (Figure 7-8). The lithologies, alteration and mineralization of the breccia-related mineralization indicate that the magmatic-hydrothermal breccia complex defines an irregular pipe-shaped body approximately 300 m by 300 m in plan which from the surface down 500 m. Like the strike of the faults in the area, this breccia complex is sub-vertical and appears to trend in a northwest-southeast orientation (Roberts, 2011a).

*Page 68 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_035.jpg)

**Figure 7-8 Plan Map of Drillholes and Mineralization Style at the Breccia Zone (Source: MMTS, 2015, modified from Roberts, 2011b)**

*Page 69 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

Surface mapping, soil geochemistry and drilling has defined other distinct breccia bodies with zones of alteration, surface anomalism and significant mineralization up to 700 m to the north - northwest of this breccia complex. Significant zones of mineralization are shown in Table 7-3.

**Table 7-3 Examples of Significant Drill Results North of the Island Mountain Deposit**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Hole** | **From<br> (m)** | **To**<br> **(m)** | **Interval**<br> **(m)** | **Au**<br> **(g/t)** | **Ag**<br> **(g/t)** | **Cu**<br> **(%)** |
| IM10-015 | 74.3 | 111.0 | 36.7 | 0.27 | 0.37 | 0.01 |
| and | 166.8 | 212.9 | 46.1 | 1.19 | 0.53 | 0.01 |
| Including | 168.5 | 182.2 | 13.7 | 3.69 | 0.56 | 0.01 |
| and | 274.0 | 276.0 | 2.0 | 10.5 | 2.30 | 0.04 |
| IM11-030 | 20.0 | 63.0 | 43.0 | 0.32 | 1.12 | 0.03 |
| and | 364.1 | 438.0 | 73.9 | 0.72 | 2.24 | 0.09 |
| including | 364.1 | 390.0 | 25.9 | 1.79 | 5.05 | 0.09 |
| IM11-032 | 104.0 | 137.0 | 33.0 | 0.21 | 0.62 | 0.02 |
| and | 246.0 | 300.0 | 54.0 | 0.29 | 0.28 | 0.01 |
| IM11-033 | 2.8 | 58.0 | 55.2 | 0.41 | 1.54 | 0.03 |
| including | 2.8 | 42.0 | 39.2 | 0.56 | 1.18 | 0.02 |
| IM11-035 | 3.0 | 44.0 | 41.0 | 0.44 | 2.19 | 0.03 |

---

*Page 70 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**8** **SAMPLE PREPARATION, ANALYSES, AND SECURITY**

This section provides an overview of the sample preparation, analyses and security procedures used by the pre-U.S. GoldMining /GoldMining operators of the Whistler Project. This section summarizes the verification work and practices employed by each of these operators for which records are available. The independent Qualified Person (QP) responsible for Section 8 of this report, Sue Bird, P. Eng., believes that these practices are consistent with industry standards and sufficient for their use in mineral resource estimation as detailed herein.

**8.1** **Sample Preparation and Analyses**

**8.1.1** **Sample Preparation and Analysis -Cominco**

There is no available documentation that describes the sampling used by Cominco. The core is not available for data verification. The sample preparation and analytical procedures used by Cominco are not known. Core samples were assayed for gold, silver, and copper and occasionally for a suite of eight other metals (arsenic, cobalt, iron, manganese, molybdenum, nickel, strontium, and zinc) at an unknown laboratory. No certificates of these analyses are available. It is unknown if quality control samples were inserted into the sampling stream, if they were, no records of these samples were available.

**8.1.2** **Sample Preparation and Analysis – Kennecott and Geoinformatics**

Sample preparation protocols for drilling programs on the Whistler project documenting procedures describing all aspects of the field sampling and sample description process, handling of samples, and preparation for dispatch to the assay laboratory, were initially developed by Kennecott and subsequently adopted by Geoinformatics (SRK, 2007).

All soil, rock chips, core, and stream sediments samples were organized into batches of samples of the same type for submission to Alaska Assay Laboratories Inc. in Fairbanks, Alaska (AAL) for preparation using standard preparation procedures. The AAL laboratory is part of the Alfred H. Knight group, an established international independent weighing, sampling, and analysis service company (SRK, 2007).

Kennecott used two primary independent laboratories for assaying samples prepared by AAL. The samples collected during 2004 were assayed at AAL, however, all prepared pulps collected in 2005 and 2006 were submitted to ALS-Chemex Laboratory in Vancouver, British Columbia for assaying. The ALS Chemex Vancouver laboratory is accredited to ISO 17025 by the Standards Council of Canada and participates in a number of international proficiency tests, such as those managed by CANMET and Geostats (SRK, 2007).

It is reported (SRK, 2007) that Kennecott used two secondary laboratories for check assaying. ALS-Chemex re-assayed 191 pulp samples from the 2004 sampling programs, and Acme Analytical Laboratories Ltd. of Vancouver, British Columbia ("Acme") was used as a secondary laboratory in 2005 and 2006. Acme (now Bureau Veritas) is an ISO 17025 accredited laboratory.

Core samples were prepared for assaying using industry standard procedures. Splits of 500 g of coarsely crushed core samples were pulverized to ninety percent passing a -200-mesh screen. Splits of 250 g samples were pulverized to eighty-five percent passing a -150-mesh screen. In 2004, 30 g pulp samples were assayed by Alaska Assay Laboratories in Fairbanks for gold by fire assay with atomic absorption finish (AA), and for a suite of nine metals by aqua regia digestion with inductively coupled plasma (ICP). Core and rock samples collected after 2004 were assayed by ALS-Chemex for gold by fire assay with AA finish on thirty-gram sub-samples and for a suite of thirty-four elements (including copper and silver) by aqua regia digestion and ICP-AES on 0.5 g sub-samples. Elements exceeding concentration limits of ICP-AES were re-assayed by single element aqua regia digestion and atomic absorption spectrometry (SRK, 2007).

*Page 71 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

Kennecott included quality control (QAQC) samples with all samples submitted for assaying. Each batch of twenty core samples submitted for assaying contained one sample blank, one of three project specific certified reference materials (CRMs), a field duplicate and a coarse crushed duplicate. These QAQC samples were inserted blind to the assay laboratory except for the coarsely crushed sample duplicates that were inserted by the preparation laboratory (SRK, 2007).

Geoinformatics used the sample preparation and assaying protocols and quality control measures developed by Kennecott. All samples collected by Geoinformatics were submitted to Alaska Assay Laboratories for preparation. Pulps were submitted to ALS-Chemex by the preparation laboratory for assaying using the same tests described previously (SRK 2008).

Two sample blank materials were collected locally by Kennecott. An andesite rock (OPPBLK-1) collected on outcrop (522,399 m east and 6874,144 m north; NAD27, zone 5) and porphyritic andesite (WP-BLK-1) intersected in borehole 04-DD-WP-01 (SRK, 2007)

For the Whistler Project, Kennecott fabricated three in house CRMs (WPCO1, WP-MG1 and WP-HG1; from coarse rejects from two boreholes drilled at Whistler (WP04-04-17 and WH04-01-17) that were used through 2010. Coarse rejects from core samples were selected to create three composite samples yielding low, medium and high copper and gold values. Each composite sample was prepared at AAL to yield homogenized pulverized samples for inclusion in the sample stream. Five samples of each standard were then submitted to five commercial laboratories for round-robin assaying. Each standard sample was assayed twice at each laboratory yielding fifty assay results that were analyzed to determine the expected values and standard deviation for QAQC analysis (Franklin, et al 2006).

**8.1.3** **Sample Preparation and Analysis – Kiska**

Kiska geologists marked out samples for assay after logging the drill core, typically 2m to 3m in length, honoring lithological and alteration contacts. In general, the drillholes were sampled top to bottom, excepting holes that were partially sampled due to a lack of significant mineralization. After the sample tags were inserted into the core boxes, the core was photographed wet and dry before being cut in half with a diamond saw. One half was submitted for assay, one half was retained (Roberts, 2011a).

In 2009, Kiska used AAL in Fairbanks as the primary assay lab but switched to ALS-Chemex for the 2010 and 2011 drilling, both laboratories were independent of Kiska. At AAL samples were dried then crushed to 70% passing 10 mesh, a 250 g split was pulverized to 90% passing 150mesh. A 30-element suite was conducted by three-acid digestion with ICP-AES and gold was analyzed using 30 g samples by fire assay with AAS finish (Roberts, 2011a).

At ALS Chemex samples were crushed to 70% passing 2 mm, split, and pulverized to 85% passing 75µm. Gold was analyzed with a 30 g sample by fire assay with AA finish, 33 element analysis and ore grade were done with four-acid digestion on ICP-AES finish.

*Page 72 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

Kiska included QAQC samples at the rate of one CRM, one blank, and one field duplicate (quarter core) in each batch of 20 samples which were blind to the laboratory. CRMs purchased from Ore Research & Exploration and silica sand was used for blanks. A sample tag was included for a lab duplicate. (Roberts, 2011).

**8.2** **Security and Chain of Custody**

Kennecott devised a documented chain of custody procedure to monitor and track all sample shipments departing the base camp until the final delivery of the pulp to the assaying laboratory. Geoinformatics is reported to have adopted all procedures developed by Kennecott. These procedures included the use of security seals on containers used to ship samples, detailed work, and shipping orders. Each transfer point was recorded on the chain of custody form up to the final delivery of the pulp to the assay laboratory (SRK, 2007).

Kiska used rice bags closed with security tags to contain the samples for submission as shown in Figure 8-1. The bags were loaded onto Regal Air flights direct to Anchorage and met by an Alaska Minerals representative who delivered them initially to Lynden transport to be shipped to the ALS preparation lab in Fairbanks, AK, or later directly to the ALS preparation lab Anchorage, AK. Prepared pulp samples were shipped to the ALS lab in North Vancouver for assay. Chain of custody tracking was documented on the form shown in Figure 8-1 (Roberts, 2011).

![](ex96-1_036.jpg)

**Figure 8-1 Sample Bags with Security Tags (Source: Roberts, 2011a)**

*Page 73 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_037.jpg)

**Figure 8-2 Sample Dispatch Form (Source: Roberts, 2011a)**

**8.3** **QAQC Summary**

The total number of assays and QAQC samples including samples identified as Certified Reference Materials (CRMs), blanks, field duplicates and coarse duplicates in the provided database is given in Table 8-1 and shows that the percent of included QAQC samples is 11.4% in Whistler, 18.7% in Raintree and 19.3% in Island Mountain. The year in which the QAQC is counted is by year of analysis, not drilling. The QAQC sampling in the Whistler area is slightly lower than industry standards, the number of included samples in the Raintree and Island Mountain areas meet or exceed industry standards. QAQC data for copper and gold only have been provided and are presented here. The analysis of the QAQC samples by deposit follows.

*Page 74 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**Table 8-1 QAQC Sample Summary (All Areas and Years)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Deposit** | **Year** | **Assay Samples** | **CRMs** | **Blanks** | **Field Dups** | **Coarse Dups** | **QAQC Samples** | **% QAQC** |
|  | 1986-1989 | 697 |  |  |  |  | 0 |  |
|  | 2004 | 918 |  | 2 |  |  | 2 | 0.2% |
|  | 2005 | 2602 | 131 | 157 |  |  | 288 | 10.0% |
|  | 2006 | 353 | 21 | 40 |  |  | 61 | 14.7% |
| Whistler | 2007 | 1347 | 50 | 74 |  | 47 | 171 | 11.3% |
|  | 2008 | 1180 | 98 | 81 |  | 35 | 214 | 15.4% |
|  | 2009 | 116 |  |  |  | 14 | 14 | 10.8% |
|  | 2010 | 1726 | 111 | 101 | 108 | 108 | 428 | 19.9% |
|  | Whistler All | 9114 | 411 | 455 | 108 | 204 | 1178 | 11.4% |
|  | 2005 | 72 | 4 | 4 |  |  | 8 | 10.0% |
|  | 2006 | 383 | 22 | 20 |  |  | 42 | 9.9% |
|  | 2008 | 249 | 18 | 18 |  | 9 | 45 | 15.3% |
| Raintree | 2009 | 262 |  |  |  | 33 | 33 | 11.2% |
|  | 2010 | 1298 | 81 | 77 | 80 | 83 | 321 | 19.8% |
|  | 2011 | 5136 | 324 | 319 | 303 | 317 | 1263 | 19.7% |
|  | Raintree All | 7463 | 449 | 438 | 383 | 442 | 1712 | 18.7% |
|  | 2009 | 194 |  |  |  | 21 | 21 | 9.8% |
| Island | 2010 | 2140 | 128 | 133 | 130 | 129 | 520 | 19.5% |
| Mountain | 2011 | 3110 | 185 | 195 | 186 | 192 | 758 | 19.6% |
|  | Island Mountain All | 5444 | 313 | 328 | 316 | 342 | 1299 | 19.3% |
| **Total** |  | **22021** | **1173** | **1221** | **807** | **988** | **4189** | **16.0%** |

---

**8.3.1** **QAQC Whistler Deposit**

**8.3.1.1** **Whistler Blanks**

The summary of the blind gold assays samples of blank material used to assess contamination in the Whistler deposit sample stream is given in Table 8-2. The results show an overall 2% failure rate at 10 times detection limit (DL), which is more than would normally be expected. A possible reason for this is the use of locally sourced andesite and porphyritic andesite as blank material by both Kennecott and Geoinformatics. It is seen that in the drilling by Kiska in 2010, that there are no failures when the silica sand is used for blanks.

*Page 75 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**Table 8-2 Summary of Gold Assays of Blanks, Whistler Deposit**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year** | **Gold Blank Assays** | **Fails at 5\*DL** | **% Fail at 5\*DL** | **Fails at 10\*DL** | **% Fail at 10\*DL** |
| 2004 | 2 | 0 | 0.0% | 0 | 0.0% |
| 2005 | 158 | 3 | 1.9% | 2 | 1.3% |
| 2006 | 40 | 1 | 2.5% | 1 | 2.5% |
| 2007 | 74 | 0 | 0.0% | 0 | 0.0% |
| 2008 | 81 | 13 | 16.0% | 6 | 7.4% |
| 2010 | 101 | 0 | 0.0% | 0 | 0.0% |
| Total | 455 | 17 | 3.7% | 9 | 2.0% |

---

A sequential plot of gold assays blanks normalized by the DL is presented in Figure 8-3. The grey line indicates the year of drilling, and it is clearly seen that the performance of the blank material is much better in 2010, with all results below the 5\*DL line (yellow line). This is coincident with the use of silica sand for the blank material. The nine failures at the 10\*DL level have been assessed and they follow samples of moderate gold mineralization with the highest being 0.82 g/t and in zones of 0.2 to 0.6 g/t. Usually, failures due to contamination are seen following gold assays of much greater magnitude, but this does not preclude that there may have been some minor contamination.

![](ex96-1_038.jpg)

**Figure 8-3 Sequential Plot of Gold Assays of Blanks, Whistler Deposit (Source: MMTS, 2021)**

The DL for copper assays at the Whistler deposit is either 1 or 5 ppm depending on the analysis lab and year and applying a criterion of 5- or 10-times DL results in an extremely high failure rate. The copper assays are compared against a level of 100 ppm, or 0.01%, and results are given in Figure 8-3. The highest percentages with blank sample assays greater than 100 ppm, occurs in years 2005 through 2008 when the locally sourced material was used as a blank.

*Page 76 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**Table 8-3 Summary of Copper Assays of Blanks, Whistler Deposit**

---

| | | | |
|:---|:---|:---|:---|
| **Year** | **Copper Blank Assays** | **Number >100 ppm** | **%>100 ppm** |
| 2004 | 2 | 0 | 0.0% |
| 2005 | 158 | 40 | 25.3% |
| 2006 | 40 | 7 | 17.5% |
| 2007 | 74 | 7 | 9.5% |
| 2008 | 81 | 26 | 32.1% |
| 2010 | 105 | 0 | 0.0% |
| Total | 460 | 80 | 17.4% |

---

The sequential plot of copper assays of blanks in the Whistler deposit is presented in Figure 8-4. Of the six failures for copper blanks with assays greater than 500 ppm, one appears to be mislabeled, as the same sample number appears in the primary database, one follows an assay at DL, and 4 follow assays of similar magnitude, indicative of some possible problems with contamination and some spurious results. The overall high rate of failures in results from 2004 through 2008 is consistent with the possibility of trace copper in the locally sourced blank material.

![](ex96-1_039.jpg)

**Figure 8-4 Sequential Plot of Copper Assays of Blanks, Whistler Deposit (Source: MMTS, 2021)**

*Page 77 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**8.3.1.2** **Whistler CRMs**

There are 411 samples of CRMs certified for both gold and copper included in the Whistler sample stream which are used to assess the accuracy of the laboratory assays. The results of analysis of these samples are given in Table 8-4 in order of increasing grade of the expected value (EV) and shows that the overall failure rate is 2.2%. The average percent error is -1.5%, indicating a minor negative bias to the laboratory gold assays. The CRM with the greatest percentage error, has only two samples. The coefficients of variation indicate reasonably consistent results among assays of the CRMs.

**Table 8-4 Whistler Deposit CRM Summary, Gold**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRM** | **Used** | **Samples** | **Average of Au (g/t)** | **Std Dev of Au (g/t)** | **CV** | **EV (g/t)** | **% Error** | **Low Fail** | **High Fails** | **% Fail** |
| OREAS-52Pb | 2010 | 2 | 0.334 | 0.011 | 3.4% | 0.307 | 8.1% | 0 | 0 | 0.0% |
| OREAS-52c | 2010 | 51 | 0.343 | 0.016 | 4.6% | 0.346 | -1.0% | 1 | 0 | 2.0% |
| WP-CO1 | 2005-2010 | 135 | 0.472 | 0.030 | 6.4% | 0.480 | -1.7% | 2 | 2 | 3.0% |
| OREAS-53Pb | 2010 | 15 | 0.620 | 0.015 | 2.4% | 0.623 | -0.4% | 0 | 0 | 0.0% |
| OREAS-50c | 2010 | 12 | 0.827 | 0.031 | 3.8% | 0.836 | -1.1% | 0 | 0 | 0.0% |
| WP-MG1 | 2005-2008 | 98 | 1.675 | 0.080 | 4.8% | 1.715 | -2.4% | 0 | 0 | 0.0% |
| OREAS-54Pa | 2010 | 25 | 2.878 | 0.096 | 3.3% | 2.900 | -0.8% | 1 | 0 | 4.0% |
| WP-HG1 | 2005-2010 | 73 | 4.651 | 0.231 | 5.0% | 4.693 | -0.9% | 3 | 0 | 4.1% |
| Total | 2005-2010 | 411 |  |  |  |  | -1.5% | 7 | 2 | 2.2% |

---

The normalized process control chart showing results for all CRMS is given in Figure 8-5 and shows the acceptable results across all CRMs. It does not appear that quality control procedures were always followed. For instance, the high failure in 2008, plotting at almost +6 SD is sample 514915 in drillhole WH-08-08, and follows an assay value of 0.902 g/t. This control sample and the neighboring primary samples should have been re-assayed and replaced in the database if strict control measures were in place. Although individual lapses control procedures can be identified, the overall impact of these is not considered material as the number of failures is relatively small.

*Page 78 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_040.jpg)

**Figure 8-5 Whistler Deposit Normalized Process Control Chart, Gold (Source: MMTS, 2021)**

The summary of copper assays of the CRMs is given in Table 8-5 in order of increasing grade and shows the overall failure rate to be 2.9% and the percent error to be negligible. The CV values again are low indicating good repeatability of the assays of the standards.

**Table 8-5 Whistler Deposit CRM Summary, Copper**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRM** | **Used** | **Samples** | **Average of Cu Pct** | **Std Dev of Cu Pct** | **CV** | **EV Pct** | **% Error** | **Low Fail** | **High Fails** | **% Fail** |
| WP-MG1 | 2005-2008 | 98 | 0.258 | 0.006 | 2.3% | 0.259 | -0.7% | 0 | 0 | 0.0% |
| WP-CO1 | 2005-2010 | 135 | 0.279 | 0.009 | 3.2% | 0.280 | -0.5% | 5 | 2 | 5.2% |
| OREAS-52Pb | 2010 | 2 | 0.345 | 0.024 | 7.0% | 0.334 | 3.2% | 0 | 1 | 50.0% |
| OREAS-52c | 2010 | 50 | 0.352 | 0.011 | 3.1% | 0.344 | 2.3% | 0 | 0 | 0.0% |
| OREAS-53Pb | 2010 | 15 | 0.541 | 0.010 | 1.8% | 0.546 | -0.9% | 0 | 0 | 0.0% |
| WP-HG1 | 2005-2010 | 72 | 0.617 | 0.013 | 2.1% | 0.616 | 0.1% | 0 | 0 | 0.0% |
| OREAS-50c | 2010 | 13 | 0.766 | 0.020 | 2.6% | 0.742 | 3.1% | 0 | 2 | 15.4% |
| OREAS-54Pa | 2010 | 24 | 1.511 | 0.025 | 1.6% | 1.550 | -2.5% | 2 | 0 | 8.3% |
| Total | 2005-2010 | 409 |  |  |  |  | -0.1% | 7 | 5 | 2.9% |

---

The normalized process control chart is given in Figure 8-6 in order of processing and shows the acceptable results with few failures.

*Page 79 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_041.jpg)

**Figure 8-6 Whistler Deposit Normalized Process Control Chart, Copper (Source: MMTS, 2021)**

The performance of both gold and silver CRMs in the Whistler deposit indicates acceptable accuracy.

**8.3.1.3** **Whistler Duplicates**

The simple statistics of the field (core) duplicates in the Whistler deposit in 2010 drilling are given in Table 8-6. It is seen in the means of the gold assays that the % difference of the means is 4.6% indicating there is a small positive bias to the primary samples as compared to the duplicates. There is a negligible difference in the means of the copper assays. The percent below 10% Half Absolute Relative Difference (HARD) is 68% for gold and 72% for copper. The expectation for field duplicates is that 70% or more are below 10%, this is met for copper and nearly met for gold. The 68% is quite good for gold, indicating the gold mineralization in Whistler is not highly heterogenous.

**Table 8-6 Whistler Field Duplicates Simple Statistics**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Average** | **Average** | **Average** | | **Standard Deviation** | **Standard Deviation** |
| <br>**Samples** |<br>**Element** |<br>**Units** | **Primary** | **Duplicate** | **% Difference** | **% below**<br>**10%<br> HARD** | **Primary** | **Duplicate** |
| 108 | Gold | g/t | 0.131 | 0.125 | -4.6% | 68 | 0.207 | 0.194 |
|  | Copper | ppm | 886.2 | 879.5 | -0.8% | 72 | 1084.1 | 1062.1 |

---

The small positive bias of gold assays in the primary samples is also observed in the scatter plot in Figure 8-7 with the slope of the best fit line below 1.0. The relative high correlation coefficient reflects the somewhat homogenous nature of the duplicate samples.

*Page 80 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_042.jpg)

**Figure 8-7 Whistler Deposit Field Duplicate Scatter Plot, Gold (Source: MMTS, 2021)**

The scatter plot of copper field duplicates is given in Figure 8-8 and shows the good correlation between duplicate pairs with slope of best fit line slightly below 1.0 and high correlation coefficient.

*Page 81 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_043.jpg)

**Figure 8-8 Whistler Deposit Field Duplicate Scatter Plot, Copper (Source: MMTS, 2021)**

The simple statistics of the coarse (preparation) duplicates in Whistler in 2007 through 2010 is given in Table 8-7. There are two outliers in the gold results which cause the percent difference of means of the entire set to be 5.4%, with the assays of the duplicate samples higher than primary. The means of the pairs without the two outliers have a percent difference of 0.4%. The means of the copper assays have a percent difference of 2.6%. The expectation for coarse duplicates is that 80% is less than 10% HARD which is more than met for copper and not met for gold, which is typical.

**Table 8-7 Whistler Coarse Duplicate Simple Statistics**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Average** | **Average** | **Average** | | **Standard Deviation** | **Standard Deviation** |
| <br>**Samples** |<br>**Element** |<br>**Units** | **Primary** | **Duplicate** | **% Difference** | **% below**<br>**10%<br> HARD** | **Primary** | **Duplicate** |
| 204 | Gold | g/t | 0.178 | 0.188 | 5.4% | 71 | 0.294 | 0.350 |
| 202 | Gold | g/t | 0.168 | 0.169 | 0.4% | 71 | 0.259 | 0.268 |
| 204 | Copper | ppm | 944.5 | 969.5 | 2.6% | 89 | 1007.4 | 1191.9 |

---

The scatter plot of coarse duplicates for gold is given in Figure 8-9, without the outliers. The slope nearly matches 1.0 and the coefficient of correlation is high. Most of the variation in sample pairs is seen in pairs below 0.2 g/t, sample above 0.2 g/t are seen to be closely matched.

*Page 82 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_044.jpg)

**Figure 8-9 Whistler Deposit Coarse Duplicate Scatter Plot, Gold, no outliers (Source: MMTS, 2021)**

The scatter plot of copper coarse duplicates is given in Figure 8-10 and shows a slope slightly above 1 and low coefficient of correlation. There are five clear outliers, with the remainder of the pairs very close to each other along the 1:1 line.

*Page 83 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_045.jpg)

**Figure 8-10 Whistler Deposit Coarse Duplicate Scatter Plot, Copper (Source: MMTS, 2021)**

Analysis of duplicate samples in Whistler do not show evidence of selection bias at the core sampling level, indicate moderate heterogeneity of gold mineralization, and show that significant bias is not introduced at the sample preparation stage.

