USAU — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-07-29

• Our management concluded that our disclosure controls and procedures were not effective as of April 30, 2025 due to the late filing of the Company’s Amendment No. 1 to its Form 10-K for the fiscal year ended April 30, 2025, which disclosed the Form 10-K Part III information. Failure to maintain effe…

• As a public reporting company, we are required to establish and evaluate our disclosure controls and procedures, which are our controls and other procedures designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, su…

• Our management concluded that our disclosure controls and procedures were not effective as of April 30, 2025, due to the late filing of this Amendment to disclose the Part III information. The Company has taken steps to remediate this ineffectiveness of its disclosure controls and procedures and has…

• We will require substantial external financing to develop the CK Gold Project, and there is no assurance that such financing will be available on acceptable terms or at all. Failure to secure project financing could result in indefinite delay or abandonment of the Project.

• The Feasibility Study for the CK Gold Project estimates total initial capital costs of approximately $394 million (excluding $28 million of pre-production owner’s costs), which significantly exceeds our current financial resources. We will need to raise substantial additional capital through one or …

Text removed vs the prior filing · source: 10-K · 2025-07-29

• We will require significant additional capital to fund our business plan.

• We will be required to expend significant funds to continue exploration and if warranted, develop our existing exploration properties and to identify and acquire additional properties to diversify our properties portfolio. We have spent and will be required to continue to expend significant amounts …

• Our ability to obtain necessary funding for these purposes, in turn, depends upon a number of factors, including the status of the national and worldwide economy and the price of gold and copper. We may not be successful in obtaining the required financing or, if we can obtain such financing, such f…

• Our activities may be adversely affected by unforeseeable and unquantifiable health risks, whether those effects are local, nationwide or global. Matters outside our control may prevent us from executing on our exploration programs, limit travel of Company representatives, adversely affect the healt…

• The risks we face related to contagious disease, or policies implemented by governments to protect against the spread of a disease, are unforeseeable and unquantifiable by us. We, or our people, investors, contractors or stakeholders, may be prevented from free cross-border travel or normal attendan…

Text added vs the prior filing · source: 10-K · 2026-07-29

• During the fiscal year ended April 30, 2026, we continued engineering studies towards the completion of a feasibility study for our CK Gold Project. We continued to enhance our understanding of the Keystone Project deposit in Nevada. Specifically:

• ●In June 2025, we announced that we contracted with Micon International Limited and Halyard Inc. to conduct the next phase of engineering leading to the development of the CK Gold Project.

• ●In July 2025, we announced that, effective with the U.S. market open on June 30, 2025, we were added to the broad market Russell 2000 Index as part of the 2025 annual reconstitution of the Russell indices.

• ●In August 2025, we announced that we plan to use Glencore Technology’s Jameson Cell Flotation Equipment for enhanced gold and copper recovery for our CK Gold Project in our Feasibility Study and Project Execution Plan.

• ●Also in August 2025, we announced that we entered into a contract with Cheyenne Light, Fuel and Power (“CLFP”), a subsidiary of Black Hills Corp., the first step toward construction of the powerline to serve the CK Gold Project. CLFP is expected to begin pre-construction planning, engineering and p…

Text removed vs the prior filing · source: 10-K · 2025-07-29

• During the fiscal year ended April 30, 2025, we focused primarily on advancing our CK Gold Project in Wyoming with the final approval of our surface gold mine permit (mine operation and reclamation plan (“MOP”)) which was conditionally approved in April 2024, subject to three conditions, which were …

• ●In May 2024, we received notification from the Land Quality Division of the Wyoming Department of Environmental Quality (WDEQ) that we received approval on our MOP, subject to certain conditions.

• ●In June 2024, we satisfied two of the three conditions associated with our MOP with (1) the approval of our Wyoming Pollutant Discharge Elimination System permit and (2) acceptance by the WDEQ of our reclamation bond.

• ●In November 2024, we received final permit approval from the Air Quality Division of the WDEQ. With this approval, the last of the three conditions associated with the recently granted MOP has been fulfilled.

• ●On February 11, 2025, we released the results of our revised prefeasibility study and published our Technical Summary Report in accordance with S-K 1300.