AI Analysis | Feedback

Here are 1-3 brief analogies for U.S. Gold (USAU):

• A **junior Barrick Gold** focused on discovering and developing gold projects exclusively within the U.S.
• Like an **early-stage EOG Resources or Pioneer Natural Resources, but for gold and copper mines** exclusively in the U.S.
• The **exploration division of a major mining company like Rio Tinto or BHP**, but as an independent entity specializing in U.S. gold and copper.

AI Analysis | Feedback

• Gold: U.S. Gold Corp. explores and develops mineral properties with the primary objective of extracting and selling gold.
• Copper: The company's flagship CK Gold Project is being developed to produce copper as a co-product alongside gold.
• Silver: While not primary targets, the company's mineral properties often contain significant silver, which would be a valuable by-product upon commencement of production.

AI Analysis | Feedback

U.S. Gold Corp. (symbol: USAU) is a gold and copper exploration and development company, focused on advancing its CK Gold Project in Wyoming and Challis Gold Project in Idaho. As an exploration and development company, U.S. Gold Corp. is not currently in commercial production and, therefore, does not have major customers for the sale of mined commodities such as gold, silver, or copper at this time. The company has publicly stated that it has not generated any operating revenues from the sale of minerals.

However, should U.S. Gold Corp. successfully bring its projects into commercial production, its business model would involve selling its extracted minerals (primarily gold, silver, and copper in the form of dore bars or concentrates) to other companies for refining and further processing. In this scenario, the company would primarily sell to other businesses.

The potential major customers for a producing mine like the one U.S. Gold Corp. is developing would typically include:

• Metal Refineries and Smelters: These companies purchase raw gold, silver, and copper concentrates or dore bars and process them into refined metals. They are crucial intermediaries in the supply chain for minerals. Examples of large public companies involved in this sector or commodity trading that might serve as buyers include:
  • Glencore Plc (Symbol: GLNCY on OTC, GLEN.L on LSE) - A diversified natural resource company and a major producer and marketer of numerous commodities, including copper.
  • Aurubis AG (Symbol: NDA.DE on XTRA) - A leading global provider of non-ferrous metals and the largest copper recycler worldwide, which would purchase copper concentrates.
  • Freeport-McMoRan Inc. (Symbol: FCX on NYSE) - While primarily a mining company itself, it also has smelting and refining capabilities and sells its copper and gold concentrates to various industrial customers and refiners globally.
• Precious Metals Dealers and Banks: Financial institutions or large trading houses specializing in precious metals may purchase gold and silver dore bars for further distribution or to hold as reserves. While many direct refiners are private, large banks and commodity traders often facilitate these transactions.

It is important to reiterate that these are examples of typical buyers in the mining industry for the commodities U.S. Gold Corp. intends to produce, and the company has not announced any specific off-take agreements or identified current major customers for its future production.

AI Analysis | Feedback

AI Analysis | Feedback

George Bee, President and Chief Executive Officer

Mr. Bee is a senior mining industry executive with extensive mine development and operational experience, having advanced world-class gold mining projects in eight countries across three continents for both major and junior mining companies. He previously held senior positions at Barrick Gold for 16 years, including Mine Manager at Goldstrike, Operations Manager at Pierina Mine, and General Manager of Veladero. Mr. Bee served as COO of Aurelian Resources, which was acquired by Kinross Gold in 2008. He also was CEO of Andina Minerals, which was acquired by Hochschild in 2013. In 2014, he became CEO of Jaguar Mining as the company emerged from a financial restructuring process.

Eric Alexander, Chief Financial Officer and Corporate Secretary

Mr. Alexander possesses over 30 years of corporate, operational, and business experience, including more than 15 years in the mining industry. He previously served as Corporate Controller for Helix Technologies, Inc., a publicly traded software and technology company. Prior to that, he was the Vice President of Finance and Controller for Pershing Gold Corporation (formerly NASDAQ: PGLC).

Kevin Francis, Vice President – Exploration and Technical Services

Mr. Francis has held numerous senior roles in the mining industry, including VP of Project Development for Aurcana Corporation, VP of Technical Services for Oracle Mining Corporation, VP of Resources for NovaGold Resources, and Principal Geologist for AMEC Mining and Metals. He also served as a Principal of Mineral Resources Management LLC, his consulting company, providing technical leadership to the mining industry.

Luke Norman, Executive Chairman of the Board

Mr. Norman is a seasoned growth executive with over 20 years of experience in the venture capital markets, having raised more than $300 million for both public and private companies, primarily in the resource sector. He has operated a consultancy company focused on the metals and mining industry. Mr. Norman has served as the Chief Executive Officer, President, and Director of Northern Lion Gold Corp. (TSXV: NL) since December 2017.

Robert W. Schafer, Independent Director

Mr. Schafer is a registered professional geologist with over 40 years of international experience in mineral exploration and discovery. He is credited with four producing mines, including the Briggs and Griffon gold mines in the Western United States and the Birkachan gold mine in far east Russia. In 2016, Mr. Schafer founded Eagle Mines Management LLC, a globally active, privately owned natural resources corporation, where he serves as CEO.