**8.3.2** **QAQC Raintree Deposit**

**8.3.2.1** **Raintree Blanks**

The summary of gold assays of blanks in the Raintree sample stream is presented in Table 8-8 and show acceptable results with only 0.9% of samples failing at the 5\*DL level, and a single failure at the 5\*DL level.

*Page 84 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**Table 8-8 Summary of Gold Assays of Blanks, Raintree Deposit**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year** | **Gold Blank Assays** | **Fails at 5\*DL** | **% Fail at 5\*DL** | **Fails at 10\*DL** | **% Fail at 10\*DL** |
| 2005 | 4 | 0 | 0.0% | 0 | 0.0% |
| 2006 | 22 | 0 | 0.0% | 0 | 0.0% |
| 2008 | 18 | 0 | 0.0% | 0 | 0.0% |
| 2010 | 77 | 1 | 1.3% | 1 | 1.3% |
| 2011 | 319 | 3 | 0.9% | 0 | 0.0% |
| Total | 440 | 4 | 0.9% | 1 | 0.2% |

---

The sequential plot of gold assays of blanks is shown in Figure 8-11 and shows acceptable results indicating contamination is not likely to be a problem in the Raintree assay stream.

![](ex96-1_046.jpg)

**Figure 8-11 Sequential Plot of Gold Assays of Blanks, Raintree Deposit (Source: MMTS, 2021)**

The summary of results of copper assays of blanks is given in Table 8-9 and shows a higher-than-expected failure rate of 1.4% at >100 ppm. This is mostly due to failures in 2008 and before when the locally sourced material was used for blanks.

*Page 85 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**Table 8-9 Summary of Copper Assays of Blanks, Raintree Deposit**

---

| | | | |
|:---|:---|:---|:---|
| **Year** | **Copper Blank Assays** | **Number >100 ppm** | **%>100 ppm** |
| 2005 | 4 | 1 | 25.0% |
| 2006 | 22 | 2 | 9.1% |
| 2008 | 18 | 1 | 5.6% |
| 2010 | 81 | 1 | 1.2% |
| 2011 | 319 | 1 | 0.3% |
| **Grand Total** | **444** | **6** | **1.4%** |

---

The sequential plot of copper assays blanks is given in Figure 8-12 and shows higher assay results in 2008 and earlier samples potentially to due trace copper in the blank material, as discussed previously. The assays in 2010 and 2011 have only two failures at the 100-ppm level and are predominantly at 10 ppm and below, indicating little evidence of contamination in the majority of the sample stream in Raintree.

![](ex96-1_047.jpg)

**Figure 8-12 Sequential Plot of Copper Assays of Blanks, Raintree Deposit (Source: MMTS, 2021)**

**8.3.2.2** **Raintree CRMs**

The summary of CRM gold analyses for samples included in drilling in the Raintree Deposit is given in Table 8-10. It is seen that the overall failure rate is 2.9% and there is a marginal overall negative bias of -0.3%. Three samples, OREAS-52c, WP-MG1 and OREAS-54Pa have CV values over 10% which indicates some scatter in results. Samples WP-MG1 and WP-HG-1 also have failure rates approaching significant values but are used in only 15 and 11 instances respectively.

*Page 86 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**Table 8-10 Raintree Deposit CRM Summary, Gold**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRM** | **Used** | **Samples** | **Average of Au (g/t)** | **Std Dev of Au (g/t)** | **CV** | **EV (g/t)** | **% Error** | **Low Fail** | **High Fails** | **% Fail** |
| OREAS-52Pb | 2010 | 14 | 0.324 | 0.013 | 3.9% | 0.307 | 5.3% | 0 | 0 | 0.0% |
| OREAS-52c | 2010-2011 | 117 | 0.342 | 0.039 | 11.3% | 0.346 | -1.1% | 3 | 0 | 2.6% |
| WP-CO1 | 2005-2008 | 18 | 0.478 | 0.024 | 5.1% | 0.480 | -0.4% | 0 | 0 | 0.0% |
| OREAS-53Pb | 2010 | 37 | 0.625 | 0.017 | 2.7% | 0.623 | 0.4% | 0 | 0 | 0.0% |
| OREAS-50c | 2010-2011 | 183 | 0.840 | 0.034 | 4.1% | 0.836 | 0.5% | 3 | 4 | 3.8% |
| WP-MG1 | 2005-2008 | 15 | 1.624 | 0.201 | 12.4% | 1.715 | -5.6% | 1 | 0 | 6.7% |
| OREAS-54Pa | 2010-2011 | 54 | 2.860 | 0.396 | 13.8% | 2.900 | -1.4% | 1 | 0 | 1.9% |
| WP-HG1 | 2005-2008 | 11 | 4.711 | 0.267 | 5.7% | 4.693 | 0.4% | 1 | 0 | 9.1% |
| **Total** |  | **449** |  |  |  |  | **-0.3%** | **9** | **4** | **2.9%** |

---

The normalized process control chart of all gold assays of CRMs in Raintree drilling is presented in Figure 8-13 and shows the reasonable overall results.

![](ex96-1_048.jpg)

**Figure 8-13 Raintree Deposit Normalized Process Control Chart, Gold (Source: MMTS, 2021)**

The results of the 451 copper analyses of CRMs in Raintree drilling are presented in Table 8-11 and show an overall failure rate of 12.4% which is significant. The failures are seen to concentrate in three CRMs, OREAS-52c, OREAS-50c and OREAS-54Pa, also the CRMs with the most entries. The overall % error is slightly negative at 0.8%.

*Page 87 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**Table 8-11 Raintree Deposit CRM Summary, Copper**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRM** | **Used** | **Samples** | **Average of Cu Pct** | **Std Dev of Cu Pct** | **CV** | **EV Pct** | **% Error** | **Low Fail** | **High Fails** | **% Fail** |
| WP-MG1 | 2005-2008 | 15 | 0.259 | 0.006 | 2.2% | 0.259 | -0.2% | 0 | 0 | 0.0% |
| WP-CO1 | 2005-2008 | 18 | 0.276 | 0.005 | 1.9% | 0.280 | -1.4% | 0 | 0 | 0.0% |
| OREAS-52Pb | 2010 | 14 | 0.335 | 0.011 | 3.2% | 0.334 | 0.4% | 0 | 0 | 0.0% |
| OREAS-52c | 2010-2011 | 118 | 0.343 | 0.051 | 14.9% | 0.344 | -0.3% | 5 | 6 | 9.3% |
| OREAS-53Pb | 2010 | 38 | 0.531 | 0.016 | 3.1% | 0.546 | -2.8% | 2 | 0 | 5.3% |
| WP-HG1 | 2005-2008 | 11 | 0.615 | 0.015 | 2.5% | 0.616 | -0.1% | 0 | 0 | 0.0% |
| OREAS-50c | 2010 | 183 | 0.741 | 0.064 | 8.7% | 0.742 | -0.1% | 9 | 18 | 14.8% |
| OREAS-54Pa | 2010-2011 | 54 | 1.502 | 0.043 | 2.8% | 1.550 | -3.2% | 16 | 0 | 29.6% |
| Total |  | 451 |  |  |  |  | -0.8% | 32 | 24 | 12.4% |

---

The normalized process control chart is given in Figure 8-14 and shows the same trends with samples in the 2010 drilling giving generally lower than expected results and then changing to generally higher than expected in early 2011 with a decreasing trend.

![](ex96-1_049.jpg)

**Figure 8-14 Raintree Deposit Normalized Process Control Chart, Copper (Source: MMTS, 2021)**

Results for CRM OREAS-50c, with the most samples and highest failure rate, are given in Figure 8-15 and show that despite the significant failure rate the mean is very close to the expected value of 0.742. Similar results are seen for OREAS-52c and therefore the results are considered acceptable.

*Page 88 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_050.jpg)

**Figure 8-15 Process Control Chart Raintree OREAS-50c, Copper (Source: MMTS, 2021)**

Both copper and gold CRMs in Raintree show little bias and acceptable results despite significant numbers of failures for copper CRMs. The high failure rates indicate that consistent re-assays of failed control samples are not likely to have been done.

**8.3.2.3** **Raintree Duplicates**

The simple statistics of the field duplicates from drilling in 2010 and 2011 in the Raintree deposit are given in Table 8-12. Little difference is seen in the means of the gold assays, the copper assays show a slight bias with the primary samples being higher than the duplicates. Both sets of pairs meet the expectation for the HARD statistic.

**Table 8-12 Raintree Field Duplicates - Simple Statistics**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Samples** | **Element** | **Units** | **Average** | **Average** | **Average** | | **Standard Deviation** | **Standard Deviation** |
|  |  |  | **Primary** | **Duplicate** | **% Difference** | **% below**<br>**10% HARD** | **Primary** | **Duplicate** |
| 383 | Gold | g/t | 0.119 | 0.121 | 1.0% | 72 | 0.271 | 0.292 |
|  | Copper | ppm | 237.6 | 229.5 | -3.5% | 82 | 553.8 | 486.2 |

---

The scatter plot of duplicate pairs of gold assays is given in Figure 8-16, and does not give concern of selection bias and paired with the HARD statistic, show the gold mineralization to not be highly heterogenous.

*Page 89 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_051.jpg)

**Figure 8-16 Raintree Deposit Field Duplicate Scatter Plot, Gold (Source: MMTS, 2021)**

The scatter plot of copper assays of field duplicates is given in Figure 8-17, the slope of the best fit line plots below 0.9. The slope of the line without the three samples plotting clearly below the 1:1 line above 1,000 ppm is 1.00, indicating there may be a small bias at the upper end of the copper results, but overall, the results are acceptable.

*Page 90 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_052.jpg)

**Figure 8-17 Raintree Deposit Field Duplicate Scatter Plot, Copper (Source: MMTS, 2021)**

The simple statistics of the coarse duplicates in the Raintree deposit from 2008 to 2011 are given in Table 8-13. The percentage difference between the means of the gold and copper assays is small. The target of 80% below 10% HARD for coarse duplicates is met for copper pairs, and not for gold, which is typical.

**Table 8-13 Raintree Coarse Duplicates - Simple Statistics**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Average** | **Average** | **Average** | | **Standard Deviation** | **Standard Deviation** |
|<br>**Samples** |<br>**Element** |<br>**Units** | **Primary** | **Duplicate** | **%**<br> **Difference** | **% below**<br>**10% HARD** | **Primary** | **Duplicate** |
| 445 | Gold | g/t | 0.201 | 0.195 | -2.8% | 72 | 0.864 | 0.833 |
|  | Copper | ppm | 304.5 | 309.0 | 1.5% | 91 | 603.2 | 633.4 |

---

The scatter plot of coarse duplicate pairs for gold assays is given in Figure 8-18 and shows reasonable results with some significant scatter, but overall acceptable results.

*Page 91 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_053.jpg)

**Figure 8-18 Raintree Deposit Coarse Duplicate Scatter Plot, Gold (Source: MMTS, 2021)**

The scatter plot of copper assays of coarse duplicates is given in Figure 8-19 and show acceptable results.

*Page 92 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_054.jpg)

**Figure 8-19 Raintree Deposit Coarse Duplicate Scatter Plot, Copper (Source: MMTS, 2021)**

Analysis of duplicate samples in Raintree do not show evidence of selection bias at the core sampling level, indicate moderate heterogeneity of gold mineralization, and show that significant bias is not introduced at the sample preparation stage.

**8.3.3** **QAQC Island Mountain Deposit** 

**8.3.3.1** **Island Mountain Blanks** 

The summary of gold assays of blanks in the Island Mountain sample stream is given in Table 8-14 and shows an overall failure rate of just over one half of one percent. These results are acceptable with little evidence of contamination.

**Table 8-14 Summary of Gold Assays of Blanks, Island Mountain Deposit**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year** | **Gold Blank Assays** | **Fails at 5\*DL** | **% Fail at 5\*DL** | **Fails at 10\*DL** | **% Fail at 10\*DL** |
| 2010 | 133 | 4 | 3.0% | 2 | 1.5% |
| 2011 | 195 | 0 | 0.0% | 0 | 0.0% |
| Total | 328 | 4 | 1.2% | 2 | 0.6% |

---

*Page 93 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

The sequential plot of gold assays of blank material is given in Figure 8-20.

![](ex96-1_055.jpg)

**Figure 8-20 Sequential Plot of Gold Assays of Blanks, Island Mountain Deposit (Source: MMTS, 2021)**

The results of copper assays of blank material in the Island Mountain sample stream are given in Table 8-15 and show acceptable results with a single failure.

**Table 8-15 Summary of Copper Assays of Blanks, Island Mountain Deposit**

---

| | | | |
|:---|:---|:---|:---|
| **Year** | **Copper Blank Assays** | **Number<br> >100 ppm** | **%>100 ppm** |
| 2010 | 135 | 0 | 0.0% |
| 2011 | 195 | 1 | 0.5% |
| Grand Total | 330 | 1 | 0.3% |

---

The sequential plot of copper assays of samples of blank material is given in Figure 8-21 and shows the single failure at just over 200 ppm.

*Page 94 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| | |
|:---|:---|
| ![](ex96-1_057.jpg) | ![](ex96-1_058.jpg) |

---

![](ex96-1_059.jpg)

**Figure 8-21 Sequential Plot of Copper Assays of Blanks, Island Mountain Deposit (Source: MMTS, 2021)**

8.3.3.2 Island Mountain CRMs

The summary of results of gold assays for CRM samples included in drilling in Island Mountain are presented in Table 8-16. The overall percentage of failures is 2.2% and the error is 0.5% indicating a slight positive bias. The CV values are all below 10% indicating reasonable repeatability.

**Table 8-16 Island Mountain Deposit CRM Summary, Gold**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRM** | **Used** | **Samples** | **Average of Au (g/t)** | **Std Dev of Au (g/t)** | **CV** | **EV (g/t)** | **% Error** | **Low Fail** | **High Fails** | **% Fail** |
| OREAS-52Pb | 2010 | 17 | 0.329 | 0.022 | 6.6% | 0.307 | 6.6% | 0 | 1 | 5.9% |
| OREAS-52c | 2010-2011 | 135 | 0.347 | 0.024 | 6.8% | 0.346 | 0.4% | 1 | 0 | 0.7% |
| OREAS-53Pb | 2010 | 26 | 0.617 | 0.028 | 4.6% | 0.623 | -1.0% | 2 | 0 | 7.7% |
| OREAS-50c | 2010-2011 | 105 | 0.837 | 0.043 | 5.1% | 0.836 | 0.1% | 2 | 1 | 2.9% |
| OREAS-54Pa | 2010-2011 | 30 | 2.920 | 0.093 | 3.2% | 2.900 | 0.7% | 0 | 0 | 0.0% |
| Total |  | 313 |  |  |  |  | 0.5% | 5 | 2 | 2.2% |

---

*Page 95 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| | |
|:---|:---|
| ![](ex96-1_057.jpg) | ![](ex96-1_058.jpg) |

---

The normalized process control chart of gold assays in the Island Mountain drilling is presented in Figure 8-22 showing the mean close to the expected value and the few failures.

![](ex96-1_060.jpg)

**Figure 8-22 Island Mountain Deposit Normalized Process Control Chart, Gold (Source: MMTS, 2021)**

The summary of results of 308 copper assays of CRMs in Island Mountain is given in Table 8-17 and shows a higher-than-expected overall failure rate of 12.7% with overall percent error of -1.2 indicating a small negative bias to the copper assays of the CRMs.

**Table 8-17 Island Mountain Deposit CRM Summary, Copper**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRM** | **Used** | **Samples** | **Average of Cu Pct** | **Std Dev of Cu Pct** | **CV** | **EV Pct** | **% Error** | **Low Fail** | **High Fails** | **% Fail** |
| OREAS-52Pb | 2010 | 16 | 0.336 | 0.022 | 6.5% | 0.334 | 0.7% | 0 | 2 | 12.5% |
| OREAS-52c | 2010-2011 | 133 | 0.342 | 0.054 | 15.7% | 0.344 | -0.7% | 7 | 5 | 9.0% |
| OREAS-53Pb | 2010 | 26 | 0.531 | 0.020 | 3.7% | 0.546 | -2.8% | 1 | 0 | 3.8% |
| OREAS-50c | 2010-2011 | 103 | 0.735 | 0.029 | 3.9% | 0.742 | -0.9% | 7 | 4 | 10.7% |
| OREAS-54Pa | 2010-2011 | 30 | 1.488 | 0.053 | 3.6% | 1.550 | -4.2% | 13 | 0 | 43.3% |
| Total |  | 308 |  |  |  |  | -1.2% | 28 | 11 | 12.7% |

---

*Page 96 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| | |
|:---|:---|
| ![](ex96-1_057.jpg) | ![](ex96-1_058.jpg) |

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The normalized process control chart is presented in Figure 8-23 and shows that most failures occurred in 2010 and the 2011 results are more consistently within the +/-3 SD line.

![](ex96-1_061.jpg)

**Figure 8-23 Island Mountain Deposit Normalized Process Control Chart, Copper (Source: MMTS, 2021)**

The process control chart for CRM OREAS-50c is given in Figure 8-24 and shows that despite the high failure rate of 10.7% the results are seen to indicate little bias with the mean close to the expected value.

![](ex96-1_062.jpg)

**Figure 8-24 Process Control Chart Island Mountain CRM OREAS-50c, Copper (Source: MMTS, 2021)**

For drilling in Island Mountain, analysis of the CRMs shows acceptable results and little indication of bias material to the resource estimate.

8.3.3.3 Island Mountain Duplicates

The simple statistics of the gold and copper assays of the field duplicates from drilling in 2010 and 2011 in Island Mountain is given in Table 8-18. The means of the gold assays of the duplicate pairs show an 8.2% difference with the duplicates higher, while the duplicate pairs of the copper assays are slightly lower. The HARD statistic expectation of 70% is more than met for copper and only 57% for gold, indicating high heterogeneity.

**Table 8-18 Island Mountain Field Duplicate Simple Statistics**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Average** | **Average** | **Average** | | **Standard Deviation** | **Standard Deviation** |
| <br>**Samples** | <br>**Element** | <br>**Units** | **Primary** | **Duplicate** | **% Difference** | **% below** <br>**10%<br> HARD** | **Primary** | **Duplicate** |
| 316 | Gold | g/t | 0.252 | 0.274 | 8.2% | 57 | 0.508 | 0.586 |
|  | Copper | ppm | 421.8 | 411.9 | -2.4% | 87 | 587.1 | 557.7 |

---

*Page 97 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| | |
|:---|:---|
| ![](ex96-1_057.jpg) | ![](ex96-1_058.jpg) |

---

The scatter plot of field duplicate assays for gold is given in Figure 8-25 and shows the considerable scatter with low coefficient of correlation. The nearly 1:1 slope does not reflect the potential bias seen in the means.

![](ex96-1_063.jpg)

**Figure 8-25 Island Mountain Deposit Field Duplicate Scatter Plot, Gold (Source: MMTS, 2021)**

*Page 98 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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|:---|:---|
| ![](ex96-1_057.jpg) | ![](ex96-1_058.jpg) |

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The scatter plot of copper field duplicate assays is given in Figure 8-26 and shows the excellent correlation of the pairs with slight low bias of the duplicate samples.

![](ex96-1_064.jpg)

**Figure 8-26 Island Mountain Deposit Field Duplicate Scatter Plot, Copper (Source: MMTS, 2021)**

The simple statistics of the coarse duplicate assays in Island Mountain from 2009 - 2011 is given in Table 8-19. There are minor differences between the primary and duplicate means. The expectation of 80% below 10% HARD is more than met for copper and the 72% is not unreasonable for gold.

**Table 8-19 Island Mountain Coarse Duplicates Simple Statistics**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Average** | **Average** | **Average** | | **Standard Deviation** | **Standard Deviation** |
| <br>**Samples** | <br>**Element** | <br>**Units** | **Primary** | **Duplicate** | **% Difference** | **% below**<br>**10% <br> HARD** | **Primary** | **Duplicate** |
| 342 | Gold | g/t | 0.247 | 0.253 | 2.3% | 72 | 0.498 | 0.481 |
|  | Copper | ppm | 540.7 | 536.2 | -0.8% | 94 | 1022.3 | 982.7 |

---

*Page 99 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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|:---|:---|
| ![](ex96-1_057.jpg) | ![](ex96-1_058.jpg) |

---

The scatter plot of gold assays of coarse duplicates is given in Figure 8-27. It shows reasonable correlation between the pairs and no cause for concern.

![](ex96-1_065.jpg)

**Figure 8-27 Island Mountain Deposit Coarse Duplicate Scatter Plot, Gold (Source: MMTS, 2021)**

*Page 100 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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|:---|:---|
| ![](ex96-1_057.jpg) | ![](ex96-1_058.jpg) |

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The scatter plot of copper assays of coarse duplicate pairs is given in Figure 8-28 and shows the excellent agreement between the paired assays.

![](ex96-1_066.jpg)

**Figure 8-28 Island Mountain Deposit Coarse Duplicate Scatter Plot, Copper (Source: MMTS, 2021)**

Analysis of duplicate samples in Island Mountain do not show evidence of selection bias at the core sampling level, indicate higher heterogeneity of gold mineralization in comparison to the Whistler and Raintree deposits, and show that significant bias is not introduced at the sample preparation stage.

8.4 Sample Preparation, Analyses and Security Conclusions and Recommendations

The QP concludes that the sample preparation, analysis, and security are of sufficient quantity and quality for resource estimation. The author further recommends that:

● For completeness, QAQC data for silver blanks and duplicates should be collected from the historical database for analysis in future studies that include silver in the resource estimate. None of the CRMs used to date are certified for silver. New CRMs should be sourced and included in any future drilling. The lack of silver QAQC samples is not of material significance currently because silver is a minor contributor to the resource estimate.

● The locally sourced material for blanks used prior to 2009 gives inconclusive results for assessing contamination as it appears to contain trace mineralization. This is particularly pronounced in the Whistler Deposit where most of the sampling was in 2008 and earlier. Future drilling should continue to use the silica sand or a commercially prepared blank material.

*Page 101 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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|:---|:---|
| ![](ex96-1_057.jpg) | ![](ex96-1_058.jpg) |

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**9 DATA VERIFICATION**

This section summarizes the verification work and practices employed by GoldMining and previous operators of the Whistler Project. The independent Qualified Person (QP) responsible for section 9 of this report, Sue Bird, P. Eng., believes the databases are sufficiently validated and verified to support their use in mineral resource estimation for each of the deposit as presented herein.

9.1 Site Visit

A site visit was conducted on September 14, 2022, by Sue Bird, P.Eng. of MMTS who was accompanied by TJ Oldenkamp of GoldMining. During the site visit collar locations at Whistler and Raintree were validated. The core storage at both the Whiskey Bravo and the Rainy Pass camp site was visited. The core from each deposit was examined for mineralization with 4 samples for re-assay obtained. The buildings at the previous camp at Rainy Pass were also investigated with most of the buildings found to be in good shape to be re-vamped for future drill programs. An aerial view of the camp is given in Figure 9-1. The maintenance of the unoccupied camp is currently coordinated by Mr. Oldenkamp. Core storage at Rainy Pass is illustrated in Figure 9-2. It should be noted that much of the Whistler core is also stored at a warehouse in Sterling, Alaska about 140 miles south of Anchorage.

![](ex96-1_067.jpg)

**Figure 9-1 Aerial view of Whistler Camp (Source: MMTS, 2021)<br>** 

<br> *Page 102 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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|:---|:---|
| ![](ex96-1_095.jpg) | ![](ex96-1_096.jpg) |

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![](ex96-1_068.jpg)![](ex96-1_069.jpg)

**Figure 9-2 Drillcore Boxes in Storage Area (Source: MMTS, 2021, 2022)**

*Page 103 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| ![](ex96-1_095.jpg) | ![](ex96-1_096.jpg) |

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The core shed at the Rainy Pass camp is in excellent condition with logging tables, water, reference rock boards, logbooks, and equipment all intact as shown in Figure 9-3.

**Figure 9-3 Core Logging Shed**

9.2 Re-Assay Results

Four intervals of half core were obtained for check assaying. Two sample from Island Mountain, and 1 from each of Whistler and Raintree. The samples were chosen to be of mineralized intervals, with Au grades ranging from 0.223 gpt to 7.160 gpt and Cu grades between 0.146% and 0.449%. Results of this limited check assay program done in 2022 are shown in Figure 9-4 and Figure 9-5 for Au and Cu respectively. Ag had only two samples above detection, both of which had a re-assay value higher than the original. The results indicate slightly lower grades for the higher values of Au. However, it was also noted that the OREAS standards also had lower values than the certified grades, particularly for Au. The results for both Au and Cu are reasonable when considering the outdoor storage area, the general scatter expected for Au and the low results of the CRM material.

*Page 104 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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|:---|:---|
| ![](ex96-1_095.jpg) | ![](ex96-1_096.jpg) |

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![](ex96-1_071.jpg)

**Figure 9-4 Check Assay Results from 2022 Site Visit – Au (MMTS, 2022)**

![](ex96-1_072.jpg)

**Figure 9-5 Check Assay Results from 2022 Site Visit – Cu (MMTS, 2022)**

*Page 105 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| ![](ex96-1_095.jpg) | ![](ex96-1_096.jpg) |

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9.3 Data Audit

The assay database was received from GoldMining on May 12, 2021. The database contains 26,957 intervals including all areas in the Whistler project. The database was checked for overlapping intervals and missing assays, no errors were noted.

