US Gold Corp. (USAU) PT Raised to $22 at H.C. Wainwright

H.C. Wainwright analyst Heiko Ihle raised the price target on US Gold Corp. (NASDAQ: USAU) to $22.00 (from $15.00) while maintaining a Buy rating.

The analyst commented: "On August 27, the firm reported a contract with Cheyenne Light, Fuel and Power (CLFP) that marked the first step towards construction of a powerline needed to deliver 30MW of electricity to the project. Pre-construction planning, engineering, procurement, and permitting has begun. Early steps include substation design, project scheduling, budgeting and land rights. We also highlight that U.S. Gold adopted Glencore’s (GLNCY; not rated) Jameson Cell flotation equipment to improve gold and copper recoveries at CK Gold on August 21. We note that this execution followed various studies from the firm's Definitive Feasibility Study and Execution Plan. In our view, this represents quantifiable advancements in the project’s development timeline, which remains the company’s primary focus. Reiterate Buy rating and increase PT to $22 from $15."

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