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US Gold CorpNASDAQ:USAU

Gold developer, with a project stated to be in Wyoming.

Wyoming · United States — as stated on the recordings

developer gold Wyoming, United States
Sep 2025 → Jul 2026Covered
10 of 10Topics on record
6Figures tracked over time
3 executivesNamed on the record
Generate Claims & Checks What management and commentators said, and what still needs independent verification 8 interviews with the company · 6 independent recordings
Stage
Developer
Primary commodity
Gold
Jurisdiction
Wyoming
Deposit
gold and copper project
Latest appearance
01 Jul 2026
On record
13 interviews · 157 statements · 6 executives

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

What is in the ground
1.7 million oz reserve
Management-stated Luke Norman Jul 2026
Money on hand
project financing should have a handle within the next 3 months
Stated capital need: from previous forecast of $277 million to over $400 million
Management-stated Luke Norman Jul 2026
What happens next
project financing wrap-up within 3 months
Management-stated Luke Norman Jul 2026
The main open question
The CapEx estimate has grown 45% from $277 million to over $400 million, and project financing remains unsigned with only a 3-month window stated for completion.
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
22 independent voices on record — 19 constructive, 1 neutral
JP Cortez, Tavi Costa, Luke Gromen, Don Durett…
Outside voices

How the stated figures have moved

The same figure, as management put it on the earliest and the latest recording we hold. A difference may be a genuine update, a different measure of the same thing (total against indicated), or a mis-heard number — both quotes are here, and both recordings are one click away.

Capex around $280 million$277 million ● Broadly unchanged 3 statements on record
18 Sep 2025
around $280 million
“uh right now our forecast is around $280 million in our February prefeasibility study.”
17 Apr 2026
from previous forecast of $277 million to over $400 million
“we did come in over $400 million on this one from a previous forecast of $277 million.”
First production ● Moved earlier 2028 → 2027 as stated 3 statements on record
04 Dec 2025
2028
“production comes in at 2028”
03 Mar 2026
end of 2027 28
“Um so we can be up into operation in uh end of 2027 28”
Capital needed ● Higher 3 statements on record
30 Oct 2025
secured 7.2 cents kilowatt hour power
“signed a power agreement very recently of Black Hills Energy securing 7.2 cents kilowatt hour”
20 Jan 2026
$31,234,000
“Uh $31,234,000 [laughter] >> precisely.”
Reserves ≠ Different basis One statement qualifies the figure and the other does not (gold) 5 statements on record
30 Oct 2025
1.7 million ounce gold equivalent reserve
“So the asset as it stands currently is a 1.7 million ounce gold equivalent reserve.”
01 Jul 2026
1.7 million oz reserve
“It's a 1.7 million oz reserve. Uh realistically, we look at that deposit, we see more like 2 and 1/2 to 3 million oz”
Resource size ≠ Different basis One statement qualifies the figure and the other does not (gold, lifetime) 5 statements on record
20 Nov 2025
100,000 plus ounces a year, maybe 110, 10 year lifetime minimum
“we're talking about 100,000 plus ounces a year. maybe maybe 110 um 10 year lifetime minimum”
01 Jul 2026
2 and 1/2 to 3 million oz of gold equivalents
“Uh realistically, we look at that deposit, we see more like 2 and 1/2 to 3 million oz of gold uh gold equivalents”
IRR just under 50%just under 30% ≠ Different measure Stated in money, then in percent — not the same quantity 3 statements on record
17 Apr 2026
just under 50% at $4,500 gold
“and an IRR of just under 50%.”
01 Jul 2026
just under 30% IRR
“at 3250, you know, you see a after-tax NPV, for example, of $630 million, you know, just under 30% IRR”

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from US Gold Corp's own claims across 13 interviews — most-covered theme first.

What outside voices pick up on

6 independent voices — people who do not speak for the company — across 23 mentions.

19 constructive 1 neutral
  • JP Cortez “Promoted as a near-term low-cost gold producer and sponsor; context suggests favorable mention.”
  • Tavi Costa “Sponsor mention: presented as a near-term low-cost gold producer in Wyoming with a shovel-ready permitted project.”
  • Luke Gromen “Sponsored mention describing a near-term low-cost gold producer in Wyoming; not part of the core thesis but explicitly named.”
  • Don Durett “Nearly ready for construction with a solid Wyoming project.”

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says the Copper King project is fully permitted and reserve-backed with definitive feasibility, carrying $630 million after-tax NPV at $3,250/oz gold and nearly 30% IRR on a simple open-pit copper-gold deposit just outside…

What it rests on
Evidence: 2 moments from 1 interview
Read the full case

Management says the Copper King project is fully permitted and reserve-backed with definitive feasibility, carrying $630 million after-tax NPV at $3,250/oz gold and nearly 30% IRR on a simple open-pit copper-gold deposit just outside Cheyenne. An outside investor noted the project offers low all-in sustaining cost around $950/oz with strong near-term producer economics and Wyoming infrastructure advantages.

▼ Bear case

The CapEx estimate has grown 45% from $277 million to over $400 million, and project financing remains unsigned with only a 3-month window stated for completion.

What it rests on
Evidence: 2 moments from 1 interview
Read the full case

The CapEx estimate has grown 45% from $277 million to over $400 million, and project financing remains unsigned with only a 3-month window stated for completion. The case lacks independent technical or market validation—outside commentary is mostly sponsor-style promotional rather than critical analysis, and gold recovery at 70% with 30% left in tailings represents untapped but uncertain value.

◆ Watch next

Management targets project financing closure within 3 months and drill programs to add ounces to the reserve.

What it rests on
Evidence: 2 moments from 2 interviews
Read the full case

Management targets project financing closure within 3 months and drill programs to add ounces to the reserve. Execution is pinned to 2026 as "year of execution." The path from 1.7 million oz reserve to the stated 2.5–3 million oz resource requires both financing and successful exploration—both concrete but unfinished milestones.

