U S Gold : CK Gold FS April 2026 Presentation

On track to be the next 85,000+oz AuEq /yr. Gold-Copper Producer

Combining Near-Term Production Potential with District-

Scale Exploration in Mining Friendly U.S. Jurisdictions

Analyst Call April 2026

https://www.usgoldcorp.com NASDAQ: USAU

2026 CK Gold Project Feasibility Study

• Engineers and Consultants

• Halyard Micon International – Lead Engineer

• Tierra Group International – Tailings and Water Management

• Eric Brunk, Samuel Engineering – Client Project Manager

• Lucas Hekma, Greenlight LLC – Permitting and Social License

• John Wells and Andy Holloway – Metallurgy

• Geochemical Solutions LLC, Mark Williamson – geochemistry

• Drift Geo, Mark Shutty – Mineral Resources

• Larry Morasse – Construction

• Piteau Assoc. – Geotechnical

• Trihydro Corp. – Environmental and Permitting

• Hardrock Consulting LLC – Geological data base

• Dahlgren Consulting – Hydrology, well and water supply

• Air Resource Specialists – Meteorological and air quality monitoring

• Neirbo Hydrology (Grady O’Brien, Carolyn Lambert now SRK) – Hydrology

• Western Ecosystems Technology Inc. – Fauna, Flora, Wetlands

• Centennial – Cultural resources

• Base Metal Laboratories, Kamloops B.C. Canada

• Burgex Consulting, Salt Lake City – Aggregate specialists

• Mountain and Plains Consulting – Aggregate

• William Langer Research Geologist – Aggregate

• Gustavsen (WSP) – Initial PFS 2012

• Samuel Engineering – PFS Update 2025

• Armature Advocacy – Government and Community Relations

• Sunrise Engineering

• The list goes on….

• FEASIBILITY STUDY

  • We would like to thank all our shareholders and financial supporters and the professionals who have contributed to the project

  • Over 5-years of intensive work

    • Builds on PEA by Mine Development Associates (2012) – with SRK metallurgical work

    • Initial PFS December 2021 – Gustavsen (WSP)

    • Permitting with Wyoming Dept. Environmental Quality 2022 –

      11/2024 and ongoing

    • PFS Update 02/2025 incorporating permit adjustments and optimization – Samuel Engineering

  • Over $28 million of direct investment to the CK Gold Project studies and information gathering to date (excluding USAU salaries)

    • With $32M in treasury and $74M raised since August 2020 and

      $12M in Warrant exercises, this represents 52% direct investment to the project. The balance represents 5-years of maintaining a NASDAQ listed company and minor amounts for other exploration ($10M/yr).

    • With minimal equity dilution preserving value for our shareholders

  • Includes Early Contractor Involvement (ECI) cost estimates

    CK Gold Project 2026 Feasibility Study Summary
    

    Headline Economic Performance for the March 2026 Study *

    AuEq Reserve	After Tax NPV(5)	Mine Life	Process Rate	AuEq oz/year	AISC (AuEq/oz)	Initial Capex	Sust. Capex
    1.598M	632M	11-yr	20 Ktpd	85,000	$1,785	$394M	$35M

    Gold Price U.S. $/oz	Pre-tax		After Tax		Payback (years)
    	NPV(5) $millions	IRR	NPV(5) $millions	IRR
    6,000	2,151	65.00%	1,774	57.50%	1.1
    5,500	1,898	59.40%	1,569	52.50%	1.3
    5,000	1,645	53.50%	1,363	47.40%	1.4
    4,500	1,392	47.40%	1,155	42.00%	1.6
    4,000	1,139	41.00%	946	36.30%	1.8
    3,500	886	34.30%	737	30.20%	2.2
    (Base Case) 3,250	759	30.70%	632	27.00%	2.5
    3,000	633	27.10%	528	23.80%	2.9
    2,500	380	19.20%	320	16.80%	3.8
    2,000	127	10.20%	98	8.50%	5.6
    1,500	-126	0.00%	-147	0.00%	15.8

    Based on an initial contained metal proven and probable reserve of 1.02M ounces of gold, 260M pounds of copper and 3M ounces of silver. “Refer to Reserves Table in the Appendix”.

