U.S. GoldMining Inc. (USGO) AI Stock Analysis

• Market Cap: $178.33M
• Dividend Yield: N/A
• Average Volume (3M): 94.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.91
• Revenue Growth: N/A
• EPS Growth: 37.18%
• Country: US
• Employees: 6
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.22
• Shares Outstanding: 13,273,195
• 10 Day Avg. Volume: 189,991
• 30 Day Avg. Volume: 94,947
• PEG Ratio: 1.35
• Price to Book (P/B): 24.03
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -13.48
• Enterprise Value/Market Cap: 0.98
• Enterprise Value/Revenue: 925.12
• Enterprise Value/Gross Profit: -1.19K
• Enterprise Value/Ebitda: -26.47
• 1Y Price Target: $26.50
• Price Target Upside: 97.17% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.33
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: $13.50 ▲(0.45% Upside)

The score is held down primarily by weak financial performance—minimal revenue, sizable ongoing losses, and persistent negative operating/free cash flow despite low leverage. Technicals are a meaningful offset, with price above key moving averages and positive MACD supporting near-term momentum. Corporate events add modest support through positive exploration progress, while valuation remains challenged due to losses (negative P/E) and no dividend yield data.

Positive Factors

Low Leverage

Very low debt-to-equity (~0.02) reduces solvency risk and preserves financing optionality for a capital-intensive development cycle. This durable balance-sheet strength makes it easier to structure project financing or JV deals without being constrained by legacy leverage.

Exploration Upside

Discovery of multiple new porphyry target zones at Whistler materially increases district-scale resource upside. Persistent prospectivity supports multi-year exploration programs, raises the odds of economic discoveries, and improves attractiveness to strategic partners or acquirers.

Critical-Minerals Relevance

Recognition of copper and silver as U.S. critical minerals strengthens long-term policy and permitting support for Whistler. Structural demand and strategic priority can accelerate approvals, access to incentives, and industry interest, boosting project financing and offtake prospects over time.

Negative Factors

Persistent Cash Burn

Consistent negative operating and free cash flow signals ongoing cash burn that must be covered by external funding. Over months to years this increases financing risk, compresses runway absent material financing, and can force dilutive capital raises or slow project advancement.

Pre-Revenue Loss Profile

The company remains effectively pre-revenue with large recurring losses, meaning intrinsic value hinges on speculative exploration success. Persistent negative margins erode equity and leave limited internal resources to fund technical studies or mine development without external capital or partners.

Reliance on Equity Financing

Expanding an ATM facility evidences ongoing reliance on equity markets to fund operations. Structural dependence on share issuance raises dilution risk for shareholders and ties project continuity to capital-market access and investor appetite rather than operating cash generation.

U.S. GoldMining Inc. Business Overview & Revenue Model

Company Description

U.S. GoldMining Inc., an exploration stage company, engages in the exploration and development of mineral properties in the United States. It holds interests in the Whistler project, a gold-copper exploration project covering 17,159 Ha located in the Yentna mining district, Alaska. The company was incorporated in 2015 and is based in Anchorage, Alaska. U.S. GoldMining Inc. operates as a subsidiary of GoldMining Inc.

How the Company Makes Money

U.S. GoldMining Inc. generates revenue primarily through the exploration and development of gold mining projects. Once a mining site is deemed viable, the company invests in the necessary infrastructure to extract and process the precious metals. Revenue is generated from the sale of gold and other extracted minerals to refineries and other buyers in the precious metals market. The company may also engage in joint ventures or partnerships with other mining companies to share the costs and profits from mineral extraction activities. Additionally, U.S. GoldMining Inc. may receive income from royalties or options agreements on their mining properties, providing additional streams of revenue.

