Bullish indicating open at $55-$60, IPO prices at $37
ANCHORAGE - U.S. GoldMining Inc. (NASDAQ:USGO), whose stock has seen a notable 60% return over the past year despite recent volatility, reported Monday that plans for the West Susitna Access Project (WSAP), which will connect its Whistler Gold-Copper Project to existing infrastructure in Alaska, are advancing with government support. According to InvestingPro data, the company maintains a healthy financial position with a current ratio of 5.45, indicating strong liquidity to fund its development plans.
The company’s CEO Tim Smith met with Alaska Governor Mike Dunleavy on August 7 and with Matanuska-Susitna Borough Mayor Edna DeVries on August 6 to discuss the infrastructure project.
The WSAP consists of a 22-mile public road extension led by the Alaska Department of Transportation and Public Facilities, and a 78.5-mile public and industry road being developed by the Alaska Industrial Development and Export Authority (AIDEA). AIDEA submitted a permit application for its portion of the project on July 25.
"This transformative access initiative will directly connect Whistler with existing transportation and energy infrastructure within the greater Anchorage region of Southcentral Alaska," Smith said in the press release.
The road project would link the Whistler site with existing road, power, rail, and port infrastructure in eastern Matanuska-Susitna Borough, potentially facilitating development of the mining project.
Governor Dunleavy has previously expressed support for the project, stating it would provide better access for hunting, fishing, recreation, and potential opportunities in mining and manufacturing.
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 has an indicated mineral resource estimate of 294 million tonnes at 0.68 g/t gold equivalent for 6.48 million ounces, plus an inferred 198 million tonnes at 0.65 g/t gold equivalent for 4.16 million ounces.
The company is currently advancing an initial economic assessment of the project and preparing for its 2025 exploration program.
In other recent news, U.S. GoldMining Inc. is preparing to mobilize for its 2025 exploration program at the Whistler Gold-Copper Project in Alaska. This development comes as the Alaska Industrial Development and Export Authority has submitted a permit application for a 78.5-mile access road to connect the project to existing infrastructure. U.S. GoldMining is also advancing an initial assessment study for the project, which boasts estimated resources of over 1 billion pounds of copper and significant gold and silver deposits. Meanwhile, the company’s parent, GoldMining Inc., has filed unaudited interim financial statements, highlighting that these are preliminary and subject to future adjustments. The financial information was not prepared according to U.S. generally accepted accounting principles and is not intended for investment decisions. GoldMining Inc. is also pushing forward with its broader gold-copper strategy amid a surge in copper prices. The company reports having significant copper resources across its projects and holds a majority stake in U.S. GoldMining. These developments reflect the companies’ efforts to capitalize on rising copper prices, which have increased approximately 20% year-over-year.
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