Exhibit 96.1

Table of Contents

List of Tables

List of Figures

1 EXECUTIVE SUMMARY

Micon International Limited (Micon) was commissioned by U.S. Gold Corp. (U.S. Gold) to prepare a Feasibility Study (FS) for the CK Gold Project (Project or Property). This is a Technical Report Summary (TRS) summarizing the findings of the FS in accordance with Securities Exchange Commission Part 229 Standard Instructions for Filing Forms Regulation S-K subpart 1300 (S-K 1300). This TRS presents the mineral resources, mineral reserves, and economics for the CK Gold Project. The effective date of this Report is March 30, 2026.

The Project is located in Laramie County, Wyoming, USA, in the southeastern portion of Wyoming, approximately 20 miles west of the State Capital, Cheyenne (In addition to these leases, to accommodate the related mine facilities and the primary tailings storage facility which cannot be accommodated on State Section 36, a lease agreement for a further 712 acres on portions of Section 25 and Section 31 has been secured with the private landowner.

Figure 1.1. 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, the south half of Section 25, and the northeast quarter of Section 35. In addition to these leases, to accommodate the related mine facilities and the primary tailings storage facility which cannot be accommodated on State Section 36, a lease agreement for a further 712 acres on portions of Section 25 and Section 31 has been secured with the private landowner.

Figure 1.1: Regional and Local Map

Source: Trihydro, 2023.

The Silver Crown Mining District, where the Project is located, is underlain by Proterozoic rocks that make up the southern end of the Precambrian core of the Laramie Range. Metavolcanic and metasedimentary rocks of amphibolite-grade metamorphism have been intruded by the approximately 1.4-billion-year-old Sherman Granite and related felsic rocks. Within the Project area, foliated granodiorite has been intruded by aplitic quartz monzonite dikes, thin mafic dikes, and younger pegmatite dikes. Shear zones with cataclastic foliation striking N60°E to N60°W are found in the southern part of the Silver Crown District, including at the Project site. Copper and gold mineralization within the Project area occurs primarily in unfoliated to mylonitic granodiorite. The granodiorite typically shows potassium enrichment, particularly in the vicinity of the contact with the quartz monzonite. The mineralization is associated with a N60°W-trending shear zone.

The Project mineralization has been interpreted as being located within a shear-zone, as a disseminated and stockwork gold-copper deposit within Proterozoic intrusive rocks. Most of the mineralization is contained within the granodiorite, with lesser amounts in the quartz monzonite and the thin mafic dikes. Hydrothermal alteration has overprinted on retrograde greenschist alteration and includes a central zone of silicification, followed outwardly by a narrow potassic zone, surrounded by propylitic alteration. Higher grade mineralization occurs within a central core of thin quartz veining and stockwork mineralization surrounded by a zone of lower grade disseminated mineralization. Disseminated sulfides and native copper with stockwork malachite and chrysocolla are present at the surface, with chalcopyrite, pyrite, minor bornite, primary chalcocite, pyrrhotite, and native copper present at depth. Gold occurs predominantly associated with chalcopyrite and there is a minor proportion of free gold.

Extensive metallurgical testing has been conducted on CK Gold project mineralization since 2008, encompassing oxide, mixed, and sulfide domains. Multiple laboratories (including SGS Lakefield, KCA, BML, Hazen Research, and XPS) completed sequential programs to characterize mineralogy, comminution behavior, flotation performance, gravity response, and tailings dewatering characteristics. Overall, results demonstrate that the CK Gold deposit can reliably produce a clean copper-gold concentrate with recoveries strongly influenced by copper mineralogy and grind size.

Historical testwork began with SGS programs (2008–2010), which identified the need for fine primary and regrinds and highlighted variable copper deportment driven by chalcopyrite, chalcocite/covellite, and native copper. Later KCA programs (2020–2021) expanded sample coverage, improved flotation schemes, and confirmed the presence of significant oxide and cyanide soluble copper fractions, which limit recovery in certain composites. Flotation performance generally improved with finer grinds (80 µm to 90 µm primary; 18 µm to 25 µm regrind), though mass pull and concentrate grade trade offs were observed.

BML test programs (2021–2025) contributed major advancements, including variability testing across lithology, oxidation levels, and production year composites (Y1–Y3). Locked cycle tests consistently produced copper concentrates around 20% to 26% Cu with 60 g/t Au to 90 g/t Au and recoveries exceeding 70% Cu and 60% to 70% Au for sulfide-dominant samples. Oxide and mixed composites showed weaker response due to higher chrysocolla and oxide copper content. Jameson Cell testwork (including rougher dilution tests and pilot-scale trials) demonstrated improved froth stability and recovery at higher mass pull, supporting Jameson technology in the flowsheet.

