Interview with Luke Norman, Executive Chairman of US Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/us-gold-corp-nasdaqusau-14b-npv-at-spot-fully-permitted-major-upside-9904

Recording date: 29th June 2026

U.S. Gold Corp (NASDAQ:USAU) presents a case that is relatively uncommon in the junior mining sector: a fully permitted, feasibility study-backed gold-copper project with a share structure that limits near-term dilution risk. The company's CK Gold Project, located roughly 20 miles from Cheyenne, Wyoming, benefits from established infrastructure including road, rail, and power that Executive Chairman Luke Norman argues meaningfully reduces both construction cost and timeline risk relative to more remote developments.

The project's permitting status is central to the investment case. Wyoming's state-level permitting framework includes a defined objection window that closes once permits are issued, reducing the risk of legal challenges arising mid-construction which is a risk that has affected other North American projects situated on federal land or in jurisdictions with less defined objection timelines. Norman has described CK Gold as one of very few hard-rock mining developments to achieve full permitting in Wyoming in close to a century.

On economics, the definitive feasibility study uses a base-case gold price of $3,250 per ounce, below the consensus estimate of roughly $3,800 per ounce cited at the time of the interview, and still produces an after-tax net present value of approximately $630 million, alongside an internal rate of return just under 30%. Copper, which contributes around 30% of the project's economics, was modelled using a price assumption that has since been exceeded by the market, suggesting the study may understate current project value.

Central to management's undervaluation argument is the company's share count. With approximately 16.5 million shares outstanding which is low relative to typical junior developers, the resulting market capitalisation of roughly $260 million appears modest set against the feasibility study's NPV. Norman has attributed part of this gap to the company's Nasdaq listing, suggesting that comparable projects may be priced differently on Canadian exchanges where specialist mining investors are more concentrated.

Beyond the current reserve, management points to several sources of unquantified upside: approximately 80% of drill holes extending past the existing reserve boundary showed continued mineralisation, gold remains recoverable from tailings material, and waste rock carries commercial resale value comparable to that of a neighbouring quarry operator. None of these factors is currently reflected in the feasibility study's economics.

The company's financing strategy also differs from many peers. Rather than raising further equity, management has expressed a preference for debt-heavy project financing, citing the project's relatively short payback period as support for this approach as a structural distinction from junior developers whose valuations are often discounted by anticipated shareholder dilution.

For investors, the opportunity rests on several dependencies: successful and timely project financing, continued permitting stability, and commodity prices holding near or above the levels used in the feasibility study. As with any development-stage mining investment, prospective investors should review the company's public filings and feasibility study documentation directly, and weigh these factors against their own risk tolerance before making investment decisions.

View U.S. Gold's company profile: https://www.cruxinvestor.com/companies/us-gold-corp