What were recent key milestones for the CK gold project?

In 2012, previous owners completed a PEA revealing 1 million oz of gold and 250 million lb of copper in an open-pit scenario. We rebranded it to highlight its gold value, which represents 70-80% of the project’s worth. Our first step involved hiring a local Wyoming environmental consulting firm to perform extensive baseline studies and prepare our permit application for submission to the Wyoming Department of Environmental Quality. We finalized two years of environmental baseline work by September 2022 and submitted our permit application. We received our conditional mine operating permit in May 2024. Conditions included requirements for obtaining a water discharge permit, posting a bond for initial disturbance, and applying for an air quality permit. All conditions have been met with the final air quality permit about to be announced in November. What is the geological and economic viability of the CK gold project?

The CK gold project is situated in a granodiorite-hosted shear zone characterized by copper and gold mineralization, primarily in chalcopyrite, outcropping at surface. The site is within a mining area known as the Silver Crown Mining District which has a history of high-grade deposits exploited by miners as far back as the late 1800s and concluding in the 1920s. Our initial 10-year mine plan is designed to evolve as we explore and continue into known deeper mineralization. Economically, the project targets nearly 110,000 oz/y AuEq over an initial 10-year mine-life with a front-end loaded structure that promises a rapid payback period. We estimate our all-in sustaining costs will rise from US$900-US$1,000/oz, while the initial capital costs are expected at approximately US$300 million. How are the dynamics of the gold and copper markets impacting junior mining companies?

The investment landscape for gold and copper mining has been challenged by competition for capital from sectors like cryptocurrencies and cannabis, leading to reduced funding for exploration. Major mining companies are currently focusing on shareholder returns rather than exploring new projects. Major and mid-tier companies often rely on juniors for discoveries and risk mitigation. We are observing a surge in exploration and M&A activity as companies seek to acquire promising projects to enhance their portfolios.

From U.S. Gold's perspective, our permitted status positions us favorably to capitalize on these market conditions, with the lower cost CK project production being attractive, particularly as established gold producers struggle to maintain production levels amidst increasing all-in sustaining costs from older producing assets. How are the company’s other projects progressing?

At Keystone, we hold 20 square miles of strategically significant land located approximately 11 miles south of Nevada Gold Mines’ Cortez Complex, the second-largest gold producer in the state. Keystone has never been systematically explored using modern, model-driven techniques, presenting substantial exploration potential. We conducted remote sensing studies and identified promising targets, while also exploring AI technologies to analyze our vast data set to optimize future drilling efforts.

At the Challis gold project in Idaho, we are focused on advancing exploration in a historically rich mining area, located 20 km southwest of Revival Gold’s Beartrack-Arnett gold project. What makes U.S. Gold Corp a compelling investment story?

The Western US currently has a limited number of shovel-ready projects that have been de-risked for investment and development. We operate in Wyoming, a stable, resource-friendly jurisdiction. We have a fully permitted project, significantly mitigating risk for potential investors. Our CK project will be the first gold mine in the state. Our management team is deeply invested in securing optimal project financing while avoiding shareholder dilution. Being listed on NASDAQ enhances our access to capital in the United States compared to many junior resource companies. Can you outline the key catalysts for U.S. Gold Corp over the next 24 months?

We will shortly announce the last step of our mine operating permit, the air quality, a final critical component for our mine operating permit approval. We plan to update the pre-feasibility study for the CK by Q4 2024 incorporating all permit requirements and optimization enhancements. We are engaging with the financing community to support project advancement and anticipate breaking ground as soon as late 2025, leading to production in 2027, subject to successful financing.