U.S. Gold Corp. released an updated feasibility study for its CK Gold Project in southeast Wyoming, with the study’s effective date March 30 2026.
The new study presents an after‑tax internal rate of return of 27 % under base‑case metal prices and 45 % under recent spot prices, a net present value of $632 million at base case and $1.30 billion at spot, a total initial capital cost of $394 million, an 11‑year operating mine life, and a 30‑MW power supply secured from Cheyenne Light, Fuel and Power.
These figures reflect updated engineering, higher metal price assumptions, and expanded resource estimates that extend the mine life and improve cash‑flow timing, while the inclusion of contingency and pre‑production owner costs accounts for the higher capital cost relative to the earlier preliminary feasibility study.
CEO George Bee highlighted that the study is the culmination of five years of work, positioning CK as one of the most compelling, resilient, and capital‑efficient copper‑gold‑silver projects in the U.S. He noted the low‑risk, phased development, rapid 2.5‑year payback, strong early free‑cash‑flow profile, modest capex, and reasonable NPV‑to‑capex ratio, and emphasized that having permits in hand allows the company to focus on financing and execution, distinguishing it from earlier‑stage exploration peers.
The feasibility study moves CK from development to construction, supports financing, and could accelerate mine construction, with first gold production targeted for 2027‑2028. Inclusion in the VanEck Junior Gold Miners ETF on March 20 2026 improves liquidity, and a $31.2 million private placement closed December 23 2025 provides additional capital.
Wyoming’s permitting framework, proximity to Cheyenne infrastructure, the 30‑MW power contract, and proven reserves of 1.672 million gold‑equivalent ounces give the project a strong operational foundation. Environmental measures such as liners for tailings and reclamation bonds address potential acid‑rock drainage, while the polymetallic nature of the ore body offers revenue diversification.
The release represents a significant milestone that de‑risks the CK Gold Project and positions U.S. Gold Corp. for near‑term production and cash‑flow generation.
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