U.S. Gold Corp.

What they do

U.S. Gold Corp. is a gold and precious metals exploration company with mining leases and mineral rights on the CK Gold Project in Wyoming, the Keystone Project in Nevada, and the Challis Gold Project in Idaho. The CK Gold Project has established proven and probable mineral reserves under S-K 1300 and is in the pre-development phase, while activities on the other properties are exploratory. The company generated no revenues in fiscal 2026.

Revenue drivers

• CK Gold Project — Development-stage project with estimated reserves of 1.6 million gold equivalent ounces; potential future revenue from gold, copper, and silver production, with a March 2026 feasibility study indicating an 11-year mine life.
• Keystone Project — Exploration-stage project in Nevada; no production or revenue, exploratory activities ongoing.
• Challis Gold Project — Exploration-stage project in Idaho; revised Plan of Operations approved by the U.S. Forest Service in October 2025; no production or revenue.

Recent performance

For the fiscal year ended April 30, 2026, the company reported no revenue and operating expenses of approximately $19.0 million, up from $13.0 million in the prior year. Net loss for fiscal 2026 was $17.2 million, compared to a net loss of $20.6 million in fiscal 2025. Operating cash flow was negative $18.2 million in fiscal 2026. In the three months ended January 31, 2026, operating expenses were $5.3 million, similar to the prior-year quarter. As of April 30, 2026, total assets were $50.2 million, total liabilities $1.5 million, and shareholder equity $48.8 million.

Strategy

Management is focused on completing engineering and pre-development activities for the CK Gold Project, including a feasibility study completed in March 2026. The company has secured all required permits to begin construction and a $5.0 million reclamation bond. It contracted with Micon International and Halyard Inc. for engineering, selected Glencore Technology's Jameson Cell Flotation Equipment for gold and copper recovery, and entered a contract with Cheyenne Light, Fuel and Power for powerline construction. In December 2025, it raised $31.2 million in gross proceeds from a private placement to fund development. The company plans to return to a normalized annual meeting schedule.

Risks

• Development-stage with no revenue — The company has no operations or revenues, and relies on financing to fund its exploration and development activities.
• Financing and dilution risk — Future development of CK Gold requires substantial capital; the December 2025 private placement issued shares and warrants, diluting existing shareholders.
• Permitting and regulatory risk — The CK Gold Project is subject to environmental and regulatory approvals, and although current permits are secured, delays or changes could affect construction.
• Internal control remediation — The company previously had ineffective disclosure controls due to a late filing, and though remediated, it cannot guarantee future effectiveness.

Outlook

Management is proceeding with the CK Gold Project's development, having completed a feasibility study that indicated an after-tax net present value of $632 million. The next steps include pre-construction planning, engineering, and procurement for the powerline. The company expects to hold its next annual meeting on October 13, 2026. No timeline for construction start or production was provided.