U.S. Gold Corp. (USAU): Business Model Canvas [Dec-2025 Updated]

You're looking at a development-stage miner, U.S. Gold Corp. (USAU), right at the critical inflection point where technical success meets financial reality. Honestly, their entire business model in late 2025 is a pure development story: de-risking the fully permitted CK Gold Project to secure the $277 million construction capital needed to realize its projected 36% pre-tax Internal Rate of Return (IRR). Still, they are currently funding operations and early work from a lean treasury-reporting a $20.56 million net loss for FY 2025-meaning their current revenue stream is entirely dependent on successful equity raises, so the next financing move is everything. Dive into the Canvas below to see exactly how U.S. Gold Corp. (USAU) is structuring its key partnerships and managing its cost structure to bridge the gap from paper economics to pouring gold.

U.S. Gold Corp. (USAU) - Canvas Business Model: Key Partnerships

You're looking at the core relationships U.S. Gold Corp. has established to move the CK Gold Project from a fully permitted asset toward production. These partnerships are critical for de-risking the engineering, securing power, and setting up future revenue streams.

The company's strategy involves leveraging specialized external expertise for technical validation and infrastructure, which is a smart way to manage capital before securing major project financing.

Here's a breakdown of the key players U.S. Gold Corp. is working with as of late 2025:

Engineering and Feasibility Partners

• - Micon International and Halyard Inc. were contracted to lead the final feasibility engineering and execution plan.
• - This team has a combined track record of over 762 completed projects and more than 1260 technical reports.
• - Their work is central to delivering the Definitive Feasibility Study (DFS) targeted for completion in Q3 2025.

Technology Optimization Partner

• - U.S. Gold Corp. adopted Glencore Technology's Jameson Cell Flotation Equipment for enhanced gold and copper recovery.
• - Independent trade-off studies by Halyard Micon International estimated this technology could improve the project's Net Present Value (5%) by approximately $36 million over the life of the mine compared to conventional flotation.
• - Glencore Technology provided a performance guarantee and offered to hold pricing for unused Jameson Cells through October 2025.

The next step in the timeline involves securing the capital needed for construction, which is planned to start in late 2025 or early 2026.

Local Utility Infrastructure Partner

The power solution is a major de-risking factor, especially since the local utility is absorbing some of the upfront capital burden.

Financing and Off-take Partners

The company is focused on minimizing shareholder dilution by pursuing significant debt financing alongside equity. The final feasibility study completion is expected to trigger financing announcements in Q4 2025, with financing targeted for H1 2026. The FY 2025 net loss was -$20.56 million, showing accelerated spending to advance projects.

• - The company has been receiving interest from debt providers and concentrate buyers.
• - The strong negotiating position is bolstered by the current deficit in clean concentrate supply.
• - The company previously raised $10.2 million in November 2024.

The ability to secure favorable off-take agreements is directly tied to the final project financing package needed for construction commencement.

U.S. Gold Corp. (USAU) - Canvas Business Model: Key Activities

You're looking at the critical path for U.S. Gold Corp. (USAU) right now-it's all about execution on the CK Gold Project to transition from developer to producer. The key activities are tightly focused on engineering completion and securing the necessary funding to break ground.

The primary technical focus is finalizing the Definitive Feasibility Study (DFS) for the CK Gold Project in Wyoming. This final engineering step is anticipated for completion around year-end 2025, with the public release expected in January 2026. This study incorporates process optimizations like the adoption of Jameson Cell flotation technology and a switch to the JORD Viper system for tailings management, aiming for improved recovery and lower energy use compared to the prior Pre-Feasibility Study (PFS) baseline.

The next major financial hurdle is securing the estimated $277 million in construction capital expenditure (Capex) required to build the mine. The company is actively engaging with debt providers and concentrate buyers, with the goal of completing project financing in the first half of 2026.

Still, U.S. Gold Corp. is not waiting for full financing to start physical work. Treasury funds are being deployed to initiate early-stage construction activities, specifically breaking ground on the access road in December 2025. As of July 31, 2025, the company held $11.3 million in cash, which supports this initial mobilization. This early work allows them to stage equipment before the broader build-out scheduled for 2026.

