Garners the Support of Significant
International Resource Investors
CHEYENNE, Wyo.,
Dec. 11,
2024 /PRNewswire/ -- U.S. Gold Corp. ("U.S. Gold,"
the "Company," "we," "our" or "us") (NASDAQ: USAU), is pleased
to provide commentary on the previously announced close of an
aggregate of 1,457,700 shares of our common stock at $7.00 per share and warrants to purchase 728,850
shares of our common stock at an exercise price of $9.50 per share (the "Transaction"), in a
registered direct offering. The gross proceeds from the Transaction
totaled approximately $10.2 million
and the Transaction closed on December 6,
2024. After the closing of the Transaction, the Company has
12,323,116 shares of common stock outstanding.
While the Company did not retain a placement agent in connection
with the Transaction, the Company's management team worked with
several entities to introduce the Company's activities to the
investment community, with a special emphasis on its CK Gold
Project in Wyoming. The CK Gold
Project recently achieved full unconditional approval for
development, having obtained its Air Quality Permit from the
Wyoming Department of Environmental Quality – Air Quality
Division.
U.S. Gold recognizes the importance of Canadian markets in the
resource sector and values the expertise of Canada's investment community, which possesses
a deep understanding of the industry. Recently, we hosted site
visits for senior Canadian resource analysts from Paradigm
Consulting Group, Haywood Securities Inc. and Velocity Trade
Capital, aiming to expand outreach to investors globally. This
complements previous visits by analysts based in the United States including Alliance Global
Partners and H.C. Wainwright & Co., LLC, who currently provide
analyst coverage following the Company's activities. As the Company
works to finance the development of its CK Gold Project, it is also
evaluating a potential listing on a Canadian exchange to foster
additional investment interest.
Notable Canadian resource sector investor, Eric Sprott, Terra Capital Natural Resources
Fund (Australia), and others
holding long positions in the sector, have joined U.S. Gold's
long-term investors, including Phoenix Gold Fund Limited
(Kuala Lumpur), who continue to
support the Company and its now fully permitted project in
Wyoming and exceptional
exploration portfolio.
U.S. Gold, in adding the net proceeds from the Transaction to
existing funds, now sees a well-funded pathway toward the next
milestones for the CK Gold Project. These milestones include:
- Publishing an updated Prefeasibility Study ("PFS"), now slated
for early 2025;
- Continuing onto a final Feasibility Study ("FS"), which has
already been advanced but awaits completion of the updated PFS to
verify optimizations announced in September, including a final
decision on the preferable flotation technology; and
- Development financing opportunities with several interested
parties who have been following the Company's progress with
interest.
All these activities are planned to occur during 2025 and
development, subject to suitable financing, could commence as soon
as year-end 2025. While the CK Gold Project remains the primary
focus, the Company's exploration assets are undergoing
data-analysis and low-cost exploration efforts until separate
avenues of funding can be obtained.
In commenting on the Transaction and the road ahead, Mr.
Luke Norman, Chairman of the board
of directors of U.S. Gold said, "We are gratified by the continued
support from our long-standing investors along with the addition of
some key resource sector investors who acknowledge the CK Gold
Project opportunity. At a time when there are very few permitted
projects in the pipeline ready to meet the growing demand for gold
and copper production, we believe the importance of what the U.S.
Gold team has accomplished is finally becoming recognized.
Continued validation of our efforts, by way of investment from the
caliber of investors such as Eric
Sprott, Terra Capital, Phoenix Gold and all the other
investors, should help to continue to increase our exposure
internationally and domestically as we move this exciting project
forward and continue to create value for our shareholders."
George Bee, Director, President
and C.E.O of U.S. Gold said, "We now have the means to carry the
Company closer to funding the development of the CK Gold Project.
We have purposely kept the project simple providing an expedited
pathway to project approval and what we consider to be a low-risk
venture in a stable jurisdiction using conventional technology.
There are also significant areas of upside and opportunity building
upon what we believe is already a robust copper and gold project.
The focus for now is advancing toward development, highlighting the
potential of additional opportunities and securing the best terms
possible for project financing that will protect the investment
made by our shareholders."
About U.S. Gold Corp.
U.S. Gold Corp. is a publicly traded, U.S. focused gold and
copper exploration and development company. Its fully
permitted CK Gold Project is located in Southeast Wyoming and has a Preliminary
Feasibility Study technical report, which was completed by
Gustavson Associates, LLC. In addition, the Company has two
exploration projects: Keystone Gold located on the Cortez
Trend in Nevada about 11 miles
south of Nevada Gold Mines' Cortez
Hills Complex, and Challis Gold located in Idaho. For more information about U.S. Gold
Corp., please visit https://www.usgoldcorp.gold/.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements may be identified by the use of
forward-looking words such as "anticipate," "believe," "forecast,"
"estimated," and "intend," among others. These forward-looking
statements include statements related to the Company potentially
listing on a Canadian exchange; the Company's full funding through
and timing of CK Gold Project milestones such as publication an
updated PFS, completion of a final FS, and additional development
financing activities with investors; increased investment exposure
due to investments from high caliber investors; the Company's focus
on advancement toward the development of the CK Gold Project and
obtaining project financing, on competitive terms, to fund such
development. There are a number of factors that could cause actual
events to differ materially from those indicated by such
forward-looking statements. These factors include, but are not
limited to, risks arising from: market and other conditions, the
prevailing market conditions for metal prices and mining industry
cost inputs, environmental and regulatory risks, COVID-19 risks,
changes in interpretations of geological, geostatistical,
metallurgical, mining or processing information, risks faced by
junior companies generally engaged in exploration activities,
whether U.S. Gold Corp. will be able to raise sufficient capital to
develop the CK Gold Project and implement future drilling programs,
the success or failure of future drilling programs, and other
factors described in the Company's most recent Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on
Form 8-K filed with the Securities and Exchange Commission, which
can be reviewed at www.sec.gov. The Company has based these
forward-looking statements on its current expectations and
assumptions about future events. While management considers these
expectations and assumptions to be reasonable, they are inherently
subject to significant business, economic, competitive, regulatory,
and other risks, contingencies, and uncertainties, most of which
are difficult to predict and many of which are beyond the Company's
control. The Company undertakes no duty to correct or update any
information contained herein.
For additional information, please contact:
U.S. Gold Corp. Investor Relations
+1 800 557 4550
ir@usgoldcorp.gold
www.usgoldcorp.gold
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SOURCE U.S. Gold Corp.