U.S. Gold Corp. (USAU) Study result summary

Project Overview and Feasibility Study Highlights

• CK Gold Project advanced to fully permitted, construction-ready status in under six years, with $28 million invested and $74 million raised since August 2020 with minimal equity dilution.

• Feasibility study confirms 1.6 million gold equivalent ounce reserve, 11-year mine life at 20,000 tons/day, and average annual production of 85,000 gold equivalent ounces.

• After-tax NPV (5%) is $632 million and IRR is 27% at base case prices ($3,250/oz Au, $4.50/lb Cu, $40/oz Ag), with a 2.5-year payback; NPV rises to $1.3 billion and IRR to 45% at spot prices.

• All-in sustaining cost (AISC) is $1,785/oz, with initial capital of $394 million; robust economics at $3,250/oz gold base case.

• Study incorporates current tariffs, inflation, up-to-date equipment quotes, and early contractor involvement; closure plan includes pit backfilling and potential water storage for Cheyenne.

Engineering, Design, and Operational Details

• Compact project area with short hauls, low strip ratio (0.89–0.98:1), and low mining costs.

• Advanced engineering includes SAG and ball mills, Jameson Cells for flotation recovery, Viper filtration for dry stack tailings, and efficient plant layout using 3D modeling.

• Plant design allows for future expansion and resource conversion; major equipment bids solicited.

• Fully permitted initial mine plan focuses on 1 million oz gold and 260 million lbs copper, with further resource expansion possible.

• Waste rock and tailings management facilities designed for environmental compliance and future reclamation.

Mineral Resources, Expansion Opportunities, and Upside Potential

• Deposit remains open at depth and along strike, with 80% of historical drill holes ending in mineralization; resource expansion could double current gold-copper resource.

• Aggregate and rail ballast sales identified as a long-term revenue stream, with local demand and non-binding LOI for rail ballast delivery.

• Potential to increase gold recovery from 70% to up to 95% by adding cyanidation or alternative processing to tailings, potentially boosting recovery by 15–18%.

• Additional permits will be sought for resource expansion and aggregate sales; aggregate opportunity could outlast mining operations.

• Equipment sourcing flexibility and schedule optimization may further reduce capital costs.