# EDGAR Filing Document

**Accession Number:** 0001947244
**File Stem:** 0001493152-25-022369
**Filing Date:** 2025-11
**Character Count:** 105986
**Document Hash:** 1483caba4ef83f95b2f8b7f7dcfa5ccb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-022369.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001493152-25-022369

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 63

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** U.S. GoldMining Inc.
- **CENTRAL INDEX KEY:** 0001947244
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 371792147
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41690
- **FILM NUMBER:** 251479258

**BUSINESS ADDRESS:**
- **STREET 1:** 1830 - 1188 WEST GEORGIA STREET
- **CITY:** VANCOUVER, BC
- **STATE:** A1
- **ZIP:** V6E 4A2
- **BUSINESS PHONE:** (604) 388 9788

**MAIL ADDRESS:**
- **STREET 1:** 1830 - 1188 WEST GEORGIA STREET
- **CITY:** VANCOUVER, BC
- **STATE:** A1
- **ZIP:** V6E 4A2

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

For the quarterly period ended **<u>September 30, 2025</u>**

or

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the transition period from _____ to _____

Commission File Number: **001-41690**

**<u>U.S. GOLDMINING INC.</u>**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Nevada** | **37-1792147** |
| (State or other jurisdiction of incorporation of organization) | (I.R.S. Employer Identification No.) |
| **1188 West Georgia Street, Suite 1830, Vancouver, BC, Canada** | **V6E 4A2** |
| (Address of principal executive offices) | (Zip Code) |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**(604) 388-9788** |
| (Registrant's telephone number, including area code) |
| (Former name, former address and former fiscal year, if changed since last report) |

---

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.001 per share | USGO | The Nasdaq Capital Market |
| Warrants, each warrant exercisable for one share of Common Stock at an exercise price of $13.00 | USGOW | The Nasdaq Capital Market |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 |
| **☒ Non-accelerated filer** | **☒ Smaller reporting company** |
| ☒ Emerging growth company | ☒ 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 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 13,273,195 shares of common stock outstanding as of November 13, 2025.

**U.S. GOLDMINING INC.**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| [PART I – FINANCIAL INFORMATION](#su_001) | [PART I – FINANCIAL INFORMATION](#su_001) | 3 |
| &nbsp;&nbsp;&nbsp;Item 1. | [Financial Statements](#su_002) | 3 |
| &nbsp;&nbsp;&nbsp;Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#nor_001) | 16 |
| &nbsp;&nbsp;&nbsp;Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#nor_002) | 25 |
| &nbsp;&nbsp;&nbsp;Item 4. | [Controls and Procedures](#nor_003) | 25 |
| [PART II – OTHER INFORMATION](#nor_004) | [PART II – OTHER INFORMATION](#nor_004) | 26 |
| &nbsp;&nbsp;&nbsp;Item 1. | [Legal Proceedings](#nor_005) | 26 |
| &nbsp;&nbsp;&nbsp;Item 1A. | [Risk Factors](#nor_006) | 26 |
| &nbsp;&nbsp;&nbsp;Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#nor_007) | 26 |
| &nbsp;&nbsp;&nbsp;Item 3. | [Defaults Upon Senior Securities](#nor_008) | 26 |
| &nbsp;&nbsp;&nbsp;Item 4. | [Mine Safety Disclosures](#nor_009) | 26 |
| &nbsp;&nbsp;&nbsp;Item 5. | [Other Information](#nor_010) | 26 |
| &nbsp;&nbsp;&nbsp;Item 6. | [Exhibits](#nor_011) | 27 |
| [SIGNATURES](#nor_012) | [SIGNATURES](#nor_012) | 28 |

---

**PART I – FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**U.S. GOLDMINING INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Unaudited – Expressed in U.S. Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **September 30, 2025** | December 31, 2024 |
| **Current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 3 | $**3289803** | $3880747 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 3 | **42966** | 86261 |
| &nbsp;&nbsp;&nbsp;Other receivables |  | **12388** | 7419 |
| &nbsp;&nbsp;&nbsp;Inventories |  | **14720** | 34858 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 4 | **445390** | 108943 |
| Total current assets |  | **3805267** | 4118228 |
| Exploration and evaluation assets |  | **31392** | 31392 |
| Operating lease right-of-use assets, net |  | **92776** | 111444 |
| Property and equipment, net | 5 | **781782** | 888087 |
| **Total assets** |  | $**4711217** | $5149151 |
| **Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable |  | $**40284** | $185251 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities |  | **331252** | 28983 |
| &nbsp;&nbsp;&nbsp;Current portion of lease liabilities | 6 | **28980** | 25144 |
| &nbsp;&nbsp;&nbsp;Other payables |  | **180863** | 180863 |
| Total current liabilities |  | **581379** | 420241 |
| Lease liabilities | 6 | **65044** | 84250 |
| Asset retirement obligations |  | **214386** | 199525 |
| **Total liabilities** |  | **860809** | 704016 |
| **Stockholders' equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital stock |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock $0.001 par value: 300,000,000 shares authorized as at September 30, 2025 and December 31, 2024; 12,889,004, 12,456,815 shares issued and outstanding as at September 30, 2025 and December 31, 2024 | 9 | **12889** | 12457 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital |  | **32046776** | 27630696 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit |  | **(28209257)** | (23198018) |
| **Total stockholders' equity** |  | **3850408** | 4445135 |
| **Total liabilities and stockholders' equity** |  | $**4711217** | $5149151 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

**U.S. GOLDMINING INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

**(Unaudited – Expressed in U.S. Dollars)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Three Months Ended September 30** | **Three Months Ended September 30** | **Nine Months Ended September 30** | **Nine Months Ended September 30** |
|  | <br>**Notes** | **2025** | 2024 | **2025** | 2024 |
| **Operating expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exploration expenses | 7 | $**2095409** | $3911335 | $**2538765** | $5249235 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 8 | **699855** | 477869 | **2422030** | 1793880 |
| &nbsp;&nbsp;&nbsp;Accretion |  | **5074** | 4606 | **14861** | 13489 |
| &nbsp;&nbsp;&nbsp;Depreciation | 5 | **35435** | 35436 | **106305** | 90157 |
| **Total operating expenses** |  | **2835773** | 4429246 | **5081961** | 7146761 |
| **Loss from operations** |  | **(2835773)** | (4429246) | **(5081961)** | (7146761) |
| **Other income (expenses)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income |  | **22499** | 86022 | **84203** | 355975 |
| &nbsp;&nbsp;&nbsp;Foreign exchange loss |  | **(1349)** | (1278) | **(10116)** | (447) |
| **Net loss for the period before tax** |  | $**(2814623)** | $(4344502) | $**(5007874)** | $(6791233) |
| Current income tax expense |  | **-** | (1247) | **(3365)** | (4168) |
| **Net loss for the period** |  | $**(2814623)** | $(4345749) | $**(5011239)** | $(6795401) |
| **Loss per share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Basic and diluted** | 10 | $**(0.22)** | $(0.35) | $**(0.40)** | $(0.55) |
| **Weighted average shares outstanding** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Basic and diluted** |  | **12696060** | 12398709 | **12555317** | 12398709 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

**U.S. GOLDMINING INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited – Expressed in U.S. Dollars)**

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30** | **Nine Months Ended September 30** |
|  | **2025** | 2024 |
| **Net cash provided by (used in):** |  |  |
| **Operating activities** |  |  |
| Net loss for the period | $**(5011239)** | $(6795401) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Accretion | **14861** | 13489 |
| &nbsp;&nbsp;&nbsp;Depreciation | **106305** | 90157 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | **354117** | 184127 |
| &nbsp;&nbsp;&nbsp;Non-cash lease expenses | **30416** | 24070 |
| Changes in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Inventories | **20138** | (8934) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | **(336447)** | (430548) |
| &nbsp;&nbsp;&nbsp;Other receivables | **(4969)** | 121603 |
| &nbsp;&nbsp;&nbsp;Accounts payable | **(144967)** | 272917 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | **302269** | (82105) |
| &nbsp;&nbsp;&nbsp;Income tax payable | **-** | (5036) |
| &nbsp;&nbsp;&nbsp;Lease liabilities | **(27118)** | (24785) |
| **Net cash used in operating activities** | **(4696634)** | (6640446) |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of equipment | **-** | (171835) |
| **Net cash used in investing activities** | **-** | (171835) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from At-The-Market offering, net of issuance costs | **4062395** |  |
| &nbsp;&nbsp;&nbsp;Capital contributions from GoldMining | **-** | 10202 |
| **Net cash provided by financing activities** | **4062395** | 10202 |
| **Net change in cash, cash equivalents and restricted cash** | **(634239)** | (6802079) |
| **Cash, cash equivalents and restricted cash, beginning of period** | **3967008** | 11291649 |
| **Cash, cash equivalents and restricted cash, end of period** | $**3332769** | $4489570 |
| **Supplemental disclosure of non-cash financing activities:** |  |  |
| Allocation of stock-based compensation expenses from GoldMining | $**-** | $13675 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

