U.S. Gold Corp. reported its financial results for the three months ended July 31, 2024, revealing a net loss of approximately $4.3 million, an increase from a net loss of $2.9 million during the same period in 2023. The loss per share for the current quarter was $(0.40), compared to $(0.31) in the prior year. The company did not generate any revenue in either period.

Total operating expenses for the quarter decreased to approximately $2.6 million from $2.9 million in the previous year, primarily due to reductions in compensation and exploration expenses. Notably, compensation and related taxes for general and administrative purposes fell to $240,059 from $412,839, reflecting a decrease in stock-based compensation. However, general and administrative expenses increased by $658,000, largely attributed to a rise in advertising expenses.

The company’s cash position declined significantly, with cash at the end of the reporting period at approximately $3.4 million, down from $5.6 million at the end of April 2024. Total current assets also decreased to $4.1 million from $6.5 million, while total assets fell to $20.1 million from $22.6 million. The accumulated deficit increased to approximately $77.2 million as of July 31, 2024.

U.S. Gold Corp. experienced a rise in total liabilities, which increased to $7.0 million from $5.1 million, driven by an increase in warrant liabilities from $3.9 million to $5.7 million. The company’s total stockholders’ equity decreased to $13.2 million from $17.5 million.

The company continues to focus on its gold and precious metals exploration projects, including the CK Gold Project in Wyoming, which has proven and probable mineral reserves. In May 2024, U.S. Gold Corp. received approval for the surface gold mine permit from the Wyoming Department of Environmental Quality, with ongoing efforts to secure the final Air Quality permit.

Despite these developments, there is substantial doubt regarding the company's ability to continue as a going concern over the next twelve months due to insufficient cash to advance its projects beyond current objectives. The company has relied on equity financings as its primary source of operating funds since inception.