9.3.1 Certificate Checks and Database Corrections

The assay database as received did not have certificate numbers attached to the assay intervals. MMTS updated this information for 25,459 of the assayed intervals in the database. Results of certificate checks are presented in Table 9-1. The resource areas include 20,861 assayed intervals in the database, of which 4,253 were checked for a rate of 20.4%. Of these, only one true error was found in which the Au value in the database was 452 ppb instead of 468 ppb for an error rate of 0.02%.

The random checks led to the discovery that two corrected certificates (EL05037720 and EL05037279) from the Elko ALS laboratory in 2005 affecting 321 intervals, had not been updated in the database. These were corrected before proceeding with resource modeling.

It is also noted that 107 assayed intervals on two certificates (FA04052589 and FA04054343) show only values for gold and copper, the silver values appearing in the database are not on the found certificates.

**Table 9-1 Certificate Check Results**

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|:---|:---|
| **Assayed Intervals in Resource Areas** | **20861** |
| Intervals Checked | 4253 |
| % Checked | 20.4% |
| Errors | 1 |
| % Errors | 0.02% |
| Lab corrections not updated in database | 321 |
| Certificates missing Ag values | 107 |
| Total Findings | 435 |

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The amount of data by interval length that is supported by certificate and QAQC data (blanks CRMs and field duplicates) is given in Table 9-2 and is reported by drilling year, not analysis as previously presented in the QAQC section. The percentage of assayed length fully supported by certificate and QAQC in Whistler is 76%, in Raintree it is 90% and in Island Mountain it is 93%. Although resource estimates are ideally supported 100% by certificates and QAQC, the percentages reported here typical or better for similar projects with several changes in ownership and the majority of drilling completed before 2010. It is recommended that U.S. GoldMining make further attempts to match up sample numbers with certificate number and locate missing certificates.

*Page 106 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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**Table 9-2 Summary of Data Supported by Certificate and QAQC**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Whistler** | **Whistler** | **Whistler** | **Whistler** | **Raintree** | **Raintree** | **Raintree** | **Raintree** | **Island Mountain** | **Island Mountain** | **Island Mountain** | **Island Mountain** |
|  | **Assayed<br> Length<br> (m)** | **Has<br> Certificate<br> (m)** | **Has<br> QAQC<br> (m)** | **% With Certificate and QAQC** | **Assayed Length (m)** | **Has Certificate**<br> **(m)** | **Has QAQC**<br> **(m)** | **% With Certificate and QAQC** | **Assayed Length (m)** | **Has Certificate**<br> **(m)** | **Has QAQC**<br> **(m)** | **% With Certificate and QAQC** |
| 1986-1989 | 1566 |  |  | 0% |  |  |  |  |  |  |  |  |
| 2004 | 1865 | 1777 | 1863 | 95% |  |  |  |  |  |  |  |  |
| 2005 | 5061 | 5061 | 5061 | 100% | 208 | 208 | 208 | 100% |  |  |  |  |
| 2006 | 696 | 696 | 696 | 100% | 845 | 845 | 772 | 91% |  |  |  |  |
| 2007 | 3243 | 3243 | 3243 | 100% |  |  |  |  |  |  |  |  |
| 2008 | 2660 | 2660 |  | 0% | 615 | 615 |  | 0% |  |  |  |  |
| 2009 | 214 |  |  | 0% | 479 |  |  | 0% | 387 |  |  | 0% |
| 2010 | 4500 | 4500 | 4209 | 94% | 3164 | 3164 | 2827 | 89% | 4956 | 4908 | 4520 | 91% |
| 2011 |  |  |  |  | 13799 | 13796 | 13351 | 97% | 8943 | 8943 | 8706 | 97% |
| **Total** | **19804** | **17936** | **15072** | **76%** | **19110** | **18628** | **17158** | **90%** | **14287** | **13852** | **13226** | **93%** |

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9.3.2 Check assays

Check assays by Kennecott in 2004 have been documented (SRK,2007) however this data was not available for review. No other third-party lab verification data are reported or provided.

9.4 Collar Survey

In 2011, it was reported that collar locations for Island Mountain holes had been re-captured using a Trimble Geoexplorer 6000 GPS instrument (<1 m accuracy) and that the intention was to re-survey the majority of the holes on the property in 2012 (Roberts, 2011a). Documentation that this was accomplished is not apparent. Spot checks of collar locations during the site visit indicate there may be some deviations from recorded locations that could be significant.

9.5 Data Verification Conclusions and Recommendations

The QP concludes that the resource database provided is of sufficient quality for resource estimation. It is further recommended that:

● At least 10% of collar locations in each resource area, to include drilling from all years, be surveyed with GPS equipment with <1 m accuracy. If significant deviations are determined from the recorded values, all collars would need resurvey.

● U.S. GoldMining continue to pursue matching of assay samples to certificates and collection of missing certificates.

● Future drilling should include third party check assays and the data should be appropriately maintained.

9.6 Statement on Adequacy of Data

The QP is of the opinion that the data provided and used in the resource estimate for the Whistler project deposits is adequate for resource estimation. There are no additional limitations to the exploration database for use in resource modeling.

*Page 107 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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**10 MINERAL PROCESSING AND METALLURGICAL TESTING**

The information contained in Section 10 regarding metallurgical testwork is intended to support and substantiate the metallurgical recoveries used in the Resource Estimate. The information provided is the best available data but may not be fully optimized with respect to the current resource. The metallurgical testwork was intermittently performed by different laboratories with different primary objectives on select portions of the overall resource. Metallurgical testing for the Whistler and Island Mountain Deposits had previously been reported by MMTS in 2015 and is repeated verbatim below solely for the benefit of continuity of data.

No metallurgical testing was carried out on rocks from the Raintree West deposit, however given the similarities in geological setting, host rock, mineralization and alteration between Raintree West and the Whistler Deposit, it has been assumed that metallurgical processes and metal recoveries determined for the Whistler Deposit are a reasonable approximation for the Raintree West Deposit at this time.

Metallurgical testing has been carried out in three phases starting with the 2004/2005 preliminary testing in Salt Lake City under the general supervision of Kennecott and culminating in the two phases under Kiska Metals and conducted at G&T Laboratories in Kamloops during 2010-2012. These three phases are described separately below.

10.1 Summary of Preliminary Metallurgical Testing, Whistler Deposit (Phase One)

Preliminary metallurgical test-work was carried out at Dawson Metallurgical Laboratories Inc. (DML) in Salt Lake City, Utah from September 2004 until early 2005 with a final report being issued in March of 2005 by George Nadasdy. (Nadasdy, 2005). The work was carried out under the direction of Rio Tinto Technical Services representing Kennecott.

Three different sample composites were tested. The samples were differentiated by sample history and particle size and by lead/zinc content. The three designations were Original Composite, New Core Sample and Low Lead-Zinc Composite.

10.1.1 Sample Preparation

A total of approximately 180, coarse assay reject interval samples were received at DML on September 13, 2004, from Kennecott Exploration. All the individual samples from the entire drillhole WH-04-05-21 (from 2.32 to 328.56 m) were received. Kennecott selected a mineralized interval (from 117.6 to 200.2 m) from this drillhole for testing.

The original composite was produced by including every other individual assay reject sample from the 117.6 to 200.2 metre mineralized interval. The original composite represented a total of 42.2 m of material and weighed 88.7 kg. The composite was air dried, and stage crushed to minus 10 mesh in preparation for testing. The minus 10 mesh composite was mixed in a "V" cone blender and split into batches. A 50 kg test sample was rotary table split into 2.0 kg test charges. A 37.6 kg reserve sample was also made. All samples were kept in the DML freezers to reduce sample oxidation.

Initial testwork on the original composite produced low rougher concentrate copper grades due to sulfide activation (pyrite, galena and sphalerite floating along with the chalcopyrite). On November 10, 2004, a second Whistler mineralized sample was received for testing. This second sample was the remaining ½ of Kennecott's cut core from the same drillhole (WH-04-05-21) and represented material from 140.6 to 155.3 m. Some of the higher-grade lead-zinc core was removed by Kennecott geologists and not included in this second sample. This core sample was designated by as the "new core sample". The new core sample weighed 20 kg; it was stage crushed to minus 10 mesh mixed in a "V" cone blender and then rotary table split into 2 kg test charges.

*Page 108 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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A third Whistler mineralized sample was prepared at DML at the end of November for continued testwork and was designated as the low lead-zinc composite. The low lead-zinc composite was made from the remaining individual coarse assay reject samples not used in the original composite (from 117.6 to 200.2 m). At the direction of Kennecott, selected high grade lead-zinc samples were omitted from this low lead-zinc composite. The low lead-zinc composite weighed 71 kg and was prepared in a similar fashion to the original composite.

10.2 Testing

Preliminary metallurgical testwork included gravity concentration or flotation to recover the copper and gold. The three (3) mineralized samples designated as: the original composite, the new core sample, and the low lead-zinc composite, as described above were tested from September 2004 through March 2005.

Testwork conducted on the Whistler mineralized samples included the following:

1. **Original Composite**: DML comparative (ball mill) grind work index test; a gravity centrifugal concentration
 and amalgamation test; a head assay screen at a (RM) P80=140 µm grind; rougher kinetic-reagent
 scoping tests; rougher kinetic-pH tests (pH 9.3, 10.0 and 10.8); three (3) stage cleaning
 tests at different primary and regrind sizes and cleaner tests at pH 9.3 or 11.0.

2. **New Core Sample**: a gravity concentration and amalgamation test; a rougher kinetic grind series
 P80=162, 111, 80 and 66 microns and a three (3) stage cleaner test at a P80=80µm primary
 grind, a P80=48 µm regrind size and a cleaner pH of 9.3.

3. **Low Lead-Zinc Composite**: a rougher kinetic test at a P80=80 µm grind; three (3) stage
 cleaning tests at a P80=80µm primary grind and P80=37 µm regrind and a cleaner
 pH of 9.3 or 11.0. A cleaner test was also conducted with SO<sub>2</sub> added to the first
 cleaner. A final cleaner test was conducted to generate a third cleaner concentrate for a
 suite of assays for smelter evaluation.

10.2.1 Results from Preliminary Testing

The initial work on the Original Sample resulted in lower than expected rougher and cleaner grades and high levels of lead and zinc reporting to the cleaner concentrate. This was attributed to both the high lead and zinc in the feed and the fact that the composite was created from assay rejects that had potentially aged at a relatively fine crush between core preparation and metallurgical testing.

The high lead and zinc values in the Original Sample were essentially concentrated in two of the twenty-five intervals used to make up the composite. For the two subsequent composites the high lead-zinc intervals were left out of the mix. In addition, the second sample to be tested (New Core Sample) was produced from ½ section core that provided less opportunity for the deleterious effects of ageing when stored under ambient atmospheric conditions at finer sizes.

In general, it was found in the early work that gravity recovered gold was in the finer size ranges with an average gold grain size of minus 400 mesh (37 microns) so this avenue was not pursued in later testwork on the assumption that liberated gold would be recovered through flotation.

In addition, it was also found that a primary grind of ~80% passing 80 microns was required for best recovery of both copper and gold.

*Page 109 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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Below is the table from the Dawson report indicating cleaning test results for the three composites (Table 10-1). The 3<sup>rd</sup> Cleaner copper grade increased from 16% to 21% to 23% for the Original, Low Pb-Zn and New Core samples respectively. Copper recoveries were 80% to 84% with gold ranging from 60% to 65%.

**Table 10-1 Three Stage Cleaning Tests**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **P – 2825: Kennecott – Whistler Project <br>Three Stage Cleaning Test – pH 9.3 in Rougher and Cleaner** | **P – 2825: Kennecott – Whistler Project <br>Three Stage Cleaning Test – pH 9.3 in Rougher and Cleaner** | **P – 2825: Kennecott – Whistler Project <br>Three Stage Cleaning Test – pH 9.3 in Rougher and Cleaner** | **P – 2825: Kennecott – Whistler Project <br>Three Stage Cleaning Test – pH 9.3 in Rougher and Cleaner** | **P – 2825: Kennecott – Whistler Project <br>Three Stage Cleaning Test – pH 9.3 in Rougher and Cleaner** | **P – 2825: Kennecott – Whistler Project <br>Three Stage Cleaning Test – pH 9.3 in Rougher and Cleaner** | **P – 2825: Kennecott – Whistler Project <br>Three Stage Cleaning Test – pH 9.3 in Rougher and Cleaner** | **P – 2825: Kennecott – Whistler Project <br>Three Stage Cleaning Test – pH 9.3 in Rougher and Cleaner** | **P – 2825: Kennecott – Whistler Project <br>Three Stage Cleaning Test – pH 9.3 in Rougher and Cleaner** | **P – 2825: Kennecott – Whistler Project <br>Three Stage Cleaning Test – pH 9.3 in Rougher and Cleaner** | **P – 2825: Kennecott – Whistler Project <br>Three Stage Cleaning Test – pH 9.3 in Rougher and Cleaner** | **P – 2825: Kennecott – Whistler Project <br>Three Stage Cleaning Test – pH 9.3 in Rougher and Cleaner** | **P – 2825: Kennecott – Whistler Project <br>Three Stage Cleaning Test – pH 9.3 in Rougher and Cleaner** |
| | | | **Calc. Head** | **Calc. Head** | **Final Trail** | **Final Trail** | **No.3 Cleaner Concentrate** | **No.3 Cleaner Concentrate** | **No.3 Cleaner Concentrate** | **No.3 Cleaner Concentrate** | **Percent Recovery** | **Percent Recovery** |
|<br>**Test No.** | <br>**Sample** | <br>**Grind <br>Prim/RG <br>P80=µm** | **% Cu** | **ppm AU** | **% Cu** | **ppm AU** | **Wqt.%** | **% Cu** | **ppm Au** | **% Insol.** | **Cu** | **Au** |
| 14 | Orig. Comp. | 140/53 | 0.642 | 2.36 | 0.128 | 0.749 | 3.80 | 12.4 | 39.4 | 7.1 | 73.5 | 63.5 |
| 23 | Orig. Comp. | 80/34 | 0.635 | 2.56 | 0.087 | 0.842 | 3.20 | 16.4 | 51.9 | 7.2 | 82.6 | 64.8 |
| 21 | New Core | 80/48 | 0.804 | 3.21 | 0.087 | 0.983 | 2.99 | 22.5 | 64.4 | 4.9 | 83.5 | 60.0 |
| 30 | Low Pb-Zn | 80/37 | 0.531 | 2.54 | 0.077 | 0.942 | 2.04 | 20.8 | 74.1 | 5.5 | 79.9 | 59.4 |
| Cytec 3477 in grind at 0.015 lb/ton and NalPX in scavenger at 0.004 lb/ton. No additional collector added to either regrind or cleaners. | Cytec 3477 in grind at 0.015 lb/ton and NalPX in scavenger at 0.004 lb/ton. No additional collector added to either regrind or cleaners. | Cytec 3477 in grind at 0.015 lb/ton and NalPX in scavenger at 0.004 lb/ton. No additional collector added to either regrind or cleaners. | Cytec 3477 in grind at 0.015 lb/ton and NalPX in scavenger at 0.004 lb/ton. No additional collector added to either regrind or cleaners. | Cytec 3477 in grind at 0.015 lb/ton and NalPX in scavenger at 0.004 lb/ton. No additional collector added to either regrind or cleaners. | Cytec 3477 in grind at 0.015 lb/ton and NalPX in scavenger at 0.004 lb/ton. No additional collector added to either regrind or cleaners. | Cytec 3477 in grind at 0.015 lb/ton and NalPX in scavenger at 0.004 lb/ton. No additional collector added to either regrind or cleaners. | Cytec 3477 in grind at 0.015 lb/ton and NalPX in scavenger at 0.004 lb/ton. No additional collector added to either regrind or cleaners. | Cytec 3477 in grind at 0.015 lb/ton and NalPX in scavenger at 0.004 lb/ton. No additional collector added to either regrind or cleaners. | Cytec 3477 in grind at 0.015 lb/ton and NalPX in scavenger at 0.004 lb/ton. No additional collector added to either regrind or cleaners. | Cytec 3477 in grind at 0.015 lb/ton and NalPX in scavenger at 0.004 lb/ton. No additional collector added to either regrind or cleaners. | Cytec 3477 in grind at 0.015 lb/ton and NalPX in scavenger at 0.004 lb/ton. No additional collector added to either regrind or cleaners. | Cytec 3477 in grind at 0.015 lb/ton and NalPX in scavenger at 0.004 lb/ton. No additional collector added to either regrind or cleaners. |

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The poor performance on the original composite material was attributed to the high lead and zinc content and the effects of sample size and ageing. The New Core material responded best and the results with the Low Pb-Zn were close but not up to the level of the New Core material. Thus, there was a significant improvement with the exclusion of the high Pb-Zn intervals and a further improvement with the "fresh" half core. Crushed assay rejects are generally problematic for testwork with samples containing copper, lead and zinc minerals.

As per the table above, regrind sizes ranged from 34 to 53 microns. This leaves some potential for finer regrinding to improve cleaner separations, if necessary, in the future. In addition, there is further potential for copper cleaner enhancement with a higher pH regime in that part of the circuit as long as it does not have a significant negative effect on gold recoveries.

The DML report further indicates that in an analysis of cleaner test products the gold values tend to track closely with the deportment of the copper as opposed to following the iron.

10.2.2 Preliminary Conclusions

In any future work care must be taken to ensure the material to be tested is as fresh as possible and has been stored in such a manner as to minimize the potential for surface oxidation. The resource data must be analyzed to assess the presence, level and distribution of lead and zinc throughout the deposit and appropriate samples selected for metallurgical testing so that they reflect the nature of the resource and the likely plant feed. Care must also be taken to ensure that the copper and gold grades of the feed for any further testwork reflect the expected levels in the resource.

*Page 110 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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For first pass metallurgical testing reasonable copper and gold recoveries were achieved at less than optimum concentrate copper grades. Care and attention to sample preparation and handling (as mentioned above) along with more in-depth testing should allow for improvements in both recoveries and grades. Further reagent screening should be carried out both to enhance recoveries and selectivity and to attempt to allow for processing at a coarser primary grind.

Combined cleaner and scavenger tails accounted for the loss of 29% to 35% of the contained gold and 10% to 14% of the copper. These preliminary cleaning tests all involved open circuit cleaning. In the normal course of more detailed flowsheet development (reagent and regrind optimization plus closure of the cleaning circuit) one could potentially expect to be able to improve copper recoveries to ~85% into a concentrate with a copper grade in the range of 25% to 27%. A combination of the flotation improvements and the application of additional gold recovery techniques in the cleaner circuit might potentially improve gold recovery to the 75% range.

In addition, as mentioned above, future test-work should be carried out on material with feed grades reflecting the likely grade that would be mined and sent to the plant. Lower feed grades tend to somewhat reduce metal recoveries.

10.3 Summary of Preliminary Metallurgical Testing, Island Mountain Deposit (August 21, 2010) (Phase 2)

10.3.1 Introduction

Two holes (IM09-001 and IM09-002) were drilled at Island Mountain in 2009. These holes produced interesting gold and copper values and what appeared to be "interesting" associations between the contained gold, copper, pyrrhotite and magnetite. It was decided to carryout preliminary metallurgical testwork on the available sample material to assess the mineralogical associations and the potential for effective treatment of the rock to recover gold and copper. Core logging indicated an apparent difference between the upper and lower mineralized intervals of the drillhole. The upper mineralized interval had higher copper, but lower gold values, and the lower mineralized interval tended to contain more pyrrhotite. The lower region also represented the greater tonnage potential.

10.3.2 Sample Selection

The drill data had been assessed in terms of a gold equivalent whereby copper and silver values were added to the gold value based on assumed recoveries of 75% for Au and Ag and 80% for Cu. Assumed prices were US$550/oz, US$8/oz, US$1.50/lb respectively for the three metals. A simple gold equivalent cut-off of 0.30 gpt (US$5.30/tonne at US$550/oz) was taken. Based on this cut-off, 72 out of 81 two metre intervals were selected from the upper 162 m of IM09-001 to form an Upper Composite. Similarly, 75 out of 111 two metre intervals were selected to form a Lower Composite from the lower 222 m of the hole. From hole IM09-002, only 20 of 99 two-metre intervals surpassed the selected cut-off. As higher-grade intervals were distributed erratically throughout the length of the hole none of this material was used for the metallurgical work.

Quarter core was available for composite preparation, and it was shipped to G&T Metallurgical in Kamloops BC for composite assembly and the metallurgical testing.

*Page 111 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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10.3.3 Feed Grade

Table 10-2 provides the analyses of the elements of interest in the two composites.

**Table 10-2 Summary of Analysis of Composites from IM09-001 and IM09-002**

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|  | **Cu%** | **Pb%** | **Zn%** | **Fe%** | **S%** | **Ag**<br>**gpt** | **Au**<br>**gpt** | **C%** |
| Upper Comp Head - 1 | 0.15 | 0.06 | 0.02 | 8.50 | 2.36 | 3.20 | 0.49 | 0.10 |
| Upper Comp Head - 2 | 0.15 | 0.06 | 0.02 | 8.30 | 2.08 | 3.70 | 0.44 | 0.09 |
| **Average** | **0.15** | **0.06** | **0.02** | **8.40** | **2.22** | **3.45** | **0.46** | **0.09** |
| Lower Comp Head - 1 | 0.050 | 0.06 | 0.01 | 5.70 | 2.77 | 2.30 | 0.80 | 0.17 |
| Lower Comp Head - 2 | 0.048 | 0.06 | 0.01 | 5.90 | 2.82 | 1.60 | 0.90 | 0.19 |
| **Average** | **0.049** | **0.06** | **0.01** | **5.80** | **2.80** | **1.95** | **0.85** | **0.18** |

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The copper values in the Upper Composite are on the lower side of normal feed grades whereas the copper values in the Lower Composite are well below where one would generally expect to make saleable copper concentrate grades with any significant recovery. The gold however, particularly in the Lower Composite, contributes a significant value to the feed.

10.3.4 Test Program

Various processing options were applied to the sample material to assess both the association between the gold and the other minerals and to assess the potential for economic recovery of the copper and gold.

The preferred and simplest option would be to produce a saleable copper concentrate containing the bulk of the copper and the bulk of the gold. Another possible route would be to leach the gold from the whole ore with cyanide. The leaching approach could possibly produce good gold recovery but would not recover copper values and would likely involve significant cyanide consumption due to the copper content of the feed. Hybrid approaches would involve the selective flotation of a saleable copper concentrate with some of the gold and leaching of some or all the flotation tailings to recover un-floated gold values.

As well as recovery considerations, a significant concern in cyanide leaching arises from the consumption of cyanide by other metals and minerals in the feed material. Of particular interest are copper and pyrrhotite. Depending on the form and activity of the copper and iron minerals significant quantities of cyanide can be tied up as copper and iron cyanides.

The current test program included bulk flotation of copper and gold, selective flotation of copper, cyanidation of the feed material and cyanidation of the combined tailings from selective open circuit cleaning tests performed on each of the composites. Due to the expectation that the Lower Composite likely represented the greater portion of "minable" material testwork addressed this sample with confirmatory work then being applied to the Upper Composite.

*Page 112 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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10.3.5 Metallurgical Results

**<u>Bulk Flotation</u>**

Various grinds plus some pH modifications were applied to the bulk rougher flotation of both composites. In general, the best copper recoveries were achieved with flotation at a grind of ~80% passing 100 microns and a pH of 10. Gold recoveries were not as sensitive to the changes. Table 10-3 shows a summary of the bulk flotation results.

**Table 10-3 Bulk Flotation Results**

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|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rec** | | | **Rec** |
| <br>**Material** | **Feed**<br>**% Cu** | **Copper**<br> **Conc**<br>**% Cu** | **%** | **Feed**<br>**gpt** | **Gold**<br> **Conc**<br>**gpt** | **%** |
| Upper Composite Rougher | 0.15 | 0.90 | 79.66 | 0.50 | 2.82 | 74.41 |
| Lower Composite Rougher | 0.05 | 0.41 | 89.15 | 0.96 | 7.12 | 80.41 |
| Lower Composite Rougher | 0.05 | 0.31 | 87.94 | 0.94 | 5.41 | 81.02 |
| Lower Composite Cleaner | 0.05 | 1.40 | 76.02 | 0.94 | 39.40 | 70.73 |

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Copper recoveries were reasonable considering the low head grades – particularly in the case of the Lower Composite. However, given the value of gold in the feed, gold recoveries were too low. In addition, a saleable copper concentrate would require a 15-to-20-fold increase in the copper grade which would further reduce the recovery of both metals.

The low gold recoveries also indicate that there is gold associated with some other mineral that is not floating in the non-selective bulk circuit.

**<u>Selective Flotation</u>**

Reagent changes were made to try and float a cleaner copper concentrate using open circuit cleaning.

**Table 10-4 Selective Cleaner Flotation**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Material** | **Feed**<br>**% Cu** | **Conc**<br>**% Cu** | **Rec.**<br>**Cu - %** | **Rougher**<br>**Rec.** | **Feed**<br>**Au gpt** | **Conc**<br>**Au gpt** | **Rec.**<br>**Au - %** | **Rougher**<br>**Rec.** |
| **Upper** | 0.14 | 22.5 | 63.4 | 77.3 | 0.50 | 51.3 | 42.7 | 61.5 |
| **Lower** | 0.05 | 23.3 | 70.6 | 84.1 | 0.99 | 294 | 44.0 | 45.6 |

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The selective flotation produced similar but somewhat lower copper rougher recoveries than those achieved in the bulk flotation circuit (Table 10-4). There is a potential to improve these with further optimization. The copper loss between roughing and cleaning was like that experienced in the bulk circuit. Both these aspects can be addressed by further reagent and operating condition adjustments. Further testwork with closed circuit cleaning will significantly reduce the cleaning circuit losses. Gold recovery was much lower during roughing and was significantly reduced during cleaning for the Upper Composite. This confirms the earlier suggestion that there is a significant portion of the gold that is associated with some mineral or minerals other than the copper bearing ones.

