年報
年度報告
10-K
2026-07-29
美國金公司提交10-K年度報告，CK Gold項目可行性研究顯示稅後NPV達6.32億美元
AI 繁中摘要
U.S. Gold Corp（纳斯达克：USAU）提交截至 2026 年 4 月 30 日止财政年度的 10-K 年度报告。公司为美国黄金、铜及贵金属开发勘探商，主力项目为怀俄明州 CK Gold 项目（已获全部关键采矿许可），并持有内华达州 Keystone 及爱达荷州 Challis 金矿勘探项目。
业绩重点 🔑
- CK Gold 项目于 2026 年 3 月 31 日发布可行性研究（FS）结果：在基准金属价格（金 $3,250/盎司、铜 $4.50/磅、银 $40/盎司）下，税后净现值（NPV5%）为 6.32 亿美元，税后内部回报率（IRR）27%；按近期现货价（金 $4,500、铜 $5.50、银 $70）计算，NPV5% 升至 13 亿美元，IRR 达 45%。
- 初始矿山寿命 11 年，涵盖 160 万盎司黄金当量（AuEq）探明及概略储量。首年爬坡后，第 2 至 8 年平均年销售 10.2 万盎司 AuEq，全周期平均年销售 8.5 万盎司，现金成本 $1,748/盎司 AuEq。
- 初始资本开支 3.94 亿美元（含 4,700 万应急费），维持资本 3,500 万美元。投资回收期约 2.5 年（基准价），税后 NPV 与资本开支比为 1.6。
- 项目已获怀俄明州环境质量局所有关键许可（采矿许可证、工业选址许可、空气许可证、排水许可证），复垦保证金 501 万美元已到位。
财务及营运概况 💼
- 公司目前无收入，仍处开发阶段。截至 2025 年 10 月 31 日，普通股市值约 2.096 亿美元（股价 $15.32）。全职员工 4 人，另聘顾问。
- CK Gold 项目矿权来自两项怀俄明州矿产租约（期限至 2033/2034 年），公司持有 100% 权益，州政府收取 2.1% 净收益权利金。项目毗邻城市、铁路及公路，基础设施完善。
管理层展望与风险 ⚠️
- 公司计划于 2027 财年继续推进 CK Gold 项目融资及建设准备，已获工业选址许可延至 2027 年 6 月，暂停施工等待充足融资证明。
- 主要风险包括金属价格波动、融资可得性、勘探结果不确定性、许可及监管变动、关键人员留任等。公司提醒实际结果可能与前瞻性陈述存在重大差异。
投资者影响 💡
CK Gold 为美国少数完全获许可的大型贵金属项目之一，可行性研究显示强劲经济回报，若成功融资并投产，
展開英文正文
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USAU:Integer UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 30, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-08266 U.S. GOLD CORP (Exact Name of registrant as Specified in its Charter) Nevada 22-1831409 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1910 East Idaho Street, Suite 102-Box 604 Elko, NV 89801 (Address of Principal Executive Offices) (Zip Code) (800) 557-4550 (Registrant’s Telephone Number, including Area Code) SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock, $0.001 par value USAU NASDAQ Capital Market SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. Yes ☐ No ☒ Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations under those Sections. Indicate by check mark whether the registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging Growth Company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒ As of October 31, 2025, the aggregate market value of the voting and non-voting shares of common stock of the registrant issued and outstanding on such date, excluding shares held by affiliates of the registrant as a group, was $209,628,891 This figure is based on the closing sale price of $15.32 per share of the Registrant’s common stock on October 31, 2025. Number of shares of Common Stock outstanding as of July 27, 2026: 16,526,163 DOCUMENTS INCORPORATED BY REFERENCE The information called for by Part III of this Form 10-K is incorporated herein by reference from the registrant’s Definitive Proxy Statement for its 2026 annual meeting of stockholders which the registrant intends to file pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this report. U.S. GOLD CORP INDEX Page Part I Items 1 and 2. Business and Properties 5 Item 1A. Risk Factors 23 Item 1B. Unresolved Staff Comments 31 Item 1C. Cybersecurity 31 Item 3. Legal Proceedings 31 Item 4. Mine Safety Disclosures 31 Part II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32 Item 6. [Reserved] 32 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 35 Item 8. Financial Statements and Supplementary Data 36 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 37 Item 9A. Controls and Procedures 37 Item 9B. Other Information 37 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 37 Part III Item 10. Directors, Executive Officers, and Corporate Governance 38 Item 11. Executive Compensation 38 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 38 Item 13. Certain Relationships and Related Transactions and Director Independence 38 Item 14. Principal Accountant Fees and Services 38 Part IV Item 15. Exhibits and Financial Statement Schedules 38 Item 16. Form 10-K Summary 41 Signatures 42 2 FORWARD-LOOKING STATEMENTS Some information contained in or incorporated by reference into this Annual Report on Form 10-K (this “Form 10-K”) may contain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements concern our anticipated results and developments in our operations in future periods, planned exploration and development of our properties, plans related to our business and other matters that may occur in the future. