U.S. GOLD CORP.

9 DATA VERIFICATION

Mark Shutty, CPG, MAIG, Principal Geologist at Drift Geo LLC, is the QP responsible for the TRS Mineral Resource Estimate (MRE), visited the CK Project site and U.S. Gold's logging and sample storage facilities in Cheyenne, Wyoming, from July 26, 2021 to July 27, 2021, and again on July 11, 2024. No additional site visit was conducted by the QP in connection with this Feasibility Study. The QP's verification work was conducted through a review of all available digital datasets, database documentation, drill logs, assay certificates, and QA/QC records, supplemented by a three-dimensional (3D) visual review of the drill hole data within the modeling environment used in the development of the geological models and MREs disclosed in this TRS.

During the 2021 and 2024 site visits, the following observations and evaluations were made:

Validation of the drilling and sampling data sources, capture and storage, as well as overall quality were reviewed by the QP and assessed for compliance with industry practices, and meeting suitability standards required for use in modeling work supporting the MRE include :

All of U.S. Gold’s drill collars, as well as monumented historical drill collars, were professionally surveyed using differential GPS equipment and tied to the NAD83 Wyoming State Plane East coordinate reference system. The locations of historical holes that have no remaining surface expression have locations derived from plan maps which have been georeferenced and digitized using surveyed drill collar control points. All drill collar elevations have been cross-checked against a Digital Terrain Model (DTM). Historical collars with recorded elevations not conforming to DTM were adjusted to match the digital surface, validated by observations of site disturbance, monuments, and historical maps.

Figure 9.1 illustrates U.S. Gold’s drilling in-progress for the CK21-11c drill hole completed on July 11, 2021.

Figure 9.1: U.S. Gold Hole CK21-11c Drilling in Progress

Source: M. Shutty, U.S. Gold, Drift Geo LLC, 2021.

During the database review, two systematic errors were identified in the downhole survey data affecting a subset of U.S. Gold drill holes. Firstly, a redundant true north correction factor (±7.0° E declination) was identified in the 2021 downhole survey data, consistent with a double application of the magnetic declination correction during data processing. Secondly, an inclination reference error was identified in a subset of U.S. Gold drill holes. Both errors were identified and documented by the QP; corrections have been applied to the database but have not been incorporated into the FS resource model.

Survey deviations of this type originate at zero at the collar and accumulate progressively with distance down the hole; positional displacement is therefore greatest at depth and smallest within the near-surface portions of the deposit that contribute most to the Measured and Indicated Resource classifications.

Both errors were identified and documented by the QP. A sensitivity analysis confirmed that the effect of these survey errors on the reported MRE is non-material, with differences in contained metal of less than 1.5% relative to the prior estimate. Corrections have been documented in the database for future use; the FS resource model retains the survey data as used in the PFS for consistency and given the non-material impact.

QA/QC procedures, described in Section 8.5, ensured the reliability of the analytical data. Control samples including blanks, duplicates, and CRM standards were appropriately selected and used at suitable frequencies. Their performance was evaluated using statistical methods to confirm the quality of the sample handling and the analytical data accuracy. The digital analytical record handling was utilized via modern drilling campaign methods, minimizing errors during data transfer from laboratories to the drill hole database and modeling systems.

Comprehensive logging captured attributes required for modeling such as geology, structures and oxidation features (Figure 9.2). These data were securely stored in a detailed project database integrating historical and modern drilling information. U.S. Gold compiled a comprehensive Access database to preserve data quality while facilitating digital verification and analysis. Drill traces, logged geology, and assay data were independently reviewed in 3D.

Figure 9.2: Oxide Copper Mineralization in Outcropping Granodiorite Host Rocks

Source: M. Shutty, U.S. Gold, Drift Geo LLC, 2021.

The Project drilling datasets, compiled over several decades, originate from multiple operators employing varied drilling, sampling, and analytical methods detailed as follows:

The QP independently verified analytical data by the following methods:

Observations and compliance checks were made as follows:

In summary, the QP confirms that the datasets used in the Project's TSR MRE meets industry standards for quality and reliability, subject to the data quality qualifications documented in Sections 9.2 and 9.3 and provides a defensible basis for resource modeling and reporting.

Data verification of exploration activities before 2007 are not well documented, and there is no independent verification of the exploration, sampling, or laboratory procedures for pre-2007 work completed. Historical data verification for pre-Saratoga drilling programs (2007 to 2008) was previously conducted by Gustavson for the S-K 1300 Technical Report Summary, CK Gold Project, December 1, 2021. Gustavson’s verification scope included:

The current QP has not independently re-verified this historical data due to limited availability of the original source documents for the drilling programs conducted between 1938 and 1997.