Each moment links to the exact point in the source recording. The cases are drawn from the transcripts, weighed as written — they are not a rating, a target or a recommendation.

Project 82 statements

The deposit 30

Key takeaway. Management describes US Gold Corp's deposit as a gold and copper project (Jul 2026) that would be an open-pit mine with a low strip ratio (Mar 2026).

Read the full summary

The company reports a 1.7 million ounce reserve (Jul 2026) and a resource of about 110,000 gold equivalent ounces per year for a 10-year period (Dec 2025). On exploration upside, management says a fairly modest exploration program can potentially double the mine life (Mar 2026), with another million ounces potential below the reserve (Jan 2026) and close to 300,000 oz of gold in the tailings (Apr 2026).

What was actually said
deposit type
gold and copper project
“mining gold and copper project just outside of Cheyenne, Wyoming”
Luke Norman· 01 Jul 2026·
reserve size
1.7 million oz reserve
“It's a 1.7 million oz reserve. Uh realistically, we look at that deposit, we see more like 2 and 1/2 to 3 million oz”
Luke Norman· 01 Jul 2026·
resource size
2 and 1/2 to 3 million oz of gold equivalents
“Uh realistically, we look at that deposit, we see more like 2 and 1/2 to 3 million oz of gold uh gold equivalents”
Luke Norman· 01 Jul 2026·
Show the other 27 statements
deposit type
open pit copper-gold
“It's exposed at surface. It's a less than one to one strip ratio in an open pit.”
Luke Norman· 17 Apr 2026·
exploration upside
between 800 million and a billion dollars in situ of aggregate waste rock
“there's between 800 million and a billion dollars in situ of that rock sitting on surface”
Luke Norman· 17 Apr 2026·
exploration upside
close to 300,000 oz of gold in the tailings
“there is close to 300,000 oz of gold in the tailings that's not going to be left behind.”
Luke Norman· 17 Apr 2026·
recovery rate
70% gold recovery
“we're only recovering 70% of the gold. 30% of that gold is locked up actually in the tailings.”
Luke Norman· 17 Apr 2026·
deposit type
copper and gold ore with little bit of silver, open pit with low strip ratio
“we take a um we take an ore a copper and gold ore little bit of silver in there and put it through a concentrator.”
George Bee· 03 Mar 2026·
exploration upside
a fairly modest exploration program can potentially double our mine life
“a fairly modest exploration program uh can, you know, potentially double our mine life.”
George Bee· 03 Mar 2026·
resource size
first million ounces of gold and 260 million pounds of copper contained
“we just focused on the first million ounces of gold and 260 million pounds of copper contained.”
George Bee· 03 Mar 2026·
deposit type
historic resource
“In 2020, we were a study. We were a science test. There was a historic resource there”
Unknown speaker· 23 Feb 2026·
reserve size
well-defined reserve
“We have a a well-definfined reserve.”
Unknown speaker· 23 Feb 2026·
deposit type
crush, grind, rotation, tri stack
“sort of crush, grind, rotation, tri stack. It's it's it's it couldn't be simpler”
Luke Norman· 20 Jan 2026·
exploration upside
another million ounces potential below the reserve
“we see another million ounces potential below the reserve”
Luke Norman· 20 Jan 2026·
reserve size
1.7 million ounces
“when I look at us with 1.7 million ounce reserve in hand.”
Luke Norman· 20 Jan 2026·
resource size
80% of the holes drilled into CK have bottomed in mineralization
“80% of the holes drilled into uh CK have bottomed in mineralization.”
Luke Norman· 20 Jan 2026·
deposit type
copper gold concentrate
“we're going to be producing a copper gold concentrate”
George Bee· 04 Dec 2025·
exploration upside
additional resources below mineralization bottom out, expansion to depth possible
“it gets bigger. You know, we we bottom out in mineralization. So you know there are additional resources”
George Bee· 04 Dec 2025·
resource size
about 110 thousand gold equivalent ounces per year for a 10-year period
“we're going to be producing about 110 gold thousand gold equivalent ounces per year for that 10-year period”
George Bee· 04 Dec 2025·
exploration upside
another million ounces plus potential for harvesting within the pit
“anyone who wants to take a look at the data can see another million ounces plus potential for, you know, harvesting within the pit”
Luke Norman· 20 Nov 2025·
reserve size
1.7 million ounce reserve
“we've got what a 1.7 million ounce reserve”
Luke Norman· 20 Nov 2025·
resource size
100,000 plus ounces a year, maybe 110, 10 year lifetime minimum
“we're talking about 100,000 plus ounces a year. maybe maybe 110 um 10 year lifetime minimum”
Luke Norman· 20 Nov 2025·
deposit type
Hard rock mine; described as quarry with backend processing
“there's just kind of a quarry with some backend processing”
Jason Beggar· 30 Oct 2025·
deposit type
gold and copper
“we're currently developing a gold and copper pfrey just outside of Cheyenne, Wyoming.”
Jason Beggar· 30 Oct 2025·
deposit type
previously producing site; part of Silver Crown Mining District; mining occurred 110 years ago
“it did produce copper and gold some hundred years ago. it's part of an old, uh, mining district called the Silver Crown Mining District”
Jason Beggar· 30 Oct 2025·
deposit type
previously producing site, part of Silver Crown Mining District, 110 years ago mining copper and gold ores
“it did produce copper and gold some hundred years ago. the deposit itself, it's part of an old, uh, mining district called the Silver Crown Mining District”
Luke Norman· 30 Oct 2025·
exploration upside
resources extending below that reserve
“But we see a lot of upside to the resources extending below that reserve bet.”
Jason Beggar· 30 Oct 2025·
exploration upside
upside to the resources extending below that reserve
“But we see a lot of upside to the resources extending below that reserve bet.”
Luke Norman· 30 Oct 2025·
reserve size
1.7 million ounce gold equivalent reserve
“So the asset as it stands currently is a 1.7 million ounce gold equivalent reserve.”
Jason Beggar· 30 Oct 2025·
deposit type
copper gold
“we have uh ready to go shovel ready uh fully permitted copper gold uh pfrey sitting in Cheyenne, Wyoming.”
Luke Norman· 18 Sep 2025·

Jurisdiction 35

Key takeaway. Management of US Gold Corp says the company's flagship project is located in Wyoming (Jul 2026, Mar 2026, Feb 2026, Dec 2025, Oct 2025), about 20 miles outside Cheyenne (Jan 2026, Apr 2026).

