US Gold Corp Expands CK Gold Project Footprint in Wyoming

• US Gold Corp has completed strategic land acquisitions adjacent to its flagship CK Gold Project in Wyoming, expanding the project's footprint and exploration potential
• The acquisitions provide critical operational flexibility for mine planning, waste rock storage, and potential aggregate sales opportunities that could significantly enhance project economics
• With major permits approved and a February 2025 Pre-Feasibility Study demonstrating robust economics at current gold prices, the company is advancing toward a Feasibility Study expected by year-end 2025
• The expansion comes as central banks continue purchasing gold, providing structural demand support that benefits gold producers with near-term production potential
• US Gold Corp's tight share structure (14.4 million shares outstanding), experienced management team, and fully-permitted Wyoming asset offer investors leveraged exposure to gold price strength

Introduction

In an environment where central banks show no signs of slowing their gold accumulation, US Gold Corp has positioned itself as a compelling investment opportunity through strategic land acquisitions that expand its flagship CK Gold Project in Wyoming. The company's recent property expansion addresses critical operational needs while potentially unlocking significant additional value through aggregate sales and resource growth opportunities.

The timing of these acquisitions is particularly relevant for investors. As official-sector gold demand continues to provide structural support to prices, US Gold Corp is advancing toward production with a fully-permitted project that offers attractive economics even at conservative gold price assumptions. The company's February 2025 Pre-Feasibility Study demonstrated a 36% pre-tax IRR and $459 million NPV at $2,100 gold, figures that look increasingly conservative as gold trades near record highs.

For mining-focused investors seeking exposure to near-term gold production in a stable jurisdiction, US Gold Corp's recent strategic moves warrant close examination. The land acquisitions represent more than simple acreage expansion they address specific operational needs identified during engineering studies and potentially unlock significant economic upside through waste rock commercialization.

Company Overview

US Gold Corp operates three projects across mining-friendly US jurisdictions: the CK Gold Project in Wyoming, the Keystone Gold Project in Nevada, and the Challis Gold Project in Idaho. The company's strategy combines near-term production potential at CK Gold with exploration upside at its Nevada and Idaho properties.

The management team brings extensive experience from major and junior mining companies. President and CEO George Bee has managed multiple world-class mining projects across eight countries and previously served as Senior Vice President for Barrick Gold. Chairman Luke Norman has raised over $300 million for mining companies throughout his career. This combination of operational and capital markets expertise positions the company to advance CK Gold toward production while maintaining financial discipline.

US Gold Corp's share structure is notably tight for a development-stage mining company, with approximately 14.4 million shares outstanding and significant insider ownership. This structure provides meaningful leverage to gold price movements and project advancement, while insider holdings align management interests with shareholders. The company trades on NASDAQ under the symbol USAU, providing liquidity and access to institutional investors.

The Strategic Land Acquisitions

The recently completed property acquisitions expand US Gold Corp's land position adjacent to the CK Gold Project, addressing specific operational requirements identified during advanced engineering work. The new parcels provide additional flexibility for waste rock storage, potential aggregate production facilities, and future resource expansion drilling.

According to the company's announcement, President and CEO George Bee stated:

"These strategic land acquisitions represent an important step in optimizing our CK Gold Project development plan. The additional acreage provides us with enhanced flexibility for waste rock management and positions us to potentially capture significant value through aggregate sales, which were not included in our February 2025 Pre-Feasibility Study economics."

These acquisitions are particularly strategic because they address one of the project's most significant potential value drivers: waste rock commercialization. The CK Gold Project will generate substantial volumes of high-quality granite during mining operations. Market studies suggest demand for approximately one million tons per year of aggregate and rail ballast within trucking distance of the project, with potential for expanded delivery through rail access. The local quarry currently sells crushed stone for $20-25 per ton, indicating significant potential revenue streams that were not captured in the February 2025 Pre-Feasibility Study.

The expanded land package also improves mine planning flexibility. The additional acreage allows for more efficient waste rock placement and potential optimization of the pit design, which could translate into improved project economics in the upcoming Feasibility Study. This operational flexibility becomes increasingly valuable as engineering work advances and the company refines its development plans.

