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

Project Overview and Feasibility Study Highlights

• CK Gold Project advanced from dormant asset to fully permitted, construction-ready status in under six years, with $28 million invested.

• Feasibility study confirms 1.6 million gold equivalent ounce reserve, 11-year mine life at 20,000 tons/day, and average annual production of 85,000 gold equivalent ounces.

• After-tax NPV (5%) of $632M and 27% IRR at base case prices; NPV rises to $1.3B and IRR to 45% at spot prices.

• All-in sustaining cost (AISC) is $1,785/oz, with initial capital of $394 million; robust economics at $3,250/oz gold base case.

• Study incorporates current tariffs, inflation, up-to-date equipment quotes, and closure plan includes pit backfilling and potential water storage for Cheyenne.

Engineering, Design, and Operational Details

• Compact project area with short hauls, low strip ratio (0.89–0.98:1), and low mining costs.

• Advanced engineering includes Jameson Cells for improved flotation recovery, Viper filtration for dry stack tailings, and efficient plant layout.

• Plant design allows for future expansion and resource conversion; 3D modeling enhances visualization and accuracy.

• Ore processed via SAG-ball mill and flotation, producing a gold-rich copper concentrate.

• Fully permitted initial mine plan focuses on 1 million oz gold and 260 million lbs copper, with further resource expansion possible.

Mineral Resources and Expansion Opportunities

• Measured and indicated resources: 98.5Mt containing 1.2Moz Au, 322M lbs Cu, and 4Moz Ag.

• Proven and probable reserves: 74.5Mt with 1.015Moz Au, 260M lbs Cu, and 3Moz Ag.

• Significant upside from resource expansion at depth and to the southeast, with additional drilling planned.

• Aggregate and rail ballast sales identified as a long-term revenue stream, with local demand driven by infrastructure projects.

• Potential to increase gold recovery from 70% to up to 95% by adding cyanidation or alternative processing to tailings.