U.S. Gold Corp Advances CK Gold Toward Feasibility, Unlocking High-Margin Copper-Gold Growth & U.S. Re-Rating Potential

• CK Gold is a fully permitted, US-based gold-copper project in Wyoming that is shovel-ready, with regulatory risk largely removed.
• The project demonstrates robust economics, with the Pre-Feasibility Study outlining a 36% base case IRR and a 60% upside scenario, supported by an all-in sustaining cost of $937 per ounce gold equivalent and generating $693 million in pre-tax free cash flow.
• It is strategically positioned to align with USenergy transition policy by contributing to domestic copper and gold supply security.
• Key catalysts include the completion of the feasibility study by late 2025 and ongoing optimization studies in collaboration with Glencore Technology.
• Overall, CK Gold represents a low-cost, de-risked US project with strong re-rating potential as feasibility and financing milestones are achieved.

The New Economics of Domestic Gold-Copper Development

The structural dynamics governing resource project development have shifted materially over the past decade. Lengthening permitting timelines, escalating capital intensity, and geopolitical fragmentation have created a premium for assets that combine jurisdictional certainty with shovel-ready status. In this environment, fully permitted projects in stable jurisdictions are commanding valuation multiples that reflect not only their underlying economics but also the scarcity of executable opportunities within the global development pipeline.

U.S. Gold Corp's CK Gold Project in Wyoming exemplifies this convergence of regulatory certainty and economic strength. With all major permits secured and a pre-feasibility study demonstrating robust returns, the project represents a case study in how domestic permitting success translates into tangible investor value. The timing is particularly relevant as federal policy increasingly prioritizes domestic critical mineral supply chains through mechanisms including the Inflation Reduction Act and Department of Energy strategic funding programs.

Market Context: Why Permitted Projects Command a Premium

Global permitting bottlenecks have tightened project pipelines across safe jurisdictions. Regulatory approval timelines in major mining regions now average seven to ten years, with outcomes increasingly uncertain due to evolving environmental frameworks and community engagement requirements. This protracted approval process has created a structural shortage of near-term production assets, driving valuation premiums for projects that have successfully navigated regulatory hurdles.

Capital intensity across the mining sector has risen concurrently. Inflationary pressures on equipment, labor, and construction materials have increased development costs while extending payback periods. In this context, fully permitted assets offer financing certainty that reduces execution risk and enhances debt capacity. Lenders and equity investors alike are pricing in regulatory security as a fundamental component of project valuation, particularly in jurisdictions with demonstrated permitting efficiency.

US policy alignment further reinforces domestic value. The Inflation Reduction Act provides tax incentives for critical mineral production, while the Department of Energy has designated copper as strategically significant for national security and clean energy infrastructure. Projects like CK Gold that combine domestic jurisdiction with copper-gold production profiles are positioned to benefit from both policy support and the strategic premium associated with supply chain resilience.

Executive Chairman Luke Norman articulates the significance of Wyoming's regulatory framework:

"In the space of four years we took a science project exploration asset, turned it into a prefeasibility reserve, and then took it through the permit process in Wyoming. We were fortunate enough to get our permits because we are in Wyoming. On state ground, no federal nexuses at the time. "

This regulatory efficiency translates directly into capital allocation decisions. As Norman notes, the project's advanced status represents a competitive advantage in attracting financing:

"We're just walking into a pretty unique situation here where one of the only permitted projects in North America in a junior's hands that's ready to go."

Inside the CK Gold Project: Economic Strength & Development Readiness

The CK Gold Project's economic profile reflects both geological endowment and strategic infrastructure positioning. Located in southeast Wyoming near Cheyenne, the project benefits from proximity to established transportation corridors, grid power, and skilled labor markets that reduce both capital requirements and operational complexity.

Asset Overview & Reserve Base

The CK Gold deposit comprises a gold-copper porphyry system with mineralization extending across oxide and sulphide zones. The reserve base totals 1.67 million ounces of gold equivalent, consisting of 1.02 million ounces of gold, 260 million pounds of copper, and 3 million ounces of silver. This multi-commodity profile provides natural hedging against single-metal price volatility while capturing exposure to both monetary and industrial demand drivers.