CK Gold Project Fundamentals

The CK Gold Project hosts 1.672 million ounces of gold equivalent reserves (including 1.022 million ounces of gold, 259.7 million pounds of copper, and 3.008 million ounces of silver) with a planned 10-year mine life processing 20,000 tons per day. The February 2025 Pre-Feasibility Study outlined production of approximately 110,000 gold equivalent ounces annually at all-in sustaining costs of $937 per ounce.

The project's location approximately 20 minutes west of Cheyenne and three miles north of Interstate 80 provides exceptional infrastructure advantages. Unlike many mining projects that require significant investment in roads, power, water, and workforce accommodation, CK Gold benefits from proximity to established infrastructure. This location reduces capital requirements, lowers operating costs, and simplifies permitting and community engagement.

Importantly, CK Gold has secured all major permits required for development. The Mine Operating Permit was approved in April 2024, the Industrial Siting Permit in June 2023, and the Air Quality Permit in November 2024. The project involves no federal land and requires no federal permits, significantly reducing permitting risk. This advanced permitting status distinguishes CK Gold from most development-stage gold projects and positions the company to move toward construction once financing is secured.

The Gold Market Context

Central banks' continued gold purchases through 2025 reflect structural changes in global reserve management that provide long-term support for gold prices. Official institutions are diversifying away from traditional reserve assets to reduce exposure to currency and geopolitical risks, with gold serving as a stabilizing portfolio element during a period of heightened global uncertainty.

This official-sector demand creates a favorable environment for gold producers by establishing a price floor supported by consistent buying from entities that are relatively insensitive to short-term price movements. Unlike speculative investment flows that can reverse quickly, central bank accumulation represents strategic, long-duration demand that supports sustained price levels.

For mining companies like US Gold Corp with near-term production potential, this demand backdrop enhances project economics and financing prospects. Lenders and investors demonstrate greater confidence in projects when commodity prices enjoy structural support rather than purely cyclical momentum. The combination of official-sector buying, private investment demand, and traditional jewelry consumption creates a multi-pillar demand structure that benefits gold producers with quality assets in stable jurisdictions.

Why the Wyoming Location Matters

The CK Gold Project's Wyoming location provides advantages that extend beyond simple infrastructure access. Wyoming is a resource-oriented state with an established mining industry, experienced workforce, and regulatory framework designed to support responsible resource development while protecting environmental values.

The project is located on State of Wyoming land with royalty revenues earmarked for education, creating alignment between the state and the project's success. The state stands to benefit from royalties on both gold-copper production and potential aggregate sales, employment opportunities (approximately 255 direct jobs), and economic diversification away from traditional coal, oil, and gas revenues.

The proximity to Cheyenne creates competitive advantages in labor markets. Unlike remote mining projects requiring expensive fly-in/fly-out workforces or costly man-camps, CK Gold employees can live in Cheyenne and commute approximately 20 minutes to the mine site. This reduces both capital and operating costs while improving employee retention and community integration. The company's administrative offices are located in Cheyenne, facilitating stakeholder engagement and reducing overhead costs.

Technical Upside & Optimization Opportunities

The deposit remains open at depth below 800 feet and along strike to the southeast, with approximately 2,900 feet of untested strike length. Eighty percent of historical drill holes ended in mineralization or were not closed off laterally, suggesting significant resource expansion potential. The volumetrics of the unexplored areas are sufficient to potentially double the current resource if mineralization continues along strike.

Engineering optimization work is ongoing ahead of the Feasibility Study expected around year-end 2025. The company has adopted Jameson Cell flotation technology from Glencore Technology Inc. to improve recoveries while reducing capital and operating costs. This technology, along with other process improvements including potential optimized grind size and tailings treatment, could enhance project economics beyond the Pre-Feasibility Study baseline.

The upcoming Feasibility Study will also reflect higher metal prices than the Pre-Feasibility Study assumption of $2,100 gold and $4.10 copper. While the study will account for tariff impacts and inflation on costs, the net economic performance is anticipated to improve over the PFS base case. Additionally, the study is expected to identify the aggregate and ballast opportunity as potential upside, though conservative financial modeling may exclude this revenue stream from base-case economics pending commercial agreements.

