On March 19, 2021, U.S. Gold Corp. and Edward Karr, the Company’s 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 of directors, of the Company will terminate, effective as of March 19, 2021 (the ‘Separation Date’). In connection with Mr. Karr’s departure, the Company entered into a General Release and Severance Agreement with Mr. Karr, as amended (the ‘Separation Agreement’), pursuant to which Mr. Karr will provide certain transition services to the Company through the Separation Date. Effective immediately following Mr. Karr’s departure from the Company, the size of the board of directors has been set at five and the board of directors has appointed George Bee, the Company’s Chief Executive Officer and President, as its Chairman.