U.S. Gold Corp: America's Next Mid-Tier Producer

• Gold has surged 57% year-to-date to $4,123 per ounce, with UBS forecasting potential upside to $4,700 per ounce amid ongoing geopolitical tensions and anticipated Federal Reserve rate cuts.
• U.S. Gold Corp's flagship CK Gold Project in Wyoming holds proven reserves of 1.02 million ounces gold plus 260 million pounds copper, fully permitted and targeting 110,000 ounces annual production.
• The Pre-Feasibility Study demonstrates a post-tax NPV of $356 million at $2,100 gold, expanding to $745 million at $3,000 gold, with all-in sustaining costs of just $937 per ounce.
• All three projects operate in top-tier U.S. jurisdictions (Wyoming, Nevada, and Idaho) eliminating sovereign risk as global tensions elevate safe-haven demand.
• With only 14.36 million shares outstanding and significant insider ownership, the company offers leveraged exposure to gold's continued rally in a NASDAQ-listed vehicle.

Introduction: Gold's Safe-Haven Rally Creates Producer Opportunity

Gold prices reached $4,123.39 per ounce on October 23, 2025, continuing a remarkable 57% year-to-date advance driven by escalating geopolitical tensions and monetary policy expectations. U.S. sanctions on Russian energy companies Lukoil and Rosneft, combined with potential export controls on China following rare-earth restrictions, have elevated safe-haven demand for precious metals. Meanwhile, investors have fully priced in a 25 basis-point Federal Reserve rate cut, reducing the opportunity cost of holding non-yielding gold.

U.S. Gold Corp (NASDAQ: USAU) represents a distinct investment proposition within this landscape: a fully permitted, construction-ready gold-copper project in Wyoming backed by a proven management team with multi-continental mine-building experience. With first production targeted for late 2027 and robust economics that improve dramatically at higher gold prices, the company offers institutional investors leveraged exposure to both the commodity rally and operational execution.

Company Overview: Three-Project U.S. Portfolio

U.S. Gold Corp operates three wholly-owned projects across premier American mining jurisdictions, combining near-term production potential with district-scale exploration upside. The flagship CK Gold Project in Wyoming, located just 20 minutes west of Cheyenne and three miles from Interstate 80, has completed the permitting process and awaits a construction financing decision following completion of the Feasibility Study expected by year-end 2025. The project benefits from exceptional infrastructure access, including proximity to power, water, skilled labor, and equipment suppliers within a 40-mile radius.

"CK Gold offers compelling value with approved development and operating permits advancing towards construction in an advantageous location."

The company's leadership team brings decades of major mining experience, led by President and CEO George Bee, who spent over 40 years at Barrick Gold as Senior Vice President and led mine construction projects across three continents. Chairman Luke Norman has raised over $300 million for mining ventures during his 20-year capital markets career, while CFO Eric Alexander contributes more than 35 years of finance and mining expertise. Vice President of Exploration Kevin Francis brings 35 years of technical experience from Rio Tinto and SRK Consulting.

Beyond the flagship Wyoming asset, U.S. Gold controls the Keystone Project in Nevada (a 20 square-mile property located 11 miles south of Nevada Gold Mines' Cortez Complex along the prolific Cortez Trend) and the Challis Gold Project in Idaho, a low-sulfidation epithermal system situated 12 miles southwest of Revival Gold's Beartrack-Arnett development. This diversified portfolio provides both near-term cash flow visibility and longer-term exploration optionality.

Flagship Asset: CK Gold Project Economics

The February 2025 Pre-Feasibility Study, prepared to SK-1300 standards, established proven and probable reserves of 1.02 million ounces gold, 260 million pounds copper, and 3 million ounces silver, totaling 1.67 million ounces gold-equivalent. The mine plan contemplates 10-year operation processing 20,000 tonnes per day, producing an average 110,000 ounces gold-equivalent annually at all-in sustaining costs of $937 per ounce. Initial capital expenditure totals $277 million with an additional $13 million in sustaining capital over the mine life.

At base-case assumptions of $2,100 per ounce gold and $4.10 per pound copper, the project generates post-tax net present value of $356 million at a 5% discount rate, with 30% internal rate of return and 2.1-year payback period. However, the economics improve substantially at higher metal prices: at $3,000 per ounce gold, post-tax NPV expands to $745 million with 50% IRR and 1.3-year payback. With spot gold currently trading at $4,123 per ounce, the project's economic sensitivity to price upside becomes particularly relevant for valuation purposes.

