The interactive VRIFY 3D model visualizes and validates the Project's drilling results, resource potential, proposed pit, and project advancement from initial mining through closure in an immersive, interactive environment.

CHEYENNE, Wyo., Aug. 10, 2022 /PRNewswire/ -- U.S. Gold Corp. ("U.S. Gold," the "Company," "we," "our" or "us") (NASDAQ: USAU) a gold exploration and development company, today reported that it has updated the 3D model of its CK Gold Project from VRIFY Technology Inc. ("VRIFY"). The 3D model provides a visualization of the geological model and validates the project's drilling results, resource potential, proposed pit, and project advancement from initial mining through closure in an immersive interactive format.

To view the interactive 3D model, please use the following link or visit the U.S. Gold website:

https://vrify.com/decks/11839?auth=b3254568-07e6-4951-bf8e-252da72a1811

"Telling the story of the CK Gold Project will be greatly facilitated by this leading-edge technology," said U.S. Gold President & CEO George Bee. "We're happy to be partnering with VRIFY to help our stakeholders and shareholders better understand our structural and technical interpretations that translate into our inherent value proposition."

The following are highlights from the Company's S-K 1300 Preliminary Feasibility Study ("PFS") technical report, completed by Gustavson Associates, LLC:

• Mineral Resources – 1.58 million gold equivalent ("AuEq") ounces of Measured and Indicated (M+I) Resources (exclusive of mineral reserves)
• 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 include: 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

Primarily in support of the feasibility study presently underway, during the 2021 field season, 47 core, rotary and conventional holes were drilled at the CK Gold Project. The primary purpose of the drilling program is to supplement the geotechnical and hydrological information. The drilling affirmed the gold and copper grades estimated in the PFS model and extended mineralization to the south of and below the proposed ultimate pit.

VRIFY's technology communicates a company's value with presentation tools that simplify information and translate tough-to-digest data into compelling content. The platform allows companies to showcase project data with interactive 3D models, host global site visits of remote assets using virtual tours, and present content to any device, anytime, anywhere in the world. See for yourself at VRIFY.com.

The CK Gold Project is located 18 miles west of Cheyenne, Wyoming. On December 1, 2021, we released the results of our PFS and published our Technical Summary Report in accordance with the guidance under Subpart 1300 of Regulation S-K  promulgated by the Securities and Exchange Commission. The PFS was prepared by Gustavson Associates, LLC with an effective date of November 15, 2021.

U.S. Gold Corp. is a publicly traded, U.S. focused gold exploration and development company. U.S. Gold Corp. has a portfolio of exploration properties. The CK Gold Project is located in Southeast Wyoming and has a Preliminary Feasibility Study technical report, which was completed by Gustavson Associates, LLC. Keystone and Maggie Creek are exploration properties on the Cortez and Carlin Trends in Nevada. The Challis Gold Project is located in Idaho. For more information about U.S. Gold Corp., please visit www.usgoldcorp.gold.

Certain statements in this press release and in the VRIFY 3d interactive model are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimated," "will," "potential," and "intend," among others. These statements include our estimates regarding the potential future open pit development of the CK Gold Project, our mineral reserve estimates, mine life, capital estimates, NPV and IRR estimates,  potential financing terms from equipment suppliers and development capital sources, aggregate sales from mine waste rock and the estimated timing for finalization of the next phase of engineering and submission of our permit application. These forward-looking statements are based on U.S. Gold Corp.'s current expectations, and actual results could differ materially from such statements. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks arising from: market and other conditions, the prevailing market conditions for metal prices and mining industry cost inputs, environmental and regulatory risks, COVID-19 uncertainties, risks faced by junior companies generally engaged in exploration activities, whether U.S. Gold Corp. will be able to raise sufficient capital to develop the CK Gold Project and implement future exploration programs, the success or failure of future drilling programs, and other factors described in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the Securities and Exchange Commission, which can be reviewed at www.sec.gov. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks, contingencies, and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. The Company undertakes no duty to correct or update any information contained herein.

For additional information, please contact:

U.S. Gold Corp. Investor Relations:
+1 800 557 4550
ir@usgoldcorp.gold
www.usgoldcorp.gold

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SOURCE U.S. Gold Corp.