US Gold Corp. Advances Fully Permitted CK Gold Project, Forms Special Committee to Assess M&A Interest

• CK Gold is fully permitted and shovel-ready, with preliminary site work already underway in southeast Wyoming.
• The March 2026 feasibility study (FS) outlines a $632 million after-tax net present value (NPV), a 27% internal rate of return (IRR), a 2.5-year payback period, and an 11-year mine life.
• US Gold has formed a Special Committee to evaluate interest from potential Mergers and acquisitions  (M&A) counterparties while also engaging debt, equity, streaming, and offtake partners.
• New geophysical anomalies and historic high-grade zones are being evaluated through a planned resource expansion drilling program.
• The company is targeting a financing announcement and potential construction start in late 2026, with first production potentially as early as late 2028.

Company Overview

US Gold Corp. (Nasdaq: USAU) is a US-focused gold and copper exploration and development company. Its fully permitted CK Gold Project is located in southeast Wyoming and has a Feasibility Study (FS) technical report completed by Halyard-Micon International, Inc. in March 2026. The company also holds 2 exploration projects: Keystone Gold, located on the Cortez Trend in Nevada approximately 11 miles south of Nevada Gold Mines' Cortez Hills Complex, and Challis Gold in Idaho.

CK Gold Project Status

US Gold Corp. reports that the CK Gold Project in southeast Wyoming is fully permitted and shovel-ready. The March 2026 FS outlines an after-tax net present value (NPV5%) of $632 million at $3,250 per ounce of gold, $4.50 per pound of copper, and $40 per ounce of silver, a 27% after-tax internal rate revenue (IRR), and a 2.5-year payback. At recent spot prices of approximately $4,500 per ounce for gold and $4.50 per pound for copper, the after-tax NPV5% would be approximately $1.37 billion, with a 1.6-year payback. The FS outlines an 11-year mine life at approximately 20,000 tonnes per day, an average annual production of approximately 85,000 gold-equivalent ounces, Proven and Probable reserves totaling approximately 1.6 million gold-equivalent ounces, and initial capital of approximately $394 million.

All major permits are in hand, including the Mine Operating Permit, described as the first new non-coal, hard-rock mine permit approved in the US in decades. Preliminary site work has commenced under the Industrial Siting Permit, which has been extended through December 2027. CK Gold's infrastructure advantages include adjacency to Interstate 80 and major rail lines, nearby power infrastructure, a local labor pool, and proximity to existing aggregate operations. 

Mergers and acquisitions & Financing Activity

CK Gold is receiving interest from potential Mergers and acquisitions (M&A) counterparties and sources of development capital. The company has engaged advisors to consider these interested parties and formed a Special Committee to assess all M&A interest. The company states it believes CK Gold is undervalued given current market conditions and opportunities beyond those identified in the current FS. Active discussions are ongoing with potential debt, equity, streaming, and offtake partners, with a construction decision targeted for later in 2026. The cash position was approximately $31 million as of April 30, 2026, with approximately 16.5 million shares outstanding. The company states it is prioritizing financing structures that minimize shareholder dilution.

Exploration & Keystone Update

A drone magnetic and gravity survey completed mid-year 2026 at CK Gold identified new anomalies extending beyond and below the proposed pit, along with opportunities to follow up on historic high-grade zones in the Silver Crown Mining District. The company is developing a resource expansion drilling program to evaluate whether additional resources may be converted to reserves and to test these geophysical targets.

The company is also exploring spinning out its Keystone Project, located near Nevada Gold Mines' Cortez Complex, as a standalone exploration company to minimize additional dilution for CK Gold shareholders. Additional value opportunities at CK Gold include potential aggregate and rail ballast production, additional gold recovery from tailings, and an alternative closure scenario that uses the expended pit as a water reservoir.

Next Steps

A construction financing announcement and a potential construction start are targeted for late 2026. An 18- to 24-month build timeline is targeted to support first production as soon as late 2028. A resource expansion drilling program is being developed to test new geophysical targets and evaluate the potential for reserve conversion. The Special Committee process to assess M&A interest is ongoing. A potential spin-out of the Keystone Project is also being evaluated.

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