US Gold Corp (NASDAQ:USAU) said on Wednesday it is preparing to begin final feasibility study work on its fully permitted CK Gold Project in Wyoming by late May, targeting completion in the third quarter of 2025, as it advances toward potential project development.
The update coincided with the company's annual shareholder meeting on April 28 and follows a year of significant gains in market value.
Shares of the company have climbed 149% over the past 12 months, from $4.18 to $10.40, while market capitalization rose from $45 million to $132 million.
US Gold attributed the growth to a February 2025 prefeasibility study (PFS) and the receipt of full construction permits in November 2024.
The CK Gold Project, located near Cheyenne, is expected to produce both gold and copper. The company said the PFS demonstrated strong economics at conservative price assumptions of $2,100 per ounce gold and $4.10 per pound copper. US Gold is also conducting optimization work that may improve recovery rates and reduce costs through alternative flotation technologies and continuous filtration equipment.
“We are heartened to see the market beginning to recognize US Gold's potential,” said George Bee, CEO of US Gold.
To reduce exposure to potential tariffs on imported goods, US Gold is prioritizing American-made equipment and materials. Approximately 28% of the project’s initial capital expenditure relates to mechanical equipment and steel, not all of which is sourced internationally, the company said.
US Gold also highlighted growing interest from debt providers and concentrate buyers, which it sees as a pathway to secure financing without significant shareholder dilution. The company raised $10.2 million in November 2024 and said its treasury has been further strengthened through the exercise of warrants.
"We see avenues to secure significant debt financing and we can apply this to a project that is expected to pay back in two years or less," Bee told shareholders.
Exploration work will continue at the CK site, although deeper drilling has been postponed for strategic reasons. At the company’s Keystone and Challis projects, US Gold is seeking exploration capital or partnerships to advance potential near-surface oxide and deeper sulfide targets.
The company expects to finalize equipment selection for the CK Gold Project as part of the feasibility study and could announce project financing and development plans by late 2025 or early 2026.