ASSET RETIREMENT OBLIGATION

3 Months Ended

Jul. 31, 2021

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 periods presented:

	July 31, 2021		April 30, 2021
Balance, beginning of period	$	204,615	$	168,392
Addition and changes in estimates		-		18,746
Accretion expense		4,934		17,477
Balance, end of period	$	209,549	$	204,615

For the three months ended July 31, 2021 and 2020, accretion expense amounted to $4,934 and $4,060, respectively.

U.S. GOLD CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JULY 31, 2021