U.S. Gold Corp. said it is exploring strategic alternatives for its CK Gold Project in southeast Wyoming, including potential mergers, acquisitions, or joint ventures, following an updated feasibility study that significantly improved project economics.
The company, which trades on the NASDAQ under the ticker USAU, has formed a special committee to assess external interest and retained financial advisors to evaluate funding options. As of April 30, 2026, U.S. Gold held approximately $31 million in cash and had about 16.5 million shares outstanding. Management is also considering spinning off its Keystone Project in Nevada as a separate exploration company.
The CK Gold Project’s March 2026 feasibility study outlined robust financial metrics under both baseline and spot price scenarios. At baseline prices of $3,250 per ounce for gold, $4.50 per pound for copper, and $40 per ounce for silver, the project’s after-tax net present value (NPV) was estimated at $632 million, with an internal rate of return (IRR) of 27% and a 2.5-year payback period. At current spot prices—approximately $4,500 per ounce for gold and $4.50 per pound for copper—the NPV rises to roughly $1.37 billion, with the payback period shortening to 1.6 years.
Operational parameters include an 11-year mine life, a processing rate of about 20,000 tonnes per day, and average annual production of 85,000 gold-equivalent ounces. Proven and probable reserves total 1.6 million gold-equivalent ounces, with an initial capital requirement of $394 million plus pre-production costs. The project holds all major permits, including a Mine Operating Permit and an Industrial Siting Permit valid through December 2027, under which preliminary site work has already begun.
U.S. Gold aims to make a construction decision in the second half of 2026, targeting first production in late 2028 following an 18 to 24-month construction phase. The company plans to expand drilling after mid-2026 drone magnetic and gravity surveys identified new anomalies beyond and below the proposed pit.
George Bee, President and Chief Executive Officer, stated, "We are actively considering all strategic opportunities for the Company and the Project."
