U.S. GOLD CORP. (USAU) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: March 16, 2026

Risk Assessment Details

Potential Dilution: 93.61% of current shares
Recent Dilution: 43.13% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
15M
Potential Supply
14M
Additional shares possible
Splits
None
Past 2 years

Summary

USAU currently has 15.3M outstanding shares. with significant dilution risk as 14.3M authorized shares could dilute existing holders by 93.6%. The company has significantly diluted shareholders by 43.13% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Mar 16, 2026

10-Q filing | 15.3M shares outstanding

15M 14M
Dec 23, 2025

8-K filing: U.S. Gold Corp. completed a private placement of 1,922,159 shares of common stock at $16.25 per share and agreed to issue warrants to purchase up to 961,077 shares of common stock. ($31.24M proceeds)

14M 15M
Dec 10, 2025

10-Q filing | 14.3M shares outstanding

14M 15M
Sep 15, 2025

10-Q filing | 13.9M shares outstanding

14M 16M
Jul 29, 2025

10-K filing | 14.0M shares outstanding

14M 16M
May 09, 2025

8-K filing: The company reports that 1,864,668 warrants have been exercised since January 31, 2025, generating gross proceeds of approximately $7.3 million, reducing the remaining warrant balance to 2,923,444. ($7.3M proceeds)

13M 17M
May 02, 2025

S-3 filing: U.S. Gold Corp. may offer and sell, from time to time, any combination of common stock and preferred stock up to an aggregate amount of $150,000,000.

13M 17M
Mar 17, 2025

10-Q filing | 11.8M shares outstanding

12M 15M
Dec 16, 2024

10-Q filing | 12.3M shares outstanding

12M 15M
Dec 04, 2024

8-K filing: U.S. Gold Corp. entered into a Securities Purchase Agreement for a registered direct offering of 1,457,700 shares of common stock at $7.00 per share and warrants to purchase 728,850 shares at $9.50 per share, with expected gross proceeds of $10.2 million and an anticipated closing date of December 6, 2024. ($10.2M proceeds)

12M 15M
Oct 07, 2024

S-1 filing: The filing is for the offer and resale of up to 1,400,000 shares of common stock issuable upon the exercise of warrants issued to selling stockholders.

11M 16M
Sep 16, 2024

10-Q filing | 10.7M shares outstanding

11M 15M
Jul 29, 2024

10-K filing | 10.7M shares outstanding

11M 15M
Apr 19, 2024

8-K filing: U.S. Gold Corp. entered into a Securities Purchase Agreement for a registered direct offering of 1,400,000 shares of common stock at $3.50 per share, and a concurrent private placement of warrants to purchase up to 1,400,000 shares of common stock at an exercise price of $4.48, with the transactions expected to close on April 19, 2024. ($4.9M proceeds)

11M 15M
Mar 18, 2024

10-Q filing | 9.3M shares outstanding

9.3M 16M
Dec 15, 2023

10-Q filing | 9.3M shares outstanding

9.3M 16M
Sep 14, 2023

10-Q filing | 9.3M shares outstanding

9.3M 16M
Jul 31, 2023

10-K filing | 8.4M shares outstanding

8.4M 17M
Apr 10, 2023

8-K filing: U.S. Gold Corp. completed a registered direct offering of 870,000 shares of common stock at $5.75 per share, and amended existing warrants to purchase 625,000 shares, reducing the exercise price to $6.16 per share. ($5.0M proceeds)

8.4M 17M
Mar 17, 2023

10-Q filing | 8.4M shares outstanding

8.4M 17M
Dec 15, 2022

10-Q filing | 8.3M shares outstanding

8.3M 17M
Sep 14, 2022

10-Q filing | 8.3M shares outstanding

8.3M 17M
Aug 15, 2022

10-K filing | 8.3M shares outstanding

8.3M 17M
May 05, 2022

S-3/A filing: U.S. Gold Corp. files an S-3/A form to offer and sell up to $100,000,000 in common stock and preferred stock.