Capital Structure & Financial Position

US Gold Corp's approximately 14.4 million shares outstanding create meaningful per-share leverage to project advancement and gold price movements. This tight structure is unusual for a development-stage company and reflects disciplined capital management by a team with significant insider ownership.

As of July 31, 2025, the company held $11.3 million in cash (excluding approximately $1.9 million in warrant exercises post-quarter-end). The company has demonstrated access to capital markets, completing financings of $10.2 million in December 2024, $4.9 million in April 2024, and $5.0 million in April 2023. These registered direct offerings provided capital for advancing the project while maintaining the tight share structure.

The company also generated $2.75 million plus a 0.5% net smelter royalty from the November 2023 sale of its Maggie Creek Project to Nevada Gold Mines. This transaction demonstrated management's willingness to monetize non-core assets to fund advancement of its flagship CK Gold Project. The remaining Keystone and Challis properties provide exploration optionality without distracting from CK Gold development.

Strategic Considerations for Investors

The recent land acquisitions demonstrate proactive management addressing operational needs before they become constraints. This forward-thinking approach reduces future permitting complexity and provides flexibility as the project advances through Feasibility Study and into development. Investors should view these acquisitions as de-risking measures that enhance the probability of successful project execution.

The aggregate opportunity warrants particular attention. While not yet incorporated into base-case economics, the potential to generate $20-25 million annually from aggregate sales (assuming one million tons at $20-25 per ton) would significantly improve project cash flows and reduce all-in sustaining costs. The company has received a non-binding letter of intent for ballast delivery to a major railway, suggesting commercial interest exists. Investors should monitor progress toward formalizing off-take agreements that could validate this opportunity.

The timing of potential production start-up aligns favorably with the current gold market environment. If central bank buying continues and geopolitical uncertainty persists, gold prices may remain elevated through the project's construction period and into early production years. This creates a favorable window for securing project financing and establishing operations during a period of strong commodity prices.

Risk Factors & Mitigation

The positive outlook depends on several factors that investors should monitor. Completion of the Feasibility Study with economics that meet or exceed the Pre-Feasibility Study baseline is critical for advancing toward project financing. Any significant cost increases or technical challenges identified during detailed engineering could impact project viability.

Securing project financing remains the key hurdle between current status and construction. The company is exploring traditional and non-traditional funding sources including vendor financing options. The permitting status, location advantages, and experienced management team improve financing prospects, but capital markets conditions and lender appetite for mining projects will influence timing and terms.

Changes in gold prices could significantly impact project economics. While central bank buying provides structural support, reduced geopolitical tension or shifts in monetary policy could pressure gold prices. The project's $937 all-in sustaining cost provides cushion against price declines, but extended weakness below $1,500 gold would challenge project economics. However, with gold trading substantially above this level and structural demand intact, this scenario appears unlikely in the near term.

Comparison to Peer Companies

US Gold Corp's enterprise value per ounce of reserves compares favorably to development-stage peers, particularly when adjusted for permitting status and infrastructure advantages. The company's market capitalization of approximately $224 million implies roughly $134 per gold equivalent reserve ounce, which appears attractive relative to peers without approved permits or requiring significant infrastructure investment.

The tight share structure differentiates US Gold Corp from many junior mining companies that have diluted shareholders through excessive financings. The approximately 14.4 million shares outstanding means project advancement and commodity price movements translate more directly into per-share value changes. This structure appeals to investors seeking leveraged exposure to project development milestones.

The management team's experience with major mining companies provides credibility that enhances the company's ability to attract financing and strategic partners. George Bee's background with Barrick Gold and other major producers demonstrates familiarity with large-scale mine development and operations. This experience reduces execution risk relative to teams without similar operational backgrounds.

Environmental & Social Considerations

US Gold Corp has achieved Digbee ESG certification and demonstrates commitment to responsible development practices. The project design incorporates dry-stack tailings storage to minimize water consumption and environmental impact. The company is exploring carbon offset technologies to work toward future net-zero operations, reflecting awareness of evolving investor expectations around climate impact.