**U.S. GOLDMINING INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

**(Unaudited – Expressed in U.S. Dollars)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Common Stock** | **Common Stock** | | | |
|  | <br>**Note** | **Shares** | **Amount** | **Additional<br> Paid-In**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total<br> Stockholders'**<br>**Equity** |
| Balance at December 31, 2024 |  | 12456815 | $12457 | $27630696 | $(23198018) | $4445135 |
| &nbsp;&nbsp;&nbsp;Common stock |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued upon exercise of stock options | 9.5 | 1596 | 2 | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued upon vesting of restricted stock units | 9.6 | 3763 | 3 | (3) |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of stock-based compensation | 9.3, 9.5, 9.6 |  |  | 172415 |  | 172415 |
| &nbsp;&nbsp;&nbsp;Net loss for the period |  | - | - | - | (1291596) | (1291596) |
| Balance at March 31, 2025 |  | 12462174 | $12462 | $27803106 | $(24489614) | $3325954 |
| &nbsp;&nbsp;&nbsp;Common stock |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued under At-The-Market offering | 9.1 | 111422 | 111 | 1122142 |  | 1122253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance costs for At-The-Market offering | 9.1 |  |  | (33154) |  | (33154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued upon vesting of restricted stock units | 9.6 | 3563 | 4 | (4) |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of stock-based compensation | 9.3, 9.5, 9.6 |  |  | 122650 |  | 122650 |
| &nbsp;&nbsp;&nbsp;Net loss for the period |  | - | - | - | (905020) | (905020) |
| Balance at June 30, 2025 |  | 12577159 | $12577 | $29014740 | $(25394634) | $3632683 |
| &nbsp;&nbsp;&nbsp;Common stock |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued under At-The-Market offering | 9.1 | 308282 | 308 | 3053764 |  | 3054072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance costs for At-The-Market offering | 9.1 |  |  | (80776) |  | (80776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued upon vesting of restricted stock units | 9.6 | 3563 | 4 | (4) |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of stock-based compensation | 9.3, 9.5, 9.6 |  |  | 59052 |  | 59052 |
| &nbsp;&nbsp;&nbsp;Net loss for the period |  | - | - | - | (2814623) | (2814623) |
| **Balance at September 30, 2025** |  | **12889004** | $**12889** | $**32046776** | $**(28209257)** | $**3850408** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Common Stock | Common Stock | | | |
|  | <br>Note | Shares | Amount | Additional<br> Paid-In<br>Capital | Accumulated<br>Deficit | Total<br> Stockholders'<br>Equity |
| Balance at December 31, 2023 |  | 12398709 | $12399 | $26699034 | $(14710937) | $12000496 |
| &nbsp;&nbsp;&nbsp;Capital contributions from GoldMining | 13 |  |  | 3700 |  | 3700 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocated from GoldMining | 13 |  |  | 7266 |  | 7266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of stock-based compensation | 9.3, 9.5 |  |  | 78000 |  | 78000 |
| &nbsp;&nbsp;&nbsp;Net loss for the period |  | - | - | - | (962449) | (962449) |
| Balance at March 31, 2024 |  | 12398709 | $12399 | $26788000 | $(15673386) | $11127013 |
| &nbsp;&nbsp;&nbsp;Capital contributions from GoldMining | 13 |  |  | 3285 |  | 3285 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocated from GoldMining | 13 |  |  | 4115 |  | 4115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of stock-based compensation | 9.3, 9.5 |  |  | 51256 |  | 51256 |
| &nbsp;&nbsp;&nbsp;Net loss for the period |  | - | - | - | (1487203) | (1487203) |
| Balance at June 30, 2024 |  | 12398709 | $12399 | $26846656 | $(17160589) | $9698466 |
| &nbsp;&nbsp;&nbsp;Capital contributions from GoldMining | 13 |  |  | 3217 |  | 3217 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocated from GoldMining | 13 |  |  | 2294 |  | 2294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of stock-based compensation | 9.3, 9.5 |  |  | 41196 |  | 41196 |
| &nbsp;&nbsp;&nbsp;Net loss for the period |  | - | - | - | (4345749) | (4345749) |
| Balance at September 30, 2024 |  | 12398709 | $12399 | $26893363 | $(21506338) | $5399424 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

**Note 1: Business** 

U.S. GoldMining Inc. (the "Company") was incorporated under the laws of the State of Alaska as "BRI Alaska Corp." on June 30, 2015. On September 8, 2022, the Company redomiciled from Alaska to Nevada and changed its name to "U.S. GoldMining Inc." The Company is a subsidiary of GoldMining Inc. ("GoldMining"), a mineral exploration and development company organized under the laws of Canada listed on the Toronto Stock Exchange and NYSE American. GoldMining owns a controlling interest in the Company of 9,878,261 shares of common stock and common stock purchase warrants to purchase up to 122,490 shares of common stock, representing approximately 76.6% of the outstanding shares of the Company as of September 30, 2025.

The Company's common stock and common stock purchase warrants are listed on the Nasdaq Capital Market under the symbols "USGO" and "USGOW", respectively.

The Company is a mineral exploration company with a focus on the exploration and development of a project located in Alaska, USA. The Company's registered office is 3773 Howard Hughes Pkwy #500s Las Vegas, NV 89169, its principal executive office address is 1188 West Georgia Street, Suite 1830, Vancouver, British Columbia, Canada V6E 4A2 and its head operating office address is 301 Calista Court, Suite 200, Office 203, Anchorage, AK 99518.

The Company's primary asset is the 100%-owned Whistler exploration property (the "Whistler Project") located in Alaska, USA. Access to the Whistler Project area is by fixed wing aircraft to a gravel airstrip located adjacent to the Whistler Project exploration camp. The Company is undertaking exploration and mining studies to determine whether the Whistler Project contains mineral reserves where extraction is technically feasible and commercially viable and whether the Whistler Project will be mined by open-pit or underground methods.

**Note 2: Summary of Significant Accounting Policies**

***Basis of Presentation***

The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto as of and for the year ended December 31, 2024. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements include all adjustments that are necessary for a fair presentation of the Company's interim financial position, operating results and cash flows for the periods presented.

***Consolidation***

The consolidated financial statements include the financial statements of the Company and US GoldMining Canada Inc., a wholly owned subsidiary of the Company. The subsidiary is consolidated from the date the Company obtains control and continue 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.

***Management's Use of Estimates***

The preparation of these condensed consolidated 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 quarters presented. 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 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 and stock-based compensation.

***Recently Issued Accounting Pronouncements***

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU expands public entities' income tax disclosures by requiring disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The ASU is effective for annual periods beginning after December 15, 2024. The guidance should be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU-2024-03, Income Statement- Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires public entities to disclose specified information about certain costs and expenses at each interim and annual reporting period, which includes amounts for inventory purchases, employee compensation, depreciation, intangible asset amortization, and expenses related to oil and gas activities. This ASU will be effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and related disclosures.

**Note 3: Cash and Cash Equivalents and Restricted Cash**

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | December 31, 2024 |
| **Cash and cash equivalents consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash at bank | $**1389803** | $580747 |
| &nbsp;&nbsp;&nbsp;Term deposits | **1900000** | 3300000 |
| Total | $**3289803** | $3880747 |

---

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | December 31, 2024 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**3289803** | $3880747 |
| &nbsp;&nbsp;&nbsp;Restricted cash | **42966** | 86261 |
| Total cash, cash equivalents and restricted cash | $**3332769** | $3967008 |

---

Restricted cash relates to term deposits held by the bank as security for corporate credit cards.

