U.S. Gold Corp. announced that it has completed the prefeasibility study (PFS) for the Company's CK Gold Project and has published its SK-1300 Technical Report Summary. Prefeasibility Study Highlights: Mineral Resources ? 1.58 million gold equivalent (AuEq) ounces of Measured and Indicated (M+I) Resources: An additional 0.357 million AuEq ounces of inferred resource; M+I includes: Gold - 1.110 million ounces and Copper - 280 million lbs. Mineral Reserves ? 1.44 million AuEq ounces of Proven and Probable (P1 and P2) Reserves: P1 and P2 includes: Gold - 1.010 million ounces and Copper - 248 million lbs. 10-year Mine Life at 20,000 short tons per day process rate: Average AuEq production: 108,500 ounces per year; First 3-years: 135,300 AuEq ounces per year. Initial Capital: $221 million: Potential attractive financing terms from equipment suppliers and development capital sources; 2-year Payback; Robust Economics ? 39.4% IRR before tax and 33.7% IRR after tax; NPV (5%): $323 million and $266 million, before and after tax, respectively; All in Sustaining Cost (AISC) at $800 per AuEq ounce; Assumes $1,625/ounce gold price and $3.25/lb copper price; Highly leveraged to increasing metals prices. Upside Potential: Aggregate sales from mine waste rock, proven to be excellent quality; FS level value engineering and plant optimization; Ongoing metallurgical testing to enhance recovery of gold and copper; Resource expansion potential at depth and to the south-east; Permitting and Development; Project footprint under the jurisdiction of Wyoming agencies; Potential to submit mine permit in 2022 and receive approval in 2023. Development Plan Progress Highlights: 2021 Field Season ? a successful field season concluded November 2021: Detailed geotechnical and hydrological data to finalize Feasibility Study (FS); Environmental monitoring and test wells in place; Site geotechnical test pits (121), drill holes (12), and seismic lines complete. Ongoing Test-Work ? geochemical, metallurgical for completion in First Quarter 2022. Interviewing FS and EPCM engineering firm candidates, with RFPs to be submitted; Target to complete a Feasibility Study in 2022; Engaging with major process equipment OEMs to establish lead times. Continued Social and Wyoming Government Outreach: Over 45 separate meetings held with over 150 individuals, officials and citizens; Completed second informational meeting with immediate neighbors. Property Summary and Ownership: Gustavson Associates, LLC (Gustavson) was commissioned by U.S. Gold to prepare a Preliminary Feasibility Study (PFS) for the CK Gold Project (the Project). The effective date of their report is November 15, 2021. The CK Gold Project is located in Laramie County, Wyoming, in the southeastern portion of the state, approximately 20 miles west of Cheyenne. It is centered in the north half of Section 36, T14N, R70W. The property encompasses approximately 1,120 acres of mineral leases on Section 36, south half Section 25 and northeast quarter Section 35. Additionally, to accommodate the mine footprint for facilities, primarily the tailings storage facility, which cannot be accommodated on State Section 36, an option agreement for a further 712 acres on portions of Section 25 and Section 31 has been secured with the private landowner. Unless otherwise specified, all units are imperial and in U.S. dollars Mineral Resource Statement: Mark C. Shutty, CPG and Christopher Emanuel, SME-RM are the Qualified Persons responsible for the mineral resource estimation in Leapfrog and Vulcan software, relying on the geologic database accumulated over the project life. In the QPs opinion, the resources presented reasonably represent the in-situ resources for the CK Gold Project using all available data as of the effective date. Mineral Resources are reported at a gold equivalent grade (AuEq) cutoff grade, which considers metal recovery and pricing. Cutoff grade varies with expected recovery for delineated material types, but averages 0.009 ounces per short ton (oz/st) AuEq, equivalent to 0.31 grams per metric tonne (g/t) AuEq. The resource is constrained inside an optimization pit shell which, combined with the cutoff grade, represents reasonable prospects for economic extraction.