U.S. Gold Corp. (USAU) investor relations material

Project overview and management

• Focus on the advanced-stage CK (Copper King) project near Cheyenne, Wyoming, with a tight share structure and experienced board.

• Three projects in the portfolio: CK, Keystone, and Chalice, with CK as the primary focus.

• Management emphasizes value creation and prudent share issuance, with 16.5 million shares outstanding.

• Board and CEO have significant mine-building experience, notably from Barrick Gold.

Feasibility, economics, and financing

• Definitive feasibility study completed after five years, showing an after-tax NPV of $630 million at $3,250 gold.

• Project requires $400 million to build, with $30 million cash in hand and plans for 80% debt, 20% equity financing.

• Project is fully permitted and construction-ready, with an 18-month timeline to production.

• Break-even gold price is around $2,000/oz, and NPV is highly sensitive to gold price increases.

• Copper contributes about 30% to project economics, with current copper prices making the project more robust.

Location, logistics, and operational advantages

• CK project is 20 miles west of Cheyenne, Wyoming, near major highways and rail, on flat ground with mild winters.

• No need for man camps; local workforce available, reducing costs and complexity.

• Open-pit mining with a low strip ratio and simple processing; waste rock has potential as high-spec aggregate.

• Aggregate byproduct could be monetized, adding further value.