7.5M 18M
Mar 21, 2022

8-K filing: U.S. Gold Corp. entered into a securities purchase agreement for a registered direct offering of 625,000 shares of common stock at $8.00 per share, with warrants to purchase 625,000 shares at $8.60 per share, closing on March 18, 2022, and generating approximately $5.0 million in gross proceeds. ($5.0M proceeds)

7.5M 0
Mar 17, 2022

10-Q filing | 7.5M shares outstanding

7.5M 0
Feb 18, 2022

8-K filing: U.S. Gold Corp. completed a registered direct offering of 384,741 shares of common stock at $6.50 per share and warrants to purchase 192,370 shares, resulting in gross proceeds of approximately $2.5 million. ($2.5M proceeds)

7.1M 290K
Jan 28, 2022

S-3 filing: U.S. Gold Corp. files an S-3 form for a shelf offering of up to $100,000,000 of common stock and preferred stock.

7.1M 290K
Dec 14, 2021

10-Q filing | 7.1M shares outstanding

7.1M 290K
Sep 14, 2021

10-Q filing | 7.1M shares outstanding

7.1M 300K
Jul 29, 2021

10-K filing | 7.1M shares outstanding

7.1M 320K
Mar 17, 2021

10-Q filing | 5.9M shares outstanding

5.9M 1.5M
Feb 16, 2021

S-1 filing: The filing relates to the potential resale of common stock by selling stockholders.

3.7M 3.7M
Feb 16, 2021

S-3 filing: U.S. Gold Corp. files an S-3 form to register the offering of common stock, preferred stock, warrants and/or units up to an aggregate amount of $50,000,000.

3.7M 3.7M
Feb 01, 2021

8-K filing: U.S. Gold Corp. completed a registered direct offering of 914,136 shares of common stock and issued warrants to purchase up to 457,068 shares of common stock at an exercise price of $14.50 per share, along with warrants to purchase 46,490 shares of common stock to Palladium Capital Group, LLC as an advisory fee.

3.7M 0
Jan 28, 2021

8-K filing: U.S. Gold Corp. entered into a securities purchase agreement to issue and sell 914,136 shares of common stock at $10.54 per share in a registered direct offering, with gross proceeds of approximately $9.6 million, and agreed to issue common warrants to purchase up to 457,068 shares of common stock in a concurrent private placement. ($9.6M proceeds)

3.7M 0
Dec 14, 2020

10-Q filing | 3.7M shares outstanding

3.7M 0
Sep 11, 2020

10-Q filing | 2.9M shares outstanding

2.9M 0
Aug 13, 2020

8-K filing: U.S. Gold Corp. entered into a Merger Agreement with Northern Panther Resources Corporation, resulting in the issuance of 581,053 shares of the Company's common stock and 106,894 shares of Series H Convertible Preferred Stock to Northern Panther stockholders.

2M 380K
Jul 13, 2020

10-K filing | 2.0M shares outstanding

2M 380K
Jun 12, 2020

S-1 filing: This S-1 filing describes the offering of up to 382,423 shares of common stock by selling stockholders, comprised of shares issuable upon exercise of warrants and shares issued pursuant to an advisory agreement. The company will not receive any proceeds from the sale of these shares but may receive proceeds from the exercise of the warrants.

2.9M 0
Jun 09, 2020

S-3 filing: U.S. Gold Corp. files an S-3 to offer and sell common and preferred stock up to an aggregate amount of $20,000,000.

2.9M 0
Mar 31, 2020

8-K filing: U.S. Gold Corp. completed a registered direct offering, selling 357,142 shares of common stock at $5.60 per share, generating gross proceeds of approximately $2.0 million, and in a concurrent private placement, the company agreed to issue to the Purchasers, for each share of Common Stock purchased in the Offering, a common warrant to purchase one share of Common Stock. ($2.0M proceeds)

2M 0
Mar 30, 2020

8-K filing: U.S. Gold Corp. entered into a securities purchase agreement to issue and sell 357,143 shares of common stock at $5.60 per share in a registered direct offering, and agreed to issue common warrants in a concurrent private placement. ($2.0M proceeds)

2M 0
Mar 19, 2020
Stock Split

8-K filing: Stock split 1-for-10 | Outstanding: 19,860,625 → 1,986,062

2M 0
Mar 12, 2020

10-Q filing | 19.9M shares outstanding

20M 0
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