June 20, 2025

US Gold Corp – Value Proposition At The Fully Permitted Shovel-ready CK Gold-Copper Development Project in Wyoming and Keystone Gold Project in Nevada

34 minutes

Luke Norman, Co-Founder and Chairman of US Gold Corp. (NSADAQ:USAU), joins me to reintroduce the value proposition at the Company’s flagship, fully-permitted, and shovel-ready CK Gold-Copper Project in Wyoming, the upcoming catalysts, as well as the significant underappreciated value in their secondary Keystone Gold Project in Nevada.

We start by discussing the 1.6 million gold equivalent ounces of resources, broken down into roughly 1 million ounces of gold and 260 million pounds of copper. They company is in the process of working towards their Definitive Feasibility Study where they’ll demonstrate to the market improved metrics over the prior versions of their Pre-Feasibility Study (PFS).

We discussed though that based on the existing PFS, using just a $4.30 copper price and $2,500 gold price that the after-tax NPV of the project is $532Million with a 39.4% IRR and a payback period of 1.63 years. As it stands today there is a10-year mine life, projecting to produce an average of 110,000 gold equivalent ounces per annum, with an All-In Sustaining Cost of $937, an upfront capex of $277Million, and sustaining capital of $13Million per year. Those metrics will all be getting updated in the DFS due out in Q4.

Additionally, Luke highlights how their granite is actually very high spec, and a saleable product with several interested parties interested in off-taking this material, so that is even more considerable value above and beyond the gold and copper resources. One other unique feature of the project that we discuss, is that after the pit has been mined out, as part of the mine closure process, it will be turned into a large water storage facility for the surrounding area and state park, and keeps them from having to build larger dams to flood that surrounding area.

Next we shift over the value potential of their Keystone Gold Project in Nevada, which is located along the same mineral trend as Nevada Gold Mine’s Cortez Complex. This property has many similarities to this well-endowed district, with the same kind of pathfinder arsenic mineralization with the gold found in these Carlin-gold type systems, as well as the Wenban rock formations. Luke was very constructive of their potential to unlock more value in the project.

Wrapping up we discussed the key members of the management team and board of directors, the financial health of the company, the tight share structure, solid analyst coverage, plan to work on the capex financing, and other key upcoming catalysts over the balance of the next several months.

If you have any follow up questions for Luke regarding US Gold Corp, then please email me at [email protected].

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