Metallurgical characteristics support conventional flotation processing. The ore body's mineralogy is amenable to established extraction technologies, reducing technical risk associated with novel processing methods. Samuel Engineering's Pre-Feasibility Study incorporated detailed metallurgical testing that confirmed robust recovery rates and concentrate quality specifications suitable for North American smelters.

Infrastructure advantages materially reduce capital intensity. The project sits 20 miles from Cheyenne, providing access to established contractor pools and supply chains without requiring remote site logistics. Paved road access, proximity to Interstate 80, rail connectivity, and available grid power eliminate the need for extensive infrastructure construction that typically adds tens of millions to development budgets.

Project Economics: Margin & Efficiency

The Pre-Feasibility Study economics demonstrate strong margin resilience across commodity price scenarios. All-in sustaining costs (AISC) are estimated at $937 per ounce of gold equivalent, providing substantial operating leverage at current gold prices above $2,100 per ounce. This cost structure positions CK Gold in the lower quartile of global development projects on a margin basis.

Internal rate of return (IRR) projections reflect rapid capital payback potential. The base case scenario, utilizing $2,200 per ounce gold and $4.00 per pound copper assumptions, generates a 36% IRR with a 1.7-year payback period. Sensitivity analysis incorporating $3,000 gold and $4.10 copper pricing yields a 60% IRR with payback compressing to 1.1 years. These metrics compare favorably to peer projects with similar risk profiles but longer development timelines or higher capital requirements.

Pre-tax free cash flow generation totals $693 million over the mine life, underscoring the project's ability to generate shareholder returns while servicing debt obligations. The low initial capital expenditure requirement of $277 million produces an attractive NPV-to-capex ratio that enhances financing flexibility and reduces equity dilution risk during the construction phase.

Chairman Luke Norman emphasizes the project's cost advantages:

"What we know through our prefeasibility work is a very low capex. The building cost, development of the mine is extremely low… We're 20 miles outside of a major resource hub which is Cheyenne Wyoming. We're two miles from the i-80 corridor which is highway rail infrastructure. We have power and water to the project, we have paved roads."

Why CK Gold Represents Scarcity Value in the US Pipeline

The strategic value of domestic copper-gold assets has intensified as supply chain vulnerabilities and geopolitical tensions reshape investment frameworks. Projects that combine advanced development status with US jurisdiction exposure offer attributes increasingly prioritized by institutional capital: regulatory predictability, infrastructure access, and alignment with national resource security objectives.

The Strategic Scarcity of Permitted US Copper-Gold Assets

Fewer than a dozen shovel-ready copper-gold projects exist within the United States, and a smaller subset still have achieved full permitting status in the hands of publicly traded developers. This scarcity reflects both geological constraints and the historical regulatory complexity of advancing multi-commodity projects through federal and state approval processes. CK Gold's position among this limited cohort creates inherent valuation support independent of near-term commodity price movements.

CK Gold functions as a demonstration of domestic supply chain capacity. The project aligns with US critical mineral independence objectives by providing verifiable production potential without requiring new legislative frameworks or untested regulatory pathways. As Chairman Luke Norman articulates, this positioning has gained material significance:

"Now here we are, both copper and gold are critical minerals in the US now through this new administration."

Secondary Revenue Streams: Aggregate & Rail Ballast Opportunity

Beyond core metal production, CK Gold has identified an innovative waste rock utilization strategy that could generate supplemental revenue while enhancing environmental stewardship credentials. The project's geology includes materials suitable for use as construction aggregate and rail ballast, with preliminary assessments indicating potential sales volumes of one million tons annually at $20 to $25 per ton.

This revenue stream was excluded from the Pre-Feasibility Study's core economics, representing unmodeled upside to project cash flows. The aggregate opportunity addresses multiple strategic objectives: reducing tailings volumes, creating local economic value beyond mining employment, and demonstrating circular resource utilization aligned with environmental, social, and governance (ESG) investment criteria.

De-Risked Development & Near-Term Catalysts

The transition from Pre-Feasibility to Feasibility Study represents a critical de-risking milestone that typically catalyzes institutional engagement and debt financing discussions. For U.S. Gold Corp, this process is underway with multiple technical optimization initiatives designed to refine operating parameters and enhance project economics ahead of construction decisions.

