The feasibility study de-risks the CK Gold Project and demonstrates strong economics. Watch for financing announcements, off-take agreements, and construction start as the next catalysts. The project's NPV exceeds current market cap by >2x, suggesting substantial upside if execution follows plan.
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Executive Summary
U.S. Gold Corp. released a feasibility study for its CK Gold Project (Wyoming), reporting an after-tax NPV5% of $632M, 27% IRR, and 2.5-year payback on base-case metal prices of $3,250/oz Au, $4.50/lb Cu, and $40/oz Ag. The study outlines 74.5 Mst of Proven+Probable reserves at 0.014 oz/st Au and 0.174% Cu, with LOM average recoveries of 71.5% Au and 80.6% Cu. Initial capex is $394M (excl. pre-production costs) and total LOM capital is $484M, including $27M closure costs.
Key Facts
- After-tax NPV5% of $632M and IRR of 27% with 2.5-year payback
- Total Initial Capital of $394M (plus $28M pre-production owners costs) and total LOM capital of $484M
- Proven+Probable reserves: 74.5 Mst grading 0.014 oz/st Au, 0.174% Cu, 0.041 oz/st Ag (1,015 koz Au, 260 Mlbs Cu, 3,032 koz Ag)
- LOM average recoveries: 71.5% Au, 80.6% Cu, 68.7% Ag
- Mine life of 11 years (8.5 years mining + 2.5 years stockpile processing) at 20,000 st/day
- Total cash cost (net of by-product) $1,007/oz Au, AISC (net of by-product) $1,094/oz Au
- All major state permits obtained (MOP, AQP, ISP); federal permits not required
- Feasibility study prepared by Micon International in accordance with S-K 1300
Financial Impact
After-tax NPV5% of $632M vs. $280M market cap; initial capex of $394M; LOM net free cash flow of $967M
Risk Factors
- Financing risk for $394M initial capex
- Metal price sensitivity: at $2,000/oz Au, after-tax NPV drops to $98M and IRR to 8.5%
- Construction and commissioning execution risk
- Concentrate off-take agreements not yet finalized
- Water supply and additional hydrogeological permits still pending
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-023905 |
| Document: form8-k.htm | 0001493152-26-023905 |
| Document: 0001493152-26-023905-index-headers.html | 0001493152-26-023905 |
| Document: 0001493152-26-023905-index.html | 0001493152-26-023905 |
| Document: 0001493152-26-023905.txt | 0001493152-26-023905 |
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