Announcement • Apr 01

U.S. Gold Corp. Delivers Robust Feasibility Study for CK Gold Project Highlighting Attractive Economics and Detailing Relative Low Development Risk

U.S. Gold Corp. announced the results of its Feasibility Study for the development of its wholly-owned CK Gold Project, located in southeast Wyoming 20-mile from Cheyenne. Solid Project returns: After-tax net present value (NPV) 5% of USD 632 million and 27% after-tax internal rate of return (IRR) using base case metal prices of USD 3,250 per ounce gold, USD 4.50/lb copper, and USD 40/oz silver; After-tax NPV(5) of USD 1,300 million and 45% after-tax IRR using recent spot metal prices of USD 4,500/oz Au, USD 5.50/lb Cu and USD 70/oz Ag. Fully permitted: All required permits to begin construction are in-hand. USD 5 million reclamation bond in place to cover first year of planned construction. Initial 11-yr mine-life: Current fully permitted mine plan focused on 1.6 million contained gold equivalent ounces, as stated in Mineral Reserves. Attractive production profile focused on early higher grades: After 1 year of ramp up, average sales of 102 thousand ounces AuEq from year 2 to 8, with average life of mine sales of 85 thousand ounces AuEq at total cash costs of USD 1,748/oz AuEq. Ore body shows low life of mine strip ratio of 0.89:1 with minimal pre-stripping. Simple, robust, financeable Project: Total initial capital cost of USD 394 million (excludes USD 28 million of preproduction owners' cost and includes contingency of USD 47 million) and sustaining capital of USD 35 million over the life of mine; well understood regulatory jurisdiction with stability and an exceptional location for infrastructure, manpower and support services. Competitive Project metrics: Base case post tax NPV-to-capex ratio of 1.6 and payback of 2.5 years; spot price NPV-to-capex ratio and payback improve to 3.3 and 1.6 years, respectively. Strong free cash-flow profile in early years: Year 2-8 average after-tax free cash flow of USD 160 million; continuation into additional resources and further anticipated resource extensions at depth. Simple, compact Project layout and processing: ~80-acre open pit is the source of ore and waste rock to mine facilities all within a 1.5-mile haul. The ore is fed to a primary crusher or low-grade stockpile. Primary crushed ore is ground in a semi-autogenous grinding (SAG) - ball mill comminution circuit prior to flotation, regrind of rougher concentrate before final flotation to produce a clean gold rich copper concentrate. Dry-stack tailings enhance the most efficient use of water. Significant benefits to State and local communities: 2.1% royalty payments earmarked for grades K-12 education; an average of 198 direct permanent jobs are expected to be created at CK. No cultural impacts revealed: Archaeological surveys have identified no significant artifacts or sites in the Project area. Significant scarcity value: CK is one of the few fully permitted large-scale precious metals projects in the U.S. at the Feasibility Study level and is actively being advanced. Visibility on short and long-term growth: Significant measured and indicated resource material has been excluded from the initial mine plan to avoid impacting a dry drainage channel. With known resources at depth, mine expansion at depth and along strike will be the focus of future plans and expansion to the permitted activity; CK is one of the few permitted undeveloped gold and copper resources in the U.S. with a discernable pathway to expansion. Aggregate Potential: Additional revenue from aggregate production has largely been excluded from the feasibility study. Anticipate increased aggregate sales into the Rocky Mountain region as the gold and copper mine progresses. Reclamation Savings: Potential to reduce reclamation costs as the city and state consider the use of the ultimate pit as recreation and water reservoir. Excellent timing: With the Feasibility Study now complete and full permits in hand, the Project is positioned to advance in a current gold–copper-silver price environment that is one of the strongest in history, supported by favorable U.S. sentiment toward domestic production and mineral security tailwinds. The Feasibility Study confirms robust economics for a low-cost, large-scale, conventional open pit feeding a simple copper-gold concentrator process plant, with competitive operating costs and high rate of return. The Feasibility Study outlines total production of 931 thousand ounces AuEq over an 11-year operating mine life (followed by two years of closure), resulting in an average life of mine annual production profile of 85 thousand ounces AuEq per annum at an AISC of USD 1,785/oz AuEq. The Project generates an after-tax NPV5% of USD 632 million with an after-tax IRR of 27% at base case gold, copper and silver prices of USD 3,250/oz, USD 4.50/lb and USD 40/oz, respectively. Mining: Total Tonnage Mined (thousand ton): 140,597; Total Tonnage Moved (includes stockpile and waste rehandle): 163,546; Total Ore Mined (thousand ton): 74,527; Strip Ratio (Waste: Ore): 0.89; Operating Mine Life (years): 11; Contained Gold (thousand ounces): 1,015; Contained Copper (lbs): 259,880; Contained Silver (thousand ounces): 3,031; Contained Gold Equivalent (million ounces AuEq): 1.4. Plant Metal Recovery: Life of mine Average Gold Recovery (%): 71.5%; Life of mine Average Copper Recovery (%): 80.6%; Life of mine Average Silver Recovery (%): 68.7%. Payable Metals: Life of mine Gold Payable (thousand ounces): 0.2; Life of mine Copper Payable (thousand lbs): 186,726; Life of mine Silver Payable (thousand ounces): 1,874; Life of mine Gold Equivalent Payable (thousand ounces AuEq): 931; Avg. Annual Gold Payable (thousand ounces) - Year 1 to Year 11: 64.3; Avg. Annual Copper Payable (million lbs) - Year 1 to Year 11: 17; Avg. Annual Silver Payable (thousand ounces) - Year 1 to Year 11: 170; Avg. Annual Gold Equivalent Payable (thousand ounces AuEq) - Year 1 to Year 11: 85; Avg.

