EPS of $-0.54 decreased by 200% from previous year
Net income of -6.36M
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US Gold Corp (USAU) QQ3 2025 Results – Exploration-Driven Quarter with Negative Earnings but Solid Liquidity Focused on CK Gold and Maggie Creek Development
Executive Summary
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.
Net cash provided by financing activities: $10.66 million; Net change in cash: $7.51 million; Cash at end of period: $9.14 million.
Total assets: $26.02 million; Total liabilities: $8.55 million; Total stockholders’ equity: $17.47 million; Retained earnings: −$85.64 million.
Current ratio: 12.52; Debt: $49,213; Net debt: −$9.09 million (net cash position).
Valuation snapshots (as per ratios): Price-to-Book Value ~4.97; Price-to-Earnings negative; Enterprise Value Multiple negative; Price-to-Free-Cash-Flows negative. These metrics reflect a capital-light, early-stage exploration profile with no reported revenue in the period.
Financial Highlights
Revenue: not disclosed in QQ3 2025; data unavailable for YoY/QoQ comparison.
Operating Income: −$5.09 million; YoY −299.12%; QoQ −137.59% (indicative of ongoing exploration spend and G&A impact without revenue offset).
Net Income: −$6.36 million; YoY −277.42%; QoQ −202.59% (reflects the quarterly loss trajectory driven by operating costs and non-cash or one-time items associated with exploration activity).
EPS: −$0.54; YoY −200.0%; QoQ −170.0%.
Other notable cash/flow and balance sheet metrics:
- Operating cash flow: −$3.14 million; Free cash flow: −$3.15 million.
- Net cash provided by financing activities: $10.66 million; Net change in cash: $7.51 million; Cash at end of period: $9.14 million.
- Total assets: $26.02 million; Total liabilities: $8.55 million; Total stockholders’ equity: $17.47 million; Retained earnings: −$85.64 million.
- Current ratio: 12.52; Debt: $49,213; Net debt: −$9.09 million (net cash position).
- Valuation snapshots (as per ratios): Price-to-Book Value ~4.97; Price-to-Earnings negative; Enterprise Value Multiple negative; Price-to-Free-Cash-Flows negative. These metrics reflect a capital-light, early-stage exploration profile with no reported revenue in the period.
Income Statement
Metric
Value
YoY Change
QoQ Change
Operating Income
-5.09M
-299.12%
-137.59%
Net Income
-6.36M
-277.42%
-202.59%
EPS
-0.54
-200.00%
-170.00%
Key Financial Ratios
currentRatio
12.52
returnOnAssets
-24.5%
returnOnEquity
-36.4%
debtEquityRatio
0
operatingCashFlowPerShare
$-0.27
freeCashFlowPerShare
$-0.27
priceToBookRatio
4.97
priceEarningsRatio
-3.41
Net Income vs. Revenue
Expense Breakdown
Management Commentary
No earnings call transcript data were provided in the dataset. Consequently, there are no management quotes to extract or themes to summarize. If a transcript becomes available, we can group insights by themes (strategy, operations, market conditions) and attach relevant quotes with context and significance.
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Forward Guidance
There is no explicit forward guidance disclosed in the QQ3 2025 filing. Given the company’s current stage and cash position, the outlook hinges on development progress for CK Gold and the Maggie Creek earn-in, plus the ability to secure additional financing to fund drilling, feasibility studies, and permitting. Based on industry trends in US gold exploration and CK Gold’s asset base, the following forward-looking view can be considered:
- Near-term catalysts: drill results and updated resource estimates for CK Gold; advancement of permitting and environmental baseline studies; potential scoping/feasibility study updates.
- Medium-term catalysts: a financing round or strategic partnership to fund mine development; potential impact of gold price movements on project economics and equity dilution dynamics.
- Key monitoring factors: progress on CK Gold resource definition, permitting timelines, drilling success metrics (gold grades, thickness, extent), partner/financing announcements, and changes in the company’s liquidity runway.