**Note 4: Prepaid Expenses** 

Prepaid expenses consist of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | December 31, 2024 |
| Advances<sup>(1)</sup> | $**197108** | $- |
| Prepaid corporate development expenses | **145596** | 8972 |
| Prepaid insurance | **60928** | 93552 |
| Prepaid dues and subscriptions | **23912** | 603 |
| Other prepaid expenses | **17846** | 5816 |
| Total | $**445390** | $108943 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Advances relate
to the cash advanced to Equity Geoscience Ltd. ("Equity Geoscience"), a technical consulting company for the management of
an exploration program for the Whistler Project.

**Note 5: Property and Equipment**

Property and equipment consist of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | **Cost** | **Accumulated<br> Depreciation** | **Net Book <br> Value** | Cost | Accumulated<br> Depreciation | Net Book <br> Value |
| Camp structures | $**767706** | $**(167925)** | $**599781** | $767706 | $(110347) | $657359 |
| Vehicles and hauling equipment | **174508** | **(65983)** | **108525** | 174508 | (34120) | 140388 |
| Exploration equipment | **108137** | **(35880)** | **72257** | 108137 | (19659) | 88478 |
| Computer hardware | **2574** | **(1355)** | **1219** | 2574 | (712) | 1862 |
|  | $**1052925** | $**(271143)** | $**781782** | $1052925 | $(164838) | $888087 |

---

**Note 6: Leases**

In November 2023, US GoldMining Canada Inc. entered into an agreement to lease a portion of an office premises in Vancouver, British Columbia with a term of 4.88 years. As of September 30, 2025, the remaining lease term was 3 years and the incremental borrowing rate was 11.34%.

Minimum future lease payments under operating lease with terms longer than one year are as follows:

---

| | |
|:---|:---|
| Fiscal 2025 | 9346 |
| Fiscal 2026 | 37383 |
| Fiscal 2027 | 37383 |
| Fiscal 2028 | 24922 |
| Total lease payments | 109034 |
| Less: imputed interest | (15010) |
| **Present value of lease liabilities** | $94024 |
| Current portion of lease liabilities | $28980 |
| Non-current portion of lease liabilities | $65044 |

---

During the three and nine months ended September 30, 2025, and 2024, total lease expenses include the following components:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
| Operating Leases | $**8940** | $9032 | $**26422** | $27168 |
| Short-term Leases | **1050** | 2250 | **3150** | 4350 |
| **Total Lease Expenses** | $**9990** | $11282 | $**29572** | $31518 |

---

**Note 7: Exploration Expenses**

The following table presents costs incurred for exploration activities for the three and nine months ended September 30, 2025, and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
| Drilling and associated costs | $**811206** | $1873557 | $**836449** | $2236578 |
| Camp and field support expenses | **542134** | 847382 | **604012** | 1186419 |
| Consulting fees | **526470** | 656577 | **844562** | 1097859 |
| Transportation, travel and other exploration expenses | **215599** | 533819 | **253742** | 728379 |
| Total | $**2095409** | $3911335 | $**2538765** | $5249235 |

---

**Note 8: General and Administrative Expenses**

The following table presents general and administrative expenses for the three and nine months ended September 30, 2025, and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
| Office, consulting, investor relations, insurance and travel<sup>(1)</sup> | $**393805** | $266572 | $**1277489** | $760395 |
| Professional fees | **109207** | 55922 | **365260** | 474509 |
| Management fees, salaries and benefits<sup>(2)</sup> | **107845** | 87364 | **303874** | 262006 |
| Stock-based compensation<sup>(2)</sup> | **59052** | 43490 | **354117** | 184127 |
| Filing, listing, dues and subscriptions | **29946** | 24521 | **121290** | 112843 |
| Total | $**699855** | $477869 | $**2422030** | $1793880 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Office, consulting,
investor relations, insurance and travel expenses include costs for Blender Media Inc. ("Blender"), a company controlled
by a direct family member of a co-chairman and director of GoldMining (Note 13).

&nbsp;&nbsp;&nbsp;&nbsp;(2) During the three
and nine months ended September 30, 2024, stock-based compensation and management fees, salaries and benefits include costs allocated
from GoldMining (Note 13).

**Note 9: Capital Stock**

***9.1 Equity Financing***

*ATM Program*

On May 15, 2024, the Company filed a shelf registration statement on Form S-3 with the SEC, covering the offering, issuance and sale of up to $40 million of a variety of securities including the Company's common stock, preferred stock, warrants and/or units. Additionally, the Company entered into an At The Market Offering Agreement (the "Sales Agreement") with a lead agent and co-agents providing for an at-the-market equity sales program (the "ATM Program"). Pursuant to the ATM Program, the Company could originally sell shares of its common stock having an aggregate offering price of up to $5.5 million from time to time through the sales agents subject to the terms of the Sales Agreement. Sales under the ATM Program may be made directly or through the facilities of the NASDAQ or other active trading market in the United States. A fixed cash commission rate of 2.5% on the gross sales price per share of common stock sold under the ATM Program is payable to the agents in connection with any such sales.

On September 30, 2025, the Company filed a prospectus supplement with the SEC to increase the maximum number of shares of common stock issuable under the ATM Program. Pursuant to the increased offering, the Company may sell up to $7.6 million of shares of common stock from time to time through the sales agents, which does not include the Company's shares of common stock having an aggregate gross sales price of approximately $4.8 million that were sold pursuant to the ATM Program prior to September 30, 2025.

During the three and nine months ended September 30, 2025, the Company sold 308,282 and 419,704 shares of common stock, respectively, under the ATM Program for respective gross proceeds in each period of $3,054,072 and $4,176,325. Aggregate commissions paid to the agents under the ATM Program were $80,776 and $113,930 in the three and nine months ended September 30, 2025, respectively.

Subsequent to September 30, 2025, the Company sold 380,891 shares of common stock under the ATM Program for gross proceeds of $5,060,416, with aggregate commissions paid or payable to the agents and other share issuance and settlement costs of $133,153, which was an average sales price of approximately $13.29 per share of common stock.

***9.2 Common and Preferred Stocks***

The authorized share capital of the Company is comprised of 300,000,000 shares of common stock with par value of $0.001 and 10,000,000 shares of preferred stock with par value of $0.001.

As of September 30, 2025, there were 12,889,004 shares of common stock issued and outstanding and no preferred stock issued and outstanding.

***9.3 Restricted Shares***

 ****

On September 23, 2022, the Company adopted an equity incentive plan (the "Legacy Incentive Plan"). The Legacy Incentive Plan only provides for the grant of restricted stock awards. 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. The maximum number of shares of common stock that may be issued pursuant to the grant of the restricted stock awards is 1,000,000 shares of common stock in the Company.

On September 23, 2022, the Company granted awards of an aggregate of 635,000 shares of performance based restricted shares (the "Restricted Shares") under the Legacy Incentive Plan to certain of its and GoldMining's executive officers, directors and consultants, the terms of which were amended on May 4, 2023. These awards are subject to performance-based restrictions, whereby the restrictions will be cancelled if certain performance conditions are met in specified periods. As of September 30, 2025, 254,000 of the 635,000 Restricted Shares remain unvested, with the balance having become vested and no longer subject to restrictions.

The unvested 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 the Company without the requirement of any further consideration. The conditions are as follows:

(a) with respect
 to 15 % of the Restricted Shares, if the Company has not re-established the Whistler Project camp and performed of a minimum of 10,000
 meters of drilling prior to September 30, 2026 ;

(b) with respect
 to 15 % of the Restricted Shares, if the Company has not achieved a $250,000,000 market capitalization, based on the number of shares
 of its 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 its common stock is listed prior to the date that is five years after the date of
 grant of such award ; or

(c) with
 respect to 10 % of the Restricted Shares, if the Company has not achieved a share price of $25.00 prior to the date that is six years
 after the date of grant of such award . Upon
 satisfaction of the conditions referenced in both (b) and (c) above (regardless of whether they occur simultaneously or consecutively),
 all of the unvested Restricted Shares will be 100% vested and will be deemed Released Stock. In
the event the Company files the disclosure specified in Subpart 1300 of the SEC Regulation S-K Report with the SEC or the disclosure
specified in Canadian National Instrument 43-101, Standards for Disclosure for Mineral Products, to the relevant Canadian securities
regulator (the "Securities Filing") that includes, in either disclosure, an aggregate estimate of mineral resources for the
Whistler Project or any other project owned or operated by the Company of 3,000,000 additional gold or gold equivalent ounces from the
amount reported on the disclosure specified in the Company's Subpart 1300 of the SEC Regulation S-K Report dated September 22,
2022, 190,500 shares of the Restricted Shares will be deemed released as of the date of such Securities Filing (or if such amount exceeds
the number of shares of Restricted Shares that have not yet become Released Stock at the time, such lesser number of shares of Restricted
Shares) reducing, on a proportional basis, the number of unvested shares of Restricted Shares subject to each vesting condition.

