Episode Details

Interview with George Bee, President & CEO of U.S. Gold Corp. 

Our previous interview: https://www.cruxinvestor.com/posts/us-gold-corp-nasdaqusau-advances-ck-gold-build-and-keystone-spin-out-12054

Recording date: 28th September 2026

U.S. Gold Corp. (NASDAQ:USAU) is a NASDAQ-listed developer whose flagship asset, the CK Gold Project in southeast Wyoming, is fully permitted and advancing towards a construction decision. In an interview at the Denver Gold Forum, President and CEO George Bee outlined how the company intends to convert that position into value, either by building the mine itself or through a transaction.

CK Gold is a 20,000 ton per day open pit operation that will produce a copper-gold concentrate. Its proven and probable reserve contains 1.015 million ounces of gold, 260 million pounds of copper and 3 million ounces of silver. The March 2026 feasibility study, completed by Halyard Micon International, supports an 11-year mine life averaging 85,000 gold equivalent ounces per year. Output is front-loaded, with the study showing an average of 102,000 gold equivalent ounces per year from year two to year eight.

The economics are robust at conservative prices. At $3,250 per ounce gold, $4.50 per pound copper and $40 per ounce silver, the study reports an after-tax NPV of $632 million, a 27% IRR and a 2.5-year payback on $394 million of initial capital. At $4,500 gold, the after-tax NPV rises to $1.155 billion and payback shortens to 1.6 years. By-product AISC is $1,094 per ounce of gold.

Permitting is complete. Key approvals include the mine operating permit granted in April 2024, water discharge and air quality permits approved in 2024, and a water supply agreement with the Cheyenne Board of Public Utilities finalised in November 2025. The project is on State of Wyoming land with no direct federal involvement, and initial access road works started in January 2026.

The company's balance sheet reflects a deliberately lean approach. U.S. Gold has about 16.5 million shares outstanding, $30.7 million in cash as of 30 April 2026 and a market capitalisation of $266.4 million. Management now plans to expand the team, appoint an EPCM partner and name a financing adviser to evaluate term sheets already received. Bee expects a combination of equity and debt and has indicated that the silver component, rather than gold or copper, is the preferred candidate for any stream.

Alongside development, the company acknowledges its appeal to acquirers. Bee sees CK Gold as a meaningful addition for emerging producers and mid-tiers producing up to around half a million ounces annually. A 24-month build in a stable US jurisdiction offers such buyers a short path to cash flow.

Upside beyond the base case comes from several sources. The latest estimate includes 590,000 gold equivalent ounces of measured and indicated resources and 677,000 gold equivalent ounces of inferred resources outside the reserve. Waste rock may also be sold as aggregate and rail ballast, supported by a non-binding letter of intent with a major railway. The company also holds the Keystone Project on Nevada's Cortez Trend and the Challis Gold Project in Idaho.

The main risks are financing dilution, construction cost inflation and metal price exposure. Investors should watch for the EPCM and financing adviser appointments as the next clear markers of progress.

Learn more: https://www.cruxinvestor.com/companies/us-gold-corp

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