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. These statements include, but are not limited to, comments regarding: ● The timing, process, and outcome of permitting, construction, and development activities at the CK Gold Project; ● The assumptions and projections contained in our CK Gold Project feasibility study, including estimated mineral resources and mineral reserves, mine life, projected operating and capital costs, projected production, internal rate of return (“IRR”) and Net Present Value (“NPV”) calculations, and the possibility of upside potential at the project; ● The planned extensions of our leases; ● Our planned expenditures during our fiscal year ending April 30, 2027; ● Future exploration plans and expectations related to our properties; ● Our ability to fund our business through April 30, 2027, with our current cash reserves based on our currently planned activities; ● Our anticipation of future environmental and regulatory impacts; and ● Our business and operating strategies. We use the words “anticipate,” “continue,” “likely,” “estimate,” “expect,” “may,” “could,” “will,” “project,” “should,” “believe” and similar expressions (including negative and grammatical variations) to identify forward-looking statements. Statements that contain these words discuss our future expectations and plans, or state other forward-looking information. Although we believe the expectations and assumptions reflected in those forward-looking statements are reasonable, we cannot assure you that these expectations and assumptions will prove to be correct. Our actual results could differ materially from those expressed or implied in these forward-looking statements as a result of various factors described in this Form 10-K, including: ● Unfavorable results from our exploration activities; ● Decreases in gold, copper or silver prices; ● Whether we are able to access the necessary capital required to continue our business on terms acceptable to us or at all, and the likely negative effect of volatility in metals prices or unfavorable exploration results; ● Whether we will be able to begin to mine and sell minerals successfully or profitably at any of our current properties at current or future metals prices; ● Potential delays in our exploration activities or other activities to advance properties towards mining resulting from environmental consents or permitting delays or problems, accidents, problems with contractors, disputes under agreements related to exploration properties, unanticipated costs and other unexpected events; ● Our ability to retain key management and mining personnel necessary to successfully operate and grow our business; ● Economic and political events affecting the market prices for gold, copper, silver, and other minerals that may be found on our exploration properties; ● Volatility in the market price of our common stock; and ● The factors set forth under “Risk Factors” in Item 1A of this Form 10-K. Many of these factors are beyond our ability to control or predict. Although we believe that the expectations reflected in our forward-looking statements are based on reasonable assumptions, such statements can only be based on facts and factors currently known to us. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. These statements speak only as of the date of this Form 10-K. Except as required by law, we are not obligated to publicly release any revisions to these forward-looking statements to reflect future events or developments. All subsequent written and oral forward-looking statements attributable to us and persons acting on our behalf are qualified in their entirety by the cautionary statements contained in this section and elsewhere in this Form 10-K. 3 ADDITIONAL INFORMATION Descriptions of agreements or other documents contained in this Form 10-K are intended as summaries and are not necessarily complete. Please refer to the agreements or other documents filed or incorporated herein by reference as exhibits. Please see the exhibit index at the end of this report for a complete list of those exhibits. 