U.S. Gold Corp. Highlights Additional Value Opportunities Beyond CK Gold Project Feasibility Study

U.S. Gold (NASDAQ: USAU) says its CK Gold Project feasibility study supports a construction-ready, fully permitted gold-copper mine with an after-tax NPV(5%) of $632M at base metal prices and $1.30B at recent spot prices.

Rhea-AI Summary

U.S. Gold (NASDAQ: USAU) says its CK Gold Project feasibility study supports a construction-ready, fully permitted gold-copper mine with an after-tax NPV(5%) of $632M at base metal prices and $1.30B at recent spot prices. Management outlines multiple value-add opportunities to expand resources, raise recoveries toward ~95%, monetize ~40M tons of aggregate, and extend mine life beyond the current plan.

The company expects a construction decision in 2026 while pursuing financing, drill plans, recovery improvements, and aggregate partnerships to enhance project economics.

Positive

• After-tax NPV(5%) of $632M at base case metal prices
• After-tax NPV(5%) of $1.30B at recent spot metal prices
• Potential to increase gold recovery from ~70% to ~95%
• Approximately 900,000 AuEq oz mineral resource not in current schedule
• Up to 40M tons of rock available as aggregate/ballast

Negative

• Current gold recovery of only ~70% in base case
• Additional permitting required to access resources below current pit
• Construction decision and financing still pending in 2026

Argus Apr 1 session

+4.02% close to close Open Argus

Details

News Market Reaction – USAU

On Apr 1, the day this news came out, USAU closed 4.02% above the previous close.

Data tracked by StockTitan Argus for the Apr 1 session.

Key Figures

After-tax NPV(5) base case: $632M After-tax NPV(5) spot case: $1.30B Base case gold price: $3,250/oz +5 more

After-tax NPV(5) base case

$632M

Standalone CK Gold Project feasibility study using base case metal prices

After-tax NPV(5) spot case

$1.30B

CK Gold Project feasibility study using recent spot metal prices

Base case gold price

$3,250/oz

Feasibility study base case assumption for gold (Au)

Spot case gold price

$4,500/oz

Feasibility study spot case assumption for gold (Au)

Gold recovery improvement

70% to 95%

Potential gold recovery increase via cyanidation of flotation tailings

Additional AuEq resource

900,000 oz

AuEq mineral resource not in current FS production schedule within resource pit

Aggregate-capable rock

40M tons

Portion of ~70M tons mined rock potentially usable as aggregate/ballast

Aggregate pricing

$20–$25/ton

Local pricing indicating potential secondary aggregate revenue stream

Historical Context

5 past events · Latest: Mar 25

5 events

1. Mar 25

   Investor summit invite

   24h Move

   +0.5%

   Participation in Lytham Partners Industrials & Basic Materials Investor Summit webcast.

2. Mar 18

   ETF inclusion

   24h Move

   -6.8%

   Addition to VanEck Junior Gold Miners ETF (GDXJ) at quarterly rebalance.

3. Feb 19

   Conference presentation

   24h Move

   +6.9%

   Corporate presentation and Q&A at Emerging Growth Conference on Feb 25, 2026.

4. Dec 23

   Private placement

   24h Move

   +5.3%

   Closed $31.2M equity private placement to fund CK Gold development and exploration.

5. Dec 01

   Industry conference

   24h Move

   -2.3%

   Participation in Mines & Money @ Resourcing Tomorrow conference in London.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

feasibility study, net present value, measured & indicated resources, inferred material, +3 more

7 terms

feasibility study technical

"following the release of its Feasibility Study ("FS") on March 31, 2026."

A feasibility study is an assessment that evaluates whether a proposed project or idea is practical and likely to succeed before investing significant time and resources. It considers factors like costs, potential benefits, and challenges, helping stakeholders decide if moving forward makes sense. Think of it as a detailed plan that gauges if a new venture is worth pursuing.

net present value financial

"The FS establishes a robust standalone development case after-tax net present value ("NPV") 5% of $632 million"

Net present value is a way to measure the value of a future amount of money today. It considers how money available in the future is worth less than money now because of potential earning opportunities or inflation. Investors use it to decide whether an investment is worthwhile, aiming for projects with positive net present value, meaning they are expected to generate more value than they cost.

measured & indicated resources technical

"Potential to incorporate additional Measured & Indicated resources through future pit expansion"

Measured and indicated resources are two graded estimates of how much mineral material is in a deposit and its quality, with 'measured' carrying higher confidence and 'indicated' meaning a reasonably supported but less certain estimate. Investors treat these categories like a more or less detailed map: higher-confidence estimates reduce uncertainty about whether the material can be mined economically, which affects project value, financing prospects and regulatory planning.

