olivLaw · US equity research
U.S. Gold Corp. USAU
Metal Mining · SIC 1000 · Vertical: Metal Mining (SIC 1000)
U.S. Gold Corp. is a gold and precious metals exploration company that has no revenue and is focused on advancing the CK Gold Project in Wyoming. The company still needs to raise substantial project financing, and the existence of substantial doubt about its ability to continue as a going concern makes that financing decisive in the coming period.
At the close of 04 Nov 2026, U.S. Gold Corp. (USAU) stock was 11.28 USD (+12.24% on the day), with market capitalisation 186.4 m USD, beta 1.07, 52-week range 10.05–22.60 USD. Latest reported quarter (Q1 2027): net income of -4.6 m USD, diluted EPS -0.28 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 41.4
- weak (30–45)
- Bollinger (20, 2)
- 9.39 – 13.94
- in the lower half of the band · %B 0.41 · band width 39.0%
- SMA 50 / 200
- 13.88 / 15.54
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.93 / -0.98
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −21.0% | −1.1% | −19.9 pp | — |
| 3 months | −24.9% | −0.5% | −24.4 pp | — |
| 6 months | −34.5% | +4.4% | −38.9 pp | — |
| Year to date | −41.9% | +12.3% | −54.2 pp | — |
| 1 year | −23.3% | +13.5% | −36.9 pp | −9.4% |
| 3 years | +226.0% | +76.4% | +149.6 pp | +67.8% |
| 5 years | +13.8% | +63.7% | −49.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 31 Jul 2026
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Operating income | -2.1 m | -5.1 m | -3.2 m | -3.6 m | -4.6 m | -5.3 m | -5.5 m | -4.8 m |
| Pre-tax income | -2.1 m | -6.4 m | -7.8 m | -2.1 m | -4.5 m | -5.3 m | -5.4 m | -4.6 m |
| Net income | -2.1 m | -6.4 m | -7.8 m | -2.1 m | -4.5 m | -5.3 m | -5.4 m | -4.6 m |
| Diluted EPS | -0.20 | -0.54 | -0.62 ≈ | -0.15 | -0.31 | -0.35 | -0.33 ≈ | -0.28 |
| Operating cash flow | -1.8 m ≈ | -3.1 m ≈ | -2.7 m | -3.3 m | -3.8 m ≈ | -5.0 m ≈ | -6.1 m | -3.5 m |
| Capex | — | — | 0 | — | — | 804.8 k ≈ | -1.9 m | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | -8.0 m | -5.2 m | -12.4 m | -13.9 m | -7.6 m | -6.9 m | -20.6 m | -17.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -3.80 | -1.92 | -0.90 | -0.74 | -1.80 | -1.15 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | -8.6 m | -12.8 m | -8.9 m | unavailable | -9.9 m | -18.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Apr 2026
- Cash
- unavailable USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 48.8 m USD
- Total assets
- 50.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 51.97x
- ROE
- -57.0%
- ROA
- -45.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating income | -12.4 m | -15.0 m | -9.4 m | -7.3 m | -13.0 m | -19.0 m | SEC (XBRL)· 29 Jul 2026verified |
| Pre-tax income | -12.4 m | -13.9 m | -7.6 m | -6.9 m | -20.6 m | -17.2 m | SEC (XBRL)· 29 Jul 2026verified |
| Net income | -12.4 m | -13.9 m | -7.6 m | -6.9 m | -20.6 m | -17.2 m | SEC (XBRL)· 29 Jul 2026verified |
| Diluted EPS | -3.80 | -1.92 | -0.90 | -0.74 | -1.80 | -1.15 | SEC (XBRL)· 29 Jul 2026verified |
| Weighted average diluted shares | — | 7.3 m | 8.4 m | 9.4 m | 11.4 m | 15.0 m | SEC (XBRL)· 29 Jul 2026verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Current assets | 14.1 m | 9.9 m | 8.4 m | 6.5 m | 8.9 m | 32.2 m | SEC (XBRL)· 29 Jul 2026verified |
| Property, plant & equipment, net | 172.2 k | 349.9 k | 490.9 k | 458.1 k | 431.9 k | 2.3 m | SEC (XBRL)· 29 Jul 2026verified |