10.3.6 Whole Ore Leach

The whole ore leach approach worked well – particularly for the Lower Composite (Table 10-5).

*Page 113 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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**Table 10-5 Whole Ore Cyanidation**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Feed**<br>**(gpt)** | **Residue**<br>**(gpt)** | **Recovery**<br>**(%)** | **Cyanide**<br>**Strength**<br>**(kgpt)** | **Cyanide**<br>**Consumption**<br>**(kgpt)** |
| **Upper Composite** | 0.54 | 0.06 | 89.06 | 2.00 | 1.82 |
| **Lower Composite** | 0.82 | 0.08 | 90.22 | 0.50 | 0.46 |

---

For both composites ~90% of the gold was extracted in 48 hours. Higher solution strength was required for the Upper Composite, and this resulted in significantly higher cyanide consumption.

10.3.7 Leaching of Selective Flotation Tails

Based on the results of the whole ore leach and the selective cleaner flotation, the flotation tailings for both composites were leached in cyanide for 48 hours at solution strength of 0.50 kgpt (Table 10-6).

**Table 10-6 Cyanidation of Selective Flotation Tailings**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Feed**<br> **(gpt)** | **Residue**<br> **(gpt)** | **Recovery**<br> **(%)** | **Cyanide**<br> **Strength<br> (kgpt)** | **Cyanide**<br> **Consumption(kgpt)** | **Flotation + Cyanidation<br> Recovery<br> (%)** |
| **Upper Composite** | 0.18 | 0.08 | 56.52 | 0.50 | 0.40 | 75.08 |
| **Lower Composite** | 0.51 | 0.09 | 81.44 | 0.50 | 0.38 | 89.60 |

---

Leaching results were particularly good for the Lower Composite at 81% and the overall recovery by flotation and cyanidation was almost 90%. Similar to the results of the whole ore leach, the leaching conditions for the Upper Composite can likely be optimized to improve the extent and rate of leaching for the flotation tailings from the Upper material.

10.3.8 Overall Recoveries

Potentially 90% of the gold in the Lower Composite can be recovered either by direct cyanidation or by flotation followed by cyanidation of the flotation tailings. Similarly, almost 90% of the gold can be leached from the Upper Composite and further work should improve the overall gold recovery from this material by the combined flotation-leach approach.

More in depth work should be performed to improve flotation grades and recoveries. In addition, once an optimized flotation approach has been established the opportunities to produce a high-grade copper concentrate followed by the production of a low-grade gold concentrate for subsequent leaching should be investigated. This could substantially reduce the capital and environmental ramifications of whole ore or full tailings leaching.

10.3.9 Conclusions

The preliminary testing Indicated that the Island Mountain material tested is amenable to copper recovery by flotation and that the gold is relatively free milling. This is particularly true of the greater portion of the material represented by the Lower Composite. The results indicate that in the range of 90% of the gold in the Lower Composite can be recovered by either whole ore leaching or a combination of flotation and leaching of the tailings. With further development work, copper flotation recoveries will likely rise to the 80% range for the Lower Composite.

*Page 114 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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Similarly, gold recovery in the range of 90% can be achieved by whole ore leaching of the Upper Composite. Further flotation work on the Upper Composite will improve both copper and gold recoveries to concentrate.

For both materials it was concluded that further metallurgical development and assessment work would still be required to develop the best flowsheet with respect to capital and operating costs, metal recoveries and overall economics.

10.4 Summary of Whistler Deposit Testwork (2012) (Phase 3)

The final round of work was also carried out at G&T Metallurgical Laboratories, now part of ALS Metallurgy, there being continuity of personnel and experience with the Island Mountain testwork previously reported.

The work commenced in August 2012 and was completed by year end and the results presented in its report KM3499 of January 2013.

10.4.1 Metallurgical Samples

Initial work was conducted on core from the 2008 drilling campaign, on sample 08-08 which had been kept in carefully controlled conditions and was believed to be still fresh. Arrangements had been made to obtain a sample from a similar hole planned for the summer 2012 drilling campaign as a "calibration" check to validate its freshness, especially in view of the aging effects reported in the Kennecott testwork. Unfortunately, the cancellation of the 2012 campaign negated this process; however, as is evident from the results presented below, there is no reason to suspect any impact of oxidation on flotation response.

What was a greater concern with respect to this sample was that, following the update to the geological model reported in AMC's letter report of November 2012, it might have been insufficiently representative of the bulk of the mineralization being predominantly in the central quartz-breccia zone, representing only 20% of the tonnage, although 30% of the metal content.

Accordingly, a second sample, 10-19 from the 2010 drilling campaign, more representative of the Main Stage Porphyry, although right on the margin of the proposed ultimate pit, was selected for additional tests and in fact became the basis for setting the predicted metallurgical parameters.

Both samples had been divided into high grade, medium grade and low-grade samples in accordance with gold grades, with most of the work carried on the medium grade samples, being closer to Resource grades.

Sample grades are tabulated in Table 10-7.

**Table 10-7 Sample Head Grades**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sample** | **%Cu** | **%Fe** | **%S** | **Au gpt** | **%C** |
| 08-08 MG (master) | 0.12 | 5.8 | 3.6 | 0.53 | 0.76 |
| 08-08 HG | 0.50 | 4.9 | 1.8 | 1.78 | 0.67 |
| 08-08 LG | 0.08 | 4.1 | 2.7 | 0.34 | 1.30 |
| 10-19 MG | 0.22 | 2.6 | 1.9 | 0.51 | 1.09 |
| 10-19 HG | 0.17 | 3.3 | 1.1 | 0.96 | 1.42 |
| 10-19 LG | 0.22 | 3.4 | 1.7 | 0.38 | 1.24 |

---

No mineralogical work was carried out. However normative mineralogy calculations show that Sample 08-08 generally has almost twice the pyrite content of Sample 10-19. Sample 08-08 was like Island Mountain in this respect.

The testwork program focused mainly on conventional copper flotation; however, it soon became evident that improving gold recovery was key. Therefore, like the direction taken with Island Mountain, the program included work on cyanidation of cleaner tails and investigation of enhancing gold recovery with pyrite concentrate production.

The flotation and cyanidation testwork flowsheets are shown in Figure 10-1 (abstracted from the ALS KM3499 report).

*Page 115 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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![](ex96-1_073.jpg)

**Figure 10-1 Flotation and Cyanidation Flowsheet and Test Conditions (MMTS, 2015).**

*Page 116 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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10.4.2 Results

The results of the metallurgical testwork for a conventional comminution/flotation flowsheet are summarized below.

10.4.2.1 Comminution

A single standard Bond ball mill work index test was carried out on 10-19 mg composite towards the end of the program, and at a closing size of 106 µm.

The Bond ball mill work index (BWI) was found to be 19.9 kWh/t (compared to the Island Mountain value assumed for the initial flowsheet design of 18.5 kWh/t). This result puts Whistler in the very hard range of ball mill hardness.

No SAG mill testing (e.g.) JK Drop weight or SMC tests were included in the program, nor indeed any Bond rod mill work index tests. Some industry standard benchmarks and approximations have been used in setting appropriate SAG mill design criteria. It is recommended that these additional comminution tests be a high priority for the next stage of testwork.

10.4.2.2 Flotation

Key parameters in the copper flotation tests were:

● Primary grind target was generally 100 µm (some later tests, following the receipt of the BWI result, were done in the 150-200 µm range).

● Regrind target was generally 20 µm (test 1 at 76µm was a procedural error).

● Cytec 3418A, a specialist copper/precious metal flotation reagent, was used as the primary copper sulphide mineral collector.

● pH in the rougher and cleaner circuits was generally maintained at 10 and 11 respectively, using hydrated lime.

The key results are tabulated and graphed in Figure 10-2 (abstracted from the ALS metallurgy KM3499 report).

In summary the main findings were as follows:

● Open-circuit batch flotation testing achieved consistently 80-85% copper recovery to a 25% Cu concentrate grade; however gold recovery was lower (40-50%) due to lower rougher recoveries and low cleaner recoveries with significant deportment of gold to cleaner tailings streams.

● From the flotation results, the gold associations were inferred as follows:

● 60% with chalcopyrite

● 20% with pyrite (± chalcopyrite)

● 20% with gangue minerals

The QP strongly recommends that mineralogical studies be a high priority for the next phase of testwork.

● Some attempts were made at recovering gold to a pyrite concentrate for subsequent treatment (a possible alternative to cyanidation of cleaner tails), but overall recovery fell, and later work focused on the locked cycle tests as a means of recovering gold reporting in recirculating streams that were not accounted for in simple batch tests.

*Page 117 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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● Locked cycle tests on both the 08-08 and 10-19 samples proved to be the key to unlocking gold value with substantial improvements to gold recovery from the recycle of intermediate streams (short of pilot-plant testing, locked cycle tests are the best way of replicating a full-scale flotation plant). Averaging the results from both and rounding numbers appropriately yielded the following:

● 92% copper recovery to a 25% Cu concentrate grade

● 70% gold recovery

● On receipt of the higher-than-expected BWI results with a significant impact on both capital and operating costs, some final open circuit batch flotation tests were conducted at coarser primary grinds (154 µm, 173 µm and 204 µm) but retaining the same 20 µm regrind size. The results were analyzed in grade-recovery terms and are presented in graphical form in Figure 10-3 and Figure 10-4. Copper grade-recovery performance was retained up to 173 µm but showed a significant deterioration at the coarsest grind, whereas gold recovery seemed largely insensitive to primary grind size. Although further work, including definitive locked cycle testing, is required to validate this, the QP believes it is reasonable to assume a primary grind size of 175 µm (in round figures) as an option for capital / operating cost sensitivities.

● Some very preliminary variability tests (four in total) were carried out on the low grade and high-grade samples for each main composite. The results showed a high degree of variability in the 70-90% range for copper recovery and 20-30% Cu in final concentrates. Gold recovery was generally constant at around 50% although the 08-08 high grade sample did show a significantly higher recovery of 76%. The QP does not attach much importance to this limited number of results, their having no spatial relationship to the deposit, and would recommend that future variability work be based on spatial and mineralogical/textural parameters rather than grade.

*Page 118 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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![](ex96-1_074.jpg)

**Figure 10-2 Flotation Test Results (MMTS, 2015)**

*Page 119 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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![](ex96-1_075.jpg)

**Figure 10-3 Copper Grade Recovery (MMTS, 2015)**

![](ex96-1_076.jpg)

**Figure 10-4 Gold Grade Recovery (MMTS, 2015)**

*Page 120 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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10.5 Cyanidation

The batch flotation tests had indicated a substantial amount of the gold was reporting to cleaner tails and, pending the results of the locked cycle tests, some cyanidation tests were carried out on combined cleaner tails from tests 6 and 7 on 10-19 samples where 23% of the gold was accounted for in the cleaner tails.

Forty-eight-hour gold extractions were 77% to solution, thus overall gold recovery would improve from 57% to approximately 74%. However, although cyanide consumption was moderate for a sulphidic stream, the absolute gold grades in cyanidation feed were still low and the marginal return versus costs at current gold and cyanide prices exactly that, marginal. Also the use of cyanide requires a different level of onsite management and therefore is more complicated in terms of its cost benefit.

Given the excellent locked cycle test results already reported, and with overall gold recoveries by flotation being only in the region of 70%, it was decided not to pursue further cyanidation testwork.

10.6 Concentrate Specifications

The final bulk concentrates from cycles II-V of the locked cycle tests 12 (10-19 MG) and 17 (08-08 MG) were analyzed for potentially deleterious elements and the results are shown in Table 10-8.

Concentrates from both samples are remarkably clean and would indicate that the specifications would fall well within typical smelter limits for penalty elements, with no penalty payable.

Normative mineralogy calculations, assuming a simple chalcopyrite:pyrite sulphide blend, suggest the pyrite concentrate from the 08-08 sample to be almost twice that of 10-19, i.e., similar to what was observed in the head samples.

*Page 121 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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**Table 10-8 Minor Element Data**

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|:---|:---|:---|:---|:---|
| **Element** | **Symbol** | **Units** | **Test 12 (10-19)** | **Test 17 (08-08)** |
| Aluminium | Al | % | 0.92 | 0.68 |
| Antimony | Sb | % | 0.02 | 0.17 |
| Arsenic | As | gpt | 135 | 344 |
| Bismuth | Bi | gpt | <1 | <1 |
| Cadmium | Cd | gpt | 30 | 20 |
| Calcium | Ca | % | 0.44 | 0.31 |
| Carbon | C | % | 0.33 | 0.39 |
| Cobalt | Co | gpt | 46 | 36 |
| Copper | Cu | % | 26.1 | 24.9 |
| Fluorine | F | gpt | 133 | 123 |
| Iron | Fe | % | 26.7 | 29.3 |
| Lead | Pb | % | 0.18 | 0.19 |
| Magnesium | Mg | % | 0.17 | 0.09 |
| Manganese | Mn | % | 0.014 | 0.014 |
| Mercury | Hg | gpt | 1 | 4 |
| Molybdenum | Mo | % | 0.006 | 0.010 |
| Nickel | Ni | gpt | 74 | 94 |
| Phosphorus | P | gpt | 118 | 143 |
| Selenium | Se | gpt | 86 | 30 |
| Silicon | Si | % | 2.73 | 2.33 |
| Sulphur | S | % | 32.2 | 35.1 |
| Silver | Ag | gpt | 108 | 134 |
| Zinc | Zn | % | 0.46 | 0.32 |

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10.7 Conclusions

From the metallurgical testwork results and subsequent analysis it appears that the Whistler Deposit is metallurgically very amenable to a conventional flotation route to produce saleable high quality copper concentrates with gold credits, despite the low head grade, and that the levels of recovery and upgrade for both copper and gold are relatively insensitive to feed grade. There are no processing factors or deleterious elements that could have significant effect of potential economic extraction.

Although some late testwork on ore hardness revealed the ore to be harder than expected with a Bond Work Index of 19.9 kWh/t, some batch flotation work also showed that the primary grind size could be increased from 100 µm to 175 µm, subject to confirmation with further locked cycle tests, with net savings in comminution power.

10.8 Overall Metallurgical Observations and Comments for 2021 Resource Estimate

As noted in the history of exploration of the Whistler deposit, which expanded from an initial Cu-Au porphyry deposit centered on Whistler and expanding over time to include Raintree West and Island Mountain in the Resource tonnage, as well as additional revenue potential from Ag, each phase of metallurgical testwork had focused exclusively on the exploration objectives at the time. As a result, the cumulative metallurgical understanding lags the geological understanding by a considerable margin.

The data reported in Sections 10.1 to 10.7 above are an accurate record of the testwork performed at the time, and the conclusions drawn refer to those made within the scope of the specific test program. They do not, however, provide a complete picture of overall Mineral Resource with respect to pay metal grades and recoveries for a number of reasons:

● To date no mineralogical work has been performed despite recommendations to that effect made in each phase of metallurgical testing.

*Page 122 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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● Assumptions in the various reports regarding gold recovery have noted that while higher Au recoveries than measured could possibly be achieved by combining flotation and cyanide leaching, it was noted that for the low grades, high cyanide consumption and environmental control measures could render the additional gold recovery uneconomical.

● Copper toll smelters are loath to accept copper concentrates containing less than 25% Cu without imposing higher Cu deductions on payable metal. The early Whistler testwork identified difficulties in obtaining payable Cu grades even with 3 stages of cleaning and consequently decided to exclude ore samples containing elevated Pb and Zn from subsequent testwork (Section 10.2.1).

● No assays of silver were performed during the test programs, apart from Ag grades being reported in the minor element analysis of the two concentrates produced in the 2012 testwork (Table 10-8), which were not linked to Ag head grades and yield unreliable metallurgical accounting results.

● Flotation testwork assays covered only Au, Cu, and some Fe and S assays were performed, but Pb, Zn and Ag assays were conspicuous by their absence.

● As seen in the notes in the Resource table (Table 1-1) the overall Indicated resource grades are 0.79 g/t Au; 0.13% Cu and 2.19 g/t Ag. Note 4 states silver recovery for Ag grades below 10 g/t are estimated at 65% while no Ag recovery is allowed for Ag grades above 19 g/t as assays indicate a strong association of high Ag values with high Pb and Zn content samples, for which no metallurgical testwork has been performed except for the single Kennecott test which returned unsatisfactory Au and Cu results in terms of concentrate grades due to Pb and Zn dilution of the copper concentrate (Section 10.2.1).

● For all the above reasons the metallurgical recommendation of 70% Au recovery, 83% Cu recovery and 65% Ag recovery of ore containing less than 10 g/t Ag should be used until such time as a more comprehensive metallurgical test program is performed which provides reliable grade and recovery results on material containing Pb and Zn as well as Au, Cu, and Ag.

*Page 123 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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**11 MINERAL RESOURCE ESTIMATES**

The Mineral Resource Estimate (MRE) for the Whistler Project has an effective date of September 22, 2022. The resource estimate was prepared by Sue Bird, P.Eng., of MMTS.

11.1 Mineral Resource Estimate

The Whistler Project total Mineral Resource Estimate (MRE) includes the Whistler, Raintree and Island Mountain deposits and is summarized in Table 11-1 for the base case cut-off grades. The resource is prepared in accordance with the United States Securities and Exchange Commission (SEC) regulation S-K subpart 1300 (S-K 1300). In the opinion of the Qualified Person, the Mineral Resource Estimates reported herein are a reasonable representation of the mineral resources found within the Project at the current level of sampling. The mineral resources were estimated in accordance with §§229.1300 through 229.1305 (subpart 229.1300 of Regulation S-K). This report is an update to the previously publicly disclosed report (Giroux, 2016).

The MRE utilizes pit shells to constrain resources at the Whistler, Island Mountain, and Raintree West gold-copper deposits, as well as an underground potentially mineable shape to constrain the resource estimate for the deeper portion of the Raintree West deposit. The current estimate has been updated with new metal prices of US$1,600/oz gold price, US$3.25/lb copper and US$21/oz silver, updated recoveries, smelter terms, costs, as summarized in the notes to Table 11-1. Metal prices have been chosen based partially on market research by the Bank of Montreal (BMO, 2021a) for Au prices as quoted in numerous NI 43-101 reports and for Cu and Ag (BMO, 2021b) based on mean prices from 2021 through to forecast up to 2026 and long term. The metal prices chosen also considered the spot prices and the three-year trailing average prices. For all three metals, the final prices used for this resource estimate are below both the spot metal price and the three-year trailing average, which is considered an industry standard in choosing prices.

Cut-off grades for open pit mining are based on Processing costs of US$10.50/tonne processed, this is the marginal cut-off for which mining costs are not included. Cut-off grades for underground mining based on Processing costs plus an additional US$14.50/tonne for underground bulk mining, to define the marginal cut-off NSR grade. Geologic modelling has also been updated, with drilling and exploration work completed prior to 2016. No additional work has been completed at the project since this date.

For the mineral resource cut-off grade determination, a 3.0% NSR was assumed. This is derived from the sum of a 2.75% royalty to MF2 plus a 1% royalty to Gold Royalty Corp., with an assumption that U.S. GoldMining can negotiate a buy back of a 0.75% NSR, for a net 3.0% NSR, as is customary to occur for similar project developments. In preparing the resource estimate herein, a sensitivity analysis has also been conducted by the author. Based on such analysis, utilizing a higher 3.75% NSR royalty rate in determining a cut-off grade would not materially impact the estimates contained herein and would be de minimis (approx. 0.7% differential of total metal in the Whistler pit on a gold equivalent basis).

These mineral resource estimates include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The Qualified Person is of the opinion that issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work. These factors may include environmental permitting, infrastructure, sociopolitical, marketing, or other relevant factors.

***The sensitivity to the resource by deposits is presented in Table 11-2 through 11-4 for the Whistler, Raintree, and Island Mountain deposits respectively.*** As a point of reference, the in-situ gold, copper and silver mineralization are inventoried and reported by intended processing method.

*Page 124 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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**Table 11-1 Mineral Resource Estimate for the Total Whistler Project (Effective date: September 22, 2022)**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Cut-off Value** | **ROM tonnage** | **In situ Grades** | **In situ Grades** | **In situ Grades** | **In situ Grades** | **In situ Grades** | **In situ Metal** | **In situ Metal** | **In situ Metal** | **In situ Metal** |
| **Class** | **Deposit** | **(US$/t)** | **(ktonnes)** | **NSR (US$/t)** | **AuEqv (gpt)** | **Au (gpt)** | **Cu (%)** | **Ag (gpt)** | **AuEqv (koz)** | **Au (koz)** | **Cu (klbs)** | **Ag (koz)** |
|  | Whistler | 10.5 | 107771 | 26.44 | 0.79 | 0.50 | 0.17 | 1.95 | 2738 | 1749 | 399396 | 6757 |
|  | Raintree-Pit | 10.5 | 7756 | 20.61 | 0.67 | 0.49 | 0.09 | 4.88 | 166 | 121 | 14893 | 1216 |
| **Indicated** | **Indicated Open Pit** | **10.5** | **115527** | **26.05** | **0.78** | **0.50** | **0.16** | **2.15** | **2904** | **1871** | **414289** | **7973** |
|  | Raintree-UG | US$25 shell | 2675 | 34.02 | 1.03 | 0.79 | 0.13 | 4.18 | 89 | 68 | 7690 | 359 |
|  | Total Indicated | varies | 118202 | 26.23 | 0.79 | 0.51 | 0.16 | 2.19 | 2993 | 1939 | 421979 | 8332 |
|  | Whistler | 10.5 | 153536 | 19.17 | 0.57 | 0.35 | 0.13 | 1.48 | 2829 | 1706 | 455267 | 7306 |
|  | Island Mountain | 10.5 | 111901 | 18.99 | 0.57 | 0.47 | 0.05 | 1.06 | 2042 | 1701 | 130751 | 3814 |
| **Inferred** | Raintree-Pit | 10.5 | 11774 | 24.28 | 0.77 | 0.62 | 0.07 | 4.58 | 291 | 235 | 17988 | 1732 |
|  | **Inferred Open Pit** | **10.5** | **277211** | **19.32** | **0.58** | **0.41** | **0.10** | **1.44** | **5162** | **3642** | **604006** | **12851** |
|  | Raintree-UG | US$25 shell | 39772 | 32.65 | 1.00 | 0.80 | 0.12 | 2.51 | 1284 | 1027 | 107411 | 3208 |
|  | Total Inferred | varies | 316983 | 20.99 | 0.63 | 0.46 | 0.10 | 1.58 | 6446 | 4669 | 711417 | 16060 |

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Notes to Tables 11-1 through 11-4:

&nbsp;&nbsp;&nbsp;&nbsp;1. Mineral
 resources are not mineral reserves and do not have demonstrated economic viability. There
 is no certainty that all or any part of the mineral resources will be converted into mineral
 reserves.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Mineral Resource for the Whistler, Island Mountain and the upper portions of the Raintree
 West deposits have been confined by an open pit with "reasonable prospects of economic
 extraction" using the 150% pit case and the following assumptions:

● Metal prices of US$1,600/oz Au, US$3.25/lb Cu and US$21/oz Ag;

● Payable metal of 99% payable Au, 90% payable Ag and 1% deduction for Cu;

● Offsite costs (refining, transport and insurance) of US$136/wmt proportionally distributed between Au, Ag and Cu;

● Royalty of 3% NSR has been assumed;

● Pit slopes are 50 degrees;

● Mining cost of US$1.80/t for waste and US$2.00/t for mineralized material; and

● Processing, general, and administrative costs of US$10.50/t.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 lower portion of the Raintree West deposit has been constrained by a mineable shape with
 "reasonable prospects of eventual economic extraction" using a US$25.00/t cut-off.

&nbsp;&nbsp;&nbsp;&nbsp;4. Metallurgical
 recoveries are: 70% for Au, 83% for Cu, and 65% Ag for Ag grades below 10g/t. The Ag recovery
 is 0% for values above 10g/t for all deposits.

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 NSR equations are: below 10g/t Ag: NSR (US$/t)=(100%-3%)\*((Au\*70%\*US$49.273g/t) + (Cu\*83%\*US$2.966\*2204.62
 + Ag\*65%\*US$0.574)), and above 10g/t Ag: NSR (US$/t)=(100%-3%)\*((Au\*70%\*US$49.256g/t) + (Cu\*83%\*US$2.965\*2204.62))
 ;

&nbsp;&nbsp;&nbsp;&nbsp;6. The
 Au Equivalent equations are: below 10g/t Ag: AuEq=Au + Cu\*1.5733 +0.0108Ag, and above 10g/t
 Ag: AuEq=Au + Cu\*1.5733

&nbsp;&nbsp;&nbsp;&nbsp;7. The
 specific gravity for each deposit and domain ranges from 2.76 to 2.91 for Island Mountain,
 2.60 to 2.72 for Whistler with an average value of 2.80 for Raintree West.

&nbsp;&nbsp;&nbsp;&nbsp;8. Numbers
 may not add due to rounding.

