US Gold Corp (USAU) Q1 2026 Earnings Report

US Gold Corp reported a cash burn quarter in QQ1 2026 with no revenue disclosed for the period, flagging ongoing development and exploration spend rather than production. The quarter shows a net loss of $2,077,499 and an EBITDA of $(3,638,077), driven by high general and administrative costs and other operating expenses, while a modest positive contribution from other income partially offset operating losses. Importantly, financing activity provided $6.496 million, yielding a net increase in cash to $11.349 million at period end, underscoring the company’s reliance on external funding to support exploration activities rather than cash generated from operations.

Balance sheet health remains solid on a liquidity standpoint, with total assets of $28.334 million and a cash position of $11.349 million against a small short- and long-term debt burden ($97,631 total debt; net debt reported as negative $11.252 million, i.e., net cash). Retained earnings sit at approximately $(95.485) million, reflecting cumulative losses from prior periods. Stockholders’ equity stands at $26.527 million, and share count is 13.867 million fully diluted, which implies a need for future dilution risk if further financings occur. The company’s strategic focus remains the CK Gold project and other US-based assets, with the near-term catalyst pipeline anchored in project advancement, feasibility milestones, and potential partnerships or earn-ins that could unlock value absent current production. Investors should monitor progress on CK Gold, capital needs for later-stage development, and the sensitivity of economics to gold prices and permitting timelines.