US Gold Corp Advances Flagship Wyoming Project While Maintaining Nevada Optionality

• U.S. Gold Corp has pivoted from pure exploration to project development over the past 3 years, advancing the CK Gold Project in Wyoming towards production.
• The CK Gold Project has robust economics with AISC of $800/oz gold equivalent, based on feasibility study using $1625 gold and $3.25 copper.
• The project has a 10-year mine life with over 100,000 oz annual gold equivalent production. The concentrate is a clean product with good appeal.
• The company has $5 million cash on hand and has completed engineering and permitting work. It is on the cusp of getting final permits and starting construction.
• The company is pursuing a project financing package of around $250 million through a combination of debt, equity and equipment financing to fund initial capex.

About US Gold Corp

US Gold Corp is a US-focused gold exploration and development company advancing its flagship CK Gold Project located in southeast Wyoming. With the project nearing shovel-ready status, USAU offers investors near-term production potential combined with exploration upside at its Nevada properties.

US Gold Corp is led by President and CEO George Bee, who pivoted the company three years ago from pure exploration in Nevada to a focus on development of the CK Gold Project. The company maintains a portfolio of early-stage exploration properties in Nevada and Idaho, which provide optionality when precious metals markets improve. USAU is listed on the NASDAQ with a current market capitalization of around $35 million and tight share structure of just 9.4 million shares outstanding.

Interview with George Bee, President & CEO of US Gold Corp

Advancing the Flagship CK Gold Project

The CK Gold Project is located just 20 miles from Cheyenne, Wyoming's capital city, with excellent infrastructure. A 2021 pre-feasibility study outlined plans for an 800 tpd conventional open pit, heap leach mine producing over 100,000 ounces of gold equivalent per year at all-in sustaining costs of $710/oz. The initial capital cost is estimated at around $250 million.

USAU has advanced the project significantly over the past three years, including environmental baseline studies, drilling, metallurgical testwork, and engineering. The company has also engaged Samuel Engineering to complete final bid packages ahead of a full feasibility study. CEO Bee expects to finalize permits and feasibility in conjunction with project financing discussions already underway.

Maintaining Balance Sheet Strength

Despite difficult market conditions, USAU has acted prudently to maintain a strong balance sheet. The company currently has over $5 million in cash, which funds permitting and final feasibility work. USAU can tap into low-cost financing when needed through a registered direct share offering or via equipment leasing arrangements.

Leveraging Wyoming’s Pro-Mining Stance

Wyoming is a mining-friendly jurisdiction, which opens doors for attractive state-backed business development financing options. The state is highly motivated to support local job creation and GDP growth. USAU also benefits from broad local community support for the revival of the historic Copper King mine at the CK Gold Project site.

Upside from Exploration Portfolio

In Nevada, USAU controls the advanced-stage Keystone project on the Cortez gold trend. The property hosts near-surface oxide gold mineralization and similarities to the 50+ million ounce Cortez complex just 12 miles away. The Maggie Creek property provides exposure to the prolific Carlin trend. USAU can restart exploration activities at these properties when precious metals market conditions improve.

Conclusion

With cash in the bank, permitting progressing smoothly and feasibility-level engineering complete, USAU offers investors a de-risked exposure to a shovel-ready US gold development project. The company can control timing on construction based on optimized equity/debt financing. USAU’s exploration portfolio provides additional upside exposure to Nevada without immediate cash demands. For investors seeking emerging US gold production stories, USAU warrants consideration.