U.S. Gold Corp. (NASDAQ:USAU) – “CK”-ing to Become Wyoming’s Next Gold Producer

We are initiating coverage on U.S. Gold Corp. (NASDAQ:USAU) with a BUY rating and US$15.00 target price. U.S. Gold is advancing its flagship CK gold project, located in the Silver Crown mining district of SE Wyoming. The project features a recently updated PFS that delineates proven and probable reserves of ~1.44M oz AuEq, which support an open pit operation with attractive economics – including an after-tax NPV5% of ~$266M. In our view, CK is a highly developable mine in a tier-one jurisdiction. Given that U.S. Gold’s primary listing is in the US, we believe it is an under-the-radar story that warrants attention by more investors and could be poised for a potential re-rating as it advances CK towards production.