4 PART I Items 1 and 2. BUSINESS AND PROPERTIES Overview U.S. Gold Corp., formerly known as Dataram Corporation (the “Company,” “we,” “our,” or “us”), was re-incorporated under the laws of the State of Nevada in 2016 and was originally incorporated in the State of New Jersey in 1967. Effective June 26, 2017, the Company changed its legal name to U.S. Gold Corp. from Dataram Corporation. On May 23, 2017, the Company merged with Gold King Corp. (“Gold King”), in a transaction treated as a reverse acquisition and recapitalization, and the business of Gold King became the business of the Company. We are a gold, copper and precious metals development and exploration company pursuing exploration opportunities primarily in Wyoming, Nevada and Idaho. While we are an exploration and development company that owns certain mining leases and other mineral rights comprising the CK Gold Project in Wyoming, the Keystone Project in Nevada and the Challis Gold Project in Idaho, most of our recent activity has focused on moving the CK Gold Project along the development pathway. The Company’s CK Gold Project’s property contains proven and probable mineral reserves and accordingly is classified as a development stage property, as defined in subpart 1300 of Regulation S-K (“S-K 1300”) promulgated by the Securities and Exchange Commission (the “SEC”). None of the Company’s other properties contain proven and probable mineral reserves and all activities are exploratory in nature. We do not currently have any revenue-producing activities. Corporate Organization Chart The name and jurisdiction of incorporation, continuance, or organization for each of our subsidiaries as of July 27, 2026, is set out below. We own or control all of the outstanding equity interests in each of these subsidiaries, either directly or indirectly. 5 Corporate Address The current address and telephone number of our offices are: U.S. Gold Corp. 1910 E. Idaho Street, Suite 102-Box 604 Elko, NV 89801 (800) 557-4550 We make available, free of charge, on or through our website, at https://www.usgoldcorp.com, our Form 10-K, our Quarterly Reports on Form 10-Q and our Current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the U.S. Securities Exchange Act of 1934, as amended (“Exchange Act”), and other information. Our website and the information contained therein or connected thereto are not intended to be, and are not, incorporated into this Form 10-K. The SEC maintains an Internet website (http://www.sec.gov) that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC. Employees As of April 30, 2026, we had 4 full-time employees and no part-time employees. In addition, we use consultants with specific skills to assist with various aspects of our project evaluation, due diligence, corporate governance and property management. OUR MINERAL PROPERTIES AND PROJECTS Property Map For a map showing the more precise location of each property, see the individual property descriptions set forth below. 6 Summary of Current Mineral Properties 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/development permits received. Submitted applications to the Wyoming Division of Environmental Quality (the “WDEQ”) for the permit to mine and industrial siting. (granted). The WDEQ – Land Division has accepted the Company’s reclamation bond and issued a water discharge permit to the Company. The WDEQ – Air Quality Division has issued an air quality permit to the Company. All key permitting conditions were met in November 2024. No significant facilities. Keystone -Nevada Gold exploration 100% ownership - 601 unpatented lode mining claims comprising approximately 20 square miles in Eureka County, Nevada. Exploration permits received. Reclamation bonding in place. Additional exploration permits may be necessary for additional exploration. 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. Plan of operations for further exploration has been approved. No significant facilities. Maggie Creek -Nevada Gold exploration Having sold the project to Nevada Gold Mines Inc., we retain a potential Royalty position. 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. No significant facilities. 7 Summary of Previous Mineral Properties 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 exercises its option and 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 ended April 30, 2022. Quality Assurance/Quality Control (“QA/QC”) Protocol We employ a rigorous QA/QC protocol on all aspects of sampling and analytical procedure. Drill core is checked, logged, marked for sampling and sawn in half. One-half of each drill core is maintained for future reference and the other half of each drill core is sent to ALS, an ISO 17025 accredited laboratory in Elko, Nevada to complete all sample preparation and assaying. Samples are analyzed by employing fire assaying with atomic absorption finish for gold, and four-acid ICP-MS analysis for silver and copper. For QA/QC protocol purposes, certified standards, blank samples and sample duplicates are inserted into the sample stream. We also periodically submit sample pulps to another independent laboratory for