Announcement • Feb 11

U.S. Gold Corp. Announces Updated Prefeasibility Study Results

U.S. Gold Corp. announced the PFS incorporates an updated Mineral Resource Estimate ("MRE") for the CK Gold Project, with an effective date of January 6, 2025. Drill hole spacing is approximately 50 feet by 50 feet over the majority of the deposit footprint, with denser drilling in the high-grade core of the deposit. The updated MRE incorporates detailed understanding of the geologic controls. To support the MRE, a comprehensive sensitivity analysis was completed on assumptions and parameters used in the estimate, which identified the optimum top cutting strategy, composite length, block size, search parameters and domaining strategy. The MRE satisfies reasonable prospects of eventual economic extraction ("RPEEE") by demonstrating the spatial continuity of the mineralization based on a 0.35 g/t AuEq reporting cut-off grade and optimized stope volumes. The cut-off grade assumes prices of $1,860 per ounce of gold, $3.92 per pound of copper, and $22.52 per ounce of silver. The MRE was classified as Measured and Indicated Mineral Resources, informed by drill spacing supported by a drill hole spacing study, QA/QC, quality of data, confidence in geological and mineralization interpretations. Inferred resources are also reported. The MRE is based only on Measured and Indicated Mineral Resources identified in the block model; however, prices of $1,755 per ounce of gold, $3.77 per pound of copper and $23 per ounce of silver were assumed. Optimized pit slopes were utilized with respect to the design and economic criteria established, such as cut-off grade, deposit geometry criteria and ultimate pit limit generate utilizing a Lerchs–Grossman open pit optimizer. The open pit was then sequenced to into a series of four pushbacks employing 30 ft. benches and utilized a stockpile strategy over the life of mine-plan. The mine plan envisions approximately eight years of active mining followed by two years of lower-grade stockpile reclamation, resulting in a total 10-year mine life. Mineral Reserves are calculated using an in-situ cut-off based on a per-ton value model, with material included if it generates at least $0.01 per ton after accounting for processing, administrative, transportation, refining, and royalty costs. The MRE for the CK Gold Project is shown below and is effective as of February 10, 2025. Mineral resources are estimated using Ordinary Kriging, constrained by geological domains based on lithology and mineralization controls. The underlying datasets supporting the resource estimate have been reviewed, validated, and verified by the Qualified Person (QP). Mineral resources are reported in short tons within an optimized pit shell, using a breakeven gold equivalent (AuEq) cut-off grade of 0.011 oz/st for Oxide and Mixed material and 0.010 oz/st for Sulfide material. The overall average AuEq cut-off grade for all reported resources is 0.010 oz/st. No dilution or mining recovery factors have been applied. The AuEq cut-off grade is calculated using realized metal prices of $1,860.10/oz Au, $3.92/lb Cu, and $22.52/oz Ag, with average metallurgical recoveries by oxidation type as follows: Gold (Au): 55% (Oxide/Mixed), 64% (Sulfide) Copper (Cu): 30% (Oxide), 78% (Mixed), 87% (Sulfide), Silver (Ag): 61% (Oxide/Mixed), 70% (Sulfide) . The optimized pit shell was generated using the Lerchs-Grossman method, incorporating