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
USAU Focus
0.00%
0.00%
-36.40%
-3.41%
PZG
0.00%
0.00%
7.69%
2.40%
AUST
0.00%
0.00%
-7.10%
-5.40%
LGDTF
0.00%
0.00%
-22.20%
-4.29%
GLDG
0.00%
0.00%
-7.48%
-6.15%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
Given an exploration-focused QQ3 2025 backdrop, US Gold Corp’s investment thesis rests on the successful progression of CK Gold toward delineation of resources and eventual development, coupled with the Maggie Creek earn-in providing optionality. The current quarter shows negative earnings and an absence of revenue, but the liquidity position and sparse leverage provide a runway to pursue drilling programs and feasibility work. Investors should monitor: (1) CK Gold drilling results and updated resource estimates, (2) permitting milestones and potential timelines for development or partnership discussions, (3) any new financing announcements to extend liquidity, and (4) gold price trajectories that influence project economics. The risk-reward profile is skewed toward longer-term value creation through successful project advancement rather than near-term profitability, and valuation remains anchored by potential future earnings rather than current cash flow.
Key Investment Factors
Growth Potential
- CK Gold project (Wyoming) as a primary value driver if advancement toward development proceeds; potential resource expansion through ongoing drilling and favorable economics could unlock capex and mine planning value.
- Maggie Creek earn-in (50% ownership) offers optionality and upside without full capex exposure, potentially accelerating development in Nevada.
- Keystone (Nevada) and Challis (Idaho) assets provide diversified geographic exposure and additional drilling upside in the US gold frontier.
Profitability Risk
- Absence of current revenue and reliance on external financing to fund exploration and potential development.
- Exploration risk: success in delineating resources and achieving favorable metallurgy/processing assumptions.
- Financing risk: need for continued equity or debt funding could lead to dilution or capital constraints.
- Regulatory and permitting risk in the US, particularly for new mining operations.
- Gold price volatility and macroeconomic uncertainty affecting project economics and financing terms.
Financial Position
- Liquidity: Cash and cash equivalents of $9.14 million with a strong current ratio of 12.52, supporting near-term exploration activities.
- Low leverage: Total debt of $49,213; net debt negative (~$−9.09 million), indicating modest leverage and healthy liquidity for exploration funding.
- Profitability: Ongoing losses with negative EBITDA and net income for QQ3 2025; no revenue reported in the quarter.
- Balance sheet quality: Retained earnings deeply negative (−$85.64 million) reflecting cumulative exploration burn; substantial stockholders’ equity ($17.47 million) and sizable non-current assets, likely associated with exploration assets and intangible carry costs.
- Valuation context: Negative earnings backdrop with liquidity-driven upside potential; P/B and EV multiples suggest investors price future development potential rather than current earnings.
SWOT Analysis
Strengths
Asset base focused on US gold opportunities (CK Gold, Maggie Creek earn-in, Keystone, Challis) with multi-state exposure and significant acreage (CK Gold 1,120 acres; Maggie Creek 3 square miles; Keystone ~20 square miles; Challis ~1,710 acres).
Solid liquidity position (cash $9.14m) and conservative debt load (total debt $49k; net debt negative) enabling ongoing exploration without imminent funding stress.
Low current liabilities relative to assets; favorable current ratio (12.52) supports continued operational flexibility during the exploration phase.
Weaknesses
No reported revenue in QQ3 2025; earnings driven entirely by exploration spend rather than mining operations.
Negative retained earnings indicating accumulated losses from prior periods; reliance on equity/debt financing for ongoing exploration and potential development.
Negative EBITDA and net income in QQ3 2025 with limited near-term visibility of cash generation from operations.
Opportunities
CK Gold project development could unlock substantial value if drilling and feasibility studies demonstrate robust economics; potential for partnerships or joint ventures to share capex risk.
Maggie Creek earn-in provides upside without immediate capex, potentially accelerating Nevada footprint and permitting progress.
US-based gold assets offer strategic flexibility in the US mining landscape, with possible favorable permitting or federal/state program supports for domestic gold production.
Threats
Commodity price volatility for gold impacting project economics and funding terms.
Permitting and regulatory risk for new mine development in the US; potential delays could affect timelines and capex planning.
Funding environment risk for junior miners; difficult access to capital could constrain project advancement and lead to dilution.