US Gold Corp. (NASDAQ: USAU) just locked in a key piece of its Wyoming mining ambitions. The company announced Wednesday that its subsidiary, Gold King Corp., signed a power supply contract with Cheyenne Light, Fuel and Power (CLFP) to support the CK Gold Project in southeast Wyoming, investing.com reports.
The deal kicks off the early groundwork for building a powerline that could eventually deliver the 30 megawatts needed to run the project. CLFP—a subsidiary of Black Hills Corp.—will now dive into pre-construction work like engineering, procurement, and design. That includes everything from substation layouts and project scheduling to securing land rights, environmental permits, and regulatory filings.
“CLFP has provided us with excellent engineering support and power solutions that will enhance the CK Gold Project,” said Kevin Francis, US Gold’s VP of Exploration & Technical Services.
The move comes as US Gold’s stock has been on a tear this year, up more than 114% so far, with a market cap sitting around $183 million. Wall Street is keeping an eye on the momentum—analyst targets currently range between $15 and $24, according to InvestingPro data.
The CK Gold Project, which already has a Preliminary Feasibility Study under its belt, is the company’s flagship Wyoming asset. But US Gold also holds exploration properties in Nevada (Keystone) and Idaho (Challis Gold Project).
The company recently dropped its fiscal year-end 2025 results—described as “uneventful” by Roth/MKM. Even so, Roth nudged its price target up to $19 (from $18) and kept a Buy rating.
Another big milestone is around the corner: US Gold is set to join the Russell 3000 and Russell 2000 indexes on June 30, 2025. That means automatic inclusion in related growth and value indexes—a nice visibility boost for the small-cap miner.
The latest news in your social feeds
Subscribe to our social media platforms to stay tuned