During the three and nine months ended September 30, 2025, the Company recognized a stock-based compensation recovery of $13,621 and $9,792, respectively, (stock-based compensation expense of $3,442 and $11,563, respectively, during the three and nine months ended September 30, 2024), related to the Restricted Shares.

***9.4 Share Purchase Warrants***

There were common stock purchase warrants to purchase 1,740,992 shares of common stock outstanding as of September 30, 2025 (warrants to purchase 1,741,292 shares of common stock outstanding as of September 30, 2024), with an exercise price of $13.00 per share. As of September 30, 2025, the outstanding common stock purchase warrants have a weighted average remaining contractual life of 0.56 years.

***9.5 Stock Options***

 ****

On February 6, 2023, the Company adopted a long term incentive plan ("2023 Incentive Plan"). 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. The 2023 Incentive Plan provides for the grant of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock units (the "RSUs"), performance awards, restricted stock awards and other cash and equity-based awards. The aggregate number shares of common stock issuable under the 2023 Incentive Plan in respect of awards shall not exceed 10% of the common stock issued and outstanding.

The stock options are exercisable for a period of five years from the date of grant and will vest as follows: (a) 25% on the grant date; and (b) 25% on each of the dates that are six, twelve and eighteen months thereafter. The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant date fair value of stock options granted:

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | 2024 |
| Risk Free Interest Rate |  | 4.45% |
| Expected Volatility<sup>(1)</sup> |  | 54.94% |
| Expected Life in Years |  | 3.00 |
| Expected Dividend Yield |  | 0.00% |
| Estimated forfeiture rate |  | 0.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) As there is limited
trading history of the Company's shares of common stock prior to the date of grant, the expected volatility is based on the historical
share price volatility of a group of comparable companies in the sector the Company operates over a period similar to the expected life
of the stock options.

The following table summarizes the Company's stock option activity:

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Stock Options** | **Weighted Average<br> Exercise Price** |
| Balance at December 31, 2024 | 316050 | $10.00 |
| &nbsp;&nbsp;&nbsp;Exercised | (10000) | 10.00 |
| &nbsp;&nbsp;&nbsp;Forfeited | (2500) | 10.00 |
| Balance at March 31, 2025 | 303550 | 10.00 |
| &nbsp;&nbsp;&nbsp;Forfeited | (10000) | 10.00 |
| **Balance at June 30, 2025 and September 30, 2025** | **293550** | $**10.00** |

---

As of September 30, 2025, the aggregate intrinsic value under the provisions of ASC 718 of all outstanding stock options was $838,618. The unrecognized stock-based compensation expense related to the unvested portion of stock options totaled $76,383 to be recognized over the next 0.53 years.

During the three and nine months ended September 30, 2025, the Company recognized stock-based compensation expenses of $48,648 and $250,497, respectively ($37,754 and $158,889 respectively, during the three and nine months ended September 30, 2024), for the stock options granted.

***9.6 Restricted Stock Units***

The Company's RSUs vest in four equal annual instalments during the recipient's continual service with the Company. The compensation expense is calculated based on the fair value of each RSU as determined by the closing value of the Company's common stock at the date of the grant. The Company recognizes compensation expense over the vesting period of the RSUs.

The following table summarizes the Company's RSUs activity:

---

| | | |
|:---|:---|:---|
|  | Number of RSUs | Weighted Average<br> Grant-Date Fair Value |
| Balance at December 31, 2024 | 15050 | $8.32 |
| &nbsp;&nbsp;&nbsp;Vested | (3763) | 8.32 |
| Balance at March 31, 2025 | 11287 | 8.32 |
| &nbsp;&nbsp;&nbsp;Vested | (3563) | 8.32 |
| &nbsp;&nbsp;&nbsp;Forfeited | (600) | 8.32 |
| Balance at June 30, 2025 | 7124 | 8.32 |
| &nbsp;&nbsp;&nbsp;Vested | (3563) | 8.32 |
| &nbsp;&nbsp;&nbsp;Granted | 5000 | 9.25 |
| **Balance at September 30, 2025** | **8561** | $**8.86** |

---

During the three and nine months ended September 30, 2025, the Company recognized stock-based compensation expenses of $24,025 and $113,412, respectively ($nil during the three and nine months ended September 30, 2024) related to the RSUs.

**Note 10: Net Loss Per Share**

The following table provides reconciliation of net loss per share of common stock:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30** | **Three Months Ended September 30** | **Nine Months Ended September 30** | **Nine Months Ended September 30** |
|  | **2025** | 2024 | **2025** | 2024 |
| **Numerator** |  |  |  |  |
| Net loss for the period | $**(2814623)** | $(4345749) | $**(5011239)** | $(6795401) |
| **Denominator** |  |  |  |  |
| Weighted average number of shares, basic and diluted | **12696060** | 12398709 | **12555317** | 12398709 |
| **Net loss per share, basic and diluted** | $**(0.22)** | $(0.35) | $**(0.40)** | $(0.55) |

---

The basic and diluted net loss per share are the same as the Company is in a net loss position.

The Company's potentially dilutive securities, including stock options (stock options to purchase 293,550 and 188,550 shares of common stock outstanding as of September 30, 2025, and 2024, respectively), RSUs (8,561 and nil RSUs outstanding as of September 30, 2025, and 2024, respectively) and warrants (warrants to purchase 1,740,992 and 1,741,292 shares of common stock outstanding as of September 30, 2025, and 2024, respectively), have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.

**Note 11: Financial Instruments**

 ****

***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 the Company's ability to continue as a going concern. The risks associated with these financial instruments and the policies on how the Company mitigates 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 its bank balances. The Company mitigates credit risk associated with its bank balances by holding cash and cash equivalents 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 to ensure it has adequate sources of funding to finance its projects and operations. The Company had working capital as of September 30, 2025, of $3,223,888. The Company's accounts payable, accrued liabilities, current portion of lease liabilities and other payables are expected to be realized or settled within a one-year period.

The Company has not generated any revenue from operations and the only sources of financing to date have been through advances from GoldMining, its initial public offering, the exercise of share purchase warrants and the ATM Program. The Company's ability to meet its obligations and finance exploration activities depends on its ability to generate cash flow through the issuance of shares of common stock pursuant to private placements, public offerings, including under the ATM Program, share purchase warrant exercises, 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 the Company's common stock, restricting access to some institutional investors. The Company's growth and success is dependent on external sources of financing which may not be available on acceptable terms, or at all.

Through the ATM Program discussed in Note 9.1, management believes that the expected impact on our liquidity and cash flows resulting from ATM Program are sufficient to enable the Company to meet its obligations for at least twelve months from the issuance date of these condensed consolidated financial statements and to continue to alleviate the conditions that raised substantial doubt about the Company's ability to continue as going concern.

***Currency Risk***

The Company reports its 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 its functional currency. Financial instruments that impact the Company's net loss due to currency fluctuations include cash and cash equivalents, restricted cash, accounts payable and accrued liabilities which are denominated in Canadian dollars. A 10% change in the exchange rate of U.S. dollars to Canadian dollars would have an impact of approximately $4,600 on net loss for the nine months ended September 30, 2025.

**Note 12: 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 $230,605 in 2025 and thereafter, to keep the Whistler Project in good standing. Additionally, the Company has an annual labor requirement of $135,200 for 2025 and thereafter, for which a cash-in-lieu payment equal to the value of the annual labor requirement may be made instead.

***Future Commitments***

On November 27, 2020, GoldMining agreed to cause the Company to issue a 1.0% net smelter return ("NSR") royalty on its Whistler Project to Gold Royalty U.S. Corp. (a subsidiary of Gold Royalty Corp.). The Company also assigned certain buyback rights relating to an existing third party royalty on the Whistler Project such that Gold Royalty U.S. Corp. has a right to acquire a 0.75% NSR (including an area of interest) on the Whistler Project for $5,000,000 pursuant to such buyback rights. The royalty was subsequently assigned to Nevada Select Royalty, Inc. (a subsidiary of Gold Royalty Corp.).

