USAUNasdaqMetal MiningUS GAAP · USD

U.S. Gold Corp

U.S. Gold Corp. is a U.S.-based gold and precious metals exploration company focused on acquiring, holding, and advancing mineral rights in the western United States. Its portfolio includes the CK Gold Project in Wyoming, the Keystone Project in Nevada, and the Challis Gold Project in Idaho, with CK Gold carrying defined mineral reserves and the other properties in exploratory stages.

Ask about the company
Operating profit (EBIT)-19.0m USD
−46.1 %y/y
Net income-17.2m USD
+16.3 %y/y
Free cash flow-18.2m USD
−84.4 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-20-15-10-50m USD2021: EBIT -12 m USD20212022: EBIT -15 m USD20222023: EBIT -9.4 m USD20232024: EBIT -7.3 m USD20242025: EBIT -13 m USD20252026: EBIT -19 m USD2026-19
RevenueOperating profit (EBIT)
Ask Clarifo about U.S. Gold Corp

Business

Share of revenue
Exploration properties70 %

Mineral rights and leases for gold and precious metals projects under exploration.

Development-stage project30 %

CK Gold project activities including exploration and pre-development work.

Customers

U.S. Gold Corp. does not sell a broad portfolio of finished products; its economic counterparties are primarily investors, potential joint-venture partners, and future mine operators or acquirers of mineral rights. In a development and exploration model, value is created by proving up resources, advancing permits and studies, and increasing the attractiveness of the projects for financing or transaction activity.

Capital providers

Public-market investors and financing sources that fund exploration, permitting, and development work.

Strategic mining partners

Potential partners or acquirers interested in advancing or monetizing the projects.

Future mine operators

Operators that may ultimately develop or purchase the projects if they reach construction stage.

Regulatory and local stakeholders

State, federal, and local stakeholders that influence permitting and project progression.

Strategy

The company’s strategy is to advance CK Gold through exploration and pre-development while maintaining optionality across its other exploration properties. It also seeks to preserve and enhance the value of its mineral rights by progressing technical work, permitting, and reserve definition that can support future financing or transaction outcomes.

Advance CK Gold toward development stageMedium term

Defined reserves can improve project credibility and financing optionality.

Retain and evaluate exploration upside at Keystone and ChallisLong term

Early-stage properties provide long-dated discovery optionality.

Secure funding for exploration and developmentShort term

Mineral exploration is capital intensive and depends on external financing.

Geography

The company is headquartered in the United States and its project portfolio is concentrated in the western U.S., specifically Wyoming, Nevada, and Idaho. Geography matters because permitting, land access, and state-level mining regulation shape the pace and economics of exploration and development.

Risks

The business is highly exposed to gold price volatility, because project economics, reserve value, and financing access all depend on metal prices. It also faces typical mining risks such as permitting delays, exploration uncertainty, technical execution risk, and the possibility that mineral rights do not convert into economically viable production.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Exploration and reserve uncertainty1Gold price volatility2Financing dependence3Permitting and regulatory delay4Cybersecurity and IT disruption5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Exploration and reserve uncertaintyImpact: HighLikelihood: High

    Exploration properties may never become economic mines.

    ExposureKeystone and ChallisFuture CK Gold expansion
  2. Gold price volatilityImpact: HighLikelihood: Medium

    Project value and future viability depend on sustained gold prices.

    Exposure: CK Gold and other mineral rights

  3. Financing dependenceImpact: HighLikelihood: Medium

    Exploration-stage companies typically rely on external capital to fund work.

    Exposure: Corporate liquidity and project advancement

  4. Permitting and regulatory delayImpact: MediumLikelihood: Medium

    Mining projects require approvals that can slow or block advancement.

    ExposureWyomingNevadaIdaho project portfolio
  5. Cybersecurity and IT disruptionImpact: MediumLikelihood: Low

    Operational and confidential data could be disrupted or exposed.

    Exposure: Corporate systems and records

Ask Clarifo about U.S. Gold Corp

Accounting

Judgemental items
Mineral rights valuation

Carrying values depend on exploration success, reserve estimates, and gold prices.

Impact: Can drive impairment or write-down risk

Asset retirement obligations

Mine closure and reclamation costs are estimated before production begins.

Impact: Affects liabilities and accretion expense

Stock-based compensation

Equity awards are measured at grant-date fair value and expensed over vesting.

Impact: Raises non-cash operating expense

Deferred tax asset valuation allowance

Realization depends on future taxable income that may not be available.

Impact: Can materially affect tax assets and equity

Fair value of warrant liability

Derivative-style instruments may require mark-to-market accounting.

Impact: Can create period-to-period earnings volatility

Similar listed companies

Publicly listed companies with a comparable business focus.

U.S. GoldMining Inc.

USGO · Gold and Silver Ores

Gold Resource Corporation

GORO · Gold and Silver Ores

Nevada Canyon Gold Corp.

NGLD · Gold and Silver Ores

Star Gold Corp.

SRGZ · Metal Mining

Western Copper & Gold Corp

WRN · Metal Mining

Golden Star Resource Corp.

GLNS · Miscellaneous Metal Ores

Last updated: 24/09/2026