The Conversation (0)
Advancing the Fully Permitted, Shovel Ready CK Gold Project
U.S. Gold Corp. ("U.S. Gold," the "Company," "we," "our" or "us") (Nasdaq: USAU), a U.S.-focused development and gold and copper exploration company, is pleased to provide the following update:
Operational Update
Dear Shareholders,
U.S. Gold Corp. (NASDAQ: USAU) is at a pivotal inflection point. We have successfully transitioned the CK Gold Project ("CK Gold") from exploration to a development asset, one of the few fully permitted, shovel-ready gold-copper projects in the United States. Our flagship asset, CK Gold in southeast Wyoming is significantly de-risked, supported by a robust March 2026 Feasibility Study ("FS") indicating strong economics. Beyond the project outlined in the FS, there are multiple near-term catalysts that position us for significant value creation amid continued strength in gold and copper markets.
CK Gold continues to garner interest from various sources of development capital. The Company also continues to receive interest from potential M&A counterparties. As such, the Company has brought in certain advisors to consider these interested parties as well as formed a Special Committee to assess all M&A interest. U.S. Gold Corp. firmly believes that CK Gold is undervalued given current market conditions and opportunities beyond those identified in the current FS. The project has multiple potential sources of additional future value, and we remain focused on CK Gold's development.
The Company also recognizes that our Keystone Project, located near Nevada Gold Mines' Cortez Complex in Nevada, offers a tremendous exploration opportunity. We intend to advance and explore Keystone and make it beneficial to our shareholder base. As such, we are exploring the spin-out of Keystone as a standalone exploration company to minimize additional dilution.
Key Achievements & Current Status
- CK Gold Project Feasibility Study (March 2026): Favorable base-case economics with an after-tax NPV5% of $632 million at $3,250/oz Au, $4.50/lb Cu, and $40/oz Ag, alongside a 27% after-tax IRR and ~2.5-year payback. At recent spot prices (~$4,500/oz Au and $4.50/lb Cu), after-tax NPV5% would be approximately $1.37 billion, with a higher IRR and a ~1.6-year payback. The FS outlines an 11-year mine life at ~20 kt/d and average production of ~85,000 AuEq oz/year (higher in the early years) with competitive all-in sustaining costs. Proven and Probable reserves total ~1.6 Moz AuEq.
- Permits, Infrastructure and Logistics: All major permits are in hand (including the Mine Operating Permit—The first new non-coal, hard-rock permit approved in decades). Preliminary site work has commenced under the Industrial Siting Permit (which has been extended through December 2027). CK Gold's excellent infrastructure advantages include that the project is adjacent to Interstate-80 and major railways, nearby power infrastructure, locally housed labor pool, and close proximity to existing aggregate operations. Initial capital is estimated to be manageable at ~$394 million (plus pre-production owners' costs).
- Balance Sheet: Cash position of approximately $31 million (as of April 30, 2026) following earlier financings. The cash position is expected to support near-term milestones, subject to the Company's financing needs as we maintain a tight share structure (~16.5 million shares outstanding).
- Exploration Update: The expanded drone magnetic survey coupled with a gravity survey completed mid-year 2026 at CK Gold identified new anomalies extending beyond and below the proposed pit, along with opportunities to follow up on historic high-grade zones in the Silver Crown Mining District. Interpretation has identified new targets requiring investigation. A resource expansion drilling program is being developed to evaluate whether additional resources may be converted to reserves and to test these geophysical targets.
Path Forward (2026–2028)
- Project Financing & Construction Decision (as soon as H2 2026): With the FS complete and permits secured, we continue active discussions with potential debt, equity, streaming, and offtake partners. We are prioritizing structures that would minimize shareholder dilution. A construction decision remains targeted for later this year.
- Development/Operations Manpower (2027): Build out of our team with strategic personnel to support the continued success of CK Gold.
- Construction & Production Ramp (2027–2028): An 18 to 24-month build timeline is expected to support first production as soon as late 2028—offering rare near-term cash flow potential relative to peer junior developers.
- Resource & Reserve Growth: Convert known resources outside the current mine plan into reserves and systematically test the new geophysical targets to extend mine life and further enhance project economics.
- Additional Project Opportunities:
- Keystone (Nevada): District-scale opportunity on the Cortez Trend, near Nevada Gold Mines' operations.
- Challis (Idaho): High-potential gold exploration in a historic mining district.
- Additional value at CK Gold from potential aggregate/rail ballast production, additional gold recovery from tailings, and an alternative closure scenario reducing costs (potential use of the expended pit as a water reservoir).
