U.S. Gold (USAU) 10-K 31 Jul 23 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Apr. 30, 2023	Jul. 28, 2023	Oct. 31, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Apr. 30, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--04-30
Entity File Number	001-08266
Entity Registrant Name	U.S. GOLD CORP
Entity Central Index Key	0000027093
Entity Tax Identification Number	22-1831409
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	1910 East Idaho Street
Entity Address, Address Line Two	Suite 102-Box 604
Entity Address, City or Town	Elko
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89801
City Area Code	(800)
Local Phone Number	557-4550
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	USAU
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 26,738,639
Entity Common Stock, Shares Outstanding		9,294,130
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	688
Auditor Name	Marcum LLP
Auditor Location	New York, NY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Apr. 30, 2023	Apr. 30, 2022
CURRENT ASSETS:
Cash	$ 7,822,930	$ 9,111,512
Prepaid expenses and other current assets	610,140	787,902
Total current assets	8,433,070	9,899,414
NON - CURRENT ASSETS:
Property, net	490,925	349,917
Reclamation bond deposit	857,509	832,509
Operating lease right-of-use asset, net	32,080	64,064
Mineral rights	14,370,255	16,356,862
Total non - current assets	15,750,769	17,603,352
Total assets	24,183,839	27,502,766
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	346,718	1,080,405
Operating lease liabilities, current portion	32,080	55,630
Total current liabilities	378,798	1,136,035
LONG- TERM LIABILITIES
Warrant liability	4,230,850	2,440,000
Asset retirement obligation	285,764	260,196
Operating lease liabilities, less current portion		8,734
Deferred tax laibility	430,486	430,486
Total long-term liabilities:	4,947,100	3,139,416
Total liabilities	5,325,898	4,275,451
Commitments and Contingencies
STOCKHOLDERS’ EQUITY :
Preferred stock, $0.001 par value; 50,000,000 authorized, none shares issued and outstanding as of April 30, 2023 and 2022
Common stock ($0.001 Par Value; 200,000,000 Shares Authorized; 9,295,837 and 8,349,843 shares issued and outstanding as of April 30, 2023 and 2022)	9,296	8,350
Additional paid-in capital	84,799,263	81,555,379
Accumulated deficit	(65,950,618)	(58,336,414)
Total stockholders’ equity	18,857,941	23,227,315
Total liabilities and stockholders’ equity	$ 24,183,839	$ 27,502,766

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 30, 2023	Apr. 30, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	9,295,837	8,349,843
Common stock, shares outstanding	9,295,837	8,349,843

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Income Statement [Abstract]
Net revenues
Operating expenses:
Compensation and related taxes - general and administrative	1,793,426	2,287,020
Exploration costs	1,804,981	7,231,097
Professional and consulting fees	4,259,931	4,228,139
General and administrative expenses	1,542,328	1,205,786
Total operating expenses	9,400,666	14,952,042
Loss from operations	(9,400,666)	(14,952,042)
Other income:
Gain from sale of asset	763,393
Interest income	4,906
Offering cost related to warrant liability	(279,487)	(190,840)
Change in fair value due to modification of warrants	(262,500)
Change in fair value of warrant liability	1,560,150	1,212,000
Total other income	1,786,462	1,021,160
Loss before provision for income taxes	(7,614,204)	(13,930,882)
Provision for income taxes
Net loss	$ (7,614,204)	$ (13,930,882)
Net loss per common share, basic	$ (0.90)	$ (1.92)
Net loss per common share, diluted	$ (0.90)	$ (1.92)
Weighted average number of shares outstanding basic	8,413,849	7,253,760
Weighted average number of shares outstanding diluted	8,413,849	7,253,760

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Apr. 30, 2021	$ 7,065	$ 74,467,686	$ (44,405,532)	$ 30,069,219
Beginning balance, shares at Apr. 30, 2021	7,065,621
Issuance of common stock, net of issuance cost	$ 1,010	3,567,480		3,568,490
Issuance of common stock and warrants, net of issuance cost, shares	1,009,741
Issuance of common stock for exercise of warrants	$ 167	$ 999,834		$ 1,000,001
Issuance of common stock for exercise of warrants, shares	166,667
Issuance of common stock for prepaid services and accrued services	96	850,404		850,500
Issuance of common stock for prepaid services and accrued services, shares	95,710
Issuance of common stock for services	$ 12	$ 99,988		$ 100,000
Issuance of common stock for services, shares	12,104
Stock options granted for services		183,475		183,475
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants		1,386,512		1,386,512
Net loss			(13,930,882)	(13,930,882)
Ending balance, value at Apr. 30, 2022	$ 8,350	81,555,379	(58,336,414)	23,227,315
Ending balance, shares at Apr. 30, 2022	8,349,843
Issuance of common stock, net of issuance cost	$ 870	$ 1,740,327		$ 1,741,197
Issuance of common stock and warrants, net of issuance cost, shares	870,000
Issuance of common stock for prepaid services and accrued services	50	194,950		195,000
Issuance of common stock for prepaid services and accrued services, shares	49,728
Issuance of common stock for services	$ 18	$ 77,482		$ 77,500
Issuance of common stock for services, shares	18,339
Stock options granted for services		493,008		493,008
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants		738,125		738,125
Net loss			(7,614,204)	(7,614,204)
Issuance of common stock for vested restricted stock unit	$ 8	(8)
Issuance of common stock for vested restricted stock unit, shares	7,927			(7,927)
Ending balance, value at Apr. 30, 2023	$ 9,296	$ 84,799,263	$ (65,950,618)	$ 18,857,941
Ending balance, shares at Apr. 30, 2023	9,295,837

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (7,614,204)	$ (13,930,882)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	36,505	34,794
Accretion	25,568	22,064
Amortization of right-of-use asset	52,456	40,031
Stock based compensation	1,308,633	1,669,987
Amortization of prepaid stock based expenses	367,250	530,194
Change in fair value of warrant liability	(1,560,150)	(1,212,000)
Change in fair value due to modification of warrants	262,500
Gain from sale of asset	(763,393)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	512	(42,236)
Reclamation bond deposit	(25,000)	(114,000)
Accounts payable and accrued liabilities	(728,687)	466,367
Operating lease liability	(52,756)	(39,731)
NET CASH USED IN OPERATING ACTIVITIES	(8,690,766)	(12,575,412)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of asset	2,750,000
Purchase of property and equipment	(177,513)	(178,972)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	2,572,487	(178,972)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock, net of offering costs	4,829,697	7,220,490
Issuance of common stock for exercise of warrants		1,000,001
NET CASH PROVIDED BY FINANCING ACTIVITIES	4,829,697	8,220,491
NET DECREASE IN CASH	(1,288,582)	(4,533,893)
CASH - beginning of year	9,111,512	13,645,405
CASH - end of year	7,822,930	9,111,512
Cash paid for:
Interest
Income taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:
Issuance of common stock for accrued services	5,000	5,000
Issuance of common stock for prepaid services	190,000	845,500
Operating lease right-of-use asset and operating lease liability recorded upon adoption of ASC 842		104,095
Operating lease right-of-use asset and operating lease liability recorded upon lease modification	20,472
Increase in asset retirement cost and obligation		33,517
Initial valuation of warrant liability	$ 3,088,500	$ 3,652,000

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
	Apr. 30, 2023
Accounting Policies [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Organization U.S. Gold Corp., formerly known as Dataram Corporation (the “Company”), was originally incorporated in the State of New Jersey in 1967 and was subsequently re-incorporated under the laws of the State of Nevada in 2016. Effective June 26, 2017, the Company changed its name to U.S. Gold Corp. from Dataram Corporation. The Company’s CK Gold property contains proven and probable mineral reserves and accordingly is classified as a development stage property, as defined in subpart 1300 of Regulation S-K promulgated by the Securities and Exchange Commission (“S-K 1300”). None of the Company’s other properties contain proven and probable mineral reserves and all activities are exploratory in nature. Unless the context otherwise requires, all references herein to the “Company” refer to U.S. Gold Corp. and its consolidated subsidiaries.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Apr. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and principles of consolidation The accompanying consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), the instructions to Form 10-K, and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for financial information, which includes the consolidated financial statements and presents the consolidated financial statements of the Company and its wholly-owned subsidiaries as of April 30, 2023. All intercompany transactions and balances have been eliminated. It is management’s opinion that all material adjustments (consisting of normal recurring adjustments) have been made, which are necessary for a fair financial statement presentation. Use of Estimates and Assumptions In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet, and revenues and expenses for the period then ended. Actual results may differ significantly from those estimates. Significant estimates made by management include, but are not limited to, valuation of mineral rights, stock-based compensation, the fair value of common stock, valuation of warrant liability, asset retirement obligations and the valuation of deferred tax assets and liabilities. Revision of Financial Statements During the fiscal year 2021, the Company determined that it had not appropriately recorded a deferred tax liability related to the acquisition of mineral rights in August 2020. This resulted in an understatement of deferred tax liability and a corresponding understatement of provision for income taxes during fiscal year 2021. Based on an analysis of Accounting Standards Codification ASC 250 – “Accounting Changes and Error Corrections” (“ASC 250”), Staff Accounting Bulletin 99 – “Materiality” and Staff Accounting Bulletin 108 – “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements”, the Company determined that these errors were immaterial to the previously issued consolidated financial statements, and as such no restatement was necessary. Correcting prior period financial statements for immaterial errors would not require previously filed reports to be amended. There was no effect on the statements of cash flows, statements of operations, and net loss for the year ended April 30, 2022. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 The effect of this revision on the line items within the Company’s consolidated statements of changes in stockholders’ equity as of April 30, 2021, was as follows: SCHEDULE OF REVISION OF FINANCIAL STATEMENT April 30, 2021 Revision As Revised Accumulated Deficit (43,975,046 ) (430,486 ) (44,405,532 ) Total Stockholders’ Equity $ 30,499,705 $ (430,486 ) $ 30,069,219 The effect of this revision on the line items within the Company’s consolidated balance sheet and statements of changes in stockholders’ equity as of April 30, 2022, was as follows: April 30, 2022 Revision As Revised Deferred Tax Liability $ - $ 430,486 $ 430,486 Total Long-term Liability 2,708,930 430,486 3,139,416 Total Liabilities 3,844,965 430,486 4,275,451 Accumulated Deficit (57,905,928 ) (430,486 ) (58,336,414 ) Total Stockholders’ Equity $ 23,657,801 $ (430,486 ) $ 23,227,315 Fair Value Measurements The Company has adopted Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied in accordance with U.S. GAAP, which requires the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure about such fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. The Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s warrant liability for warrants issued in the definitive agreements (see Note 9) was estimated using a Monte Carlo simulation model using Level 3 inputs. Cash and Cash Equivalents Cash equivalents are comprised of certain highly liquid instruments with a maturity of three months or less when purchased. The Company did not have any cash equivalents on hand at April 30, 2023 and 2022. The Company places its cash with high credit quality financial institutions. The Company’s accounts at these institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000 Prepaid expenses and other current assets Prepaid expenses and other current assets of $ 610,140 787,902 Property Property is carried at cost. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, generally three five years Impairment of long-lived assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s estimated fair value and its book value. The Company did not recognize any impairment during the years ended April 30, 2023 and 2022. Mineral Rights Costs of leasing, exploring, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred. Where the Company has identified proven and probable mineral reserves on any of its properties, development costs will be capitalized when all the following criteria have been met, a) the Company receives the requisite operating permits, b) completion of a favorable Feasibility Study and c) approval from the Board of director’s authorizing the development of the ore body. Until such time all these criteria have been met the Company records pre-development costs to expense as incurred. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 When a property reaches the production stage, the related capitalized costs will be amortized on a units-of-production basis over the proven and probable reserves following the commencement of production. The Company assesses the carrying costs of the capitalized mineral properties for impairment under ASC 360-10, “Impairment of Long-Lived Assets”, and evaluates its carrying value under ASC 930-360, “Extractive Activities—Mining”, annually. An impairment is recognized when the sum of the expected undiscounted future cash flows is less than the carrying amount of the mineral properties. Impairment losses, if any, are measured as the excess of the carrying amount of the mineral properties over its estimated fair value. To date, the Company has expensed all exploration and pre-development costs as none of its properties have satisfied the criteria above for capitalization. ASC 930-805, “Extractive Activities—Mining: Business Combinations” (“ASC 930-805”), states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights. Acquired mineral rights are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims. ASC 930-805 provides that in measuring the fair value of mineral assets, an acquirer should take into account both: ● The value beyond proven and probable reserves (“VBPP”) to the extent that a market participant would include VBPP in determining the fair value of the assets. ● The effects of anticipated fluctuations in the future market price of minerals in a manner that is consistent with the expectations of market participants. Leases to explore for or use of natural resources are outside the scope of ASC 842, “Leases”. Share-Based Compensation Share-based compensation is accounted for based on the requirements of ASC 718, “Compensation—Stock Compensation” (“ASC 718”), which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Accounting for Warrants Warrants are accounted for in accordance with the applicable accounting guidance provided in ASC 815, “Derivatives and Hedging” (“ASC 815”) as either derivative liabilities or as equity instruments, depending on the specific terms of the agreements. The Company classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) give the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any contracts that (i) require net-cash settlement (including a requirement to net-cash settle the contract if an event occurs and if that event is outside the control of the Company) or (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). Instruments that are classified as liabilities are recorded at fair value at each reporting period, with any change in fair value recognized as a component of change in fair value of derivative liabilities in the consolidated statements of operations. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 The Company assessed the classification of its outstanding common stock purchase warrants as of the date of issuance and determined that such instruments, except for the warrants discussed under Warrant Liability below, met the criteria for equity classification under the guidance in ASU 2017-11 “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Feature”. The Company has no outstanding warrants that contain a “down round” feature under Topic 815 of ASU 2017-11. Warrant Liability The Company accounts for the 625,000 870,000 Offering Costs Offering costs incurred consisted of legal, placement agent fees and other costs that were directly related to registered direct offerings. Offering costs were allocated to the separable financial instruments issued in the registered direct offering based on the same proportion as the proceeds were allocated to the warrants and equity. Offering costs associated with warrant liabilities are expensed as incurred, presented as offering costs related to warrant liability in the consolidated statements of operations. Offering costs associated with the sale of common shares were charged against equity. Remediation and Asset Retirement Obligation Asset retirement obligations (“ARO”), consisting primarily of estimated reclamation costs at the Company’s CK Gold, Keystone and Maggie Creek properties, are recognized in the period incurred and when a reasonable estimate can be made, and recorded as liabilities at fair value. Such obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to accretion expense. Corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset’s remaining useful life. AROs are periodically adjusted to reflect changes in the estimated present value resulting from revisions to the estimated timing or amount of reclamation and closure costs. The Company reviews and evaluates its AROs annually or more frequently at interim periods if deemed necessary. Foreign Currency Transactions The reporting and functional currency of the Company is the U.S. dollar. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency included in the results of operations as incurred. Translation adjustments, and transaction gains or losses, have not had, and are not expected to have, a material effect on the results of operations of the Company and are included in general and administrative expenses. Leases The Company accounts for leases in accordance with ASC Topic 842, Leases. Operating lease right of use assets (“ROU”) represent the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Upon the election by the Company to extend the lease for additional years, that election will be treated as a lease modification and the lease will be reviewed for re-measurement. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is included in general and administrative expenses in the statements of operations. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 Income Taxes The Company accounts for income taxes pursuant to the provision of ASC 740, “Accounting for Income Taxes” (“ASC 740”), which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provision of ASC 740-10, “Accounting for Uncertain Income Tax Positions” (“ASC 740-10”). When tax returns are filed, there may be uncertainty about the merits of positions taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured at the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefit associated with tax positions taken that exceed the amount measured as described above should be reflected as a liability for uncertain tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all more likely than not to be upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits or for any related interest and penalties. In the event that the Company is assessed penalties and/or interest, penalties will be charged to other operating expense and interest will be charged to interest expense. The Company follows ASC 740-10-25, “Definition of Settlement”, which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion and examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open. The federal and state income tax returns of the Company are subject to examination by the Internal Revenue Service and state taxing authorities, generally for three years after they are filed. Recent Accounting Pronouncements Accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material effect on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an effect on or are unrelated to its financial condition, results of operations, cash flows or disclosures. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 In June 2022, FASB issued ASU 2022-03, Fair Value Measurement (Topic 820) (“ASU 2022-03”). The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments in this Update also require additional disclosures for equity securities subject to contractual sale restrictions. The provisions in this Update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect to early adopt this ASU. The Company does not expect the adoption of this standard to have a significant impact on its consolidated financial statements. On January 1, 2023, the Company adopted FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”), which requires the immediate recognition of management’s estimates of current and expected credit losses. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements or disclosures.