The company maintains a dual focus, balancing the near-term production push with long-term optionality. Key activities include continued systematic exploration at the highly prospective Keystone Project on the Cortez Trend in Nevada, and advancing the strategy for permitting a Plan of Operations to explore the historically prospective Challis Gold Project in Idaho. To be fair, deeper drilling at other properties has been postponed to focus capital on the CK Gold Project advancement.

Crucially, the regulatory risk profile is low, as the company is focused on maintaining full CK Gold Project permits and regulatory compliance. The project is fully permitted, having secured the Mine Operating Permit in April 2024, the Industrial Siting Permit in June 2023, and the Air Quality Permit in November 2024. This asset involves no federal land or federal permits, which simplifies the path to construction.

Here's a quick look at how the economics, based on the February 2025 PFS, compare to the current metal price environment, which is driving the urgency for the final feasibility study:

The company's strategy hinges on this final engineering package to secure the best debt terms for the $277 million build cost. Finance: draft 13-week cash view by Friday.

U.S. Gold Corp. (USAU) - Canvas Business Model: Key Resources

You're analyzing the hard assets U.S. Gold Corp. (USAU) relies on to execute its development strategy, which is a critical step before project financing. These resources are the foundation for transitioning from an explorer to a U.S. producer.

The most significant physical resource is the fully permitted CK Gold Project in Wyoming. This is a rare asset because it has secured all necessary permits as of November 2024, positioning U.S. Gold Corp. as one of the few advanced, permitted development projects in the United States. The project sits on approximately 1,120 acres of mixed private and state-owned land, which helped streamline the permitting process compared to federally-managed lands. Initial development activities are already underway, with access road construction scheduled to begin in December 2025.

The economic viability rests on the mineral reserves and resources at the CK Gold Project. The February 2025 updated Prefeasibility Study (PFS) detailed the following mineral reserves:

This reserve base supports an eight-year mine life with 10 years of processing planned. The total mineral resources, in all categories, are reported as 465,000 oz gold, 153 million lb copper, and 1.6 million oz silver, equating to 957,000 oz AuEq. The project is designed to produce a clean copper-gold concentrate, avoiding typical smelter penalties.

Financial resources are essential for advancing the project to construction, which is targeted for late 2025 or early 2026 following financing in H1 2026. As of January 31, 2025, the company reported cash and working capital of approximately $9.13 million [cite: provided data]. To give you a more current snapshot, the cash on hand was reported as $11.34 Million USD as of July 2025. The company raised $10.2 million in November 2024, with the treasury further strengthened by ongoing warrant exercises.

Strategic land and water rights acquisitions in Wyoming secure the operational footprint. The project benefits from proximity to Cheyenne, Wyoming, offering access to skilled labor, contractors, and transportation infrastructure. Furthermore, the design emphasizes environmental stewardship, including dry-stack tailings to recycle and conserve water resources. The strategy also focuses on mitigating tariff exposure by prioritizing American-sourced materials and equipment.

The experienced management team is a non-tangible but vital resource. President and CEO George Bee has a deep background in mine development and operations, including a 16-year tenure at Barrick Gold Corporation where he served in roles like Senior VP Frontera District and General Manager of Veladero, taking that project from exploration through to production. The team includes technical leadership like Kevin Francis, a "qualified person" under NI 43-101 standards.

Here are some key management credentials:

• - President & CEO George Bee held senior roles at Barrick Gold for 16 years.
• - Mr. Bee was General Manager of Veladero, advancing it from exploration through permitting and into production.
• - The team has experience advancing world-class gold projects across eight countries.
• - The company is listed on NASDAQ, a major U.S. Exchange.

Finance: draft 13-week cash view by Friday to track burn rate against the July 2025 cash balance.

U.S. Gold Corp. (USAU) - Canvas Business Model: Value Propositions

You're looking at a development story that hinges on de-risking a domestic asset. The core value proposition for U.S. Gold Corp. (USAU) centers on its CK Gold Project in Wyoming, which is a fully permitted, advanced-stage gold-copper deposit.