The engineering design incorporates Jameson Cell flotation technology licensed from Glencore Technology, enhancing copper and gold recoveries while reducing the processing plant footprint. The Feasibility Study currently underway is expected to refine these parameters further, potentially improving capital efficiency and production profiles. Management has indicated that construction financing discussions are underway with equipment vendors and strategic partners, positioning the company for a development decision following FS completion.

Permitting Achievement & State Partnership

U.S. Gold completed a comprehensive permitting process entirely under Wyoming state jurisdiction, avoiding federal regulatory oversight. The Mine Operating Permit received approval in April 2024 with 10-year renewable term, followed by air quality, water discharge, and reclamation permits between May and November 2024. The Industrial Siting Permit, originally approved in June 2023, remains valid through 2026. The company conducted over 200 stakeholder meetings with regulators, landowners, and community members during the permitting phase.

The project's location on Wyoming State Land creates a unique public-private partnership structure, with a 2.1% net smelter return royalty flowing to the Wyoming Office of State Lands. These royalty payments will benefit Wyoming's education fund throughout the mine's operating life. The project is expected to create 255 direct jobs plus hundreds of indirect positions in construction, supply, and service sectors. Additionally, waste rock will be processed into aggregate and rail ballast, creating a secondary revenue stream for the state with a letter of intent already signed with a major rail company.

Post-mining reclamation plans include converting the open pit into a potential water reservoir to support Cheyenne's population growth, with studies underway to evaluate pumped hydro energy storage applications. This forward-looking approach to mine closure planning strengthens community support and demonstrates environmental stewardship beyond regulatory compliance. The combination of economic benefits, job creation, and long-term infrastructure value has generated strong local backing for the project.

Strategic Significance: U.S. Jurisdiction Advantage

Operating exclusively within United States borders eliminates geopolitical risk at a time when global tensions are driving safe-haven flows into gold. The Reuters report on October 23, 2025, highlighted how U.S. sanctions on Russian oil companies and potential export controls on China have increased market uncertainty.

Wyoming ranks among North America's most mining-friendly jurisdictions, offering stable regulatory frameworks, experienced permitting authorities, and supportive communities with mining heritage. The state's tax structure, labor availability, and infrastructure access provide operational advantages relative to more remote or politically challenging jurisdictions. Nevada's Keystone Project benefits from similar advantages, with Nevada consistently ranking as the top mining jurisdiction in the United States and among the global top 10 according to the Fraser Institute's annual survey.

The Challis Gold Project in Idaho extends this low-risk profile, with Idaho ranking eighth globally in the Fraser Institute's 2024 Investment Attractiveness Index. The property's proximity to Revival Gold's Beartrack-Arnett project and Perpetua Resources' Stibnite development demonstrates the region's emerging potential for new discoveries. By concentrating all assets in premier U.S. jurisdictions, U.S. Gold Corp offers investors pure exposure to American gold production without the sovereign, currency, or regulatory risks associated with operations in developing nations.

Exploration Pipeline: Organic Growth Potential

The Keystone Project in Nevada provides district-scale exploration upside along the Cortez Trend, where Nevada Gold Mines has produced or established resources totaling 51 million ounces. U.S. Gold controls 20 square miles of 100% owned claims underlain by Wenban Formation host rocks and Eocene intrusive complexes analogous to those at Cortez. The 2025 work program includes CSAMT geophysical surveys, hyperspectral mapping, and AI-assisted target prioritization using VRIFY technology, with reverse-circulation and core drilling planned at the Sophia and Greenstone Gulch targets.

Management has indicated ongoing discussions with major mining companies regarding potential joint ventures or farm-out agreements for Keystone, a common structure for early-stage exploration projects requiring significant capital investment. Such partnerships would allow U.S. Gold to advance exploration while preserving cash for CK Gold development and maintaining leverage to discovery upside. The Carlin-type mineralization style targeted at Keystone has produced some of Nevada's largest gold deposits, offering meaningful blue-sky potential.

The Challis Gold Project in Idaho hosts a historic (non-current) 43-101 resource estimate of 314,000 ounces at 1.22 grams per tonne, though this estimate does not comply with current standards and should not be relied upon for investment decisions. The low-sulfidation epithermal system features northwest-northeast trending shear zones cutting Challis Volcanics, a geological setting associated with significant gold-silver deposits throughout the region. U.S. Gold plans re-logging of historic core and modern geophysical surveys to define drill targets for a 2026 exploration program.

