• US Gold Corp (USAU) is advancing its CK Gold-Copper Project in Wyoming towards a Definitive Feasibility Study expected mid-December 2025 with public release in January 2026, positioning the company as one of the few permitted, shovel-ready gold-copper projects in North America.
• The project benefits from exceptional infrastructure advantages including proximity to Cheyenne, Wyoming's resource hub, established power and water access, rail connectivity within three miles, and a readily available skilled workforce, which collectively reduce capital intensity and operational complexity.
• Chairman Luke Norman describes the operation as "a glorified quarry" utilising simple crushing and flotation processes with no on-site smelting required, keeping both initial capital expenditure and sustaining costs remarkably low with projected payback under one year.
• The company holds fully permitted status with a 1.7 million ounce reserve at the CK Project, producing an estimated 100,000-plus ounces annually over a minimum 10-year mine life, with potential for another million ounces of additional resources within the existing pit design.
• US Gold Corp has received multiple project financing term sheets over the past 12 months and expects the DFS completion to trigger both formal financing negotiations and potential merger and acquisition interest, targeting an active construction and development phase throughout 2026.

Introduction: North American Development Opportunity Emerges

As gold prices sustain elevated levels and copper demand intensifies, US Gold Corp (NASDAQ: USAU) represents an opportunity for investors seeking exposure to North American precious and base metals production. The company's CK Gold-Copper Project in Wyoming stands apart from typical exploration-stage investments, offering instead a fully permitted, infrastructure-advantaged development project approaching a critical inflection point. Chairman Luke Norman's recent discussion revealed the significant progress the company has achieved and the strategic positioning that differentiates this project within the current market environment.

The convergence of favourable metal prices, complete permitting, and imminent project financing represents a rare combination in the junior mining sector. For investors evaluating opportunities in the gold and copper space, US Gold Corp provides exposure to near-term production potential without the typical regulatory uncertainties that plague North American mining developments.

Interview with Executive Chairman, Luke Norman

Definitive Feasibility Study: The Next Critical Milestone

US Gold Corp expects to complete its Definitive Feasibility Study for the CK Project by mid-December 2025, with public release planned for January 2026. This timing positions the company to capitalise on continued strength in precious metals markets whilst providing potential investors with comprehensive technical and economic data.

The completion of the DFS represents more than a technical milestone, it triggers the company's formal project financing phase. Norman noted that US Gold Corp has already received considerable interest from potential financing partners:

"We've seen so many term sheet come across our desk in the last 12 months. Now it's just a matter of sitting down with those parties and negotiating what's best for the company."

This statement reveals two important factors for investors. First, the company has successfully de-risked the project sufficiently to attract multiple financing proposals without a completed DFS. Second, management possesses negotiating leverage rather than facing capital scarcity, which should translate into more favourable financing terms and reduced shareholder dilution.

Infrastructure Advantages: Reducing Capital Intensity

The CK Project's location 20 miles outside Cheyenne, Wyoming, provides infrastructure advantages that materially impact both capital and operating costs. Norman emphasised this repeatedly throughout the discussion, stating:

"If we were trying to build this up in the snow belts in Alaska or something similar, it would be an entirely different undertaking."

The project benefits from established power and water infrastructure, road access, and rail connectivity through both Union Pacific (2.5-3 miles south) and Burlington Northern Santa Fe (six miles north). These existing infrastructure elements eliminate the substantial capital expenditures typically required for remote mining projects, including power line construction, road building, and water sourcing.

Perhaps most significantly, the project's proximity to Cheyenne provides access to a skilled workforce without requiring worker accommodation infrastructure. Norman explained: "Those people are at home at night in their own beds. They're working on distribution centers for the Amazons or databases for these mass computer databases that are going in within the I-80 corridor. So they're just moving job to job to job and living at home at night."

This workforce availability addresses one of the mining industry's most persistent challenges. Norman noted that even in established mining jurisdictions like Nevada, companies struggle to attract workers. The CK Project's location near a major population centre with transferable industrial skills provides a structural advantage that reduces both construction timeline risks and ongoing operational costs.

Operational Simplicity: "A Glorified Quarry"

Norman characterised the CK Project's mining and processing approach as fundamentally simpler than typical precious metals operations that they are a glorified quarry just with a little more infrastructure to extract the minerals. This description, whilst modest, highlights a significant investment consideration - operational simplicity typically translates to lower costs, reduced technical risks, and faster ramp-up to commercial production.

The processing methodology involves straightforward crushing and flotation with no on-site smelting required. Norman explained:

"That rock is infused with gold and copper. That particular rock is signed off by a geologist, put onto a particular pile. Now it is just crushed into a 60 micron sand that runs through a flotation circuit. We extract a gold and copper and silver concentrate. And that is just sold off site directly."