Feasibility Work & Optimization (2025)

The Feasibility Study is targeted for completion by the end of 2025, with work streams focused on metallurgical efficiency, tailings management optimization, and site layout refinement. Unlike greenfield projects requiring extensive baseline studies, CK Gold's advanced status enables a more focused feasibility scope that builds on established permitting documentation and existing geological understanding.

Collaboration with Glencore Technology on Jameson Cell flotation technology represents a key technical optimization pathway. Jameson Cell systems have demonstrated superior recovery performance in porphyry applications while reducing reagent consumption and energy intensity. The technology's implementation at CK Gold is expected to improve both gold and copper recoveries while potentially lowering operating costs below Pre-Feasibility estimates.

Additional engineering priorities include tailings facility design optimization to minimize environmental footprint and construction cost, process plant layout refinement to improve operational workflow, and power infrastructure sizing to accommodate potential future expansion scenarios. These refinements are expected to enhance project IRR while maintaining the robust margin structure established in the Pre-Feasibility Study.

Financing & Strategic Partnerships

Initial capital requirements of $277 million position CK Gold within the financing capacity of specialized mining debt providers and strategic offtake partners. Management's stated approach prioritizes non-dilutive capital sources to preserve shareholder equity structure, with approximately 14.3 million shares outstanding providing a tight capital base that enhances per-share value accretion as the project advances.

Potential financing pathways include senior secured debt from mining-focused lenders, equipment financing arrangements to reduce upfront capital needs, and streaming agreements that provide construction capital in exchange for future metal delivery rights. The concentrate production profile creates particular appeal for streaming partners seeking copper exposure, with Norman noting significant inbound interest prior to Feasibility Study completion.

State and federal funding mechanisms add additional capital flexibility. Wyoming has established precedents for providing up to 50% of project capital expenditure through municipal bonding programs designed to support resource development with demonstrated economic benefits. Federal loan programs targeting critical mineral production offer another potential capital source that would validate the project's strategic alignment with national objectives.

Norman emphasizes management's commitment to capital discipline:

"We all own stock in the company. The last thing we want is this big equity blowout. Given that we're going to be producing a concentrate… all the offtakers are approaching us already."

The financing timeline aligns with feasibility completion:

"Between November and what's going to be November of this 12-month period, we are going to go through full feasibility and probably have offers on the table for full debt funding."

Management Track Record & Execution Capability

Development-stage mining projects carry execution risk that extends beyond geological and economic fundamentals. The capacity to navigate engineering complexities, manage construction schedules, and commission operating facilities represents a critical value determinant that often differentiates successful projects from those experiencing cost overruns and timeline delays.

U.S. Gold Corp's management team brings substantial operational experience from major mining organizations. Chief Executive Officer George Bee's career includes senior roles at Barrick Gold, Rio Tinto, and Anglo American, where he participated in the construction and commissioning of large-scale gold mining operations. This background provides direct experience with the technical and logistical challenges inherent in transitioning projects from feasibility to production.

Chairman Luke Norman has established a track record in capital markets, having raised over $300 million for mining ventures across multiple commodity cycles. His experience encompasses both equity and debt financing structures, providing the company with strategic flexibility as it navigates the capital-raising process required for construction financing.

The board's technical expertise and capital markets experience create institutional credibility that facilitates financing discussions and strategic partnerships. Management's stated focus on maintaining tight share structure demonstrates alignment with shareholder value creation objectives, distinguishing the approach from development strategies that rely primarily on equity dilution to fund construction.

Norman highlights the operational expertise within the team:

"George Bee for starters, our CEO, has built the largest gold mines on the planet."

Jurisdictional Advantage: Wyoming's Permitting Certainty

Jurisdictional risk assessment has become central to mining investment frameworks as permitting timelines extend and regulatory outcomes grow increasingly uncertain across major producing regions. Wyoming's regulatory environment offers material differentiation through demonstrated permitting efficiency and proactive state-level support for responsible resource development.

CK Gold achieved full permitting status through Wyoming's state regulatory framework, securing WYPDES water discharge permits, air quality approvals, and mine operating authorizations within a four-year timeframe from initial exploration to permitted status. This timeline contrasts sharply with permitting processes in jurisdictions where federal oversight, overlapping regulatory authorities, or lengthy environmental review procedures routinely extend approval timelines beyond a decade.

