U.S. Gold Corp. Reports Increased Losses and Operating Expenses for Three and Nine Months Ended January 31, 2025

U.S. Gold Corp. reported significant financial results for the three and nine months ended January 31, 2025, reflecting a continued focus on exploration and development activities. The company did not generate any revenue during these periods, consistent with its status as a development-stage entity. Total operating expenses for the three months reached approximately $5.09 million, a substantial increase from $1.28 million in the same period last year. For the nine months, operating expenses totaled about $9.83 million, compared to $5.97 million in the prior year. The net loss for the three months was approximately $6.36 million, compared to a loss of $1.69 million in the same quarter of 2024. For the nine months, the net loss was approximately $12.79 million, up from $4.84 million in the previous year.

The increase in operating expenses was attributed to several factors, including a rise in compensation costs due to stock-based compensation related to restricted stock units (RSUs), deferred stock units (DSUs), and stock options. Exploration costs also increased significantly, reflecting heightened activity at the CK Gold Project in Wyoming. Professional and consulting fees surged, driven by strategic consulting services and increased director fees. General and administrative expenses rose due to higher advertising, insurance, and travel costs.

In terms of strategic developments, U.S. Gold Corp. successfully executed a securities purchase agreement on November 27, 2024, resulting in gross proceeds of approximately $10.2 million from the sale of 1,457,700 shares of common stock and warrants. This transaction closed on December 6, 2024, and is expected to support the company's ongoing exploration and development efforts. The company also received final permit approval for the CK Gold Project, a critical step in advancing its operations.

As of January 31, 2025, U.S. Gold Corp. reported cash of approximately $9.14 million and working capital of about $9.22 million, an increase from $6.07 million in the previous fiscal year. However, the company noted that it would require additional funding to advance its projects beyond current objectives, raising concerns about its ability to continue as a going concern over the next twelve months. The company’s accumulated deficit stood at approximately $85.64 million, reflecting its ongoing investment in exploration activities without generating revenue.

Looking ahead, U.S. Gold Corp. plans to continue its focus on the CK Gold Project and other exploration initiatives. The company is actively seeking to raise additional funds to support its operations and advance its projects. The results of the updated Pre-feasibility Study, released on February 11, 2025, are expected to provide further insights into the potential of the CK Gold Project and guide future strategic decisions.