ASSET RETIREMENT OBLIGATION

9 Months Ended

Jan. 31, 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 periods presented:

	January 31, 2023		April 30, 2022
Balance, beginning of period	$	260,196	$	204,615
Addition and changes in estimates		-		33,517
Accretion expense		19,243		22,064
Balance, end of period	$	279,439	$	260,196

For the nine months ended January 31, 2023 and 2022, accretion expense amounted to $19,243 and $16,174, respectively, and included in general and administrative expenses as reflected in the accompanying statements of operations. For the three months ended January 31, 2023 and 2022, accretion expense amounted to $6,436 and $5,988, respectively, and included in general and administrative expenses as reflected in the accompanying statements of operations.

U.S. GOLD CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JANUARY 31, 2023