U.S. Gold Corp. reported that it has submitted an application for a Permit to Mine and the Mine Reclamation Plan to the Wyoming Department of Environmental Quality ("WDEQ") for its proposed CK Gold Project (the "Project"), 20-miles west of Cheyenne. The application and fees were delivered to the WDEQ office on September 9, 2022, and the initial electronic data transfer of the information supporting the application was provided on Tuesday, September 13, 2022, through access to a data site.

CK Gold Project Permitting: The proposed Project has reached an advanced state of engineering, following the publication of the: Prefeasibility Study on December 1, 2021 (the "PFS"), which supports permit submissions. The key permit application is the Permit to Mine and Mine Reclamation Plan, both of which are now available for the WDEQ to start reviewing. Initially, the WDEQ will conduct a completeness review and provide the Company with any deficiencies in content.

Thereafter, the technical review process will start, addressing comments and questions that the department might have, which includes commentary that might come from other governmental agencies and the public. The Company, as applicant, may need additional time to respond to questions or provide clarification requested as part of the review. Hence, there is no definitive time as to when a decision will be made with respect to the outcome of the application.

While the Permit to Mine is a key part of the application process, it is by no means the only step. However, the Company understands that this permit has the longest lead-time and other permits can be obtained in a shorter period. Several other permit applications are either in-hand or in process, including applications with the State Engineer's Office for small impoundments for sediment and runoff capture, and wells.

For projects where the capital investment exceeds $253.8 million, approval is required by the Industrial Siting Division ("ISD"), a department within the WDEQ. While the PFS identified an initial capital investment of $221 million for the Project, capital expenditure contemplating the whole buildout of the facilities beyond initial capital expenditures, and other offsite facilities borne by third parties, as a consequence of the Project, puts the capital investment near to or above the threshold for a public hearing under ISD guidelines. As a consequence, the Company intends to submit an Industrial Siting Permit application in February 2023.

Through this process, more specific information related to noise, traffic and social impacts of the areas affected by the proposed Project will be considered. The ISD mechanism in Wyoming is designed to help communities accommodate the impact of investments by providing state funds to assist affected communities with things like emergency services, housing, and infrastructure costs to accommodate the investment.