In August 2015, the Company acquired rights to the Whistler Project and associated equipment 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 acquired rights and assumed obligations under two related underlying agreements. The first underlying agreement is a Royalty Purchase Agreement between Kiska, Geoinformatics and MF2 LLC. ("MF2"), dated December 16, 2014. This agreement grants MF2 a 2.75 percent NSR royalty over the Whistler Project area. The MF2 royalty was subsequently assigned to Osisko Mining (USA) Inc.. The second underlying agreement is an earlier agreement between Cominco American Incorporated and Mr. Kent Turner (whose rights and obligations thereunder were assumed by the Company) dated October 1, 1999. This agreement concerns a 2.0 percent net profit interest in connection with an area of interest specified by standard township sub-division. The interest was originally held by Teck Resources and was subsequently acquired by Sandstorm Gold Ltd.. In October 2025, following the acquisition of Sandstorm Gold Ltd. by Royal Gold, Inc., the interest was transferred to RG Royalties, a wholly owned subsidiary of Royal Gold, Inc.

In July 2025, the Company entered into an agreement with Equity Geoscience for the management of an exploration program for the Whistler Project. The agreement included an approved work order totaling $1,844,000 for the period from January 1, 2025, to April 30, 2026. The work order may be paused, postponed or terminated by either party with 30 days written notice. In October 2025, the Company amended the work order to $2,094,000. Additionally, as of the date of this filing, the Company has paid $1,969,848 towards the approved work order.

**Note 13: Related Party Transactions**

The Company shares personnel, including key management personnel, office space, equipment, and various administrative services with other companies, including GoldMining. Costs incurred by GoldMining are allocated between its related subsidiaries based on an estimate of time incurred and use of services and are charged at cost. During the three and nine months ended September 30, 2025, the allocated costs from GoldMining to the Company were $nil ($5,511 and $23,877 for the three and nine months ended September 30, 2024, respectively). Out of the allocated costs for the three and nine months ended September 30, 2024, $2,294 and $13,675, respectively, were for non-cash stock-based compensation expenses. During the year ended December 31, 2024, the 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.

During the three and nine months ended September 30, 2025, the Company incurred $1,019 and $4,726, respectively, and during the three and nine months ended September 30, 2024, $1,299 and $140,812, respectively, in general and administrative costs, paid to Blender, a company whose principal is an immediate family member of a co-chairman and director of GoldMining, for information technology, corporate branding, sponsorships and advertising, media, website design, maintenance and hosting services, provided by Blender to the Company.

During the three and nine months ended September 30, 2025, stock-based compensation expenses included stock-based compensation recovery of $8,687 and $6,269, respectively (stock-based compensation expenses of $2,132 and $7,232 during the three and nine months ended September 30, 2024), in amounts incurred for a co-chairman and director of GoldMining for performance based Restricted Shares granted in September 2022 (Note 9.3).

Related party transactions are based on the amounts agreed to by the parties. During the quarters ended September 30, 2025, and 2024, the Company did not enter into any contracts or undertake any commitment or obligation with any related parties other than as described herein.

**<u>Item 2.</u>** **<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>**

 

**U.S. GoldMining Inc.**

Management's Discussion and Analysis

For the three and nine months ended September 30, 2025

**General**

Unless the context otherwise requires, references to "U.S. GoldMining", "the Company", "we", "us" and "our" refer to U.S. GoldMining Inc., a Nevada corporation and references to "$" or "dollars" are to United States dollars.

You should read this management's discussion and analysis of our financial condition and results of operations for the three and nine months ended September 30, 2025 (the "MD&A") in conjunction with our unaudited interim condensed consolidated financial statements included in Item 1 of our Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2025 (the "Quarterly Report"), as well as our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the "Annual Report"), including, in each case, the related notes contained therein.

**Cautionary Note Regarding Forward-Looking Statements**

 ****

This MD&A includes forward-looking statements and forward-looking information as respectively defined under applicable 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 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. 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 include, but are not limited to, statements about:

● our expectations regarding raising capital and developing the 100%-owned Whistler exploration property located in Alaska, USA (the "Whistler Project");

● planned activities, including proposed exploration, development and the completion of proposed studies pertaining to the Whistler Project and the goals thereof; and

● our estimates regarding future liquidity requirements and the need for additional financing in the future.

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 Item 1A. Risk Factors in our Annual Report. 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 document. 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 document represent our expectations as of the date of this MD&A (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.

**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 105 miles (170 kilometres) northwest of Anchorage, in Alaska.

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 Inc. ("GoldMining"), a company organized under the laws of Canada and listed on the Toronto Stock Exchange and NYSE American. As of the date hereof, GoldMining owns 9,878,261 shares of our common stock, par value $0.001 per share ("Common Stock"), representing 74.4% of the outstanding shares of our Common Stock, and warrants ("Warrants") to purchase up to 122,490 additional shares of our Common Stock, exercisable at a price of $13.00 per share until April 24, 2026.

Our principal executive offices are located at 1188 West Georgia Street, Suite 1830, Vancouver, British Columbia, Canada V6E 4A2, our registered office is 3773 Howard Hughes Pkwy #500s Las Vegas, NV 89169 and our head operating office is located at 301 Calista Court, Suite 200, Office 203, Anchorage, Alaska, 99518. Our website address is www.usgoldmining.us.

Our shares of Common Stock and Warrants are listed on the Nasdaq Capital Market under the symbol "USGO" and "USGOW", respectively.

**Recent Developments**

On June 9, 2025, we announced that we had selected Ausenco Engineering Canada ULC as the principal consulting firm to lead our proposed initial economic assessment (the "PEA") for the Whistler Project. The study is intended to constitute an initial assessment under subpart 1300 of Regulation S-K as issued by the U.S. Securities and Exchange Commission and a preliminary economic assessment under Canadian National Instrument 43-101.

On July 21, 2025, we announced our exploration program for the 2025 field season at the Whistler Project (the "2025 Exploration Program"), designed to focus on developing new potential porphyry gold-copper drill targets within the Whistler Orbit and undertaking follow-up mapping and sampling at the Muddy Creek prospect. The 2025 Exploration Program commenced in July 2025 and was completed in October 2025.

On August 27, 2025, we announced that the 2025 Exploration Program was underway. We also disclosed that follow-up mapping and sampling of the Muddy Creek mineral system has also commenced.

On September 22, 2025, we announced updated results from a metallurgical test work program announced on April 24, 2025.

On October 13, 2025, we announced the completion of the 2025 Exploration Program.

 ****

***At-The-Market Equity Program***

On May 15, 2024, we entered into an At The Market Offering Agreement (the "Sales Agreement") with a lead agent and co-agents providing for an at-the-market equity sales program (the "ATM Program"). Pursuant to the ATM Program, we could originally sell shares of our Common Stock having an aggregate offering price of up to $5.5 million from time to time through the sales agents subject to the terms of the Sales Agreement. Sales under the ATM Program may be made directly or through the facilities of the NASDAQ or other active trading market in the United States. A fixed cash commission rate of 2.5% on the gross sales price per share of Common Stock sold under the ATM Program is payable to the agents in connection with any such sales.

On September 30, 2025, we filed a prospectus supplement with the SEC to increase the maximum number of shares of our Common Stock issuable under the ATM Program by an additional $7,645,000.

During the three and nine months ended September 30, 2025, we sold 308,282 and 419,704 shares of our Common Stock, respectively, under the ATM Program for respective gross proceeds in each period of $3,054,072 and $4,176,325. Aggregate commissions paid to the agents under the ATM Program were $80,776 and $113,930 in the three and nine months ended September 30, 2025, respectively.

Subsequent to September 30, 2025, we sold 380,891 shares of Common Stock under the ATM Program for gross proceeds of $5,060,416, with aggregate commissions paid or payable to the agents of $133,153, which was an average sales price of approximately $13.29 per share of Common Stock.

**Results of Operations**

 

***Three months ended September 30, 2025, compared to three months ended September 30, 2024***

 

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended September 30 | Three Months Ended September 30 | Three Months Ended September 30 |
|  | 2025 | 2024 | Change |
| **Selected operating results** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss for the period | $(2814623) | $(4345749) | $1531126 |
| &nbsp;&nbsp;&nbsp;Loss from operations | (2835773) | (4429246) | 1593473 |
| &nbsp;&nbsp;&nbsp;Exploration expenses | 2095409 | 3911335 | (1815926) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 699855 | 477869 | 221986 |
| &nbsp;&nbsp;&nbsp;Depreciation | $35435 | $35436 | $(1) |

---

 

For the three months ended September 30, 2025, we recorded a net loss of $2,814,623 (or $0.22 per share), compared to $4,345,749 (or $0.35 per share) for the same period of 2024. The decrease was primarily due to lower exploration expenses, partially offset by increased general and administrative expenses.