check analysis. With respect to the CK Gold Project, and as part of the examination and preparation of a Technical Report under Reg. S-K 1300 guidelines, QA/QC protocols have been independently checked. We retain core remnants, duplicates, pulps and rejects in one of several secured facilities. CK Gold Project, Wyoming The CK Gold Project consists of certain mining leases and other mineral rights located in the historic Silver Crown Mining District of southeast Wyoming. Location and Access The CK Gold Project is located in southeastern Wyoming, approximately 20 miles west of the city of Cheyenne, on the southeastern margin of the Laramie Range (Figure 1). The property covers about two square miles that include the S½ Section 25, NE¼ Section 35, and all of Section 36, T.14N., R.70W., Sixth Principal Meridian. Access to within an approximate 4.0 miles of the property is provided by public paved and maintained gravel roads. An agreement with the private landowner (The Ferguson Ranch Inc. (“Ferguson Ranch”)) provides access for the remaining distance to the main project area. This agreement provides for access over portions of Sections 25, 28, 31 and 32 in T.14N, R.69W. The surface of Section 36 is owned by the State of Wyoming and is currently leased to an adjacent landowner for grazing. Currently, the surface of Section 36 is leased for grazing by the Ferguson Ranch and part of the option to lease the lands necessary for project development and operation is compensation to the Ferguson Ranch for loss of grazing, as and when areas are impacted. The project is entirely located on mineral rights owned and administered by the State of Wyoming. There are no federal lands within or adjoining the CK Gold Project’s land position. Curt Gowdy State Park lies northwest of the property, partially within Section 26. The state park’s southeastern boundary is approximately 1,000 feet northwest of the property and approximately 3,000 feet northwest of the mineralized area. The CK Gold Project’s property position consists of two State of Wyoming Metallic and Non- metallic Rocks and Minerals Mining Leases. Through Gold King, the project has acquired three ~35-acre parcels immediately adjacent to Section 36 in Section 35, on the western boundary of the project area, and entered into another contract to purchase an additional 204-acre property nearby the mine site. Closing on the purchase of this additional tract of land is scheduled for September 2026. The total 309-acre landholding provides a buffer to other occupied and unoccupied parcels to the west of the project area. Additionally, a 10-acre land position at the Round Top Industrial Park, located to the west of Cheyenne, was acquired as part of the Company’s plans to establish a parking area and bus assembly point for transportation of employees and contractors to site, as well as to minimize mine-related traffic on county roads. 8 Figure 1 – CK Gold Project Location and Project Boundary Rights to the CK Gold Project Our rights to the CK Gold Project arise under two State of Wyoming mineral leases: 1) State of Wyoming Mining Lease No. 0-40828 Township 14 North, Range 70 West, 6th P.M., Laramie County, Wyoming: Section 36: All 2) State of Wyoming Mining Lease No. 0-40858 Township 14 North, Range 70 West, 6th P.M., Laramie County, Wyoming: Section 25: S/2 Section 35: NE/4 Ownership of the mineral rights remains in the possession of the State of Wyoming as conveyed to the State by the United States, evidenced by 1942 patents for Section 36, and 1989 Order confirming title to Section 25 and 35. The State of Wyoming issued Mineral Leases for the mineral rights to Wyoming Gold Mining Company, Inc. (“Wyoming Gold”) in 2013 and 2014. These leases were assigned to us on June 23, 2014. 9 Lease 0-40828 is a ten-year lease that was renewed in 2023 and expires on February 1, 2033. Annual rental payments under this lease are $3.00 per acre. Lease 0-40858 is a ten-year lease that was renewed in 2024 and expires on February 1, 2034. Annual rental payments under this lease are $3.00 per acre. Each lease is renewable for successive ten-year terms by submitting a renewal application fee and paying a nominal fee of $50. We anticipate continuing to renew each lease beyond their current expiration dates. Effective April 6, 2023, the State Board of Land Commissioners of the Office of State Lands and Investments (“OSLI”) approved the recommendation from the staff of the OSLI fixing the production royalty rate