U.S. Gold Corp Puts Financing First for US$394 Million CK Gold Build

• U.S. Gold Corp expects a construction decision on CK Gold very shortly, once a complete financing package is in place.
• Takeover interest has held back the construction decision.
• The financing package is a mix of equity and debt, possibly with a silver stream.
• Initial capital for CK Gold is US$394 million, with a 2.5-year payback at US$3,250 per ounce for gold.
• Cash stood at US$27.1 million as of July 31, 2026. 

U.S. Gold Corp (Nasdaq: USAU) expects a construction decision on its CK Gold gold-copper project in southeast Wyoming very shortly, after takeover interest had delayed it. The company wants a complete financing package in place before construction resumes, and term sheets from potential funders are already on the table. 

Construction Decision & Financing Package   

U.S. Gold Corp formed a Special Committee to assess merger and acquisition interest in August 2026 and brought in advisors, while continuing to develop CK Gold. The committee allows the board to review unsolicited interest. The company has non-disclosure agreements (NDAs) in place, and several parties have visited the project. 

President and Chief Executive Officer of U.S. Gold Corp, George Bee, concedes the takeover interest has already slowed the construction call: 

"It has. It has. We've been fielding a fair amount of interest. We have some NDAs in place, and we've had quite a few visiting through the project, but we just need to move forward at the moment."   

The package under discussion is a mix of equity and debt, with debt available from several sources, and possibly a silver stream. A stream is an upfront payment from a financier in exchange for a share of future silver output. With copper in tight supply, the concentrate's copper content has drawn interest, and an offtake agreement could bring capital with it. A financing advisor is to be appointed shortly, and the company plans to add experienced personnel to the development team and build a relationship with an engineering, procurement, and construction management firm.  

CK Gold in Southeast Wyoming   

CK Gold is located about 20 minutes west of Cheyenne and about 3 miles north of Interstate 80, on State of Wyoming land with no direct federal involvement. All major permits are in hand, and preliminary site work was initiated in January 2026 under the Industrial Siting Permit, which has been updated through December 2027. 

The planned operation is a truck-and-shovel open pit feeding a flotation plant, a process that separates minerals from waste rock using air bubbles, with a gold-copper concentrate sent to off-site smelters.  

Study Economics & Build Timeline   

CK Gold's March 2026 feasibility study (FS) shows an after-tax net present value at a 5% discount rate of US$632 million and an after-tax internal rate of return of 27%, with a 2.5-year payback. All 3 figures use a base-case price of US$3,250 per ounce for gold, US$4.50 per pound for copper, and US$40 per ounce for silver. Initial capital is US$394 million, and the 11-year mine life averages 85,000 gold-equivalent ounces a year.

In August 2026, the company targeted a construction decision for as soon as the second half of 2026, with a financing announcement and potential construction start as soon as late 2026. Bee links the next phase of site work to the financing being fully in hand:  

"We wanted just to make sure that we had our complete financing package in place before resuming construction."    

Once a decision is made, an 18 to 24-month build is expected to support first production as soon as late 2028.  

Build-or-Sell Considerations for Shareholders   

Cash stood at US$27.1 million as of July 31, 2026, against initial capital of US$394 million, and the company is prioritizing financing structures that would minimize shareholder dilution. The share of equity in the final package will indicate how well the company has managed dilution.  

Any offer would still be taken seriously. Management counts primary equipment sourcing, tariffs, and higher diesel costs among the development risks it would weigh in a decision on a compelling offer, against the project's very low power cost. 

CK Gold has more value than the FS indicates, according to management's estimate. The sequence ahead runs from the financing advisor appointment through a complete financing package to the construction decision. 

Share Structure & Market Value 

U.S. Gold Corp had 16,529,433 common shares, 2,824,787 warrants, and 642,872 options outstanding as of October 1, 2026, with a market capitalization of US$245.6 million. Its 52-week share price range was US$12.23 to US$23.75 as of October 2026.   

Resources Outside the Reserve Pit  

Beyond the reserve estimate, CK Gold has 590,000 gold-equivalent ounces of measured and indicated resources and 677,000 gold-equivalent ounces of inferred resources. A pit designed at US$3,000 per ounce for gold and US$4.50 per pound for copper would include most of the measured and indicated material, by management's estimate. Drilling is planned to move some of the inferred material into a higher-confidence category.  

For a larger pit, Bee sets out the federal step it would bring and how long the company has to clear it:

"We do have to cross a dry drainage to expand the pit, which, under current legislation, will involve the Army Corps of Engineers. But, we've got 4 or 5 years in order to be able to accomplish that permit amendment."   

A resource expansion drill program is anticipated in the second half of 2027.

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