What U.S. Gold Corp. told the SEC could break it.

U.S. Gold has no revenue since inception and no history of producing metals; all its properties are exploration-stage, so advancing them to production requires significant capital and time with no assurance of success.

“Since our inception, we have had no revenue from operations. We have no history of producing metals from any of our exploration properties. Our properties are exploration stage properties.”

U.S. Gold's exploration and development are subject to extensive U.S. mining regulation, including BLM and U.S. Forest Service oversight and environmental/land-use rules, which can delay or block project advancement.

“We will be required to comply with all regulations, rules and directives of governmental authorities and agencies applicable to the exploration of minerals in the United States generally.”

U.S. Gold relies on third-party contract drilling and on securing equipment and services to conduct exploration; failure to obtain them could force suspension of its exploration plans.

“If we are unsuccessful in securing the products, equipment and services we need, we may have to suspend our exploration plans until we are able to secure them.”

U.S. Gold's project value depends on volatile, cyclical gold, copper and silver prices — its CK Gold PFS NPV swings from $459M to $952M between $2,100 and $3,000/oz gold assumptions — so metal-price declines could undermine project feasibility.

“operating costs and capital expenditures required to start mining a deposit; the availability and cost of financing; the price of gold, which is highly volatile and cyclical; and government regulations, including regulations relating to prices, taxes, royalties, land use, importing and exporting of minerals and environmental protection.”