US Gold (USAU) Shares Are Gaining Momentum
Good day everyone,
We are continuing our coverage of U.S. Gold Corp. (NASDAQ: USAU) a gold, copper, silver, and zinc exploration and development company. Traders News Source May 26th, 2020 coverage of US Gold.
Current price $12.70 per share
USAU shares gapped at the open on Thursday from $12.01/share to an opening price of $12.22 per share. The shares quickly hit a high of $12.89 (+ 7%). In the first hour, USAU trading volume exceeded the daily average.
The news coming out of USAU regarding the development of two of its projects, CK Gold which we discussed today, and the Keystone Project (more on that in a report tomorrow) seem to be driving the company shares higher.
We want to emphasize once again how the tiny public float of only 2.69 million shares can influence a gaining price trend and point out that USAU shares were at $14.44/share just three weeks ago.
The fortunes of USAU are partly influenced by the price of gold as well. Since we started this current coverage of USAU, gold has jumped from $1,934/oz to $1,966, a trend we expect may continue.
US Gold has:
Advanced projects in development
Likely mineral reserves in excess of $200M
Big names in the mining industry in their management
Tiny share structure with high (22%) insider ownership
US Gold could potentially have $$ hundreds of millions in mineral reserves (mostly gold) and yet their market cap remains under $40M.
The Traders News Group
Original USAU report from this week below
US Gold (USAU) Is Advancing Project Development
Good day everyone,
We are continuing our coverage of U.S. Gold Corp. (NASDAQ: USAU) a gold, copper, silver, and zinc exploration and development company.
Current price $12.01 per share
Shares outstanding (est.) 2.92M
Float (est.) 2.69M
Insider ownership 22.38%
USAU shares are gaining as the company updates stakeholders on progress being made at their projects, but still lag their high of $14.44 per share established just 3 weeks ago.
It was just on August 13th that Mr. George Bee became President of the company and we wondered at the time what kind of impact he might have on the company.
Mr. Bee seems to be building a fire under some of the company projects. The news coming out from USAU indicates a new sense of urgency in developing stakeholder value through aggressive project development.
The case for USAU shares at the current price seems strong. The company has never been so far advanced in their site developments and precious metals are moving higher. Gold is currently at $1,934/ounce. Gold prices have taken a step back, seemingly in lock step with stocks, but remain near historical highs.
Now developing four major projects, CK Gold (fka Copper King), Keystone, Maggie Creek, and Challis Gold, USAU has turned itself into an entity focused on future mining endeavors, or an exit.
Breaking News:
The CK Gold Project Prefeasibility Study (PFS) is now well underway with permits in place to conduct the follow-up drilling program initiated on September 3rd. Drilling is expected to conclude sometime in October, when a resource update is intended to be completed encompassing the new data and a complete re-evaluation of the existing core, which is now largely completed.
The PFS is a new study being done in 2020 and succeeds the Preliminary Economic Assessment, updated in 2017, that we have discussed previously.
Following what is anticipated to be a positive affirmation and improvement over prior work, the additional data is anticipated to advance the project towards the next stage of development. The CK Gold Project is expected to look more attractive when the PFS is completed.
The new company President, who came on board recently, was immediately drawn to review the available data on the CK Gold project and the Preliminary Economic Assessment, updated in 2017, indicating potential value of $200M at today’s mineral prices. Now the company is saying the PFS will make the project look even better. The company’s market cap is only $35M.
USAU has announced a series of Webinars in September to stay in touch with the investment community and offer transparency to its stakeholders. There will be a Q&A at the end of each presentation.
September 9, 2020 at 11:30 AM ET
September 15, 2020 at 11:30 am ET
September 22, 2020 at 11:30 am ET
September 29, 2020 at 11:30 am ET
8/17/2020 HC Wainwright Lower Price Target Buy $19.50 ➝ $18.00
Though HC Wainwright has lowered their target price slightly, it still represents a possible upside of 50%.
USAU Highlights:
The price of gold remains at near record highs
Tiny float of 2.69M shares means the share price can advance quickly
Insiders hold 22.8% of the shares
Likely future consolidation within gold mining sector
As the stock chart indicates, USAU shares have aggressively passed their 50 DMA and 200 DMA of $9.26 and $7.41, respectively. We would also note that the company shares are leading their SMA 20 by 2.08%, their SMA 50 by 26.80%, and their SMA 200 by 57.03% indicating USAU shares may be trending.
We will have a full report on USAU soon,
The Traders News Group
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