The potential to use the exhausted open pit as water storage for the City of Cheyenne represents creative thinking about post-mining land use. This opportunity would eliminate the need for the city to create new water storage facilities, preserve recreational areas around the local state park, and provide long-term water supply for regional growth. This type of innovative closure planning demonstrates attention to creating shared value with host communities.

The company's community engagement efforts include over 200 separate meetings with more than 300 individuals ranging from the Governor to local stakeholders. This proactive outreach has built support for the project and addressed concerns before they became obstacles. The royalty structure that directs revenue to education funding creates tangible community benefits that align local interests with project success.

Near-Term Catalysts

Several catalysts could drive share price appreciation over the next 12-18 months. Completion of the Feasibility Study around year-end 2025 with improved economics relative to the Pre-Feasibility Study would validate the project's development potential and provide updated financial metrics reflecting current metal prices. Positive exploration results expanding the resource base would demonstrate organic growth potential beyond the current mine plan.

Announcement of project financing arrangements would represent the key de-risking event that transitions the company from developer to near-term producer. The permitting status and project location should facilitate financing discussions, but capital markets timing and terms will determine when this catalyst materializes. Investors should monitor the company's progress toward securing construction funding as the primary value inflection point.

Formalization of aggregate off-take agreements would validate the waste rock commercialization opportunity and potentially trigger valuation re-rating as investors incorporate this revenue stream into financial models. The non-binding letter of intent with a major railway demonstrates commercial interest, but binding agreements would provide confidence in the opportunity's realization. Any announcements regarding aggregate marketing progress should be viewed as significant positive developments.

The Investment Thesis for US Gold Corp

• With major permits approved and Feasibility Study expected by year-end 2025, US Gold Corp offers investors exposure to potential gold production in a timeframe shorter than most development-stage companies
• Continued central bank gold purchases provide a supportive price environment that enhances project economics and financing prospects for quality development assets
• The Wyoming location provides infrastructure, workforce, and regulatory benefits that reduce capital requirements and operating costs compared to remote projects
• With approximately 14.4 million shares outstanding and significant insider ownership, shareholders receive meaningful per-share exposure to project advancement and commodity price movements
• Beyond gold-copper production, the aggregate opportunity and resource expansion potential provide additional upside not fully reflected in current valuations
• Management has successfully permitted the project, raised capital, and advanced engineering while maintaining financial discipline and shareholder alignment

US Gold Corp's strategic land acquisitions adjacent to the CK Gold Project demonstrate management's focus on optimizing the development plan and capturing additional value beyond gold-copper production. These acquisitions provide operational flexibility, enable potential aggregate sales, and position the company for resource expansion as the project advances.

The combination of approved permits, advanced engineering, experienced management, and a tight capital structure creates an attractive investment profile for investors seeking exposure to near-term gold production. The February 2025 Pre-Feasibility Study demonstrated robust economics that appear conservative given current metal prices and the potential upside from aggregate sales and resource expansion.

The broader gold market environment supports this investment case. Central banks' continued gold purchases reflect structural demand that provides price support independent of speculative flows. This official-sector buying, combined with private investment demand and traditional consumption, creates a multi-pillar demand structure favorable for gold producers with quality assets in stable jurisdictions.

For mining-focused investors, US Gold Corp offers a compelling risk-reward proposition. The company provides leveraged exposure to gold price strength through its tight share structure, while the advanced permitting status and Wyoming location reduce development risk relative to earlier-stage projects or those in challenging jurisdictions. The upcoming Feasibility Study and potential financing announcements represent clear catalysts that could drive significant share price appreciation. The recent land acquisitions reinforce management's commitment to maximizing project value and demonstrate the type of proactive planning that distinguishes successful developers from those that encounter operational constraints during construction. As the company advances toward production amid supportive gold market fundamentals, investors should closely monitor progress on the Feasibility Study, financing discussions, and aggregate commercialization efforts.

TL;DR

‍US Gold Corp has strategically expanded its CK Gold Project in Wyoming through land acquisitions that enhance resource potential, improve operational flexibility, and position the company for near-term production amid robust gold markets supported by continued central bank buying.

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