U.S. Gold Corp. (USAU) Q2 2026 earnings summary

Executive summary

• Continued engineering studies for CK Gold Project feasibility and advanced exploration at Keystone and Challis Gold Projects during the quarter ended October 31, 2025.

• Announced use of Glencore Technology's Jameson Cell Flotation Equipment for enhanced gold and copper recovery at CK Gold Project.

• Entered contract with Cheyenne Light, Fuel and Power for powerline construction to CK Gold Project.

• Received U.S. Forest Service approval for revised Plan of Operations at Challis Gold Project.

Financial highlights

• No revenues generated for the three and six months ended October 31, 2025 and 2024.

• Net loss of $4.48 million for the quarter, up from $2.10 million year-over-year; six-month net loss of $6.56 million, nearly flat from $6.43 million prior year.

• Operating expenses increased to $4.56 million for the quarter, up $2.41 million year-over-year, mainly due to higher compensation, consulting, legal, and administrative costs.

• Other income for the six months was $1.63 million, driven by a $1.50 million gain from change in fair value of warrant liability.

• Cash used in operating activities was $7.11 million for the six months, up from $4.01 million prior year.

Outlook and guidance

• Sufficient cash to fund corporate, G&A, and current project activities for the next twelve months, but additional funds needed to advance projects beyond current objectives.

• Substantial doubt exists about ability to continue as a going concern for the twelve months following the report date without additional financing.