Gravity concentration, initially considered due to visible native copper in oxide zones, delivered limited benefit. Tests showed coarse native copper presence but did not meaningfully improve overall gold or copper recovery, leading to gravity removal from the flowsheet.

Comminution studies across several programs reported Bond ball mill work indices of ~13 kWh/t to 17 kWh/t and rod mill indices near 16 kWh/t, classifying material as moderately hard. SMC and abrasion index testing further informed SAG/Ball mill design criteria, confirming stable throughput characteristics.

Dewatering and tailings characterization included settling tests, flocculant screening, pressure/vacuum filtration, and geotechnical analysis of filter cake. Tailings samples showed good settling response with high molecular weight flocculants (e.g., Magnafloc 10) at pH ~11, achieving 55% to 63% solids underflow. Pressure filtration achieved lower moistures (~13%) than vacuum filtration (>20%). Filter cake displayed cohesive behavior requiring careful bin design and gentle handling to prevent ratholing or arching.

Mineralogical analyses (QEMScan) across programs consistently highlighted chalcopyrite as the dominant copper sulfide in sulfide composites, with limited oxide copper in deep sulfide materials. High CuOx/CuCN proportions in many samples correlate strongly with reduced flotation recoveries. Gold was typically associated with sulfide minerals, hence responding positively to improved sulfide recovery.

Overall, the combined testwork provides strong foundation for Feasibility level design, confirming:

This comprehensive data set is considered sufficient by the QP to support process design, metallurgical modeling, and operational planning for the Project.

The Mineral Resource Estimate (MRE) for the Project has been updated from the S-K 1300 Technical Report Summary dated February 10, 2025, to incorporate revised economic parameters for the FS. The underlying geological and grade model is otherwise unchanged from the prior estimate. Database corrections applied since the prior estimate, including downhole survey corrections and a re-evaluation of pre-1997 assay quality, were confirmed as non-material through sensitivity analysis and are documented in Section 9 of this Report.

Mark Shutty, CPG, MAIG, Principal Geologist at Drift Geo LLC, is the Qualified Person (QP) responsible for the MRE. Mineral Resources were estimated using Ordinary Kriging within Leapfrog Geo/Edge and reported within a Lerchs-Grossmann optimized pit shell using MinePlan, incorporating metal prices of US$3,000/oz Au, US$4.40/lb Cu, and US$35/oz Ag, domain-specific metallurgical recoveries, and total operating costs of US$12.65/st. AuEq cut-off grades of 0.22 g/t (oxide), 0.21 g/t (transitional), and 0.20 g/t (sulfide) have been applied. The full estimation methodology, economic parameters, and classification criteria are documented in Section 11.

In the QP's opinion, the MRE represents a reasonable and defensible representation of the in-situ mineral inventory of the Project based on all available data as of the effective date of this Report.

Table 1.1 and Table 1.2 present the Mineral Resource Statement, inclusive of Mineral Reserves, as of March 30, 2026. Mineral Resources exclusive of Mineral Reserves are summarized in Section 11.15, Table 11.15 and Table 11.16. Approximately 84% of the Measured and Indicated Resources convert to Mineral Reserves at the FS economic parameters reflecting the high-grade and the well-defined nature of the deposit. Mineral Resources exclusive of reserves include material below the reserve cut-off within the reserve pit shell and material between the reserve and resource pit shells in areas of wider drill spacing.

Table 1.1: Mineral Resource Statement Effective Date March 30, 2026

(in accordance with the definitions set forth in SEC Regulation S-K, Subpart 1300)

Smelter payability factors of 98% Au, 97% Cu, and 95% Ag, as detailed in Table 12.2, are applied as separate deductions in the reserve economic analysis and are not embedded in the above recovery figures. Domain-specific AuEq conversion factors, derived from the ratio of each metal's NSR contribution to gold's NSR contribution, are: Oxide - Ag 0.009577 g/g, Cu 0.330 g/%; Mixed - Ag 0.010833 g/g, Cu 1.078 g/%; Sulfide - Ag 0.011507 g/g, Cu 1.240 g/%. LoM average recoveries of 72.5% Au, 85% Cu, and 72% Ag, as reported in (Table 14.1), reflect the scheduled ore feed mix, which is weighted toward sulfide material, and differ from simple domain averages due to mine sequence.

