U.S. Gold Corp

U.S. Gold Corp. is a Nevada-based precious metals exploration and development company focused on advancing high-quality gold and copper projects in mining-friendly U.S. jurisdictions. The company operates three principal assets: the CK Gold Project in Wyoming, the Keystone Gold Project in Nevada, and the Challis Gold Project in Idaho. With approximately 16.4 million shares outstanding and a market capitalization of approximately $319 million as of January 2026, the company maintains a relatively tight share structure with significant insider holdings.

The CK Gold Project represents the company's flagship asset, with all major development and operating permits approved and an updated pre-feasibility study completed in February 2025. This project is positioned to deliver near-term production with a 10-year mine life targeting average annual output of 110,000 gold equivalent ounces. The project benefits from proven and probable reserves totaling 1.672 million gold equivalent ounces, comprising 1.022 million ounces of gold, 260 million pounds of copper, and 3.0 million ounces of silver.

The company's Nevada holdings at Keystone encompass approximately 20 square miles of consolidated claims located 11 miles south of Nevada Gold Mines' Cortez Complex, the second-largest gold producer in Nevada. This district-scale opportunity exhibits geological similarities to the prolific Cortez deposits, including extensive Wenban Formation stratigraphy, Eocene-aged intrusive rocks, and both porphyry and Carlin-type mineralization. The Challis Gold Project in Idaho provides additional exploration potential within the historic Challis Volcanic Field.

U.S. Gold Corp. presents a dual investment opportunity combining near-term production potential with significant exploration upside. The CK Gold Project offers an uncommon profile for a junior mining company: a fully permitted, shovel-ready asset in a stable jurisdiction with established infrastructure and favorable project economics. The February 2025 pre-feasibility study demonstrates robust economics with an after-tax net present value of $356 million and a 30% internal rate of return at base case metal prices of $2,100 per ounce gold and $4.10 per pound copper. Current metal prices significantly exceed these assumptions, suggesting potential for enhanced project economics in an updated feasibility study expected by Q1 2026.

The CK Project's location provides substantial competitive advantages. Situated approximately 20 minutes west of Cheyenne and three miles north of Interstate 80, the project benefits from existing road networks, proximity to power infrastructure, available workforce, and comprehensive support services. The project sits on Wyoming State land rather than federal property, eliminating federal permitting requirements and creating a direct economic benefit for Wyoming's education system through royalty payments. An additional value driver not captured in the current pre-feasibility study involves potential aggregate and rail ballast sales, with market studies suggesting demand for approximately one million tons per year of crushed stone at prices of $20-25 per ton.

At Keystone, the company has assembled a district-scale land position that has never been systematically explored using modern techniques. The property exhibits multiple characteristics similar to deposits at the Cortez Complex, which has produced or contains over 51 million ounces of gold. Initial scout drilling has confirmed the presence of gold-bearing Eocene magmatic-hydrothermal systems, with hole Key19-01c intersecting the strongest continuous gold mineralization encountered to date at the property. The company is advancing discussions with industry-leading companies regarding potential partnership opportunities to explore and develop this significant exploration target.

The company is led by President and CEO George Bee, who brings extensive experience managing world-class mining projects across eight countries for major and junior mining companies. His career includes senior vice president roles at Barrick Gold and positions with Rio Tinto and Anglo American, providing him with deep operational expertise and relationships throughout the industry. Chairman Luke Norman co-founded U.S. Gold Corp. and contributes over 20 years of venture capital markets experience, having raised more than $300 million for mining companies. His capital markets expertise has been instrumental in the company's successful financings, including a $31.2 million private placement closed in December 2025.

Chief Financial Officer Eric Alexander provides over 35 years of business experience, with 20 years specifically in the mining industry. As a CPA, he brings financial discipline and reporting expertise critical for a NASDAQ-listed company. VP of Exploration and Technical Services Kevin Francis has held senior technical roles in the mining industry for over 35 years, including positions with prestigious consulting firms and major mining companies.

The board includes three independent directors with complementary skills. Robert Schafer is a geologist with over 40 years of international experience who has discovered deposits that became producing mines and previously served as president of The Society for Mining, Metallurgy, and Exploration, PDAC, and MMSA. Johanna Fipke is a partner at Fasken Martineau Dumoulin LLP with a focus on mining and land-related law, and serves as a director and founding member of Women in Mining British Columbia. Michael Waldkirch is a CPA in both the U.S. and Canada with 25 years of mining experience.