inferred material technical

"Conversion of inferred material and step-out drilling targeting depth and lateral extensions"

Inferred material is an early, low-confidence estimate of a natural resource (like minerals or ore) based on limited sampling and data; think of it as a rough sketch of what's likely underground rather than a detailed map. It matters to investors because inferred estimates signal potential value but carry high uncertainty and require further exploration and verification before they can reliably support project economics or be counted toward proven reserves, so they increase both upside and risk.

cyanidation medical

"increase gold recoveries from ~70% to roughly 95% through cyanidation of flotation tailings"

Cyanidation is a chemical process that uses a dilute cyanide solution to dissolve and separate gold and other precious metals from mined rock, similar to how detergent dissolves grease so it can be washed away. It matters to investors because it often determines how much metal can be recovered, the cost of production, and the environmental and regulatory risks a mining project faces—factors that directly affect a mine’s profitability and a company’s valuation.

flotation tailings technical

"95% through cyanidation of flotation tailings which could add:~250,000 oz of recovered gold"

Flotation tailings are the leftover slurry of fine rock particles, water and processing chemicals produced after ore has been treated in a flotation plant to separate valuable minerals. For investors, they matter because they create ongoing operational costs, environmental and regulatory liabilities, and potential recovery value—much like a factory’s waste pile that can require costly cleanup, government permits, or offer an opportunity to extract more value later.

rail ballast technical

"Aggregate & Rail Ballast Business: Monetization of granodiorite waste rock"

Rail ballast is the layer of crushed stone or gravel placed under and around railroad ties to support the track, keep the rails aligned, and allow water to drain away. Its condition influences train speed, safety, track longevity and maintenance needs, so ballast quality and upkeep affect operating costs, service reliability and capital spending for rail operators and suppliers—like the gravel beneath a driveway that prevents settling and puddles.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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CHEYENNE, Wyo., April 1, 2026 /PRNewswire/ -- U.S. Gold Corp. ("US Gold" or the "Company") (NASDAQ: USAU) today outlines a series of value enhancement opportunities identified at its fully permitted, shovel-ready CK Gold Project ("CK") in southeast Wyoming, following the release of its Feasibility Study ("FS") on March 31, 2026.

The FS establishes a robust standalone development case after-tax net present value ("NPV") 5% of $632 million ("M") using base case metal prices of $3,250 per ounce ("/oz") gold ("Au"), $4.50/lb copper ('Cu"), and $40/oz silver ("Ag"); After-tax NPV₍₅₎ of $1.30 billion ("B") using recent spot metal prices of $4,500/oz Au, $5.50/lb Cu and $70/oz Ag, importantly the opportunities discussed herein represent additional upside not required to support a construction decision which is expected to made in 2026.

While the FS establishes a strong baseline development case, management believes material upside exists beyond the current mine plan, with multiple initiatives under evaluation that could enhance production, extend mine life, and improve project economics over time.

Key Value Drivers Under Evaluation:

• Mine Life & Production Expansion: Potential to incorporate additional Measured & Indicated resources through future pit expansion
  
  
• Resource Growth: Conversion of inferred material and step-out drilling targeting depth and lateral extensions
  
  
• Improved Metallurgical Recovery: Opportunity to increase gold recovery from ~70% to towards 95% via incremental processing
  
  
• Aggregate & Rail Ballast Business: Monetization of granodiorite waste rock as a long-term construction materials business
  
  
• Closure Optimization: Potential alternative reclamation strategy leveraging the open pit for regional water infrastructure

US Gold Chairman Luke Norman commented:

"The Feasibility Study confirms CK as a fully permitted, construction-ready gold-copper project with robust economics, especially at current metal prices. Importantly, it also represents only the starting point of value at CK.

With our recently strengthened balance sheet and the project de-risked, we are now positioned to pursue low-risk, high-impact opportunities to expand resources, enhance recoveries, and unlock additional revenue streams.

We believe CK has the potential to evolve well beyond its current plan into a larger, longer-life and more economically robust operation, while delivering meaningful benefits to the State of Wyoming and local communities."

Mine Expansion Potential:

The current FS mine plan reflects a pit constrained by permitting boundaries that were intentionally constrained to ensure only state approval was required, leaving meaningful upside:

• Approximately 900,000* AuEq oz of mineral resource not included in the feasibility study production schedule but within the mineral resource pit. Existing resources below the current pit can be incorporated through future permit amendments. At current recoveries this represents over 500,000 AuEq oz of additional production potential.