Table 1.2: Mineral Resource Statement (Metric) Effective Date March 30, 2026

(in accordance with the definitions set forth in SEC Regulation S-K, Subpart 1300)

Smelter payability factors of 98% Au, 97% Cu, and 95% Ag, as detailed in Table 12.2, are applied as separate deductions in the reserve economic analysis and are not embedded in the above recovery figures. Domain-specific AuEq conversion factors, derived from the ratio of each metal's NSR contribution to gold's NSR contribution, are: Oxide - Ag 0.009577 g/g, Cu 0.330 g/%; Mixed - Ag 0.010833 g/g, Cu 1.078 g/%; Sulfide - Ag 0.011507 g/g, Cu 1.240 g/%. LoM average recoveries of 72.5% Au, 85% Cu, and 72% Ag, as reported in (Table 14.1), reflect the scheduled ore feed mix, which is weighted toward sulfide material, and differ from simple domain averages due to mine sequence.

The Mineral Reserve estimate for the Project represents a key outcome of this FS, providing a robust evaluation of the economically mineable portion of the Project’s Measured and Indicated Mineral Resources. The reserves were defined within a final pit design guided by a validated pit optimization process and supported by updated economic, metallurgical, and operational parameters. This assessment confirms that the CK Gold deposit can be mined profitably under the assumptions adopted for this Study.

A comprehensive pit optimization was first completed in 2021 using the Lerchs–Grossmann methodology. As part of the FS, this work was revalidated with updated inputs, including revised metal prices, operating costs, recoveries, and dilution/ore loss assumptions. The updated analysis demonstrated that the 2021 pit shell remained conservative, with the FS optimization generating more favorable economic limits. Importantly, all blocks previously classified as ore using original parameters remained economic under the revised inputs, confirming the stability of the ore–waste classification and the suitability of the design pit for reserve conversion.

Cut-off determination was based on a value per ton (VPT) milling cut-off methodology, which assesses the net value of each block after processing, tailings, rehandle, and G&A costs. Mining costs were excluded from the cut-off calculation, consistent with industry practice. A block was classified as ore if its VPT was zero or higher. Updated metal prices (including US$2,100/oz gold, US$4.10/lb copper, and US$27/oz silver) and improved processing assumptions were incorporated into the FS level VPT calculation.

Dilution and ore loss were modeled using a detailed block by block analysis of ore–waste contacts across the pit. Due to large block sizes relative to the mining equipment and the disseminated nature of the mineralization, dilution effects were found to be low. Dilution of 1.25% for low-grade ore and 0.25% for high-grade ore was applied, along with ore loss allowances of 2.0% and 0.5%, respectively. These adjustments reflect expected operational variability without materially impacting on the economic viability of the deposit.

Based on these parameters, the total Proven and Probable Mineral Reserves estimated are summarized in Table 1.3.

Table 1.3: Mineral Reserve Statement Effective Date March 30, 2026

(in accordance with the definitions set forth in SEC Regulation S-K, Subpart 1300)

The Project FS-level mine plan presents a comprehensive strategy for developing and operating an open pit mine that is aligned with the geological, geotechnical, hydrogeological, and operational characteristics of the orebody. Open pit surface mining was selected based on the near surface location of the deposit, the disseminated mineralization style, and economic outcomes from pit optimization studies.

A detailed geotechnical assessment conducted by Piteau Associates established the recommended slope designs for the 30 ft bench configuration. Sector specific inter ramp angles, face angles, and catch bench widths were defined to maintain safe operating conditions. Controlled blasting practices, benching trials, and ongoing geotechnical observation form the basis for maintaining slope integrity throughout excavation. Continued monitoring using survey prisms, radar systems, and visual inspections is recommended to ensure early detection of slope deformation and to support safe mining operations.

The hydrogeological characterization performed by NEIRBO Hydrogeology indicates that groundwater inflows to the open pit will be low and manageable using passive dewatering through in pit sumps. Localized depressurization will be required along the east and southeast slopes to meet stability criteria. Monitoring of pore pressures with vibrating wire piezometers, together with integrated slope monitoring systems, will ensure depressurization targets are achieved and maintained. Post closure modeling shows that backfilling the pit with tailings and waste rock will prevent pit lake formation and maintain hydraulic containment.

The mine design incorporates a starter pit and three phases of expansion, including one small satellite pit to optimize early mill feed quality during Year 1. Ore production is planned at a nominal rate of 20,000 st/d, resulting in a mine life of approximately eight and a half years, followed by nearly two years of stockpile reclamation. Mine design parameters, including bench geometries, ramp widths, and slope criteria, are aligned with geotechnical recommendations and equipment capabilities.

Ore handling strategies include the creation of both high-grade (HG) and low-grade (LG) stockpiles. LG ore will initially be fed directly into the mill and will be stockpiled after Year 3 and reclaimed once the pit is depleted. The designed LG stockpile is planned to hold roughly 15.6 Mst once pit operations are completed. Processing of this material, after the pit is depleted, will take approximately 2 years

A total of 65.8  Mst of waste rock will be mined, of which 7.7  Mst is classified as Potentially Acid Generating (PAG). PAG material will be placed within the lined portion of the Tailings Management Facility (TMF), while the majority of the Non-Acid Generating (NAG) material will be used to construct TMF containment berms. Remaining NAG waste will be stored in the East, West and Southwest Waste Rock Facilities, which have a combined capacity of 25.6  Mst. Between Years 7 and 9, up to 6.7 Mst of NAG waste will be rehandled from the WRFs to support ongoing TMF berm construction.