GOING CONCERN

GOING CONCERN	12 Months Ended
	Apr. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 3 — GOING CONCERN The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of April 30, 2023, the Company had cash of approximately $ 7.8 8.1 66 7.6 8.7 5.0 The consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

MINERAL RIGHTS

MINERAL RIGHTS	12 Months Ended
	Apr. 30, 2023
Extractive Industries [Abstract]
MINERAL RIGHTS	NOTE 4 — MINERAL RIGHTS The Company’s CK Gold property contains proven and probable mineral reserves and accordingly is classified as a development stage property, as defined in subpart 1300 of Regulation S-K promulgated by the Securities and Exchange Commission (“S-K 1300”). None of the Company’s other properties contain proven and probable mineral reserves and all activities are exploratory in nature. CK Gold Project The Company, through its wholly-owned subsidiary, Gold King Corp., a Nevada corporation, owns the Copper King gold and copper development project (the “CK Gold Property”), which is comprised of two State of Wyoming Metallic and Non-metallic Rocks and Minerals Mining Leases covering an area of approximately 1.8 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 Keystone Project The Company, through its wholly-owned subsidiary, U.S. Gold Acquisition Corporation, acquired the mining claims comprising the Keystone Project. The Keystone Project consists of 601 unpatented lode mining claims situated in Eureka County, Nevada. Some of the Keystone Project claims are subject to pre-existing net smelter royalty (“NSR”) obligations. Maggie Creek Project On September 10, 2019, the Company, NumberCo and the NumberCo Shareholders, entered into the Share Exchange Agreement, pursuant to which, among other things, the Company agreed to issue to the NumberCo Shareholders 200,000 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 On November 9, 2022, the Company entered into an Assignment and Assumption Agreement (the “Assignment and Assumption Agreement”) with and among Orevada Metals, Inc., the Company’s indirectly wholly-owned subsidiary (“Orevada”), Nevada Gold Mines LLC (“NGM”), Orogen Royalties Inc. (“Orogen”) and Renaissance Exploration, Inc., a wholly-owned subsidiary of Orogen (“RenEx”) whereby Orevada assigned its interest in that certain Exploration Earn-In Agreement with RenEx, dated February 19, 2019 (the “Original Earn-In Agreement”), to NGM. Pursuant to the Original Earn-In Agreement, Orevada, by making certain payments and incurring certain exploration expenditures, had the right to earn at least a 50 70 100 As consideration for the assignment of the Original Earn-In Agreement to NGM, U.S. Gold received an upfront cash payment of $ 2,750,000 0.5 0.25 500,000 800,000 763,393 Northern Panther Merger Agreement On August 10, 2020, the Company entered into the Merger Agreement with Acquisition Corp., NPRC and the Stockholder Representative named therein, pursuant to which Acquisition Corp. merged with and into NPRC, with NPRC surviving as a wholly-owned subsidiary of the Company. Consequently, the Company acquired mineral rights on a gold exploration project in Idaho called the Challis Gold project. The Challis Gold project contains 77 unpatented lode mining claims in Lemhi County, Idaho covering approximately 1,710 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 As of the dates presented, mineral properties consisted of the following: SCHEDULE OF MINERAL PROPERTIES April 30, 2023 April 30, 2022 CK Gold Project $ 3,091,738 $ 3,091,738 Keystone Project 1,028,885 1,028,885 Maggie Creek Project - 1,986,607 Challis Gold Project 10,249,632 10,249,632 Total $ 14,370,255 $ 16,356,862

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Apr. 30, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 5 — PROPERTY AND EQUIPMENT As of the dates presented, property consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT April 30, 2023 April 30, 2022 Site costs $ 203,320 $ 203,320 Land 352,718 175,205 Computer equipment 7,265 7,265 Vehicle 39,493 39,493 Total 602,796 425,283 Less: accumulated depreciation (111,871 ) (75,366 ) Total $ 490,925 $ 349,917 For the years ended April 30, 2023 and 2022, depreciation expense amounted to $ 36,505 34,794 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023

ASSET RETIREMENT OBLIGATION

ASSET RETIREMENT OBLIGATION	12 Months Ended
	Apr. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATION	NOTE 6 — ASSET RETIREMENT OBLIGATION In conjunction with various permit approvals permitting the Company to undergo exploration activities at the CK Gold, Keystone and Maggie Creek projects, the Company has recorded an ARO based upon the reclamation plans submitted in connection with the various permits. The following table summarizes activity in the Company’s ARO for the years presented: SCHEDULE OF ASSET RETIREMENT OBLIGATION April 30, 2023 April 30, 2022 Balance, beginning of year $ 260,196 $ 204,615 Addition and changes in estimates - 33,517 Accretion expense 25,568 22,064 Balance, end of year $ 285,764 $ 260,196 For the years ended April 30, 2023 and 2022, accretion expense amounted to $ 25,568 22,064

OPERATING LEASE RIGHT-OF-USE AS

OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES	12 Months Ended
	Apr. 30, 2023
Operating Lease Right-of-use Assets And Operating Lease Liabilities
OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES	NOTE 7 – OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES On May 1, 2021, the Company entered into a lease agreement for its lease facility in Cheyenne, Wyoming. The term of the lease is for a two-year period from May 2021 to May 2023 starting with a monthly base rent of $ 1,667 three years On January 30, 2023, the Company entered into a lease amendment effective as of May 1, 2023 to extend this lease for a period of one year expiring April 30, 2024 with an option to renew the lease for an additional one year term 1,768 20,472 8 On September 1, 2021, the Company entered into a lease agreement for a facility in Cheyenne, Wyoming. The term of the lease is for a two-year period from September 2021 to August 2023 3,100 2,950 two years During the years ended April 30, 2023 and 2022, lease expense of approximately $ 56,000 44,200 Right-of- use assets are summarized below: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES April 30, 2023 April 30, 2022 Operating leases $ 32,080 $ 64,064 Operating Lease liabilities are summarized below: April 30, 2023 April 30, 2022 Operating lease, current portion $ 32,080 $ 55,630 Operating lease, long term portion - 8,734 Total lease liability $ 32,080 $ 64,364 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 The weighted average remaining lease term for the operating leases is 0.67 8.0 The following table includes supplemental cash and non-cash information related to the Company’s lease: SCHEDULE OF SUPPLEMENTAL CASH AND NON-CASH INFORMATION 2023 2022 Years ended April 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating lease $ 56,000 $ 44,500 Lease assets obtained in exchange for new operating lease liabilities $ - $ 104,095 Lease assets obtained upon lease modification $ 20,472 $ - Minimum lease payments under non-cancelable operating leases at April 30, 2023 are as follows: SCHEDULE OF MINIMUM LEASE PAYMENTS UNDER NON-CANCELABLE OPERATING LEASES Year ended April 30, 2024 33,029 Less: imputed interest (949 ) Total present value of lease liability $ 32,080

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Apr. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 8 — RELATED PARTY TRANSACTIONS On January 7, 2021, the Company entered into a one-year agreement (“January 2021 Agreement”) with a director providing for an annual fee of $ 86,000 50,000 36,000 3,000 3,222 5,814 24,000 36,000 7,927 On March 19, 2021, the Company and Edward Karr, the Company’s former Executive Chairman, agreed by mutual understanding, that Mr. Karr’s employment as an officer and employee, and his service as a member of the Board was terminated, effective March 19, 2021. In connection with Mr. Karr’s departure, the Company entered into a General Release and Severance Agreement with Mr. Karr, as amended, pursuant to which Mr. Karr provided certain transition services to the Company through the Separation Date. Pursuant to the Separation Agreement, Mr. Karr is entitled to receive any equity awards granted to Mr. Karr by the Company. Additionally, on March 19, 2021, the Company entered into a one-year agreement (the “Karr March 2021 Agreement”) for general corporate advisory services to be provided by Mr. Karr for an annual fee of $ 180,000 60,000 120,000 10,000 5,168 7,353 13,564 5,310 15,424 120,000 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 On March 10, 2021, the Company entered into a one-year consulting agreement (“March 2021 Agreement”) with an individual who subsequently was appointed as a director of the Company on May 18, 2022, providing for an annual fee of $ 250,000 130,000 120,000 10,000 14,286 33,419 120,000 33,035

WARRANT LIABILITY

WARRANT LIABILITY	12 Months Ended
	Apr. 30, 2023
Warrant Liability
WARRANT LIABILITY	NOTE 9 — WARRANT LIABILITY As of April 30, 2023 and 2022, the Company’s warrant liabilities were valued at $ 4,230,850 2,440,000 Initial Measurement The Company accounted for the 625,000 3,652,000 870,000 3,088,500 625,000 8.60 6.16 262,500 The key inputs for the warrant liability were as follows as of March 18, 2022: SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY Key Valuation Inputs Expected term (years) 5.50 Annualized volatility 84.4 % Volatility if fundamental transaction occurs 100.00 % Risk-free interest rate 2.15 % Stock price $ 8.00 Dividend yield 0.00 % Exercise price $ 8.60 Probability of fundamental transaction 85 % Date of fundamental transaction (1) 2 5.5 1) The fundamental transaction is simulated to occur 85% during one trading day through the 3.5-year period, 85% of the time U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 The key inputs for the warrant liability were as follows as of April 10, 2023: Key Valuation Inputs (2) Expected term (years) 5.50 Annualized volatility 81.3 % Volatility if fundamental transaction occurs 100.00 % Risk-free interest rate 3.51 % Stock price $ 5.23 Dividend yield 0.00 % Exercise price $ 6.16 Probability of fundamental transaction 90 % Date of fundamental transaction (1) 1.0 5.5 1) The fundamental transaction is simulated to occur 90% during one trading day through the 4.5-year period, 90% of the time 2) Applies to the modified warrants and warrants issued in April 2023 Subsequent Measurement The key inputs for the warrant liability were as follows as of April 30, 2022: Key Valuation Inputs Expected term (years) 5.39 Annualized volatility 84.2 % Volatility if fundamental transaction occurs 100.00 % Risk-free interest rate 2.92 % Stock price $ 5.65 Dividend yield 0.00 % Exercise price $ 8.60 Probability of fundamental transaction 85 % Date of fundamental transaction 1.90 5.4 The key inputs for the warrant liability were as follows as of April 30, 2023: Key Valuation Inputs Expected term (years) 5.45 Annualized volatility 81.4 % Volatility if fundamental transaction occurs 100.00 % Risk-free interest rate 3.51 % Stock price $ 4.31 Dividend yield 0.00 % Exercise price $ 6.16 Probability of fundamental transaction 90 % Date of fundamental transaction 1.00 5.45 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the years ended April 30, 2023 and 2022: SCHEDULE OF CHANGES IN FAIR VALUE OF LEVEL THREE WARRANT LIABILITY Warrant Fair value as of April 30, 2021 $ — Initial fair value of warrant liability upon issuance 3,652,000 Change in fair value of warrant liability (1,212,000 ) Fair value as of April 30, 2022 2,440,000 Initial fair value of warrant liability upon issuance 3,088,500 Change in fair value due to modification of warrants 262,500 Change in fair value of warrant liability (1,560,150 ) Fair value as of April 30, 2023 $ 4,230,850

