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

Key project highlights

• CK Gold and Copper Project in Wyoming is development-ready, with a strong board experienced in mining and capital returns.

• Only 16 million shares outstanding, with a share price in the $17–$20 range and a market cap around $260 million.

• Over $90 million raised to date, with dilution already absorbed and a definitive feasibility study recently completed.

• Project is located near major infrastructure, just 20 miles from Cheyenne and close to the I-80 corridor, facilitating logistics and reducing costs.

• Open pit mining operation with a small 2 sq mi footprint, dry stack tailings, and post-production pit use as water storage.

Financial and operational outlook

• Definitive feasibility study uses a conservative $3,250/oz gold price, but current prices are closer to $4,500/oz.

• Project NPV exceeds $1 billion with an IRR above 40%, indicating significant untapped value.

• Gold reserve is 1.6 million ounces, with potential to double as mineralization continues beyond current reserve.

• Waste rock valued as aggregate could add $800 million–$1 billion in additional value, not yet included in project economics.

• Project is fully permitted, advanced engineering completed, and construction is underway with strong financing interest.

Strategic assets and future plans

• Keystone Project in Nevada, adjacent to Barrick’s Cortez Complex, holds similar geology and significant exploration potential.

• Plans to potentially spin out the Keystone asset to unlock further value.

• Company is transitioning from development to construction and production phases, with ongoing community and environmental considerations.