Read the full summary

The company reports it has obtained a final non-conditional permit to mine (Jan 2026) and is fully permitted (Jul 2026, Mar 2026, Dec 2025, Nov 2025). According to management, permitting was handled at the state level through the Wyoming Department of Environmental Qualities, with no federal NEPA or Waters of America requirements (Feb 2026), making this the first permitted hard rock mining opportunity in Wyoming in almost 100 years (Jul 2026).

What was actually said
country
United States
“shovel ready, reserve backed, definitive feasibility backed, uh ready to go mining gold and copper project just outside of Cheyenne, Wyoming”
Luke Norman· 01 Jul 2026·
permit status
fully permitted
“we have a fully permitted, shovel ready, reserve backed, definitive feasibility backed, uh ready to go mining gold and copper project”
Luke Norman· 01 Jul 2026·
political risk
first permitted hard rock mining opportunity in almost 100 years in Wyoming
“we're the first permitted, fully permitted, uh, hard rock mining opportunity in almost 100 years”
Luke Norman· 01 Jul 2026·
Show the other 32 statements
region
Wyoming
“just outside of Cheyenne, Wyoming. Now, it's just across the border from Colorado”
Luke Norman· 01 Jul 2026·
region
Cheyenne, Wyoming
“with the CK project or Copper King in Cheyenne, Wyoming.”
Luke Norman· 17 Apr 2026·
country
United States
“we're situated in Wyoming.”
George Bee· 03 Mar 2026·
permit status
fully permitted
“we're one of the few projects with a fully permitted project in a stable jurisdiction ready to go.”
George Bee· 03 Mar 2026·
region
Wyoming
“we're situated in Wyoming.”
George Bee· 03 Mar 2026·
country
United States
“So in the state of Wyoming we are located on state ground.”
Unknown speaker· 23 Feb 2026·
jurisdiction
state-level permitting with Wyoming Department of Environmental Qualities, no federal NEPA or Waters of America requirements
“we deal directly with the Wyoming state government. We don't cross into any rivers or creeks. So we don't have to deal with the waters of Americas which is the Army Corps of Engineers for example. We don't have to deal with NEPA.”
Unknown speaker· 23 Feb 2026·
permit status
permitted, shovel ready
“we are one of the only permitted shovel ready fully ready to go projects in North America”
Unknown speaker· 23 Feb 2026·
region
Wyoming
“So in the state of Wyoming we are located on state ground.”
Unknown speaker· 23 Feb 2026·
permit status
final non-conditional permit to mine
“Right before Christmas of 2024, we received our final non-conditional permit to mine”
Luke Norman· 20 Jan 2026·
region
20 miles outside of Cheyenne Wyoming
“our location being just 20 miles outside of a major investment uh sorry a major uh employment hub uh Cheyenne Wyoming”
Luke Norman· 20 Jan 2026·
country
United States of America
“this is a company centered in uh United States of America, a development project in Wyoming”
George Bee· 04 Dec 2025·
permit status
fully permitted
“Um we're fully permitted. We're ready to go.”
George Bee· 04 Dec 2025·
region
Nevada and Idaho exploration projects
“two phenomenal exploration projects in Nevada and Idaho”
George Bee· 04 Dec 2025·
region
Wyoming
“a development project in Wyoming and two phenomenal exploration projects in Nevada and Idaho”
George Bee· 04 Dec 2025·
country
United States
“We're a NASDAQ listed company, USA Symbol. We have a gold and copper porefree system down in Cheyenne, Wyoming”
Luke Norman· 20 Nov 2025·
permit status
fully permitted
“You are permitted. >> Yep. >> For everything is anything outstanding that you need to be chasing down? >> Nothing”
Luke Norman· 20 Nov 2025·
region
Cheyenne, Wyoming
“We have a gold and copper porefree system down in Cheyenne, Wyoming”
Luke Norman· 20 Nov 2025·
community agreement
Minimal public opposition; community comfortable with project after extensive hydrology work and open houses
“what we found was really minimal public opposition...by the time that we got to the permitting phase, people were pretty comfortable.”
Jason Beggar· 30 Oct 2025·
country
USA
“I am a Cheyenne, Wyoming based uh consultant”
Jason Beggar· 30 Oct 2025·
permit status
Five major permits obtained: industrial siting permit, land quality permit, air permit, water permit, and county planning permit
“we went through the permitting process, there were five major permits that we needed. You know, our industrial sighting permit, our uh land quality permit, um air, water, and then county planning.”
Jason Beggar· 30 Oct 2025·
region
Wyoming
“I am a Cheyenne, Wyoming based uh consultant”
Jason Beggar· 30 Oct 2025·
community agreement
minimal public opposition, really minimal public opposition
“what we found was really minimal public opposition.”
Luke Norman· 30 Oct 2025·
community agreement
minimal public opposition; people were pretty comfortable
“what we found was really minimal public opposition.”
Jason Beggar· 30 Oct 2025·
country
United States
“we're currently developing a gold and copper pfrey just outside of Cheyenne, Wyoming.”
Jason Beggar· 30 Oct 2025·
permit status
fully permitted shovel ready project
“we are a fully permitted shovel ready project.”
Jason Beggar· 30 Oct 2025·
permit status
first hard rock mine to be permitted in Wyoming in 100 years
“We're the first hard rock mine uh to be permanent in Wyoming in a 100 years.”
Jason Beggar· 30 Oct 2025·
permit status
first hard rock mine permitted in Wyoming in 100 years
“we're the first hard rock mine uh to be permanent in Wyoming in a 100 years.”
Luke Norman· 30 Oct 2025·
region
Wyoming
“we're currently developing a gold and copper pfrey just outside of Cheyenne, Wyoming.”
Jason Beggar· 30 Oct 2025·
region
Wyoming, 20 miles outside of Cheyenne
“we're currently developing a gold and copper pfrey just outside of Cheyenne, Wyoming.”
Luke Norman· 30 Oct 2025·
permit status
fully permitted
“we have uh ready to go shovel ready uh fully permitted copper gold uh pfrey sitting in Cheyenne, Wyoming.”
Luke Norman· 18 Sep 2025·
region
Cheyenne, Wyoming
“we have uh ready to go shovel ready uh fully permitted copper gold uh pfrey sitting in Cheyenne, Wyoming.”
Luke Norman· 18 Sep 2025·