A contractor operated mining model was selected as the preferred fleet approach, based on detailed trade off analysis demonstrating comparative mining unit costs relative to an owner operated model with minimum upfront capital risk. Fleet sizing was developed using haulage modeling, benchmarked productivity parameters, and detailed equipment utilization assumptions. Project employment will peak at approximately 330 personnel, with staffing distributed across mine operations, tailings placement, site administration, technical services, and environmental management.

Overall, the mine plan provides a technically robust and operationally efficient framework for safe, responsible development of the Project. Integrated geotechnical, hydrogeological, operational, and economic analyses support a feasible and well-structured approach to ore extraction, material handling, and long term mine.

The Project process plant has been designed to treat 20,000 st/d of gold-copper sulfide ore and produce a saleable flotation concentrate containing copper, gold, and silver. The facility incorporates conventional comminution, modern Jameson Cell flotation technology, and a dry-stack tailings system to achieve high metallurgical performance, operational reliability, and responsible water and tailings management.

The processing flowsheet begins with ore delivery from the open pit mining operation to a primary crushing system, followed by crushed ore storage and reclaim to a two-stage grinding circuit consisting of a semi-autogenous grinding (SAG) mill in closed circuit with a pebble crusher and a ball mill in closed circuit with hydrocyclones. Ground slurry feeds a multi-stage flotation circuit comprising rougher, scavenger, regrind, and cleaner stages designed to efficiently recover and upgrade copper and gold mineralization.

Life of Mine (LoM) design criteria support concentrate grades of approximately 12% to 16% Cu and 1 oz/st Au, with targeted recoveries of 80.6% copper, 71.5% gold, and 68.7% silver . The final concentrate is thickened, filtered to below 10% moisture, and stored onsite prior to shipment.

Flotation tailings are thickened and processed through vibrating vacuum belt filters to produce a dry filter cake averaging around 14.5% moisture content, which is hauled to a dry-stack tailings facility. The tailings and concentrate thickening circuits are integral to the site’s water-recycling strategy, returning overflow and filtrate streams to the process water system and reducing raw-water demand from the Crystal Lake Reservoir.

The plant’s reagent systems include PAX and A-208 collectors, MIBC frother, lime for pH control, and flocculants for thickening and filtration. These reagents are prepared and handled in dedicated, MSHA-compliant facilities equipped with appropriate containment, instrumentation, and safety systems.

Supporting infrastructure includes raw and process water storage tanks, stormwater capture and reclaim systems, air supply systems for instrumentation and filtration, and dust-suppression equipment within the crushing area. Water and air services are distributed through plant-wide ring mains to ensure operational availability and consistent supply during both routine operation and plant stoppages.

Plant staffing includes 12 salaried personnel and 76 hourly employees, with operational roles scheduled on rotating 12-hour shifts to provide continuous coverage across crushing, grinding, flotation, tailings handling, reagent preparation, maintenance, safety, and supervisory functions.

Overall, the process plant design for the Project reflects a modern, efficient, and environmentally responsible approach to gold-copper processing. The selected technologies and operating criteria support a projected 10-year mine life, delivering reliable concentrate production while maintaining high availability, metallurgical performance, and safe operating practices.

An access road approximately 4.2 miles long and 26 feet wide will be constructed, generally centered along a 60-foot-wide Right-of-Way (RoW) outside the project site boundary.

The infrastructure planned for the Project consists of the following:

The TMF is sited east of the process plant within a valley formed by the ephemeral South tributary of Middle Crow Creek. It begins to the east of the South Crow Creek water transmission pipeline easement. The basin's topography contains and directs the placement of tailings towards the northeast.

The filtered tailings will be co-deposited with waste rock to provide structural buttresses for stability and a cover to protect against weathering and wind erosion. The TMF will be developed in three phases, each consisting of a prepared subgrade, underdrain collection system, composite liner system (CLS), seepage collection system, tailings, and waste rock. The tailings will be placed in the TMF in 10-to-20-foot lifts, and the waste rock buttress and shell will be installed in 10- to 20-foot lifts as the tailings increase in elevation. Processed tailings will be hauled to and placed in the TMF until Year 8.25. After that, the remaining tailings produced will be hauled to and placed in the open pit.

Designs were prepared for the mine maintenance area, administration and warehouse building area, and other supporting facilities. The civil grading designs utilized 3H:1V to 5H:1V slopes to balance the cut and fill areas, address stormwater run-off, and reduce erosion.