Metallurgical Upside:

Test work indicates potential to increase gold recoveries from ~70% to roughly 95% through cyanidation of flotation tailings which could add:

• ~250,000 oz of recovered gold from the current mine plan with an additional ~225,000 Au oz potential from an expanded pit.

Resource Expansion Potential:

CK's resource is drill constrained and not economically constrained. Several resource expansion opportunities will be pursued over time including:

• Inferred Conversion & Step-Out Growth: Mineralization remains open at depth and along strike
  
  
• District-Scale Potential: Located within the historic Silver Crown Mining District with several past producing underground mines providing nearby targets

Aggregate & Rail Ballast Opportunity:

In the current mine plan approximately 70 million tons of rock will be mined, with ~40 million tons potentially available as aggregate and ballast feedstock. Local pricing of $20–$25/ton suggests a meaningful secondary revenue stream. Proximity to rail and highway infrastructure supports access to Wyoming and Colorado markets. Any pit expansion would increase the amount of waste rock available for aggregate and ballast. Recent market studies commissioned by US Gold indicate a local need for 2-3Mt of aggregate per year. A nearby railroad company, located 4 miles from CK, has expressed interest in 400,000 tons per annum of ballast. Martin Marietta, produces aggregate from a quarry with similar rock characteristics that is located ~5 miles from CK, so the quality material is well known in the region.

* Refer to U.S. Gold news release March 31, 2026

Closure & Long-Term Land Use:

The open pit may serve as a future water storage facility for the City of Cheyenne and potentially integrate with regional infrastructure. Extending mine life may also defer closure costs and enhance long-term project value.

With permitting complete and development-ready status achieved, US Gold is transitioning from project definition to value optimization, focusing on maximizing resource scale, enhancing margins, and creating additional revenue streams. The Feasibility Study for CK defines a great project but the company sees multiples ways to enlarge the project over time.

Action Plan Moving Forward

1. Finalize project financing and initiate development of the CK Gold Project
2. Finalize the projected bluesky upside and drill plan
3. Evaluate additional processes to increase gold recoveries
4. Look to capitalize the aggregate opportunity through partnerships and other extensive avenues

About U.S. Gold Corp.

U.S. Gold Corp. is a publicly traded, U.S. focused gold and copper exploration and development company. U.S. Gold Corp. has a portfolio of exploration properties. The Company's CK Gold Project is located in Southeast Wyoming and has a Feasibility Study technical report, which was completed by Halyard– Micon International, Inc. The Company's Keystone exploration property is on the Cortez Trend in Nevada. The Company's Challis Gold Project is located in Idaho. For more information about U.S. Gold Corp., please visit https://www.usgoldcorp.com/.

For additional information, please contact:
U.S. Gold Corp.
Investor Relations
+1 800 557 4550
ir@usgoldcorp.com
www.usgoldcorp.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release are forward-looking within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "intends," "anticipates" or "does not anticipate," "proposed," "aims," "forecast," "estimates," "believes," "continues" and "intend," among others, or variations of such words and phrases or statements that certain actions events or results "may," "could," "would," "might," or "will be taken," "occur" or "be achieved", although not all forward-looking statements include these words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking statements. These forward-looking statements include statements related to the Company's CK Gold Project, including its valued enhancement opportunities and the Company's business position. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the Securities and Exchange Commission, which can be reviewed at www.sec.gov. The Company undertakes no duty to correct or update any forward-looking statements, except in accordance with applicable securities laws.

 

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SOURCE U.S. Gold Corp.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the CK Gold Project after-tax NPV for U.S. Gold (USAU) in the March 2026 feasibility study?

The FS reports an after-tax NPV(5%) of $632M at base prices. According to the company, recent spot metal prices raise the after-tax NPV(5%) to $1.30B, showing substantial price sensitivity.

How much additional gold-equivalent resource at CK is not included in USAU's current mine schedule?

About 900,000 AuEq oz of mineral resource lie within the resource pit but outside the production schedule. According to the company, this could represent over 500,000 AuEq oz of extra production at current recoveries.

What recovery improvements is U.S. Gold (USAU) evaluating for the CK Gold Project?

The company is targeting an increase in gold recovery from ~70% to roughly 95%. According to the company, cyanidation of flotation tailings could add ~250,000 oz recovered gold in the current plan.

What aggregate and rail ballast opportunity did USAU highlight for the CK Gold Project?

Approximately 40 million tons of rock could be sold as aggregate/ballast, priced locally at $20–$25/ton. According to the company, local demand and nearby rail access support potential secondary revenues.

When does U.S. Gold (USAU) expect to decide on construction for the CK Gold Project?

The company expects to make a construction decision in 2026. According to the company, finalizing project financing and completing value-optimization work remain its near-term priorities.