U.S. GoldMining Inc. (NASDAQ: USGO) has commenced its 2026 exploration program at the Whistler Gold-Copper Project in Alaska, mobilizing equipment and constructing drill pads ahead of schedule.

The company reported that critical equipment and consumables have been transported to the project site, with crews preparing drill pads at priority targets. Drilling operations are expected to begin within weeks, focusing on the Whistler-Raintree area to identify potential discoveries for project expansion.

The exploration builds on the project's preliminary economic assessment released in March 2026, which showed an after-tax net present value of $2.0 billion at a 5% discount rate, a 33% internal rate of return, and initial payback of 2.1 years using base case prices of $3,200 per ounce gold and $4.50 per pound copper.

A neighboring development received federal attention as Terra Energy Center secured $89 million in U.S. Department of Energy funding to assess a 1.25-gigawatt power plant with carbon capture, located 30 miles from Whistler. This development supports the business case for the proposed West Susitna Access Road and could provide future energy options for Whistler operations.

"We are pleased to report that our 2026 exploration program is ahead of schedule and on budget," said Tim Smith, chief executive officer. Smith noted that copper futures reached record highs of $6.64 per pound earlier in June, exceeding the $4.50 per pound used in the project assessment.

The Whistler Project encompasses approximately 53,700 acres of Alaska state mining claims located 105 miles northwest of Anchorage, containing several gold-copper porphyry deposits and exploration targets.