| Total assets | 31.3 m | 27.5 m | 24.2 m | 22.6 m | 24.9 m | 50.2 m | SEC (XBRL)· 29 Jul 2026verified |
| Accounts payable | 619.0 k | 1.1 m | 346.7 k | 352.8 k | 636.7 k | 495.1 k | SEC (XBRL)· 29 Jul 2026verified |
| Current liabilities | 619.0 k | 1.1 m | 378.8 k | 452.8 k | 880.0 k | 619.5 k | SEC (XBRL)· 29 Jul 2026verified |
| Total liabilities | 823.7 k | 4.3 m | 5.3 m | 5.1 m | 13.3 m | 1.5 m | SEC (XBRL)· 29 Jul 2026verified |
| Equity | 30.1 m † | 23.2 m † | 18.9 m † | 17.5 m † | 11.6 m † | 48.8 m † | SEC (XBRL)· 29 Jul 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -8.6 m | -12.6 m | -8.7 m | -7.1 m | -9.9 m | -18.2 m | SEC (XBRL)· 29 Jul 2026verified |
| Capex | 43.0 k | 179.0 k | 177.5 k | — | 6.2 k | 3.3 k | SEC (XBRL)· 29 Jul 2026verified |
| Free cash flow | -8.6 m ≈ | -12.8 m ≈ | -8.9 m ≈ | — | -9.9 m ≈ | -18.2 m ≈ | SEC (XBRL)· 29 Jul 2026derived |
| Investing cash flow | 2.5 m | -179.0 k | 2.6 m | — | -6.2 k | -1.9 m | SEC (XBRL)· 29 Jul 2026verified |
| Financing cash flow | 17.0 m | 8.2 m | 4.8 m | 4.8 m | 12.5 m | 42.6 m | SEC (XBRL)· 29 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 186.4 m USD
Key indicators
Coverage and freshness
Score by group
21% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -17.0% | 0 (on a fixed band) | 40% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 37.2x | 100 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -9.9% | 0 (on a fixed band) | 40% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
U.S. GOLD CORP. (USAU). Latest full fiscal year: 2017; data up to 2026-07-31.
Figures computed from the financial statements: YoY growth -30.9%; ROE -55.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 37.2x
What contradicts it
- Revenue CAGR 3Y: -17.0%
- FCF yield: -9.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Metal Mining (SIC 1000) · same industry (4-digit SIC) · compared with 26 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BHPBhp Group Limited | 406.8 bn | 45.2 | 19.5% | 17.6% | −7.9% | +46% / +31% |
| SCCOSouthern Copper Corp | 149.3 bn | 23.0 | 53.2% | 37.3% | +17.4% | +35% / +163% |
| RIORio Tinto PLC | 106.2 bn | 13.9 | 17.0% | 17.3% | +7.4% | +18% / +22% |
| FCXFreeport-McMoRan Inc. | 89.9 bn | 29.2 | 21.8% | 16.2% | +1.8% | +46% / +68% |
| HBMHudbay Minerals Inc. | 8.8 bn | 15.4 | 19.7% | 25.7% | +9.4% | +31% / +388% |
| CLFCleveland-Cliffs Inc. | 7.3 bn | — | -8.5% | -2.4% | −3.0% | −2% / −25% |
| BVNBuenaventura Mining Co Inc | 7.3 bn | 18.1 | 12.6% | 34.9% | +40.1% | +16% / +202% |
| MPMP Materials Corp. | 6.4 bn | — | -4.1% | -19.9% | +10.1% | −42% / +126% |
| EROEro Copper Corp | 3.2 bn | 12.2 | 34.6% | 33.6% | +67.1% | +21% / +150% |
| NEXANexa Resources S.A. | 1.6 bn | 11.9 | 14.6% | 4.4% | +8.5% | +70% / +103% |
| IEIvanhoe Electric Inc. | 1.2 bn | — | -8.4% | -1,138.7% | +11.8% | −46% / −32% |
| USARUSA Rare Earth, Inc. | 1.1 bn | — | -23.6% | -2,159.3% | unavailable | −39% / −20% |
| TMCTMC the metals Co Inc. | 1.0 bn | 4.2 | -1,123.2% | — | unavailable | −67% / +103% |
| USASAmericas Gold And Silver Corporation | 986.9 m | — | -61.6% | -74.1% | +17.7% | −31% / +413% |
| ASMAvino Silver & Gold Mines Ltd. | 769.3 m | 79.0 | 7.0% | 12.2% | +50.8% | −15% / +746% |
| LARLithium Argentina AG | 682.1 m | — | -9.5% | — | +12.9% | −24% / −21% |
| SGMLSigma Lithium Corporation | 626.1 m | — | -67.4% | -45.6% | −27.3% | −50% / −81% |
| GSMFerroglobe PLC | 547.5 m | — | -25.9% | -12.8% | −18.8% | −34% / −49% |