This simplified flowsheet reduces both capital intensity and technical execution risk. The company produces a concentrate for off-site sale rather than requiring the substantial additional infrastructure and operating complexity associated with on-site refining. The proximity to rail infrastructure facilitates concentrate transport without requiring trucking over long distances.

The project's geology further enhances operational simplicity. Norman noted:

"When you've got ore exposed at surface and you have to move so little rock to be immediately into ore - in fact, the ore is at right at surface and the richest stuff at surface."

This near-surface mineralisation reduces pre-stripping requirements and accelerates the timeline to cash flow generation following construction.

Economic Metrics: Rapid Payback Potential

Previous economic studies indicated a payback period of under one year, an exceptional metric that speaks to the project's cash generation potential. Whilst Norman acknowledged that the forthcoming DFS will reflect increased capital costs, including enhanced tailings facility design and other environmental measures, he maintained confidence in the project's economic robustness:

"The cost of that development is going to come up, but the margins on the project have just increased dramatically as they have for a lot of projects."

This statement reflects the reality that whilst input costs have increased across the mining industry, gold and copper price appreciation has more than offset these cost pressures for well-positioned projects. The sub-year payback metric, even if extended modestly in the updated DFS, would remain exceptionally attractive and should facilitate project financing on favourable terms.

Norman addressed market scepticism about the project's capital cost estimates directly:

"People feel that it's always been a bit light from our end. And it's just simply because of the location, the simplicity of the mining of the deposit."

The infrastructure advantages and operational simplicity discussed previously provide concrete justification for capital costs that may appear optimistic relative to remote or technically complex projects.

Resource Base & Production Profile

The CK Project contains a 1.7 million ounce gold reserve with projected annual production exceeding 100,000 ounces over a minimum 10-year mine life. Norman also highlighted additional resource potential: "Anyone who wants to take a look at the data can see another million ounces plus potential for harvesting within the pit."

This expansion potential provides investors with exposure to resource growth without requiring exploration success in untested areas. The additional ounces exist within the already-permitted pit design, meaning resource growth would not require additional permitting processes or fundamental changes to the mining plan.

The copper component adds significant value and provides portfolio diversification within a single asset. Whilst Norman focused primarily on the project's gold content during the discussion, the copper production contributes materially to project economics and provides exposure to the electrification and infrastructure development themes driving base metals demand.

Financing Strategy & Timeline

The completion of the DFS in January 2026 initiates formal project financing discussions, with Norman anticipating "a really fast and furious 2026 for us." The company's financing strategy considers multiple capital sources including off-take agreements, streaming arrangements, and traditional project finance.

Norman noted:

"The off-takers, the streamers, obviously there's a slew of readily available capital, really a lot of capital chasing very few projects that are permitted and ready to go."

This characterisation of the project financing environment favours US Gold Corp's negotiating position. The scarcity of permitted, shovel-ready projects in North America provides the company with multiple financing options and the ability to structure arrangements that minimise dilution to existing shareholders.

The construction approach utilises contract labour rather than building an internal construction workforce, leveraging Cheyenne's industrial base. Norman explained:

"In terms of the operational component moving forward, you'd say there's a ready trained workforce there for you. Yeah. Sure of it."

This construction strategy reduces execution risk whilst maintaining schedule flexibility. Contract labour can be scaled up or down as construction phases progress, and the competitive labour market in the region should help control costs.

Strategic Positioning & M&A Potential

Beyond internal development, Norman acknowledged that the DFS completion may attract merger and acquisition interest:

"The definitive might trigger some interest from an M&A perspective. Having this fully permitted, now line item categorised costing on different contracts to build the project, there'll be no more questions about whether we're undershooting or not on on capex."

For investors, this creates optionality. The company can pursue internal development whilst remaining open to value-maximising transactions. Norman emphasised: "This is what drives me. This is what drives the company and the management of the company is the equity in the company. So whatever is best for the stock, if somebody was to come along and say, hey, if we bring you in, we're already in production on another project - one plus one is three or four. We'll consider that."

The current producer consolidation trend in the gold sector supports this M&A thesis. Established producers seek to replace declining reserves and add permitted projects that can reach production relatively quickly. Norman positioned US Gold Corp clearly within this context:

"Basically, we are one of the only permitted shovel ready projects ready to go in North America. At scale."

Portfolio Beyond CK: Additional Optionality

Whilst the CK Project represents US Gold Corp's primary focus, the company maintains the Keystone project in Nevada, positioned across from Barrick's Cortez complex. Norman described it as "the number one in our portfolio behind what we're doing at CK right now" and expressed interest in drill testing the property in the current market environment.

This additional asset provides investors with exploration exposure and potential for value creation beyond the CK Project. The Keystone property's proximity to one of the world's premier gold districts suggests geological prospectivity, whilst the Nevada jurisdiction offers an established regulatory framework for mining development.