U.S. GoldMining Inc. Financial Statement Overview

Summary

Financial performance is very weak: revenue has been effectively near-zero for multiple years with only modest TTM revenue (~$0.19M), while losses remain large and persistent (TTM net loss ~-$6.7M) with deeply negative margins. Cash flow is consistently negative (TTM operating cash flow about -$4.9M), indicating ongoing cash burn and reliance on external funding. The balance sheet is a relative positive with low leverage (debt-to-equity ~0.02) and positive equity, but continued losses are eroding capital.

Income Statement

Results remain very weak from a profitability standpoint. Annual revenue was effectively zero in 2020–2024, with only modest revenue showing up in TTM (Trailing-Twelve-Months) (~$0.19M). Losses are large and persistent (TTM net loss ~-$6.7M), and profitability is deeply negative with negative gross profit and very negative operating and net margins. While losses narrowed versus 2024, the business still lacks scale and consistent revenue generation, keeping earnings quality and visibility low.

Balance Sheet

Leverage is low and improving, with debt-to-equity around ~0.02 in both 2024 and TTM (Trailing-Twelve-Months), which reduces balance-sheet risk. Equity is positive and sizable in recent periods (TTM equity ~$3.9M), though it has declined from 2023, reflecting continued losses. Returns on equity are strongly negative in 2023–TTM, signaling that capital is being consumed rather than compounded; earlier years also showed weaker capitalization (negative equity in 2021–2022), highlighting historical fragility even if the current structure is cleaner.

Cash Flow

Cash generation is a key weakness: operating cash flow and free cash flow are consistently negative across all periods, including TTM (Trailing-Twelve-Months) operating cash flow of about -$4.9M. Cash burn improved meaningfully versus 2024 (less negative), but the company still relies on external funding to sustain operations. Free cash flow roughly tracks net loss (free cash flow to net income ~1), indicating limited non-cash earnings support and continued cash consumption while the business remains in an investment/early-stage phase.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	189.30K	0.00	0.00	0.00	0.00	0.00
Gross Profit	-146.81K	-143.80K	-52.01K	-19.25K	-17.62K	-108.60K
EBITDA	-6.62M	-8.34M	-9.30M	-1.72M	-679.70K	-486.41K
Net Income	-6.70M	-8.49M	-9.36M	-1.74M	-697.31K	-595.01K
Balance Sheet
Total Assets	4.71M	5.15M	13.02M	229.62K	439.79K	744.83K
Cash, Cash Equivalents and Short-Term Investments	3.29M	3.88M	11.40M	54.51K	5.63K	4.45K
Total Debt	94.02K	109.39K	135.35K	677.78K	494.48K	494.48K
Total Liabilities	860.81K	704.02K	811.04K	1.51M	704.12K	683.48K
Stockholders Equity	3.85M	4.45M	12.21M	-1.28M	-264.33K	61.35K
Cash Flow
Free Cash Flow	-4.94M	-7.92M	-10.41M	-1.32M	-636.12K	-427.89K
Operating Cash Flow	-4.94M	-7.75M	-9.43M	-1.32M	-636.12K	-427.89K
Investing Cash Flow	0.00	-171.84K	-979.52K	0.00	316.21K	0.00
Financing Cash Flow	4.65M	599.82K	21.84M	1.37M	321.09K	428.22K

U.S. GoldMining Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 13.44
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For USGO, the sentiment is Positive. The current price of 13.44 is above the 20-day moving average (MA) of 12.02, above the 50-day MA of 10.60, and above the 200-day MA of 10.09, indicating a bullish trend. The MACD of 1.31 indicates Negative momentum. The RSI at 58.90 is Neutral, neither overbought nor oversold. The STOCH value of 46.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for USGO.