Current Market Position & Valuation Considerations

U.S. Gold Corp trades on NASDAQ under ticker USAU with 14.36 million shares outstanding, creating a market capitalization of $236.6 million based on the October 1, 2025 reference date. The company reported $11.3 million cash as of July 31, 2025, supplemented by subsequent warrant exercises. Outstanding warrants total 2.44 million and stock options 0.45 million, providing potential additional capital as these instruments are exercised. The 52-week trading range of $5.44 to $16.71 reflects the volatility typical of development-stage mining companies.

Recent financings include a $10.2 million registered direct offering in December 2024, a $4.9 million direct offering in April 2024, and a $5.0 million direct offering in April 2023. The company also generated $2.75 million through sale of a 0.5% net smelter return on the Maggie Creek property in November 2023. Analyst coverage includes Paradigm, Alliance Global Partners, H.C. Wainwright, Roth, and Beacon Securities, providing institutional research support. Average daily trading volume of 301,000 shares indicates reasonable liquidity for a small-cap development company.

The tight share structure with significant insider ownership aligns management interests with shareholders while creating potential for meaningful share price appreciation as key milestones are achieved. The completion of the Feasibility Study, securing of construction financing, and commencement of development would each represent de-risking events likely to attract broader institutional participation. At current gold prices exceeding $4,100 per ounce (nearly double the PFS base case) the project economics warrant reassessment in the context of UBS's $4,700 upside scenario.

The Investment Thesis for U.S. Gold Corp

• Fully permitted CK Gold Project targeting 110,000 ounces annual production provides clear path to cash flow by late 2027 subject to financing.
• Project NPV expands from $356 million at $2,100 gold to $745 million at $3,000 gold, with spot prices currently at $4,123 creating substantial economic upside.
• All-U.S. operations eliminate sovereign concerns as global tensions drive safe-haven demand and analysts target $4,700 gold in adverse scenarios.
• Keystone Project on Nevada's Cortez Trend and Challis epithermal system provide organic growth potential beyond flagship asset.
• Only 14.36 million shares outstanding with major insider holdings creates leveraged vehicle for institutional positioning in U.S. gold production growth.
• Leadership team with Barrick, Rio Tinto, and Anglo American pedigree reduces development risk through multi-continental mine-building experience.

U.S. Gold Corp presents institutional investors with leveraged exposure to gold's continued rally at a critical inflection point for both commodity markets and company development. With gold prices up 57% year-to-date to $4,123 per ounce and UBS forecasting potential upside to $4,700, the timing aligns favorably with the company's progression toward a construction decision on the fully permitted CK Gold Project. The Pre-Feasibility Study economics, which already demonstrate 50% IRR at $3,000 gold, would improve dramatically at current spot prices, potentially supporting higher valuations as the Feasibility Study quantifies updated parameters.

The company's all-U.S. jurisdiction focus eliminates geopolitical risk precisely as global tensions elevate safe-haven demand, addressing a key institutional investment criterion. Wyoming's mining-friendly regulatory environment, combined with strong community support and strategic state partnership, reduces permitting and social license risks that have derailed projects in other jurisdictions. The exploration portfolio at Keystone and Challis provides organic growth optionality without distracting from the near-term focus on advancing CK Gold toward construction.

For investors seeking exposure to U.S. gold production growth, U.S. Gold Corp offers a differentiated proposition: construction-ready assets, experienced management, tight share structure, and economic leverage to rising gold prices. As Brian Lan of GoldSilver Central noted, longer-term bullish sentiment remains strong despite near-term volatility, creating opportunity for patient capital to establish positions ahead of de-risking milestones. The completion of the Feasibility Study and announcement of construction financing would represent key catalysts for re-rating toward producing company valuations in what UBS identifies as a favorable macro environment for gold investment.

TL;DR

U.S. Gold Corp stands positioned to capitalize on gold's 57% year-to-date rally and analyst forecasts of $4,700 per ounce. The company's fully permitted CK Gold Project in Wyoming targets 110,000 ounces annual gold-equivalent production at $937 all-in sustaining costs, with construction decision expected following the Feasibility Study in late 2025. Operating exclusively in U.S. jurisdictions eliminates geopolitical risk while two exploration projects in Nevada and Idaho provide organic growth potential. With $11.3 million cash and a tight 14.36 million share float, the company offers institutional investors leveraged exposure to both rising gold prices and near-term production growth.

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