Could you introduce U.S. Gold Corp?

U.S. Gold Corp is a NASDAQ-listed mining company established around 2014, primarily focusing on gold exploration in Nevada until 2019. The company faced challenges with fundraising due to a difficult economic environment and reduced investor interest in the resource sector, prompting us to evaluate our asset, Copper King (CK gold project), to determine its potential value. Recognizing Copper King as a significant opportunity, we transitioned it from a dormant asset in 2020 to a fully permitted project aimed at production.

What do the updated pre-feasibility study results reveal about the CK gold project’s potential and its readiness for further development?

The updated pre-feasibility study results showed that the pre-tax NPV had improved by 42% when considering the study gold price pegged at US$2,100/oz gold and US$4.10/lb copper, coming in at US$459 million. Of course, we saw a 25% increase in the initial capital cost due to inflation but this was more than offset by the increased revenue. At US$3,000/oz gold and US$4.50/lb copper, nearer to current prices, the pre-tax NPV increase to US$945 million.

How does the recent Air Quality Permit approval impact the CK gold project’s progress, and what are the next development steps?

While the Mine Operating Permit was granted in April 2024, the remaining condition allowing the project to proceed was the Air Quality permit granted in November 2024. With the project now fully permitted the company can finalize the Feasibility Study slated for completion by year-end 2025, and project financing can proceed in parallel. We hope to break ground in early 2026 and be in production toward the end of 2027.

How are the dynamics of the gold and copper markets impacting junior mining companies?

Major and mid-tier companies often rely on juniors for discoveries and risk mitigation. We are observing a surge in exploration and M&A activity as companies seek to acquire promising projects to enhance their portfolios.

From U.S. Gold's perspective, our permitted status positions us favorably to capitalize on these market conditions, with the lower cost CK project production being attractive, particularly as established gold producers struggle to maintain production levels amidst increasing all-in sustaining costs from older producing assets.

How are the company’s other projects progressing?

At Keystone, Nevada we hold 20 square miles of strategically significant land located approximately 11 miles south of Nevada Gold Mines’ Cortez Complex, the second-largest gold producer in the state. Keystone has never been systematically explored using modern, model-driven techniques, presenting substantial exploration potential. We conducted remote sensing studies and identified promising targets, while also exploring AI technologies to analyze our vast data set to optimize future drilling efforts. 

At the Challis gold project in Idaho, we are focused on advancing exploration in a historically rich mining area, located 20 km southwest of Revival Gold’s Beartrack-Arnett gold project. We are working to revive a prior plan of operations with the US Forest Service to further our exploration endeavors. While CK Gold remains our focus, we are committed to exploring these additional opportunities.

What makes U.S. Gold Corp a compelling investment story?

The Western US currently has a limited number of shovel-ready projects that have been de-risked for investment and development. We operate in Wyoming, a stable, resource-friendly jurisdiction. We have a fully permitted project, significantly mitigating risk for potential investors. Our CK Project will be the first gold mine in the state. Our management team is deeply invested in securing optimal project financing while avoiding shareholder dilution. Being listed on NASDAQ enhances our access to capital compared to many junior resource companies. The CK gold project is progressing toward development, which is anticipated to generate substantial cash flow in the relative short-term.

Can you outline the key catalysts for U.S. Gold Corp over the next 24 months?

We will shortly announce the last step of our mine operating permit, the air quality, a final critical component for our mine operating permit approval. We plan to update the pre-feasibility study for the CK gold project incorporating all permit requirements and optimization enhancements. We are engaging with the financing community to support project advancement and anticipate breaking ground as soon as late 2025, leading to production in 2027, subject to successful financing.