US Gold Corp (NASDAQ:USAU) – $1.4B NPV at Spot, Fully Permitted, Major Upside
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Luke Norman, Chairman of US Gold Corp, discusses the company's newly released definitive feasibility study for the CK Project in Cheyenne, Wyoming, highlighting a significant after-tax NPV of $635 million and an IRR just below 30% at base gold prices. The project is fully permitted, shovel-ready, and highly leveraged to gold prices—projecting a $1.4 billion NPV at $4,500 gold. Despite a muted market reaction, Norman emphasizes the project's simplicity, conservative CapEx with 17.5% contingency, and strong potential for value creation through recoveries, tailings reprocessing, and monetization of waste rock as high-demand aggregate. He outlines a clear path to FID with competitive financing terms, including indicative term sheets with up to 80% debt, and anticipates major news in 2026 around resource expansion, metallurgical optimization, and strategic partnerships. The project’s low strip ratio, access to cheap power, and proximity to infrastructure further enhance its appeal. Key takeaways include the project’s exceptional leverage to gold prices, the untapped value in tailings and waste rock, the potential for recovery improvements via CIL and non-cyanide technologies, and the strategic advantage of being fully permitted in Wyoming—rare in the mining sector. The company is also poised to expand reserves by reclassifying an additional million ounces, which could nearly double NPV without increasing CapEx. With a focus on execution in 2026, US Gold Corp is positioning itself as a high-conviction, low-risk development play with multiple value drivers and strong investor interest.
The CK Project has a $635M after-tax NPV at base gold prices and a $1.4B NPV at $4,500 gold, showing massive price leverage.
The project is fully permitted in Wyoming with no reversibility risk—rare in North American mining—accelerating project finance and FID timelines.
Over 300,000 ounces of gold are locked in tailings, with potential for 98% recovery using CIL or non-cyanide methods, offering major upside.
Waste rock is a high-demand aggregate with $800M–$1B in situ value, not yet monetized but a key future value driver.
Resource expansion could add a million ounces to reserves, nearly doubling NPV without increasing CapEx.
…and 3 more takeaways available in PodZeus
Introduction and Market Reaction
Luke Norman introduces US Gold Corp and the CK Project, noting the market’s underwhelming reaction to the new feasibility study despite strong results, attributing it to broader geopolitical and liquidity concerns.
Feasibility Study Highlights and Price Sensitivity
“At $4,500 gold, all of a sudden you're dealing with a $1.4 billion NPV, an IRR of just under 50%.”
Tailings and Waste Rock Value Creation
“Just under the reserve alone, there's between $800 million and a billion dollars in situ of that rock sitting on surface for free.”
Project Simplicity, Contingency, and Contracting Strategy
The CK Project is a simple, surface-level open-pit mine with low strip ratio and minimal technical risk. It uses contract mining and subcontractors, reducing capital and operational complexity.
Metallurgy, Recovery, and Technology Optimization
“We've done the metallurgy already... throw a whisper of cyanide at it through CIL and you're in the high, 97, 98% recovery.”
“At $4,500 gold, all of a sudden you're dealing with a $1.4 billion NPV, an IRR of just under 50%.”
“Just under the reserve alone, there's between $800 million and a billion dollars in situ of that rock sitting on surface for free.”
“We've done the metallurgy already... throw a whisper of cyanide at it through CIL and you're in the high, 97, 98% recovery.”
Host
Guest
Luke Norman
person
CK Project
other
US Gold Corp
organization
Definitive Feasibility Study
other
Wyoming
place
CIL
other
Micron
organization
Halliard
organization
Burlington Norman Santa Fe
organization
SK-1300
other
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