The balance sheet shows a deteriorating capital position with total assets contracting to $7.1 million in 2026Q1, while the accumulated deficit has reached negative $32.1 million.
| Total Current Assets | 6.06M | 7.59M | 4.12M | 12.01M | 229.62K | 22.67K | 11.49K |
| Cash & Short-Term Investments | 4.75M | 26.32M | 3.88M | 11.4M | 54.51K | 5.63K | 4.45K |
| Cash Only | 4.75M | 24.94M | 3.88M | 11.4M | 54.51K | 5.63K | 4.45K |
| Short-Term Investments | 0 | 1.38M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 29.78K | 56.02K | 7.42K | 115.11K | 68K | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - |
| Inventory | 28.64K | 28.64K | 34.86K | 27.25K | 94.93K | 0 | 0 |
| Days Inventory Outstanding | -240.73 | - | 101.3 | 1.2K | - | - | - |
| Other Current Assets | 0 | -18.9M | 86.26K | 86.87K | 0 | 0 | 0 |
| Total Non-Current Assets | 1.05M | 860.58K | 1.03M | 1.02M | 94.93K | 417.12K | 733.34K |
| Property, Plant & Equipment | 1.02M | 2.95M | 999.53K | 1.02M | 0 | 417.12K | 733.34K |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 148.3M | 148.3M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 31.39K | -150.4M | 31.39K | 0 | 94.93K | 0 | 0 |
| Total Assets | 7.11M | 8.45M | 5.15M | 13.02M | 229.62K | 439.79K | 744.83K |
| Asset Turnover | 0.00x | - | - | - | - | - | - |
| Asset Growth % | 49.63% | 64.02% | -60.46% | 5571.9% | -47.79% | -40.95% | - |
| Total Current Liabilities | 598.69K | 558.82K | 420.24K | 513.08K | 1.29M | 497.51K | 494.48K |
| Accounts Payable | 321.99K | 223.82K | 185.25K | 197.98K | 466.13K | 25 | 0 |
| Days Payables Outstanding | -1.77K | - | 538.38 | 8.72K | - | - | - |
| Short-Term Debt | 0 | 0 | 25.14K | 0 | 677.78K | 494.48K | 494.48K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 180.86K | 0 | 180.86K | 378.84K | 0 | 0 | 0 |
| Current Ratio | 10.12x | 13.57x | 9.80x | 23.40x | 0.18x | 0.05x | 0.02x |
| Quick Ratio | 10.08x | 13.52x | 9.72x | 23.35x | 0.10x | 0.05x | 0.02x |
| Cash Conversion Cycle | 1.53K | - | - | - | - | - | - |
| Total Non-Current Liabilities | 274.15K | 277.75K | 283.77K | 297.97K | 225.87K | 206.62K | 189K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 246.66K | 58.17K | 84.25K | 118.09K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 224.91K | 219.58K | 199.53K | 179.88K | 225.87K | 206.62K | 189K |
| Total Liabilities | 872.83K | 836.57K | 704.02K | 811.04K | 1.51M | 704.12K | 683.48K |
| Total Debt | 79.76K | 88.39K | 109.39K | 135.35K | 677.78K | 494.48K | 494.48K |
| Net Debt | -4.67M | -24.85M | -3.77M | -11.27M | 623.27K | 488.85K | 490.04K |
| Debt / Equity | 0.01x | 0.01x | 0.02x | 0.01x | - | - | 8.06x |
| Debt / EBITDA | -0.02x | 0.15x | - | - | - | - | - |
| Net Debt / EBITDA | 0.99x | -42.48x | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - |
| Total Equity | 6.24M | 7.61M | 4.45M | 12.21M | -1.28M | -264.33K | 61.35K |
| Equity Growth % | 67.62% | 71.18% | -63.6% | 1051.69% | -385.48% | -530.85% | - |
| Book Value per Share | 0.03 | 0.04 | 0.36 | 0.98 | -0.11 | -0.02 | 0.01 |
| Total Shareholders' Equity | 6.24M | 7.61M | 4.45M | 12.21M | -1.28M | -264.33K | 61.35K |
| Common Stock | 13.32K | 13.31K | 12.46K | 12.4K | 10.13K | 9.5K | 9.5K |
| Retained Earnings | -32.12M | -30.19M | -23.2M | -14.48M | -5.12M | -3.38M | -2.69M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Exploration funding dependency
As reported in financial statements, USGO's total assets have contracted from $13.0 million in 2023Q4 to $7.1 million by 2026Q1, reflecting a consistent depletion of capital as the company funds its non-revenue-generating exploration activities without any offsetting commercial inflows to stabilize the balance sheet.
The downward trend in total assets suggests that the company is consuming its initial capital base to sustain geological evaluation. Investors should monitor whether this trajectory forces a shift toward more dilutive financing as the asset base continues to shrink.
According to recent SEC filings, USGO's cash position plummeted from $24.9 million in 2025Q4 to $4.8 million in 2026Q1, indicating a rapid acceleration in cash burn that significantly narrows the company's operational runway and increases its vulnerability to market volatility.
While the current ratio remains high at 10.12, this metric is somewhat misleading given the lack of revenue and the high fixed costs associated with exploration. The rapid decline in cash reserves suggests that the company may face liquidity pressure sooner than previously anticipated.
Based on reported figures, USGO's retained earnings have deteriorated to a negative $32.1 million as of 2026Q1, highlighting the persistent impact of exploration-stage losses on the company's equity base and the reliance on external capital to maintain its financial position.
The deepening deficit reflects the ongoing cost of defining the Whistler project's resource potential. This trend suggests that equity value is currently tied entirely to speculative geological success rather than any tangible book value growth.
As indicated by the balance sheet data, USGO carries $1.0 million in net PPE as of 2026Q1, which warrants further investigation as this value may be subject to impairment if the Whistler project fails to demonstrate economic viability through future feasibility studies.
The reliance on capitalized exploration costs and infrastructure assets creates a risk that the balance sheet overstates the true value of the project. If drilling results do not support the current valuation, the company may be forced to write down these assets, further eroding the equity base.
Quick answers to the most common questions about buying USGO stock.
As of 2025, U.S. GoldMining Inc. (USGO) had total assets of $8.4M including $7.6M in current assets.
U.S. GoldMining Inc. (USGO) carries total debt of $0.1M, offset by $26.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
U.S. GoldMining Inc. (USGO) has total shareholders' equity (book value) of $7.6M ($0.04 book value per share). Book value represents the net worth of the company belonging to common stock holders.
U.S. GoldMining Inc. (USGO) reported a current ratio of 13.57x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.