Electrical power for the Project will be supplied by a local utility company, Black Hills Energy (BHE), under an Industrial Contract Service Agreement. The power demand for the Project requires that a new 115 kV power line be constructed for the Project by BHE. The power line would be constructed from BHE’s West Cheyenne substation, located approximately 16 miles east of the Project, to a new BHE owned, built, and operated 115 kV / 13.8 kV distribution substation (including transformer) near the mine. The estimated construction costs for the proposed power line, easement cost, and substation can be amortized in addition to the base power unit rate charged.

The Project will operate in a net water deficit situation, given that the mean annual evapotranspiration exceeds the mean annual precipitation. The total average Project water consumption will be 562 gallons per minute (gpm). Water to meet processing, mining, and potable water demand has been identified, and potential well sites have been investigated. A contract to supply water with the Board of Public Utilities (BOPU) in Cheyenne, Wyoming, has been executed, outlining water sourced from an infiltration station located in the Crystal Reservoir northwest of the site and piped to the raw water tank. Contingency water sources have been identified in the event of water curtailment by BOPU. However, an agreement with the Ferguson Ranch and Sutherland Ranch, the surrounding landowners, on a water exploration program has successfully identified nearby sources proximal to the Project. Following studies by TGI, water generated from pit dewatering, surface run-off, and waste rock and tailings seepage will be recycled for use in mineral processing and/or dust suppression, reducing the volume of make-up water.

Environmental studies began in October 2020 to establish the pre-mining site conditions and fulfill the requirements for permitting. The environmental study reports, including baseline, groundwater modeling, seepage modeling, and geochemical characterization, have been submitted to the State as part of the permitting process. Applications for the principal state have been granted the Industrial Siting Permit (ISP0, May 2023, and the Mine Operating Permit (MOP) in April 2024. The MOP was conditional on a water discharge permit (WYPDES), furnishing a reclamation bond, and an Air Quality Permit (AQP), and these conditions were met in May, June, and November, respectively. The Project will occupy state-owned and private land. Permitting is primarily at the state and local level; no major federal permits are required.

Mining projects in Wyoming that are not located on Federal Land fall under the jurisdiction of the Wyoming Department of Environmental Quality, Land Quality Division (DEQ-LQD), which issues the MOP. This is an operating permit needed to advance the Project and start construction. The Project initially applied for the MOP in September 2022. The Project application went through two rounds of technical review. The MOP was granted to the Project in April 2024.

The DEQ-LQD has permitted the Project's exploration activities to date. The Project has posted an exploration bond to guarantee the reclamation of surface disturbance caused by the development of exploration drill pads, test pits, and some roads. The exploration bond release is currently pending the re-establishment of revegetated areas.

In February 2021 the US Army Corps of Engineers (USACE) issued an Approved Jurisdictional Determination, under which two surface water bodies and associated wetlands in the Project area are considered Waters of the United States and subject to USACE jurisdiction and permitting for discharging of dredged or fill materials. There are no plans for project discharges or dredge or fill material deposition in these surface waters. Therefore, no further USACE permitting was anticipated. The USACE provided the Project with a no permit required letter in April 2024.

The Project required an Air Quality Permit to Construct and Operate issued by the DEQ’s Air Quality Division (DEQ-AQD). This permit was approved in November 2024 with a New Source Review, including the development of the Project’s air emission inventory. Electrical power will be supplied from a local utility rather than on-site generators (an on-site standby generator will be used in case of power interruptions). The permit application was submitted and underwent agency review and a public comment period before the final agency review. The air quality permit was granted in November 2024.

The Project also required an Industrial Siting Construction Permit issued by the DEQ’s Industrial Siting Division (ISD). This permit is required for projects exceeding US$253.8 million in construction costs. The application, including a socioeconomic and environmental impact assessment, was submitted in February 2023, following public notifications to affected local government agencies and two public informational meetings in Laramie County and the adjacent Albany County.
DEQ-ISD granted the Industrial Siting Construction Permit to the Project in June 2023.

The State Engineer’s Office (SEO) issues permits to appropriate water for beneficial use, as well as permits to construct and operate water related infrastructure such as wells, mine dewatering systems, and reservoirs, including stormwater or sediment control structures. SEO permits to construct and abstract water from the Project’s surface water diversion channels and detention ponds were received in 2022 and 2023. Applications for permits to abstract groundwater flowing into the mine pit and to install a proposed on-site potable water well were also approved in 2023.

The DEQ Water Quality Division, State Fire Marshall, and Laramie County will require several other permits. Additionally, the US Environmental Protection Agency has jurisdiction over public water supply systems in Wyoming and requires a permit to supply potable water from the proposed on-site well. These permits will entail significantly less time and effort than the principal state permits granted.