Technical risk 17

Key takeaway. Management describes the project's metallurgy as a "very bare-bones simple system using conventional technology," involving crushing, grinding, and flotation to produce a copper-gold concentrate without leaching or a tailings dam.

Read the full summary

The company highlights the use of Jameson cells and Glen core technology, reporting they provide more recovery and 40% less energy than conventional flotation cells. On risk, management stated there are "no real ticking time bombs in methodology," though they noted potential water impact concerns and acknowledged that capital cost inflation on some numbers has been offset by higher metal prices.

What was actually said
metallurgy
very bare-bones simple system using conventional technology
“It's a very very bare-bones simple system. In fact, there is a quarry operating just 2 mi to our south”
Luke Norman· 01 Jul 2026·
key assumption
contingency built into CapEx in mid to high $40 million range, approximately 17.5%
“It's in the mid to high $40 million range contingency built into that CapEx.”
Luke Norman· 17 Apr 2026·
metallurgy
run through crusher, grinder, and flotation circuit
“run through a crusher, grinder, and ultimately flotation circuit. So, extremely simple method of recovery.”
Luke Norman· 17 Apr 2026·
Show the other 14 statements
stated risk
no real ticking time bombs in methodology
“there's there's no real ticking time bombs in terms of the methodology of us building and extracting this gold copper concentrate.”
Luke Norman· 17 Apr 2026·
stated risk
drilling below the reserve to explore another million ounces potential
“we're going to start drilling below the reserve. Now that we see another million ounces potential below the reserve”
Luke Norman· 20 Jan 2026·
key assumption
smaller footprint in plant and lower power costs with Jameson flotation technology
“it's a smaller footprint in the plant. So we we save a little bit on the capital costs and then also um the power costs are a little lower”
George Bee· 04 Dec 2025·
key assumption
switch from plate and frame filtration to continuous belt jaw viper system
“we just made a switch from conventional plate and frame uh filtration for our thick and tails to um continuous belt jawed viper system”
George Bee· 04 Dec 2025·
recovery rate
Jameson cells and Glen core technology give more recovery than conventional flotation
“we um we looked at the Jameson cells the Glen core technology uh and that has uh demonstrated itself to give us a little bit more recovery”
George Bee· 04 Dec 2025·
stated risk
capital cost inflation on some numbers, offset by increase in metal prices
“we we've got a small silver component but uh it all helps. Um obviously we anticipate seeing a little bit of uh inflation on some of the capital cost numbers uh operating costs but that's more than offset by the increase in metal prices”
George Bee· 04 Dec 2025·
metallurgy
crushing, flotation to extract gold and copper concentrate
“that rock is is yep signed off by a geologist, put onto a particular pile...crushed into pulverized into about a 60 micron uh you know sand and that runs through a flotation circuit. We extract gold and copper and silver concentrate”
Luke Norman· 20 Nov 2025·
stated risk
No leeching and no tailings dam; no smelter or stack emissions
“there isn't any leeching and there was no tailings down...there's no smelter so there's not going to be any stack emissions”
Jason Beggar· 30 Oct 2025·
key assumption
no leaching, no tailings down, crush and grind with backend processing
“there isn't any leeching and there is no tailings down. you you you took the two biggest hot button issues”
Luke Norman· 30 Oct 2025·
key assumption
generating a copper concentrate, copper gold concentrate
“we're going to be generating a copper concentrate, copper gold concentrate”
Jason Beggar· 30 Oct 2025·
key assumption
no leeching and no tailings down; no smelter
“there isn't any leeching and there is no tailings down. there's not going to be any stack emissions”
Jason Beggar· 30 Oct 2025·
stated risk
potential water impact concerns
“a lot of their concerns weren't necessarily with a mine itself. it was our water.”
Jason Beggar· 30 Oct 2025·
key assumption
0.9 to 1 strip ratio within current reserve
“very low strip, 0.9 to1 strip ratio within our our current reserve and a lot of upside to that.”
Luke Norman· 18 Sep 2025·
metallurgy
Jameson cells for gold recovery, 40% less energy than traditional flot cells
“the cells themselves uh utilize about 40% less energy than traditional.”
Luke Norman· 18 Sep 2025·

Economics 31 statements

Economics 20

Key takeaway. Management has presented a range of project economics, with figures shifting over time as the project was refined.

