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TICKERS: USAU

'Pivotal Year' Expected for Gold Explorer
Research Report

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In the wake of an exploration update, ROTH Capital Partners updated its outlook for this company's projects in the American West.

An update by U.S. Gold Corp. (USAU:NASDAQ) on its Copper King project, located in Wyoming, prompted commentary by Joe Reagor of ROTH Capital Partners in an Aug. 7 research report.

"We believe this year is a pivotal year for USAU as it looks to grow its resource base at Copper King and make a significant discovery at Keystone," Reagor wrote, noting both rating (a Buy) and target price ($2.75 per share) are being maintained.

Reagor also noted that the current drill program on US Gold's Keystone project, located in Nevada, "needs to produce results. We believe this year's planned drill program at Keystone will have a significant impact on the project's future."

Thus far, Reagor explained, the explorer has only performed scout hole drilling at Keystone. Should a more complete drilling program reveal a discovery, the analyst believes it "could provide a significant positive catalyst for the company."

On Copper King, the company plans "to complete 10 holes totaling 10,000 feet at the project," Reagor wrote, adding initial results, expected within two months, could "determine the development path of the project."

ROTH expects production to begin at Copper King in 2021, but notes an increase in resource as a result of exploration could affect the timeline. "However," Reagor stated, "this would also likely lead to improved project economics and thus, we would view this as a positive development."

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Disclosures from ROTH Capital Partners, U.S. Gold Corp., Company Note, August 7, 2018

Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Within the last twelve months, ROTH has received compensation for investment banking services from U.S. Gold Corp.

ROTH makes a market in shares of U.S. Gold Corp., and as such, buys and sells from customers on a principal basis.

Shares of U.S. Gold Corp. may be subject to the Securities and Exchange Commission's Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities.

Within the last twelve months, ROTH has received compensation for non-investment banking securities-related services from U.S. Gold Corp.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.




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