Quarterly report [Sections 13 or 15(d)]

WARRANT LIABILITY (Tables)

WARRANT LIABILITY (Tables)

9 Months Ended

Jan. 31, 2025

SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY

The key inputs for the warrant liability were as follows as of January 31, 2025:

Key Valuation Inputs
Expected term (years)		3.69
Annualized volatility		59.7	%
Volatility if fundamental transaction occurs		100.00	%
Risk-free interest rate		4.30	%
Stock price	$	7.39
Dividend yield		0.00	%
Exercise price	$	6.16
Probability of fundamental transaction		95	%
Date of fundamental transaction		0.25 years to 3.69 years

The key inputs for the warrant liability were as follows as of April 30, 2024:

U.S. GOLD CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JANUARY 31, 2025

Key Valuation Inputs
Expected term (years)		4.45
Annualized volatility		78.9	%
Volatility if fundamental transaction occurs		100.00	%
Risk-free interest rate		4.75	%
Stock price	$	4.18
Dividend yield		0.00	%
Exercise price	$	6.16
Probability of fundamental transaction		95	%
Date of fundamental transaction		0.25 years to 4.45 years

SCHEDULE OF CHANGES IN FAIR VALUE OF LEVEL 3 WARRANT LIABILITY

The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the nine months ended January 31, 2025:

	Warrant Liability
Fair value as of April 30, 2024	$	3,916,900
Change in fair value		3,064,750
Fair value as of January 31, 2025	$	6,981,650