The company's near-term strategy centers on advancing the CK Gold Project toward a construction decision. With all major permits in place, the focus has shifted to completing engineering optimization studies and the final feasibility study expected by Q1 of 2026. The company is working with Halyard Micon on advanced engineering, with process plant design largely complete at feasibility study level and bids for major equipment being solicited. Key optimizations include implementation of Jameson Cell flotation technology to improve recoveries while reducing capital and operating costs, potential for improved gold recovery through optimized grind size, and reduction of the plant footprint.

Concurrent with technical advancement, the company is exploring traditional and non-traditional financing options to fund project construction. The estimated initial capital requirement of $277 million positions the CK Project within a manageable financing range for a junior gold company, particularly given the project's location, permit status, and favorable economics. Additional value creation opportunities include the aggregate market study currently underway to quantify the economic benefit of waste rock sales, which could provide significant upside to project net present value and generate additional royalty revenue for Wyoming.

At Keystone, the company plans to complete a CSAMT geophysical survey across the southern claim area where anomalous gold values were found in jasperoid outcrops. The company is leveraging artificial intelligence tools through VRIFY to integrate and analyze all geological information collected across the property. Future drilling programs will focus on the Sophia and Greenstone Gulch target areas, with additional work planned at the Nina Skarn target. The district-scale nature of the opportunity and ongoing partnership discussions suggest potential for value creation through joint venture arrangements that could fund exploration while maintaining meaningful equity exposure.

As of October 31, 2025, U.S. Gold Corp. reported cash of $8.8 million. Subsequent to this reporting date, the company closed a $31.2 million private placement in December 2025 and received approximately $1.7 million from warrant exercises, substantially strengthening its financial position. This capital provides runway to complete the CK feasibility study and advance permitting and engineering while maintaining exploration activities at Keystone and Challis.

The company has demonstrated consistent access to capital markets with multiple successful financings over the past three years. The December 2025 private placement of $31.2 million represents the largest single financing in the company's recent history and was completed at a premium to prior financings, suggesting growing institutional interest in the CK Project as it approaches development. The pre-feasibility study economics demonstrate the CK Project's potential to generate substantial cash flows, with projected pre-tax free cash flow of $693 million and after-tax free cash flow of $557 million over its 10-year mine life at base case metal prices.

Initial capital requirements of $277 million include contingencies and owner's costs, with sustaining capital over the mine life totaling only $13 million. The company benefits from a favorable royalty structure, with Wyoming State Land and Investment Board royalties of 2.1% on net smelter returns, which compares favorably to many junior mining projects that carry higher royalty burdens. The company has no material debt obligations, providing financial flexibility as it pursues project financing.

U.S. Gold Corp. presents a compelling investment opportunity within the junior gold sector by combining near-term production potential with meaningful exploration upside. The CK Gold Project stands out among development-stage assets due to its fully permitted status, favorable Wyoming location, straightforward mining and processing methods, and robust project economics. The February 2025 pre-feasibility study demonstrates attractive economics with after-tax NPV of $356 million and 30% IRR at conservative metal price assumptions, with current gold prices trading well above $2,100 per ounce suggesting significant potential for enhanced economics in the upcoming feasibility study.

The Keystone district-scale exploration opportunity provides substantial blue-sky potential in one of the world's most prolific gold-producing regions. Located on-trend from Nevada Gold Mines' Cortez Complex, the property exhibits similar geological characteristics and has never been systematically explored using modern techniques. Scout drilling has confirmed the presence of gold-bearing hydrothermal systems, and partnership discussions with industry leaders validate the technical merit of the opportunity while potentially reducing the company's capital requirements for exploration.

Management's track record of discovering and developing world-class deposits, combined with recent successful capital raises totaling over $30 million, positions the company to execute its development and exploration strategies. The tight share structure with approximately 16.4 million shares outstanding and significant insider ownership aligns management interests with shareholders. For investors seeking exposure to U.S.-based gold development with exploration optionality in stable jurisdictions, U.S. Gold Corp. warrants consideration as a potential portfolio holding, particularly given the advanced permit status and multiple potential value drivers including aggregate sales and resource expansion opportunities.