⛪ Cover the Vatican in Gold 7.62 Millimeters High

What on Earth am I talking about? [Image] That’s how far 1.01 million ounces of gold would go if you spread it uniformly across the Vatican (check my math if you would). What on Earth am I talking about? U.S. Gold Corp.’s (NASDAQ: USAU) largest holding contains as much as 1.01 million ounces of gold, or at current gold prices, about $1,956 million. Yet, with 8.4 million shares outstanding, U.S. Gold Corp trades at $5.58 per share or a $46.87 million market cap. Promoters want every to know about this massive delta they say is the ‘upside potential.’ However, there’s a bit more to this stock that’s been riding hot on the back of a gold run. U.S. Gold Corp. (NASDAQ: USAU) - 1-month trading range: $4.30 - $6.53 - Typical average daily volume: ~100,000 - Float: 7.4 million shares U.S. Gold Corp.’s Business Gold has been used as a store of value for thousands of years. Investors and retail consumers covet its rarity and appearance. In fact, it’s so rare that the U.S. central bank pegged the dollar to gold until 1971. U.S. Gold Corp. focuses on gold exploration and development with projects in Wyoming, Nevada, and Idaho. [vAh8gRmRhfOTHCFBYkNWxo7v-425bcmm8I6jD2AfzTR9ilsDKg2zoQ1uM783dlVbiHAcr4TgqvQcTiNeAYKRa7n7D0tXFZMk4vPC6gwRx5_QlkmaiBX7XNuijr9xBmbY-RoV17aWMUt4D4O0LRB9-Xg] [Souce: U.S. Gold Corp. Investor Presentation]( The company sold its Maggie Creek location for $2.75 million in November 2022. It’s largest project is the CK Gold Project in Wyoming, with proven reserves of 1.01 million gold ounces and 248 million pounds of copper. Minerals are labeled as resources and reserves. Resources tell you what minerals exist at the site, reserves tell you what’s economically viable to mine. U.S. Gold Corp. uses net present value (NPV) cash flow analysis to project the value of a site, including the internal rate of return and payback period. Hence, you arrive at the following numbers listed below: [Q7ZSEaUk0fhzLI2omK-vjDLG2HugiUiezWVqj3YFdLaufrVtZHVzC4Nh12ZqZKe3Euj_1YN2RuKxwwTfwkV_4HYRkJ0PLc8Ybxp5vTChIhPArdMtF5mQOotKuN2EmwaBEeG1sW3-kGUo2pD9sIqIq88] [Souce: U.S. Gold Corp. Investor Presentation]( The NPV of the project puts its pre-tax value at $323.3 million. That value includes the $222 million Capex. And keep in mind, this is just one of the properties owned by U.S. Gold Corp. So, why is the stock valued the way it is? For starters, NPV analysis is EXTREMELY FLUID. Minor adjustments in the discount rate (typically something a few points higher than the fed funds rate), can dramatically change the outcome. Second, CK Gold has been around for over a century, passing through several companies. U.S. Gold Corp. has owned the property since 2016 and still has yet to get it to production. However, the final feasibility study is due anytime now. Financials U.S. Gold Corp. doesn’t generate any revenues and burns through nearly $10 million a year in cash. Its latest report says it holds $5.3 million in cash. Unsurprisingly, the company’s had to go through several rounds of stock sales, moving from 2.9 million shares in 2020 to 8.3 million in its latest sale, which doesn’t include 2 million in warrants and 198k in options. However, other than one with a strike price of $5.02, all the others have strike prices of $6.00 or higher. Promoter Activity Two promoters highlighted this stock, and frankly, neither did that great of a job. Both spent most of their time talking about gold prices and the potential for the CK mine, but did so with excess jargon and a lack of explanation. They did highlight the following press releases, none of which were new or delivered additional catalysts: - March 22, 2023 - U.S. Gold Corp anticipates copper and gold sulfide concentrate from its CK Gold project to be readily marketable. - November 9, 2022 - U.S. Gold Corp. sold its Maggie Creek exploration property on the Carlin Trend in Nevada to Nevada Gold Mines for $2.75 million as U.S. Gold focuses on its CK Gold Project near Cheyenne. The remainder of their proposition focused on technicals, which have been Fantastic lately. And the promotion sidles up right alongside. On the day of the first promotion, March 27, volume jumped from 18,000 shares the prior day to over 100,00 as price shot up from $4.36 to $4.67. Then things took off as volume skyrocketed to 456,000 shares, with the stock closing at $5041. The following day, volume waned as the stock topped $6.53. As I write this, shares still hold most of their gains. One promoter was paid run from 3/27 to 3/31 for $92,500. They’d previously been hired to run promotions - Almost continuously from November 2020 to February 2021 - Again from June 2021 to September 2021 - For most of November and the early part of December 2021 - A few days in March 2022 - 2 days in September 2022 - 2 days in November 2022 In total, they were paid $762,000. And according to their records, they’ve got another promo today they got paid $18,000. [FQbIJIrsU3p5IJKkH2FOYOCtIacUUsBa_ylKh3yjkL9ZYCaMIqc4nvBksH9xe0Z3eBFN9foFfjFI2ZH5fKpMYIPppuMQLgkthuwr9DcY8OZMaMftNdSUUFxjU4MLQXDldSQVOuiqV8GTcLOIpMvAlWQ] The other promoter didn’t receive nearly as much - only $15,000 for a 1-day campaign and the same amount for a 1-day push in 2021. Straight to the Fact U.S. Gold Corp. spends a lot of money on promotions, and with their final feasibility study due anytime, there’s a good chance we’ll see additional pushes in the coming weeks. With gold in spitting distance of $2,000, this stock could easily punch higher with its tiny float. 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