U.S. GOLD CORP.

Mining

Mining is contemplated as a conventional open-pit operation using truck-and-shovel methods, focused on delivering higher grade AuEq production from the deposit early in the Project using a stockpiling strategy, before transitioning to complete the processing of the low-grade ore accumulated. The mine plan schedules 163 million tons (“Mt”) of total material movement including rehandle of low-grade stockpile and waste for Tailings Management Facility (TMF) capping over the 13-year active mine life. Ex pit ore totals 74.527 Mt of ore with an average grade of 0.014 opt Au, 0.17% Cu, and 0.41 opt Ag, for a combined 1.015 Moz of contained gold, 260 million lbs (“Mlb”) of contained copper, and 3 Moz of contained silver. Strip ratios average 0.89:1 over the LOM, supporting efficient mining and strong early cash flows. Mining rates of ore are planned for 20,000 tons per day (“tpd”) with no more than 12 benches extracted per year.

Material movement is sequenced in four internal open pit phases allowing early presentation of better grade material in association with the stockpile strategy. The phased approach allows time for adjustments to be made for the final pit wall for both final geotechnical slope angles as well as formulation of pit expansions to recover the remaining resource and any additional resources added to the current inventory.

Mining assumptions are developed from first principles, including drill penetration rates, powder factors, cycle times, equipment availabilities, and original equipment manufacturer validated haulage models. The fleet includes up to 18 haul trucks and a matched loading fleet of excavators and shovels sized to maintain efficient dig-and-haul cycles. Waste placement and backfilling strategies minimize external dump requirements and align with closure objectives. Overall, the mining plan reflects an executable, low-risk approach that supports strong economics, operational flexibility, and a smooth transition into reclamation activities in the later years of the Project.