For the three months ended September 30, 2025, we had exploration expenses of $2,095,409, compared to $3,911,335 for the same period of 2024. During the three months ended September 30, 2025, exploration expenses primarily consisted of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) drilling
 and associated costs of $811,206, compared to $1,873,557 for the same period of 2024. Such
 expenses during the three months ended September 30, 2025, were primarily for the 2025 drilling
 program at the Whistler Project, which focused on broader regional coverage using scout auger
 drilling to develop new drill targets within the Whistler–Raintree mineral system.
 The decrease compared to the same period in 2024 mainly reflected differences in the scope
 and technical focus of the drilling programs between the two field seasons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) camp
 and field support expenses of $542,134, compared to $847,382 for the same period of 2024.
 The expenses during the three months ended September 30, 2025, were primarily for camp costs,
 including equipment maintenance, camp management labor and supplies for the ongoing 2025
 Exploration Program, as well as stakeholder engagement to support the Alaska state led future
 access road. The decrease compared to the same period of 2024 was mainly due to scope and
 timing differences of the field programs between the two periods. The 2025 field program
 focused on scout auger drilling and commenced in July 2025, whereas the 2024 field program
 was a diamond core drilling program which commenced earlier, in June 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) third-party
 consulting fees of $526,470, compared to $656,577 for the same period of 2024. The consulting
 fees during the three months ended September 30, 2025, were primarily for metallurgical testwork,
 the PEA, and the planning and management of our exploration activities at the Whistler Project.
 In addition, consulting fees to third parties to conduct regulator, community and other stakeholder
 engagements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) transportation,
 travel and other exploration expenses of $215,599, compared to $533,819 for the same period
 of 2024. Such expenses were primarily for fuel consumption, aircraft charter costs to transport
 crews, equipment and supplies to the Whistler Project. The higher expenses during the same
 period of 2024, were primarily driven by higher fuel consumptions, higher aircraft charter
 activity required to mobilize crews, equipment, and supplies in connection with the 2024
 exploration program.

For the three months ended September 30, 2025, general and administrative expenses were $699,855, compared to $477,869 for the same period of 2024. During the three months ended September 30, 2025, general and administrative expenditures primarily consisted of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) consulting,
 corporate development and investor relations expenses of $268,156, compared to $136,980 for
 the same period of 2024. The increase was primarily attributable to higher digital marketing
 expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) professional
 fees of $109,207, compared to $55,922 for the same period of 2024. The increase was primarily
 attributable to legal and accounting fees associated with the ATM Program incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) management
 fees, salaries and benefits of $107,845, compared to $87,364 for the same period of 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) office
 administrative and insurance expenses of $103,499, compared to $113,429 for the same period
 of 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) stock-based
 compensation expenses of $59,052, which were primarily related to the fair value of stock
 options and restricted stock units ("RSUs") issued by us to management, directors,
 consultants and employees, compared to $43,490 for the same period of 2024. The increase
 was primarily related to vesting of stock options and RSUs granted in December 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) filing,
 listing, dues and subscriptions expenses of $29,946, compared to $24,521 for the same period
 of 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) travel,
 website design and hosting expenses of $22,150, compared to $16,163 for the same period of
 2024.

For the three months ended September 30, 2025, depreciation expenses were $35,435, compared to $35,436 in the same period of 2024.

For the three months ended September 30, 2025, our loss from operations was $2,835,773, compared to $4,429,246 for the same period of 2024. The decrease was primarily related to the decrease of exploration expenses, partially offset by the increase of general and administrative expenses.

***Nine months ended September 30, 2025, compared to nine months ended September 30, 2024***

 

---

| | | | |
|:---|:---|:---|:---|
|  | Nine Months Ended September 30 | Nine Months Ended September 30 | Nine Months Ended September 30 |
|  | 2025 | 2024 | Change |
| **Selected operating results** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss for the period | $(5011239) | $(6795401) | $1784162 |
| &nbsp;&nbsp;&nbsp;Loss from operations | (5081961) | (7146761) | 2064800 |
| &nbsp;&nbsp;&nbsp;Exploration expenses | 2538765 | 5249235 | (2710470) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 2422030 | 1793880 | 628150 |
| &nbsp;&nbsp;&nbsp;Depreciation | $106305 | $90157 | $16148 |

---

For the nine months ended September 30, 2025, we recorded a net loss of $5,011,239 (or $0.40 per share), compared to $6,795,401 (or $0.55 per share) for the same period of 2024. The decrease was primarily due to the decrease of exploration expenses, partially offset by the increase of general and administrative expenses.

For the nine months ended September 30, 2025, we had exploration expenses of $2,538,765, compared to $5,249,235 for the same period of 2024. During the nine months ended September 30, 2025, exploration expenses primarily consisted of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) third-party
 consulting fees of $844,562, compared to $1,097,859 for the same period of 2024. The consulting
 fees during the nine months ended September 30, 2025, were primarily for the planning and
 management of our exploration activities at the Whistler Project, metallurgical testwork,
 the PEA and commencement of regulator, community and other stakeholder engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) drilling
 and associated costs of $836,449, compared to $2,236,578 for the same period of 2024. Such
 expenses during the nine months ended September 30, 2025, were primarily for the 2025 drilling
 program at the Whistler Project, which focused on broader regional coverage using scout auger
 drilling to develop new drill targets within the Whistler–Raintree mineral system.
 The decrease compared to the same period in 2024 mainly reflected differences in the scope
 and technical focus of the drilling programs between the two field seasons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) camp
 and field support expenses of $604,012, compared to $1,186,419 for the same period of 2024.
 The camp and field support expenses during the nine months ended September 30, 2025, were
 primarily for camp maintenance costs and stakeholder engagement to support the Alaska state
 led future access road. The decrease compared to the same period of 2024 was mainly due to
 differences in the scope and timing of the field programs between the two periods. The 2025
 field program focused on scout auger drilling and commenced in July 2025, whereas the 2024
 field program was a diamond core drilling program which commenced earlier, in June 2024;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) transportation,
 travel and other exploration expenses of $253,742, compared to $728,379 for the same period
 of 2024. Such expenses were primarily for equipment rental and aircraft charter costs to
 transport crews and supplies to the Whistler Project, and travel costs related to the stakeholder
 engagement program. The higher expenses during the nine months ended September 30, 2024,
 were primarily driven by higher fuel consumptions, higher aircraft charter activity required
 to mobilize crews, equipment, and supplies in connection with the 2024 exploration program.

For the nine months ended September 30, 2025, general and administrative expenses were $2,422,030, compared to $1,793,880 for the same period of 2024. During the nine months ended September 30, 2025, general and administrative expenditures primarily consisted of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) consulting,
 corporate development and investor relations expenses of $904,840, compared to $366,855 for
 the same period of 2024. The increase was primarily attributable to higher digital marketing
 expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) professional
 fees of $365,260, compared to $474,509 for the same period of 2024. The higher professional
 fees during the same period of 2024 primarily reflected higher legal and accounting fees
 associated with the filing of a registration statement and the implementation of the ATM
 Program incurred during the nine months ended September 30, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) stock-based
 compensation expenses of $354,117, which were primarily related to the fair value of stock
 options and RSUs issued by us to management, directors, consultants and employees, compared
 to $184,127 for the same period of 2024. The increase was primarily related to vesting of
 stock options and RSUs granted in December 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) office
 administrative and insurance expenses of $320,901, compared to $360,765 for the same period
 of 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) management
 fees, salaries and benefits of $303,874, compared to $262,006 for the same period of 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) filing,
 listing, dues and subscriptions expenses of $121,290, compared to $112,843 for the same period
 of 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) travel,
 website design and hosting expenses of $51,748, compared to $32,775 for the same period of
 2024.

For the nine months ended September 30, 2025, depreciation expenses were $106,305, compared to $90,157 in the same period of 2024. The increase was primarily due to depreciation of new equipment acquired in the prior year.

For the nine months ended September 30, 2025, our loss from operations was $5,081,961, compared to $7,146,761 for the same period of 2024. The decrease was primarily for the decrease of exploration expenses, partially offset by the increase of general and administrative expenses.

