U.S. Gold Corp. (USAU:NASDAQ) further derisked its projects recently and is expected to "make meaningful progress across its asset base throughout 2026," reported H.C. Wainwright & Co. (HCW) Analyst Heiko Ihle in a Jan. 7 research note. HCW raised its target price on the explorer-developer by 25% to reflect both changes to its capital structure post equity raise and HCW's revised long-term metals price assumptions.
"U.S. Gold remains well-positioned to create long-term value for shareholders through its upcoming FS [of CK] amid current gold prices," Ihle wrote.
39% Return Implied
HCW increased its target price on the Wyoming-based junior miner to US$27.50 per share (US$27.50/share) from US$22, noted Ihle. At the time of the analyst's report, U.S. Gold was trading at about US$19.81/share. From there, the return to target is 39%.
U.S. Gold remains a Buy.
The company has 16.3 million shares outstanding. Its market cap is US$323 million (US$323M). Its 52-week range is US$5.86–23.44/share.
Progress at Projects
Ihle presented U.S. Gold's key recent and expected upcoming developments at two of its projects: CK and Challis. Regarding CK, the company last November bought some real estate close to it and Interstates 25 and 80 in southeast Wyoming, intending to use it as a central assembly point for contractors and employees.
"While not flashy, the deal improves both logistical efficiency and site readiness ahead of planned development while also proactively mitigating traffic and community impacts around the CK gold project," Ihle wrote.
This year, U.S. Gold is expected to advance (and maybe complete) an FS of CK. Already toward this end, the company began initial site preparation and preconstruction activities, including planning, engineering, and procurement for critical powerline infrastructure, "which represent important validation points for project economics in the eyes of investors and lenders," noted Ihle. Further, U.S. Gold is focused on integrating Glencore Plc's (GLEN:LSE; GLN:JSE; GLCNF:OTCMKTS) Jameson Cell technology to further improve gold and copper recoveries.
"We expect management to continue advancing engineering and technical studies, improving site readiness, and assessing various financing options," Ihle wrote.
As for the company's Challis gold project in Idaho, the revised Plan of Operations for it was approved last October, thereby allowing for future exploration, reported Ihle. As such, the company is expected to start exploration work there this year, which would further advance and derisk the project.
"We highlight our US$28M valuation for the site," wrote the analyst. "Looking ahead, we believe that the asset has meaningful upside potential as additional permitting, exploration, and development milestones are achieved."
Price Deck Updated
Over the past 12 months, various macroeconomic developments materially supported increases in the spot prices of gold, silver, and copper. To reflect these uplifts, Ihle reported, HCW revised its long-term price estimates for each as follows:
Gold: Since Jan. 6, 2025, gold ascended 69.8% to US$4,480 per ounce (US$4,480/oz) from US$2,638/oz. HCW's new estimate is US$3,750/oz, up from US$3,000/oz.
Silver: In the same time period, silver gained 165.6%, taking it to US$79.78/oz from US$30.04/oz. HCW's revised estimate is US$50/oz, previously US$33/oz.
Copper: Over the past year, copper climbed 41.8% to US$6 per pound (US$6/lb) from US$4.23/lb. HCW's updated estimate is US$5/lb versus US$4.50/lb before.
While HCW's new price assumptions for these three metals are higher than their previous ones, they remain much lower than current spot prices.
"Underlying demand drivers should allow for continued growth," Ihle wrote. "These revised estimates therefore reflect ongoing geopolitical risk factors that are likely to provide for continued investment into a variety of safe haven assets."
A Look at Funding
Ihle explained that the US$31.2M U.S. Gold raised via a December 2025 private placement will cover initial development costs at CK and fund future exploration activities at the company's projects.
To secure additional funding, noted the analyst, U.S. Gold may opt to capitalize on its non-core assets. Now their valuation most likely is greater because approval of the revised Challis Plan of Operations happened during a time of high metals prices.
On the Horizon
According to Ihle, the most significant near-term catalyst for U.S. Gold is the completion of the CK project FS.
| Want to be the first to know about interesting Gold, Silver and Copper investment ideas? Sign up to receive the FREE Streetwise Reports' newsletter. | Subscribe |
Important Disclosures:
- Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
For additional disclosures, please click here.
Disclosures for H.C. Wainwright & Co., U.S. Gold Corp., January 7, 2026
This material is confidential and intended for use by Institutional Accounts as defined in FINRA Rule 4512(c). It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake, please let us know by e-mail reply to [email protected] and delete it from your system; you may not copy this message or disclose its contents to anyone. The integrity and security of this message cannot be guaranteed on the Internet. H.C. WAINWRIGHT & CO, LLC RATING SYSTEM: H.C. Wainwright employs a three tier rating system for evaluating both the potential return and risk associated with owning common equity shares of rated firms. The expected return of any given equity is measured on a RELATIVE basis of other companies in the same sector. The price objective is calculated to estimate the potential movements in price that a given equity could reach provided certain targets are met over a defined time horizon. Price objectives are subject to external factors including industry events and market volatility. RETURN ASSESSMENT Market Outperform (Buy): The common stock of the company is expected to outperform a passive index comprised of all the common stock of companies within the same sector. Market Perform (Neutral): The common stock of the company is expected to mimic the performance of a passive index comprised of all the common stock of companies within the same sector. Market Underperform (Sell): The common stock of the company is expected to underperform a passive index comprised of all the common stock of companies within the same sector. Rating and Price Target History for: U.S. Gold Corp. (USAU-US) as of 01-05-2026 25 20 15 10 5 0 2023 Q1 Q2 Q3 2024 Q1 Q2 Q3 2025 Q1 Q2 Q3 2026 Q1 BUY:$10.50 11/21/22 BUY:$12.00 06/20/23 BUY:$11.00 08/31/23 BUY:$13.00 11/20/24 BUY:$14.00 02/12/25 BUY:$15.00 05/23/25 BUY:$22.00 09/25/25 Investment Banking Services include, but are not limited to, acting as a manager/co-manager in the underwriting or placement of securities, acting as financial advisor, and/or providing corporate finance or capital markets-related services to a company or one of its affiliates or subsidiaries within the past 12 months. Distribution of Ratings Table as of January 5, 2026 IB Service/Past 12 Months Ratings Count Percent Count Percent Buy 573 86.95% 147 25.65% Neutral 60 9.10% 8 13.33% Sell 2 0.30% 0 0.00% Under Review 24 3.64% 4 16.67% H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer. I, Heiko F. Ihle, CFA , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of U.S. Gold Corp. (including, without limitation, any option, right, warrant, future, long or short position). As of December 31, 2025 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of U.S. Gold Corp.. Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report.
The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. The Firm or its affiliates did not receive compensation from U.S. Gold Corp. for investment banking services within twelve months before, but will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. The Firm does not make a market in U.S. Gold Corp. as of the date of this research report. The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request. H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report. H.C. Wainwright & Co., LLC’s and its affiliates’ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice. Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.