This asset is entirely on state land, meaning it avoids federal permitting hurdles, a significant advantage in the current environment. All major permits, including the Mine Operating Permit, were secured by April 2024, positioning the project as shovel-ready once financing closes. This drastically lowers the timeline to production compared to many peers.

The economics derived from the February 2025 Pre-Feasibility Study (PFS) provide a clear financial picture based on conservative metal prices:

The projected Internal Rate of Return (IRR) from that PFS is a strong 36% pre-tax, which is a key metric for attracting development capital. Also, the projected All-in Sustaining Costs (AISC) are low, estimated at $937/oz when using a gold price of $2,100 per ounce.

The value proposition is also tied directly to commodity price leverage. You get direct exposure to rising gold and copper prices, which, as of late 2025, are testing high resistance levels. The project is designed to produce a copper-gold concentrate that is clean, meaning minimal smelter penalties due to low impurities. This clean concentrate adds another layer of operational value.

Here are the key operational and jurisdictional attributes underpinning the value:

• Domestic production in the safe jurisdiction of Wyoming, USA.
• Fully permitted status, avoiding federal review timelines.
• Expected annual production of approximately 110,000 gold equivalent ounces.
• Mine life projected at 10 years based on current reserves.
• Access to established infrastructure and a commuting workforce near Denver International Airport.

The company is advancing toward a Feasibility Study expected around year-end 2025, which should provide updated financial metrics reflecting the current, higher metal price environment. That next study is the critical catalyst for securing the estimated $277 million in capital expenditure needed to transition to construction.

U.S. Gold Corp. (USAU) - Canvas Business Model: Customer Relationships

The relationship strategy for U.S. Gold Corp. (USAU) centers on high-frequency, high-transparency communication with the investment community to support its transition from an explorer to a near-term developer, particularly given the reliance on external capital for the CK Gold Project.

High-touch, direct engagement with institutional investors and analysts is a core function, evidenced by the current ownership structure and recent market validation events.

• The stock price as of November 28, 2025, was $17.26 / share.
• As of November 28, 2025, the market capitalization stood at US$236m.
• A total of 140 institutional owners and shareholders have filed 13D/G or 13F forms with the SEC.
• Institutional investors held 6.64% of the stock as of the previous two years.
• Insiders hold a 15% stake in the company.
• The company is set to join the Russell 3000® and Russell 2000® Indexes effective June 30, 2025, exposing it to an estimated $10.6 trillion in benchmarked assets.
• The consensus analyst rating is a Moderate Buy.

You see the concentration of major institutional interest below, based on the latest reported holdings:

CEO-led presentations at major industry conferences ensure key management is directly accessible to potential capital partners and analysts.

• CEO George Bee presented at the Mining Forum Americas 2025 Conference on September 16, 2025, at 4:00 PM MT.
• President & CEO George Bee presented at Mines & Money @ Resourcing Tomorrow in London on Tuesday, December 2, 2025, at 14:10 GMT.
• Chairman Luke Norman presented at the Curzio One Wealth Conference 2025 on November 10, 2025, at 9:35 am EST.

Investor relations focused on transparency regarding development milestones and financing risk is critical since the company currently generates $0 in revenue from mining operations.

• The company raised $10.2 million in November 2024.
• The February 2025 Prefeasibility Study used conservative metal prices of $2,100/oz gold and $4.10/lb copper.
• The final Feasibility Study (FS) work was targeted for completion in Q3 2025.
• The stated strategy is to secure significant debt financing to minimize shareholder dilution.
• The company acquired a 10-acre parcel in November 2025 to create a buffer zone.

Direct negotiations with potential off-takers for future concentrate sales are underway to further de-risk the project financing.

• U.S. Gold Corp. is receiving interest from debt providers and concentrate buyers.
• Formalization of aggregate off-take agreements would validate the waste rock commercialization opportunity.

U.S. Gold Corp. (USAU) - Canvas Business Model: Channels

The primary channels U.S. Gold Corp. (USAU) uses to reach investors, regulators, and the public are structured around public market access, mandatory disclosure, direct engagement, and corporate communication.

