US GOLD CORP $USAU
BMF Reports • Published September 24, 2025 • Digging for Gold — or Digging in Your Pockets?
CORE INVESTMENT THESIS
US Gold Corp is a financing vehicle wrapped in a gold narrative that has never generated revenue in 8+ years.
With $93.4M in accumulated losses, $8.2M cash remaining, and a $635M capex requirement, USAU represents a massive dilution trap for shareholders.
COMPANY OVERVIEW
Zero revenue since 2017 reverse merger, purely exploration stage company
Massive deficit with going concern warnings from auditors
Dangerously low cash for a company with $635M capex needs
From 2.3M to 14M shares (2020-2025), more coming via $150M shelf
USAU Dilution Timeline: The Perpetual ATM Machine
KEY PLAYERS
Edward Karr
Role: Founder & Former CEO (2017-2021)
Background: Orchestrated Dataram-Gold King reverse merger, longtime Honig associate
Red Flag: Received $180K consulting contract after resignation while shareholders faced dilution
Luke Norman
Role: Current Chairman
Background: Founding shareholder of Gold King, co-founder of Gold Standard Ventures
Concern: Exercised warrants in 2025 and immediately sold half via cashless exercise
George Bee
Role: Current President & CEO
Background: Respected mining engineer with decades at Barrick Gold
Status: Brought in 2020 for credibility, but faces impossible $635M financing task
Ryan Zinke
Role: Former Director (2019-2022)
Background: Former U.S. Interior Secretary, used for "Making American Mining Great Again" promo campaign
Concern: Paid $90K/year for part-time consulting, exited before major capital raises
The Promotion-Then-Raise Playbook
2023: RagingBull
$28K paid promotion
→ $5M offering days later
2019: Zinke Campaign
$15K promotion campaigns
→ $2.5M preferred sale
2025: Stock Dads
$4K social media promo
→ 20% price spike
The $635M Fantasy: CK Gold Project Reality Check
Required Capex
To build CK Gold mine
Current Resources
$8M cash + $150M shelf
Funding Gap
Massive dilution required
BMF Reports Downside Scenarios
Base Case
Shelf raise + debt financing
Bear Case
Capex overrun + gold decline
Crash Case
No financing partner found
BMF Reports' Verdict
According to BMF Reports, US Gold Corp ($USAU) is a financing vehicle wrapped in a gold narrative that has mastered the art of promotion-driven dilution. With zero revenue in 8+ years, $93.4M in losses, and a $635M capex mountain ahead, BMF Reports concludes this is a classic microcap promotional scheme destined to devastate shareholders through massive dilution.