Upcoming Milestones and Catalysts
- Financing announcement and potential construction start (targeted as soon as late 2026).
- Potential M&A or strategic partnership interest as we continue to evaluate strategic alternatives.
- Maximize Keystone project value (potential spinout)
- Drill results and resource updates from expansion targets.
- Strong leverage to gold and copper prices.
- Ongoing U.S. domestic critical minerals demand and a supportive policy environment for American mining projects.
We remain uniquely positioned: CK Gold is a fully permitted, U.S.-based project with a seasoned team, disciplined capital structure, and dual upside from near-term production plus blue-sky exploration. CK has potential for near-term production and longer-term exploration potential, which would deliver long-term shareholder value while contributing to Wyoming's economy and U.S. mineral security. As such we are actively considering all strategic opportunities for the Company and the Project.
Thank you for your continued support. We are excited about the path ahead and remain committed to disciplined execution and transparent communication.
Best regards,
George Bee
President & Chief Executive Officer
U.S. Gold Corp. (NASDAQ: USAU)
For more information, please contact the Company at ir@usgoldcorp.com or visit the website at www.usgoldcorp.com.
U.S. Gold Corp. periodically sends news via email to its shareholders and interested investors. If you would like to receive these communications, please sign up to receive U.S. Gold Corp. news releases at: http://ir.usgoldcorp.com.
About U.S. Gold Corp.
U.S. Gold Corp. is a publicly traded, U.S.-focused gold and copper exploration and development company. Its fully permitted CK Gold Project is located in Southeast Wyoming and has a Feasibility Study technical report, which was completed by Halyard-Micon International, Inc. In addition, the Company has two exploration projects: Keystone Gold located on the Cortez Trend in Nevada about 11 miles south of Nevada Gold Mines' Cortez Hills Complex, and Challis Gold located in Idaho. For more information about U.S. Gold Corp., please visit https://www.usgoldcorp.com/.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this shareholder letter are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimated," "intend," "will," "expects" and "plans," among others. These forward-looking statements include statements regarding (i) the CK Gold Project, including expectations regarding the strength of project economics based on the March 2026 feasibility study, the potential to enhance economic viability by adding potential reserves, the ability to secure project financing to support project development, and the timing of financing, project construction and operations; (ii) the Company's financial position, including expectations that the current treasury, supplemented by prior capital raises and warrant exercises, will support the Company through to project financing, and assumptions regarding the Company's ongoing low burn rate; (iii) the Company's exploration activities, including expectations to conduct additional reconnaissance work around the CK Gold Project, opportunities to expand mineral resources at depth and to the southeast of the planned pit, and assumptions regarding future exploration success; (iv) the Keystone Project, including the potential for a world-class, Tier 1 discovery, the presence of near-surface oxide and deeper sulfide targets, and the Company's plans to pursue exploration opportunities when capital or strategic partnerships are secured; (v) expectations the exploration activities will commence at the Challis Gold Project when appropriate financing or partnerships are secured (vi) expectations regarding M&A interest and the Special Committee process; (vii) expectations regarding a possible spin-out of Keystone as a standalone exploration company; (vii) expectations regarding the potential for aggregate/rail ballast production and alternative reservoir uses at CK Gold; (viii) expectations regarding geophysical survey results and the resource expansion drilling program; and (ix) expectations regarding the Company's ability to minimize shareholder dilution in any financing structure. These forward-looking statements are based on U.S. Gold Corp.'s current expectations, and actual results could differ materially from such statements. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks arising from: market and other conditions, the prevailing market conditions for metal prices and mining industry cost inputs, environmental and regulatory risks, changes in interpretations of geological, geostatistical, metallurgical, mining or processing information, risks faced by junior companies generally engaged in exploration activities, whether U.S. Gold Corp. will be able to raise sufficient capital to develop the CK Gold Project and implement future drilling programs, the success or failure of future drilling programs, in the case of a possible spin-out of Keystone, should such occur, risks related to shareholder approval, if required and risks related to the fact that the spin-out entity may not meet applicable listing standards and/or that the Company will continue to meet applicable listing standards following a spin-out; and other factors described in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the Securities and Exchange Commission, which can be reviewed at www.sec.gov. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks, contingencies, and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. The Company makes no representation or warranty that the information contained herein is complete and accurate and we have no duty to correct or update any information contained herein.
For further information
U.S. Gold Corp.
Investor Relations
+1 800 557 4550
ir@usgoldcorp.com
www.usgoldcorp.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/us-gold-corp-provides-ceo-update---august-2026-302855961.html
SOURCE U.S. Gold Corp.
