U.S. Gold (US:USAU)2024-07-29 20:12FORM 10-K Filing Information Basic Form 10-K filing details for U.S. Gold Corp., including incorporation and NASDAQ listing General Information / Filing Details U.S. Gold Corp.'s Form 10-K filing details, including Nevada incorporation and NASDAQ listing as a smaller reporting company - U.S. Gold Corp. is incorporated in Nevada and listed on the NASDAQ Capital Market under the symbol USAU143157 - The company is classified as a 'smaller reporting company' and is not a 'well-known seasoned issuer' or 'large accelerated filer'145159 Common Stock Market Value and Outstanding Shares | Metric | Value | | :----- | :---- | | Aggregate market value of voting and non-voting common stock (as of Oct 31, 2023) | $27,084,928 | | Closing sale price per share (as of Oct 31, 2023) | $3.33 | | Number of shares of Common Stock outstanding (as of July 26, 2024) | 10,732,277 | Index to Form 10-K This section provides a comprehensive table of contents for the entire Form 10-K report Index to Form 10-K The Form 10-K table of contents outlines key sections like Business, Risk Factors, and Financial Statements - The index lists key sections including Part I (Business and Properties, Risk Factors), Part II (Market for Common Equity, MD&A, Financial Statements), and Part III (Directors, Executive Compensation)148150161 Forward-Looking Statements This section cautions readers about forward-looking statements and associated risks in the report Forward-Looking Statements The report contains forward-looking statements about future operations and financial expectations, subject to various risks - The report contains forward-looking statements concerning anticipated results, planned exploration and development, and business plans, identified by words like 'anticipate,' 'expect,' 'may,' 'will,' and 'should'151152 - Actual results may differ materially due to factors such as unfavorable exploration results, decreases in metal prices, inability to raise capital, permitting delays, and economic/political events181163 - The company is not obligated to publicly release revisions to these statements to reflect future events or developments, except as required by law163 PART I Part I covers the company's business, properties, and significant risk factors Business and Properties U.S. Gold Corp. is a gold, copper, and precious metals exploration and development company with no current revenue - U.S. Gold Corp. is a gold, copper, and precious metals development and exploration company, primarily in Wyoming, Nevada, and Idaho154 - The CK Gold Project in Wyoming is a development-stage property with proven and probable mineral reserves, while other properties (Keystone, Challis Gold) are exploratory184525588 - The company currently has no revenue-producing activities184141 Overview Overview of the company's primary focus on the CK Gold Project and other exploration properties - The company's primary focus is advancing the CK Gold Project in Wyoming, which contains proven and probable mineral reserves184 - Other properties, Keystone in Nevada and Challis Gold in Idaho, are in the exploration stage without established mineral reserves184 Corporate Address Details the company's principal executive offices and contact information - The company's current address is 1910 E. Idaho Street, Suite 102-Box 604, Elko, NV 89801, with telephone number (800) 557-4550156185 Employees Information on the company's workforce, including full-time employees and consultants - As of April 30, 2024, the company had 4 full-time employees and no part-time employees, supplementing its workforce with consultants for project evaluation, due diligence, corporate governance, and property management167 Our Mineral Properties and Projects Details the company's current and previous mineral properties, including stage, ownership, and permits Summary of Current Mineral Properties Overview of the company's active mineral properties, including their stage and key characteristics Current Mineral Properties Overview | Property | Stage of Property/Mine and mineralization types | Ownership, Mineral Rights, Leases or Options | Key permit conditions | Processing plants and other available facilities | Other | | :------- | :-------------------------------------------- | :------------------------------------------- | :-------------------- | :--------------------------------------- | :---- | | CK Gold Project, Wyoming | Development stage, proposed open-pit mine producing a copper concentrate containing gold, copper and silver from porphyry-style mineralization. | 100% ownership - Two state of Wyoming Mineral Leases covering approximately 1,120 acres in Laramie County, Wyoming. State of Wyoming has certain royalty interests on mineral production. | Exploration permits received. Submitted applications to the Wyoming Division of Environmental Quality (the "WDEQ") for the permit to mine and industrial siting. The WDEQ – Land Division has accepted the Company's reclamation bond and issued a water discharge permit to the Company. The remaining condition associate with the permit to mine is receipt of the air quality permit. The permit application is with the Air Quality Division of the WDEQ. | Working on detailed engineering studies for feasibility study. | No significant facilities. | | Keystone - Nevada | Gold exploration | 100% ownership - 601 unpatented lode mining claims comprising approximately 20 square miles in Eureka County, Nevada. | Preparing a revised plan of operations for further exploration. | No significant facilities. | No significant facilities. | | Challis - Idaho | Gold exploration | 100% ownership - 77 unpatented lode mining claims in Lemhi County, Idaho covering approximately 1,710 acres. A royalty interest has been granted on the Challis property. | Exploration permits received. Reclamation bonding in place. Additional exploration permits may be necessary for additional exploration. | No significant facilities. | 0.5% NSR subject to NGM exercising their option on the property, with a buy option to reduce the royalty to 0.25% for $800,000. | Summary of Previous Mineral Properties Overview of the company's divested mineral properties and their associated royalty potential Previous Mineral Properties Overview | Property | Stage of Property/Mine and mineralization types | Ownership, Mineral Rights, Leases or Options | Key permit conditions | Processing plants and other available facilities | Other | | :------- | :-------------------------------------------- | :------------------------------------------- | :-------------------- | :--------------------------------------- | :---- | | Maggie Creek - Nevada | Gold exploration | We sold our rights to acquire the property to Nevada Gold Mines ("NGM") in November 2022. Royalty potential of 0.5% if NGM acquires the Maggie Creek property. | Previous exploration permit and reclamation bond have been transferred to NGM. | No significant facilities. | Drilled two exploration holes in the fiscal year | CK Gold Project, Wyoming The CK Gold Project in Wyoming is a development-stage property with proven and probable reserves and permitting progress - The CK Gold Project is located in southeastern Wyoming, approximately 20 miles west of Cheyenne, within the historic Silver Crown Mining District193192 - The project consists of two State of Wyoming mineral leases covering approximately two square miles, with mineral rights owned by the State of Wyoming193211 - The company received an Industrial Siting Permit (ISP) in June 2023 and approval for its Mine Operating Permit and Closure Plan (MOP) in May 2024, with two of three conditions met (reclamation bond and water discharge permit); the air quality permit is expected in calendar year 2024199215216228321 - A Water Development and Purchase Agreement was entered into with the City of Cheyenne's Board of Public Utilities in February 2023 to secure a firm water supply197 - The project's prefeasibility study (PFS) highlights a 10-year mine life at 20,000 short tons per day, with average annual gold equivalent production of 108,500 ounces and an initial capital cost of $221 million226[