U.S. Gold Corp. (NASDAQ: USAU), is pleased to announce that it has closed the previously announced purchase and sale of an aggregate of 1,400,000 shares of our common stock at $3.50 per share in a registered direct offering and, in a concurrent private placement transaction, unregistered warrants to purchase 1,400,000 shares of our common stock at an exercise price of $4.48 per share. The aggregate gross proceeds from the Transactions totaled approximately $4.9 million and closed on April 24, 2024. After the close of the Transactions, the Company’s common shares outstanding is 10,732,277.

The Company did not retain a placement agent in connection with the Transactions.

U.S. Gold intends to use the net proceeds from the Transactions for working capital and other general corporate purposes.

“On behalf of the Company, I would like to personally thank several of our long-term existing shareholders for leading this offering. This capital provides us with ample runway to further develop our CK Gold Project as we ramp up our activities to advance the project,” said Luke Norman, Chairman of U.S. Gold’s Board of Directors. “In the near-term we expect to receive our key Mine Operating Plan and Closure Plan permit and build upon the value propositions unique to this project. Additionally, we continue to hold our promising exploration assets, the Keystone Project in Nevada and the Challis Gold Project in Idaho, which we anticipate advancing in due course.”

About U.S. Gold Corp.

U.S. Gold Corp. is a publicly traded, U.S.-focused gold and copper exploration and development company. U.S. Gold Corp. has a portfolio of exploration properties. Our CK Gold Project is located in Southeast Wyoming and has a Preliminary Feasibility Study technical report, which was completed by Gustavson Associates, LLC. Our Keystone exploration property is on the Cortez Trend in Nevada. Our Challis Gold Project is located in Idaho.