U.S. GoldMining Inc. reported a net loss of $8.5 million for the fiscal year ending December 31, 2024, a decrease from the $9.4 million loss recorded in the previous year. The company's loss per share was $0.68, compared to $0.81 in 2023. The reduction in net loss was primarily attributed to a significant decrease in general and administrative expenses, which fell to $2.9 million from $4.7 million in the prior year. Exploration expenses increased to $5.8 million, reflecting ongoing activities at the Whistler Project, including drilling and environmental assessments.
The company has made notable progress in its exploration efforts, particularly at the Whistler Project, which is located in Alaska. In 2024, U.S. GoldMining completed six diamond core holes totaling 4,006 meters, contributing to a cumulative drilling total of 76,486 meters since the project's inception. The results from the 2024 drilling program confirmed the continuity of high-grade mineralization and extended known mineralization at the Whistler Deposit. Additionally, an updated mineral resource estimate released in October 2024 indicated a 117% increase in resources classified as Indicated Mineral Resource.
U.S. GoldMining's strategic focus remains on advancing the Whistler Project, with plans to continue exploration and development activities. The company has been proactive in securing necessary permits, having received approvals for its exploration plans through 2024. As of December 31, 2024, the company had cash and cash equivalents of approximately $3.9 million, a decrease from $11.2 million at the end of 2023, primarily due to exploration expenditures. The company anticipates needing additional financing to support ongoing operations and exploration activities.
The company’s workforce consisted of nine employees as of the end of 2024, with six being full-time. U.S. GoldMining is a subsidiary of GoldMining Inc., which holds approximately 79.3% of its common stock. The company’s shares are traded on the Nasdaq Capital Market under the symbols "USGO" and "USGOW." Looking ahead, U.S. GoldMining aims to enhance its asset base and explore potential acquisition opportunities to further its growth strategy.
About U.S. GoldMining Inc.
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