USAU CK Gold project NPV DCF valuation

U.S. Gold Corp. (USAU)
By@hypertonx
Assumptions as of 2026-06-21
USD
Updated Jun 20, 2026
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USAU CK Gold project NPV DCF valuation

Risk-adjusted CK Gold feasibility-study NPV valuation. The model starts with the May 2026 S-K 1300 after-tax NPV5 sensitivity table, adjusts for current copper and silver prices, then applies a development-stage NAV multiple, expected project financing dilution, corporate cash, expected burn, and non-CK optionality.

as of 2026-06-21

Fair value
$21.89
Upside/downside
38.1%
Adjusted CK Gold NPV5
$1.2k
Risked project NAV
$561.0
Future common equity need
$119.0
Post-financing shares
29.8
Current EV / adjusted NPV
18.1%

Corporate

$15.0$M
$25.0$M

Financing

85.0%
55.0%
$10.0$M

Metal prices

$6.33$/lb
$4,160$/oz
$65$/oz

Risking

45.0%

Fair value vs gold and risked NAV multiple

Gold price30.0%40.0%50.0%60.0%70.0%
$3,000 $/oz$10.73$13.29$15.85$18.40$20.96
$3,500 $/oz$12.84$16.10$19.36$22.61$25.87
$4,000 $/oz$14.94$18.90$22.86$26.82$30.79
$4,500 $/oz$17.05$21.71$26.37$31.03$35.70
$5,000 $/oz$19.14$24.50$29.86$35.22$40.59
$5,500 $/oz$21.22$27.27$33.32$39.37$45.43

Fair value vs gold and project debt funding

Gold price35.0%45.0%55.0%65.0%75.0%
$3,000 $/oz$12.03$13.18$14.57$16.28$18.45
$3,500 $/oz$14.64$16.04$17.73$19.81$22.45
$4,000 $/oz$17.25$18.89$20.88$23.34$26.45
$4,500 $/oz$19.86$21.75$24.04$26.87$30.45
$5,000 $/oz$22.46$24.59$27.18$30.38$34.43
$5,500 $/oz$25.03$27.41$30.30$33.86$38.37

Fair value vs gold price

chart renders on interaction

Sources

  1. CK Gold May 2026 feasibility study: after-tax NPV5 of $632M at $3,250/oz gold, $4.50/lb copper, $40/oz silver, 27% IRR, and 11-year operating mine life. — sec.gov (accessed 2026-06-21)
  2. CK Gold feasibility-study metal-price sensitivity table: after-tax NPV5 from -$147M at $1,500/oz gold to $1.774B at $6,000/oz gold. — sec.gov (accessed 2026-06-21)
  3. U.S. Gold January 31, 2026 10-Q: $36.1M cash, $35.4M working capital, no debt, 16.5M shares outstanding, and 4.45M common stock equivalents. — sec.gov (accessed 2026-06-21)
  4. Commodity marks used for default assumptions: gold about $4,160/oz, copper about $6.33/lb, silver about $65/oz. — tradingeconomics.com (accessed 2026-06-21)

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