• - NASDAQ Stock Exchange (USAU) for public equity access.
• - SEC Filings (10-K, 10-Q) for mandatory financial and operational updates.
• - Global mining investment conferences for capital raising and visibility.
• - Corporate website and press releases for project updates.

For public equity access, the trading symbol is USAU on the NASDAQ Capital Market. As of late 2025, the company's market capitalization was reported at $132 million in April 2025, up from $45 million a year prior. The company's CIK number is 0000027093.

Mandatory disclosures flow through the SEC EDGAR system. Recent filings include a [424B3] Prospectus Filed on November 17, 2025, and an amended Quarterly Earnings Report [10-Q/A] on October 10, 2025. The company filed a 10-Q for the period ending January 31, 2025, on March 17, 2025. The company also reported termination of a Sales Agreement with Cantor Fitzgerald & Co. effective October 20, 2025, via an 8-K filed October 10, 2025.

Direct engagement for capital raising and visibility occurs at key industry events. U.S. Gold Corp. announced participation in several late 2025 conferences:

Project updates are disseminated via press releases, supporting the narrative for the CK Gold Project. The project targets 110,000 gold-equivalent ounces per year over a 10-year mine life, with commercial production expected by 2028. The February 2025 prefeasibility study used conservative metal prices of $2,100/oz gold and $4.10/lb copper, projecting an AISC of $940/oz. The company is looking to raise approximately $300 million in capital expenditure through non-equity means, following a successful raise of $10.2 million in November 2024.

The corporate website, https://www.usgoldcorp.com/, serves as the central repository for these updates. The company is focused on minimizing shareholder dilution, aiming for debt financing and concentrate agreements to cover the capital needs.

U.S. Gold Corp. (USAU) - Canvas Business Model: Customer Segments

You're looking at the specific groups U.S. Gold Corp. (USAU) targets to fund its transition from developer to producer, primarily centered around the CK Gold Project.

Institutional Investors and Funds specializing in precious metals and mining.

This segment includes established resource sector investors who have previously supported U.S. Gold Corp. As of December 2024, long-term supporters included Eric Sprott, Terra Capital Natural Resources Fund (Australia), and Phoenix Gold Fund Limited (Kuala Lumpur). Analyst coverage is maintained by firms such as H.C. Wainwright & Co., LLC, and Alliance Global Partners in the United States, alongside Canadian firms like Haywood Securities Inc.. The company's market capitalization as of December 1, 2025, stood at $241.07m.

High-net-worth and accredited investors seeking leveraged exposure to gold/copper.

This group is attracted by the company's tightly held capital structure, which offers leverage to metal prices. As of October 2025, U.S. Gold Corp. had 14.4 million shares of common stock outstanding, alongside approximately 2.4 million warrants and 451,000 options. This structure provided significant upside, as the share price had increased from $4.18 to $10.40 over the year leading up to April 2025. The company previously raised gross proceeds of approximately $10.2 million in a registered direct offering that closed on December 6, 2024.

The project economics, based on the February 2025 Prefeasibility Study (PFS), show a pre-tax Internal Rate of Return (IRR) of 36% using a conservative gold price of $2,100 per ounce. With spot gold testing $4,080 resistance in early November 2025, the actual project returns are significantly enhanced.

Key financial and project metrics relevant to these investors include:

Potential debt providers and strategic partners for project financing.

U.S. Gold Corp. is actively engaging with debt providers, having commenced Capital Expenditure (CAPEX) financing discussions after achieving full project permitting by the end of 2024. The company has received interest from debt providers and is focused on minimizing shareholder dilution during this phase. The target for financing completion is the first half of 2026, following the expected Feasibility Study (FS) release in January 2026. The company is funding initial access road construction out of its current treasury.

Industrial buyers (off-takers) of gold and copper concentrate.

The company plans to produce a copper gold concentrate, which is noted for being very clean with no impurities that typically result in smelter penalties. U.S. Gold Corp. has received interest from concentrate buyers. Formalizing aggregate off-take agreements is viewed as a significant positive development that would validate the waste rock commercialization opportunity. The project's location near Cheyenne, Wyoming, offers exceptional infrastructure advantages, including proximity to Interstate 80.