Read the full summary

In July 2026, the company reported a $630 million after-tax NPV at a $3,250 per ounce base case gold price, with copper making up about 30% of the economics, and a just under 30% IRR. Earlier in April 2026, they cited a $635 million after-tax NPV at base case with a just below 30% after-tax IRR, while a $4,500 gold scenario yielded a $1.4 billion NPV and a just under 50% IRR; they also noted capex had risen from a previous forecast of $277 million to over $400 million. Earlier still, in March 2026, management referenced a conservative base case price and $277 million in initial capital, and in January 2026 they mentioned a gold price assumption of $4,300 or $4,400 and "another billion dollars in net present value."

What was actually said
irr
just under 30% IRR
“at 3250, you know, you see a after-tax NPV, for example, of $630 million, you know, just under 30% IRR”
Luke Norman· 01 Jul 2026·
key assumption
copper makes up about 30% of the economics on the project
“copper, by the way, just makes up about 30% of the economics on the project”
Luke Norman· 01 Jul 2026·
npv
$630 million after-tax NPV at $3,250
“at 3250, you know, you see a after-tax NPV, for example, of $630 million”
Luke Norman· 01 Jul 2026·
Show the other 17 statements
price assumption
$3,250 per ounce base case
“Uh, you know, we ran the numbers. These are brand new fresh numbers. Uh, we ran 3,250 is our base case”
Luke Norman· 01 Jul 2026·
capex
from previous forecast of $277 million to over $400 million
“we did come in over $400 million on this one from a previous forecast of $277 million.”
Luke Norman· 17 Apr 2026·
irr
just under 50% at $4,500 gold
“and an IRR of just under 50%.”
Luke Norman· 17 Apr 2026·
irr
just below 30% after-tax
“The IRR you after tax again is just below 30%.”
Luke Norman· 17 Apr 2026·
npv
$1.4 billion NPV at $4,500 gold
“even at $4,500 gold, you know, you're all sudden you're dealing with a $1.4 billion NPV”
Luke Norman· 17 Apr 2026·
npv
$635 million after-tax NPV at base case
“the after tax NPV is about $635 million up from $230 million.”
Luke Norman· 17 Apr 2026·
price assumption
$3,250 gold
“You did the numbers at 30 with 3,250, right?”
Luke Norman· 17 Apr 2026·
capex
$277 million of initial capital
“we were looking at $277 million of initial capital um so um and it's small because”
George Bee· 03 Mar 2026·
price assumption
conservative price as a base case
“we'll have a very conservative price as a base case.”
George Bee· 03 Mar 2026·
npv
economically viable
“It certainly looks extremely economically viable from our previous prefeasibility study.”
Unknown speaker· 23 Feb 2026·
npv
another billion dollars in net present value
“bring another million ounces into this project, it'll be another billion dollars in net present value.”
Luke Norman· 20 Jan 2026·
price assumption
$4,300 or $4,400
“you can forward sell 50,000 ounces at, you know, 43 or $4,400.”
Luke Norman· 20 Jan 2026·
payback
less than one year payback
“you it's a less than one year payback, right?”
Luke Norman· 20 Nov 2025·
aisc
about a $940 all-in sustaining cost
“we're looking at from our our last study, our last report about a $940 all-in sustaining cost”
Jason Beggar· 30 Oct 2025·
operating cost
about 80% gold economic, 20% copper economics
“about an 80% uh gold economic, 20% copper economics right now”
Jason Beggar· 30 Oct 2025·
price assumption
around $2,400 gold
“using a baseline of around $2,400 gold at the time.”
Jason Beggar· 30 Oct 2025·
capex
around $280 million
“uh right now our forecast is around $280 million in our February prefeasibility study.”
Luke Norman· 18 Sep 2025·

Financing 11

Key takeaway. Management has outlined a sequential financing plan for the project.

Read the full summary

As of December 2025, the company reported it had treasury financing for an access road, with remaining capital financing expected after the feasibility study. By January 2026, management stated that about $31,234,000 was needed and that project finance would follow the definitive feasibility study. The company reported having $30 million in the bank as of March 2026, and in July 2026 management said project financing should have a handle within the next three months.

What was actually said
financing status
project financing should have a handle within the next 3 months
“project financing should we really should have a handle and wrap on that within the next 3 months”
Luke Norman· 01 Jul 2026·
cash position
$30 million in the bank
“Yeah, look, we've got $30 million in the bank.”
George Bee· 03 Mar 2026·
capital needed
$31,234,000
“Uh $31,234,000 [laughter] >> precisely.”
Luke Norman· 20 Jan 2026·
Show the other 8 statements
financing status
project finance to follow definitive feasibility study
“definitive feasibility is going to set the pathway immediately to project finance.”
Luke Norman· 20 Jan 2026·
financing status
treasury financing for access road, remaining capital financing needed after feasibility study
“we're going to be building the access road out of treasury financing comes in um in the first half of next year. Um and uh you know with the final feasibility study we can raise the remaining capital for the project”
George Bee· 04 Dec 2025·
capital needed
secured 7.2 cents kilowatt hour power
“signed a power agreement very recently of Black Hills Energy securing 7.2 cents kilowatt hour”
Jason Beggar· 30 Oct 2025·
capital needed
putting in foundations for crushers; securing power agreement
“putting in foundations for crushers. just signed a power agreement very recently”
Jason Beggar· 30 Oct 2025·
financing status
term sheet presented for debt component, lots of interest from financiers
“term sheet presented to us from a a debt component for building this project.”
Luke Norman· 30 Oct 2025·
financing status
power agreement with Black Hills Energy at 7.2 cents kilowatt hour
“We just signed a power agreement very recently of Black Hills Energy securing 7.2 cents kilowatt hour”
Luke Norman· 30 Oct 2025·
financing status
term sheet presented for debt component; interest from non-traditional sources of capital
“term sheet presented to us from a a debt component for building this project.”
Jason Beggar· 30 Oct 2025·
financing status
expecting to secure project financing following definitive feasibility study
“the definitive feasibility is really the stepping stone to securing the financing that that we require obviously to develop this thing.”
Luke Norman· 18 Sep 2025·

Timeline 23 statements

Timeline 21

Key takeaway. Management has described a shifting timeline for US Gold Corp's project.

