U.S. Gold Corp

Description

U.S. Gold Corp is a U.S.-focused gold-copper-silver developer whose investment case is dominated by the 100%-owned, construction-ready CK Gold Project in Wyoming. The March 2026 Feasibility Study and project permits materially de-risk CK, while the principal remaining hurdle is securing approximately US$394M of initial capital plus US$28M of pre-production owner costs.

The CK Gold Feasibility Study supports an approximately 11-year operation producing 931 koz payable AuEq, averaging about 85 koz AuEq per year. At US$3,250/oz gold, US$4.50/lb copper and US$40/oz silver, the study reports US$632M after-tax NPV5, a 27% IRR, approximately US$967M life-of-mine net free cash flow and US$124M average annual operating net FCF.

Keystone and Challis add exploration optionality beyond the flagship development asset, while CK resources outside reserves and potential aggregate, rail-ballast and tailings initiatives provide further unmodeled upside.

List of Projects:

Project 1: CK Gold, Wyoming, USA — Gold, Copper, Silver
100%-owned flagship development project located approximately 20 miles west of Cheyenne. The March 2026 Feasibility Study defines a 1.598 Moz AuEq proven and probable reserve, an 11-year mine life, approximately 85 koz AuEq/year payable production, US$632M after-tax NPV5 and 27% IRR. The project is fully permitted, with financing still pending.

Project 2: Keystone, Nevada, USA — Gold
601 unpatented claims on the Cortez Trend, approximately 10 miles southwest of Nevada Gold Mines' Cortez complex. Early-stage exploration project with multiple targets and no current resource; a potential spin-out is under review.

Project 3: Challis Gold, Idaho, USA — Gold
77 unpatented claims covering approximately 1,710 acres in the Salmon River Mountains. Hosts a low-sulfidation epithermal gold system. A revised USFS exploration plan has been approved, but there is no current reserve or project economics.

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