In addition to government agencies’ permitting requirements, the Project’s development will require certain agreements with private local entities. Agreements with Ferguson Ranch were negotiated for surface use rights, easements, and temporary rights to on-site water sources. Planning for a power supply agreement is also ongoing with Black Hills Energy. Beyond the extensive outreach during the ISP, U.S. Gold has and continues to reach out to and provide project information to various additional local public and private entities that may be affected by and/or interested in the Project. Procurement of goods and services and hiring of personnel are governed by the Project’s policy of prioritizing local and State of Wyoming sources.

An Environmental Social Management System (ESMS) is being prepared consistent with Equator Principles which will provide a management and measurement instrument focused on avoiding or mitigating environmental impacts throughout the Project life cycle. Waste rock and tailings generated during mining and mineral processing will be deposited in engineered facilities on the Project site. Geochemical testing of mine rock and tailings using industry standard methods on representative samples indicates a limited probability of producing Acid Rock Drainage (ARD) and/or metal release to water. Static geochemical testing on tailings samples produced by locked cycle laboratory testing indicates that the tailings are not acid generating. Static geochemical testing of waste rock samples indicates only a small percentage of waste rock is PAG. Confirmatory kinetic and leach test results show no or low production of acidic water or metal release for all tested samples.

The tailings will be filtered to extract as much moisture as feasible prior to their deposition, maximizing their structural strength and geotechnical stability, thereby avoiding the need for a tailings dam and the associated stability and seepage risks. Filtered tailings also maximize the amount of water that can be recycled to mineral processing, reducing make-up water requirements and minimizing overall water consumption. The tailings will be co-deposited in a TMF with waste rock to provide structural buttresses and a retention shell for stability. Slope stability analyses of the TMF under static, pseudo-static, and post-peak loading conditions, including liquefaction assessment, were performed to verify that acceptable safety factors were obtained.

Run-off and seepage from the TMF will be collected in detention ponds at the downstream toe. A liner will limit seepage to the subsurface. A seepage collection drain installed above the liner will maintain a low hydraulic head in the bottom of the tailings mass and promote free drainage of the tailings, minimizing tailings saturation. The seepage collection drain will discharge to the detention pond downstream of the TMF.

To minimize fugitive dust emissions from the TMF, the top of the tailings surfaces will be compacted as quickly as feasible following tailings deposition, spreading the tailings by dozers using a smooth roller compactor to seal the surface. Once the final tailings slope and elevation have been achieved, the waste rock retention shells will be placed over the exposed tailings slopes. Speed limits will be imposed and enforced for mobile equipment operating on and around the TMF. Water will be sprayed on active surfaces to control fugitive dust emissions as required.

Waste rock will be used for construction of haul roads, erosion control features, and buttresses forming the outer shell of the TMF. Surplus waste rock will go into the West and East Waste Rock Facilities. These facilities are designed to have a slope angle of 3H:1V, which is substantially flatter than the rock’s angle of repose, inherently providing an acceptable safety factor for geotechnical stability. Run-off and seepage will be collected in sedimentation ponds constructed at the downstream toe of the waste rock facilities. While kinetic testing on waste rock resulted in no ARD/metal leaching, the Project proposes segregating and isolating PAG waste rock, as determined by NAG pH testing, representing less than 11% of the total waste rock to be excavated and handled. PAG waste rock is proposed to be deposited in the interior of the lined TMF, as space allows, and, if needed, in the open pit after Year 8.

Extensive hydrogeological site characterization has been completed to support the development of a regional groundwater flow model. The model simulates pre-mining conditions and hydrological changes during mining and post-mining. Predicted mine-induced groundwater drawdown decreases rapidly away from the pit. The 5-ft drawdown will generally remain within the Project site boundary. The nearest domestic wells are 2,000 ft from the predicted 10 ft drawdown area and are not expected to experience discernable effects. Likewise, the effects on surface water flow in nearby streams will be negligible. The average annual groundwater pit inflow is expected to be less than 15 gpm, which will be captured using passive, in-pit sumps. After mining, groundwater and precipitation flowing into the backfilled pit will cause a gradual rebound of the groundwater level. A pit lake is not expected to form since evaporation losses will keep the groundwater level below the top of the backfill. This will result in the pit being a hydraulic sink with no groundwater outflows.

The Project site will be in a net water deficit situation, given that the mean annual evapotranspiration exceeds the mean annual precipitation. To minimize the overall demand for water from external sources, the Project will implement the following water conservation measures:

Tailings filtration maximizes the amount of water recycled back into the flotation process, thereby avoiding the need for a tailings dam where much of the water would be lost to seepage and evaporation.