*Page 125 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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**<br> Table 11-2 Mineral Resource Estimate and Sensitivity – Whistler Deposit**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **In situ Grades** | **In situ Grades** | **In situ Grades** | **In situ Grades** | **In situ Grades** | **In situ Metal** | **In situ Metal** | **In situ Metal** | **In situ Metal** |
| <br>**Class** | **Cut-off**<br>**Value<br> (US$/t)** | **ROM**<br>**tonnage<br> (ktonnes)** | **NSR (US$/t)** | **AuEqv (gpt)** | **Au (gpt)** | **Cu (%)** | **Ag (gpt)** | **AuEqv (koz)** | **Au (koz)** | **Cu (Mlbs)** | **Ag (koz)** |
|  | 9 | 118213 | 24.96 | 0.746 | 0.472 | 0.162 | 1.910 | 2836 | 1793 | 421 | 7259 |
|  | 10.5 | 107771 | 26.44 | 0.790 | 0.505 | 0.168 | 1.950 | 2738 | 1749 | 399 | 6757 |
|  | 11 | 104264 | 26.97 | 0.806 | 0.517 | 0.170 | 1.970 | 2702 | 1733 | 392 | 6604 |
| **Indicated** | 12 | 97886 | 27.97 | 0.836 | 0.540 | 0.175 | 2.000 | 2631 | 1699 | 377 | 6294 |
|  | 15 | 80978 | 31.01 | 0.927 | 0.610 | 0.187 | 2.080 | 2413 | 1589 | 334 | 5415 |
|  | 20 | 59842 | 35.85 | 1.072 | 0.726 | 0.205 | 2.170 | 2062 | 1397 | 270 | 4175 |
|  | 25 | 45799 | 39.99 | 1.195 | 0.830 | 0.217 | 2.260 | 1760 | 1222 | 219 | 3328 |
|  | 30 | 34461 | 44.13 | 1.319 | 0.936 | 0.227 | 2.330 | 1461 | 1037 | 173 | 2582 |
|  | 9 | 173001 | 18.12 | 0.541 | 0.321 | 0.130 | 1.460 | 3011 | 1787 | 496 | 8121 |
|  | 10.5 | 153536 | 19.17 | 0.573 | 0.346 | 0.135 | 1.480 | 2829 | 1706 | 455 | 7306 |
|  | 11 | 147181 | 19.54 | 0.584 | 0.354 | 0.136 | 1.480 | 2763 | 1677 | 441 | 7003 |
| **Inferred** | 12 | 133303 | 20.38 | 0.609 | 0.375 | 0.139 | 1.500 | 2610 | 1605 | 408 | 6429 |
|  | 15 | 94664 | 23.21 | 0.694 | 0.445 | 0.147 | 1.550 | 2111 | 1356 | 307 | 4717 |
|  | 20 | 51791 | 28.18 | 0.842 | 0.576 | 0.158 | 1.690 | 1403 | 959 | 180 | 2814 |
|  | 25 | 27152 | 33.59 | 1.004 | 0.719 | 0.169 | 1.830 | 876 | 627 | 101 | 1598 |
|  | 30 | 14786 | 38.91 | 1.163 | 0.860 | 0.179 | 1.990 | 553 | 409 | 58 | 946 |

---

**Table 11-3 Mineral Resource Estimate and Sensitivity – Raintree Deposit**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **In situ Grades** | **In situ Grades** | **In situ Grades** | **In situ Grades** | **In situ Grades** | **In situ Metal** | **In situ Metal** | **In situ Metal** | **In situ Metal** |
| <br>**Class** | <br>**Source** | **Cut-off**<br>**Value<br> (US$/t)** | **ROM**<br>**tonnage<br> (ktonnes)** | **NSR (US$/t)** | **AuEqv (gpt)** | **Au (gpt)** | **Cu (%)** | **Ag (gpt)** | **AuEqv (koz)** | **Au (koz)** | **Cu (Mlbs)** | **Ag (koz)** |
|  |  | 9 | 8629 | 19.51 | 0.632 | 0.460 | 0.083 | 4.790 | 175 | 128 | 16 | 1329 |
|  |  | 10.5 | 7756 | 20.61 | 0.666 | 0.487 | 0.087 | 4.878 | 166 | 121 | 15 | 1216 |
|  |  | 11 | 7503 | 20.95 | 0.677 | 0.496 | 0.088 | 4.919 | 163 | 120 | 15 | 1187 |
|  |  | 12 | 6991 | 21.64 | 0.699 | 0.513 | 0.091 | 4.957 | 157 | 115 | 14 | 1114 |
|  | **Open Pit** | 15 | 5076 | 24.68 | 0.793 | 0.591 | 0.101 | 4.998 | 129 | 96 | 11 | 816 |
| **Indicated** |  | 20 | 3043 | 29.63 | 0.947 | 0.724 | 0.113 | 5.243 | 93 | 71 | 8 | 513 |
|  |  | 25 | 1736 | 35.18 | 1.126 | 0.891 | 0.120 | 5.529 | 63 | 50 | 5 | 309 |
|  |  | 30 | 929 | 42.12 | 1.343 | 1.109 | 0.120 | 5.608 | 40 | 33 | 2 | 167 |
|  | **Underground** | US$25 shell | 2675 | 34.02 | 1.034 | 0.795 | 0.130 | 4.179 | 89 | 68 | 8 | 359 |
|  | **Total** | **varies** | **10431** | **24.05** | **0.760** | **0.566** | **0.098** | **4.699** | 255 | 190 | 23 | 1576 |
|  |  | 9 | 13462 | 22.46 | 0.714 | 0.572 | 0.066 | 4.454 | 309 | 247 | 20 | 1928 |
|  |  | 10.5 | 11774 | 24.28 | 0.768 | 0.620 | 0.069 | 4.576 | 291 | 235 | 18 | 1732 |
|  |  | 11 | 11171 | 25.01 | 0.789 | 0.640 | 0.070 | 4.621 | 283 | 230 | 17 | 1660 |
|  |  | 12 | 10211 | 26.29 | 0.827 | 0.674 | 0.072 | 4.615 | 271 | 221 | 16 | 1515 |
|  |  | 15 | 7130 | 31.83 | 0.990 | 0.826 | 0.079 | 4.515 | 227 | 189 | 12 | 1035 |
|  | **Open Pit** | 20 | 4473 | 40.53 | 1.247 | 1.072 | 0.086 | 4.605 | 179 | 154 | 8 | 662 |
| **Inferred** |  | 25 | 2792 | 51.43 | 1.579 | 1.382 | 0.100 | 5.061 | 142 | 124 | 6 | 454 |
|  |  | 30 | 2100 | 59.37 | 1.821 | 1.617 | 0.103 | 5.130 | 123 | 109 | 5 | 346 |
|  | **Underground** | US$25 shell | 39772 | 32.65 | 1.004 | 0.803 | 0.123 | 2.509 | 1284 | 1027 | 107 | 3208 |
|  | **Total** | **varies** | **51546** | **30.73** | **0.950** | **0.761** | **0.110** | **2.981** | 1575 | 1262 | 125 | 4940 |

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*Page 126 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| ![](ex96-1_095.jpg) | ![](ex96-1_096.jpg) |

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**Table 11-4 Mineral Resource Estimate and Sensitivity – Island Mountain Deposit**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **In situ Grades** | **In situ Grades** | **In situ Grades** | **In situ Grades** | **In situ Grades** | **In situ Metal** | **In situ Metal** | **In situ Metal** | **In situ Metal** |
| <br>**Class** | **Cut-off**<br>**Value<br> (US$/t)** | **ROM**<br>**tonnage<br> (ktonnes)** | **NSR (US$/t)** | **AuEqv (gpt)** | **Au (gpt)** | **Cu (%)** | **Ag (gpt)** | **AuEqv (koz)** | **Au (koz)** | **Cu (Mlbs)** | **Ag (koz)** |
|  | 9 | 136875 | 17.30 | 0.517 | 0.43 | 0.05 | 1.00 | 2276 | 1887 | 148 | 4401 |
|  | 10.5 | 111901 | 18.99 | 0.568 | 0.47 | 0.05 | 1.06 | 2042 | 1701 | 131 | 3814 |
|  | 11 | 104617 | 19.57 | 0.585 | 0.49 | 0.05 | 1.09 | 1967 | 1639 | 126 | 3666 |
|  | 12 | 91835 | 20.69 | 0.619 | 0.52 | 0.06 | 1.14 | 1826 | 1524 | 116 | 3366 |
| **Inferred** | 15 | 59801 | 24.56 | 0.734 | 0.61 | 0.07 | 1.33 | 1411 | 1177 | 90 | 2557 |
|  | 20 | 31814 | 31.13 | 0.930 | 0.78 | 0.09 | 1.61 | 952 | 794 | 61 | 1647 |
|  | 25 | 19050 | 37.12 | 1.110 | 0.93 | 0.10 | 1.85 | 680 | 570 | 43 | 1133 |
|  | 30 | 12225 | 42.58 | 1.273 | 1.08 | 0.11 | 1.95 | 500 | 425 | 29 | 766 |

---

11.2 Key Assumptions and Data used in the Estimate

The total Whistler Project area comprises a database of 250 drillholes totaling more than 70,000 m with 182 drillholes and 53,200 m of assayed length within the three deposit block models.

A summary of the drillholes within each of the Whistler Project block model areas is provided in Table 11-5.

**Table 11-5 Summary of Whistler Project Drillhole Data within Block Models**

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Whistler** | **Whistler** | **Whistler** | **Raintree** | **Raintree** | **Raintree** | **Island Mountain** | **Island Mountain** | **Island Mountain** | **Total Resource Areas** | **Total Resource Areas** | **Total Resource Areas** |
| <br>**Operator** | <br>**Year** | **No. Holes** | **Length (m)** | **Assayed Length (m)** | **No. Holes** | **Length (m)** | **Assayed Length (m)** | **No. Holes** | **Length (m)** | **Assayed Length (m)** | **No. Holes** | **Length (m)** | **Assayed Length (m)** |
| Cominco | 1986-1989 | 16 | 1677 | 1566 |  |  |  |  |  |  | 16 | 1677 | 1566 |
|  | 2004 | 5 | 1997 | 1865 |  |  |  |  |  |  | 5 | 1997 | 1865 |
|  | 2005 | 9 | 5251 | 5061 | 1 | 213 | 208 |  |  |  | 10 | 5464 | 5269 |
| Kennecott | 2006 | 1 | 705 | 696 | 4 | 1115 | 845 |  |  |  | 5 | 1821 | 1540 |
|  | All Kennecott | 15 | 7953 | 7621 | 5 | 1328 | 1053 |  |  |  | 20 | 9281 | 8674 |
|  | 2007 | 7 | 3321 | 3243 |  |  |  |  |  |  | 7 | 3321 | 3243 |
| Geoinformatics | 2008 | 6 | 2707 | 2660 | 2 | 622 | 615 |  |  |  | 8 | 3329 | 3275 |
|  | All Geo. | 13 | 6027 | 5902 | 2 | 622 | 615 |  |  |  | 15 | 6649 | 6517 |
|  | 2009 | 1 | 228 | 214 | 1 | 479 | 479 | 1 | 387 | 387 | 3 | 1094 | 1080 |
| Kiska | 2010 | 7 | 5247 | 4500 | 8 | 3255 | 3164 | 11 | 4991 | 4956 | 26 | 13493 | 12621 |
|  | 2011 |  |  |  | 78 | 14795 | 13799 | 24 | 9032 | 8943 | 102 | 23827 | 22742 |
|  | All Kiska | 8 | 5475 | 4715 | 87 | 18529 | 17442 | 36 | 14410 | 14287 | 131 | 38413 | 36444 |
| **Total** |  | **52** | **21132** | **19804** | **94** | **20479** | **19110** | **36** | **14410** | **14287** | **182** | **56021** | **53200** |

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*Page 127 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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11.3 Geologic Modelling

Three-dimensional wireframe solids based on geology have been used to constrain the grade interpolations.

At Whistler, a three dimensional solid of the diorite intrusion has been created based on the logged geology. The geology has also been used to define the Divide Fault as a major fault through the center of the deposit, dividing it into two domains. Dykes have not been modelled explicitly because they are too thin both to model and to separate when mining. Therefore, the un-mineralized assays within the solids have been included in the interpolations. A three-dimensional view looking northeast of the Whistler domains is illustrated in Figure 11-1, also showing the resource pit.

Figure 14-2 illustrates the mineralized domain for Raintree, looking northeast and plotting the resource pit and underground mineralized shape.

Figure 14-3 illustrates the domains for Island Mountain. There are six sub-vertical domains (plotted in shades of blue) that are based on lithology as various mineralized dykes. These were combined into one domain for the interpolations. Two domains surrounding the central core at a nominal cut-off of 0.1 gpt and 0.3 gpt AuEqv are used to confine the interpolation outside of the dyke boundaries (plotted in yellows). The outline of the resource pit on surface is also plotted for reference.

![](ex96-1_077.jpg)

**Figure 11-1 Domains – Whistler Deposit (Source: MMTS, 2021)**

*Page 128 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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![](ex96-1_078.jpg)

**Figure 11-2 Domains Modeled for Raintree Deposit (Source: MMTS, 2021)**

**Figure 11-3 Domains Modelled for Island Mountain (Source: MMTS, 2021)**

*Page 129 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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11.4 Capping

Cumulative probability plots (CPP) are used to define capping values and potential outlier restrictions during interpolations. Figure 11-4 and Figure 11-5 show the CPP plots for Au and Cu respectively for Whistler. Figure 11-6 and Figure 11-7 show the CPP plots for Au and Cu respectively for Raintree and Figure 11-8 and Figure 11-9 are the CPPs for Island Mountain for Au and Cu respectively.

![](ex96-1_080.jpg)

**Figure 11-4 CPP of Au Assay Data by Domain - Whistler (Source: MMTS, 2021)**

![](ex96-1_081.jpg)

**Figure 11-5 CPP of Cu Assay Data by Domain – Whistler (Source: MMTS, 2021)**

*Page 130 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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**Figure 11-6 CPP of Au Assay Data by Domain – Raintree (Source: MMTS, 2021)**

**Figure 11-7 CPP of Cu Assay Data by Domain – Raintree (Source: MMTS, 2021)**

*Page 131 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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![](ex96-1_084.jpg)

**Figure 11-8 CPP of Au Assay Data by Domain – Island Mountain (Source: MMTS, 2021)**

![](ex96-1_085.jpg)

**Figure 11-9 CPP of Cu Assay Data by Domain – Island Mountain (Source: MMTS, 2021)**

Capping and Outlier values are summarized in Table 11-6 below. Values above the capping value are equal to the capping value in the assay file prior to compositing. Composite values above the Outlier value are restricted during interpolations to the Outlier value for distance greater than 5 m from the composite interval.

*Page 132 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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**Table 11-6 Summary of Capping and Outlier Restriction Values**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Domain** | **Domain** | | |
| <br>**ITEM** | <br>**AREA** | **From** | **To** | <br>**CAP** | <br>**Outlier** |
| Au (gpt) | Whistler | 1 | 1 | 4 | na |
|  |  | 2 | 2 | 2 | na |
|  | Raintree | 1 | 1 | 2 | 10 |
|  | Island Mountain | 1 | 6 | 10 | 5 |
|  |  | 7 | 7 | 10 | 5 |
|  |  | 8 | 8 | 3 | 5 |
| Cu (%) | Whistler | 1 | 1 | 1 | na |
|  |  | 2 | 2 | 1 | na |
|  | Raintree | 2 | 2 | 2 | 0.6 |
|  | Island Mountain | 1 | 6 | 1 | na |
|  |  | 7 | 7 | 0.6 | na |
|  |  | 8 | 8 | 0.3 | na |
| Ag (gpt) | Whistler | 1 | 1 | 100 | 25 |
|  |  | 2 | 2 | 100 | 30 |
|  | Raintree | 1 | 1 | 100 | 80 |
|  | Island Mountain | 1 | 6 | 30 | 12 |
|  |  | 7 | 7 | 20 | 7 |
|  |  | 8 | 8 | 20 | 7 |

---

The capped assay and composite statistics of each domain are summarized in the Table 11-7 through Table 11-9 for Au, Cu and Ag respectively. These table illustrate that no significant bias has been introduced during the compositing process. They also indicate that the distributions have low CV confirming the choice of linear interpolation methods are appropriate.

**Table 11-7 Capped Assay and Composite Statistics by Domain – Au**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Whistler** | **Whistler** | **Raintree** | **Island Mountain** | **Island Mountain** | **Island Mountain** |
| <br>**Source** | **Parameters** | **1** | **2** | **5** | **1-6** | **7** | **8** |
| **Assays** | Num Samples | 5393 | 3743 | 2731 | 1795 | 1999 | 767 |
|  | Num Missing | 14 | 21 | 1 | 12 | 0 | 1 |
|  | Min (gpt) | 0.000 | 0.001 | 0.003 | 0.003 | 0.003 | 0.003 |
|  | Max (gpt) | 10.667 | 4.530 | 14.150 | 10.000 | 10.000 | 2.660 |
|  | Wtd mean (gpt) | 0.374 | 0.212 | 0.260 | 0.452 | 0.253 | 0.122 |
|  | Wtd CV | 1.778 | 1.250 | 2.067 | 1.746 | 2.187 | 1.899 |
| **Composites** | Num Samples | 1952 | 1376 | 1305 | 841 | 917 | 411 |
|  | Num Missing | 3 | 7 | 1 | 0 | 0 | 0 |
|  | Min (gpt) | 0.002 | 0.001 | 0.003 | 0.003 | 0.003 | 0.004 |
|  | Max (gpt) | 6.075 | 2.097 | 6.068 | 6.412 | 4.626 | 1.167 |
|  | Wtd mean (gpt) | 0.374 | 0.212 | 0.260 | 0.452 | 0.253 | 0.122 |
|  | Wtd CV | 1.578 | 1.088 | 1.562 | 1.447 | 1.570 | 1.409 |
| **Difference in Wtd Means (%)** | **Difference in Wtd Means (%)** | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |

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*Page 133 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| ![](ex96-1_095.jpg) | ![](ex96-1_096.jpg) |

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**Table 11-8 Capped Assay and Composite Statistics by Domain – Cu**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Whistler** | **Whistler** | **Raintree** | **Island Mountain** | **Island Mountain** | **Island Mountain** |
| **Source** | Parameters | **1** | **2** | **5** | **1-6** | **7** | **8** |
|  | Num Samples | 5390 | 3741 | 2731 | 1795 | 1999 | 767 |
|  | Num Missing | 17 | 23 | 1 | 12 | 0 | 1 |
| **Assays** | Min (gpt) | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.001 |
|  | Max (gpt) | 2.590 | 1.305 | 0.786 | 1.000 | 0.600 | 0.288 |
|  | Wtd mean (gpt) | 0.129 | 0.112 | 0.037 | 0.083 | 0.032 | 0.030 |
|  | Wtd CV | 1.185 | 0.953 | 1.623 | 1.271 | 1.160 | 0.912 |
|  | Num Samples | 1952 | 1376 | 1305 | 841 | 917 | 411 |
|  | Num Missing | 3 | 7 | 1 | 0 | 0 | 0 |
| **Composites** | Min (gpt) | 0.000 | 0.000 | 0.000 | 0.001 | 0.001 | 0.003 |
|  | Max (gpt) | 1.233 | 1.051 | 0.317 | 0.654 | 0.397 | 0.223 |
|  | Wtd mean (gpt) | 0.129 | 0.112 | 0.037 | 0.083 | 0.032 | 0.030 |
|  | Wtd CV | 1.041 | 0.835 | 1.489 | 1.124 | 0.998 | 0.826 |
| **Difference in Wtd. Means (%)** | **Difference in Wtd. Means (%)** | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |

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**Table 11-9 Capped Assay and Composite Statistics by Domain – Ag**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Whistler** | **Whistler** | **Raintree** | **Island Mountain** | **Island Mountain** | **Island Mountain** |
| <br>**Source** | <br>**Parameters** | **1** | **2** | **5** | **1-6** | **7** | **8** |
|  | Num Samples | 5393 | 3743 | 2731 | 1795 | 1999 | 767 |
|  | Num Missing | 14 | 21 | 1 | 12 | 0 | 1 |
| Assays | Min (gpt) | 0.000 | 0.050 | 0.250 | 0.250 | 0.250 | 0.250 |
|  | Max (gpt) | 151.800 | 186.000 | 200.000 | 30.000 | 20.000 | 14.700 |
|  | Wtd mean (gpt) | 1.730 | 1.568 | 3.305 | 1.649 | 0.709 | 0.627 |
|  | Wtd CV | 2.142 | 3.043 | 2.337 | 1.339 | 1.556 | 1.420 |
|  | Num Samples | 1952 | 1376 | 1305 | 841 | 917 | 411 |
|  | Num Missing | 3 | 7 | 1 | 0 | 0 | 0 |
| Composites | Min (gpt) | 0.050 | 0.050 | 0.250 | 0.250 | 0.250 | 0.250 |
|  | Max (gpt) | 53.709 | 76.534 | 83.468 | 11.180 | 5.198 | 3.812 |
|  | Wtd mean (gpt) | 1.730 | 1.568 | 3.305 | 1.616 | 0.684 | 0.602 |
|  | Wtd CV | 1.450 | 1.958 | 1.680 | 1.028 | 0.965 | 0.868 |
| **Difference in Wtd Means (%)** | **Difference in Wtd Means (%)** | 0.0% | 0.0% | 0.0% | -2.1% | -3.7% | -4.3% |

---

11.5 Compositing

Compositing of Au, Ag and Cu grades have been done as 5 m fixed length composites. Small intervals less than 2.5 m are merged with the up-hole composite if the composite length is less than 5 m. The length of 5 m is chosen to be half the size of the block height, and longer than the majority of assay lengths, as illustrated in Figure 11-10. Domain boundaries are honored during compositing.

*Page 134 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| ![](ex96-1_095.jpg) | ![](ex96-1_096.jpg) |

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![](ex96-1_086.jpg)

**Figure 11-10 Assay Lengths**

11.6 Variography

Correlograms have been created for each domain within each deposit. A summary of the spherical correlogram parameters is given in Table 11-10 through Table 11-12 for Whistler, Raintree, and Island Mountain respectively.

*Page 135 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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**Table 11-10 Variogram Parameters – Whistler**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Domain** | **Rotation**<br> **(GSLIB-MS)** | **Rotation**<br> **(GSLIB-MS)** | **Axis** | **Total Range (m)** | **Nugget** | **Sill1** | **Sill2** | **Sill3** | **Range 1 (m)** | **Range 2 (m)** | **Range 3 (m)** |
|  |  | ROT | 180 | Major | 350 |  |  |  |  | 40 | 260 | 350 |
|  | **1** | DIPN | -80 | Minor | 120 | 0.1 | 0.2 | 0.5 | 0.2 | 15 | 80 | 120 |
| CU |  | DIPE | -40 | Vert | 80 |  |  |  |  | 10 | 40 | 80 |
|  |  | ROT | 180 | Major | 220 |  |  |  |  | 15 | 70 | 220 |
|  | **2** | DIPN | -80 | Minor | 120 | 0.2 | 0.25 | 0.15 | 0.4 | 15 | 50 | 120 |
|  |  | DIPE | -40 | Vert | 120 |  |  |  |  | 15 | 70 | 120 |
|  |  | ROT | 180 | Major | 350 |  |  |  |  | 40 | 160 | 350 |
|  | **1** | DIPN | -80 | Minor | 250 | 0.2 | 0.3 | 0.3 | 0.2 | 25 | 45 | 250 |
| AU |  | DIPE | -40 | Vert | 80 |  |  |  |  | 25 | 50 | 80 |
|  |  | ROT | 180 | Major | 210 |  |  |  |  | 15 | 50 | 210 |
|  | **2** | DIPN | -80 | Minor | 120 | 0.2 | 0.25 | 0.15 | 0.4 | 10 | 45 | 120 |
|  |  | DIPE | -40 | Vert | 150 |  |  |  |  | 35 | 60 | 150 |
|  |  | ROT | 180 | Major | 180 |  |  |  |  | 50 | 180 |  |
|  | **1** | DIPN | -80 | Minor | 120 | 0.6 | 0.2 | 0.2 |  | 30 | 120 |  |
| AG |  | DIPE | -40 | Vert | 90 |  |  |  |  | 15 | 90 |  |
|  |  | ROT | 180 | Major | 150 |  |  |  |  | 20 | 150 |  |
|  | **2** | DIPN | -80 | Minor | 60 | 0.3 | 0.6 | 0.1 |  | 10 | 60 |  |
|  |  | DIPE | -40 | Vert | 180 |  |  |  |  | 70 | 180 |  |

---

**Table 11-11 Variogram Parameters – Raintree**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Domain** | **Rotation**<br> **(GSLIB-MS)** | **Rotation**<br> **(GSLIB-MS)** | **Axis** | **Total Range (m)** | **Nugget** | **Sill1** | **Sill2** | **Sill3** | **Range 1 (m)** | **Range 2 (m)** | **Range 3 (m)** |
|  |  | ROT | 90 | Major | 500 |  |  |  |  | 200 | 300 | 500 |
| **CU** | **5** | DIPN | 55 | Minor | 350 | 0.1 | 0.4 | 0.4 | 0.1 | 40 | 200 | 350 |
|  |  | DIPE | 0 | Vert | 300 |  |  |  |  | 80 | 200 | 300 |
|  |  | ROT | 90 | Major | 500 |  |  |  |  | 50 | 250 | 500 |
| **AU** | **5** | DIPN | 55 | Minor | 350 | 0.2 | 0.3 | 0.2 | 0.3 | 30 | 150 | 350 |
|  |  | DIPE | 0 | Vert | 150 |  |  |  |  | 20 | 80 | 150 |
|  |  | ROT | 90 | Major | 140 |  |  |  |  | 20 | 140 |  |
| **AG** | **5** | DIPN | 55 | Minor | 120 | 0.2 | 0.4 | 0.4 |  | 15 | 120 |  |
|  |  | DIPE | 0 | Vert | 120 |  |  |  |  | 15 | 120 |  |

---

*Page 136 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| | |
|:---|:---|
| ![](ex96-1_095.jpg) | ![](ex96-1_096.jpg) |

---

**Table 11-12 Variogram Parameters – Island Mountain**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Domain** | **Rotation (GSLIB-MS)** | **Rotation (GSLIB-MS)** | **Axis** | **Total Range (m)** | **Nugget** | **Sill1** | **Sill2** | **Sill3** | **Range 1 (m)** | **Range 2 (m)** | **Range 3 (m)** |
|  |  | ROT | 0 | Major | 300 |  |  |  |  | 40 | 150 | 300 |
|  | **1-6** | DIPN | -90 | Minor | 150 | 0.2 | 0.5 | 0.1 | 0.2 | 60 | 100 | 150 |
| **CU** |  | DIPE | 0 | Vert | 120 |  |  |  |  | 20 | 80 | 120 |
|  |  | ROT | 25 | Major | 150 |  |  |  |  | 50 | 80 | 150 |
|  | **78** | DIPN | 0 | Minor | 150 | 0.1 | 0.3 | 0.3 | 0.3 | 30 | 80 | 150 |
|  |  | DIPE | -20 | Vert | 120 |  |  |  |  | 30 | 35 | 120 |
|  |  | ROT | 0 | Major | 200 |  |  |  |  | 50 | 140 | 200 |
|  | **1-6** | DIPN | -90 | Minor | 150 | 0.3 | 0.4 | 0.2 | 0.1 | 50 | 80 | 150 |
| **AU** |  | DIPE | 0 | Vert | 100 |  |  |  |  | 20 | 50 | 100 |
|  |  | ROT | 25 | Major | 100 |  |  |  |  | 50 | 80 | 100 |
|  | **78** | DIPN | 0 | Minor | 150 | 0.2 | 0.4 | 0.3 | 0.1 | 40 | 90 | 150 |
|  |  | DIPE | -20 | Vert | 100 |  |  |  |  | 15 | 70 | 100 |
|  |  | ROT | 0 | Major | 150 |  |  |  |  | 30 | 150 |  |
|  | **1-6** | DIPN | -90 | Minor | 100 | 0.3 | 0.4 | 0.3 |  | 20 | 100 |  |
| **AG** |  | DIPE | 0 | Vert | 100 |  |  |  |  | 20 | 100 |  |
|  |  | ROT | 25 | Major | 150 |  |  |  |  | 50 | 150 |  |
|  | **78** | DIPN | 0 | Minor | 160 | 0.1 | 0.6 | 0.3 |  | 30 | 160 |  |
|  |  | DIPE | -20 | Vert | 75 |  |  |  |  | 15 | 75 |  |

---

An example of the Variogram Model for Cu in Domain 1 in the major and minor axes directions is illustrated in Figure 11-11 for Cu and Figure 11-12 for Au in the whistler deposit. Figure 11-13 is the variograms for Cu at Raintree in Domain 5. And Figure 11-14 illustrates the variogram for Island Mountain for the major and minor axes for Au.