• The CK Gold Project is fully permitted as of November 2024.
• Development activities, including access road construction, commenced in December 2025 using existing treasury funds.
• The Feasibility Study (FS) is expected in January 2026.
• The project targets a 10-year mine life.

U.S. Gold Corp. (USAU) - Canvas Business Model: Cost Structure

You're looking at U.S. Gold Corp. (USAU) and seeing the cost profile of a company laser-focused on development, not production yet. The biggest chunk of your capital burn is tied up in moving the CK Gold Project from permitted to shovel-ready. This is definitely a capital-intensive development stage, with the initial Capex (capital expenditure) estimated at a hefty $277 million to build out the mine and processing plant.

Because U.S. Gold Corp. isn't selling gold or copper yet, the income statement reflects pure investment in the future asset. For the fiscal year 2025, the company posted a net loss of $20.56 million. This loss is driven by high general and administrative (G&A) and exploration expenses, which is the reality of advancing a major domestic project. To give you a clearer picture of where that cash went in FY 2025, here's a breakdown of the key expense categories:

The SG&A figure of $10.59 million for FY 2025 shows a significant ramp-up, nearly doubling from the $5.79 million reported in FY 2024, which signals increased corporate activity to support the project's advancement. The total operating expenses hit $13.01 million for the year.

You also have ongoing, non-capitalized costs that keep the project moving toward construction, which is the next major milestone. These include:

• Ongoing engineering and consulting fees to finalize the Definitive Feasibility Study (DFS), which was targeted for completion in late 2025.
• Fees associated with the final feasibility study work, which started in May 2025.
• Costs related to maintaining the land position and all necessary permits for the CK Gold Project, which is fully permitted.

The company is actively trying to manage this burn rate by planning to fund the buildout primarily through debt financing, aiming to raise the required $277 million without excessive shareholder dilution. Finance: draft 13-week cash view by Friday.

U.S. Gold Corp. (USAU) - Canvas Business Model: Revenue Streams

You're looking at U.S. Gold Corp. (USAU) right now, and the reality is that as a development-stage miner, the revenue line from operations is exactly where it should be for this phase: zero. For the fiscal year 2025, consensus analyst forecasts show annual revenue of $0.0. The company is still deep in the pre-production phase, which is why you see a reported net loss of $20.56 million for FY 2025. That loss is the cost of getting the CK Gold Project ready to generate its first dollar of sales.

The primary, current stream isn't sales; it's keeping the lights on and funding the path to production. This is capital raising via equity issuance and warrant exercises. Honestly, this financing activity is the lifeblood until the mine is built. You saw them successfully raise $10.2 million in November 2024, which was a key move to fund 2025 milestones. The treasury is also getting a boost from ongoing warrant exercises, which is a cheaper way to raise cash than issuing new stock outright.

Here's a quick look at the recent capital structure reinforcement activities that keep the development moving:

The future revenue story hinges entirely on the CK Gold Project in Wyoming. That asset is fully permitted, which is a huge de-risking factor. The project targets production of 110,000 gold-equivalent ounces annually over a projected 10-year mine life. The company will be selling a copper gold concentrate, which is good because the market currently has a deficit for clean concentrate, meaning U.S. Gold Corp. should avoid smelter penalties for impurities. The economics underpinning this future revenue were based on a February 2025 prefeasibility study using conservative metal prices: $2,100/oz gold and $4.10/lb copper.

To get from here to there-from financing to first pour-requires substantial funding. The estimated capital expenditure (CapEx) needed to build the mine is around $277 million. To manage this, the strategy is shifting to minimize shareholder dilution by pursuing other avenues. You should watch for potential debt financing or streaming/royalty deals to bridge this gap. The company is actively receiving interest from debt providers. Full financing is targeted for the first half of 2026 (H1 2026), following the expected completion of the Final Feasibility Study (FS) in Q3 2025. Development activities have already started in December 2025 with access road construction using existing treasury funds. Commercial production is expected by 2028.

Finance: draft 13-week cash view by Friday.