US Gold Corp (NASDAQ: USAU) is a gold and precious metals exploration company that pursues exploration and pre-development activities across mineral properties in Wyoming, Nevada, and Idaho. The company generates no operating revenue. It funds operations entirely through equity financing, as it has done since inception. US Gold Corp owns mineral rights comprising three projects: the CK Gold Project in southeastern Wyoming (approximately 20 miles west of Cheyenne), the Keystone Project in Nevada, and the Challis Gold Project in Idaho. The CK Gold Project is the primary focus, with proven and probable mineral reserves estimated under S-K 1300 and a mine operation and reclamation plan conditionally approved as of April 2025. For the fiscal year ended April 30, 2025, the company reported a net loss of approximately $20,559,000 and cash used in operating activities of approximately $9,872,000. As of April 30, 2025, cash on hand was approximately $8,169,000 and accumulated deficit stood at approximately $93,407,000. The company disclosed substantial doubt about its ability to continue as a going concern for the twelve months following the July 29, 2025 filing date.

Revenue model

No revenue. US Gold Corp is a pre-revenue exploration stage company funded entirely by equity financing. It has incurred net losses of approximately $20,559,000 (FY2025) and $6,897,000 (FY2024).

Products and services

CK Gold Project (southeastern Wyoming, approximately 20 miles west of Cheyenne): gold surface mine with proven and probable mineral reserves under S-K 1300, mine operation and reclamation plan conditionally approved April 2025. Keystone Project (Nevada): exploratory stage. Challis Gold Project (Idaho): exploratory stage.

Customers and end markets

No current customers. End market upon potential future production would be gold and precious metals commodity markets.

Value-chain role

Exploration and pre-development stage mineral rights holder. Activities include permitting, geological studies, and engineering work. No mining, processing, or metal sales as of April 30, 2025.

Geographic exposure

United States only. CK Gold Project in southeastern Wyoming, Keystone Project in Nevada, Challis Gold Project in Idaho.

Source: SEC 10-K, filed 2025-07-29

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