US Gold Corp Added to GDXJ Junior Gold Miners ETF as CK Gold Project Advances Toward Feasibility Study

• US Gold Corp (NASDAQ: USAU) has been added to the VanEck Junior Gold Miners exchange-traded fund (GDXJ), effective 20 March 2026, as part of a quarterly rebalance that included 27 additions globally and 17 North American companies. The inclusion is expected to improve trading liquidity and broaden investor exposure.
• The CK Gold Project in Wyoming holds all development and operating permits on Wyoming state land with no federal land nexus. A February 2025 pre-feasibility study (PFS) reported a post-tax net present value (NPV) of $356.0 million, a post-tax internal rate of return (IRR) of 29.5%, and an all-in sustaining cost (AISC) of $937.0 per gold equivalent ounce at $2,100 gold and $4.10 copper.
• Mineral reserves stand at 1.672 million gold equivalent ounces, comprising 1.022 million ounces of gold, 259.7 million pounds of copper, and 3.008 million ounces of silver.
• US Gold Corp stated the feasibility study is imminent with engineering largely complete. The company carries approximately $30.0 million in cash following a $31.2 million private placement closed in December 2025, with a capital structure of 16.4 million shares outstanding.
• At $3,000 per ounce gold and $4.50 per pound copper, the PFS sensitivity analysis showed a pre-tax NPV of $945.0 million and a pre-tax IRR of 60.4%, with a payback period of 1.10 years and potential first production targeted for late 2027 to 2028.

US Gold Corp (NASDAQ:USAU) has been added to the VanEck Junior Gold Miners ETF (GDXJ) following its March 2026 quarterly rebalance, effective at the close of markets on 20 March, as the company advances its fully permitted CK Gold Project in Wyoming toward a feasibility study  (FS) and potential project financing. The  Exchange-Traded Fund (ETF) tracks an index of small- and mid-cap mining companies, which US Gold Corp noted is expected to support financing efforts with ongoing engagement from traditional and non-traditional funding, including potential vendor financing. 

With approximately 16.4 million shares outstanding, the inclusion may improve trading liquidity and broaden investor exposure. The company stated the inclusion is expected to support ongoing financing efforts for its CK Gold Project, which holds all major development and operating permits and is advancing toward an FS.

President and Chief Executive Officer George Bee described the level of financing interest the company is currently receiving:

"So we're absolutely inundated with meetings through the PDAC. People are interested in financing our project." 

It reflects the broader context in which the GDXJ inclusion occurs. US Gold Corp is approaching a project financing decision for the CK Gold Project, with a feasibility study imminent and active discussions ongoing with multiple counterparties.

Project & Regional Context

The CK Gold Project is located approximately 20 minutes west of Cheyenne along Interstate 80, on Wyoming state land with no federal land nexus and no requirement for National Environmental Policy Act review. The absence of a federal land nexus means the project is not subject to the federal permitting process that has extended timelines at comparable mining developments in other US jurisdictions. Permitting was handled by the Wyoming Department of Environmental Quality, which granted the mine operating permit in April 2024. Water discharge, reclamation bond, and air quality permits followed through to November 2024.

The project has access to existing infrastructure including power, water, and road access in Cheyenne, which supports capital efficiency. The process design uses crush, grind, flotation, and dry-stack tailings to produce a copper-gold concentrate.

Economic & Development Context

A February 2025 pre-feasibility study (PFS), an independent technical and economic assessment prepared by Samuel Engineering Inc. under S-K 1300 standards, the US Securities and Exchange Commission's technical reporting framework for mineral projects, outlined a 10.2-year open-pit operation processing 20,000 tons per day. Average annual production is estimated at 111,250 ounces gold-equivalent, increasing to 143,278 ounces in the first three years.

At base case assumptions of $2,100 per ounce gold and $4.10 per pound copper, the study reported a post-tax net present value (NPV) of $356 million, a post-tax internal rate of return (IRR) of 29.5%, and an all-in sustaining cost (AISC) of $937 per gold equivalent ounce. NPV measures the project's estimated value in today's dollars, while AISC represents the total cost of producing one ounce of gold including operating and sustaining capital expenses. Initial capital was estimated at $277 million.

The PFS included sensitivity analysis showing a pre-tax NPV of $945 million and a pre-tax IRR of 60.4% at $3,000 per ounce gold and $4.50 per pound copper, with a payback period of 1.1 years. US Gold Corp noted that capital cost inflation and tariff impacts will be reflected in the forthcoming FS, while higher metal prices have increased projected revenues against the PFS base case assumptions.

US Gold Corp stated the FS is imminent, with engineering largely complete, and that tariff-related procurement considerations that delayed finalisation have since been addressed. The financing package is expected to combine debt, equity, and potentially offtake-linked financing. Active discussions are ongoing with strategics, offtake partners, and project lenders. US Gold Corp has outlined a construction timeline of 18 to 24 months from a financing decision, with potential first production targeted for late 2027 to 2028.

Capital Structure & Liquidity

US Gold Corp carries a market capitalisation of $285.4 million with 16.4 million shares outstanding. The stock has traded within a 52-week range of $7.38 to $23.75, with an average daily volume of 333,100 shares. The company has analyst coverage from six firms and closed a $31.2 million private placement in December 2025, with approximately $30.0 million in cash on hand. The capital structure also includes 3,223,438 warrants and 557,127 options outstanding.

The GDXJ inclusion is significant in the context of where US Gold Corp currently stands in its development cycle. With a feasibility study imminent and project financing discussions active, broader market visibility and improved share liquidity support the company's ability to access capital markets at a critical stage. The ETF's constituent base spans institutional and retail investors who allocate to junior gold miners as a category, meaning US Gold Corp is now accessible to a pool of investors who have not previously held a direct position in the stock. For a company with a tight share structure of 16.4 million shares outstanding, incremental demand from ETF-driven flows is more pronounced on liquidity than it would be for larger, more widely held issuers.

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