NOTE 9 — WARRANT LIABILITY

The Company has no warrant liability at July 31, 2026, and April 30, 2026, as all liability-classified warrants were exercised during fiscal 2026.

U.S. GOLD CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JULY 31, 2026

Prior to exercise, the Company utilized a Monte Carlo Simulation model to estimate the fair values of the liability-classified warrants quarterly and recognized changes in the fair values in its unaudited condensed consolidated statements of operations or the audited consolidated statements of operations, as applicable, for the periods presented.

In May 2025, the Company issued an aggregate of 870,000 shares of common stock upon the exercise of the 870,000 common stock purchase warrants and received proceeds of approximately $5,359,200. Also in May 2025, the Company issued an aggregate of 260,071 shares of common stock upon the cashless exercise of the 625,000 common stock purchase warrants. As a result, the then-fair value of the warrant liability on the date of exercise of $10,136,100 was reclassified into additional paid in capital, and the Company recognized a gain associated with the fair-value adjustment of the warrants of $1,495,000 in the accompanying unaudited condensed consolidated statements of operations for the three months ended July 31, 2025.