U.S. Gold Corp. (USAU) Emerging Growth Conference 97 summary

CK Gold project readiness

• CK in southeast Wyoming advanced from exploration in 2020 to a fully permitted, construction-ready copper-gold project on state ground.

• Infrastructure includes access roads, proximity to I-80 and Cheyenne, and a power off-take agreement at ~$0.072/kWh.

• Plan outlines an 11-year mine life, with production targeted near 100,000 oz annually; construction is expected to take about 18 months.

• Open-pit operation would produce and sell gold-copper concentrate at the site, avoiding construction of smelting facilities.

Project economics and potential

• Reserve is ~1.6M oz gold equivalent; estimated build cost is just under $400M, with AISC of ~$1,700-$1,800 per oz.

• At a gold price near $4,000, management cited ~$1.3B NPV; the calculation is being amended to reflect higher copper prices and excludes further copper-price upside.

• Management sees potential to expand the deposit toward ~3M oz; ~800,000 oz of drilled mineralization is outside current reserves.

• Tailings may contain close to 300,000 oz of gold for future recovery; management is evaluating processing methods, with incremental revenue outside the current mine plan.

• An estimated 40M-50M tons of granodiorite could be sold as aggregate at $20-$25/ton; buyer interest and potential partnerships could benefit the project during and after gold-copper production.

Financing and schedule

• Project-level financing is active, with multiple term sheets under review and advisors being engaged; treasury was under $25M and intended for operating liquidity, not construction.

• The nearly $400M build is expected to be financed predominantly with debt, potentially supplemented by a silver stream and premium convertible equity to limit dilution.

• Management hoped for a definitive financing agreement before or around January, followed by immediate development; the previously discussed 18-24 month schedule remained achievable, with an ~18-month build.

• Management expects to establish value for aggregate, tailings recovery and deposit expansion through 2027 while finalizing financing and advancing development.