*Page 137 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| | |
|:---|:---|
| ![](ex96-1_095.jpg) | ![](ex96-1_096.jpg) |

---

![](ex96-1_087.jpg) ![](ex96-1_088.jpg)

**Figure 11-11 Variogram Model for Cu in Domain 1 – Major and Minor Axes – Whistler Deposit (Source: MMTS, 2021)**

*Page 138 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| | |
|:---|:---|
| ![](ex96-1_095.jpg) | ![](ex96-1_096.jpg) |

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![](ex96-1_089.jpg) ![](ex96-1_090.jpg)

**Figure 11-12 Variogram Model for Au in Domain 1 – Major and Minor Axes – Whistler Deposit (Source: MMTS, 2021)**

*Page 139 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| | |
|:---|:---|
| ![](ex96-1_095.jpg) | ![](ex96-1_096.jpg) |

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![](ex96-1_091.jpg) ![](ex96-1_092.jpg)

**Figure 11-13 Variogram Model for Cu in Domain 5 – Major and Minor Axes – Raintree Deposit (Source: MMTS, 2021)**

*Page 140 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| | |
|:---|:---|
| ![](ex96-1_095.jpg) | ![](ex96-1_096.jpg) |

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**Figure 11-14 Variogram Model for Au in Domains 1-6 – Major and Minor Axes – Island Mountain Deposit (Source: MMTS, 2021)**

*Page 141 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| | |
|:---|:---|
| ![](ex96-1_095.jpg) | ![](ex96-1_096.jpg) |

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11.7 Block Model Interpolations

The block model limits and block size for each deposit are as given in Table 11-13.

**Table 11-13 Block Model Limits**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Deposit** | **Direction** | **From** | **To** | **Block size** | **# Blocks** |
|  | East | 517200 | 519860 | 20 | 133 |
| **Whistler** | North | 6870000 | 6873000 | 20 | 150 |
|  | Elevation | -50 | 1280 | 10 | 133 |
|  | East | 519700 | 521100 | 10 | 140 |
| **Raintree West** | North | 6871000 | 6872000 | 10 | 100 |
|  | Elevation | -260 | 730 | 10 | 99 |
|  | East | 511500 | 513600 | 10 | 210 |
| **Island Mountain** | North | 6847000 | 6848400 | 10 | 140 |
|  | Elevation | 490 | 1470 | 10 | 98 |

---

Interpolation of Au, Cu and Ag values is done by ordinary kriging (OK) in four passes based on the variogram parameters. Interpolations used hard boundaries, with composites and block codes required to match within each domain. Search parameters are summarized in Table 11-14 through Table 11-16 below.

**Table 11-14 Search Rotation and Distances – Whistler**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Domain** | **Rot** | **Dist1** | **Dist2** | **Dist3** | **Dist4** |
|  |  | 180 | 40 | 80 | 160 | 350 |
|  | 1 | -80 | 15 | 30 | 60 | 120 |
| **CU** |  | -40 | 10 | 20 | 40 | 80 |
|  |  | 180 | 15 | 30 | 60 | 220 |
|  | 2 | -80 | 15 | 30 | 60 | 120 |
|  |  | -40 | 15 | 30 | 60 | 120 |
|  |  | 180 | 40 | 80 | 160 | 350 |
|  | 1 | -80 | 25 | 50 | 100 | 250 |
| **AU** |  | -40 | 20 | 40 | 60 | 80 |
|  |  | 180 | 53 | 70 | 105 | 210 |
|  | 2 | -80 | 30 | 40 | 60 | 120 |
|  |  | -40 | 38 | 50 | 75 | 150 |
|  |  | 180 | 45 | 90 | 135 | 180 |
|  | 1 | -80 | 30 | 60 | 90 | 120 |
| **AG** |  | -40 | 15 | 30 | 60 | 90 |
|  |  | 180 | 38 | 50 | 75 | 150 |
|  | 2 | -80 | 15 | 20 | 30 | 60 |
|  |  | -40 | 45 | 60 | 90 | 180 |

---

*Page 142 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**Table 11-15 Search Rotation and Distances – Raintree**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Domain** | **Rot** | **Dist1** | **Dist2** | **Dist3** | **Dist4** |
|  |  | 90 | 125 | 250 | 375 | 500 |
| **CU** | **1** | 55 | 88 | 175 | 263 | 350 |
|  |  | 0 | 75 | 150 | 225 | 300 |
|  |  | 90 | 125 | 250 | 375 | 500 |
| **AU** | **1** | 55 | 88 | 175 | 263 | 350 |
|  |  | 0 | 38 | 75 | 113 | 150 |
|  |  | 90 | 35 | 70 | 105 | 140 |
| **AG** | **1** | 55 | 30 | 60 | 90 | 120 |
|  |  | 0 | 30 | 60 | 90 | 120 |

---

**Table 11-16 Search Rotation and Distances – Island Mountain**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Domain** | **Rot** | **Dist1** | **Dist2** | **Dist3** | **Dist4** |
|  |  | 0 | 40 | 80 | 160 | 300 |
|  | **1-6** | -90 | 37.5 | 75 | 112.5 | 150 |
| **CU** |  | 0 | 20 | 40 | 80 | 120 |
|  |  | 25 | 37.5 | 75 | 112.5 | 150 |
|  | **78** | 0 | 30 | 60 | 112.5 | 150 |
|  |  | -20 | 30 | 60 | 90 | 120 |
|  |  | 0 | 50 | 100 | 150 | 200 |
|  | **1-6** | -90 | 37.5 | 75 | 112.5 | 150 |
| **AU** |  | 0 | 20 | 40 | 75 | 100 |
|  |  | 25 | 25 | 50 | 75 | 100 |
|  | **78** | 0 | 37.5 | 75 | 112.5 | 150 |
|  |  | -20 | 15 | 30 | 60 | 100 |
|  |  | 0 | 30 | 60 | 112.5 | 150 |
|  | **1-6** | -90 | 20 | 40 | 75 | 100 |
| **AG** |  | 0 | 20 | 40 | 75 | 100 |
|  |  | 25 | 37.5 | 75 | 112.5 | 150 |
|  | **78** | 0 | 30 | 60 | 120 | 160 |
|  |  | -20 | 15 | 30 | 56.25 | 75 |

---

Additional search criteria on composite selection are summarized in Table 11-17. Search criteria are used to ensure that more than one drillhole is used for all passes, and more than one quadrant is used for the first three passes, as well as to limit smoothing of grade by limiting the maximum number of composites to be used.

*Page 143 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**Table 11-17 Additional Search Criteria**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Criteria** | **Pass 1** | **Pass 2** | **Pass 3** | **Pass 4** |
| Minimum # composites | 3 | 3 | 3 | 3 |
| Maximum # Composites | 12 | 12 | 12 | 12 |
| Maximum / drillhole | 2 | 2 | 2 | 2 |
| Maximum / quadrant | 2 | 2 | 2 | na |

---

11.8 Classification

Classification has been done in accordance with 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K. The Classification is based on the variogram parameters, with the required average distance to the nearest two drillholes required to be less than the distance of the range at 80% of the sill (R80 value) for each domain as summarized in Table 11-18.

**Table 11-18 Classification Criteria**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Deposit** | **Whistler** | **Whistler** | **Raintree** | **Raintree** | **Island Mountain** | **Island Mountain** |
| &nbsp;&nbsp;**Domain** | 1 | 2 | 5 | 99 | 1-6 | 7-8 |
| &nbsp;&nbsp;**Average Distance to 2 DHs** | 150 | 80 | 100 | 100 | 80 | 80 |

---

11.9 Block Model Validation

11.9.1 Comparison of Tonnage and Grades

Interpolations have also been completed using a Nearest neighbour method to essentially de-cluster the composite data for grade comparisons with the modelled grades. Table 11-19 gives a summary of the mean grades for de-clustered composites (NN interpolation), and OK grades at a 0.1% Cu cut-off. Table 11-20 gives a summary of the mean grades for de-clustered composites (NN interpolation), and OK grades at a 0.1% Cu cut-off. The tonnage, grade and metal content are variable, but conservative compared to the un-capped de-clustered composites.

This comparison is illustrated more succinctly in the plots of tonnage-grade curves. Cut-off grade plots (tonnage-grade curves) are constructed for each metal to check the validity of the modelling. The NN values for Au and Cu are plotted and compared to the modelled OK values for the Whistler deposit in Figure 11-15 and Figure 11-16. For Raintree, the tonnage-grade curves for Au and Cu are presented in Figures 11-17 and 11-18. And for Island Mountain the tonnage grade curves are presented in Figure 11-19 and 11-20. The curves for Whistler and Island Mountain are within the Resource confining pit shape. For Raintree, all blocks within modelled domains are plotted due to the underground component of the resource. In each case, the distributions show good correlation, and thus the change of support are valid.

*Page 144 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**Table 11-19 Comparison of De-clustered Composite and OK Modelled Grades for Cu**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Modelled OK** | **Modelled OK** | **Modelled OK** | **De-clustered composites (NN)** | **De-clustered composites (NN)** | **De-clustered composites (NN)** | |
| <br>**Cut-off**<br>**Cu (%)** | <br>**Class** | <br>**Deposit** | **ROM Tonnage**<br>**(kt)** | **Grade Cu**<br>**(%)** | **Metal**<br>**(Mlbs)** | **ROM Tonnage**<br>**(kt)** | **Grade Cu**<br>**(%)** | **Metal**<br>**(Mlbs)** | <br>**Difference**<br>**(%)** |
|  |  | Whistler | 97294 | 0.181 | 388.7 | 87601 | 0.2057 | 397.3 | -2.2% |
|  | **Indicated** | Raintree | 2310 | 0.134 | 6.8 | 3653 | 0.1413 | 11.4 | -66.8% |
| 0.1 |  | Whistler | 137697 | 0.146 | 442.0 | 112648 | 0.1825 | 453.2 | -2.5% |
|  | **Inferred** | Raintree | 1669 | 0.138 | 5.1 | 1296 | 0.1887 | 5.4 | -6.0% |
|  |  | Island Mtn. | 15558 | 0.153 | 52.4 | 15994 | 0.1866 | 65.8 | -25.5% |

---

**Table 11-20 Comparison of De-clustered Composite and OK Modelled Grades for Au**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Modelled OK** | **Modelled OK** | **Modelled OK** | **De-clustered composites (NN)** | **De-clustered composites (NN)** | **De-clustered composites (NN)** |  |
| | | | | | | | | | **Difference** |
| <br>**Cut-off**<br>**Au (gpt)** | <br>**Class** | <br>**Deposit** | **ROM Tonnage**<br>**(kt)** | **Grade Au**<br>**(gpt)** | **Metal**<br>**(Moz)** | **ROM Tonnage**<br>**(kt)** | **Grade Au**<br>**(gpt)** | **Metal**<br>**(Moz)** | **(%)** |
|  | **Indicated** | &nbsp;&nbsp;Whistler | 121389 | 0.465 | 1814.8 | 103550 | 0.5374 | 1789.1 | 1.4% |
|  |  | &nbsp;&nbsp;Raintree | 9279 | 0.459 | 136.8 | 11293 | 0.3856 | 140.0 | -2.3% |
| 0.1 | **Inferred** | &nbsp;&nbsp;Whistler | 234991 | 0.160 | 830.5 | 200249 | 0.1926 | 850.3 | -2.4% |
|  |  | &nbsp;&nbsp;Raintree | 16013 | 0.514 | 264.6 | 20990 | 0.4211 | 284.2 | -7.4% |
|  |  | &nbsp;&nbsp;Island Mtn. | 209394 | 0.334 | 2247.2 | 157142 | 0.4727 | 2388.2 | -6.3% |

---

![](ex96-1_097.jpg)

**Figure 11-15 Tonnage-Grade Curves for Au – Comparison of Interpolation Methods – Whistler (Source: MMTS, 2021)**

*Page 145 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_098.jpg)

**Figure 11-16 Tonnage-Grade Curves for Cu – Comparison of Interpolation Methods - Whistler (Source: MMTS, 2021)**

![](ex96-1_099.jpg)

**Figure 11-17 Tonnage-Grade Curves for Au – Comparison of Interpolation Methods – Raintree (Source: MMTS, 2021)**

*Page 146 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_100.jpg)

**Figure 11-18 Tonnage-Grade Curves for Cu – Comparison of Interpolation Methods - Raintree (Source: MMTS, 2021)**

![](ex96-1_101.jpg)

**Figure 11-19 Tonnage-Grade Curves for Au – Comparison of Interpolation Methods – Island Mountain (Source: MMTS, 2021)**

*Page 147 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_102.jpg)

**Figure 11-20 Tonnage-Grade Curves for Cu – Comparison of Interpolation Methods - Island Mountain (Source: MMTS, 2021)**

11.10 Visual Validation

A series of E-W, N-S sections (every 20 m) and plans (every 10 m) have been used to inspect the ordinary kriging (OK) block model grades with the original assay data. Figure 11-21 and Figure 11-22 give examples of this comparison at Whistler for the E-W section at 6871330N, for Au and Cu grades respectively. Figure 11-23 and Figure 11-24 illustrate the grade comparisons at Raintree through the center of the deposit with looking SW at an azimuth of 135 degrees. Figure 11-25 and Figure 11-26 are plots of the Au and Cu grades respectively for Island Mountain through the center of the deposit at 6847740N.

Plots throughout the model confirmed that the block model grades corresponded well with the assayed grades.

*Page 148 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_103.jpg)

**Figure 11-21 E-W Section Comparing Au Grades for Block Model and Assay Data - Whistler (Source: MMTS, 2021)**

*Page 149 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_104.jpg)

**Figure 11-22 E-W Section Comparing Cu Grades for Block Model and Assay Data - Whistler (Source: MMTS, 2021)**

*Page 150 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_105.jpg)

**Figure 11-23 Section Looking SW - Comparing Au Grades for Block Model and Assay Data – Raintree (Source: MMTS, 2021)**

*Page 151 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_106.jpg)

**Figure 11-24 Section Looking SW - Comparing Cu Grades for Block Model and Assay Data – Raintree (Source: MMTS, 2021)**

*Page 152 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_107.jpg)

**Figure 11-25 E-W Section Comparing Cu Grades for Block Model and Assay Data – Island Mountain (Source: MMTS, 2021)**

*Page 153 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

![](ex96-1_108.jpg)

**Figure 11-26 E-W Section Comparing Cu Grades for Block Model and Assay Data – Island Mountain (Source: MMTS, 2021)**

11.11 Reasonable Prospects of Eventual Economic Extraction

The resource confining pit and/or underground shapes defines a boundary for continuous mineralization with suitable grades and with a reasonable expectation that an engineered plan will produce an economic plan. The net smelter return calculation for both the open pit and underground resources as well as the metallurgical recoveries are summarized in Table 11-21.

Lerchs-Grossman pits were run for each deposit using the following parameters:

● Pit slopes of 50 degrees;

● Mining costs of US$1.80/t for waste and US$2.00/t for mineralized material; and

● Processing, general and administrative costs of US$10.50/t. The cut-off grade is the Processing + G&A costs for open pit and Process + G&A + Underground mining costs for the underground resource.

*Page 154 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

The lower portion of the Raintree West deposit has been constrained by a mineable shape within a "reasonable prospects of economic extraction" using a US$25.00/t cut-off, assuming the same processing costs as for the open pit, and a bulk mining scenario. Material within a cohesive shape above this cut-off has been included in the Raintree underground resource estimate. Metal prices are based on the 3-year trailing average (Kitco, 2021) and are consistent with those seen to be used throughout the industry.

**Table 11-21 Economic Inputs and Metallurgical Recoveries**

---

| | | |
|:---|:---|:---|
| **Parameter** | **Value** | **Units** |
| Gold Price | $1600 | US$/Oz |
| Cu Price | $3.25 | US$/lbs |
| Silver Price | $21.00 | US$/Oz |
| Gold Payable | 99.00% | % |
| Cu payable | 99.0% | % |
| Silver Payable | 90.0% | % |
| Gold Refining | 8.00 | US$/oz |
| Cu Refining + PP | 0.05 | US$/lbs |
| Silver Refining | 0.60 | US$/oz |
| Gold Offsites | 97.41 | US$/oz |
| Cu Offsite | 36.943 | US$/lbs |
| Silver Offsites | 1.65 | US$/oz |
| Royalty | 3.0% | % |
| Net Smelter Gold Price | $49.27 | US$/g |
| Net Smelter Cu | $2.97 | US$/lb |
| Net Smelter Silver Price | $0.57 | US$/g |
| Gold Process Recovery | 70% | % |
| Cu Process Recovery | 83% | % |
| Silver Process recovery – above 10 gpt Ag | 0% | % |
| Silver Process recovery – below 10 gpt Ag | 65% | % |

---

\*Indicated and Inferred resources are used for pit optimization.

\*Pit slope angle is considered constant at 45 degrees for all cases.

The pit delineated resource is given in Table 11-2 through Table 11-4 for each deposit and for a range of NSR cut-offs with the base case cut-off of US$10.50/tonne highlighted. Process recoveries, as well as mining, processing and offsite costs have been applied in order to determine that the pit resource has a reasonable prospect of economic extraction. The US$10.50/tonne cut-off (an Au Equivalent grade of approximately 0.31 gpt at the base case prices) yields an Indicated resource of 118.2 Mt at 0.51 gpt gold, 0.16% copper and 2.19 gpt silver (2.99 Moz AuEqv.) and an Inferred resource of 317.0 Mt at 0.46 gpt gold, 0.10% copper and 1.58 gpt silver (6.45 Moz AuEqv).

11.12 Statement on Prospect of Economic Extraction

The QP is of the opinion that all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work.

*Page 155 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

11.13 Factors That May Affect the Mineral Resource Estimate

Areas of uncertainty that may materially impact the Mineral Resource estimate include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Commodity price assumptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Metal recovery assumptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mining and processing cost assumptions

There are no other known factors or issues known to the QP that materially affect the estimate other than normal risks faced by mining projects in the province in terms of environmental, permitting, taxation, socio-economic, marketing, and political factors.

11.14 Risk Assessment

A description of potential risk factors is given in Table 11-22 along with either the justification for the approach taken or mitigating factors in place to reduce any risk.

**Table 11-22 List of Risks and Mitigations/Justifications**

---

| | | |
|:---|:---|:---|
| **#** | **Description** | **Justification/Mitigation** |
| **1** | Classification Criteria | Classification based on the Range of the Variogram and therefore the variability of the mineralization within each deposit. |
| **2** | Gold and silver Price Assumptions | Based on three-year trailing average (Kitco, 2021) |
| **3** | Capping | CPP, swath plots and grade-tonnage curves show model validates well with composite data throughout the grade distribution. |
| **4** | Processing and Mining Costs | Based on comparable projects in Alaska. |

---

*Page 156 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**12 MINERAL RESERVE ESTIMATES**

There are no reserve estimates currently.

**13 MINING METHODS**

Open pit and underground mining methods are being considered for the project, though no details have been developed at this time.

**14 PROCESS AND RECOVERY METHODS**

Not applicable to the resource statement.

**15 INFRASTRUCTURE**

Preliminary infrastructure is discussed in Section 4, while detailed infrastructure has not been determined at this time.

**16 MARKET STUDIES**

No concentrate market studies have been done at this time.

*Page 157 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

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| | |
|:---|:---|
| **17** | **ENVIRONMENTAL STUDIES, PERMITTING AND PLANS, NEGOTIATIONS, OR AREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS** |

---

U.S. GoldMining submitted an Application for Permit to Mine in Alaska (APMA) to Alaska's Department of Natural Resources (ADNR) on 30 June 2022. On 22 September 2022, the Alaska Department Natural Resources, Division of Mining, Land and Water, approved Multi-Year 2022-2026 Exploration and Reclamation Permit Number 2778 for Hardrock Exploration – Skwentna River - Yentna Mining District, and in addition also approved Reclamation Plan Approval Number 2778.

U.S. GoldMining commenced environmental studies in August 2022, comprising an aquatics survey completed by Owl Ridge Natural Resource Consultants Inc. A report on the findings of this work is pending as of the Date of Issue.

*Page 158 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**18 CAPITAL AND OPERATING COSTS**

Capital and operating costs have not been developed in detail at this time.

**19 ECONOMIC ANALYSIS**

Economic analysis has not been completed at this time.

**20 ADJACENT PROPERTIES**

The Estelle Gold Project owned by Nova Minerals Limited of Australia is currently in exploration phase and shares the Whiskey Bravo runway.

**21 OTHER RELEVANT DATA AND INFORMATION**

There is no additional relevant data and information for the Whistler, Raintree West, and Island Mountain deposits.

*Page 159 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**22 INTERPRETATION AND CONCLUSIONS**

22.1 Sampling, Preparation, Analysis

The procedures documented by Kennecott, Geoinformatics and Kiska for sampling, analysis and security are deemed adequate. Analysis of the QAQC samples indicates the laboratory results are of sufficient quality for resource estimation.

22.2 Data Verification

The provided database did not have certificate numbers attached to the sample IDs; this was corrected to the extent possible as well as some minor errors that were uncovered during certificate checks. The amount of data fully supported by certificate and QAQC is 75% in Whistler, 90% in Raintree and 93% in Island Mountain, which is typical or better than similar projects with the majority of drilling completed before 2010, but not ideal. Measurements made during the site visit and previous reports indicate a collar survey is to be considered.

22.3 Metallurgical Testwork

The recoveries used for Resource estimate are reasonable for this level of study based on the metallurgical testing to date.

22.4 Resource Estimate

In the opinion of the QP the block model resource estimate and resource classification reported herein are a reasonable representation of the global gold, copper and silver mineral resources found in the Whistler, Raintree West, and Island Mountain deposits. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserve.

22.5 Risks and Opportunities

22.5.1 Sampling, Preparation, Analysis and Data Risks and Opportunities

U.S. GoldMininghas the opportunity to add QAQC data for silver and to collect and complete the missing certificate numbers in the database. This information would more completely support the assay database.

The drill core is stored in wood boxes subject to weathering on site, they are beginning to fall apart. An opportunity exists to protect these samples from further weathering by moving them or building dry storage. The risk of continued decay is that the historic core may no longer be available to future potential owners for review and verification.

A collar survey that was to have been done in 2012 does not appear to have been completed. Review of three collar locations during the site visit suggests that more accurate drillhole locations are possible.

