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By David Willey, Benzinga

As the price of gold increases, U.S. Gold Corp (NASDAQ: USAU), a precious metals exploration and development company, has seen the value of its reserves soar.

The price of gold recently passed $2,000 per ounce, a high it hasn’t seen since before the Ukrainian-Russian war. Gold and other precious metals have traditionally been seen as safe haven assets that hold their value amidst the worst economic turmoil. The current market uncertainty, interest rate hikes, crypto failure and the collapse of Silicon Valley Bank (SVB) are all seeming contributors to a market sentiment that has caused gold prices to spike.

The global mining market for gold was worth $214.1 billion in 2021, and it is expected to reach $249.6 billion in 2026, for a compound annual growth rate of 3.1% during the forecast period. While many assets saw losses in 2022, gold was one of the few to see an increase. As well as being chosen by investors looking as a safe-haven asset, the price of gold has been driven by its popularity as an industrial metal with electronic and medical applications.

US Gold Corp has multiple gold development and exploration projects in Nevada, Wyoming and Idaho. While other companies are making cutbacks, US Gold Corp believes this is a great opportunity for gold development as the precious metal’s price could continue to soar.

US Gold Corp has a market cap of $50 million and is publicly traded on NASDAQ with 8.3 million common shares outstanding. The company has multiple development projects, including the CK Gold Project, which is in pre-development. With deep roots in the mining sector, the company is estimated to have proven and probable reserves of over 1.4 million gold equivalent ounces. At the market price of $2000/ounce, this would mean its gold equivalent supply is worth around $2.8 billion.

The US Gold Corp management team was recently joined by George Bee, who brought decades of expertise with major mines across three continents when he joined as President and Chief Executive Officer (CEO). Bee, a veteran in the gold market, has worked with leading companies in the gold sector, such as Barrick Gold Corporation (NYSE: GOLD), which has various mines including the Pierina Mine and the Veladero, Aurelian Resources Inc., acquired by Kinross Gold (NYSE: KGC) and Jaguar Mining Inc. (OTCQX: JAGGF).

The company also recently sold its mining project, Maggie Creek, to the Nevada Gold Mines division of Barrick Gold. As demand for gold may continue increasing in the near future, the company believes it is well positioned for further exploration and development of its gold reserves.

Want to learn more about U.S. Gold Corp? Visit its website.

This article was originally published on Benzinga here.

U.S. Gold Corp. is a publicly traded, U.S. focused gold exploration and development company. U.S. Gold Corp. has a portfolio of exploration properties. Our CK Gold Project is located in Southeast Wyoming and has a Preliminary Feasibility Study technical report, which was completed by Gustavson Associates, LLC. Our Keystone exploration property is on the Cortez Trend in Nevada. Our Challis Gold Project is located in Idaho.

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Investor Relations

ir@usgoldcorp.gold

https://www.usgoldcorp.gold/

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