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ANCHORAGE - The Alaska Industrial Development and Export Authority (AIDEA) has submitted a permit application for a 78.5-mile access road that would connect U.S. GoldMining Inc.’s (NASDAQ:USGO) Whistler Gold-Copper Project to existing transportation infrastructure near Anchorage. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 5.45, though it operates with moderate debt levels.
The West Susitna Access Project (WSAP) application was submitted on July 25, according to a statement from U.S. GoldMining based on an AIDEA announcement. The proposed road would provide year-round public access to currently remote state public lands and private lands within the Matanuska-Susitna Borough, terminating approximately two miles from the Whistler gold-copper deposit.
Alaska Governor Mike Dunleavy expressed support for the project, noting it would improve access for local residents and create potential opportunities in mining and other industries.
"This announcement by the State of Alaska marks a pivotal moment for U.S. GoldMining," said Tim Smith, Chief Executive Officer of U.S. GoldMining, in the press release.
The WSAP would connect the Whistler project to existing road, power, rail and port infrastructure in the eastern Matanuska-Susitna Borough, where Anchorage, Palmer and Wasilla are located.
The Whistler Project consists of several gold-copper porphyry deposits on approximately 53,700 acres of State of Alaska mining claims. According to the company, the project’s mineral resource estimate comprises 294 million tonnes at 0.68 g/t gold equivalent for 6.48 million ounces of indicated resources, plus 198 million tonnes at 0.65 g/t gold equivalent for 4.16 million ounces of inferred resources. While InvestingPro analysis shows the company is not yet profitable, with an EBITDA of -$8.95M in the last twelve months, analysts have set an optimistic target price of $26.50 for the stock. Get access to 5 more exclusive ProTips and comprehensive financial metrics with InvestingPro.
The road infrastructure development comes as copper is increasingly recognized as a critical mineral for the United States’ clean energy transition, according to the company statement. With a beta of 1.96, USGO stock shows higher volatility than the broader market, reflecting both the risks and potential opportunities in the developing mining sector.
In other recent news, GoldMining Inc. is advancing its gold-copper strategy across the Americas, capitalizing on the surge in copper prices, which have increased approximately 20% year-over-year. The company reports having 100%-owned projects with estimated mineral resources of over 1.2 billion pounds of copper in the Measured and Indicated categories and a further 0.5 billion pounds in the Inferred category. Additionally, GoldMining owns about 79% of U.S. GoldMining Inc., which is focusing on its Whistler Gold-Copper Project in Alaska. U.S. GoldMining announced plans to mobilize for its 2025 exploration program at the Whistler site, aiming to develop new drill targets and conduct follow-up mapping and sampling. The company also disclosed unaudited interim financials from its parent company, GoldMining Inc., noting that these are preliminary and not prepared for investment decision purposes. Meanwhile, U.S. GoldMining is advancing an initial assessment study for the Whistler project, which contains estimated mineral resources of over 1 billion pounds of copper, 3.93 million ounces of gold, and nearly 19 million ounces of silver in the Indicated category. These developments come as copper prices have risen approximately 14% over the past month.
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