Beyond CK Gold: US Gold Corp's Exploration Could Re-Rate the Story

• U.S. Gold Corp completed a 325-line km drone survey at its CK Gold Project in Wyoming, finding areas of unusual magnetic readings along a northwest-trending zone that extend beyond the current mine plan area
• The March 2026 Feasibility Study (FS), prepared by Halyard-Micon International to SEC reporting standards, returned an after-tax net present value (NPV) of $632 million & an internal rate of return (IRR) of 27% at a $3,250 per ounce gold base case, on a gold and copper inventory of 1.598 million gold equivalent ounces
• 80% of drill holes at CK Gold end in gold-copper mineralization or have not been fully tested at the edges, & 2,900 feet of ground to the southeast remains undrilled, meaning the current inventory does not define the deposit's full extent
• The new survey program is designed to find rock types that match what hosts gold and copper at CK Gold and investigate nearby historical mine workings, with a follow-up ground survey planned by Zonge International for late July 2026
• The March 2026 FS NPV of $632 million assigns no value to targets outside the current mine plan, meaning any new discovery would represent upside not captured in the current study

A Permitted Project With More Ground Than the Market Is Pricing

U.S. Gold Corp (NASDAQ: USAU) entered 2026 with a project ready to build: a fully permitted open-pit gold and copper mine in southeast Wyoming, a completed Feasibility Study (FS), and access road construction already underway. For most junior mining companies, that marks the end of the exploration chapter. For USAU, it appears to mark the beginning of a new one.

On June 10, 2026, the company announced the completion of an updated drone survey at its CK Gold Project conducted by Zonge International across 325-line km of ground. Initial results extended areas of unusual magnetic readings first found in a 2017 ground survey, following the same northwest-trending zone that hosts gold and copper at CK Gold, and reaching beyond the current mine plan into undrilled ground.

The investment question is specific: the March 2026 FS net present value (NPV) of $632 million is built on the current gold and copper inventory only. If the new survey program identifies additional deposits within the Silver Crown Mining District, the current picture of the company's value may not reflect the full scope of what the ground holds.

What the Feasibility Study Establishes

The March 2026 FS, prepared by Halyard-Micon International to Securities & Exchange Commission (SEC) reporting standards, returned an after-tax NPV of $632 million and an internal rate of return (IRR) of 27% at a $3,250 per ounce gold base case, rising to $946 million NPV and 36.3% IRR at $4,000 per ounce gold, according to the Crux Investor review of the March 2026 FS, published June 11, 2026. Total cash generated over the mine's life is modelled at $967 million and the upfront construction cost is fixed at $394 million, both at the $3,250 per ounce gold base case.

The gold and copper inventory of 1.598 million gold equivalent ounces was defined by 215 drill holes, yet per the June 11, 2026 Crux Investor review, 80% of those holes end in mineralization or have not been fully tested at the edges, 2,900 feet of ground to the southeast remains undrilled, and the deposit is open below 800 feet. The $632 million NPV is built on the drilled portion of the deposit, not the full extent the geology suggests may be present.

President & CEO of U.S. Gold Corp, George Bee stated on their project's readiness for its next phase, stated:

"Permitting is where many projects get delayed or fail to progress. In our case, having permits in hand allows us to focus entirely on financing & execution. It also makes the project more attractive to potential partners & financiers because regulatory risk has already been addressed."

The New Survey: What Was Found & Why It Matters

Gold and copper mineralization at CK Gold is shown to carry a high magnetic signature. When the expanded drone survey returned areas with those same readings outside the current mine plan, it signalled that the same underground conditions may exist in undrilled ground nearby. Areas immediately southeast of the historic Copper King Mine sit along the same northwest-trending zone but are covered by a layer of younger rock, notes these areas show a strong signal through that cover.

Wright Geophysics has been contracted for detailed analysis of the new data, and Zonge International is targeting a follow-up ground survey in late July 2026, with the goal of finding rock types that match what hosts gold and copper at CK Gold and investigating nearby historical mine workings.

The Silver Crown Mining District: Why History Matters to Investors

The CK Gold Project sits within the Silver Crown Mining District, where earlier operators extracted high-grade ore from multiple workings. Bee, addressed the new direction now open to the company:

"With the initial CK Gold Project Feasibility Study now published and our fully permitted project moving to development, we can now turn attention to both the potential to expand the pit into known mineralization through conversion of our resources into reserves, and to explore into areas of former mining of high-grade ore conducted by the original developers of the Silver Crown Mining District."

A new drilling program is now being developed to test targets both below the mine plan and in new areas outside it, the first systematic attempt to establish whether the broader district holds additional deposits that could change the single-mine picture currently attached to USAU.

The Investment Thesis for U.S. Gold Corp

• The March 2026 FS returns an after-taxNet Present Value (NPV) of $632 million and a 27% Internal Rate of Return (IRR) on a fully permitted, construction-ready project, establishing a financial floor that excludes waste rock revenue, new discoveries, and undrilled ground
• 80% of drill holes at CK Gold end in gold-copper mineralization or have not been fully tested at the edges, and 2,900 feet of ground remains undrilled, meaning the 1.598 million gold equivalent ounce inventory reflects current drill coverage, not the deposit's actual limit
• The June 2026 drone survey found areas beyond the current mine plan carrying the same underground characteristics as CK Gold, triggering a new drilling program targeting extensions and new areas outside the current resource
• A follow-up ground survey by Zonge International targeting late July 2026, combined with analysis by Wright Geophysics, is the next event that could confirm additional drill targets within the Silver Crown Mining District
• A non-binding letter of intent for waste rock sales as railway ballast is in place adding potential upside above the $632 million NPV unrelated to exploration results
• With approximately 20.3 million fully diluted shares outstanding as of May 01, 2026, any new shares issued for construction financing would come from a smaller share base than most junior gold companies at this stage

The $632 million NPV is built on a gold and copper inventory where 80% of drill holes remain open and assigns no value to targets outside the current mine plan or to waste rock revenue despite a letter of intent in place. The June 10, 2026 drone survey has introduced a second value question: whether the northwest-trending zone beyond CK Gold's mine plan holds additional deposits within the Silver Crown Mining District. The sequence investors should watch is: follow-up survey results in late July 2026, Wright Geophysics analysis, drilling program announcement, and any updated gold and copper inventory. None of these potential re-rating events are priced into the current $632 million NPV.

TL;DR

U.S. Gold Corp's June 2026 drone survey extended known targets beyond CK Gold's current mine plan along a northwest-trending zone tied to the Silver Crown Mining District. With 80% of drill holes open and 2,900 feet of ground untested, the $632 million NPV may represent a floor rather than a ceiling.

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