**Liquidity and Capital Resources**

---

| | | |
|:---|:---|:---|
|  | **As at September 30, 2025** | As at December 31, 2024 |
| Cash and cash equivalents | $**3289803** | $3880747 |
| Working capital<sup>(1)</sup> | **3223888** | 3697987 |
| Total assets | **4711217** | 5149151 |
| Total current liabilities | **581379** | 420241 |
| Accounts payable | **40284** | 185251 |
| Accrued liabilities | **331252** | 28983 |
| Total non-current liabilities | **279430** | 283775 |
| Stockholders' equity | $**3850408** | $4445135 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Working
 capital is the difference between the total current assets and total current liabilities.

As of September 30, 2025, we had cash and cash equivalents of $3,289,803, compared to $3,880,747 as of December 31, 2024, and restricted cash of $42,966, compared to $86,261 as of December 31, 2024. The decrease in cash was primarily due to general and administrative expenses and exploration expenditures, partially offset by the net proceeds from sales under the ATM Program. We had other receivables of $12,388, compared to $7,419 as of December 31, 2024. The increase in other receivables was mainly for interest receivables from term deposits. We had prepaid expenses of $445,390 as of September 30, 2025, compared to $108,943 as of December 31, 2024. The increase in prepaid expenses was primarily due to the $197,108 cash advances to a third party technical consulting company for management of the exploration program for the Whistler Project, the increase of prepaid corporate development expenses and prepaid dues and subscriptions expenses, partially offset by the decrease of prepaid insurance expenses.

As of September 30, 2025, we had current liabilities of $581,379, compared to $420,241 as of December 31, 2024. Current liabilities as of September 30, 2025, consisted of: (i) accounts payable of $40,284, compared to $185,251 as of December 31, 2024; (ii) accrued liabilities of $331,252, compared to $28,983 as of December 31, 2024; (iii) current portion of lease liabilities of $28,980, compared to $25,144 as of December 31, 2024; (iv) other payables of $180,863, which remained the same as of December 31, 2024. The increase in total current liabilities was primarily driven by higher accounts payables and accrued liabilities related to expenditures incurred during the 2025 field season exploration activities.

We have not generated any revenue from operations and the only sources of financing to date have been through advances from GoldMining, our initial public offering (the "IPO"), the exercise of share purchase warrants and our ATM Program. 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, public offerings, including under the ATM Program, share purchase warrant exercises, 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 shares of Common Stock, 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.

As of September 30, 2025, we did not have any off-balance sheet arrangements.

 ****

***Summary of Cash Flows***

Operating Activities

Net cash used in operating activities during the nine months ended September 30, 2025, was $4,696,634, compared to $6,640,446 during the same period of 2024. The decrease in cash used was due primarily to a decrease in operating expenses during this period. During the nine months ended September 30, 2025, net cash used in operating activities primarily consisted of:

&nbsp;&nbsp;&nbsp;&nbsp;(i) prepaid
 expenses used cash of $336,447 in the nine months ended September 30, 2025, compared to $430,548
 in the same period of 2024;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) accrued
 liabilities provided cash of $302,269 in the nine months ended September 30, 2025, compared
 to accrued liabilities using cash of $82,105 in the same period of 2024;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) accounts
 payable used cash of $144,967 in the nine months ended September 30, 2025, compared to accounts
 payable providing cash $272,917 in the same period of 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) other
 receivables used cash of $4,969 in the nine months ended September 30, 2025, compared to
 other receivables providing cash of $121,603 in the same period of 2024.

Significant operating expenditures during the nine months ended September 30, 2025, and 2024, included general and administrative expenses and exploration expenditures.

Investing Activities

Net cash used in investing activities during the nine months ended September 30, 2025, was $nil, compared to $171,835 relating to the purchase of equipment during the same period of 2024.

Financing Activities

For the nine months ended September 30, 2025, net cash provided by financing activities was $4,062,395, attributable to the net proceeds received from the ATM Program, compared to $10,202 during the same period of 2024, which related to the allocated personnel costs from GoldMining.

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

We are required to make annual land payments to the Department of Natural Resources of Alaska in the amount of $230,605 in 2025 and thereafter, to keep the Whistler Project in good standing. Additionally, we have an annual labor requirement of $135,200 for 2025 and thereafter, for which a cash-in-lieu payment equal to the value of the annual labor requirement may be made instead.

***Future Commitments***

We have obligations pursuant to underlying agreements on the Whistler Project, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. 2.75%
 net smelter return ("NSR") over all 377 claims and extending outside the current
 claims over an Area of Interest defined by the maximum historical extent of claims held on
 the Whistler Project to Osisko Mining (USA) Inc. ("OM") pursuant to an Amended
 and Restated Net Smelter Returns Royalty Deed dated December 16, 2014, granted by Geoinformatics
 Alaska Exploration Inc. (as assumed by us on August 5, 2015) in favour of MF2 LLC (as assumed
 by OM). Gold Royalty U.S. Corp. holds a right to buy down the royalty percentage from 2.75%
 to 2.0% upon payment to OM of a one-time payment of $5,000,000. The royalty was subsequently
 assigned to Nevada Select Royalty, Inc. (a subsidiary of Gold Royalty Corp.).

&nbsp;&nbsp;&nbsp;&nbsp;2. 2.0%
 net proceeds royalty interest over an Area of Interest specified by standard township sub-division
 overlying the Whistler Deposit and Raintree West deposit to Sandstorm Gold Ltd. pursuant
 to an agreement dated October 1, 1999, between us (the ultimate successor-in-interest to
 Kent Turner, Jr.) and Sandstorm Gold Ltd. (the ultimate successor-in-interest to Cominco
 American Incorporated). In October 2025, following the acquisition of Sandstorm Gold Ltd. by Royal Gold, Inc., the interest was transferred
to RG Royalties, a wholly owned subsidiary of Royal Gold, Inc..

&nbsp;&nbsp;&nbsp;&nbsp;3. 1.0%
 NSR over the Whistler Project to Gold Royalty U.S. Corp. pursuant to a Net Smelter Returns
 Royalty Agreement dated January 11, 2021, between us and Gold Royalty U.S. Corp.

In July 2025, we entered into an agreement for professional services with Equity Geoscience Ltd. for the management of an exploration program for the Whistler Project. The agreement included an approved work order totaling $1,844,000 for the period from January 1, 2025, to April 30, 2026. The work order may be paused, postponed or terminated by either party with 30 days written notice. In October 2025, we amended the work order to $2,094,000. Additionally, as of the date of this filing, we have paid $1,969,848 towards the approved work order.

***Transactions with Related Parties***

We share personnel, including key management personnel, office space, equipment, and various administrative services with other companies, including GoldMining, which owned 76.6% of our outstanding shares of Common Stock as at September 30, 2025. Costs incurred by GoldMining are allocated between its related subsidiaries based on an estimate of time incurred and use of services and are charged at cost. During the three and nine months ended September 30, 2025, the allocated costs from GoldMining to us were $nil ($5,511 and $23,877 for the three and nine months ended September 30, 2024, respectively). Out of the allocated costs for the three and nine months ended September 30, 2024, $2,294 and $13,675, respectively, were for non-cash stock based compensation expenses. During the nine months ended September 30, 2024, the allocated costs from GoldMining were treated as a capital contribution, as there is no obligation or intent regarding the repayment of such amounts by us.

During the three and nine months ended September 30, 2025, we incurred $1,019 and $4,726, respectively, ($1,299 and $140,812 during the three and nine months ended September 30, 2024, respectively), in general and administrative expenses related to website design, video production, website hosting services and marketing services paid to Blender Media Inc. ("Blender"), a company whose principal is an immediate family member of a co-chairman and director of GoldMining. Blender is a design and marketing agency that provides services to numerous publicly traded companies.

During the three and nine months ended September 30, 2025, stock-based compensation expenses included stock-based compensation recovery of $8,687 and $6,269, respectively (stock-based compensation expenses of $2,132 and $7,232, respectively during the three and nine months ended September 30, 2024), in amounts incurred for a co-chairman and director of GoldMining for performance based Restricted Shares granted in September 2022.

Related party transactions are recorded based on the amounts agreed to by the parties. During the quarters ended September 30, 2025, and 2024, we did not enter into any contracts or undertake any commitment or obligation with any related parties other than as described herein.

Our Audit Committee is charged with reviewing and approving all related party transactions and reviewing and making recommendations to our board of directors or approving any contracts or other transactions with any of our current or former executive officers. The Charter of the Audit Committee sets forth our written policy for the review of related party transactions.

