Material Agreement (Form 8-K)

On June 9, 2025, U.S. Gold Corp. (the "Company") entered into a Controlled Equity Offering^SM Sales Agreement (the "Sales Agreement") with Cantor Fitzgerald & Co. ("Cantor"). Pursuant to the terms of the Sales Agreement, the Company may sell shares of its common stock, $0.001 par value per share, from time to time on the Nasdaq Capital Market (the "Nasdaq") or any other market for the common stock in the United States or otherwise permitted by law, through Cantor acting as sales agent. Pursuant to a prospectus supplement filed on June 9, 2025, the Company may sell shares of its common stock for aggregate sales proceeds of up to $40 million.

Under the Sales Agreement, the Company will set the parameters for the sale of shares, including the number of shares to be issued, the time period during which sales are requested to be made, any limitation on the number of shares that may be sold in any one trading day, and any minimum price below which sales may not be made.

Subject to the terms and conditions of the Sales Agreement, Cantor may sell the shares by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended (the "Securities Act"), including without limitation sales made directly on the Nasdaq, on any other existing trading market for the common stock.

The Sales Agreement provides that Cantor will be entitled to compensation at a commission rate of up to 3.0% of the gross sales price per share sold through it as the Company's sales agent under the Sales Agreement.

The Company has no obligation to sell any shares under the Sales Agreement, and the Company or Cantor may suspend the offering contemplated by the Sales Agreement subject to certain conditions. The Company has agreed in the Sales Agreement to provide indemnification and contribution to Cantor against certain liabilities, including liabilities under the Securities Act.

The shares will be issued pursuant to a Registration Statement on Form S-3 (File No. 333-286946) filed by the Company with the SEC on May 2, 2025. The Company filed a prospectus supplement, dated June 9, 2025, with the SEC in connection with the offering contemplated by the Sales Agreement.

The foregoing description of the Sales Agreement is not complete and is qualified in its entirety by reference to the full text of the Sales Agreement, a copy of which is filed as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated herein by reference. The legal opinion of Davis Graham & Stubbs LLP relating to the legality of the shares of common stock being offered pursuant to the Sales Agreement is filed as Exhibit 5.1 to this Current Report on Form 8-K.

The representations, warranties and covenants contained in the Sales Agreement were made solely for purposes of the agreement and as of a specific date, were solely for the benefit of the parties to the agreement and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to security holders. Security holders should not rely on the representations, warranties, and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of the Company.

This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein, nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.