    Feasibility Study Includes

  • Tariffs and Inflation impacts on OPEX and CAPEX costs

  • Project optimizations

    • Jameson cell flotation

    • Smaller plant footprint

    • Vacuum Filtration of tailings

  • Current, new equipment budget pricing for all major equipment

  • Quoted contract mining & rehandle rates

  • Increases due to design enhancements/detail

  • 11-yr plan inc. ramp-up

  • Increased gold, copper and

    silver prices

  • Full mine closure provision

    *Source: SK-1300 Technical Report Pre-Feasibility Study on the CK Gold Project report to be released soon using $3,250 Au, $4.50 Cu and $40 Ag. Please see “Cautionary Note Concerning Mineral Resources” in this presentation.

    
    CK Gold Project 2026 Feasibility Study Summary
    

    Headline Economic Performance for the March 2026 Study *

    Capital Expenditure (incl. Contingency)
    Initial Capital – incl. Contingency ($M)3	394
    Pre-production Owners Costs ($M)	26
    Sustaining Capital – incl. Contingency ($M)	35
    Reclamation Cost ($M)	27
    Base Case Metal Price Assumptions
    Gold Price ($/oz)	3,250
    Copper Price ($/lb)	4.50
    Silver Price ($/oz)	40.00
    Base Case Project Economics
    After-Tax IRR (%)	27
    After-Tax NPV5% ($M)	632
    Payback Period (years)	2.5
    Average Annual Operating Net Free Cash Flow ($M)2 – Yr 1 to Yr 11	124
    LOM Total Net Free Cash Flow ($M) (including capital investment and closure)	967

    • PFS to Feasibility Study Changes +$117M

      • Revised Scope Items $12.6M

        • Water supply, conc. & reagent structures, admin building, Assay & met. Lab., powerline

      • Quantity, Rate & Design $48M

        • Concrete $6M, Process Piping $11M, Electrical $4.2M, Mechanical and Process Changes $19.8, (Mechanical Equipment

          $10.6M & Platework $9.2M)

      • Indirect Costs $30.0M

        • Process facility Const Indirects $22M, Construction Equip $12M, Spares $7.5M, Taxes duties and Tariffs $3M

      • Sam.Eng. PFS to Halyard FS +18% increase in Mechanical Equipment

Total Initial Capex $394M + $28M = $422M

($28M=Owners $22M, Mine Mob. $4M, Insurance $2M)

*Source: SK-1300 Technical Report Pre-Feasibility Study on the CK Gold Project report to be released soon using $3,250 Au, $4.50 Cu and $40 Ag. Please see “Cautionary Note Concerning Mineral Resources” in this presentation.

CK Gold Project – Location Makes a Huge Difference

CK Gold Project Mineral

Lease Holding w. OSLI

Advantageously Situated Near Major Highways & Rail

~20 min. West of Cheyenne ~3 miles North of I-80

Future Open Pit

Happy Jack Rd

Road Network Water

Power Manpower Support Services Contractors Emerg. Services Equipment providers

Granite Canyon Quarry

Approximately 1.5 hrs. north of Denver International Airport

Nasdaq: USAU | usgoldcorp.com 6

CK Gold Project – Location Makes a Huge Difference

Nasdaq: USAU | usgoldcorp.com 7

CK Gold Project – Site Plan

80-acres

Dry Stack Tailings

Mine access 4-miles to paved State road

Plant site

1.0 Mile

CK Gold Project Feasibility Study

Tailing Facility

Mine Ready Line

Flotation Filtration

Primary Crusher

Stockpile

Grinding Section

Tailings Loadout

Access Warehouse

CK Gold Project – Advanced Engineering

Flotation Filtration

Grinding Section

• Primary grind to 90µ

• Rougher flotation

  Tailings

  Loadout

  • Jameson cells

    Thickeners/tankage

• Regrind (Vertimill)

• Scavenger cleaner

  flotation

• Concentrate filters and storage

• Tailings thickener and vacuum filtration

  CK Gold Project Feasibility Study
  

  View looking to the southeast with pebble crusher in the foreground

  Flotation Grinding Section Filtration

  • Primar

  • S

  • B

  • Rough

  Tailings • Ja

  Loadout Thickeners/tankage • Regrin

  • 2

  • Scaven

  flotati

  • Ja

  • Conce storag

  • Tailing plate a

  y grind to 90µ

  AG mill all mill

  er flotation meson cells d (Vertimill) 5µ

  ger cleaner

  on

  meson cells ntrate filters and e

  s thickener and nd vacuum

  filtration

  CK Gold Project – Advanced Engineering
  

  Filtration Island, 4-units Jord HVBF J405-I4V3

  CK Gold Project – Advanced Engineering
  

• Primary Crusher

  • Metso C150

    (178″x125″-200kW)

