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

Executive summary

• Focused on advancing the CK Gold Project in Wyoming, with feasibility study showing an after-tax NPV of $632M, 11-year mine life, and 1.6M gold equivalent ounces in reserves.

• Construction activities at CK Gold paused pending project financing; all permits and a $5M reclamation bond are in place.

• Exploration and field work continued at Keystone (Nevada) and Challis Gold (Idaho) projects.

Financial highlights

• Net loss for the quarter ended July 31, 2026 was $4.6M, compared to $2.1M for the same quarter in 2025.

• Operating expenses increased to $4.8M from $3.6M year-over-year, driven by higher compensation, exploration, and professional fees.

• No revenues were generated in either period as the company remains in development stage.

• Cash used in operating activities was $3.5M, up from $3.3M in the prior year.

• Cash balance at July 31, 2026 was $27.1M, down from $30.7M at April 30, 2026.

Outlook and guidance

• Sufficient cash to fund corporate activities, G&A, and project permitting/engineering for the next 12 months.

• Additional capital required to advance projects beyond current objectives; substantial doubt exists about ability to continue as a going concern without new financing.

• Actively pursuing financing options including debt, equity, royalty/streaming, or joint ventures.