all classified resources, realized metal prices, $2.50/ton mining costs, $9.20/ton processing costs, a 50° slope angle, No dilution or mining recovery factors have been applied to the resource estimate. There are no known legal, environmental, or permitting issues that impact the reported resources. Resources are reported within the company's permitted land tenure/exploration license boundaries. Mineral resources are classified in accordance with S-K 1300 definitions and are reported exclusive of mineral reserves. Rounding may result in minor discrepancies in tonnage, grade, and contained metal totals. There is no guarantee that mineral resources will be converted to mineral reserves. The mineral resource estimates were prepared, reviewed, and validated by Mark Shutty, CPG, the independent Qualified Person (QP) for these estimates, in accordance with S-K 1300 Definition Standards adopted December 26, 2018. The Qualified Persons ("QPs") who prepared the PFS have stated that they are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, or political factors that might materially affect the estimate of Mineral Resource and Mineral Reserves. In May 2023, Gold King Corp., a wholly owned subsidiary of U.S. Gold Corp., received notification of the approval of the CK Project Industrial Siting Permit ("ISP") from the Wyoming Department of Environmental Quality ("WDEQ") – Industrial Siting Division. The permit is valid for a three-year period so long as construction is initiated within that timeframe. The permit can be renewed. In April 2024, Gold King Corp. received conditional approval of the Mine Operating Permit ("MOP") for the CK Gold Project from the WDEQ – Land Division. There were three conditions associated with the approval for project development: (1) to obtain a Wyoming Pollution Discharge Elimination System ("WYPDES") permit; (2) to put in place provisions for reclamation of the initial planned disturbance; and (3) to obtain an Air Quality Permit from the WDEQ – Air Quality Division. In May 2024, a WYPDES permit was approved, and a bond was approved covering the initial project disturbances. In November 2024, an Air Quality Permit was granted. The MOP is valid for ten years and is subject to annual monitoring and provision of updates. Both the ISP and MOP contemplate amongst other items in the project description, a fixed project boundary and definition of the source and use of the water to be used at the CK Gold Project. Amendments to the project can be made dependent on their categorization in terms of their potential impacts. Minor impacts can be addressed through an administrative procedure within the agency while major changes may trigger additional public commentary and reissuance of the permit with amendments.

Total Shareholder Yield	-15.6%
Future Dividend Yield	n/a
Dividend Growth	n/a
Next dividend pay date	n/a
Ex dividend date	n/a
Dividend per share	n/a
Payout ratio	n/a

Segment	Dividend Yield
Company (USAU)	n/a
Market Bottom 25% (US)	1.4%
Market Top 25% (US)	4.2%
Industry Average (Metals and Mining)	1.5%
Analyst forecast (USAU) (up to 3 years)	n/a

Data	Last Updated (UTC time)
Company Analysis	2026/05/11 09:26
End of Day Share Price	2026/05/08 00:00
Earnings	2026/01/31
Annual Earnings	2025/04/30

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Jacob Sekelsky	Alliance Global Partners
Michael Curran	Beacon Securities Limited
Heiko Ihle	H.C. Wainwright & Co.