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	12 Months Ended
	Apr. 30, 2023
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 10 — STOCKHOLDERS’ EQUITY As of April 30, 2023, authorized capital stock consisted of 200,000,000 0.001 50,000,000 0.001 1,300,000 400,000 45,002 7,402 2,500 1,250 127 106,894 921,666 There were no Common Stock issued for cash On February 14, 2022, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain institutional and accredited investors in connection with a registered direct offering of 384,741 6.50 192,370 8.00 2,500,817 30,767 On March 15, 2022, the Company entered into a definitive agreement with a single institutional investor in connection with a registered direct offering of 625,000 8.00 625,000 8.60 5 415,000 25,399 440,399 5 These 625,000 SCHEDULE OF WARRANT LIABILITY - Net proceeds on March 18, 2022 $ 4,559,600 Less: Proceeds allocated to warrant liability (3,652,000 ) Plus: Offering cost associated with warrant liability 190,840 Net proceeds on March 18, 2022 allocated to equity $ 1,098,440 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 Additionally, on April 10, 2023, the Company agreed to amend, effective as of the closing of a registered offering (see below), these 625,000 8.60 6.16 262,500 On April 10, 2023, the Company entered into a definitive agreement with a single institutional investor in connection with a registered direct offering of 870,000 5.75 870,000 6.16 5,002,500 415,175 37,115 452,290 5 These 870,000 - Net proceeds on April 10, 2023 $ 4,550,210 Less: Proceeds allocated to warrant liability (3,088,500 ) Plus: Offering cost associated with warrant liability 279,487 Net proceeds on April 10, 2023 allocated to equity $ 1,741,197 Common Stock Issued, Restricted Stock Awards, and RSU’s Granted for Services On June 1, 2021, the Company granted 2,097 2,097 25,000 11.92 On June 9, 2021, the Company issued 25,000 25,000 258,500 10.34 14,203 244,297 On July 19, 2021, the Company granted 15,322 15,322 150,000 9.79 25% On October 20, 2021, the Company issued 1,116 On October 22, 2021, the Company issued an aggregate of 2,162 2,162 22,500 10.41 On October 22, 2021, the Company issued an aggregate of 2,824 2,824 30,000 10.62 5,000 25,000 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 On January 24, 2022, the Company issued an aggregate of 47,108 47,108 326,475 6.93 On January 24, 2022, the Company issued an aggregate of 13,852 13,852 96,000 6.93 On January 24, 2022, the Company issued an aggregate of 25,685 25,685 178,000 6.93 On April 9, 2022, the Company issued 25,000 25,000 157,000 6.28 143,917 13,083 On April 22, 2022, the Company issued an aggregate of 2,749 2,749 22,500 8.18 On April 22, 2022, the Company issued an aggregate of 3,708 3,708 30,000 8.09 On April 22, 2022, the Company issued an aggregate of 5,814 5,814 50,000 8.60 33,333 16,667 On April 25, 2022, the Company issued 5,168 7,353 5,168 60,000 11.61 7,500 52,500 7,353 60,000 8.16 52,500 7,500 On April 25, 2022, the Company issued 12,634 12,634 130,000 10.29 14,286 14,286 130,000 9.10 113,750 130,000 16,250 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 On November 14, 2022, the Company issued an aggregate of 7,510 885 8,395 8,395 35,000 4.17 5,000 885 30,000 7,510 On November 14, 2022, the Company issued an aggregate of 5,425 5,425 22,500 4.15 On December 22, 2022, the Company issued 7,927 On March 10, 2023, the Company issued 33,419 33,419 130,000 3.89 5,417 113,750 On March 10, 2023, the Company issued 15,424 15,424 60,000 3.89 7,500 52,500 On April 4, 2023, the Company issued an aggregate of 5,404 5,404 25,000 4.63 Total stock compensation expense for awards issued for services of $ 738,125 1,386,512 90,160 661,573 0.68 343,315 433,475 A summary of the of changes in restricted stock units outstanding during the years ended April 30, 2023 and 2022, is as follows: SCHEDULE OF ACTIVITY RESTRICTED STOCK UNITS Restricted Weighted Balance at April 30, 2021 346,802 $ 10.30 Granted 104,064 7.45 Vested and converted (1,116 ) 11.21 Forfeited (8,348 ) 12.16 Balance at April 30, 2022 441,402 9.57 Vested and converted into common stock ( 7,927 ) 9.34 Balance at April 30, 2023 433,475 $ 9.57 Common Stock issued for exercise of Stock Warrants In April 2022, the Company issued 166,667 1,000,000 Equity Incentive Plan In August 2017, the Board approved the Company’s 2017 Plan including the reservation of 165,000 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 On August 6, 2019, the Board approved and adopted, subject to stockholder approval, the 2020 Plan. The 2020 Plan initially reserved 330,710 836,385 1,167,095 1,252,476 2,419,571 Stock options The following is a summary of the Company’s stock option activity during the years ended April 30, 2023 and 2022: SCHEDULE OF STOCK OPTION ACTIVITY Number of Weighted Weighted Balance at April 30, 2021 95,000 $ 14.63 1.57 Granted 58,060 6.93 5.00 Exercised — — — Forfeited — — — Cancelled (5,000 ) 13.40 — Balance at April 30, 2022 148,060 11.65 2.23 Granted 140,000 5.02 5.00 Exercised — — — Forfeited — — — Cancelled (95,310 ) 14.27 — Balance at April 30, 2023 192,750 5.73 4.44 Options exercisable at end of year 179,650 $ 5.44 Options expected to vest 13,100 $ 6.93 Weighted average fair value of options granted during the year $ 3.31 At April 30, 2023 and 2022, the aggregate intrinsic value of options outstanding and exercisable were de minimis On January 24, 2022, the Company granted an aggregate of 26,200 5 6.93 The options vest 25% on the date of grant and 25% each next three years On January 24, 2022, the Company granted an aggregate of 21,240 5 6.93 On January 24, 2022, the Company granted an aggregate of 10,620 5 6.93 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 The Company used the Black-Scholes model to determine the fair value of stock options granted during the year ended April 30, 2022. In applying the Black-Scholes option pricing model to options granted, the Company used the following assumptions: SCHEDULE OF STOCK OPTION For the Year Ended Risk free interest rate 1.53 % Dividend yield 0.00 % Expected volatility 82 % Contractual and expected term (in years) 5.0 Forfeiture rate 0.00 % On January 12, 2023, the Company granted an aggregate of 48,000 5 5.02 On January 12, 2023, the Company granted an aggregate of 70,000 5 5.02 On January 12, 2023, the Company granted an aggregate of 22,000 5 5.02 The Company used the Black-Scholes model to determine the fair value of stock options granted during the year ended April 30, 2023. In applying the Black-Scholes option pricing model to options granted, the Company used the following assumptions: For the Year Ended Risk free interest rate 3.53 % Dividend yield 0.00 % Expected volatility 80 % Contractual and expected term (in years) 5.0 Forfeiture rate 0.00 % Stock-based compensation for stock options recorded in the consolidated statements of operations totaled $ 493,008 183,475 49,342 1.73 Stock-based expense for stock options were recorded in the following as reflected in the consolidated statements of operations: SCHEDULE OF STOCK-BASED EXPENSE FOR STOCK OPTION For the Year Ended For the Year Ended Compensation and related taxes – general and administrative $ 188,488 $ 39,475 Professional and consulting fees 304,520 144,000 Total $ 493,008 $ 183,475 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 Stock Warrants The following is a summary of the Company’s stock warrant activity during the years ended April 30, 2023 and 2022: SCHEDULE OF STOCK WARRANT ACTIVITY Number of Warrants Weighted Average Weighted Average Remaining Contractual Warrants with no Class designation: Balance at April 30, 2021 1,428,794 $ 12.00 4.08 Granted 817,370 8.46 5.39 Exercised (166,667 ) 6.00 3.33 Forfeited (170,235 ) 31.25 — Canceled — — — Balance at April 30, 2022 1,909,262 9.29 4.38 Granted 870,000 6.16 5.51 Exercised — — — Forfeited — — — Canceled — — — Balance at April 30, 2023 2,779,262 7.76 4.27 Class A Warrants: Balance at April 30, 2021 109,687 11.40 3.22 Granted — — — Exercised — — — Forfeited — — — Canceled — — — Balance at April 30, 2022 109,687 11.40 2.22 Granted — — — Exercised — — — Forfeited — — — Canceled — — — Balance at April 30, 2023 109,687 11.40 1.22 Total Warrants Outstanding at April 30, 2023 2,888,949 $ 7.90 4.15 Warrants exercisable at end of year 2,018,949 $ 8.65 Weighted average fair value of warrants granted during the year $ 3.55 As of April 30, 2023 and 2022, the aggregate intrinsic value of warrants outstanding and exercisable were de minimis Concurrent with the sales of common stock on February 14, 2022, the Company issued warrants to purchase 192,370 8.00 five years Concurrent with the sale of common stock on March 18, 2022, the Company issued warrants to purchase 625,000 8.60 5 625,000 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 Additionally, on April 10, 2023, the Company agreed to amend, effective as of the closing of a registered offering (see Note 10), the 625,000 8.60 6.16 In April 2022, the Company issued 166,667 1,000,000 Concurrent with the sale of common stock on April 10, 2023, the Company issued warrants to purchase 870,000 6.16 5 870,000

NET LOSS PER COMMON SHARE

NET LOSS PER COMMON SHARE	12 Months Ended
	Apr. 30, 2023
Earnings Per Share [Abstract]
NET LOSS PER COMMON SHARE	NOTE 11 — NET LOSS PER COMMON SHARE Net loss per share of common stock is calculated in accordance with ASC 260, “Earnings Per Share”. Basic loss per share is computed by dividing net loss available to common stockholder, by the weighted average number of shares of common stock outstanding during the period. The following were excluded from the computation of diluted shares outstanding as they would have had an anti-dilutive impact on the Company’s net loss. In periods where the Company has a net loss, all dilutive securities are excluded. SCHEDULE OF ANTIDILUTIVE SECTURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE April 30, 2023 April 30, 2022 Common stock equivalents: Restricted stock units 433,475 441,402 Stock options 192,750 148,060 Stock warrants 2,888,949 2,018,949 Total 3,515,174 2,608,411

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Apr. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 12 — COMMITMENTS AND CONTINGENCIES Mining Leases The CK Gold property position consists of two State of Wyoming Metallic and Non-metallic Rocks and Minerals Mining Leases. These leases were assigned to the Company in July 2014 through the acquisition of the CK Gold Project. Leases to explore for or use of natural resources are outside the scope of ASU 2016-02 “Leases”. The Company’s rights to the CK Gold Project arise under two State of Wyoming mineral leases; 1) State of Wyoming Mining Lease No. 0-40828, consisting of 640 480 Lease 0-40828 was renewed in February 2023 ten-year ten-year February 2014 3.00 2.00 3.00 In connection with the Wyoming Mining Leases, production royalties of 2.1% U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 The future minimum lease payments at April 30, 2023 under these mining leases are as follows, each payment to be made in the fourth quarter of the respective fiscal years: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS Fiscal 2024 $ 2,880 Fiscal 2025 1,920 Fiscal 2026 1,920 Fiscal 2027 1,920 Fiscal 2028 1,920 Fiscal 2029 and thereafter 9,600 Total $ 20,160 The Company may renew each lease for a fourth ten-year 4.00 NPRC option: Pursuant to the Merger, the Company acquired from NPRC a mineral property called Challis Gold located in Idaho pursuant to an option agreement dated in February 2020 which was later amended in June 2020. The Company satisfied the minimum royalty payment of $ 25,000 The annual advance minimum royalty payments at April 30, 2023 under the option agreement are as follows, each payment to be made on the first anniversary of the effective date of this option agreement and continuing until the tenth anniversary: SCHEDULE OF ADVANCE MINIMUM ROYALTY PAYMENTS Fiscal 2024 $ 25,000 Fiscal 2025 25,000 Fiscal 2026 25,000 Fiscal 2027 25,000 Fiscal 2028 25,000 Fiscal 2029 and thereafter 75,000 Total $ 200,000 100% Exploration Access and Option to Lease Agreement On August 25, 2021 (“Effective Date”), the Company entered into an Exploration Access and Option to Lease Agreement (the “Agreement”) with a private-party landowner (the “Landowner”) whereby the Landowner granted the Company an option (the “Option”) to lease and right of way on a property located in Laramie County, Wyoming. The Company may exercise the Option for five years (“Option Term”) from the Effective Date. During the Option, the Landowner granted non-exclusive rights (the “Exploration Access Rights”) to the Company to use the surface of the property for an annual exploration and access right payment of $ 10,000 35,780 6,560 42,340 At any time during the Option Term, the Company may exercise the Option by providing a written notice to the Landowner and the Company shall pay a one-time right of way payment of $ 26,240 50,000 40.00 13,120 U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 In consideration for the option rights, lease rights and right of way rights under this Agreement, the Company agreed to grant the Landowner shares of the Company’s common stock worth $ 50,000 At any time during the Option Term, the Company may terminate this Agreement by providing a written notice to the Landowner. Upon termination, the Landowner is entitled to retain any payments already made and the Company shall have no further obligation after the date of termination. The Agreement, including the Option and the Exploration Access Rights, may be extended for a period of five years upon written notice from the Company. In the absence of such notice, the Agreement shall automatically terminate at the end of the Option Term. Currently, the Company has not exercised the Option. Legal Matters From time to time the Company may be involved in claims and legal actions that arise in the ordinary course of business. To the Company’s knowledge, there are no material pending legal proceedings to which the Company is a party or of which any of the Company’s property is the subject.

