U.S. Gold Corp. Delivers Feasibility Study for CK Gold Project, Confirming $632M NPV and 27% IRR at Base Case Prices

Company Overview

U.S. Gold Corp. [NASDAQ: USAU] is a publicly traded, U.S.-focused gold and copper exploration and development company. Its flagship CK Gold Project is located in Laramie County, southeast Wyoming, approximately 20 miles west of Cheyenne. The company also holds the Keystone exploration property on the Cortez Trend in Nevada and the Challis Gold Project in Idaho.

Feasibility Study Outlines Project Economics

U.S. Gold Corp. has published the results of its Feasibility Study (FS) for the CK Gold Project, reporting an after-tax NPV5% of $632 million and an after-tax Internal Rate of Return (IRR) of 27% at base case metal prices of $3,250/oz gold, $4.50/lb copper, and $40/oz silver, with a payback period of 2.5 years. At current spot prices of $4,500/oz gold, $5.50/lb copper, and $70/oz silver, the after-tax NPV rises to $1.30 billion and the IRR to 45%.

The FS was prepared by Halyard–Micon International, Inc. as lead engineer in accordance with SEC Regulation S-K Subpart 1300 disclosure requirements. A technical report summary will be filed alongside the company's next Annual Report on Form 10-K.

President, Chief Executive Officer, and Director George Bee commented:

"The Feasibility Study is the culmination of 5-years of work to engineer and permit a U.S. domestic project ready for immediate development. CK is one of the most compelling, resilient, and capital-efficient copper-gold-silver projects in the U.S. ready for development. The FS outlines a technically simple, low risk, phased development with outstanding economics, including a rapid 2.5-year payback, strong early free cash flow profile, and a relatively modest capex and reasonable NPV-to-capex ratio. Importantly, the FS is delivered with all permits in hand at an opportune time." 

Production Profile and Operating Costs

The mine plan covers an 11-year operating life processing 74.5 million short tons of ore, with Life of Mine (LOM) payable production of 707,200 oz gold, 186.7 million lbs copper, and 1,874,000 oz silver, equivalent to 931,000 oz AuEq. Average annual production is 85 koz AuEq, rising to 102 koz AuEq in years two through eight, with average after-tax free cash flow of $160 million per year over that period. Total LOM net free cash flow, inclusive of all capital and closure costs, is projected at $967 million at base case.

Life of Mine All-In Sustaining Cost (AISC) is estimated at $1,814/oz AuEq on a co-product basis, or $1,094/oz gold net of copper and silver by-product credits. The LOM strip ratio of 0.89:1 limits pre-stripping capital requirements. Initial capital is estimated at $394 million, including a $47 million contingency and excluding $28 million in pre-production owner’s costs. LOM sustaining capital is $35 million and reclamation is estimated at $27 million. The FS assumes contractor mining.

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Mining, Processing, and Infrastructure

The operation is designed as a conventional open-pit, truck-and-shovel mine at 20,000 short tons per day. A phased pit design and stockpiling strategy are intended to prioritise higher-grade ore early in the mine life. The processing circuit employs SAG-ball mill grinding followed by froth flotation with Jameson cell technology, producing a gold-rich copper concentrate. LOM average recoveries are 71.5% for gold, 80.6% for copper, and 68.7% for silver.

The project's location 20 miles from Cheyenne provides access to grid power via Black Hills Energy, water supply contracted from the Cheyenne Board of Public Utilities, and an established regional workforce, removing the need for a remote camp.

Mineral Reserves and Resource Upside

The FS mineral reserve  totals 74.5 million short tons at 0.014 oz/t gold, 0.174% copper, and 0.041 oz/t silver, comprising 1.015 Moz gold, 260 million lbs copper, and 3.03 Moz silver (1.6 Moz AuEq). Total measured and indicated resource inclusive of reserves stands at 1,790 koz AuEq, with a further 677 koz AuEq in the inferred category outside the current mine plan.

The initial mine plan deliberately excludes resource material beyond a dry drainage channel to the northwest to avoid U.S. Army Corps of Engineers involvement. The company states that in-mine drilling to advance this material toward the mine plan is expected to commence in year one.

Permitting and Community

All required construction permits are in hand, and a $5 million reclamation bond has been placed to cover the first year of planned construction. The company states no further major permits are required ahead of a construction decision. The project carries a 2.1% NSR royalty payable to the Wyoming Office of State Lands and Investments. An average of 198 direct permanent jobs are expected over the life of mine. Community engagement has received an independent "A" rating from Digbee Ltd. in its 2026 ESG assessment.

The Next Steps

Near-term priorities include securing major equipment specifications to enable detailed engineering, continuing access road construction, and evaluating aggregate quarrying from the pit for construction-phase materials. U.S. Gold Corp. will host a webcast on Wednesday, 1 April 2026 at 4:00 PM Eastern / 1:00 PM Pacific to discuss the FS results with senior management.

Bee noted:

"With permits already in place, delivery of the FS allows interested parties to assess the Project from a number of avenues for Project financing including debt, equity, off-take and other vehicles to secure the initial capital. We look forward to providing further updates as the Project progresses with financing and construction in 2026."

No production decision has been made. A decision to proceed with construction will only follow completion of detailed engineering, board approval, and the securing of financing.

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