Read the full summary

In late 2025, the company said it had been permitted the prior November, signed a power transmission contract, and expected the definitive feasibility study (DFS) to conclude around mid-December 2025 with a public release in January, though by February 2026 management noted the DFS was closing out "a couple of months late." The company targets first production by end of 2027–2028, citing an 18-to-24-month build, with construction start expected in the first half of 2026 after financing closes, and commissioning starting toward the end of 2027.

What was actually said
mine life
10-year mine life
“we have this 10-year mine life”
Luke Norman· 01 Jul 2026·
milestone
2026, year of execution
“Like 2026, year of execution to you guys.”
Luke Norman· 17 Apr 2026·
first production
end of 2027 28
“Um so we can be up into operation in uh end of 2027 28”
George Bee· 03 Mar 2026·
Show the other 18 statements
milestone
18 to 24 month build
“Um we've got a 18 to 24 month build.”
George Bee· 03 Mar 2026·
study due
feasibility study imminent
“the feasibility studies imminent.”
George Bee· 03 Mar 2026·
milestone
interesting 2026
“So, it's it's going to be an interesting 2026 for us.”
Unknown speaker· 23 Feb 2026·
study due
full definitive feasibility study closing out now, a couple of months late
“We're just closing out on a full definitive feasibility study right now which is you know a couple of months late”
Unknown speaker· 23 Feb 2026·
first production
130,000 ounces of gold, 24 million pounds of copper
“the first year of production, you know, is forecasted 130,000 ounces of gold, 24 million pounds of copper”
Luke Norman· 20 Jan 2026·
milestone
18-month runway into development, through development into production
“it's an 18-month runway into development, through development into production.”
Luke Norman· 20 Jan 2026·
study due
probably later this month or early into February
“It'll be probably later this month or early into February”
Luke Norman· 20 Jan 2026·
construction start
first half of next year financing comes in, equipment rolls in, topsoil stripped and earth works in 2026, heavy civils into 2027
“we're going to be building the access road out of treasury financing comes in um in the first half of next year. Uh the heavier moving equipment rolls in um and we will get a lot of the top soil stripped gross earth works. Uh we will then see um essentially the uh the folks uh uh start with the heavy civils um and then into 2027”
George Bee· 04 Dec 2025·
first production
2028
“production comes in at 2028”
George Bee· 04 Dec 2025·
milestone
breaking ground on access road this month
“even this month we're breaking ground on the access road”
George Bee· 04 Dec 2025·
milestone
commissioning starts towards end of 2027
“towards the end of 2027. Uh we're starting the commissioning”
George Bee· 04 Dec 2025·
study due
January
“Um I'm thinking January you should that in the public domain.”
George Bee· 04 Dec 2025·
permit timing
permitted in November last year
“we just get permitted in November last year and the market starts to wake up”
Luke Norman· 20 Nov 2025·
study due
DFS concluded most likely mid December 2025, publicly released in January
“DFS definitive feasibility study that uh will be concluded most likely mid December, but >> 2025...But we'll publicly release it, I imagine, in January”
Luke Norman· 20 Nov 2025·
milestone
targeted annual production of 110,000 ounces
“110,000 ounces of targeted annual production.”
Jason Beggar· 30 Oct 2025·
milestone
10 year mine life
“That's a 10year mine life currently under again that reserve.”
Jason Beggar· 30 Oct 2025·
milestone
signed contract with Black Hills Energy for power transmission
“we've now signed a contract with Black Hills Energy where power transformation is transformers are coming from as well as transmission”
Luke Norman· 18 Sep 2025·
study due
mid to late Q4
“Yeah, we're still pushing for uh you know mid to late uh Q4.”
Luke Norman· 18 Sep 2025·

Catalysts 2

Key takeaway. Management of US Gold Corp outlined two near-term catalysts.

Read the full summary

The company says it expects to wrap up project financing within three months, as of July 2026. Separately, management reports that a drill program designed to add more ounces to the reserve is also upcoming in July 2026.

What was actually said
next milestone
project financing wrap-up within 3 months
“project financing should we really should have a handle and wrap on that within the next 3 months”
Luke Norman· 01 Jul 2026·
upcoming result
drill program designed to add more ounces to reserve
“we have designed a drill program to go and add more ounces to our reserve to go and track down more ounces at the deposit”
Luke Norman· 01 Jul 2026·

Corporate 21 statements

Management 6

Key takeaway. Management highlights CEO George B's track record, noting his roughly 40 years in the business building mines.

Read the full summary

The company reports that he worked with Barrick, where he gained experience with Goldstrike (sometimes spelled Gold Strike), open pit copper and underground gold. Management repeatedly states that George B built some of the largest gold mines on the planet during his long tenure at Barrick, including Goldstrike and the Betze Post pit. (Claims from Oct 2025, Dec 2025, Feb 2026 and Jul 2026.)