INCOME TAX

INCOME TAX	12 Months Ended
	Apr. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAX	NOTE 13 — INCOME TAX The deferred tax assets and deferred tax liabilities are summarized as follows (approximately): SCHEDULE OF NET DEFERRED TAX ASSET AND LIABILITIES April 30, 2023 April 30, 2022 (Revised) Deferred tax assets: Net operating loss carryover $ 11,599,000 $ 9,970,000 Stock-based compensation 866,000 2,234,000 Accrued remediation costs 35,000 11,000 Other 7,000 — Subtotal 12,507,000 12,215,000 Less: valuation allowance (10,774,000 ) (10,493,000 ) Total deferred tax assets $ 1,733,000 $ 1,722,000 Deferred tax liabilities: April 30, 2023 April 30, 2022 (Revised) Acquired mineral rights in excess of tax basis in a tax-free merger $ (2,152,000 ) $ (2,152,000 ) Other (11,000 ) — Total deferred tax liabilities $ (2,163,000 ) $ (2,152,000 ) Net deferred tax assets (liabilities) $ (430,000 ) $ (430,000 ) The Company has a net operating loss carryforward for federal tax purposes totaling approximately $ 55.2 12.9 42.3 80% 0% U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 On August 10, 2020, the Company acquired mineral rights totaling $ 10,249,632 The differences between the provision (benefit) for federal income taxes and federal income taxes computed using the U.S. statutory tax rate of 21% SCHEDULE OF EFFECTIVE TAX RATE Year Ended April 30, 2023 2022 (Revised) Federal income tax provision (benefit) based on statutory rate $ (1,599,000 ) 21.0 % $ (2,925,000 ) 21.0 % State income tax provision (benefit), net of federal taxes — — % — — % Change in fair value of warrant liabilities (273,000 ) 3.6 % — — % Change in prior year estimate (255,000 ) 3.4 % 717,000 ( 0.3 )% Prior year deferred tax adjustment 1,804,000 ( 23.7 )% — — % Other nondeductible expenses 42,000 ( 0.6 )% — — % Increase (decrease) in valuation allowance 281,000 ( 3.7 )% 2,208,000 ( 20.7 )% Total tax provision (benefit) on income (loss) $ — — % $ — — % The Company has assessed its tax positions and has determined that it has not taken a position that would give rise to an unrecognized tax liability being reported. In the event that the Company is assessed penalties and/or interest, penalties will be charged to other operating expenses and interest will be charged to interest expense. The Company operates exclusively in the United States and in various state jurisdictions, primarily the states of Wyoming and Nevada. For both federal and state income tax purposes, the Company’s fiscal 2020 through 2023 tax years remain open for examination by the tax authorities under the general three-year statute of limitations. However, due to the Company’s federal net operating loss carryforward, the Internal Revenue Service has the ability to adjust this carryforward even if the losses were incurred in years that would otherwise be closed under the statute of limitations.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Apr. 30, 2023
Accounting Policies [Abstract]
Basis of presentation and principles of consolidation	Basis of presentation and principles of consolidation The accompanying consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), the instructions to Form 10-K, and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for financial information, which includes the consolidated financial statements and presents the consolidated financial statements of the Company and its wholly-owned subsidiaries as of April 30, 2023. All intercompany transactions and balances have been eliminated. It is management’s opinion that all material adjustments (consisting of normal recurring adjustments) have been made, which are necessary for a fair financial statement presentation.
Use of Estimates and Assumptions	Use of Estimates and Assumptions In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet, and revenues and expenses for the period then ended. Actual results may differ significantly from those estimates. Significant estimates made by management include, but are not limited to, valuation of mineral rights, stock-based compensation, the fair value of common stock, valuation of warrant liability, asset retirement obligations and the valuation of deferred tax assets and liabilities.
Revision of Financial Statements	Revision of Financial Statements During the fiscal year 2021, the Company determined that it had not appropriately recorded a deferred tax liability related to the acquisition of mineral rights in August 2020. This resulted in an understatement of deferred tax liability and a corresponding understatement of provision for income taxes during fiscal year 2021. Based on an analysis of Accounting Standards Codification ASC 250 – “Accounting Changes and Error Corrections” (“ASC 250”), Staff Accounting Bulletin 99 – “Materiality” and Staff Accounting Bulletin 108 – “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements”, the Company determined that these errors were immaterial to the previously issued consolidated financial statements, and as such no restatement was necessary. Correcting prior period financial statements for immaterial errors would not require previously filed reports to be amended. There was no effect on the statements of cash flows, statements of operations, and net loss for the year ended April 30, 2022. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 The effect of this revision on the line items within the Company’s consolidated statements of changes in stockholders’ equity as of April 30, 2021, was as follows: SCHEDULE OF REVISION OF FINANCIAL STATEMENT April 30, 2021 Revision As Revised Accumulated Deficit (43,975,046 ) (430,486 ) (44,405,532 ) Total Stockholders’ Equity $ 30,499,705 $ (430,486 ) $ 30,069,219 The effect of this revision on the line items within the Company’s consolidated balance sheet and statements of changes in stockholders’ equity as of April 30, 2022, was as follows: April 30, 2022 Revision As Revised Deferred Tax Liability $ - $ 430,486 $ 430,486 Total Long-term Liability 2,708,930 430,486 3,139,416 Total Liabilities 3,844,965 430,486 4,275,451 Accumulated Deficit (57,905,928 ) (430,486 ) (58,336,414 ) Total Stockholders’ Equity $ 23,657,801 $ (430,486 ) $ 23,227,315 Fair Value Measurements The Company has adopted Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied in accordance with U.S. GAAP, which requires the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure about such fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. The Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s warrant liability for warrants issued in the definitive agreements (see Note 9) was estimated using a Monte Carlo simulation model using Level 3 inputs. Cash and Cash Equivalents Cash equivalents are comprised of certain highly liquid instruments with a maturity of three months or less when purchased. The Company did not have any cash equivalents on hand at April 30, 2023 and 2022. The Company places its cash with high credit quality financial institutions. The Company’s accounts at these institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000 Prepaid expenses and other current assets Prepaid expenses and other current assets of $ 610,140 787,902 Property Property is carried at cost. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, generally three five years Impairment of long-lived assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s estimated fair value and its book value. The Company did not recognize any impairment during the years ended April 30, 2023 and 2022. Mineral Rights Costs of leasing, exploring, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred. Where the Company has identified proven and probable mineral reserves on any of its properties, development costs will be capitalized when all the following criteria have been met, a) the Company receives the requisite operating permits, b) completion of a favorable Feasibility Study and c) approval from the Board of director’s authorizing the development of the ore body. Until such time all these criteria have been met the Company records pre-development costs to expense as incurred. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 When a property reaches the production stage, the related capitalized costs will be amortized on a units-of-production basis over the proven and probable reserves following the commencement of production. The Company assesses the carrying costs of the capitalized mineral properties for impairment under ASC 360-10, “Impairment of Long-Lived Assets”, and evaluates its carrying value under ASC 930-360, “Extractive Activities—Mining”, annually. An impairment is recognized when the sum of the expected undiscounted future cash flows is less than the carrying amount of the mineral properties. Impairment losses, if any, are measured as the excess of the carrying amount of the mineral properties over its estimated fair value. To date, the Company has expensed all exploration and pre-development costs as none of its properties have satisfied the criteria above for capitalization. ASC 930-805, “Extractive Activities—Mining: Business Combinations” (“ASC 930-805”), states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights. Acquired mineral rights are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims. ASC 930-805 provides that in measuring the fair value of mineral assets, an acquirer should take into account both: ● The value beyond proven and probable reserves (“VBPP”) to the extent that a market participant would include VBPP in determining the fair value of the assets. ● The effects of anticipated fluctuations in the future market price of minerals in a manner that is consistent with the expectations of market participants. Leases to explore for or use of natural resources are outside the scope of ASC 842, “Leases”. Share-Based Compensation Share-based compensation is accounted for based on the requirements of ASC 718, “Compensation—Stock Compensation” (“ASC 718”), which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Accounting for Warrants Warrants are accounted for in accordance with the applicable accounting guidance provided in ASC 815, “Derivatives and Hedging” (“ASC 815”) as either derivative liabilities or as equity instruments, depending on the specific terms of the agreements. The Company classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) give the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any contracts that (i) require net-cash settlement (including a requirement to net-cash settle the contract if an event occurs and if that event is outside the control of the Company) or (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). Instruments that are classified as liabilities are recorded at fair value at each reporting period, with any change in fair value recognized as a component of change in fair value of derivative liabilities in the consolidated statements of operations. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 The Company assessed the classification of its outstanding common stock purchase warrants as of the date of issuance and determined that such instruments, except for the warrants discussed under Warrant Liability below, met the criteria for equity classification under the guidance in ASU 2017-11 “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Feature”. The Company has no outstanding warrants that contain a “down round” feature under Topic 815 of ASU 2017-11. Warrant Liability The Company accounts for the 625,000 870,000 Offering Costs Offering costs incurred consisted of legal, placement agent fees and other costs that were directly related to registered direct offerings. Offering costs were allocated to the separable financial instruments issued in the registered direct offering based on the same proportion as the proceeds were allocated to the warrants and equity. Offering costs associated with warrant liabilities are expensed as incurred, presented as offering costs related to warrant liability in the consolidated statements of operations. Offering costs associated with the sale of common shares were charged against equity. Remediation and Asset Retirement Obligation Asset retirement obligations (“ARO”), consisting primarily of estimated reclamation costs at the Company’s CK Gold, Keystone and Maggie Creek properties, are recognized in the period incurred and when a reasonable estimate can be made, and recorded as liabilities at fair value. Such obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to accretion expense. Corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset’s remaining useful life. AROs are periodically adjusted to reflect changes in the estimated present value resulting from revisions to the estimated timing or amount of reclamation and closure costs. The Company reviews and evaluates its AROs annually or more frequently at interim periods if deemed necessary. Foreign Currency Transactions The reporting and functional currency of the Company is the U.S. dollar. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency included in the results of operations as incurred. Translation adjustments, and transaction gains or losses, have not had, and are not expected to have, a material effect on the results of operations of the Company and are included in general and administrative expenses. Leases The Company accounts for leases in accordance with ASC Topic 842, Leases. Operating lease right of use assets (“ROU”) represent the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Upon the election by the Company to extend the lease for additional years, that election will be treated as a lease modification and the lease will be reviewed for re-measurement. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is included in general and administrative expenses in the statements of operations. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 Income Taxes The Company accounts for income taxes pursuant to the provision of ASC 740, “Accounting for Income Taxes” (“ASC 740”), which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provision of ASC 740-10, “Accounting for Uncertain Income Tax Positions” (“ASC 740-10”). When tax returns are filed, there may be uncertainty about the merits of positions taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured at the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefit associated with tax positions taken that exceed the amount measured as described above should be reflected as a liability for uncertain tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all more likely than not to be upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits or for any related interest and penalties. In the event that the Company is assessed penalties and/or interest, penalties will be charged to other operating expense and interest will be charged to interest expense. The Company follows ASC 740-10-25, “Definition of Settlement”, which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion and examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open. The federal and state income tax returns of the Company are subject to examination by the Internal Revenue Service and state taxing authorities, generally for three years after they are filed. Recent Accounting Pronouncements Accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material effect on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an effect on or are unrelated to its financial condition, results of operations, cash flows or disclosures. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 In June 2022, FASB issued ASU 2022-03, Fair Value Measurement (Topic 820) (“ASU 2022-03”). The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments in this Update also require additional disclosures for equity securities subject to contractual sale restrictions. The provisions in this Update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect to early adopt this ASU. The Company does not expect the adoption of this standard to have a significant impact on its consolidated financial statements. On January 1, 2023, the Company adopted FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”), which requires the immediate recognition of management’s estimates of current and expected credit losses. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements or disclosures.
Fair Value Measurements	Fair Value Measurements The Company has adopted Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied in accordance with U.S. GAAP, which requires the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure about such fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. The Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s warrant liability for warrants issued in the definitive agreements (see Note 9) was estimated using a Monte Carlo simulation model using Level 3 inputs.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents are comprised of certain highly liquid instruments with a maturity of three months or less when purchased. The Company did not have any cash equivalents on hand at April 30, 2023 and 2022. The Company places its cash with high credit quality financial institutions. The Company’s accounts at these institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000
Prepaid expenses and other current assets	Prepaid expenses and other current assets Prepaid expenses and other current assets of $ 610,140 787,902
Property	Property Property is carried at cost. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, generally three five years
Impairment of long-lived assets	Impairment of long-lived assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s estimated fair value and its book value. The Company did not recognize any impairment during the years ended April 30, 2023 and 2022.
Mineral Rights	Mineral Rights Costs of leasing, exploring, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred. Where the Company has identified proven and probable mineral reserves on any of its properties, development costs will be capitalized when all the following criteria have been met, a) the Company receives the requisite operating permits, b) completion of a favorable Feasibility Study and c) approval from the Board of director’s authorizing the development of the ore body. Until such time all these criteria have been met the Company records pre-development costs to expense as incurred. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 When a property reaches the production stage, the related capitalized costs will be amortized on a units-of-production basis over the proven and probable reserves following the commencement of production. The Company assesses the carrying costs of the capitalized mineral properties for impairment under ASC 360-10, “Impairment of Long-Lived Assets”, and evaluates its carrying value under ASC 930-360, “Extractive Activities—Mining”, annually. An impairment is recognized when the sum of the expected undiscounted future cash flows is less than the carrying amount of the mineral properties. Impairment losses, if any, are measured as the excess of the carrying amount of the mineral properties over its estimated fair value. To date, the Company has expensed all exploration and pre-development costs as none of its properties have satisfied the criteria above for capitalization. ASC 930-805, “Extractive Activities—Mining: Business Combinations” (“ASC 930-805”), states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights. Acquired mineral rights are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims. ASC 930-805 provides that in measuring the fair value of mineral assets, an acquirer should take into account both: ● The value beyond proven and probable reserves (“VBPP”) to the extent that a market participant would include VBPP in determining the fair value of the assets. ● The effects of anticipated fluctuations in the future market price of minerals in a manner that is consistent with the expectations of market participants. Leases to explore for or use of natural resources are outside the scope of ASC 842, “Leases”.
Share-Based Compensation	Share-Based Compensation Share-based compensation is accounted for based on the requirements of ASC 718, “Compensation—Stock Compensation” (“ASC 718”), which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.
Accounting for Warrants	Accounting for Warrants Warrants are accounted for in accordance with the applicable accounting guidance provided in ASC 815, “Derivatives and Hedging” (“ASC 815”) as either derivative liabilities or as equity instruments, depending on the specific terms of the agreements. The Company classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) give the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any contracts that (i) require net-cash settlement (including a requirement to net-cash settle the contract if an event occurs and if that event is outside the control of the Company) or (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). Instruments that are classified as liabilities are recorded at fair value at each reporting period, with any change in fair value recognized as a component of change in fair value of derivative liabilities in the consolidated statements of operations. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 The Company assessed the classification of its outstanding common stock purchase warrants as of the date of issuance and determined that such instruments, except for the warrants discussed under Warrant Liability below, met the criteria for equity classification under the guidance in ASU 2017-11 “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Feature”. The Company has no outstanding warrants that contain a “down round” feature under Topic 815 of ASU 2017-11.
Warrant Liability	Warrant Liability The Company accounts for the 625,000 870,000
Offering Costs	Offering Costs Offering costs incurred consisted of legal, placement agent fees and other costs that were directly related to registered direct offerings. Offering costs were allocated to the separable financial instruments issued in the registered direct offering based on the same proportion as the proceeds were allocated to the warrants and equity. Offering costs associated with warrant liabilities are expensed as incurred, presented as offering costs related to warrant liability in the consolidated statements of operations. Offering costs associated with the sale of common shares were charged against equity.
Remediation and Asset Retirement Obligation	Remediation and Asset Retirement Obligation Asset retirement obligations (“ARO”), consisting primarily of estimated reclamation costs at the Company’s CK Gold, Keystone and Maggie Creek properties, are recognized in the period incurred and when a reasonable estimate can be made, and recorded as liabilities at fair value. Such obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to accretion expense. Corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset’s remaining useful life. AROs are periodically adjusted to reflect changes in the estimated present value resulting from revisions to the estimated timing or amount of reclamation and closure costs. The Company reviews and evaluates its AROs annually or more frequently at interim periods if deemed necessary.
Foreign Currency Transactions	Foreign Currency Transactions The reporting and functional currency of the Company is the U.S. dollar. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency included in the results of operations as incurred. Translation adjustments, and transaction gains or losses, have not had, and are not expected to have, a material effect on the results of operations of the Company and are included in general and administrative expenses.
Leases	Leases The Company accounts for leases in accordance with ASC Topic 842, Leases. Operating lease right of use assets (“ROU”) represent the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Upon the election by the Company to extend the lease for additional years, that election will be treated as a lease modification and the lease will be reviewed for re-measurement. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is included in general and administrative expenses in the statements of operations. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023
Income Taxes	Income Taxes The Company accounts for income taxes pursuant to the provision of ASC 740, “Accounting for Income Taxes” (“ASC 740”), which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provision of ASC 740-10, “Accounting for Uncertain Income Tax Positions” (“ASC 740-10”). When tax returns are filed, there may be uncertainty about the merits of positions taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured at the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefit associated with tax positions taken that exceed the amount measured as described above should be reflected as a liability for uncertain tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all more likely than not to be upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits or for any related interest and penalties. In the event that the Company is assessed penalties and/or interest, penalties will be charged to other operating expense and interest will be charged to interest expense. The Company follows ASC 740-10-25, “Definition of Settlement”, which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion and examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open. The federal and state income tax returns of the Company are subject to examination by the Internal Revenue Service and state taxing authorities, generally for three years after they are filed.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material effect on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an effect on or are unrelated to its financial condition, results of operations, cash flows or disclosures. U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 In June 2022, FASB issued ASU 2022-03, Fair Value Measurement (Topic 820) (“ASU 2022-03”). The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments in this Update also require additional disclosures for equity securities subject to contractual sale restrictions. The provisions in this Update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect to early adopt this ASU. The Company does not expect the adoption of this standard to have a significant impact on its consolidated financial statements. On January 1, 2023, the Company adopted FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”), which requires the immediate recognition of management’s estimates of current and expected credit losses. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements or disclosures.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Apr. 30, 2023
Accounting Policies [Abstract]
SCHEDULE OF REVISION OF FINANCIAL STATEMENT	The effect of this revision on the line items within the Company’s consolidated statements of changes in stockholders’ equity as of April 30, 2021, was as follows: SCHEDULE OF REVISION OF FINANCIAL STATEMENT April 30, 2021 Revision As Revised Accumulated Deficit (43,975,046 ) (430,486 ) (44,405,532 ) Total Stockholders’ Equity $ 30,499,705 $ (430,486 ) $ 30,069,219 The effect of this revision on the line items within the Company’s consolidated balance sheet and statements of changes in stockholders’ equity as of April 30, 2022, was as follows: April 30, 2022 Revision As Revised Deferred Tax Liability $ - $ 430,486 $ 430,486 Total Long-term Liability 2,708,930 430,486 3,139,416 Total Liabilities 3,844,965 430,486 4,275,451 Accumulated Deficit (57,905,928 ) (430,486 ) (58,336,414 ) Total Stockholders’ Equity $ 23,657,801 $ (430,486 ) $ 23,227,315