• Pebble Crusher

• SAG Mill

  • NCPI F100

    (34’x18.5’2x 6,000kW)

• Ball Mill

• Jameson Cells

• Regrind-Mill

• Tailings Filter

• Tailings Thickener

Plant Interior View – Looking East past Grinding Section

Detail in 3-D design allows for better layout visualization and facilitates more accurate estimates of steel, platework, piping, electrical and instrumentation

Auto Desk

Navisworks – 3-D design tool

Plant Interior View – Cyclone Bank, Flotation and Regrind Section

Plant Interior View – Tailing Filtration Island

1 Million Ounces Gold, 260 Mlbs Copper and Counting

• 1.598M AuEq mineral reserves (1.015 Moz gold, 260 Mlbs copper, 3 Moz silver

• Hosted in a granodiorite hosted shear zone. It’s postulated (Sillitoe, June 2022) the deposit is a porphyry in origin and not isolated. As part of the Silver Crown Mining District other deposits occur locally

• 80% of historical drill holes end in mineralization or are not closed off laterally – deposit wide open

• Open at depth below 800 feet and southeast along strike; 2,900 ft of strike length untested

• Depth and strike length volumetrics sufficient to double current gold-copper resource if mineralization continues along strike

• Clean and simple mineralogy; low overall sulfide content. Clean high gold grade , copper concentrate

• Added resource = more potential aggregate rock

  Resource drill limited

  Positive results from 2020 step-out RC drilling

  1000 ft

  Perspective view looking North. Mineralization persists to the southwest outside the FS pit design.

  Open at depth

  Mine Closure and Legacy Opportunities
  

  Mine Closure Plan Approved

  • Contemplates partial pit back-fill

  • Returning land to pasture and wildlife habitat

    Potential Mine Closure Scenario
    

  • Envisions the possibility of the completed open

    pit as water storage

  • Eliminates the need to create additional water storage to cater to future City of Cheyenne growth

  • Eliminates need to reclaim and relocate recreation facilities around local park

  • Utilizes planned connections to the Cheyenne

    Board of Public Utilities for water supply

  • Possibly a pump storage power generation project

CK Gold Project – Upside Potential

• The possible use of high-quality aggregate and rail ballast not captured fully in the FS; potential to

  provide significant upside to CK’s NPV and additional royalty payments to Wyoming.

• Vibrant market for aggregate and ballast within trucking distance of the project. Market studies suggest a million tons per year off-take, which could be expanded through delivery to a rail head. Significant interest in aggregate from construction firms and a non-binding LOI for delivery of ballast to a major railway. For reference, the local quarry sells crushed stone for ~$20-25/ton.

• CK mineral resource expansion – higher gold and copper prices incorporate much of the

  mineralization drilled outside the reserve pit.

• Potential Engineering Optimization (subject to amendments to current operating permit)

  • Potential additional gold recovery through flotation tailings treatment

    • Gold recovered through flotation only, tailing treatment could boost recovery by 15-18%

    • Thickened tailings placement vs. dry-stack deposition could reduce OPEX and CAPEX

• Project execution schedule shortening construction, ramp-up, mine life timeline improving IRR

• Sourcing new and used capital equipment currently available on the market vs. budgeted new in FS

Future CK Catalysts

Fully Permitted

All major permits obtained, ready for development.

Detailed Design Engineering

Advanced engineering with process plant design at FS level with bids for major equipment being solicited. Early contractor engagement transitioning to engagement

Aggregate Market Study

Potential to provide significant upside to CK Gold project NPV and additional royalties to Wyoming. Undergoing further investigation to advance potential deliveries to meet demand

Attractive Future Potential Financing Options

Considering traditional and non-traditional sources of finance. Retaining financing advisor services to sort through expressions of interest

Water Development and Storage Opportunity

Hydrology, water monitoring and technical studies to assess viability of the exhausted open pit serving as a future potential water reservoir capacity.

Construction and Production

Finance and market dependent: advancing towards potential commercial production.

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Disclaimer

U.S. Gold Corp. published this content on April 02, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 02, 2026 at 20:36 UTC.