Norman noted Barrick's recent success at the Cortez complex:

"It's responsible for about another 40 billion dollars worth of additional value to Barrick in the last several months with the work they've done and announced at Four Mile, one of the new discoveries within the Cortez complex, and we have a smaller but lookalike project just sitting across the valley staring right at them. In this marketplace I'd like to get in there and drill test that."

Whilst Keystone clearly represents an earlier-stage opportunity than CK, it provides additional option value within US Gold Corp's portfolio that does not feature prominently in current market valuation.

The Investment Thesis for US Gold Corp

• Invest in one of the few fully permitted, shovel-ready gold-copper projects in North America, eliminating regulatory risk that plagues most junior mining investments and providing clear line of sight to production
• Target projects demonstrating sub-year payback periods even with conservative capital cost assumptions, as infrastructure advantages and operational simplicity translate directly to superior returns on invested capital
• Prioritize projects with established power, water, rail, and workforce access that reduce both capital intensity and operational risk compared to remote or greenfield developments
• Position ahead of January 2026 DFS release that will trigger formal project financing negotiations and potential M&A interest, with multiple term sheets already received indicating strong capital provider interest
• Evaluate management teams explicitly focused on equity value creation rather than empire building, with chairman stating "whatever is best for the stock" guides strategic decisions
• Access both gold price appreciation and copper demand growth through a single asset, providing portfolio diversification within precious and base metals without multiple equity positions
• Consider projects where additional resources exist within permitted pit designs, allowing production growth without requiring new permitting or fundamental mining plan changes
• Recognise that scarcity of permitted North American projects creates both favourable project financing terms and potential M&A premium, providing multiple paths to value realisation
• Favour projects accessing competitive contract labour markets over those requiring worker camps or remote workforce logistics, as schedule and cost control improve materially
• Anticipate active catalyst flow throughout 2026 including DFS publication, financing arrangements, construction commencement, and potential strategic transactions creating multiple re-rating opportunities

US Gold Corp's CK Gold-Copper Project represents a differentiated investment opportunity within the junior mining sector, offering investors exposure to near-term North American production development without the regulatory uncertainties that typically characterise the space. The project's complete permitting status, exceptional infrastructure advantages, operational simplicity, and robust economics position the company for value creation through internal development whilst maintaining optionality for strategic transactions. The January 2026 DFS release will provide comprehensive technical and economic data whilst triggering formal project financing discussions that should advance the project toward construction. For investors seeking exposure to gold and copper price appreciation through permitted development assets in stable jurisdictions, US Gold Corp merits serious consideration as the company enters what management anticipates will be "a really fast and furious 2026."

Macro Thematic Analysis

The CK Gold-Copper Project exemplifies the broader investment opportunity in North American critical minerals development as Western economies prioritise domestic supply chains and reduce dependence on geopolitically unstable jurisdictions. The United States particularly faces a critical shortage of permitted, shovel-ready mining projects capable of meeting anticipated copper demand from electrification, data centre construction, and defence applications.

Luke Norman's characterisation captures this strategic context perfectly:

"There's a slew of readily available capital, really a lot of capital chasing very few projects that are permitted and ready to go."

This capital abundance reflects not merely commodity price strength but fundamental recognition that North America has severely underinvested in mining development over the past two decades.

The regulatory environment in most North American jurisdictions has created a multi-year, often decade-long pathway from discovery to production. Projects like CK that have successfully navigated this permitting gauntlet now command premium valuations and access to capital on favourable terms. This dynamic intensifies as major producers seek reserve replacement and governments recognise the strategic vulnerability created by import dependence for critical minerals.

Wyoming's positioning as a mining-friendly jurisdiction with established industrial infrastructure provides additional strategic value. The state offers regulatory certainty whilst maintaining environmental standards, creating an efficient development pathway that balances commercial viability with responsible resource development. As the energy transition accelerates copper demand and gold maintains its monetary role amid currency debasement concerns, projects combining both metals in politically stable jurisdictions with existing infrastructure represent increasingly scarce investment opportunities.

TL;DR

US Gold Corp's CK Gold-Copper Project in Wyoming represents one of the few fully permitted, shovel-ready precious metals developments in North America. The project benefits from exceptional infrastructure including proximity to Cheyenne's industrial hub, established power/water/rail access, and available skilled workforce, reducing capital intensity and operating costs. Simple crushing and flotation processing with near-surface mineralisation creates operational advantages over conventional mining. The 1.7 million ounce reserve supports 100,000+ annual ounce production over 10+ years with sub-year payback potential. DFS completion by mid-December 2025 (public release January 2026) triggers project financing negotiations, with multiple term sheets already received. Management remains open to strategic transactions whilst pursuing internal development, creating multiple paths to value realisation. The scarcity of permitted North American projects creates favourable financing environment and potential M&A premium as producers seek reserve replacement.

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