CK Gold Project: Advanced-Stage Gold, Copper, and Silver Development

The CK Gold Project (historically known as the Copper King) sits within the Silver Crown Mining District, established in 1881 and saw high-grade, limited mining in its early years. The first reported modern exploration drilling was conducted by ASARCO in 1938. Subsequent campaigns included comprehensive work by Henrietta Mines Ltd. in 1972 (drilling, IP survey, geologic mapping, geochemical sampling, and metallurgical testing). Later drilling was completed by Saratoga (from 2006), Strathmore (from 2012), and U.S. Gold Corp. (2017, 2018, 2020, and 2021 programs) following the company's acquisition of the project from Energy Fuels in 2014. These efforts have supported progressive technical studies, culminating in the recent Feasibility Study.

The CK Gold Project is located in southeast Wyoming, approximately 20 miles west of Cheyenne on the southeastern margin of the Laramie Range. The property comprises about 1,120 acres (2 square miles) of mining lease holdings with the Wyoming Office of State Lands and Investments, and is 100% controlled by U.S. Gold Corp. Additionally, private land is held under a long-term lease from the adjoining ranch land, and the company owns several parcels to the west of the project.

In March 2026, U.S. Gold Corp. released the project's S-K 1300 Feasibility Study (prepared by Halyard-Micon International and other consultants). The project is now fully permitted at the state level (Wyoming agencies), with all required permits in hand and a $5 million reclamation bond posted for initial construction. It is shovel-ready, offering near-term open-pit production potential in a mining-friendly jurisdiction with strong local and state support. A construction decision is expected in 2026.

Project Overview

The CK Gold Project is a development-stage, large-tonnage gold-copper-silver deposit featuring high-grade mineralization exposed at surface, surrounded by a substantial low-grade halo with significant expansion potential. The deposit consists of oxide, mixed oxide-sulfide, and sulfide rock types, characterized by remarkably even metal distribution in disseminated and vein/stockwork styles.

The project is based on extensive drilling (over 160 holes totaling approximately 28,500 meters in earlier estimates) and benefits from simple open-pit mining, conventional comminution and flotation processing, and dry-stack tailings. It offers compelling economics, low development risk, and multiple upside opportunities.

Feasibility Study Highlights (March 2026)

  • 11-year initial mine life (open-pit, low strip ratio of 0.89:1, ~20,000 short tons per day).
  • Production: Approximately 931,000 AuEq ounces over the life of mine (average ~85,000 AuEq oz per year LOM; higher grades prioritized early). Includes significant gold, copper, and silver credits.
  • Initial capital: Approximately $394 million (reflecting updated engineering, inflation, and permitting requirements).
  • Robust Economics (base case prices: $3,250/oz gold, $4.50/lb copper, $40/oz silver):
    • After-tax NPV (5%): $632 million
    • After-tax IRR: 27%
    • Rapid payback (~2.5 years) with strong early free cash flow.
  • At recent spot prices (e.g., ~$4,500/oz gold, $5.50/lb copper, $70/oz silver): After-tax NPV (5%) of $1.30 billion and IRR of 45%.
  • AISC: Co-product all-in sustaining cost of approximately $1,785/oz AuEq (earlier studies showed lower AISC at conservative prices; highly leveraged to metal prices).
  • Mineral Reserves & Resources: The FS is based on an updated mineral resource estimate (effective December 2025). Proven + Probable reserves support the initial mine plan, with substantial Measured & Indicated resources remaining outside the current pit shell for potential expansion (approximately 900,000 AuEq oz not included in the base plan but within the broader resource pit).

Note: Detailed reserve and resource tables (tonnage, grades for gold, copper, and silver) are available in the full S-K 1300 Technical Report Summary, to be filed with the company's next 10-K.

Upside Potential

The Feasibility Study represents a solid, standalone base case but is viewed as only the starting point for value creation at CK Gold:

  • Mine expansion: The current pit is intentionally constrained by permitting boundaries to maintain state-only approval. Additional Measured & Indicated material (plus resources below the pit) can be incorporated via future amendments.
  • Resource growth: Mineralization remains open at depth and along strike; inferred resources offer conversion potential through a pending drilling program.
  • Metallurgical improvements: Potential exists to boost gold recoveries toward ~95%, through treatment of the flotation tailings, or a portion thereof.
  • Aggregate revenue: Potential sales of ~40 million tons of mined waste rock as high-quality aggregate or rail ballast, creating an additional long-term revenue stream to meet local market demand.
  • Mine life extension: Opportunities to extend operations well beyond the initial 11 years through expansion incorporating known and potential mineral resources which would defer closure costs.

Value engineering, plant optimization, and further drilling are planned to enhance margins and scale without delaying the base development case.

Permitting and Development Status

  • Fully permitted and shovel-ready under Wyoming state jurisdiction (no federal permits required for the current footprint).
  • Strong community and government relations program in place, with an office in Cheyenne and extensive stakeholder engagement.
  • Phased development approach: Construction decision targeted for 2026, with financing, optimization work, and potential early activities (e.g., access road) advancing in parallel.
  • Ideal location with excellent infrastructure, supportive regulatory environment, and low geopolitical risk.

U.S. Gold Corp. has assembled an experienced team to advance the CK Gold Project toward production while continuing resource expansion. The company remains focused on financing, detailed engineering refinements, and maximizing long-term value for shareholders and the local community in Wyoming.