Mountain Lake conducted check analyses in 1996 on selected mineralized intervals from 12 Compass drill holes. The check analyses were performed by Barringer Laboratories, Inc., (Barringer) with gold analyzed by the fire assay method incorporating an atomic absorption finish and copper by the atomic absorption method. Preliminary evaluation by MDA (2006) indicated general agreement:

Greater variability was observed in lower-grade mineralization material (14 of 20 pairs with >30% differences occurred below 3.36 g/t Au).

Drilling data from the 2007 to 2008 Saratoga drill programs were input directly from source files. Saratoga provided original collar survey data files and downhole survey driller’s notebooks, while assay data were received as digital records direct from the laboratories. Following compilation, the data were audited against source files by randomly checking values and specifically reviewing downhole survey data that appeared anomalous. Six individual downhole surveys were removed from the database due to uncertain depths or atypical azimuth values; in all cases, the atypical azimuth values coincided with anomalously high magnetic field readings.

During the FS database preparation, the QP completed a comprehensive assessment of the influence of pre-1997 historical drilling on the primary metal estimates for gold and copper. Exploratory data analysis identified that historical composites within the mineralized domain represent approximately 27% of the composite record but contribute approximately 42% of the contained metal in the drill hole database. This represents a disproportionate contribution relative to sample count that warranted closer evaluation. During this analysis, a systematic positive bias in the silver assay values from pre-1997 drill holes was identified as an incidental finding.

The bias is interpreted to reflect differences in analytical methodology between historical and modern laboratory practices, potentially including differences in the sample preparation, digestion methods, or analytical finish for silver. Pre-1997 silver assay methods are not fully documented in available records, limiting the ability to definitively characterize the source of the bias.

The practical significance of this finding increased between the PFS and the FS for the Project as a result of higher silver prices assumed in the FS resource and reserve economic parameters. At PFS-era silver pricing, the silver contribution to AuEq was sufficiently small that assay bias in the historical silver dataset was not material to the MRE. At the FS-era silver pricing of US$35/oz, the silver contribution to AuEq is more significant, elevating the materiality threshold for silver data quality.

In response to this finding, two resource models were evaluated during FS preparation:

The QP’s comparative evaluation of the All Era and Modern Era models, including sensitivity analysis and statistical assessment of historical data quality, is documented in a technical memorandum dated November 4, 2025, on file with U.S. Gold Corp. Using identical model parameters evaluated within a common PFS pit shell constraint, differences in contained gold and copper between the two models are less than 1.5% and less than 1%, respectively, with the All Era model producing marginally higher contained gold and copper.

This minimal variance reflects the spatial distribution of drilling within the deposit rather than simple assay bias. Historical drilling (pre-1997) is predominantly located in the near-surface, higher-grade core where metal zonation naturally concentrates mineralization, while modern-era drilling (2006 to 2021) extensively defines deposit margins where grades decline due to zonation. The apparent grade difference between eras is therefore largely attributable to sampling different spatial domains within a continuously zoned deposit, making isolation of analytical bias from geological heterogeneity inherently difficult.

Contained silver differs by approximately 25% to 30% between the two models, reflecting removal of the pre-1997 biased assay population in the Modern Era model, consistent with the QP’s characterization of the silver data quality issue.

The QP concludes that the All Era model provides a reasonable and defensible estimate of Mineral Resources for the FS, subject to the silver data quality qualification disclosed herein. The density of modern-era drilling throughout the resource volume ensures that MREs are robust to inclusion or exclusion of historical data, with differences in primary metal contents of less than 1.5%.

The QP concludes that the drill data are adequate for resource estimation at the FS level, subject to the qualifications documented in Section 9.2.1.2 (database corrections), Section 9.3 (previous audits) and Section 9.4 (historical assay quality). Database corrections applied since the PFS, including downhole survey corrections, have been assessed through sensitivity analysis and determined to be non-material, with combined impacts on contained metal of less than 1.5%. The pre-1997 silver assay quality issue is addressed in Section 9.4. These database improvements validate the robustness of the resource model.

There are no known limitations to the exploration data, analysis, or database that would materially affect the use of this dataset for mineral resource modeling and reporting of Mineral Resources and Mineral Reserves in accordance with S-K 1300 reporting standards.