MINERAL RIGHTS (Tables)

MINERAL RIGHTS (Tables)	12 Months Ended
	Apr. 30, 2023
Extractive Industries [Abstract]
SCHEDULE OF MINERAL PROPERTIES	As of the dates presented, mineral properties consisted of the following: SCHEDULE OF MINERAL PROPERTIES April 30, 2023 April 30, 2022 CK Gold Project $ 3,091,738 $ 3,091,738 Keystone Project 1,028,885 1,028,885 Maggie Creek Project - 1,986,607 Challis Gold Project 10,249,632 10,249,632 Total $ 14,370,255 $ 16,356,862

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Apr. 30, 2023
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	As of the dates presented, property consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT April 30, 2023 April 30, 2022 Site costs $ 203,320 $ 203,320 Land 352,718 175,205 Computer equipment 7,265 7,265 Vehicle 39,493 39,493 Total 602,796 425,283 Less: accumulated depreciation (111,871 ) (75,366 ) Total $ 490,925 $ 349,917

ASSET RETIREMENT OBLIGATION (Ta

ASSET RETIREMENT OBLIGATION (Tables)	12 Months Ended
	Apr. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
SCHEDULE OF ASSET RETIREMENT OBLIGATION	SCHEDULE OF ASSET RETIREMENT OBLIGATION April 30, 2023 April 30, 2022 Balance, beginning of year $ 260,196 $ 204,615 Addition and changes in estimates - 33,517 Accretion expense 25,568 22,064 Balance, end of year $ 285,764 $ 260,196

OPERATING LEASE RIGHT-OF-USE _2

OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES (Tables)	12 Months Ended
	Apr. 30, 2023
Operating Lease Right-of-use Assets And Operating Lease Liabilities
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES	Right-of- use assets are summarized below: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES April 30, 2023 April 30, 2022 Operating leases $ 32,080 $ 64,064 Operating Lease liabilities are summarized below: April 30, 2023 April 30, 2022 Operating lease, current portion $ 32,080 $ 55,630 Operating lease, long term portion - 8,734 Total lease liability $ 32,080 $ 64,364
SCHEDULE OF SUPPLEMENTAL CASH AND NON-CASH INFORMATION	The following table includes supplemental cash and non-cash information related to the Company’s lease: SCHEDULE OF SUPPLEMENTAL CASH AND NON-CASH INFORMATION 2023 2022 Years ended April 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating lease $ 56,000 $ 44,500 Lease assets obtained in exchange for new operating lease liabilities $ - $ 104,095 Lease assets obtained upon lease modification $ 20,472 $ -
SCHEDULE OF MINIMUM LEASE PAYMENTS UNDER NON-CANCELABLE OPERATING LEASES	Minimum lease payments under non-cancelable operating leases at April 30, 2023 are as follows: SCHEDULE OF MINIMUM LEASE PAYMENTS UNDER NON-CANCELABLE OPERATING LEASES Year ended April 30, 2024 33,029 Less: imputed interest (949 ) Total present value of lease liability $ 32,080

WARRANT LIABILITY (Tables)

WARRANT LIABILITY (Tables)	12 Months Ended
	Apr. 30, 2023
Warrant Liability
SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY	The key inputs for the warrant liability were as follows as of March 18, 2022: SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY Key Valuation Inputs Expected term (years) 5.50 Annualized volatility 84.4 % Volatility if fundamental transaction occurs 100.00 % Risk-free interest rate 2.15 % Stock price $ 8.00 Dividend yield 0.00 % Exercise price $ 8.60 Probability of fundamental transaction 85 % Date of fundamental transaction (1) 2 5.5 1) The fundamental transaction is simulated to occur 85% during one trading day through the 3.5-year period, 85% of the time U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2023 The key inputs for the warrant liability were as follows as of April 10, 2023: Key Valuation Inputs (2) Expected term (years) 5.50 Annualized volatility 81.3 % Volatility if fundamental transaction occurs 100.00 % Risk-free interest rate 3.51 % Stock price $ 5.23 Dividend yield 0.00 % Exercise price $ 6.16 Probability of fundamental transaction 90 % Date of fundamental transaction (1) 1.0 5.5 1) The fundamental transaction is simulated to occur 90% during one trading day through the 4.5-year period, 90% of the time 2) Applies to the modified warrants and warrants issued in April 2023 Subsequent Measurement The key inputs for the warrant liability were as follows as of April 30, 2022: Key Valuation Inputs Expected term (years) 5.39 Annualized volatility 84.2 % Volatility if fundamental transaction occurs 100.00 % Risk-free interest rate 2.92 % Stock price $ 5.65 Dividend yield 0.00 % Exercise price $ 8.60 Probability of fundamental transaction 85 % Date of fundamental transaction 1.90 5.4 The key inputs for the warrant liability were as follows as of April 30, 2023: Key Valuation Inputs Expected term (years) 5.45 Annualized volatility 81.4 % Volatility if fundamental transaction occurs 100.00 % Risk-free interest rate 3.51 % Stock price $ 4.31 Dividend yield 0.00 % Exercise price $ 6.16 Probability of fundamental transaction 90 % Date of fundamental transaction 1.00 5.45
SCHEDULE OF CHANGES IN FAIR VALUE OF LEVEL THREE WARRANT LIABILITY	The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the years ended April 30, 2023 and 2022: SCHEDULE OF CHANGES IN FAIR VALUE OF LEVEL THREE WARRANT LIABILITY Warrant Fair value as of April 30, 2021 $ — Initial fair value of warrant liability upon issuance 3,652,000 Change in fair value of warrant liability (1,212,000 ) Fair value as of April 30, 2022 2,440,000 Initial fair value of warrant liability upon issuance 3,088,500 Change in fair value due to modification of warrants 262,500 Change in fair value of warrant liability (1,560,150 ) Fair value as of April 30, 2023 $ 4,230,850