What was actually said
track record
George B as CEO has built some of the largest gold mines on the planet with long tenure at Barrick, including Goldstrike, Betze Post
“5 years ago, we brought in George B, our CEO. George has built some of the largest gold mines on the planet”
Luke Norman· 01 Jul 2026·
track record
CEO George B has built some of the biggest gold mines on the planet
“the CEO we have at US gold corp George B has built some of the big biggest gold mines on the planet”
Unknown speaker· 23 Feb 2026·
track record
40 odd years in business building mines
“I've uh I've been in the business for 40 odd years and building wines and so on”
George Bee· 04 Dec 2025·
Show the other 3 statements
track record
worked with Barrick, had experience with Gold Strike and open pit copper and underground gold
“I started out with Bareric, American Bareric in those days. When Gold Strike began apparently. Yeah. Well, when you know when Gold St”
George Bee· 04 Dec 2025·
track record
George B built Goldstrike for Barrick; built some of the largest gold mines on the planet
“He cut his teeth building gold strike for barracks. he's built some of the largest gold mines on the planet.”
Jason Beggar· 30 Oct 2025·
track record
George B built Gold Strike for Barracks, built some of largest gold mines
“he cut his teeth building gold strike for barracks. So, you can imagine, you know, that ultimately led to the barrack we know today. So, he's built some of the largest gold mines on the planet.”
Luke Norman· 30 Oct 2025·

Share structure 5

Key takeaway. Management of US Gold Corp has reported a gradually increasing share count over time.

Read the full summary

In September 2025 the company said there were 14.2 million shares outstanding. By January 2026 that figure had risen to 16.5 million, and in February 2026 management referenced "16 plus million shares." In July 2026 the company gave two slightly different figures, stating both "16 million" and "16 and a half million" shares outstanding.

What was actually said
shares outstanding
16 million shares outstanding
“We have a 16 million shares outstanding. That's unheard of in the junior mining space.”
Luke Norman· 01 Jul 2026·
shares outstanding
16 and a half million shares outstanding
“With 16 and a half million shares outstanding, we don't want to see that balloon through project financing.”
Luke Norman· 01 Jul 2026·
shares outstanding
16 plus million shares
“So having 16 plus million shares in US gold corp uh is is really interesting and intriguing to people.”
Unknown speaker· 23 Feb 2026·
Show the other 2 statements
shares outstanding
16.5 million shares outstanding
“after that 31 and change uh million US financing we did just before Christmas, we still only have 16.5 million shares outstanding.”
Luke Norman· 20 Jan 2026·
shares outstanding
14.2 million shares
“we're a NASDAQ listed, purely USlisted company with a very tight share structure, only 14.2 million shares outstanding.”
Luke Norman· 18 Sep 2025·

Market 10

Key takeaway. Management reports sustained interest from multiple types of potential acquirers: companies interested in M&A or pure takeouts (Apr 2026), offtakers interested in copper-gold-silver concentrate (Feb 2026), and smelters interested in clean…

Read the full summary

copper-gold concentrate (Dec 2025). The company also points to strategic interest tied to US federal interest in critical minerals (Feb 2026) and notes it is "one of the only permitted shovel ready projects ready to go in North America at scale" (Nov 2025). On the cost side, management says the project carries "under a thousand bucks capex" (Nov 2025) and enjoys a small capex because of location and jurisdiction benefits (Mar 2026).

What was actually said
potential acquirer
companies interested in M&A activity or pure takeouts
“There's companies interested in M&A activity or or pure takeouts on the project.”
Luke Norman· 17 Apr 2026·
cost curve position
small capex because of location and jurisdiction benefits
“it's small because of our location and all the benefits of a jurisdiction and so on”
George Bee· 03 Mar 2026·
potential acquirer
offtakers interested in copper gold silver concentrate
“we also produce a a concentrate uh you know copper gold silver concentrate concentrates globally in shortage. So, we're attracting a lot of attention also from offtakers”
Unknown speaker· 23 Feb 2026·
Show the other 7 statements
strategic interest
critical minerals in US federal interest
“federally in the US now with many of our metals being critical minerals”
Unknown speaker· 23 Feb 2026·
potential acquirer
interest from an M&A perspective, offtakers interested in financing
“there's obviously interest from an M&A perspective, but then we've got all the offtakers who these concentrates are in”
Luke Norman· 20 Jan 2026·
potential acquirer
smelters interested in clean copper-gold concentrate
“we've got offtakers who are uh very keen, let's say, to u to grab our production”
George Bee· 04 Dec 2025·
strategic interest
Kennicott smelter locally, Horn in Quebec, opportunities in Asia
“we've got Kennot just down the road. Yeah. The Horn up in Quebec. Um but um you know if you're down to Hermesia um you're shipping over to Asia”
George Bee· 04 Dec 2025·
cost curve position
under a thousand bucks capex
“the last study seems to suggest it was like under a thousand bucks...We expect the uh the capex or the building cost of the project to increase significantly >> but not relative to the prices of the metals”
Luke Norman· 20 Nov 2025·
strategic interest
one of the only permitted shovel ready projects ready to go in North America at scale
“basically one of the only permitted shovel ready projects ready to go in North America >> at scale”
Luke Norman· 20 Nov 2025·
strategic interest
a lot of interest from offtakers due to copper gold concentrate
“the fact that we're going to be generating a copper concentrate, copper gold concentrate, excuse me, because there is a lot of copper in this system has led to a lot of interest from the offtakers.”
Luke Norman· 30 Oct 2025·

Outside views 23 mentions

23 mentions by people who do not speak for the company — 19 constructive, 0 cautious, 1 neutral. These are their views, not the company's.

