USAU · U.S. Gold Corp.

U.S. Gold Corp.'s Feasibility Study for the CK Gold Project in Wyoming delivers compelling economics with after-tax NPV5% of $632 million and 27% IRR under base case metal prices, escalating to $1.30 billion NPV and 45% IRR at recent spot prices, underscoring the project's sensitivity to favorable gold, copper, and silver markets. The study outlines an 11-year mine life targeting 1.6 Moz contained AuEq from mineral reserves, with production ramping to average 102 koz AuEq annually from years 2-8 at total cash costs of $1,748/oz and AISC of $1,814/oz on a co-product basis. Key strengths include a low strip ratio of 0.89:1 minimizing pre-stripping, simple open-pit operations feeding a SAG-ball mill flotation circuit producing gold-rich copper concentrate, and dry-stack tailings for water efficiency. All permits are secured, enabling immediate construction start, supported by a $5M reclamation bond and proximity to infrastructure near Cheyenne. Initial capex of $394M, including $47M contingency but excluding $28M pre-production owners' costs, yields a strong NPV-to-capex ratio of 1.6 and 2.5-year payback, with year 2-8 average after-tax free cash flow of $160M. CEO George Bee emphasized the low-risk, financeable nature, positioning CK as one of few U.S. permitted large-scale gold-copper projects ready for development amid strong metal prices and domestic production tailwinds. Expansion potential exists from excluded resources and depth extensions, plus aggregate sales, enhancing long-term value.