**Outstanding Securities**

 ****

As of the date hereof, we have 13,273,195 shares of our Common Stock outstanding, including 254,000 performance based Restricted Shares. In addition, we have outstanding stock options issued under our long-term incentive plan to purchase 279,800 shares of our Common Stock at an exercise price of $10 per share, 8,561 outstanding RSUs, and outstanding Warrants to purchase 1,740,992 shares of our Common Stock at an exercise price of $13 per share. The exercise of stock options and Warrants is at the discretion of their respective holders and, accordingly, there is no assurance that any of the stock options or Warrants will be exercised in the future.

**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 judgments 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.

***Restricted Shares and RSUs***

 ****

The fair values of restricted shares and RSUs are measured at the grant date and recognized over the period during which the restricted shares and RSUs vest. When restricted shares are conditional upon the achievement of a performance condition, we estimate the length of the expected vesting period at the 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 shares of Common Stock on the grant date, adjusted for minority stockholder discount, liquidity discount and other applicable factors that are generally recognized by market participants. The fair values of restricted shares and RSUs are recognized as an expense over the vesting period based on the best available estimate of the number of restricted shares and RSUs expected to vest; that estimate will be revised if subsequent information indicates that the number of restricted shares and RSUs expected to vest differs from previous estimates.

 **

***Stock Options***

 **

We grant stock options to certain of our directors, officers, employees and consultants. We use the Black-Scholes option-pricing model to determine the grant date fair value of stock options. The fair value of stock options granted to employees is recognized as an expense over the vesting period with a corresponding increase in equity. An individual is classified as an employee when the individual is an employee for legal or tax purposes, provides services that could be provided by a direct employee, or has authority and responsibility for planning, directing and controlling our activities, including nonexecutive directors. The fair value is measured at grant date and recognized over the period during which the options vest. Forfeitures are accounted for as they occur. The Black-Scholes option-pricing model uses as inputs the fair value of our shares of Common Stock and assumptions we make for the volatility of our shares of Common Stock, the expected term of our stock options, the risk-free interest rate for a period that approximates the expected term of our stock options and our expected dividend yield. We have historically been a private company and continue to lack sufficient company-specific historical and implied volatility information. Therefore, we estimate our expected share volatility based on the historical volatility of a publicly traded set of peer companies and expect to continue to do so until such time as we have adequate historical data regarding the volatility of our own traded share price.

**Recently Issued Accounting Pronouncements**

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU expands public entities' income tax disclosures by requiring disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The ASU is effective for annual periods beginning after December 15, 2024. The guidance should be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on our consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU-2024-03, Income Statement- Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires public entities to disclose specified information about certain costs and expenses at each interim and annual reporting period, which includes amounts for inventory purchases, employee compensation, depreciation, intangible asset amortization, and expenses related to oil and gas activities. This ASU will be effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and related disclosures.

***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 of 1933, as amended, 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.

**<u>Item 3. Quantitative and Qualitative Disclosures About Market Risk</u>**

We are a smaller reporting company as defined by Rule 12b-2 of the United States Securities Exchange Act of 1934, as amended (the "Exchange Act") and are not required to provide the information under this item.

**<u>Item 4. Controls and Procedures</u>**

**Evaluation of Disclosure Controls and Procedures**

Our management, with the participation of our Principal Executive Officer and Principal Financial Officer, has evaluated the effectiveness of disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the United States Securities Exchange Act of 1934, as amended (the "Exchange Act") and, as of September 30, 2025, our Principal Executive Officer and Principal Financial Officer have concluded that, as of the end of the period covered by this MD&A, our disclosure controls and procedures were effective. It should be noted that any system of controls is based in part upon certain assumptions designed to obtain reasonable (and not absolute) assurance as to its effectiveness, and there can be no assurance that any design will succeed in achieving its stated goals.

**Changes in Internal Control over Financial Reporting**

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the three months ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II – OTHER INFORMATION**

**<u>Item 1. Legal Proceedings</u>**

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.

**<u>Item 1A. Risk Factors</u>**

 ****

In addition to the information contained in this Quarterly Report on Form 10-Q, you should carefully consider the risks discussed under "Risk Factors" in our Annual Report. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results. As of the date hereof, there have been no material changes in the risk factors discussed in our Annual Report.

**<u>Item 2. Unregistered Sales of Equity Securities and Use of Proceeds</u>**

None.

**<u>Item 3. Defaults Upon Senior Securities</u>**

None.

**<u>Item 4. Mine Safety Disclosures</u>**

Not applicable.

**<u>Item 5. Other Information</u>**

None.

**<u>Item 6. Exhibits</u>**

The following exhibits are included with this Quarterly Report:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Exhibit** | &nbsp;&nbsp;**Description of Exhibit** |
| &nbsp;&nbsp;&nbsp;31.1\* | &nbsp;&nbsp;[Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex31-1.htm) |
| &nbsp;&nbsp;&nbsp;31.2\* | &nbsp;&nbsp;[Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex31-2.htm) |
| &nbsp;&nbsp;&nbsp;32.1\*\* | &nbsp;&nbsp;[Certifications of Chief Executive Officer and Chief Financial Officer pursuant to Exchange Act Rules 13a-14(b) and 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex32-1.htm) |
| &nbsp;&nbsp;&nbsp;101.INS\* | &nbsp;&nbsp; XBRL Instance Document |
| &nbsp;&nbsp;&nbsp;101.SCH\* | &nbsp;&nbsp; XBRL Taxonomy Extension Schema Document |
| &nbsp;&nbsp;&nbsp;101.CAL\* | &nbsp;&nbsp; XBRL Taxonomy Extension Calculation Linkbase Document |
| &nbsp;&nbsp;&nbsp;101.DEF\* | &nbsp;&nbsp;XBRL Taxonomy Extension Definitions Linkbase Document |
| &nbsp;&nbsp;&nbsp;101.LAB\* | &nbsp;&nbsp;XBRL Taxonomy Extension Label Linkbase Document |
| &nbsp;&nbsp;&nbsp;101.PRE\* | &nbsp;&nbsp;XBRL Taxonomy Extension Presentation Linkbase Document |
| &nbsp;&nbsp;&nbsp;104\* | &nbsp;&nbsp;Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |

---

\* Filed herewith

\*\* Furnished herewith

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **U.S. GOLDMINING INC.** | **U.S. GOLDMINING INC.** |
| Date: November 13, 2025 | By: | */s/ Tim Smith* |
|  |  | Tim Smith |
|  |  | President, Chief Executive Officer (Principal Executive Officer) |
| Date: November 13, 2025 | By: | */s/ Tyler Wong* |
|  |  | Tyler Wong |
|  |  | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, Tim Smith, certify that:

(1) I
 have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September
 30, 2025, of U.S. GoldMining Inc.;

(2) Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

(3) Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations
 and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
 and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
 Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the registrant's most recent fiscal quarter (the registrant's
 fourth fiscal quarter in the case of an annual report) that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

(5) The
 registrant's other certifying officer(s) and I have disclosed, based on our most recent
 evaluation of the internal control over financial reporting, to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing
 the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: November 13, 2025 |
| */s/ Tim Smith* |
| Tim Smith |
| President, Chief Executive Officer (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

I, Tyler Wong, certify that:

(1) I
 have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September
 30, 2025, of U.S. GoldMining Inc.;

(2) Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

(3) Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations
 and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
 and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
 Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the registrant's most recent fiscal quarter (the registrant's
 fourth fiscal quarter in the case of an annual report) that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

(5) The
 registrant's other certifying officer(s) and I have disclosed, based on our most recent
 evaluation of the internal control over financial reporting, to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing
 the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: November 13, 2025 |
| */s/ Tyler Wong* |
| Tyler Wong |
| Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**AND CHIEF FINANCIAL OFFICER**

**PURSUANT TO** 

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

The undersigned, Tim Smith, the Chief Executive Officer of U.S. GoldMining Inc., and Tyler Wong, the Chief Financial Officer of U.S. GoldMining Inc., each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to their knowledge, the Quarterly Report on Form 10-Q of U.S. GoldMining Inc., for the quarterly period ended September 30, 2025 (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and that the information contained in the Report fairly presents in all material respects the financial condition and results of operations of U.S. GoldMining Inc.

Date: November 13, 2025

---

| |
|:---|
| */s/ Tim Smith* |
| Tim Smith President, Chief Executive Officer (Principal Executive Officer) |
| */s/ Tyler Wong* |
| Tyler Wong Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |

---