JP Cortez
bullish
Promoted as a near-term low-cost gold producer and sponsor; context suggests favorable mention.
VRIC Media· 19 May 2026·
Tavi Costa
bullish
Sponsor mention: presented as a near-term low-cost gold producer in Wyoming with a shovel-ready permitted project.
VRIC Media· 14 May 2026·
Luke Gromen
bullish
Sponsored mention describing a near-term low-cost gold producer in Wyoming; not part of the core thesis but explicitly named.
VRIC Media· 07 May 2026·
Don Durett
bullish
Nearly ready for construction with a solid Wyoming project.
The Silver Market· 29 Apr 2026·
Show the other 19 mentions
Rick Rule
bullish
The video briefly promotes US Gold Corp as a near-term, low-cost gold producer and shovel-ready permitted project in Wyoming.
VRIC Media· 29 Apr 2026·
Chris Vermeulen
bullish
A sponsor-style mention describes it as a near-term low-cost gold producer in Wyoming.
VRIC Media· 17 Apr 2026·
Jonathan Newman
unclear
A sponsor-style ad read mentions the company and its Wyoming gold project, but no real analysis is given.
VRIC Media· 12 Apr 2026·
Jeff Phillips
bullish
Appears in a sponsored ad segment describing it as a near-term low-cost gold producer in Wyoming.
VRIC Media· 09 Apr 2026·
Joe Cavatoni
bullish
Promotional sponsor mention describing the company as a near-term, low-cost gold producer in Wyoming.
VRIC Media· 02 Apr 2026·
Peter Grandich
bullish
A sponsor segment described it as a near-term low-cost gold producer in Wyoming.
VRIC Media· 16 Mar 2026·
A sponsor read describes the company as a near-term low-cost gold producer in Wyoming.
VRIC Media· 12 Mar 2026·
Pascal Lottaz
unclear
Mentioned in sponsor read as near-term low-cost gold producer in Wyoming. Not analyzed by speakers.
VRIC Media· 05 Mar 2026·
Sponsor segment — Wyoming gold-copper project; not a Christopher Aaron pick
VRIC Media· 03 Mar 2026·
George Gammon
bullish
A sponsor read briefly describes it as a near-term low-cost gold producer in Wyoming; this is promotional rather than analytical.
VRIC Media· 27 Feb 2026·
Charlie Plattus
bullish
Sponsored small-cap mining company pitched as a rare fully permitted U.S. gold/copper developer.
ZipTrader· 27 Feb 2026·
Mark Thornton
bullish
This appears as an embedded sponsor mention describing a near-term low-cost gold producer in Wyoming.
VRIC Media· 19 Feb 2026·
Mike McGlone
bullish
A sponsor segment promotes the company as a near-term low-cost gold producer in Wyoming.
VRIC Media· 10 Feb 2026·
Tom Luongo
bullish
Sponsor mention positioning it as a near-term low-cost gold producer in Wyoming.
VRIC Media· 16 Jan 2026·
Patrick Karim
bullish
Used in a sponsor-style promo as a low-cost near-term gold producer in Wyoming.
VRIC Media· 13 Jan 2026·
Kevin Wadsworth
bullish
Used in a sponsor-style promo as a low-cost near-term gold producer in Wyoming.
VRIC Media· 13 Jan 2026·
Patrick Karim
bullish
A sponsor read describes the company as a near-term low-cost gold producer and development-stage asset.
VRIC Media· 08 Jan 2026·
Jordan Rusche
unclear
He says he is not familiar enough to comment.
In it to Win it· 05 Dec 2025·
Dave Kranzler
bullish
Low risk-adjusted chance for a double or triple from current levels; Kranzler has held for ~8 years; co-founder Luke Norman has a successful track record
MiningStockEducation.com· 16 Oct 2025·

Sources 13 interviews

Every interview 13

DateChannelInterviewStatements
01 Jul 2026 Crux Investor US Gold Corp (NASDAQ:USAU) - 'Undervalued?' Investment Series, with Luke Norman 19
17 Apr 2026 Crux Investor US Gold Corp (NASDAQ:USAU) – $1.4B NPV at Spot, Fully Permitted, Major Upside 16
25 Mar 2026 Commodity Culture Ignore Short Term NOISE: Bullish Trends Driving GOLD 'Firmly Intact' No claims identified
03 Mar 2026 Crux Investor US Gold Corp. (NASDAQ:USAU) - Fully Permitted, FS Imminent, 2027/ 28 Target 13
02 Mar 2026 Commodity Culture Government and Big Tech ALL IN on URANIUM - 'Supply Can't Keep Up' No claims identified
23 Feb 2026 Crux Investor US Gold Corp (NASDAQ:USAU) - Meet the Team, with Luke Norman 13
20 Jan 2026 Crux Investor US Gold Corp (NASDAQ:USAU) - Advancing Towards DFS with $31M Financing Secured 16
04 Dec 2025 Crux Investor US Gold Corp (NASDAQ:USAU) - Feasibility Study Imminent With Major 2026–2028 Catalysts 21
20 Nov 2025 Crux Investor US Gold Corp (NASDAQ:USAU) - Permitted Gold-Copper Project Targets January DFS with 1.7Moz Reserve 12
30 Oct 2025 Crux Investor US Gold Corp (NASDAQ:USAU) - Aerial View of the CK Gold Project No claims identified
30 Oct 2025 Crux Investor US Gold Corp (NASDAQ:USAU) - Government & Community Insight at the CK Gold Project 6
30 Oct 2025 Crux Investor US Gold Corp (NASDAQ:USAU) - On-Site at the CK Gold Project, Wyoming 31
18 Sep 2025 The Deep Dive Gold Exposes What Money Printing Did to the Middle Class | Luke Norman - US Gold Corp 10

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

gold 11
copper 10
silver 5
barrick gold 2
ck gold project (wyoming) 1
ck gold project 1
bitcoin 1
copper king 1

Questions people ask

What is US Gold Corp's project and where is it?

US Gold Corp is a developer gold company, with a project stated to be in Wyoming, United States. Everything here is drawn from its executives' own interviews.

Which interviews mention US Gold Corp?

We track 13 interviews mentioning US Gold Corp, across 3 channels (Commodity Culture, Crux Investor, The Deep Dive).

What are investors saying about US Gold Corp?

23 independent voices — people who do not speak for the company — are on record discussing it (19 bullish, 1 neutral). Their reasoning is quoted in the outside-view section above.

What do recent interviews with US Gold Corp cover?

The most-discussed topics on record are jurisdiction, the deposit, timeline, economics — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

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