The Project submitted a Reclamation Plan as part of the MOP application. The closure objective is to reclaim the site to enable the resumption of its current use of cattle grazing and mule deer winter range. A reclamation cost estimate has been developed for the reclamation bonding process. Concurrent reclamation will be practiced during the LoM to reclaim portions of the project site as soon as feasible before the end of mining, securing corresponding early releases in bonding obligations. At the end of operations, the process plant and supporting facilities will generally be demolished, and their footprints will be regraded. The disturbed areas, including the waste rock facilities and TMF, will be covered in topsoil and revegetated. Micro-topographical undulations and rock outcroppings will be created in the TMF slope for wildlife habitat and to promote revegetation. After the pit is fully excavated, it will be backfilled with tailings produced during the last two years of post-mining mineral processing. With a combination of blasting and earthmoving, the pit rim will be bulldozed into the pit to create a 3H:1V final pit wall slope covering the tailings. To help increase the local area’s long-term water storage capacity, discussions have begun with BOPU about the possibility of converting the post-mining open pit into a water storage reservoir.

A breakdown of the LoM capital cost estimate for the Project, including pre-production owner’s costs that are expensed, is given in Table 1.4.

Table 1.4: LoM Capital Costs

The forecast operating costs are zero-based estimates derived inter alia from mining contractor bid unit rates, estimated annual consumption of fuel, electrical power, reagents and other consumables, and operating, maintenance, technical services and supervisory manpower requirements. The resulting estimates for mining, processing and general & administrative costs total US$18.48/t processed. Selling cost, royalties and production taxes bring the total to US$$21.83/t processed, made up as follows:

An after-tax, discounted cash flow model was developed to assess the economic performance of the Project. This analysis relies on this report’s mining schedule, capital and operating cost estimates, and recovery parameters. The model assumes 100% equity funding, a 5% discount rate, a gold price of US$3,250/oz, copper price of US$4.50/lb. and silver price of US$40/oz. The key parameters and results of the analysis are shown in Table 1.5. The positive economic outcome of the feasibility study is used to validate the CK Gold Mineral Reserve Estimate.

Table 1.5: Feasibility Study Parameters and Results

A sensitivity analysis on metals pricing indicates additional potential for this project at higher metals pricing, Table 1.6. Additionally, the sensitivity indicates the robustness of the project with positive economic outcomes at reduced metals pricing.

Table 1.6: Metal Price Sensitivity

Based on the results of the feasibility study, it is recommended that the Project advance to the next stage of development. The study demonstrates that the selected mining and processing option is technically feasible and economically viable under the stated assumptions. Mineral production schedules, mine design, processing recoveries, infrastructure requirements, and capital and operating cost estimates have been developed to a level of accuracy consistent with a feasibility study. Identified technical, environmental, permitting, and execution risks are considered manageable with further detailed engineering and project controls. Advancement to detailed engineering and permitting is recommended, with the objective of supporting a construction decision, subject to corporate approval and prevailing market conditions.

Economic analysis (Section 19) indicates the project is financially robust and should advance to financing, detailed engineering, and execution planning; conservative assumptions support resilient results across scenarios, and the methodology to date is technically defensible.

Deposit Understanding

As indicated in Section 6 additional drilling should be performed to solidify understanding of the Copper King fault and mineral deposit model. However, the density of drilling and the distribution of metal values suggest a high level of confidence in the stated reserves

Metallurgical Testwork

Additional metallurgical testwork is recommended (beyond Feasibility Study needs) to reduce risk for detailed engineering and early ops: more low-grade/variability and comminution testing, confirm Jameson Cell suitability, do vendor regrind testing, and validate/optimize tailings filtration and cake vibration performance at scale.

Ore Processing

It is recommended that an oxide-dominant processing strategy be further evaluated to determine whether blending or campaign (batch) operation is preferred during Year 1.

Design and Engineering

To advance into detailed design and project execution, the following actions are recommended:

Environmental, Permitting, and Social

The following is a summary of the Environmental, Social, and Permitting recommendations:

2 INTRODUCTION

Micon International Limited (Micon) was commissioned by U.S. Gold Corp. (U.S. Gold) to prepare a Feasibility Study (FS) for the CK Gold Project (Project or Property). This is a Technical Report Summary (TRS) summarizing the findings of the FS in accordance with Securities Exchange Commission Part 229 Standard Instructions for Filing Forms Regulation S-K subpart 1300 (S-K 1300). This TRS presents the mineral resources, mineral reserves, and economics for the Project. The effective date of this Report is March 30, 2026.

U.S. Gold is a company focused on gold exploration and development and advancement of high potential gold projects in Wyoming, Nevada and Idaho, USA. U.S. Gold trades on the US Stock Exchange as USAU (NASDAQ: USAU).

