US Gold Corp reported a Q3 2025 loss of $6.36 million ($0.54 per share) on 11.75 million weighted-average shares, with operating income of −$5.09 million and total other income/expense of −$1.27 million. Revenue data were not disclosed in the quarter, highlighting the company’s early-stage exploration focus rather than current mining operations. The company generated negative EBITDA of $5.09 million and an overall net cash outflow from operating activities of $3.14 million, but offset this by a substantial financing inflow of $10.66 million, resulting in a net cash increase of $7.51 million for the period and ending cash of $9.14 million.
The balance sheet shows a relatively strong liquidity position with $9.14 million of cash and equivalents and a robust current ratio of 12.52, alongside a modest level of reported debt (total debt of $49,213) and a negative net debt of roughly −$9.09 million. However, the company remains capital-light in terms of ongoing revenue generation, as indicated by the absence of reported revenue and the reliance on external financing to fund exploration activities. Retained earnings are deeply negative (−$85.64 million), underscoring the cumulative burn and the need for ongoing capital support typical of exploration-stage miners.
Strategically, US Gold Corp continues to advance its US-based gold portfolio, including the CK Gold project (1120 acres in Wyoming) and the Maggie Creek project (Nevada) via a 50% earn-in, along with Keystone (Nevada) and Challis (Idaho) assets. The near-term investment thesis centers on advancing CK Gold toward resource definition and development milestones, potential positive drill results, and the ability to secure project financing or strategic partnerships. The key uncertainty remains the timing and certainty of development, given no current revenue and the financing environment for junior miners. Investors should monitor CK Gold progress, drilling results, permitting timelines, and the company’s ability to manage liquidity as exploration programs scale.