WARRANT LIABILITY (Tables)

3 Months Ended

Jul. 31, 2025

The key inputs for the warrant liability were as follows as of May 2, 2025 (the valuation date before the date of exercise):

Key Valuation Inputs
Expected term (years)		3.44
Annualized volatility		64.2	%
Volatility if fundamental transaction occurs		100.00	%
Risk-free interest rate		3.84	%
Stock price	$	9.99
Dividend yield		0.00	%
Exercise price	$	6.16
Probability of fundamental transaction		95	%
Date of fundamental transaction		0.25 years to 3.44 years

U.S. GOLD CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JULY 31, 2025

The key inputs for the warrant liability were as follows as of April 30, 2025:

Key Valuation Inputs
Expected term (years)		3.45
Annualized volatility		64.0	%
Volatility if fundamental transaction occurs		100.00	%
Risk-free interest rate		3.61	%
Stock price	$	10.97
Dividend yield		0.00	%
Exercise price	$	6.16
Probability of fundamental transaction		95	%
Date of fundamental transaction		0.25 years to 3.45 years

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

	Warrant Liability
Fair value as of April 30, 2025	$	11,631,100
Change in fair value		(1,495,000	)
Reclassification into equity upon warrant exercise		(10,136,100	)
Fair value as of July 31, 2025	$	-