U.S. GoldMining Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 10, 2026, reporting a net loss of $14,330,492 for the nine months ended September 30, 2026.

Key Highlights

  • Nine-month net loss: U.S. GoldMining reported a net loss of $14,330,492 for the nine months ended September 30, 2026, compared to $5,011,239 for the same period in 2025.
  • Third-quarter net loss: The company reported a net loss of $8,194,770 for the three months ended September 30, 2026, versus $2,814,623 for Q3 2025.
  • Cash position: Cash and cash equivalents fell to $1,060,880 at September 30, 2026, from $7,377,562 at December 31, 2025.
  • Exploration expenses surged: Nine-month exploration expenses totaled $10,966,817, compared to $2,538,765 for the nine months ended September 30, 2025.
  • Shares outstanding: 14,522,811 shares of common stock were outstanding as of November 10, 2026, up from 13,308,985 at December 31, 2025.
  • Financing activity: Net cash provided by financing activities for the nine months was $6,928,746, including proceeds of $4,000,001 from a registered direct offering and $1,228,046 net from an At-The-Market offering.
  • Loss per share: Basic and diluted loss per share was $1.10 for the nine months ended September 30, 2026, compared to $0.40 for the same period in 2025.

U.S. GoldMining's Financial Position and Operations Through September 30, 2026

According to the filing, U.S. GoldMining Inc. (NASDAQ:USGO), a Nevada-incorporated company headquartered in Vancouver, BC, Canada, reported sharply higher losses in both the third quarter and the first nine months of 2026 compared with the prior year. Total operating expenses for the nine months ended September 30, 2026 were $14,429,114, up from $5,081,961 for the same period in 2025. The primary driver, the company disclosed, was exploration expenses, which rose to $10,966,817 from $2,538,765 year-over-year for the nine-month period. General and administrative expenses also increased, reaching $3,305,031 for the nine months versus $2,422,030 in 2025.

The balance sheet showed total assets of $2,614,444 as of September 30, 2026, compared to $8,445,682 at December 31, 2025, with the decline primarily reflecting the drawdown in cash and cash equivalents from $7,377,562 to $1,060,880. Total stockholders' equity stood at $1,503,959 at September 30, 2026, down from $7,609,110 at December 31, 2025. The accumulated deficit grew to $45,118,727 from $30,189,082 over the same period, according to the filing.

The company disclosed that net cash used in operating activities for the nine months ended September 30, 2026 was $12,764,229, compared to $4,696,634 for the nine months ended September 30, 2025. To fund operations, the company raised capital through multiple channels during the period, including $4,000,001 from a registered direct offering, $1,700,699 from the exercise of warrants, and $1,228,046 net from an At-The-Market offering. Stock-based compensation of $1,149,691 was recorded as a non-cash adjustment in the nine-month period. The weighted average shares outstanding (basic and diluted) for the nine months was 13,589,342.

What Was Disclosed

U.S. GoldMining filed a quarterly report covering the period ended September 30, 2026, disclosing a nine-month net loss of $14,330,492, a significant increase in exploration spending, a reduced cash balance, and capital raises through direct offerings and At-The-Market transactions.