U.S. GOLD CORP.

U.S. Gold Corp.

Company overview

• Former name: Dataram Corporation. Reincorporated in Nevada in 2016 and renamed U.S. Gold Corp. effective June 26, 2017.
• Business: Gold, copper and precious metals development and exploration. Focused on opportunities in Wyoming, Nevada and Idaho.
• Primary development project: CK Gold Project, Wyoming — an open-pit copper-gold-silver project with porphyry-style mineralization. Classified as a development-stage property under S-K 1300.
• Other properties: Keystone Project (Nevada) and Challis Gold Project (Idaho), both in exploration stages.

Current projects and status

CK Gold Project (Wyoming)

• Status and permitting
  • Development-stage property; Mine Operations Plan (MOP) approved May 2024.
  • Water discharge and air permits are in place.
  • Initial Source Permit (ISP) granted in 2023 and extended to June 2027 (extension noted as of May 2026). Construction is paused pending full project financing.
• Location and land position
  • Roughly 2 square miles on State land.
  • Two Wyoming mining leases (Section 36 and Section 25/35) totaling about 1,120 acres.
  • Additional adjacent parcels: two ~35-acre parcels, a 204-acre parcel, and a 10-acre parking/transport area.
• Ownership and agreements
  • Company holds 100% ownership of the CK Gold Project.
  • State of Wyoming holds the mineral rights; a fixed 2.1% NSR royalty to the State applies.
  • Royalty and surface agreements are in place with landowners and Wyoming Game & Fish.
• Infrastructure and water
  • Site access via existing roads; near Cheyenne.
  • Power interconnection is planned.
  • Water Agreement with the City of Cheyenne (BOPU) was originally for 600 gpm and was amended in 2025 to source from the Crystal Reservoir infiltration gallery. Engineering and state approvals for that source were completed in June 2026.
• Economic study and development plan
  • Feasibility Study (FS) updated and completed; release date March 31, 2026.
  • Project contemplates ~20,000 tons/day throughput, dry-stack tailings, and an approximate CAPEX of $394 million (excludes $28 million pre-production owner’s costs and includes approximately $47 million contingency).
  • FS projects an 11-year mine life with about 1.6 million ounces AuEq contained.
  • Base-case after-tax NPV and IRR in the FS reflect the metals prices and assumptions used in the study.
• Resource and reserve highlights (FS as of March 30, 2026)
  • Mineral Resources (exclusive of reserves): roughly 77–89 million tons across oxide, mixed, and sulfide domains, reported in Measured, Indicated and Inferred categories.
  • Mineral Reserves (Proven + Probable): 74.5 million tons containing approximately 1,015 koz Au, 260 million lbs Cu and 1,542 koz Ag (AuEq 1,598 koz).
  • Reporting uses AuEq with domain-specific recoveries, smelter payables, processing costs, NSR assumptions and pit optimization parameters.
  • Price inputs used in the FS and for resource/reserve reporting: $2,100/oz Au, $4.10/lb Cu, $27/oz Ag (with adjustments for recoveries, NSR and costs).

Keystone Project (Nevada)

• Status: Exploration project; no production.
• Land position: 601 unpatented lode claims covering roughly 20 square miles.
• Ownership: 100% owned for the Keystone claims acquired from Americas Gold Ventures, LLC and related entities; subject to multiple NSR obligations to third parties (ranging from 0.5% to 3.5% on various claim groups).
• Infrastructure: No significant facilities on site. Located about 30 miles south of the Cortez Complex (Barrick) with access via paved and unpaved roads.

Challis Gold Project (Idaho)

• Status: Exploration project; no production.
• Land position: 77 unpatented lode claims covering about 1,710 acres.
• Geology: Epithermal gold system with mineralization in quartz veins and stockworks within the Challis Volcanics and adjacent Precambrian rocks; situated within the Trans-Challis Fault System.
• Infrastructure: Remote location with road access; no significant facilities currently on site.

Corporate data and employees

• Employees: As of April 30, 2026, the company employed 4 full-time employees and no part-time employees. The company uses consultants with specialized skills for technical and operational support.
• Revenue: $0.

Financial position (as of April 30, 2026)

• Cash and cash equivalents: $30.7 million
• Working capital: $31.6 million
• Accumulated net losses: $110.6 million
• Going concern: The company disclosed substantial doubt about its ability to continue as a going concern and expects to require additional financing or strategic transactions to fund CK Gold development. There is no assurance that required financing will be available or on acceptable terms.

Other financial and operational notes

• The company has an exploration and development history but no revenue to date.
• Development of CK Gold will likely require substantial external financing, which could be dilutive to existing stockholders or impose significant restrictions.

Contact and disclosures

• Corporate address: 1910 E. Idaho Street, Suite 102-Box 604, Elko, NV 89801
• Phone: (800) 557-4550
• Public disclosures: The company files Form 10-Ks and other reports. Web content on the company site is not incorporated by reference.

Note on figures

The CK Gold Feasibility Study (March 31, 2026) contains detailed resource and reserve tables, including Measured/Indicated and Inferred Resources and Proven/Probable Reserves with associated grades, tonnages, AuEq calculations and metallurgical recoveries. The summary above reflects key numbers presented in that filing.