Micon was engaged by U.S. Gold to prepare a Feasibility Study (FS) for the CK Gold Project (the Project or Property). This TRS has been prepared in accordance with the disclosure requirements of the U.S. Securities and Exchange Commission’s Regulation S K, Subpart 1300 (S K 1300).

The TRS provides a summary of the FS results, including the estimation of mineral resources and mineral reserves, the proposed mine plan, and the associated technical, operational, and economic evaluations for the Project. All findings, conclusions, and recommendations presented herein are based on the effective date of March 2026.

The quality of the information, interpretations, conclusions, and estimates contained herein reflects the professional judgment and level of effort applied by Micon in the execution of its services. These results are based on:

The assumptions, limiting conditions, and qualifications outlined in this Report are integral to its interpretation and use. Micon has relied on the accuracy and completeness of the information supplied and has not independently verified all data.

This Report has been prepared in accordance with applicable regulatory requirements and industry standards governing technical disclosures for mineral projects. The conclusions and opinions expressed herein are subject to the inherent uncertainties associated with the interpretation of geological, technical, and economic information. Micon accepts no responsibility for any losses or damages arising from the use of this report for purposes other than those for which it is intended.

The Report must be read in its entirety. Sections or excerpts should not be taken out of context. No part of this document may be reproduced or used for public disclosure without the written consent of Micon.

The regional geological setting of the CK deposit within the Cheyenne suture belt is significant, as is the nature of occurrence of sulfide mineralization as disseminations in undeformed granodiorite and alignment with foliation in foliated to mylonitized granodiorite. Based on the available data and information to date, we suggest that Klein’s (1974) description of the CK deposit as a “structurally controlled base and precious metal deposit hosted in a Precambrian shear zone” is essentially correct if you want further refinement. While Klein’s description does not present a conventional deposit model, it does provide a reasonable interpretation on which to base plans for future exploration. Future drilling exploration (and petrographic and/or mineralogical analysis) should be carefully planned to test Klein’s interpretation and target data useful in further developing an appropriate deposit model for the Project, whether conventional or not.

The information, opinions, conclusions, and estimates presented in this Report are based on the following:

These sources of information are presented throughout this Report and in the References section. The Qualified Persons (QPs) are unaware of any material technical data other than that presented by U.S. Gold.

This section provides a list of the QPs involved in preparing this TRS and details of their inspections of the Property.

Mark Shutty, CPG, MAIG, Principal Geologist at Drift Geo LLC, (QP) visited the CK Project site and U.S Gold’s logging and sample storage facilities in Cheyenne from July 26 to July 27, 2021, and again on July 11, 2024. Mr. Shutty has reviewed the drill hole datasets and geological information supporting the Mineral Resource Estimate.

Andy Holloway, P.Eng., metallurgist was unable to visit the Project. John Wells, consulting metallurgist for the registrant, worked closely with Andy Holloway visited the core storage and witnessed metallurgical labs on multiple occasions listed below throughout validating the metallurgy:

Alex Zaitchenko (QP) and Mohsin Hashmi (QP) of Micon visited the site from December 3 to 4, 2025 to assess the topography and constructability of the Project, understand the site access, and confirm the proximity to the existing infrastructure in the site vicinity.

Justin Knudsen, Dominic Rodano and Ron Burgess of Tierra Group International Ltd. (TGI) (QP) visited the property from July 28 to August 1, 2025, and Ron Burgess again on August 5, 2025 to assess general site topography, visible geology, and other site conditions.

Kevin Francis, SME-RM (QP), Vice President of Exploration and Technical Services with the registrant has management responsibility over the CK Gold project and visits the site, logging and storage facilities regularly with the last visit in April 2026.

This Report was prepared by the QPs summarized in Table 2.1, with their respective contributions and responsibilities outlined.

Table 2.1: Qualified Persons Names and Details

U.S. Gold published a Technical Report  and Preliminary Economic Assessment (PEA) for the CK Gold Project (then referred to as the Copper King Project) in December 2017. This report disclosed a mineral resource under the Canadian Securities Administrators (CSA) NI 43 101 Standards of Disclosure for Mineral Projects reporting requirements.

Gustavson Associates, LLC (Gustavson) prepared and submitted the first SK-1300 TRS for the CK Gold Project, titled “SK-1300 Technical Report Summary CK Gold Project” dated December 1, 2021 .

Samuel Engineering Inc. prepared and submitted the Pre-Feasibility Study (PFS) for the CK Gold Project titled “Technical Report Summary CK Gold Project” dated February 10, 2025.

The authors are unaware of any prior TRS submissions by previous owners.

Abbreviations and acronyms used in this Report are listed in Table 2.2. In keeping with standard scientific writing methods, Section 17 contains italicised Latin names for wildlife species.

Table 2.2: Abbreviations and Acronyms