| ALOYRealloys Inc. | 459.5 m | — | -155.8% | -5,144.4% | −5.3% | −5% / +68% |
| THMInternational Tower Hill Mines Ltd | 455.2 m | — | -2.8% | — | unavailable | −10% / +222% |
| LZMLifezone Metals Limited | 336.9 m | — | -16.7% | -1,289.2% | +652.2% | +1% / −60% |
| USAUU.s. Gold Corp. | 186.4 m | — | -55.2% | — | −30.9% | −23% / +226% |
| PZGParamount Gold Nevada Corp. | 83.9 m | — | -46.1% | — | −54.7% | −20% / +146% |
| WWRWestwater Resources, Inc. | 52.5 m | — | -19.1% | — | unavailable | −57% / −33% |
| COPRIdaho Copper Corporation | 25.7 m | — | -187.5% | — | −63.5% | unavailable / unavailable |
1- and 3-year price returns: for USAU from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
U.S. Gold Corp. is a gold and precious metals exploration company that has no revenue and is focused on advancing the CK Gold Project in Wyoming. The company still needs to raise substantial project financing, and the existence of substantial doubt about its ability to continue as a going concern makes that financing decisive in the coming period 1.
SWOT
Strengths
- The CK Gold project has a completed feasibility study, estimated reserves, and all permits needed for construction are reported as secured 1.
- The company has raised capital through private placements, including in December 2025, which shows access to capital markets 1.
- The portfolio includes three properties in Wyoming, Nevada and Idaho, giving a diversified exploration base 1.
Weaknesses
- The company has no revenue and no production history, and its dependence on external financing is high 1.
- There is substantial doubt about the company's ability to continue as a going concern, and its cash resources are not sufficient to finance construction of the project 1.
- Accumulated net losses are considerable, and internal controls and late filings have been flagged as past deficiencies 1.
Opportunities
- Securing financing for the CK Gold project could allow a transition from exploration to production, if market conditions are favourable 1.
- Expanding reserves through the planned drill program at CK Gold could add value to the project 2.
- Developing the Keystone and Challis properties could create additional potential if exploration results are positive 1.
Threats
- If financing is not obtained on acceptable terms, construction could be postponed indefinitely or abandoned 1.
- A decline in metal prices could reduce the economic value of the project and its appeal to financiers 1.
- Expiry of the industrial siting permit or conditions imposed on resuming construction could require the company to reapply through a lengthy process 2.
Risks
- Going concernhigh
The company could be unable to continue its operations if it does not obtain additional financing or a strategic transaction 1.
- Financing of the CK Gold projecthigh
The required investment is far larger than current resources, and financing could be highly dilutive or require security over assets 1.
- Industrial siting permitmedium
The CK Gold permit is subject to an expiration deadline, and resuming construction depends on demonstrating financial capacity 2.
- Quality of internal controlsmedium
Earlier late filings could affect investor confidence and access to capital if such problems recur 1.
- Projects still in explorationmedium
No mineral resource estimates exist for Keystone and Challis, and the existence of commercially exploitable quantities is not assured 1.
