U.S. Gold Corp. (USAU) Investor presentation summary

Project overview and strategy

• Targeting annual production exceeding 85,000 gold-equivalent ounces from a gold-copper project in the U.S., with near-term production potential and district-scale exploration upside.

• Located in Wyoming, the project benefits from proximity to major highways, rail, and infrastructure, supporting efficient logistics and access to labor and services.

• Over $28 million directly invested in feasibility studies and project development, with $74 million raised since August 2020 and $32 million in treasury.

• Minimal equity dilution has preserved shareholder value while advancing permitting and engineering.

Feasibility study and economics

• March 2026 feasibility study outlines an 11-year mine life, 1.598M AuEq reserve, and average annual production of 85,000 AuEq oz at $1,785 AISC/oz.

• After-tax NPV (5%) is $632M, IRR is 27%, and payback period is 2.5 years at $3,250/oz gold, $4.50/lb copper, and $40/oz silver.

• Initial capital expenditure is $394M, with $35M sustaining capital and $27M reclamation cost; total initial capex including owner’s costs is $422M.

• Average annual net free cash flow is $124M, with a total LOM net free cash flow of $967M.

Engineering, processing, and site plan

• Advanced engineering includes a process plant with SAG and ball mills, Jameson cell flotation, regrind mills, and vacuum filtration for tailings.

• Plant design leverages 3D modeling for accurate cost estimation and layout optimization.

• Site plan features open pit, waste rock facilities, tailings management, and infrastructure for water, power, and access.

• Metallurgical recoveries: 71.5% gold, 80.6% copper, 68.7% silver; payable metals over LOM: 931 koz gold, 186.7 Mlbs copper, 1,874 koz silver.