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	12 Months Ended
	Apr. 30, 2023
Equity [Abstract]
SCHEDULE OF WARRANT LIABILITY	SCHEDULE OF WARRANT LIABILITY - Net proceeds on March 18, 2022 $ 4,559,600 Less: Proceeds allocated to warrant liability (3,652,000 ) Plus: Offering cost associated with warrant liability 190,840 Net proceeds on March 18, 2022 allocated to equity $ 1,098,440 - Net proceeds on April 10, 2023 $ 4,550,210 Less: Proceeds allocated to warrant liability (3,088,500 ) Plus: Offering cost associated with warrant liability 279,487 Net proceeds on April 10, 2023 allocated to equity $ 1,741,197
SCHEDULE OF ACTIVITY RESTRICTED STOCK UNITS	A summary of the of changes in restricted stock units outstanding during the years ended April 30, 2023 and 2022, is as follows: SCHEDULE OF ACTIVITY RESTRICTED STOCK UNITS Restricted Weighted Balance at April 30, 2021 346,802 $ 10.30 Granted 104,064 7.45 Vested and converted (1,116 ) 11.21 Forfeited (8,348 ) 12.16 Balance at April 30, 2022 441,402 9.57 Vested and converted into common stock ( 7,927 ) 9.34 Balance at April 30, 2023 433,475 $ 9.57
SCHEDULE OF STOCK OPTION ACTIVITY	The following is a summary of the Company’s stock option activity during the years ended April 30, 2023 and 2022: SCHEDULE OF STOCK OPTION ACTIVITY Number of Weighted Weighted Balance at April 30, 2021 95,000 $ 14.63 1.57 Granted 58,060 6.93 5.00 Exercised — — — Forfeited — — — Cancelled (5,000 ) 13.40 — Balance at April 30, 2022 148,060 11.65 2.23 Granted 140,000 5.02 5.00 Exercised — — — Forfeited — — — Cancelled (95,310 ) 14.27 — Balance at April 30, 2023 192,750 5.73 4.44 Options exercisable at end of year 179,650 $ 5.44 Options expected to vest 13,100 $ 6.93 Weighted average fair value of options granted during the year $ 3.31
SCHEDULE OF STOCK OPTION	SCHEDULE OF STOCK OPTION For the Year Ended Risk free interest rate 1.53 % Dividend yield 0.00 % Expected volatility 82 % Contractual and expected term (in years) 5.0 Forfeiture rate 0.00 % For the Year Ended Risk free interest rate 3.53 % Dividend yield 0.00 % Expected volatility 80 % Contractual and expected term (in years) 5.0 Forfeiture rate 0.00 %
SCHEDULE OF STOCK-BASED EXPENSE FOR STOCK OPTION	Stock-based expense for stock options were recorded in the following as reflected in the consolidated statements of operations: SCHEDULE OF STOCK-BASED EXPENSE FOR STOCK OPTION For the Year Ended For the Year Ended Compensation and related taxes – general and administrative $ 188,488 $ 39,475 Professional and consulting fees 304,520 144,000 Total $ 493,008 $ 183,475
SCHEDULE OF STOCK WARRANT ACTIVITY	The following is a summary of the Company’s stock warrant activity during the years ended April 30, 2023 and 2022: SCHEDULE OF STOCK WARRANT ACTIVITY Number of Warrants Weighted Average Weighted Average Remaining Contractual Warrants with no Class designation: Balance at April 30, 2021 1,428,794 $ 12.00 4.08 Granted 817,370 8.46 5.39 Exercised (166,667 ) 6.00 3.33 Forfeited (170,235 ) 31.25 — Canceled — — — Balance at April 30, 2022 1,909,262 9.29 4.38 Granted 870,000 6.16 5.51 Exercised — — — Forfeited — — — Canceled — — — Balance at April 30, 2023 2,779,262 7.76 4.27 Class A Warrants: Balance at April 30, 2021 109,687 11.40 3.22 Granted — — — Exercised — — — Forfeited — — — Canceled — — — Balance at April 30, 2022 109,687 11.40 2.22 Granted — — — Exercised — — — Forfeited — — — Canceled — — — Balance at April 30, 2023 109,687 11.40 1.22 Total Warrants Outstanding at April 30, 2023 2,888,949 $ 7.90 4.15 Warrants exercisable at end of year 2,018,949 $ 8.65 Weighted average fair value of warrants granted during the year $ 3.55

NET LOSS PER COMMON SHARE (Tabl

NET LOSS PER COMMON SHARE (Tables)	12 Months Ended
	Apr. 30, 2023
Earnings Per Share [Abstract]
SCHEDULE OF ANTIDILUTIVE SECTURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE	SCHEDULE OF ANTIDILUTIVE SECTURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE April 30, 2023 April 30, 2022 Common stock equivalents: Restricted stock units 433,475 441,402 Stock options 192,750 148,060 Stock warrants 2,888,949 2,018,949 Total 3,515,174 2,608,411

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Apr. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS	The future minimum lease payments at April 30, 2023 under these mining leases are as follows, each payment to be made in the fourth quarter of the respective fiscal years: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS Fiscal 2024 $ 2,880 Fiscal 2025 1,920 Fiscal 2026 1,920 Fiscal 2027 1,920 Fiscal 2028 1,920 Fiscal 2029 and thereafter 9,600 Total $ 20,160
SCHEDULE OF ADVANCE MINIMUM ROYALTY PAYMENTS	The annual advance minimum royalty payments at April 30, 2023 under the option agreement are as follows, each payment to be made on the first anniversary of the effective date of this option agreement and continuing until the tenth anniversary: SCHEDULE OF ADVANCE MINIMUM ROYALTY PAYMENTS Fiscal 2024 $ 25,000 Fiscal 2025 25,000 Fiscal 2026 25,000 Fiscal 2027 25,000 Fiscal 2028 25,000 Fiscal 2029 and thereafter 75,000 Total $ 200,000

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
	Apr. 30, 2023
Income Tax Disclosure [Abstract]
SCHEDULE OF NET DEFERRED TAX ASSET AND LIABILITIES	The deferred tax assets and deferred tax liabilities are summarized as follows (approximately): SCHEDULE OF NET DEFERRED TAX ASSET AND LIABILITIES April 30, 2023 April 30, 2022 (Revised) Deferred tax assets: Net operating loss carryover $ 11,599,000 $ 9,970,000 Stock-based compensation 866,000 2,234,000 Accrued remediation costs 35,000 11,000 Other 7,000 — Subtotal 12,507,000 12,215,000 Less: valuation allowance (10,774,000 ) (10,493,000 ) Total deferred tax assets $ 1,733,000 $ 1,722,000 Deferred tax liabilities: April 30, 2023 April 30, 2022 (Revised) Acquired mineral rights in excess of tax basis in a tax-free merger $ (2,152,000 ) $ (2,152,000 ) Other (11,000 ) — Total deferred tax liabilities $ (2,163,000 ) $ (2,152,000 ) Net deferred tax assets (liabilities) $ (430,000 ) $ (430,000 )
SCHEDULE OF EFFECTIVE TAX RATE	SCHEDULE OF EFFECTIVE TAX RATE Year Ended April 30, 2023 2022 (Revised) Federal income tax provision (benefit) based on statutory rate $ (1,599,000 ) 21.0 % $ (2,925,000 ) 21.0 % State income tax provision (benefit), net of federal taxes — — % — — % Change in fair value of warrant liabilities (273,000 ) 3.6 % — — % Change in prior year estimate (255,000 ) 3.4 % 717,000 ( 0.3 )% Prior year deferred tax adjustment 1,804,000 ( 23.7 )% — — % Other nondeductible expenses 42,000 ( 0.6 )% — — % Increase (decrease) in valuation allowance 281,000 ( 3.7 )% 2,208,000 ( 20.7 )% Total tax provision (benefit) on income (loss) $ — — % $ — — %

SCHEDULE OF REVISION OF FINANCI

SCHEDULE OF REVISION OF FINANCIAL STATEMENT (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Accumulated Deficit	$ (65,950,618)	$ (58,336,414)	$ (44,405,532)
Total Stockholders’ Equity	18,857,941	23,227,315	30,069,219
Deferred Tax Liability		430,486
Total Long-term Liability	4,947,100	3,139,416
Total Liabilities	$ 5,325,898	4,275,451
Previously Reported [Member]
Accumulated Deficit		(57,905,928)	(43,975,046)
Total Stockholders’ Equity		23,657,801	30,499,705
Deferred Tax Liability
Total Long-term Liability		2,708,930
Total Liabilities		3,844,965
Revision of Prior Period, Adjustment [Member]
Accumulated Deficit		(430,486)	(430,486)
Total Stockholders’ Equity		(430,486)	$ (430,486)
Deferred Tax Liability		430,486
Total Long-term Liability		430,486
Total Liabilities		$ 430,486

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Apr. 30, 2023	Apr. 10, 2023	Apr. 30, 2022	Mar. 31, 2022	Mar. 18, 2022	Feb. 14, 2022
Property, Plant and Equipment [Line Items]
Cash, FDIC insured amount	$ 250,000
Prepaid expenses and other current assets	$ 610,140		$ 787,902
Class of warrant or right, issued	870,000	625,000		625,000	625,000	192,370
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of the assets	3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of the assets	5 years

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash	$ 7,822,930	$ 7,822,930	$ 9,111,512
Working capital	8,100,000	8,100,000
Accumulated deficit	65,950,618	65,950,618	58,336,414	$ 44,405,532
Net loss		7,614,204	13,930,882
Cash used in operating activities		$ 8,690,766	$ 12,575,412
Proceeds from issuance or sale of equity	$ 5,000,000

SCHEDULE OF MINERAL PROPERTIES

SCHEDULE OF MINERAL PROPERTIES (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022
Restructuring Cost and Reserve [Line Items]
Total	$ 14,370,255	$ 16,356,862
CK Gold Project [Member]
Restructuring Cost and Reserve [Line Items]
Total	3,091,738	3,091,738
Keystone Project [Member]
Restructuring Cost and Reserve [Line Items]
Total	1,028,885	1,028,885
Maggie Creek Project [Member]
Restructuring Cost and Reserve [Line Items]
Total		1,986,607
Challis Gold Project [Member]
Restructuring Cost and Reserve [Line Items]
Total	$ 10,249,632	$ 10,249,632

MINERAL RIGHTS (Details Narrati

MINERAL RIGHTS (Details Narrative)				12 Months Ended
	Apr. 10, 2023 shares	Nov. 09, 2022 USD ($)	Sep. 10, 2019 shares	Apr. 30, 2023 USD ($) a	Apr. 30, 2022 USD ($)	Aug. 10, 2020 a
Reserve Quantities [Line Items]
Number of shares issued for common stock | shares	625,000
Gain on sale of assets				$ 763,393
Assignment and Assumption Agreement [Member] | Ren Ex [Member]
Reserve Quantities [Line Items]
Interest rate percentage		50%
Assignment and Assumption Agreement [Member] | Ren Ex [Member] | Maggie Creek Property [Member]
Reserve Quantities [Line Items]
Interest rate percentage		70%
Assignment and Assumption Agreement [Member] | NGM and Ren Ex [Member] | Maggie Creek Property [Member]
Reserve Quantities [Line Items]
Interest rate percentage		100%
Original Earn in Agreement [Member] | Nevada Gold Mines LLC [Member]
Reserve Quantities [Line Items]
Upfront cash payment		$ 2,750,000
Net smelter return percentage		0.25%
Royalty fixed price		$ 500,000
Original Earn in Agreement [Member] | Maggie Creek Property [Member] | Nevada Gold Mines LLC [Member]
Reserve Quantities [Line Items]
Net smelter return percentage		0.50%
USGold Royalty Agreement [Member] | Nevada Gold Mines LLC [Member]
Reserve Quantities [Line Items]
Royalty fixed price		$ 800,000
Gain on sale of assets				$ 763,393
Northem Panther Merger Agreement [Member]
Reserve Quantities [Line Items]
Area of land | a						1,710
CK Gold Project [Member]
Reserve Quantities [Line Items]
Area of land | a				1.8
Maggie Creek Project [Member] | Share exchange agreement [Member] | Number Co [Member]
Reserve Quantities [Line Items]
Number of shares issued for common stock | shares			200,000

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022
Property, Plant and Equipment [Line Items]
Total	$ 602,796	$ 425,283
Less: accumulated depreciation	(111,871)	(75,366)
Total	490,925	349,917
Retail Site [Member]
Property, Plant and Equipment [Line Items]
Total	203,320	203,320
Land [Member]
Property, Plant and Equipment [Line Items]
Total	352,718	175,205
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	7,265	7,265
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total	$ 39,493	$ 39,493

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expenses	$ 36,505	$ 34,794

SCHEDULE OF ASSET RETIREMENT OB

SCHEDULE OF ASSET RETIREMENT OBLIGATION (Details) - USD ($)	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Asset Retirement Obligation Disclosure [Abstract]
Balance, beginning of period	$ 260,196	$ 204,615
Addition and changes in estimates		33,517
Accretion expense	25,568	22,064
Balance, end of period	$ 285,764	$ 260,196

ASSET RETIREMENT OBLIGATION (De

ASSET RETIREMENT OBLIGATION (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Asset Retirement Obligation Disclosure [Abstract]
Accretion expense	$ 25,568	$ 22,064

SCHEDULE OF SUPPLEMENTAL BALANC

SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022
Operating Lease Right-of-use Assets And Operating Lease Liabilities
Operating leases	$ 32,080	$ 64,064
Operating lease, current portion	32,080	55,630
Operating lease, long term portion		8,734
Total lease liability	$ 32,080	$ 64,364

SCHEDULE OF SUPPLEMENTAL CASH A

SCHEDULE OF SUPPLEMENTAL CASH AND NON-CASH INFORMATION (Details) - USD ($)	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Operating Lease Right-of-use Assets And Operating Lease Liabilities
Operating cash flows from operating lease	$ 56,000	$ 44,500
Lease assets obtained in exchange for new operating lease liabilities		104,095
Lease assets obtained upon lease modification	$ 20,472

SCHEDULE OF MINIMUM LEASE PAYME

SCHEDULE OF MINIMUM LEASE PAYMENTS UNDER NON-CANCELABLE OPERATING LEASES (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022
Operating Lease Right-of-use Assets And Operating Lease Liabilities
Year ended April 30, 2024	$ 33,029
Less: imputed interest	(949)
Total present value of lease liability	$ 32,080	$ 64,364