AI Analysis | Feedback

Key Risks to U.S. Gold (USAU)

1. Dependency on External Financing and Capital for Project Development: U.S. Gold Corp. is an exploration and development company that currently generates no revenue from mining operations and relies entirely on external financing to fund its activities. The company faces a significant "capital hurdle" in securing the estimated $277 million in capital expenditure required for the construction of its fully permitted CK Gold Project. U.S. Gold has reported net losses and negative earnings per share forecasts, underscoring its dependency on raising capital or exercising warrants to fund ongoing operations.
2. Inherent Risks of Mining and Exploration: Gold exploration and mining are highly competitive and carry substantial inherent risks. The company may encounter unexpected problems and delays in new mining operations, and face challenges in obtaining necessary supplies and equipment due to competitive demands. The profitability and financial viability of future mining operations are also heavily dependent on the sustained price of gold, with a decrease in commodity prices potentially adversely affecting financial condition and stock price.
3. Title and Regulatory Uncertainty: U.S. Gold faces risks related to its property titles, which may be challenged, and the company is not insured against such challenges. Specifically, unpatented claims, such as those at the Keystone project, are subject to greater title risk due to the complexities of federal and state laws. While the CK Gold Project is fully permitted, the company's overall success remains contingent on securing and maintaining regulatory approvals and achieving development milestones across its various projects.

AI Analysis | Feedback

null

AI Analysis | Feedback

The addressable market for U.S. Gold Corp.'s (USAU) main products, primarily gold with interests in copper and silver, can be identified at both a global and regional level.

Global Gold Market:

• The global gold market was valued at approximately USD 291.68 billion in 2024. This market is projected to grow to about USD 457.91 billion by 2032.
• Another estimate values the global gold market at USD 291.68 billion in 2024, with a projection to reach USD 400 billion by the end of 2030.

North American / U.S. Gold Market:

• The North American gold market is estimated to be worth USD 23.22 billion in 2025.
• Specifically, the U.S. gold market is anticipated to reach USD 20.31 billion in 2025.
• The North America Gold Mining Market was valued at USD 43.5 billion in 2024 and is forecasted to reach USD 63 billion by 2035.
• For the gold bullion market, North America held a significant share, with a market size of USD 21.26 billion in 2024, and the U.S. alone accounted for USD 16.78 billion in 2024.

AI Analysis | Feedback

U.S. Gold (symbol: USAU) is an exploration and development stage company and currently does not generate revenue from mining operations or product sales. Its income is derived primarily from financing activities. Therefore, expected drivers of future revenue growth over the next 2-3 years focus on the company's progression towards becoming a producing mining company.

1. Advancement and Commissioning of the CK Gold Project: The most significant driver of future revenue for U.S. Gold is the successful advancement and eventual commissioning of its fully-permitted CK Gold Project in Wyoming. The company is progressing towards completing a Feasibility Study for this project by late 2025, which is a critical step before construction and production. The Pre-Feasibility Study for the CK Gold Project projects over 110,000 ounces of annual gold-copper production for ten years.
2. Securing Project Financing: To transition the CK Gold Project from development to a producing mine, U.S. Gold will need to secure substantial project financing. The company has acknowledged the need for additional funding to advance its projects and recently raised approximately $10.2 million in November 2024 for ongoing operations and development. Successful funding will be essential to enable construction and bring the project online, thereby initiating revenue generation.
3. Exploration Success and Development of Other Properties: Beyond the flagship CK Gold Project, U.S. Gold holds other exploration properties, including the Keystone Project in Nevada and the Challis Gold Project in Idaho. Successful exploration, resource definition, and eventual development of these additional assets could contribute to longer-term revenue growth and diversification of production.
4. Favorable Gold and Copper Market Prices: As a prospective producer of gold and copper, the revenue U.S. Gold generates will be directly influenced by the market prices of these commodities. Favorable or rising prices for gold and copper in the coming years would significantly enhance the economic viability and profitability of the CK Gold Project and any future producing assets. Analysts are forecasting renewed upside in gold prices in early 2026.

AI Analysis | Feedback

Share Issuance

• U.S. Gold Corp. announced a $2.0 million registered direct offering in March 2020, selling 357,143 shares of common stock at $5.60 per share, along with unregistered warrants.
• In November 2024, the company announced a $10.2 million registered direct offering, involving the sale of 1,457,700 common stock shares at $7.00 per share, which included warrants to purchase an additional 728,850 shares at $9.50 per share.
• A post-effective amendment on Form S-1 was filed in May/October 2025 to register up to 850,837 shares of common stock issuable upon the exercise of previously issued warrants from February 2022 ($8.00/share) and November 2024 ($9.50/share), with potential gross proceeds of approximately $7.85 million if all are exercised for cash.

Inbound Investments

• In Q2 2025, 61 hedge funds and large institutions invested $36.1 million in U.S. Gold Corp., marking a $21.7 million increase from a prior period and including 26 new positions.

Outbound Investments

• U.S. Gold Corp.'s subsidiary, Gold King Corp., agreed in November 2025 to acquire a 10-acre parcel in Cheyenne, Wyoming, to serve as a centralized muster point for employees and contractors for the planned 2026 development of the CK Gold Project.
• This 10-acre acquisition marks the fourth key real estate property the company has purchased over the past four years in connection with the CK Gold Project, including approximately 110 contiguous acres previously acquired.

Capital Expenditures

• U.S. Gold Corp. is advancing its CK Gold Project toward a construction startup in 2026, with a final feasibility study targeted for completion in Q3 2025.
• The company anticipates needing approximately $300 million in capital expenditures for the CK Gold Project, with a focus on raising this through non-dilutive options like concentrate offtake agreements, federal/state grants, and municipal bonds.
• To mitigate tariff exposure and supply chain risks, about 28% of the initial capital expenditure for the CK Gold Project is prioritized for American-sourced materials and equipment.