U.S. Gold Corp. Reports $4.6 Million Net Loss and Decreased Current Assets for July 2026

U.S. Gold Corp. reported a net loss of approximately $4.6 million for the three months ended July 31, 2026, compared to a net loss of $2.1 million for the same period in 2025. The company did not generate any revenue during either period, reflecting its status as a development-stage entity focused on exploration and development of its mining properties. Operating expenses increased to approximately $4.8 million from $3.6 million year-over-year, primarily driven by higher compensation costs, exploration expenses, and professional fees associated with its CK Gold Project in Wyoming.

The company's total current assets decreased to $28.5 million as of July 31, 2026, down from $32.2 million at the end of April 2026. This decline was attributed to cash used in operating activities, which amounted to approximately $3.5 million during the quarter. Current liabilities also rose to $768,000 from $620,000, resulting in a working capital decrease of about $3.8 million. U.S. Gold Corp. reported an accumulated deficit of approximately $115.2 million as of the end of the reporting period.

Strategically, U.S. Gold Corp. is advancing its CK Gold Project, which has an estimated after-tax net present value of $632 million based on a feasibility study released in March 2026. The company has secured all necessary permits for construction and is currently focused on financing the project, which has estimated initial capital costs of approximately $394 million. The company is exploring various financing options, including debt and equity financing, to support its project development.

Operationally, U.S. Gold Corp. is enhancing its understanding of its other properties, including the Keystone Project in Nevada and the Challis Gold Project in Idaho. The company is also developing a potential drill program at the CK Gold Project to explore mineral expansion opportunities. As of July 31, 2026, the company had cash reserves of approximately $27.1 million, which it expects to be sufficient for its near-term corporate activities and project-related expenses. However, the company acknowledges the need for additional capital to advance its projects beyond the current objectives, raising concerns about its ability to continue as a going concern over the next twelve months.