U.S. Gold Extends CK Gold Permit Through December 2027
The company secured an Industrial Siting Permit extension through December 2027 after pausing construction in January 2026, with a $632.0 million after-tax NPV feasibility study already in hand.
U.S. Gold Corp. (USAU), a gold and precious metals exploration company, obtained an extension of its Industrial Siting Permit for the CK Gold Project through December 2027 after pausing construction in January 2026 pending financing.
The company said construction activities had begun in 2025 but were paused in January 2026 while it pursued capital for complete project development. At a May 2026 hearing, the Industrial Siting Council approved the extension and asked that construction resume only once the company demonstrates financial capacity to complete construction, in coordination with the Director of the Industrial Siting Division. If the permit expires, the company said it would have to reapply through a new application, public notification, environmental and socioeconomic impact review, and public hearing.
The feasibility study announced in March 2026 indicated an after-tax net present value of $632.0 million at prevailing metal prices, an initial 11-year mine life, and estimated reserves of 1.6 million gold equivalent ounces of gold, copper, and silver. The study also said all required permits to begin construction had been secured and that a $5.0 million reclamation bond was in place to cover the first year of planned construction. The company said total initial capital costs were estimated at approximately $394 million, excluding $28 million of pre-production owners’ costs, which significantly exceeds current financial resources. It said it will need substantial additional capital through debt, equity, royalty or streaming arrangements, project-level financing, joint ventures, or a combination.
For the three months ended July 31, 2026, the development-stage company generated no revenue. Operating expenses were $4,759,000, compared with $3,638,000 a year earlier. The company attributed the $1,121,000 increase primarily to professional and consulting fees, which rose $989,000, including a $397,000 increase in director fees, $291,000 of additional strategic, permitting, engineering, and consulting costs related to CK Gold, $171,000 of higher legal fees, and $111,000 of additional stock-based consulting expenses. Compensation and related taxes rose $201,000, and exploration costs rose $61,000. General and administrative expenses fell $130,000, led by a $246,000 drop in advertising and marketing.
Loss from operations was $4,759,000. Other income was $158,000, versus $1,561,000 a year earlier, when a $1,495,000 gain was recognized as previously established warrants were exercised and the related liability reclassified to additional paid-in capital. No such gain was recorded in the latest quarter. Interest income was $152,000. Net loss was $4,601,000, or $0.28 a share, on 16,526,163 weighted average shares.
Cash used in operating activities was $3,541,000. Cash was $27,115,000 as of July 31, 2026, and working capital was $27,767,000. The accumulated deficit was $115,216,000. The company said it expects sufficient cash to fund corporate activities, general and administrative costs, and currently undertaken permitting and engineering studies over the next twelve months, but that advancing projects past those objectives will require additional funds. Those matters raise substantial doubt about its ability to continue as a going concern for the twelve months following issuance of the quarterly financial statements.
In June 2026 the company said it is developing a potential drill program at CK Gold to test mineral expansion adjacent and below the proposed pit and to follow up on new nearby magnetic anomalies. It also continued field work at Keystone in Nevada and Challis in Idaho. In December 2025 it closed a private placement of 1,922,159 shares at $16.25 a share and warrants to purchase 961,077 shares at $23.00, for gross proceeds of approximately $31.2 million. Net cash provided by financing activities was $0 in the three months ended July 31, 2026.