U.S. Gold CEO George Bee joined Steve Darling from Proactive to share news the company has updated the work undertaken in 2023 and what lies ahead in a very busy 2024. The CK Gold Project occupied most of the company’s time and resources in 2023. Bee also told Proactive at CK the company evaluated the economic potential of the copper and gold resource and released the pre-feasibility study. That showed 1.01 million ounces of gold and 248 million pounds of copper reserves had robust economics with a net present value of $323 million and a 39.4% internal rate of return, both pre-tax, assuming a $1,625 and $3.25 gold and copper price, respectively.
Bee says 2024 will be a pivotal year with the Company expecting to finalize a feasibility study and obtain permit approval for CK in the first half of the year. The final detailed engineering and project development can commence as soon as the latter part of 2024, with the potential to put the operation into production in 2026. A number of avenues exist to finance CK including equipment financing, debt, and some initial forward metal sales, all aimed at avoiding to the extent possible dilution to our current shareholders, with founders and management being among those interested parties.