OPERATING LEASE RIGHT-OF-USE _3

OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES (Details Narrative) - USD ($)				1 Months Ended	12 Months Ended
	Jan. 30, 2023	Sep. 01, 2021	May 01, 2021	Mar. 31, 2022	Apr. 30, 2023	Apr. 30, 2022
Operating Lease Right-of-use Assets And Operating Lease Liabilities
Lease term, description		The term of the lease is for a two-year period from September 2021 to August 2023	The term of the lease is for a two-year period from May 2021 to May 2023 starting with a monthly base rent of $1,667
Payment for rent	$ 1,768	$ 3,100	$ 1,667	$ 2,950
Renewal term		2 years	3 years
Lease extension, description	On January 30, 2023, the Company entered into a lease amendment effective as of May 1, 2023 to extend this lease for a period of one year expiring April 30, 2024 with an option to renew the lease for an additional one year term
Right of use of assets	$ 20,472				$ 20,472
Incremental borrowing rate	8%
Lease expenses					$ 56,000	$ 44,200
Weighted average remaining lease term					8 months 1 day
Weighted average incremental borrowing rate					8%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)

1 Months Ended

12 Months Ended

Jan. 12, 2023

May 18, 2022

Jan. 24, 2022

Jun. 01, 2021

Mar. 19, 2021

Jan. 07, 2021

Mar. 31, 2023

Apr. 30, 2022

Jan. 31, 2022

Apr. 30, 2021

Jan. 31, 2021

Apr. 30, 2023

Apr. 30, 2022

Mar. 10, 2021

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Shares issued for services, value

$ 77,500

$ 100,000

Consulting fees

$ 4,259,931

$ 4,228,139

Number of shares issued

(7,927)

Shares granted

140,000

58,060

Accounts payable and accrued expenses

$ 1,080,405

$ 346,718

$ 1,080,405

Restricted Stock Units (RSUs) [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Shares issued for services, value

$ 25,000

Common stock shares issued

2,097

Director [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Shares granted

70,000

21,240

Director [Member] | Restricted Stock Units (RSUs) [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Shares issued for services, value

$ 96,000

Common stock shares issued

13,852

Mr. Karr [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Shares granted

5,310

Mr. Karr [Member] | Restricted Stock Units (RSUs) [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Common stock shares issued

13,564

January 2021 Agreement [Member] | Director [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Annual professional fees

$ 86,000

Shares issued for services, value

50,000

Cash payments to related parties

36,000

Payment due to related parties

$ 3,000

Common stock shares issued

3,222

January 2022 Agreement [Member] | Director [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Common stock shares issued

5,814

Consulting fees

$ 24,000

36,000

Number of shares issued

7,927

March 2021 Agreement [Member] | Director [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Annual professional fees

$ 250,000

Shares issued for services, value

130,000

Cash payments to related parties

$ 120,000

Payment due to related parties

$ 10,000

March 2021 Agreement [Member] | Mr. Karr [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Shares issued for services, value

$ 60,000

Cash payments to related parties

120,000

Payment due to related parties

10,000

Common stock shares issued

5,168

Consulting fees

$ 180,000

March 2022 Agreement [Member] | Director [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Common stock shares issued

14,286

March 2022 Agreement [Member] | Mr. Karr [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Common stock shares issued

7,353

March 2023 Agreement [Member] | Director [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Common stock shares issued

33,419

March 2023 Agreement [Member] | Mr. Karr [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Common stock shares issued

15,424

Consulting fees

$ 120,000

$ 120,000

Accounts payable and accrued expenses

$ 33,035

SCHEDULE OF KEY INPUTS FOR THE

SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY (Details)					12 Months Ended
	Apr. 10, 2023 $ / shares	[1]	Mar. 18, 2022 $ / shares		Apr. 30, 2023 $ / shares	Apr. 30, 2022 $ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Stock price	$ 5.23		$ 8		$ 4.31	$ 5.65
Exercise price	$ 6.16		$ 8.60		$ 6.16	$ 8.60
Measurement Input, Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)	5 years 6 months		5 years 6 months		5 years 5 months 12 days	5 years 4 months 20 days
Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	81.3		84.4		81.4	84.2
Measurement Input Volatility If Fundamental Transaction Occurs [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	100		100		100	100
Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	3.51		2.15		3.51	2.92
Measurement Input, Expected Dividend Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0		0		0	0
Measurement Input Probability of Fundamental Transaction [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	90		85		90	85
Measurement Input Date of Fundamental Transaction [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)	1 year	[2]	2 years	[3]	1 year	1 year 10 months 24 days
Measurement Input Date of Fundamental Transaction [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)	5 years 6 months	[2]	5 years 6 months	[3]	5 years 5 months 12 days	5 years 4 months 24 days
[1]Applies to the modified warrants and warrants issued in April 2023[2]The fundamental transaction is simulated to occur 90% during one trading day through the 4.5-year period, 90% of the time fundamental transaction is simulated to occur 85% during one trading day through the 3.5-year period, 85% of the time

SCHEDULE OF KEY INPUTS FOR TH_2

SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY (Details) (Parenthetical)	Apr. 10, 2023	Mar. 18, 2022
Warrant Liability
Fundamental transaction, description	fundamental transaction is simulated to occur 90% during one trading day through the 4.5-year period, 90% of the time	fundamental transaction is simulated to occur 85% during one trading day through the 3.5-year period, 85% of the time

SCHEDULE OF CHANGES IN FAIR VAL

SCHEDULE OF CHANGES IN FAIR VALUE OF LEVEL THREE WARRANT LIABILITY (Details) - USD ($)	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Warrant Liability
Fair value of warrants	$ 2,440,000
Initial fair value of warrant liability upon issuance	3,088,500	3,652,000
Change in fair value of warrant liability	(1,560,150)	(1,212,000)
Change in fair value due to modification of warrants	262,500
Fair value of warrants	$ 4,230,850	$ 2,440,000

WARRANT LIABILITY (Details Narr

WARRANT LIABILITY (Details Narrative) - USD ($)		12 Months Ended
	Apr. 10, 2023	Apr. 30, 2023	Apr. 30, 2022	Mar. 31, 2022	Mar. 18, 2022	Feb. 14, 2022	Apr. 30, 2021
Warrant Liability
Warrant liability		$ 4,230,850	$ 2,440,000
Purchase of shares	625,000	870,000		625,000	625,000	192,370
Initial valuation of warrant liability	$ 3,088,500	$ 4,230,850	2,440,000		$ 3,652,000
Warrants issued	870,000
Exercise price of warrant	$ 8.60				$ 8.60	$ 8
Exercise price of warrant reduced	$ 6.16
Modification of warrants		$ 262,500

SCHEDULE OF WARRANT LIABILITY (

SCHEDULE OF WARRANT LIABILITY (Details) - USD ($)		12 Months Ended
	Mar. 18, 2022	Apr. 30, 2023
Equity [Abstract]
Net proceeds	$ 4,559,600	$ 4,550,210
Proceeds allocated to warrant liability	(3,652,000)	(3,088,500)
Offering cost associated with warrant liability	190,840	279,487
Net proceeds allocated to equity	$ 1,098,440	$ 1,741,197

SCHEDULE OF ACTIVITY RESTRICTED

SCHEDULE OF ACTIVITY RESTRICTED STOCK UNITS (Details) - $ / shares	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Equity [Abstract]
Restricted stock unit, beginning	441,402	346,802
Weighted average grant date fair value, beginning	$ 9.57	$ 10.30
Restricted stock unit, granted		104,064
Weighted average grant date fair value, granted	7.45
Restricted stock unit, vested		(1,116)
Weighted average grant date fair value, vested	11.21
Restricted stock unit, forfeited		(8,348)
Weighted average grant date fair value, forfeitures	$ 12.16
Common stock shares for vested restricted stock unit	7,927
Vested and converted into common stock	$ 9.34
Restricted stock unit, ending	433,475	441,402
Weighted average grant date fair value, ending	$ 9.57	$ 9.57

SCHEDULE OF STOCK OPTION ACTIVI

SCHEDULE OF STOCK OPTION ACTIVITY (Details) - $ / shares	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Equity [Abstract]
Number of options outstanding, beginning of period	148,060	95,000
Weighted average exercise price outstanding, beginning of period	$ 11.65	$ 14.63
Weighted average remaining contractual life (Years), ending of period	4 years 5 months 8 days	2 years 2 months 23 days	1 year 6 months 25 days
Number of options, granted	140,000	58,060
Weighted average exercise price, granted	$ 5.02	$ 6.93
Weighted average remaining contractual life (Years), grant	5 years	5 years
Number of options, exercised
Weighted average exercise price, exercised
Number of options, forfeited
Weighted average exercise price, forfeited
Number of options, cancelled	(95,310)	(5,000)
Weighted average exercise price, cancelled	$ 14.27	$ 13.40
Number of options outstanding,ending of period	192,750	148,060	95,000
Weighted average exercise price outstanding, ending of period	$ 5.73	$ 11.65	$ 14.63
Number of options exercisable at end of period	179,650
Weighted average exercise price options exercisable at end of period	$ 5.44
Number of options expected to vest	13,100
Weighted average exercise price options expected to vest	$ 6.93
Weighted average exercise Price weighted average fair value of options granted during the period	$ 3.31

SCHEDULE OF STOCK OPTION (Detai

SCHEDULE OF STOCK OPTION (Details)	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Equity [Abstract]
Risk free interest rate	3.53%	1.53%
Dividend yield	0%	0%
Expected volatility	80%	82%
Contractual term (in years)	5 years	5 years
Forfeiture rate	0%	0%

SCHEDULE OF STOCK-BASED EXPENSE

SCHEDULE OF STOCK-BASED EXPENSE FOR STOCK OPTION (Details) - USD ($)	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Total	$ 493,008	$ 183,475
General and Administrative Expense [Member]
Total	188,488	39,475
Professional and Consulting Fees [Member]
Total	$ 304,520	$ 144,000

SCHEDULE OF STOCK WARRANT ACTIV

SCHEDULE OF STOCK WARRANT ACTIVITY (Details) - $ / shares	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Warrants, Outstanding, Ending balance	2,888,949
Weighted Average Exercise Price, Outstanding, Ending balance	$ 7.90
Weighted average remaining contractual life in years, end of period	4 years 1 month 24 days
Number of Warrants, Exercisable, Ending balance	2,018,949
Weighted Average Exercise Price, Exercisable, Ending balance	$ 8.65
Weighted average fair value of warrants granted during the period	$ 3.55
Warrants with No Class Designation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Warrants, Outstanding, Beginning balance	1,909,262	1,428,794
Weighted Average Exercise Price,Outstanding, Beginning balance	$ 9.29	$ 12
Weighted average remaining contractual life in years, end of period	4 years 3 months 7 days	4 years 4 months 17 days	4 years 29 days
Number of Warrants, Granted	870,000	817,370
Weighted Average Exercise Price, Granted	$ 6.16	$ 8.46
Weighted Average Remaining Contractual Granted	5 years 6 months 3 days	5 years 4 months 20 days
Number of Warrants, Exercised		(166,667)
Weighted Average Exercise Price, Exercised		$ 6
Weighted Average Remaining Contractual Term Exercised		3 years 3 months 29 days
Number of Warrants, Forfeited		(170,235)
Weighted Average Exercise Price, Forfeited		$ 31.25
Number of Warrants, Canceled
Weighted Average Exercise Price, Canceled
Number of Warrants, Outstanding, Ending balance	2,779,262	1,909,262	1,428,794
Weighted Average Exercise Price, Outstanding, Ending balance	$ 7.76	$ 9.29	$ 12
Class A Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Warrants, Outstanding, Beginning balance	109,687	109,687
Weighted Average Exercise Price,Outstanding, Beginning balance	$ 11.40	$ 11.40
Weighted average remaining contractual life in years, end of period	1 year 2 months 19 days	2 years 2 months 19 days	3 years 2 months 19 days
Number of Warrants, Granted
Weighted Average Exercise Price, Granted
Number of Warrants, Exercised
Weighted Average Exercise Price, Exercised
Number of Warrants, Forfeited
Weighted Average Exercise Price, Forfeited
Number of Warrants, Canceled
Weighted Average Exercise Price, Canceled
Number of Warrants, Outstanding, Ending balance	109,687	109,687	109,687
Weighted Average Exercise Price, Outstanding, Ending balance	$ 11.40	$ 11.40	$ 11.40