at a flat 2.1% of net receipts received by us once the project is in operation. Additionally, once the project is in operation, the State Board of Land Commissioners of the OSLI has the authority to reduce the royalty payable to the State. Additionally, original lease restrictions limiting operations on the lease areas, deemed critical mule deer habitat, were lifted by OSLI after the company came to an arrangement with The Wyoming Department of Game and Fish (“Game and Fish”) to make a compensatory payment to Game and Fish to support habitat and conservation measures. The agreed amount to be paid by the Company to Game and Fish once development and operational impact occur amounts to $300,000. Infrastructure Given the project’s proximity to Cheyenne, the state capital of Wyoming and the Front Range metropolitan area, personnel needs, delivery of consumables, and infrastructure needs are available both locally and regionally. The area has access to both BNSF and Union Pacific railroad lines, intersection of 2 major interstate highways, I-80 and I-25, and a regional airport. High voltage powerlines are approximately 2.4 km (1.5 mi) from the current project area. A connection to the local power provider and easement for transmission lines has been identified and scoped. While there is a nearby line serving the local population, we anticipate that a new line to the project site, catering to approximately a 30-Megawatt load will be constructed and talks have been conducted with the local power provider (Black Hills Energy, or “BHE”), the designated provider for the area. Indicative rates including the installation of approximately 16-miles of line from a nearby sub-station have been received and incorporated into project engineering studies. Capital construction costs will be recouped by BHE through demand charges during mining. In February 2023, we entered into a Water Development and Purchase Agreement (“Water Agreement”) with the Board of Public Utilities (the “BOPU”) of the City of Cheyenne. Under this Water Agreement, BOPU will provide a firm supply of up to 600 gallons per minute for the life of the project. It was anticipated that the water to be supplied under this Water Agreement will come from the Lone Tree well field owned by BOPU. In November 2025, our Water Development and Purchase Agreement (“Water Agreement”) with the Board of Public Utilities (the “BOPU”) was amended such that the water supply will be from an infiltration gallery situated in the Crystal Reservoir approximately 1-mile to the north of the project plant site. A connecting pipeline has been engineered, right-of-way terms negotiated, and the change approved by the Cheyenne City Council. The supply and yield analysis by the State Engineers office for this water source was approved in June 2026. Minor water sources have been identified and developed around the project site from monitoring well locations and strategic sites to facilitate construction, and additional deeper well sites drilled and developed with a view to securing an independent water supply in the event of curtailment or supply interruption from the BOPU source. Permitting Mine Operating Permit and Closure Plan (“MOP”) In September 2022, we filed our mine operation and reclamation plan (“MOP”) with the WDEQ – Land Division (the “WDEQ”). In November 2022, we received notification from WDEQ that our MOP was deemed complete and that it was under technical review. In April 2023, we received a first round of technical comments and worked with the WDEQ to fully respond to their initial review. In May 2024, WDEQ issued us a letter of approval for the MOP. Per WDEQ’s letter of approval, there were three conditions to the MOP: (1) acceptance of a reclamation bond in the amount of $5,010,000; (2) receipt of a water discharge permit from WDEQ; and (3) receipt of the WDEQ Air Quality Division permit. The Company has now satisfied all three conditions. Specifically, the reclamation bond was accepted, the water discharge permit was obtained, and the WDEQ Air Quality Permit was received in November 2024. Annual updates have been submitted along with an approved, insignificant boundary modification, and the permit is in good standing. Industrial Siting Permit (“ISP”) In February 2023, we submitted our ISP application with the Industrial Siting Division of the WDEQ. An ISP is required for all projects within the state of Wyoming when the projected capital costs are anticipated to exceed $253.9 mil