Broader Implications for US Critical Mineral Independence

The CK Gold Project functions as more than an isolated development opportunity. It represents a tangible example of how mid-tier mining companies contribute to US industrial strategy by delivering domestic production capacity for minerals designated as strategically significant for national security and economic competitiveness.

Federal policy frameworks increasingly recognize the vulnerability created by import dependence for metals essential to clean energy infrastructure, defense applications, and advanced manufacturing. Copper demand is projected to increase substantially as electrification accelerates, while gold maintains its monetary role amid currency diversification trends. Domestic production assets that address these supply requirements align with policy objectives spanning multiple federal agencies and Congressional committees.

Investor preferences have shifted correspondingly. Institutional capital increasingly values domestic jurisdiction exposure that provides regulatory stability, operational transparency, and reduced geopolitical risk. Projects in the United States benefit from established legal frameworks, reliable infrastructure, and alignment with ESG criteria that foreign operations may struggle to demonstrate convincingly.

This trend toward domestic resource development re-rating is visible across multiple advanced-stage US projects, including Energy Fuels' uranium and rare earth operations, Perpetua Resources' Idaho gold-antimony project, and several copper development assets in Arizona and Alaska. CK Gold participates in this broader valuation re-assessment as investors recognize the strategic premium associated with US jurisdiction and critical mineral production profiles.

The Investment Thesis for U.S. Gold Corp & US Copper-Gold Exposure

U.S. Gold Corp's CK Gold Project presents a development opportunity characterized by multiple attributes that institutional investors prioritize when allocating capital to the resource sector. The investment case rests on both project-specific fundamentals and positioning within broader thematic trends reshaping mining investment frameworks.

• Exposure to domestic jurisdiction offering regulatory certainty, established infrastructure access, and reduced geopolitical risk compared to foreign operations.
• Robust project economics with $937 per ounce AISC positioning the asset in the lower cost quartile, providing substantial margin resilience across commodity price scenarios.
• Fully permitted status in Wyoming eliminating primary regulatory risk and positioning the project for rapid advancement to construction decisions following Feasibility Study completion.
• Near-term catalysts including late-2025 Feasibility Study delivery, optimization work with Glencore Technology, and anticipated debt financing discussions create multiple re-rating opportunities.
• Management team with proven mine construction experience and capital markets track record demonstrates execution capability essential for transitioning projects from development to production.
• Strategic alignment with US critical mineral policy objectives and domestic supply chain resilience priorities, creating potential access to government financing mechanisms and policy support.
• Optional revenue enhancement through aggregate sales from waste rock utilization, providing unmodeled cash flow upside while strengthening ESG credentials through circular resource use.
• Copper-gold production profile captures exposure to both electrification-driven industrial demand and monetary diversification trends, providing natural hedging across investment themes.

A High-Margin, De-Risked US Project Entering a Critical Re-Rating Window

U.S. Gold Corp's CK Gold Project represents a convergence of fundamentals that institutional investors seek in development-stage mining assets. The combination of jurisdictional stability, fully permitted status, strong project economics, and imminent feasibility catalysts creates a framework for valuation re-rating as the project advances through 2025. The low-cost structure, copper-gold leverage, and alignment with US  domestic policy objectives distinguish CK Gold within the North American development pipeline.

As feasibility work progresses toward year-end completion and financing discussions intensify, the project's risk profile continues to decline while maintaining substantial upside leverage to metal prices and valuation multiple expansion. For investors prioritizing margin strength and execution certainty within the US critical minerals landscape, CK Gold stands out as a high-conviction, development-ready opportunity entering a period where fundamental value should increasingly be reflected in market valuation.

TL;DR

U.S. Gold Corp's CK Gold Project in Wyoming represents a rare combination of advanced permitting status, robust economics, and domestic strategic positioning. With major operating permits secured, the project demonstrates strong fundamentals: $937/oz all-in sustaining costs, 36% base case IRR rising to 60% in upside scenarios, and $693 million in projected pre-tax free cash flow over a 10.2-year mine life. The $277 million initial capital requirement positions the asset for diverse financing options as the company targets year-end 2025 feasibility completion. Infrastructure proximity to Cheyenne reduces development costs while Wyoming's regulatory efficiency provides execution certainty. The copper-gold production profile aligns with U.S. critical mineral policy objectives, creating strategic value beyond commodity exposure as the project advances toward construction decisions.

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