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)																						1 Months Ended	12 Months Ended
	Apr. 10, 2023	Apr. 04, 2023	Mar. 10, 2023	Jan. 12, 2023	Dec. 22, 2022	Dec. 16, 2022	Nov. 14, 2022	Apr. 25, 2022	Apr. 25, 2022	Apr. 22, 2022	Apr. 09, 2022	Mar. 18, 2022	Mar. 15, 2022	Feb. 14, 2022	Jan. 24, 2022	Oct. 22, 2021	Oct. 20, 2021	Jul. 19, 2021	Jun. 09, 2021	Jun. 01, 2021	Aug. 31, 2020	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021	Mar. 31, 2022	Aug. 06, 2019	Aug. 31, 2017
Class of Stock [Line Items]
Common stock, shares authorized																						200,000,000	200,000,000	200,000,000
Common stock, par value																						$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares designated																						50,000,000	50,000,000	50,000,000
Preferred stock, par value																						$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares outstanding																						0	0	0
Purchase of shares	625,000
Total gross proceeds												$ 4,559,600											$ 4,550,210
Date of issuance expire	5 years											5 years	5 years	5 years
Warrant liabilities																						625,000	625,000	625,000
Warrant exercise price	$ 8.60											$ 8.60		$ 8
Exercise price of warrant reduced	$ 6.16
Modification of warrants																							$ 262,500
Shares issued for services, value																							77,500	100,000
Share based compensation																							1,308,633	1,669,987
Share based compensation expense																							$ 738,125	$ 1,386,512
Number of unvested restricted stocks																						441,402	433,475	441,402	346,802
Fair value of shares over vesting period																							$ 661,573
Vesting term																							8 months 4 days
Number of restricted stock units awarded but unissued																							343,315
Number of restricted stock units																							433,475
Common stock issued, value																								$ 1,000,001
Shares purchase to consultants																							140,000	58,060
Option term																							4 years 5 months 8 days	2 years 2 months 23 days	1 year 6 months 25 days
Exercise price																							$ 5.44
Statements of operations totaled																							$ 493,008	$ 183,475
Future vesting value																							$ 49,342
Weighted average period																							1 year 8 months 23 days
Warrants issued	625,000											625,000		192,370									870,000			625,000
2017 Equity Incentive Plan [Member]
Class of Stock [Line Items]
Common stock reservation of shares																												165,000
2020 Incentive Plan [Member]
Class of Stock [Line Items]
Purchase of shares						2,419,571															1,167,095
Common stock reservation of shares																											330,710
Number of shares available for issuance						1,252,476															836,385
Common Stock [Member]
Class of Stock [Line Items]
Shares issued for services																							18,339	12,104
Shares issued for services, value																							$ 18	$ 12
Warrant [Member]
Class of Stock [Line Items]
Date of issuance expire	5 years
Warrant liabilities																							870,000
Warrant exercise price	$ 6.16
Common stock issued, shares																						166,667
Common stock issued, value																						$ 1,000,000
Warrants issued	870,000
Employee [Member]
Class of Stock [Line Items]
Shares purchase to consultants				48,000
Option term				5 years
Exercise price				$ 5.02
Consultant [Member] | Common Stock [Member]
Class of Stock [Line Items]
Shares issued for services		5,404					5,425		14,286							2,162
Shares issued for services, value		$ 25,000					$ 22,500		$ 130,000							$ 22,500
Shares issued price per share		$ 4.63					$ 4.15	$ 9.10	$ 9.10							$ 10.41
Accrued liabilities																							$ 16,250
Share based compensation																							113,750	130,000
Director [Member]
Class of Stock [Line Items]
Shares purchase to consultants				70,000											21,240
Option term				5 years											5 years
Exercise price				$ 5.02											$ 6.93
Director [Member] | Common Stock [Member]
Class of Stock [Line Items]
Shares issued for services			33,419							5,814
Shares issued for services, value			$ 130,000							$ 50,000
Shares issued price per share			$ 3.89							$ 8.60
Share based compensation																							33,333	16,667
Prepaid share based compensation																						$ 113,750		$ 113,750
Share based compensation																							5,417
Consultants [Member]
Class of Stock [Line Items]
Shares purchase to consultants				22,000											10,620
Option term				5 years											5 years
Exercise price				$ 5.02											$ 6.93
Consultants [Member] | Common Stock [Member]
Class of Stock [Line Items]
Shares issued for services										2,749
Shares issued for services, value										$ 22,500
Shares issued price per share										$ 8.18
Edward Karr [Member] | Common Stock [Member]
Class of Stock [Line Items]
Shares issued for services			15,424
Shares issued for services, value			$ 60,000
Shares issued price per share			$ 3.89
Prepaid share based compensation																							52,500
Share based compensation																							$ 7,500
Employees [Member]
Class of Stock [Line Items]
Shares purchase to consultants															26,200
Option term															5 years
Exercise price															$ 6.93
Vesting description															The options vest 25% on the date of grant and 25% each next three years from the date of grant
Vesting period															3 years
Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Shares issued for services																				2,097
Shares issued for services, value																				$ 25,000
Shares issued price per share																				$ 11.92
Number of unvested restricted stocks																							90,160
Restricted Stock Units (RSUs) [Member] | Services Rendered [Member]
Class of Stock [Line Items]
Shares issued for services															47,108
Shares issued for services, value															$ 326,475
Shares issued price per share															$ 6.93
Restricted Stock Units (RSUs) [Member] | Employee [Member]
Class of Stock [Line Items]
Shares issued for services																		15,322
Shares issued for services, value																		$ 150,000
Shares issued price per share																		$ 9.79
Vesting percentage																		25%
Restricted Stock Units (RSUs) [Member] | Former Employee [Member]
Class of Stock [Line Items]
Purchase of shares																	1,116
Restricted Stock Units (RSUs) [Member] | Director [Member]
Class of Stock [Line Items]
Shares issued for services															13,852
Shares issued for services, value															$ 96,000
Shares issued price per share															$ 6.93
Restricted Stock Units (RSUs) [Member] | Consultants [Member]
Class of Stock [Line Items]
Shares issued for services															25,685
Shares issued for services, value															$ 178,000
Shares issued price per share															$ 6.93
Restricted Stock Units (RSUs) [Member] | Formerd Director [Member]
Class of Stock [Line Items]
Purchase of shares					7,927
Securities Purchase Agreement [Member]
Class of Stock [Line Items]
Purchase of shares														192,370
Share price														$ 8
Proceeds from issuance initial public offering														$ 2,500,817
Deferred offering costs	$ 452,290												$ 440,399	$ 30,767
Legal expenses	$ 37,115												$ 25,399
Warrant liabilities	870,000																					625,000		625,000
Securities Purchase Agreement [Member] | IPO [Member]
Class of Stock [Line Items]
Purchase of shares														384,741
Share price														$ 6.50
Definitive Agreement [Member]
Class of Stock [Line Items]
Purchase of shares	870,000												625,000
Share price	$ 6.16												$ 8.60
Total gross proceeds	$ 5,002,500												$ 5,000,000
Definitive Agreement [Member] | IPO [Member]
Class of Stock [Line Items]
Purchase of shares	870,000												625,000
Share price	$ 5.75												$ 8
Placement agent fees	$ 415,175												$ 415,000
Investor Relations Agreement [Member] | Consultants [Member] | Common Stock [Member]
Class of Stock [Line Items]
Shares issued for services											25,000
Shares issued for services, value											$ 157,000
Shares issued price per share											$ 6.28
Prepaid share based compensation																						$ 13,083	$ 143,917	$ 13,083
Investor Relations Agreement [Member] | Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Shares issued for services																			25,000
Shares issued for services, value																			$ 258,500
Shares issued price per share																			$ 10.34
Accrued liabilities																			$ 14,203
Share based compensation																								244,297
Advisory Consulting Agreement [Member]
Class of Stock [Line Items]
Shares issued for services							885															8,395
Advisory Consulting Agreement [Member] | Consultant [Member]
Class of Stock [Line Items]
Shares issued for services							7,510									2,824						885
Shares issued for services, value							$ 35,000									$ 30,000
Shares issued price per share							$ 4.17									$ 10.62
Accrued liabilities							$ 5,000															$ 5,000		5,000
Share based compensation expense							$ 30,000																	25,000
Advisory Consulting Agreement [Member] | Consultant [Member] | Common Stock [Member]
Class of Stock [Line Items]
Shares issued for services							8,395
Advisory Consulting Agreement [Member] | Consultants [Member] | Common Stock [Member]
Class of Stock [Line Items]
Shares issued for services										3,708
Shares issued for services, value										$ 30,000
Shares issued price per share										$ 8.09
March 2021 Agreement [Member] | Former Executive Chairman [Member] | Common Stock [Member]
Class of Stock [Line Items]
Shares issued for services								5,168
Shares issued for services, value								$ 60,000
Shares issued price per share								$ 11.61	11.61
Accrued liabilities																						$ 7,500		7,500
Share based compensation																								52,500
March 2022 Agreement [Member] | Former Executive Chairman [Member] | Common Stock [Member]
Class of Stock [Line Items]
Shares issued for services								7,353
Shares issued for services, value								$ 60,000
Shares issued price per share								$ 8.16	$ 8.16
Share based compensation																							$ 52,500	$ 7,500
One Year Strategic Advisory Agreement [Member] | Consultant [Member] | Common Stock [Member]
Class of Stock [Line Items]
Shares issued for services									12,634
Shares issued for services, value									$ 130,000
Shares issued price per share								$ 10.29	$ 10.29
Series A Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares designated																							1,300,000
Series B Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares designated																							400,000
Series C Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares designated																							45,002
Series D Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares designated																							7,402
Series E Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares designated																							2,500
Series F Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares designated																							1,250
Series G Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares designated																							127
Series H Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares designated																							106,894
Series I preferred stock [Member]
Class of Stock [Line Items]
Preferred stock, shares designated																							921,666

SCHEDULE OF ANTIDILUTIVE SECTUR

SCHEDULE OF ANTIDILUTIVE SECTURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE (Details) - shares	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	3,515,174	2,608,411
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	433,475	441,402
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	192,750	148,060
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,888,949	2,018,949

SCHEDULE OF FUTURE MINIMUM LEAS

SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (Details)	Apr. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Fiscal 2024	$ 2,880
Fiscal 2025	1,920
Fiscal 2026	1,920
Fiscal 2027	1,920
Fiscal 2028	1,920
Fiscal 2029 and thereafter	9,600
Total	$ 20,160

SCHEDULE OF ADVANCE MINIMUM ROY

SCHEDULE OF ADVANCE MINIMUM ROYALTY PAYMENTS (Details)	Apr. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Fiscal 2024	$ 25,000
Fiscal 2025	25,000
Fiscal 2026	25,000
Fiscal 2027	25,000
Fiscal 2028	25,000
Fiscal 2029 and thereafter	75,000
Total	$ 200,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details Narrative)		12 Months Ended
	Aug. 25, 2021 USD ($)	Apr. 30, 2023 USD ($) a $ / shares	Apr. 30, 2022 USD ($)	Sep. 01, 2022 USD ($)	Sep. 01, 2021 USD ($)	May 01, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Lease annual payment per acre | $ / shares		$ 3
Production royalties		2.10%
Lease term, renew					2 years	3 years
Minimum royalty payments percentage		100%
Annual lease payment		$ 56,000	$ 44,500
Compensation per acre		40
NPRC Option [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Minimum royalty payment		$ 25,000	$ 25,000
State of Wyoming Mining Lease One [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Area of land | a		640
Lease renewed date		2023-02
Lease term		10 years
Lease annual payment per acre | $ / shares		$ 3
Lease term, renew		10 years
Lease annual payment per acre thereafter | $ / shares		$ 4
State of Wyoming Mining Lease Two [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Area of land | a		480
Lease renewed date		2014-02
Lease term		10 years
Lease annual payment per acre | $ / shares		$ 2
Exploration Access and Option to Lease Agreement [Member] | Land Owner [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual exploration	$ 10,000
Annual option payment	35,780
Anniversary lease payments	6,560
Amount paid				$ 42,340	$ 42,340
Closing amount	26,240
Annual lease payment	50,000
Annual right way payments	13,120
Lease right payments	$ 50,000

SCHEDULE OF NET DEFERRED TAX AS

SCHEDULE OF NET DEFERRED TAX ASSET AND LIABILITIES (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022
Income Tax Disclosure [Abstract]
Net operating loss carryover	$ 11,599,000	$ 9,970,000
Stock-based compensation	866,000	2,234,000
Accrued remediation costs	35,000	11,000
Other	7,000
Subtotal	12,507,000	12,215,000
Less: valuation allowance	(10,774,000)	(10,493,000)
Total deferred tax assets	1,733,000	1,722,000
Acquired mineral rights in excess of tax basis in a tax-free merger	(2,152,000)	(2,152,000)
Other	(11,000)
Total deferred tax liabilities	(2,163,000)	(2,152,000)
Net deferred tax assets (liabilities)	$ (430,000)	$ (430,000)

SCHEDULE OF EFFECTIVE TAX RATE

SCHEDULE OF EFFECTIVE TAX RATE (Details) - USD ($)	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Income Tax Disclosure [Abstract]
Federal income tax provision (benefit) based on statutory rate, amount	$ (1,599,000)	$ (2,925,000)
Federal income tax expense (benefit) based on statutory rate	21%	21%
State income tax provision (benefit), net of federal taxes, amount
State income tax expense (benefit), net of federal taxes
Change in effective state tax rate, amount	$ (273,000)
Change in effective state tax rate	3.60%
Change in prior year estimate, amount	$ (255,000)	$ 717,000
Change in prior year estimate	3.40%	0.30%
Prior year deferred tax adjustment, amount	$ 1,804,000
Prior year deferred tax adjustment, percentage	23.70%
Other nondeductible expenses, amount	$ 42,000
Other nondeductible expenses, percentage	0.60%
Increase (decrease) in valuation allowance, amount	$ 281,000	$ 2,208,000
Increase (decrease) in valuation allowance	3.70%	20.70%
Total taxes on income (loss), amount
Total tax provision (benefit) on income (loss)

INCOME TAX (Details Narrative)

INCOME TAX (Details Narrative) - USD ($)		12 Months Ended
	Aug. 10, 2020	Apr. 30, 2023	Apr. 30, 2022
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		$ 42,300,000
Future taxable income offset percentage		80%
State income tax expense (benefit), net of federal taxes
Mineral rights acquired	$ 10,249,632
Statutory rate percentage		21%	21%
Expires through the year 2038 [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		$ 12,900,000
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		$ 55,200,000