Inside US Gold Corp’s $300M Plan to Develop a Permitted Gold-Copper Mine in America

• Fully Permitted Project: US Gold Corp.'s CK Gold Project in Wyoming is now fully permitted for mining, including air, water, and environmental approvals.
• Strong Gold-Copper Economics: The project hosts a 1.5Moz gold-copper reserve with 70% of value from gold and 30% from copper, at a projected AISC of ~$940/oz.
• Low-Cost Build Due to Location: Close proximity to Cheyenne ensures access to infrastructure, skilled labor, and low construction costs - eliminating the need for remote camps.
• Tight Capital Structure: Just 14 million shares outstanding with ~$15M in treasury. Creative, non-dilutive financing solutions - including federal grants, state bonds, and offtake debt - are underway.
• Scalable Growth Potential: The current reserve is drill-constrained, with known mineralization extending beyond the pit shell - setting the stage for future resource expansion.

US Gold Corp. (NASDAQ: USAU), through its flagship CK Gold Project in Wyoming, is advancing a rare dual-commodity development that offers near-term production potential with robust economics and minimal permitting risk. With gold providing the project’s economic backbone and copper adding strategic relevance, CK Gold is positioned to benefit from both monetary and industrial macro tailwinds.

Project Overview: The CK Gold Project, Wyoming

The CK Gold Project is a fully permitted, near-term development-stage asset located 20 miles west of Cheyenne, Wyoming. It sits atop a gold-copper porphyry system with a reserve base of approximately 1.5 million ounces, designed for 100,000 oz/year gold equivalent production over 10 years. The reserve model is based on 70% gold and 30% copper economics, using feasibility inputs of $2,100/oz gold and $4.10/lb copper.

Luke Norman, Executive Chairman, explained:

“In the space of four years, we took a science project exploration asset, turned it into a reserve, and then took it through the permit process in Wyoming… we're light years ahead of our peer group.”

Permitting is complete across all facets: mining, air quality, water discharge, and environmental licensing - making CK Gold one of the few shovel-ready hard rock mines in the United States.

Location Advantage: Infrastructure, Labor, and Costs

A critical differentiator for CK Gold is its proximity to major infrastructure. The project is just two miles from Interstate 80, and within 20 miles of Cheyenne - a regional hub with access to paved roads, rail, water, and power. This proximity dramatically reduces capital expenditure, operating risk, and time to build. Norman noted:

“It’s like constructing a commercial property outside a major city… people go home at night. No man camps. No flying in steel. It changes the whole specter of the project.”

Unlike remote sites in the Andes or northern Canada, CK Gold avoids cost overruns tied to supply chain delays, logistics, or labor shortages. Construction contractors, steel fabricators, and electrical engineers are local - another reason the project's capex is substantially below comparable assets.

Interview with Executive Chairman, Luke Norman

Capital Structure and Financing Strategy

With only 14 million shares outstanding and $15 million in cash, US Gold Corp. maintains one of the tightest capital structures in the mining sector. Management, insiders, and long-term shareholders remain highly aligned.

To finance the estimated ~$300 million capex, the company is pursuing non-dilutive and creative financing options:

• Concentrate offtake agreements with debt-linked term sheets from global buyers
• Federal and state loans and grants, including potential municipal bonding from the state of Wyoming (up to 50% of capex)
• Minimal equity issuance, protecting shareholders from dilution

Norman emphasized the company’s commitment to avoiding equity destruction:

“The last thing we want is a big equity blowout… There’s a lineup of capital, and we’re finding a creative way to finance this project.”

This approach is increasingly critical in a market where traditional financing channels remain cautious, and investors are favoring low-risk, cash-flow-near assets.

Market Opportunity: Copper and Gold as Critical U.S. Minerals

In 2024, both gold and copper were officially classified as critical minerals by the U.S. government - an acknowledgment of their dual role in financial security and clean energy infrastructure. While gold continues to see robust central bank buying and ETF re-accumulation, copper faces a multi-year structural deficit.

Demand for copper is expected to rise over 50% by 2035, driven by electric vehicles, grid upgrades, and data center growth. However, new copper mine approvals remain scarce due to environmental, jurisdictional, and social barriers. This underscores the strategic relevance of CK Gold - a project in a mining-friendly state, already fully permitted, and able to deliver copper concentrate into a constrained market.

Meanwhile, gold remains a hedge against macroeconomic volatility, rising sovereign debt, and persistent inflationary risks. A dual exposure to both metals—monetary and industrial - offers natural portfolio diversification.

Scalability and Exploration Upside

The current reserve model at CK Gold is deliberately conservative. As Norman explained, the team prioritized building a technically feasible and financeable mine plan while staying within permitting boundaries. However, the deposit remains open for expansion.

“Our reserve is our reserve, but the mineral deposit extends well beyond the margins.”

Because the project is governed by U.S. SEC SK-1300 standards (not NI 43-101), the company cannot report inferred resources. Yet internal modeling and historic data suggest there is significant additional mineralization outside the current pit shell, setting up the potential for production expansion or extended mine life after initial development.

The Investment Thesis for U.S. Gold Corp

• Shovel-Ready Asset: One of the few fully permitted gold-copper projects in the U.S. - a significant de-risking milestone.
• Dual Commodity Exposure: Strategic leverage to both gold (monetary hedge) and copper (green economy metal).
• Low Capex, Fast Build: Located near Cheyenne, WY - eliminates typical logistical and labor bottlenecks.
• Tight Capital Structure: Just 14 million shares outstanding; management highly aligned with shareholders.
• Non-Dilutive Financing Path: Federal/state funds, offtake debt, and creative structures reduce equity risk.
• Scalable Growth Potential: Mineralization extends beyond reserve model, with upside tied to future drilling.

Actionable Advice for Investors:

• Watch for completion of the final feasibility study in Q4 2025 -this will define capital needs and potentially trigger revaluation.
• Monitor announcements related to debt financing, offtake deals, or state-level funding support.
• Assess peer comparisons in the gold-copper developer space to identify relative valuation upside.

Summary: A Permitted U.S. Developer Positioned for Revaluation

US Gold Corp. stands out in a crowded field of junior mining companies for one reason: execution. With permits in hand, a viable economic plan, a low-cost development profile, and strong capital discipline, the company is now preparing to transition into construction and production.

The combination of tight share structure, strategic commodity exposure, and creative financing positions US Gold Corp. as a potential rerating candidate in the near term. For investors seeking a gold-copper story with defined timelines, proven leadership, and limited dilution risk, this project offers a clear path to value creation.