U.S. GoldMining Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
USGO	52 Neutral	$178.33M	-25.18	-144.93%	―	―	37.18%
WWR	52 Neutral	$111.46M	-3.77	-14.20%	―	―	-80.01%
XPL	46 Neutral	$70.88M	-13.48	-20.21%	―	―	5.25%
IONR	44 Neutral	$288.58M	-27.33	-4.25%	―	―	-10.45%

U.S. GoldMining Inc. Corporate Events

U.S. GoldMining Raises CEO and CFO Base Salaries

On January 21, 2026, U.S. GoldMining Inc.’s compensation committee approved increases to the base annual salaries of Chief Executive Officer Tim Smith and Chief Financial Officer Tyler Wong, with the changes effective retroactively from January 1, 2026. Smith’s salary was raised from C$145,000 to C$160,000 and Wong’s from C$72,500 to C$80,000, while all other terms of their employment agreements remained unchanged, signaling the board’s continued support for the existing executive leadership team without altering broader contractual arrangements.

The most recent analyst rating on (USGO) stock is a Hold with a $15.00 price target. To see the full list of analyst forecasts on U.S. GoldMining Inc. stock, see the USGO Stock Forecast page.

U.S. GoldMining announces new Whistler exploration targets

On January 20, 2026, U.S. GoldMining reported initial results from its 2025 exploration program at the Whistler Gold-Copper Project in Alaska, detailing a scout drilling campaign conducted between August and October 2025 over the Whistler Orbit area. The program, which completed 169 shallow drillholes through glacial till, identified four principal new gold-copper porphyry target zones—Whistler extensions, Raintree extensions, Mammoth & Snow Ridge, and Hotfoot—based on strong geochemical anomalism in basal till and top-of-bedrock samples integrated with geological mapping and geophysical data. These results suggest potential extensions to existing deposits and discovery of new porphyry bodies, reinforcing the district-scale potential of Whistler and underpinning the company’s plans for follow-up infill, expansion scout drilling and deeper core drilling starting in summer 2026, alongside ongoing work on a preliminary economic assessment for the project and pending results from the Muddy Creek program.

The most recent analyst rating on (USGO) stock is a Hold with a $11.00 price target. To see the full list of analyst forecasts on U.S. GoldMining Inc. stock, see the USGO Stock Forecast page.

U.S. GoldMining Grants Stock Options to Executives

On December 16, 2025, U.S. GoldMining Inc.‘s board of directors approved stock option and restricted stock unit awards for key executives. CEO Tim Smith was granted options to purchase 17,000 shares and 2,500 restricted stock units, while CFO Tyler Wong received options for 7,500 shares and 1,000 restricted stock units. These awards, governed by the company’s long-term incentive plan, feature structured vesting schedules over a period of up to 18 months, reflecting the company’s commitment to aligning executive compensation with sustained performance and shareholder interests.

The most recent analyst rating on (USGO) stock is a Buy with a $26.50 price target. To see the full list of analyst forecasts on U.S. GoldMining Inc. stock, see the USGO Stock Forecast page.

U.S. GoldMining Inc. Updates ATM Offering Agreement

On December 12, 2025, U.S. GoldMining Inc. filed a prospectus supplement to increase the maximum number of shares of its common stock issuable under an existing At The Market Offering Agreement. On the same date, Laurentian Bank Securities Inc. and Roth Capital Partners, LLC were terminated as co-agents, while Ventum Financial Corp. and Stifel, Nicolaus & Company, Incorporated were added as new co-agents, potentially impacting the company’s market operations and stakeholder relations.

The most recent analyst rating on (USGO) stock is a Buy with a $26.50 price target. To see the full list of analyst forecasts on U.S. GoldMining Inc. stock, see the USGO Stock Forecast page.

U.S. GoldMining Advances Whistler Project in Alaska

On November 13, 2025, U.S. GoldMining Inc. announced progress in its Whistler Gold-Copper Project in Alaska, coinciding with the inclusion of copper and silver in the U.S. 2025 List of Critical Minerals. This development is significant as it supports the company’s ongoing preliminary economic assessment and exploration efforts, potentially enhancing its position in the mining-friendly jurisdiction of Alaska and reducing reliance on foreign imports.

The most recent analyst rating on (USGO) stock is a Buy with a $26.50 price target. To see the full list of analyst forecasts on U.S. GoldMining Inc. stock, see the USGO Stock Forecast page.