22.5.2 Metallurgical Testwork Risks and Opportunities

Analyses and accounting of Ag were omitted from the metallurgical testwork, which focused on Cu and Au grades and recoveries in what was anticipated initially to be a Cu-Au resource. Future testwork which includes Ag accounting would likely result in improved estimates of silver recovery and revenue contribution.

22.5.3 Resource Estimate Risks and Opportunities

Risk in the geologic interpretations relating to the continuity of the mineralization exist and can be mitigated by additional geologic modelling for use in controlling the block model interpolations. A description of additional potential risk factors concerning the resource estimate is given in Table 11-22 along with either the justification for the approach taken or mitigating factors in place to reduce any risk. Opportunities to increase the confidence in the resource through infill drilling and to expand the resource from step-out and exploration drilling are discussed in the recommendations section below.

*Page 160 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**23 RECOMMENDATIONS**

23.1 Sample Preparation, Analyses and Security

To ensure data quality is recommended that:

● QAQC data for silver blanks and duplicates be collected from the historical database for analysis in future studies that include silver in the resource estimate. None of the CRMs used to date are certified for silver. New CRMs should be sourced and included in any future drilling.

● Future drilling should continue to use the silica sand or a commercially prepared blank material.

● Individual instances of lapse in control procedures where failed samples and the neighboring primary assays samples are not seen to be re-assayed are identified. If this was indeed done, the database has not been correctly maintained. The number of failures does not appear to be of material significance currently. Future programs should ensure that adherence to control procedures is maintained

23.2 Data Verification

It is recommended that:

● At least 10% of collar locations in each resource area, to include drilling from all years, be surveyed with GPS equipment with <1m accuracy. If significant deviations are determined from the recorded values, all collars would need resurvey.

● U.S. GoldMining continue to pursue matching of assay samples to certificates and collection of missing certificates.

● Future drilling should include third party check assays and the data should be appropriately maintained.

23.3 Metallurgy

Metallurgical recommendations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mineralogical studies to better understand the gold associations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Comminution testing specifically to address SAG mill power requirements and design

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Variability testing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Confirmatory locked cycle flotation testing at the coarser primary grind size

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Testwork to include feed material containing Pb, Zn sulphide, and higher Ag grade material

23.4 Exploration and Resource

23.4.1 Whistler

At the Whistler Deposit, recommendations include:

● A better understanding of the current known faults could be an opportunity for increasing the resource at Whistler. Particularly in the south of the deposit (south of 6,971,200N). There is a paucity of drillhole data on both sides of the Divide fault in this area, resulting in blocks left un-interpolated within the diorite solid.

● Revision of the geologic model to provide a better understanding of how the three later stages of intrusion relate to the mineralization. This would involve re-logging of core with the current knowledge of the assay values. Through re-interpretation in section and plan it is the expected outcome that 3D solids of each intrusive phase could be constructed.

*Page 161 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

● Similarly, 3D solids of alteration and structural domains should be created from the re-interpretation.

● Additional specific gravity measurements should be obtained from existing drillholes to augment the current database.

● Additional in-fill drilling to upgrade the classification of Inferred to Indicated.

23.4.2 Raintree

For the Raintree Deposit, the following recommendations are made:

● Infill and step-out drilling to the north and south of the current deposit to potentially upgrade the classification of the current resource estimate and to potentially increase the resource. Specifically shallow holes (200 to 250 m) dipping east on sections 6,871,350 N and 6,871,400 N and 6,871,500 N should be drilled to increase the confidence in near surface mineralization.

● In concert with the new drilling, the previous drill core should be relogged and a robust geological model/domains should be constructed for future resource estimates.

● Further specific gravity measurements should be collected from current and future drillholes.

● Metallurgical testing should be conducted on Raintree West samples.

23.4.3 Island Mountain

For the Island Mountain deposit, the following recommendations are made:

● Infill and step-out drilling to the north and south of the deposit. This drilling should be done to potentially upgrade the classification of the current resource estimate and to potentially increase the resource. Drilling should aim to link the mineralized breccias drilled north of the resource area, with the main breccia complex. Deep drilling under the breccia complex is also warranted to potentially locate the causative, and potentially mineralized, intrusive driving the brecciation.

23.4.4 Exploration Program and Budget

The exploration program is divided into two phases. Phase 1 would consist of a full desktop review of all the geological, geochemical, geophysical, and drilling data, concurrent with the review of drill core, to optimize strategic targeting in Phase 2. The specific design of Phase 2 is contingent on the results of Phase 1.

A possible Phase 2 might consist of a "top-of-bedrock" grid drilling program in the Whistler area and further surface mapping, sampling, and compilation work to rank and prioritize other exploration targets on the project area (Muddy Creek, Snow Ridge, Puntilla, Round Mountain, Howell Zone, Super Conductor), with the aim to test one or more of these targets with deeper drilling (1,500 m).

The grid drilling program would penetrate the glacial cover and drill approximately 25m into bedrock to obtain geological and geochemical data. This data, in conjunction with the existing airborne magnetic data and 3D IP data, would considerably enhance exploration targeting. Drilling on 200 metre centres from fifty holes (1,250 m) would cover the most prospective areas in the Whistler area.

In addition, the Phase 2 program should consist of follow-up drilling in the Whistler area to target anomalies generated by the grid drilling program and to expand drilling at Raintree (2,500 m). Any significant mineralized intercepts from this phase of step-out drilling should be sent for metallurgical testing with particular focus on the impact of the relatively high lead-zinc concentrations.

*Page 162 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

The Phase 2 drilling should also consist of 2,500 m of diamond drilling to in-fill and expand mineralization at the Breccia Zone at Island Mountain. Mineralization is open to south and north, and undrilled breccia bodies occur for 700 m to the north of the Breccia Zone.

Table 23-1 shows the proposed exploration budget.

**Table 23-1 Proposed Exploration Budget**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Work Program** | **Units** |  | **Rate** | **Sub-total CDN $** |
| **Phase 1: Desktop Exploration Targeting and Overview Study** | **Phase 1: Desktop Exploration Targeting and Overview Study** | **Phase 1: Desktop Exploration Targeting and Overview Study** | **Phase 1: Desktop Exploration Targeting and Overview Study** | **Phase 1: Desktop Exploration Targeting and Overview Study** |
| Wages – Geologists and Database support |  |  |  | $150000 |
|  | **Sub-total Phase 1** |  |  | $**150000** |
| **Phase 2: Drilling Program** | **Phase 2: Drilling Program** | **Phase 2: Drilling Program** | **Phase 2: Drilling Program** | **Phase 2: Drilling Program** |
| Grid Drilling | 1250 | **m** | $375 | $468750 |
| Wages - Mappers and Samplers |  |  |  | $100000 |
| Rock and Soil Assays | 500 | samples | $50 | $25000 |
| New target drilling - Whistler Area | 1500 | m | $375 | $562500 |
| Raintree West Drilling\* | 2500 | m | $375 | $937500 |
| Raintree Metallurgical Sampling |  |  |  | $50000 |
| Island Mountain Breccia Zone Drilling\* | 2500 | m | $475 | $1187500 |
| Planning and Supervision Wages |  |  |  | $300000 |
|  | **Sub-total Phase 2** |  |  | $**3631250** |
| Database Support (field season) |  |  |  | $120000 |
| Data Interpretation (post field season) |  |  |  | $120000 |
|  | **Sub-total Support** |  |  | $**240000** |
| **Sub-total** |  |  |  | $4021250 |
| Contingency |  |  | 10% | $402125 |
| Administration |  |  |  | $200000 |
| **TOTAL** |  |  |  | $**4623375** |

---

\*all-in cost includes assays, helicopter-support, camp costs

*Page 163 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**24 REFERENCES**

AMC Mining Consultants (Canada) Ltd., 2012 712024 Kiska Letter Report Resource Update 4Dec 2012

Bank of Montreal, 2021a, February. Market Research on Gold Price Forecast used for Resources and Reserves.

Bank of Montreal, 2021b, May. Street Consensus Silver and Copper Prices.

Beikman, H., 1980, Compiler. Geology of Alaska. Digital geology data obtained from the Alaska Geospatial Data Clearinghouse and modified using MapInfo Professional. (<u>http://agdc.usgs.gov/data/usgs/geology/</u>).

Couture, JF. 2007. Independent Technical Report on the Whistler Copper-Gold Exploration Project. SRK Consulting (Canada) Inc. 92 pages. Available at <u>www.sedar.com</u>.

Franklin, R. 2007. Whistler Project Synopsis. Kennecott Exploration Company, unpublished internal report, 52 pages.

Franklin, R., Young, L., and Boyer, L. 2006. Whistler Project – 2005 Exploration Summary Report. Kennecott Exploration Company, unpublished internal report, 180 pages.

Franklin, R. 2005. Whistler Project – 2004 Exploration Summary Report. Kennecott Exploration Company, unpublished internal report, 29 pages.

Giroux, G.H., 2016. NI43-101 Resource Estimate for the Whistler project, effective date 24 March 2016, Amended date: May 30, 2016

Geoinformatics News Release dated February 12, 2005 and announcing revisions to an Exploration Alliance with Kennecott.

Geoinformatics News Release dated June 7, 2007 and announcing the signature of an agreement with Kennecott concerning the acquisition of the Whistler Project in Alaska.

Gross T. G. 2014. Controls and distribution of Cu-Au- mineralization that developed the Island Mountain Deposit, Whistler Property, South-Central Alaska, Colorado School of Mine, Master's Thesis, 157 pages.

Hames, B. P. 2014. Evolution of the Late-Cretaceous Whistler Au-(Cu) Corridor and magmatic-hydrothermal system, Kahiltna Terrane, Southwestern Alaska, USA, University of British Columbia Master's Thesis, 249 pages.

Kiska 2011, 2011 Geological, Geochemical, Geophysical and Diamond Drilling Report on the Whistler Regional Area, Whistler Property, Alaska, Internal Report, 77 pages.

Kitco, 2021. Historical Au and Ag charts, www.kitco.com.

Layer, P., and Drake, J., 2005, 40Ar/39Ar step heat analysis of Kennecott samples: Geochronology Laboratory, University of Alaska, Fairbanks.

MMTS 2011, "Resource Estimate Update for the Whistler Gold Copper Deposit and Results of Property wide Exploration", March 17, 2011, 136 pages.

MMTS 2015, "NI 43-101 Resource Estimate for the Whistler Project", November 12, 2015, 185 pages.

MMTS 2021, "NI 43-101 Resource Estimate for the Whistler Project", June 11, 2021, 190 pages.

Nadasdy, G.S., 2005. Results of Preliminary Metallurgical Test Work Conducted on Three Ore Samples from the Copper and Gold Bearing Whistler Project. Dawson Metallurgical Laboratories Inc. report to Rio Tinto Technical Services, dated March 24, 2005, 76 pages.

<u>novaminerals.com.au/estelle-gold/</u>, 2021

*Page 164 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

Proffett, J. 2005. Report on work done on the Whistler Project, including Island Mountain and Round Mountain, unpublished report submitted to Kennecott Exploration Company, 11 pages.

Roberts, M., 2009. 2009-2010 Geological, geochemical, geophysical and diamond drilling report on the Whistler Property, Alaska. Kiska Metals Corporation internal report 140 pages.

Roberts, M., 2011a. 2011 Geological, geochemical, geophysical and diamond drilling report on the Whistler Property, Alaska: The Whistler Corridor. Kiska Metals Corporation internal report, 209 pages.

Roberts, M., 2011b. 2011 Geological, geochemical, geophysical and diamond drilling report on the Whistler Property, Alaska: Island Mountain prospect. Kiska Metals Corporation internal report, 152 pages.

Roberts, M., 2011c. 2011 Geological, geochemical, geophysical and diamond drilling report on the Whistler Property, Alaska: Muddy Creek prospect. Kiska Metals Corporation internal report, 101 pages.

Rowins, S.M. 2000. Reduced porphyry copper-gold deposits: A new variation on an old theme. Geology, v. 28, p. 491-494.

Seedorf, E., Dilles, J.D., Proffett, J.M., Jr., Einaudi, M.T., Zurcher, L., Stavast, W.J.A., Johnson, D.A., and Barton, M.D., 2005, Porphyry Deposits: Characteristics and Origin of Hypogene Features, in Hedenquist, J.W., Thompson, J.F.H., Goldfarb, R.J., and Richards, J.R., eds., Economic Geology 100th Anniversary Volume: Society of Economic Geologists, Littleton, Colorado, p. 251-298.

Sillitoe, R.H., 2010. Porphyry Copper System, Economic Geology, v 105, no 1, p 3-41.

SRK 2007, "Technical Report on the Whistler Copper-Gold Exploration Project, Alaska Range, Alaska".

SRK 2008, "Mineral Resource Estimation Whistler Copper-Gold Project, Alaska Range, Alaska".

Stoel Rives, LLP dated January 11, 2021 and titled: Net Smelter Return Royalty Agreement

Stoel Rives, LLP, 2021. Aug 3, 2021 letter from Ramona L. Monroe to Alastair Still titled: Limited Title Review for Alaska Mining Claims, 9pp.

U.S. Securities and Exchange Commission, 2020. S-K 1300 229.1300. Modernization of Property Disclosure for Mining Registrants.

Young, L. 2006. Geological Framework of the Whistler Region, Alaska, 2003-2005. Kennecott Exploration Company, unpublished internal report, 181 pages.

Young, L. 2005. Geological Setting of the Whistler Porphyry Copper Prospect, Alaska. Kennecott Exploration Company, unpublished internal report, 88 pages.

Wilson, P. 2007. 2007 Whistler Drilling QA/QC Results. Geoinformatics Exploration Inc. unpublished internal report, 19 pages.

*Page 165 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**25 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT**

The QP authors of this Report state that they are qualified persons for those areas as identified in the "Certificate of Qualified Person" for each QP, as included in this Report. The QPs have relied, and believe there is a reasonable basis for this reliance, upon the following other expert reports, which provided information regarding mineral rights, surface rights, and environmental status in sections of this Report as noted below.

25.1 Mineral Tenure and Surface Rights

The QPs have not reviewed the mineral tenure, nor independently verified the legal status, ownership of the Project area or underlying property agreements. The QPs have fully relied upon, and disclaim responsibility for, information supplied by U.S. GoldMining, through its parent, GoldMining, experts and experts retained by GoldMining for this information through the following documents:

● Letter from Stoel Rives, LLP dated Aug 3, 2021, and titled: Limited Title Review for Alaska State Mining Claims.

This title information is used in Section 3.0 and 3.1 of the Report.

25.2 Royalties and Incumbrances

The QPs have not reviewed the royalty agreements nor independently verified the legal status of the royalties and other potential incumbrances. The QPs have fully relied upon, and disclaim responsibility for, information supplied by U.S. GoldMining, through its parent, experts and experts retained by GoldMining for this information through the following documents. This information was provided as a series of letters from GoldMining:

● Letter from Stoel Rives, LLP dated January 11, 2021, and titled: Net Smelter Return Royalty Agreement

This title information is used in Section 3.1 of the Report.

*Page 166 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**26 DATE AND SIGNATURE PAGE**

This report, entitled "S-K 1300 Technical Report Summary iNITIAL aSSESSMENT for THE Whistler Project" has the following report dates:

---

| | |
|:---|:---|
| Original Report Date is: | 23 September 2022 |
| Revised and Updated Report Date is: | 16 December 2022 |
| Mineral Resource Effective Date is: | 22 September 2022 |

---

The report was prepared and signed by the author as shown in the following QP certificate:

*Page 167 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**CERTIFICATE OF QUALIFIED PERSON – SUE BIRD**

I, Sue Bird, P.Eng., am employed as a Geological Engineer with Moose Mountain Technical Services, with an office address of #210 1510 2nd Street North Cranbrook, BC V1C 3L2. This certificate applies to the technical report titled "S-K 1300 Technical Report Summary iNITIAL aSSESSMENT for THE Whistler Project" that has an effective date of September 22, 2022 (the "technical report").

● I am a member of the self-regulating Association of Professional Engineers and Geoscientists of British Columbia (#25007). I graduated with a Geologic Engineering degree (B.Sc.) from the Queen's University in 1989 and a M.Sc. in Mining from Queen's University in 1993.

● I have worked as an engineering geologist for over 25 years since my graduation from university. I have worked on precious metals, base metals and coal mining projects, including mine operations and evaluations. Similar resource estimate projects specifically include those done for Artemis' Blackwater gold project, Ascot's Premier Gold Project, Spanish Mountain Gold, all in BC; O3's Marban and Garrison, gold projects in Quebec and Ontario, respectively, as well as numerous due diligence gold projects in the southern US done confidentially for various clients.

● I have read the definition of "qualified person" set out in subpart 1300 of regulation S-K (S-K 1300) and as a result of my experience, professional association and qualifications, I fulfill the requirements of a Qualified Person as set out in this form.

● I visited the property on September 14, 2022.

● I am responsible for all Sections of the technical report.

● I am independent of GoldMining Inc. and U.S. GoldMining Inc.

● I have previously prepared NI43-101 resource estimates for the Whistler Deposit for Kiska Metals Corporation in March, 2011 which was re-issued by Brazil Resources Inc. (now GoldMining Inc.) in May 2016 and another NI 43-101 report completed for GoldMining Inc. with effective date June 11, 2021 (MMTS, 2021)

● I have read S-K 1300 and the sections of the technical report for which I am responsible have been prepared in compliance with that Form.

As of the effective date of the technical report, to the best of my knowledge, information and belief, the sections of the technical report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the technical report not misleading.

**Dated: 23 September 2022**

**Revised and update date: 16 December 2022**

*"Signed and Sealed"* 

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| |
|:---|
| Signature of Qualified Person |
| **Sue Bird, P.Eng.** |

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*Page 168 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

**APPENDIX A: CLAIMS LIST**

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| | | | | |
|:---|:---|:---|:---|:---|
| **ADL Serial Number** | **Claim Name** | **Claim Owner** | **Reference M-T-R-S** | **Acres** |
| 633446 | PORT 2151 | BRI Alaska Corp. | 2S022N018W30 | 40 |
| 633447 | PORT 2152 | BRI Alaska Corp. | 2S022N018W30 | 40 |
| 633448 | PORT 2153 | BRI Alaska Corp. | 2S022N018W30 | 40 |
| 633449 | PORT 2251 | BRI Alaska Corp. | 2S022N018W19 | 40 |
| 633450 | PORT 2252 | BRI Alaska Corp. | 2S022N018W19 | 40 |
| 633451 | PORT 2253 | BRI Alaska Corp. | 2S022N018W19 | 40 |
| 633452 | PORT 2351 | BRI Alaska Corp. | 2S022N018W19 | 40 |
| 633453 | PORT 2352 | BRI Alaska Corp. | 2S022N018W19 | 40 |
| 633454 | PORT 2353 | BRI Alaska Corp. | 2S022N018W19 | 40 |
| 633455 | PORT 2354 | BRI Alaska Corp. | 2S022N018W20 | 40 |
| 633456 | PORT 2355 | BRI Alaska Corp. | 2S022N018W20 | 40 |
| 633457 | PORT 2454 | BRI Alaska Corp. | 2S022N018W20 | 40 |
| 633458 | PORT 2455 | BRI Alaska Corp. | 2S022N018W20 | 40 |
| 633459 | PORT 2456 | BRI Alaska Corp. | 2S022N018W20 | 40 |
| 633460 | PORT 2457 | BRI Alaska Corp. | 2S022N018W20 | 40 |
| 633461 | PORT 2458 | BRI Alaska Corp. | 2S022N018W21 | 40 |
| 633462 | PORT 2459 | BRI Alaska Corp. | 2S022N018W21 | 40 |
| 633463 | PORT 2555 | BRI Alaska Corp. | 2S022N018W20 | 40 |
| 633464 | PORT 2556 | BRI Alaska Corp. | 2S022N018W20 | 40 |
| 633465 | PORT 2557 | BRI Alaska Corp. | 2S022N018W20 | 40 |
| 633466 | PORT 2558 | BRI Alaska Corp. | 2S022N018W21 | 40 |
| 633467 | PORT 2559 | BRI Alaska Corp. | 2S022N018W21 | 40 |
| 633468 | PORT 2655 | BRI Alaska Corp. | 2S022N018W17 | 40 |
| 633469 | PORT 2656 | BRI Alaska Corp. | 2S022N018W17 | 40 |
| 633470 | PORT 2657 | BRI Alaska Corp. | 2S022N018W17 | 40 |
| 641182 | WHISPER 105 | BRI Alaska Corp. | 2S022N018W17 | 40 |
| 641183 | WHISPER 106 | BRI Alaska Corp. | 2S022N018W17 | 40 |
| 641184 | WHISPER 107 | BRI Alaska Corp. | 2S022N018W17 | 40 |
| 641185 | WHISPER 108 | BRI Alaska Corp. | 2S022N018W17 | 40 |
| 641186 | WHISPER 109 | BRI Alaska Corp. | 2S022N018W17 | 40 |
| 641187 | WHISPER 120 | BRI Alaska Corp. | 2S022N018W20 | 40 |
| 641188 | WHISPER 127 | BRI Alaska Corp. | 2S022N018W19 | 40 |
| 641189 | WHISPER 128 | BRI Alaska Corp. | 2S022N018W19 | 40 |
| 641190 | WHISPER 129 | BRI Alaska Corp. | 2S022N018W20 | 40 |
| 641191 | WHISPER 130 | BRI Alaska Corp. | 2S022N018W20 | 40 |
| 641192 | WHISPER 139 | BRI Alaska Corp. | 2S022N018W30 | 40 |
| 641193 | WHISPER 140 | BRI Alaska Corp. | 2S022N018W30 | 40 |
| 641194 | WHISPER 141 | BRI Alaska Corp. | 2S022N018W30 | 40 |
| 641195 | WHISPER 142 | BRI Alaska Corp. | 2S022N018W30 | 40 |
| 641196 | WHISPER 143 | BRI Alaska Corp. | 2S022N018W30 | 40 |
| 641197 | WHISPER 1 | BRI Alaska Corp. | 2S023N019W23 | 160 |
| 641198 | WHISPER 2 | BRI Alaska Corp. | 2S023N019W23 | 160 |
| 641199 | WHISPER 3 | BRI Alaska Corp. | 2S023N019W24 | 160 |
| 641201 | WHISPER 9 | BRI Alaska Corp. | 2S023N019W23 | 160 |
| 641202 | WHISPER 10 | BRI Alaska Corp. | 2S023N019W23 | 160 |
| 641203 | WHISPER 11 | BRI Alaska Corp. | 2S023N019W24 | 160 |
| 641204 | WHISPER 12 | BRI Alaska Corp. | 2S023N019W24 | 160 |
| 641206 | WHISPER 17 | BRI Alaska Corp. | 2S023N019W26 | 160 |
| 641207 | WHISPER 18 | BRI Alaska Corp. | 2S023N019W26 | 160 |

