GOING CONCERN	3 Months Ended
Jul. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 3 — GOING CONCERN The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of July 31, 2026, the Company had cash of approximately $27.1 million, working capital of approximately $27.8 million, which consists primarily of cash and prepaid expenses and other current assets, and an accumulated deficit of approximately $115.2 million. The Company recognized a net loss for the three months ended July 31, 2026, of approximately $4.6 million and reported cash used in operating activities during the period of approximately $3.5 million. As a result of the utilization of cash in its operating activities, and the pre-development of its assets, the Company has incurred losses since it commenced operations. The Company’s primary source of operating funds since inception has been equity financing. As of the date of filing the quarterly report on Form 10-Q for the three months ended July 31, 2026, the Company has sufficient cash to fund its corporate activities and general and administrative costs and has undertaken project activities related to permitting and continued engineering studies. However, in order to advance any of its projects past the aforementioned objectives, the Company will need to raise additional funds. These matters raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months following the issuance of these unaudited condensed consolidated financial statements. The unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JULY 31, 2026

GOING CONCERN

3 Months Ended

Jul. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NOTE 3 — GOING CONCERN

The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of July 31, 2026, the Company had cash of approximately $27.1 million, working capital of approximately $27.8 million, which consists primarily of cash and prepaid expenses and other current assets, and an accumulated deficit of approximately $115.2 million. The Company recognized a net loss for the three months ended July 31, 2026, of approximately $4.6 million and reported cash used in operating activities during the period of approximately $3.5 million. As a result of the utilization of cash in its operating activities, and the pre-development of its assets, the Company has incurred losses since it commenced operations. The Company’s primary source of operating funds since inception has been equity financing. As of the date of filing the quarterly report on Form 10-Q for the three months ended July 31, 2026, the Company has sufficient cash to fund its corporate activities and general and administrative costs and has undertaken project activities related to permitting and continued engineering studies. However, in order to advance any of its projects past the aforementioned objectives, the Company will need to raise additional funds. These matters raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months following the issuance of these unaudited condensed consolidated financial statements.

The unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

U.S. GOLD CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JULY 31, 2026

- Definition

The entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.

+ References + Details