U.S. Gold Dividends and Buybacks

Dividend criteria checks 0/6

Key information

Recent dividend and buyback updates

Recent updates

Price target decreased by 10.0% to US$27.55

U.S. Gold Corp. Delivers Robust Feasibility Study for CK Gold Project Highlighting Attractive Economics and Detailing Relative Low Development Risk

U.S. Gold Corp., Annual General Meeting, Apr 27, 2026

New minor risk - Share price stability

Price target increased by 13% to US$30.00

Price target increased by 9.1% to US$27.60

New major risk - Shareholder dilution

U.S. Gold Corp. announced that it has received $31.235084 million in funding

New minor risk - Financial position

Price target increased by 22% to US$25.63

U.S. Gold Corp. has withdrawn its Follow-on Equity Offering in the amount of $40 million.

Price target increased by 10% to US$21.06

Executive Chairman exercised options and sold US$301k worth of stock

U.S. Gold Corp. Auditor Raises 'Going Concern' Doubt

New major risk - Shareholder dilution

U.S. Gold Corp. has filed a Follow-on Equity Offering in the amount of $40 million.

U.S. Gold Corp. has filed a Follow-on Equity Offering.

Price target increased by 10% to US$18.65

New minor risk - Share price stability

New minor risk - Market cap size

Is U.S. Gold (NASDAQ:USAU) In A Good Position To Invest In Growth?

U.S. Gold Corp., Annual General Meeting, Apr 28, 2025

Price target increased by 9.5% to US$16.43

U.S. Gold Corp. Announces Updated Prefeasibility Study Results

U.S. Gold Corp.: Wyoming Gold And Copper Mine Prospects Strongly Up - So Are Metal Prices

New major risk - Shareholder dilution

U.S. Gold Corp. has completed a Follow-on Equity Offering in the amount of $10.2039 million.

U.S. Gold Corp. has filed a Follow-on Equity Offering in the amount of $10.2039 million.

Price target increased by 38% to US$15.13

U.S. Gold Corp. Provides Update on Engineering Optimization Studies for CK Gold Project

Here's Why We're Watching U.S. Gold's (NASDAQ:USAU) Cash Burn Situation

New minor risk - Financial position

U.S. Gold Corp. Appoints of Johanna Fipke as Director

U.S. Gold Corp. has completed a Follow-on Equity Offering in the amount of $4.9 million.

New minor risk - Shareholder dilution

U.S. Gold Corp. has filed a Follow-on Equity Offering in the amount of $4.9 million.

U.S. Gold Corp., Annual General Meeting, Apr 26, 2024

New major risk - Financial position

Price target decreased by 13% to US$13.13

Companies Like U.S. Gold (NASDAQ:USAU) Could Be Quite Risky

Is U.S. Gold (NASDAQ:USAU) In A Good Position To Invest In Growth?

Price target increased by 18% to US$15.00

Price target decreased by 25% to US$12.75

Here's Why We're A Bit Worried About U.S. Gold's (NASDAQ:USAU) Cash Burn Situation

Price target increased to US$17.00

High number of new and inexperienced directors

High number of new and inexperienced directors

Price target decreased to US$16.50

High number of new and inexperienced directors

U.S. Gold (NASDAQ:USAU) Will Have To Spend Its Cash Wisely

U.S. Gold Corp.: A Highly Leveraged Bet On Increasing Metals Prices

Price target increased to US$20.25

Here's Why We're Watching U.S. Gold's (NASDAQ:USAU) Cash Burn Situation

Companies Like U.S. Gold (NASDAQ:USAU) Are In A Position To Invest In Growth

Price target decreased to US$18.25

We're Not Very Worried About U.S. Gold's (NASDAQ:USAU) Cash Burn Rate

New 90-day low: US$10.21

Price target raised to US$21.25

New 90-day high: US$11.88

New 90-day low: US$8.11

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