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*Page 169 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ADL Serial Number** | **Claim Name** | **Claim Owner** | **Reference M-T-R-S** | **Acres** |
| 641208 | WHISPER 19 | BRI Alaska Corp. | 2S023N019W25 | 160 |
| 641209 | WHISPER 20 | BRI Alaska Corp. | 2S023N019W25 | 160 |
| 641212 | WHISPER 27 | BRI Alaska Corp. | 2S023N019W26 | 160 |
| 641213 | WHISPER 28 | BRI Alaska Corp. | 2S023N019W26 | 160 |
| 641214 | WHISPER 29 | BRI Alaska Corp. | 2S023N019W25 | 160 |
| 641215 | WHISPER 30 | BRI Alaska Corp. | 2S023N019W25 | 160 |
| 641218 | WHISPER 37 | BRI Alaska Corp. | 2S023N019W35 | 160 |
| 641219 | WHISPER 38 | BRI Alaska Corp. | 2S023N019W35 | 160 |
| 641220 | WHISPER 39 | BRI Alaska Corp. | 2S023N019W36 | 160 |
| 641221 | WHISPER 40 | BRI Alaska Corp. | 2S023N019W36 | 160 |
| 641227 | WHISPER 48 | BRI Alaska Corp. | 2S023N019W35 | 160 |
| 641228 | WHISPER 49 | BRI Alaska Corp. | 2S023N019W36 | 160 |
| 641229 | WHISPER 50 | BRI Alaska Corp. | 2S023N019W36 | 160 |
| 641241 | WHISPER 63 | BRI Alaska Corp. | 2S022N018W06 | 160 |
| 641242 | WHISPER 64 | BRI Alaska Corp. | 2S022N018W06 | 160 |
| 641247 | WHISPER 69 | BRI Alaska Corp. | 2S022N018W07 | 160 |
| 641248 | WHISPER 70 | BRI Alaska Corp. | 2S022N018W07 | 160 |
| 641249 | WHISPER 71 | BRI Alaska Corp. | 2S022N018W08 | 160 |
| 641250 | WHISPER 72 | BRI Alaska Corp. | 2S022N018W08 | 160 |
| 641251 | WHISPER 73 | BRI Alaska Corp. | 2S022N018W09 | 160 |
| 641252 | WHISPER 74 | BRI Alaska Corp. | 2S022N018W09 | 160 |
| 641257 | WHISPER 79 | BRI Alaska Corp. | 2S022N018W07 | 160 |
| 641258 | WHISPER 80 | BRI Alaska Corp. | 2S022N018W07 | 160 |
| 641259 | WHISPER 81 | BRI Alaska Corp. | 2S022N018W08 | 160 |
| 641260 | WHISPER 82 | BRI Alaska Corp. | 2S022N018W08 | 160 |
| 641261 | WHISPER 83 | BRI Alaska Corp. | 2S022N018W09 | 160 |
| 641262 | WHISPER 84 | BRI Alaska Corp. | 2S022N018W09 | 160 |
| 641263 | WHISPER 85 | BRI Alaska Corp. | 2S022N018W10 | 160 |
| 641267 | WHISPER 89 | BRI Alaska Corp. | 2S022N019W13 | 160 |
| 641268 | WHISPER 90 | BRI Alaska Corp. | 2S022N019W13 | 160 |
| 641269 | WHISPER 91 | BRI Alaska Corp. | 2S022N018W18 | 160 |
| 641270 | WHISPER 92 | BRI Alaska Corp. | 2S022N018W18 | 160 |
| 641271 | WHISPER 93 | BRI Alaska Corp. | 2S022N018W17 | 160 |
| 641272 | WHISPER 94 | BRI Alaska Corp. | 2S022N018W17 | 160 |
| 641273 | WHISPER 95 | BRI Alaska Corp. | 2S022N018W16 | 160 |
| 641274 | WHISPER 96 | BRI Alaska Corp. | 2S022N018W16 | 160 |
| 641275 | WHISPER 181 | BRI Alaska Corp. | 2S022N019W12 | 160 |
| 641276 | WHISPER 97 | BRI Alaska Corp. | 2S022N018W15 | 160 |
| 641280 | WHISPER 101 | BRI Alaska Corp. | 2S022N019W13 | 160 |
| 641281 | WHISPER 102 | BRI Alaska Corp. | 2S022N019W13 | 160 |
| 641282 | WHISPER 103 | BRI Alaska Corp. | 2S022N018W18 | 160 |
| 641283 | WHISPER 104 | BRI Alaska Corp. | 2S022N018W18 | 160 |
| 641284 | WHISPER 110 | BRI Alaska Corp. | 2S022N018W16 | 160 |
| 641285 | WHISPER 111 | BRI Alaska Corp. | 2S022N018W16 | 160 |
| 641286 | WHISPER 112 | BRI Alaska Corp. | 2S022N018W15 | 160 |
| 641287 | WHISPER 113 | BRI Alaska Corp. | 2S022N018W15 | 160 |
| 641291 | WHISPER 117 | BRI Alaska Corp. | 2S022N019W24 | 160 |
| 641292 | WHISPER 118 | BRI Alaska Corp. | 2S022N018W19 | 160 |
| 641293 | WHISPER 119 | BRI Alaska Corp. | 2S022N018W19 | 160 |
| 641294 | WHISPER 121 | BRI Alaska Corp. | 2S022N018W21 | 160 |
| 641295 | WHISPER 122 | BRI Alaska Corp. | 2S022N018W22 | 160 |

---

*Page 170 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ADL Serial Number** | **Claim Name** | **Claim Owner** | **Reference M-T-R-S** | **Acres** |
| 641296 | WHISPER 123 | BRI Alaska Corp. | 2S022N018W22 | 160 |
| 641299 | WHISPER 126 | BRI Alaska Corp. | 2S022N019W24 | 160 |
| 641300 | WHISPER 131 | BRI Alaska Corp. | 2S022N018W20 | 160 |
| 641301 | WHISPER 132 | BRI Alaska Corp. | 2S022N018W21 | 160 |
| 641302 | WHISPER 133 | BRI Alaska Corp. | 2S022N018W21 | 160 |
| 641303 | WHISPER 134 | BRI Alaska Corp. | 2S022N018W22 | 160 |
| 641304 | WHISPER 135 | BRI Alaska Corp. | 2S022N018W22 | 160 |
| 641305 | WHISPER 138 | BRI Alaska Corp. | 2S022N019W25 | 160 |
| 641306 | WHISPER 144 | BRI Alaska Corp. | 2S022N018W29 | 160 |
| 641307 | WHISPER 145 | BRI Alaska Corp. | 2S022N018W29 | 160 |
| 641308 | WHISPER 146 | BRI Alaska Corp. | 2S022N019W25 | 160 |
| 641309 | WHISPER 147 | BRI Alaska Corp. | 2S022N018W30 | 160 |
| 641310 | WHISPER 148 | BRI Alaska Corp. | 2S022N018W30 | 160 |
| 641311 | WHISPER 149 | BRI Alaska Corp. | 2S022N018W29 | 160 |
| 641312 | WHISPER 150 | BRI Alaska Corp. | 2S022N018W29 | 160 |
| 641313 | WHISPER 151 | BRI Alaska Corp. | 2S022N018W28 | 160 |
| 641314 | WHISPER 152 | BRI Alaska Corp. | 2S022N018W28 | 160 |
| 641315 | WHISPER 153 | BRI Alaska Corp. | 2S022N018W28 | 160 |
| 641316 | WHISPER 154 | BRI Alaska Corp. | 2S022N018W28 | 160 |
| 641317 | WHISPER 155 | BRI Alaska Corp. | 2S022N018W27 | 160 |
| 641318 | WHISPER 156 | BRI Alaska Corp. | 2S022N018W27 | 160 |
| 641319 | WHISPER 182 | BRI Alaska Corp. | 2S022N018W31 | 160 |
| 641320 | WHISPER 157 | BRI Alaska Corp. | 2S022N018W27 | 160 |
| 641321 | WHISPER 158 | BRI Alaska Corp. | 2S022N018W27 | 160 |
| 641322 | WHISPER 159 | BRI Alaska Corp. | 2S022N018W31 | 160 |
| 641323 | WHISPER 160 | BRI Alaska Corp. | 2S022N018W32 | 160 |
| 641324 | WHISPER 161 | BRI Alaska Corp. | 2S022N018W32 | 160 |
| 641325 | WHISPER 162 | BRI Alaska Corp. | 2S022N018W33 | 160 |
| 641326 | WHISPER 163 | BRI Alaska Corp. | 2S022N018W33 | 160 |
| 641327 | WHISPER 164 | BRI Alaska Corp. | 2S022N018W34 | 160 |
| 641329 | WHISPER 166 | BRI Alaska Corp. | 2S022N018W31 | 160 |
| 641330 | WHISPER 167 | BRI Alaska Corp. | 2S022N018W32 | 160 |
| 641331 | WHISPER 168 | BRI Alaska Corp. | 2S022N018W32 | 160 |
| 641332 | WHISPER 169 | BRI Alaska Corp. | 2S022N018W33 | 160 |
| 641333 | WHISPER 170 | BRI Alaska Corp. | 2S022N018W33 | 160 |
| 641334 | WHISPER 171 | BRI Alaska Corp. | 2S021N018W05 | 160 |
| 641335 | WHISPER 172 | BRI Alaska Corp. | 2S021N018W05 | 160 |
| 641337 | WHISPER 174 | BRI Alaska Corp. | 2S022N019W01 | 160 |
| 641338 | WHISPER 175 | BRI Alaska Corp. | 2S022N019W01 | 160 |
| 641339 | WHISPER 176 | BRI Alaska Corp. | 2S022N019W01 | 160 |
| 641340 | WHISPER 177 | BRI Alaska Corp. | 2S022N019W01 | 160 |
| 641341 | WHISPER 178 | BRI Alaska Corp. | 2S022N019W12 | 160 |
| 641342 | WHISPER 179 | BRI Alaska Corp. | 2S022N019W12 | 160 |
| 641343 | WHISPER 180 | BRI Alaska Corp. | 2S022N019W12 | 160 |
| 644845 | WHISPER 183 | BRI Alaska Corp. | 2S023N019W14 | 160 |
| 644846 | WHISPER 185 | BRI Alaska Corp. | 2S023N019W14 | 160 |
| 644847 | WHISPER 186 | BRI Alaska Corp. | 2S023N019W14 | 160 |
| 644848 | WHISPER 187 | BRI Alaska Corp. | 2S023N019W15 | 160 |
| 645698 | IM 1 | BRI Alaska Corp. | 2S019N019W06 | 160 |
| 645699 | IM 2 | BRI Alaska Corp. | 2S019N019W06 | 160 |
| 645700 | IM 3 | BRI Alaska Corp. | 2S019N019W05 | 160 |

---

*Page 171 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ADL Serial Number** | **Claim Name** | **Claim Owner** | **Reference M-T-R-S** | **Acres** |
| 645701 | IM 4 | BRI Alaska Corp. | 2S019N019W05 | 160 |
| 645702 | IM 5 | BRI Alaska Corp. | 2S019N019W04 | 160 |
| 645703 | IM 10 | BRI Alaska Corp. | 2S019N019W06 | 160 |
| 645704 | IM 11 | BRI Alaska Corp. | 2S019N019W06 | 160 |
| 645705 | IM 12 | BRI Alaska Corp. | 2S019N019W05 | 160 |
| 645706 | IM 13 | BRI Alaska Corp. | 2S019N019W05 | 160 |
| 645707 | IM 14 | BRI Alaska Corp. | 2S019N019W04 | 160 |
| 645708 | IM 15 | BRI Alaska Corp. | 2S019N019W04 | 160 |
| 645709 | IM 19 | BRI Alaska Corp. | 2S020N019W31 | 160 |
| 645710 | IM 20 | BRI Alaska Corp. | 2S020N019W31 | 160 |
| 645711 | IM 21 | BRI Alaska Corp. | 2S020N019W32 | 160 |
| 645712 | IM 22 | BRI Alaska Corp. | 2S020N019W32 | 160 |
| 645713 | IM 23 | BRI Alaska Corp. | 2S020N019W33 | 160 |
| 645714 | IM 24 | BRI Alaska Corp. | 2S020N019W33 | 160 |
| 645715 | IM 28 | BRI Alaska Corp. | 2S020N019W31 | 160 |
| 645716 | IM 29 | BRI Alaska Corp. | 2S020N019W31 | 160 |
| 645717 | IM 30 | BRI Alaska Corp. | 2S020N019W32 | 160 |
| 645718 | IM 31 | BRI Alaska Corp. | 2S020N019W32 | 160 |
| 645719 | IM 32 | BRI Alaska Corp. | 2S020N019W33 | 160 |
| 645720 | IM 33 | BRI Alaska Corp. | 2S020N019W33 | 160 |
| 645721 | IM 34 | BRI Alaska Corp. | 2S020N019W34 | 160 |
| 645723 | IM 37 | BRI Alaska Corp. | 2S020N019W29 | 160 |
| 645724 | IM 38 | BRI Alaska Corp. | 2S020N019W29 | 160 |
| 645725 | IM 39 | BRI Alaska Corp. | 2S020N019W28 | 160 |
| 645726 | IM 40 | BRI Alaska Corp. | 2S020N019W28 | 160 |
| 645727 | IM 41 | BRI Alaska Corp. | 2S020N019W27 | 160 |
| 645729 | IM 44 | BRI Alaska Corp. | 2S020N019W29 | 160 |
| 645730 | IM 45 | BRI Alaska Corp. | 2S020N019W29 | 160 |
| 645731 | IM 46 | BRI Alaska Corp. | 2S020N019W28 | 160 |
| 645732 | IM 47 | BRI Alaska Corp. | 2S020N019W28 | 160 |
| 645733 | IM 48 | BRI Alaska Corp. | 2S020N019W27 | 160 |
| 645736 | IM 52 | BRI Alaska Corp. | 2S020N019W20 | 160 |
| 645737 | IM 53 | BRI Alaska Corp. | 2S020N019W22 | 160 |
| 645740 | IM 57 | BRI Alaska Corp. | 2S020N019W20 | 160 |
| 646059 | IM 6 | BRI Alaska Corp. | 2S020N019W30 | 160 |
| 646060 | IM 7 | BRI Alaska Corp. | 2S020N019W30 | 160 |
| 646074 | IM 61 | BRI Alaska Corp. | 2S019N019W07 | 160 |
| 646075 | IM 62 | BRI Alaska Corp. | 2S019N019W07 | 160 |
| 646076 | IM 63 | BRI Alaska Corp. | 2S019N019W08 | 160 |
| 646077 | IM 64 | BRI Alaska Corp. | 2S019N019W08 | 160 |
| 646078 | IM 65 | BRI Alaska Corp. | 2S019N019W09 | 160 |
| 646325 | WHISPER 428 | BRI Alaska Corp. | 2S022N018W31 | 160 |
| 646327 | WHISPER 430 | BRI Alaska Corp. | 2S021N018W06 | 160 |
| 646328 | WHISPER 431 | BRI Alaska Corp. | 2S021N018W06 | 160 |
| 646330 | WHISPER 433 | BRI Alaska Corp. | 2S021N018W06 | 160 |
| 646331 | WHISPER 434 | BRI Alaska Corp. | 2S021N018W06 | 160 |
| 646338 | WHISPER 441 | BRI Alaska Corp. | 2S021N018W07 | 160 |
| 646339 | WHISPER 442 | BRI Alaska Corp. | 2S021N018W07 | 160 |
| 646343 | WHISPER 446 | BRI Alaska Corp. | 2S021N019W12 | 160 |
| 646344 | WHISPER 447 | BRI Alaska Corp. | 2S021N018W07 | 160 |
| 646350 | WHISPER 453 | BRI Alaska Corp. | 2S021N019W13 | 160 |

---

*Page 172 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ADL Serial Number** | **Claim Name** | **Claim Owner** | **Reference M-T-R-S** | **Acres** |
| 646351 | WHISPER 454 | BRI Alaska Corp. | 2S021N018W18 | 160 |
| 646355 | WHISPER 458 | BRI Alaska Corp. | 2S021N019W13 | 160 |
| 646356 | WHISPER 459 | BRI Alaska Corp. | 2S021N019W13 | 160 |
| 646764 | IM 71 | BRI Alaska Corp. | 2S020N019W06 | 160 |
| 646765 | IM 72 | BRI Alaska Corp. | 2S020N019W05 | 160 |
| 646766 | IM 73 | BRI Alaska Corp. | 2S020N019W05 | 160 |
| 646767 | IM 74 | BRI Alaska Corp. | 2S020N019W04 | 160 |
| 646774 | IM 81 | BRI Alaska Corp. | 2S020N019W05 | 160 |
| 646775 | IM 82 | BRI Alaska Corp. | 2S020N019W04 | 160 |
| 646783 | IM 90 | BRI Alaska Corp. | 2S020N019W08 | 160 |
| 646784 | IM 91 | BRI Alaska Corp. | 2S020N019W09 | 160 |
| 646792 | IM 99 | BRI Alaska Corp. | 2S020N019W08 | 160 |
| 646793 | IM 100 | BRI Alaska Corp. | 2S020N019W09 | 160 |
| 646801 | IM 108 | BRI Alaska Corp. | 2S020N019W17 | 160 |
| 646802 | IM 109 | BRI Alaska Corp. | 2S020N019W16 | 160 |
| 646810 | IM 117 | BRI Alaska Corp. | 2S020N019W17 | 160 |
| 646819 | IM 126 | BRI Alaska Corp. | 2S020N019W21 | 160 |
| 646820 | IM 127 | BRI Alaska Corp. | 2S020N019W21 | 160 |
| 646824 | WHISPER 464 | BRI Alaska Corp. | 2S023N019W27 | 160 |
| 646825 | WHISPER 465 | BRI Alaska Corp. | 2S023N019W27 | 160 |
| 646826 | WHISPER 466 | BRI Alaska Corp. | 2S023N019W34 | 160 |
| 646839 | WHISPER 479 | BRI Alaska Corp. | 2S023N019W22 | 160 |
| 646840 | WHISPER 480 | BRI Alaska Corp. | 2S023N019W27 | 160 |
| 646841 | WHISPER 481 | BRI Alaska Corp. | 2S023N019W27 | 160 |
| 646842 | WHISPER 482 | BRI Alaska Corp. | 2S023N019W34 | 160 |
| 646855 | WHISPER 495 | BRI Alaska Corp. | 2S022N019W02 | 160 |
| 646856 | WHISPER 496 | BRI Alaska Corp. | 2S022N019W11 | 160 |
| 646857 | WHISPER 497 | BRI Alaska Corp. | 2S022N019W11 | 160 |
| 646858 | WHISPER 498 | BRI Alaska Corp. | 2S022N019W14 | 160 |
| 646864 | WHISPER 504 | BRI Alaska Corp. | 2S022N019W02 | 160 |
| 646865 | WHISPER 505 | BRI Alaska Corp. | 2S022N019W02 | 160 |
| 646866 | WHISPER 506 | BRI Alaska Corp. | 2S022N019W11 | 160 |
| 646867 | WHISPER 507 | BRI Alaska Corp. | 2S022N019W11 | 160 |
| 646868 | WHISPER 508 | BRI Alaska Corp. | 2S022N019W14 | 160 |
| 646869 | WHISPER 509 | BRI Alaska Corp. | 2S022N019W14 | 160 |
| 646927 | WHISPER 567 | BRI Alaska Corp. | 2S021N019W24 | 160 |
| 646928 | WHISPER 568 | BRI Alaska Corp. | 2S021N019W24 | 160 |
| 646934 | WHISPER 574 | BRI Alaska Corp. | 2S021N019W23 | 160 |
| 646935 | WHISPER 575 | BRI Alaska Corp. | 2S021N019W24 | 160 |
| 646942 | WHISPER 582 | BRI Alaska Corp. | 2S021N019W26 | 160 |
| 646943 | WHISPER 583 | BRI Alaska Corp. | 2S021N019W26 | 160 |
| 646944 | WHISPER 584 | BRI Alaska Corp. | 2S021N019W25 | 160 |
| 646952 | WHISPER 592 | BRI Alaska Corp. | 2S021N019W26 | 160 |
| 646953 | WHISPER 593 | BRI Alaska Corp. | 2S021N019W26 | 160 |
| 646958 | WHISPER 598 | BRI Alaska Corp. | 2S021N019W33 | 160 |
| 646959 | WHISPER 599 | BRI Alaska Corp. | 2S021N019W33 | 160 |
| 646960 | WHISPER 600 | BRI Alaska Corp. | 2S021N019W34 | 160 |
| 646961 | WHISPER 601 | BRI Alaska Corp. | 2S021N019W34 | 160 |
| 646962 | WHISPER 602 | BRI Alaska Corp. | 2S021N019W35 | 160 |
| 646968 | WHISPER 608 | BRI Alaska Corp. | 2S021N019W33 | 160 |
| 646969 | WHISPER 609 | BRI Alaska Corp. | 2S021N019W33 | 160 |

---

*Page 173 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ADL Serial Number** | **Claim Name** | **Claim Owner** | **Reference M-T-R-S** | **Acres** |
| 646970 | WHISPER 610 | BRI Alaska Corp. | 2S021N019W34 | 160 |
| 646971 | WHISPER 611 | BRI Alaska Corp. | 2S021N019W34 | 160 |
| 646972 | WHISPER 612 | BRI Alaska Corp. | 2S021N019W35 | 160 |
| 650959 | MUD 1 | BRI Alaska Corp. | 2S021N019W32 | 160 |
| 650960 | MUD 2 | BRI Alaska Corp. | 2S021N019W32 | 160 |
| 650961 | MUD 3 | BRI Alaska Corp. | 2S021N019W31 | 160 |
| 650962 | MUD 4 | BRI Alaska Corp. | 2S021N019W31 | 160 |
| 650963 | MUD 5 | BRI Alaska Corp. | 2S021N020W36 | 160 |
| 650964 | MUD 6 | BRI Alaska Corp. | 2S021N020W36 | 160 |
| 650965 | MUD 7 | BRI Alaska Corp. | 2S021N020W35 | 160 |
| 650966 | MUD 8 | BRI Alaska Corp. | 2S021N020W35 | 160 |
| 650967 | MUD 9 | BRI Alaska Corp. | 2S021N020W34 | 40 |
| 650968 | MUD 10 | BRI Alaska Corp. | 2S021N020W34 | 40 |
| 650969 | MUD 11 | BRI Alaska Corp. | 2S021N020W34 | 40 |
| 650970 | MUD 12 | BRI Alaska Corp. | 2S021N020W34 | 40 |
| 650971 | MUD 13 | BRI Alaska Corp. | 2S021N020W35 | 160 |
| 650972 | MUD 14 | BRI Alaska Corp. | 2S021N020W35 | 40 |
| 650973 | MUD 15 | BRI Alaska Corp. | 2S021N020W35 | 40 |
| 650974 | MUD 16 | BRI Alaska Corp. | 2S021N020W35 | 40 |
| 650975 | MUD 17 | BRI Alaska Corp. | 2S021N020W36 | 160 |
| 650976 | MUD 18 | BRI Alaska Corp. | 2S021N020W36 | 160 |
| 650977 | MUD 19 | BRI Alaska Corp. | 2S021N019W31 | 160 |
| 650978 | MUD 20 | BRI Alaska Corp. | 2S021N019W31 | 160 |
| 650979 | MUD 21 | BRI Alaska Corp. | 2S021N019W32 | 160 |
| 650980 | MUD 22 | BRI Alaska Corp. | 2S021N019W32 | 160 |
| 650981 | MUD 23 | BRI Alaska Corp. | 2S020N019W06 | 160 |
| 650982 | MUD 24 | BRI Alaska Corp. | 2S020N020W01 | 160 |
| 650983 | MUD 25 | BRI Alaska Corp. | 2S020N020W01 | 160 |
| 650984 | MUD 26 | BRI Alaska Corp. | 2S020N020W02 | 160 |
| 650985 | MUD 27 | BRI Alaska Corp. | 2S020N020W02 | 160 |
| 650986 | MUD 28 | BRI Alaska Corp. | 2S020N020W03 | 40 |
| 650987 | MUD 29 | BRI Alaska Corp. | 2S020N020W03 | 40 |
| 650988 | MUD 30 | BRI Alaska Corp. | 2S020N020W03 | 40 |
| 650989 | MUD 31 | BRI Alaska Corp. | 2S020N020W03 | 40 |
| 650990 | MUD 32 | BRI Alaska Corp. | 2S020N020W02 | 160 |
| 650991 | MUD 33 | BRI Alaska Corp. | 2S020N020W02 | 160 |
| 650992 | MUD 34 | BRI Alaska Corp. | 2S020N020W01 | 160 |
| 650993 | MUD 35 | BRI Alaska Corp. | 2S020N020W01 | 160 |
| 650994 | MUD 36 | BRI Alaska Corp. | 2S020N019W06 | 160 |
| 650995 | MUD 37 | BRI Alaska Corp. | 2S020N020W11 | 160 |
| 650996 | MUD 38 | BRI Alaska Corp. | 2S020N020W11 | 160 |
| 650997 | MUD 39 | BRI Alaska Corp. | 2S020N020W10 | 160 |
| 650998 | MUD 40 | BRI Alaska Corp. | 2S020N020W03 | 40 |
| 650999 | MUD 41 | BRI Alaska Corp. | 2S020N020W10 | 160 |
| 651000 | MUD 42 | BRI Alaska Corp. | 2S020N020W11 | 160 |
| 651001 | MUD 43 | BRI Alaska Corp. | 2S020N020W11 | 160 |
| 656421 | MUD 44 | BRI Alaska Corp. | 2S020N020W12 | 160 |
| 656422 | MUD 45 | BRI Alaska Corp. | 2S020N020W12 | 160 |
| 656423 | MUD 46 | BRI Alaska Corp. | 2S020N020W12 | 160 |
| 656424 | MUD 47 | BRI Alaska Corp. | 2S020N020W12 | 160 |
| 667695 | BT049 | BRI Alaska Corp. | 2S019N019W04 | 160 |

---

*Page 174 of 174* <br> *Effective Date: September 22, 2022* *S-K 1300 Technical Summary Report – Whistler Project, Alaska*

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Table**

**<u>FORM S-1</u>**

(Form Type)

**<u>U.S. GOLDMINING INC.</u>**

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered Securities</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security**<br> **Type** | **Security Class**<br> **Title** | **Fee**<br> **Calculation**<br> **or Carry**<br> **Forward**<br> **Rule** | **Amount**<br> **Registered** | **Proposed**<br> **Maximum**<br> **Offering**<br> **Price Per Unit** | **Maximum**<br> **Aggregate**<br> **Offering Price**<br> **<sup>(1)(2)</sup>** | **Fee Rate** | **Amount of**<br> **Registration Fee** |
| Fees to be paid | Equity | Units, each unit consisting of (i) one share of common stock, par value $0.001 per share, and (ii) one warrant to purchase one share of common stock | 457(o) | 2300000 | $10.00 | $23000000.00 | $0.00011020 | $2534.60 |
| Fees to be paid | Equity | Shares of common stock, par value $0.001 per share, included in the units |  | 2300000 |  | Included above |  |  |
| Fees to be paid | Equity | Warrants included in the units |  | 2300000 |  | Included above |  |  |
| Fees to be paid | Equity | Shares of common stock, par value $0.001 per share, issuable upon the exercise of warrants included in the units | 457 (o) | 2300000 | $13.00 | $29900000.00 | $0.00011020 | $3294.98 |
|  |  | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | $52900000.00 |  | $5829.58 |
|  |  | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid |  |  | $- |
|  |  | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  | $- |
|  |  | Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  | $5829.58 |

---

1. Estimated
 solely for the purpose of calculating the registration fee in accordance with Rule 457(o) under the Securities Act of 1933, as amended
 (the "Securities Act"). Includes shares of common stock and/or warrants to be sold upon exercise of underwriters'
 option to purchase additional shares of common stock and/or warrants.

2. Pursuant
 to Rule 416 under the Securities Act, the securities being registered hereunder include such indeterminate number of additional securities
 as may be issuable to prevent dilution resulting from stock splits, dividends or similar transactions.