U.S. Gold Corp. Reports $20.6 Million Net Loss and Progress on CK Gold Project

U.S. Gold Corp. reported significant financial developments in its recent 10-K filing for the fiscal year ending April 30, 2025. The company, which focuses on gold and precious metals exploration, recorded no revenue during the fiscal year, consistent with its status as a development-stage entity. However, it reported a net loss of approximately $20.6 million, a substantial increase from the $6.9 million loss reported in the previous fiscal year. This increase in losses was attributed to higher operating expenses, which rose to about $13 million from $7.3 million, driven by increased compensation, exploration costs, and professional fees.

The company has made notable progress in its CK Gold Project in Wyoming, where it received final approval for its mine operation and reclamation plan in May 2024, fulfilling all conditions by November 2024. Additionally, U.S. Gold Corp. released an updated prefeasibility study in February 2025, which indicated a base case net present value (NPV) of $459 million and an internal rate of return (IRR) of 36% based on projected metal prices. The study also highlighted a 16% increase in mineral reserves compared to previous estimates, supporting an eight-year mine life.

In terms of operational metrics, U.S. Gold Corp. maintained a small workforce, with four full-time employees as of April 30, 2025. The company’s cash position improved to approximately $8.2 million, up from $5.6 million the previous year, primarily due to a successful equity financing that raised $10.2 million in December 2024. However, the company continues to face challenges, including a substantial accumulated deficit of $93.4 million and the need for additional capital to advance its projects beyond the current stage.

Looking ahead, U.S. Gold Corp. anticipates further exploration and development activities, particularly at the CK Gold Project, while also focusing on its other properties, including the Keystone Project in Nevada and the Challis Gold Project in Idaho. The company has expressed confidence in its ability to fund operations through its current cash reserves but acknowledges the necessity of securing additional financing to support future growth and operational needs. The management's forward-looking statements emphasize the potential for increased production and profitability, contingent on favorable market conditions and successful project execution.