Investment thesis
What would need to be true (bull case)
- If financing for CK Gold is obtained, the project could become a production operation with significant economic value, supported by a favourable feasibility study 1.
- Permits already obtained reduce part of the regulatory risk that usually affects early-stage mining projects 1.
- Diversification across three properties offers additional growth potential if exploration in Nevada and Idaho produces good results 1.
What would break the thesis
- The lack of revenue and reliance on external financing could dilute existing shareholders if the project is not funded on favourable terms 1.
- The substantial doubt about going concern could force the company to reduce or liquidate its mining interests if it does not secure resources 1.
- Delays in construction or loss of the permit could extend the period without revenue and increase project costs 2.
What to watch
- Announcement of financing for the CK Gold project2027
- Conditions for resuming construction under the industrial siting permitQ1 2027
- Results of the drill program at CK Gold2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
U.S. Gold Corp., formerly Dataram Corporation, is a gold and precious metals exploration and development company with mineral properties in Wyoming, Nevada and Idaho 1. The company has no operating revenue and does not yet produce metals from its properties, remaining in a development stage. Its most advanced property is the CK Gold Project in Wyoming, for which a feasibility study was announced in March 2026 1.
Segments
CK Gold Project (Wyoming)
The most advanced project, with estimated reserves and a completed feasibility study in March 2026. The industrial siting permit has been extended through December 2027, with construction to resume only once the company demonstrates financial capacity 2.
Keystone Project (Nevada)
An exploration-stage property with no current mineral resource or reserve estimate. The company aims to improve its understanding of the deposit, but the existence of commercially exploitable quantities has not been established 1.
Market context
The company operates in precious metals exploration and development, where pre-production projects depend heavily on available capital and on prices of gold, copper and silver. Metal prices influence both the economic value of the project and the conditions under which financing can be raised 1.
The financing market for mining companies, including the cost of credit and conditions in capital markets, can influence the company's ability to secure funds for building the CK Gold project 1.
Trends
- Precious metal pricesmixed
Higher prices for gold, copper and silver could improve financing conditions and the economic value of the project if such levels are sustained 1.
- Credit and financing conditionsheadwind
The cost of borrowing and the availability of capital in the mining sector could limit or delay the financing needed to develop the project, which could affect the construction timeline 1.
- Interest in critical metals projectstailwind
Projects that include copper and silver alongside gold could attract interest from investors and financiers seeking diversification, if feasibility studies confirm economic viability 1.
- Regulation and permitsmixed
Environmental and industrial permits can be extended or renewed, but conditions on resuming construction add uncertainty to the project timeline 2.
Competitive position
The company does not yet produce metals and competes for investment capital and financiers' attention with other exploration and development companies in precious metals. The supplied sources do not explicitly identify the company's direct competitors.
In a sector where development projects compete for the same financing, advancing the feasibility study and obtaining permits can be differentiating factors compared with projects at earlier stages 1.
- Other U.S. gold exploration companies
Exploration and development companies competing for the same investment capital, not identified in the supplied sources.
- Western U.S. mining development projects
Projects at a similar financing stage that compete for the same mining-sector financiers.
- Copper and silver producers
Companies that produce metals associated with the CK Gold project and may compete for the attention of investors interested in base metals.
- Exploration companies with resources in Nevada and Idaho
Companies active in the same regions as the Keystone and Challis properties, not precisely identified in the supplied sources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report15 Oct 2026Shareholder vote
- Quarterly report11 Sept 2026
- Proxy statement27 Aug 2026
- Annual report29 Jul 2026
- Current report22 May 2026Other events
- Current report15 May 2026Regulation FD disclosure · Financial statements and exhibits
- Current report27 Apr 2026Shareholder vote
- Current report03 Apr 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report16 Mar 2026
- Proxy statement10 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2026-04-30 · SEC / U.S. Gold Corp. · 29 Jul 2026
- [2] Form 10-Q, quarter ended 2026-07-31 · SEC / U.S. Gold Corp. · 11 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / U.S. Gold Corp. · 02 Aug 2016
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.