On August 31, 2020, Edward M. Karr notified the Board of Directors of U.S. Gold Corp. that he intends to voluntarily relinquish his position as Chief Executive Officer following 2020 annual meeting of stockholders. Effective upon his retirement from his role as Chief Executive Officer and subject to his election at the 2020 Annual Meeting, the Board intends to enter into a new employment agreement and appoint Mr. Karr executive chairman of the Board. The Board intends to appoint George Bee to succeed Mr. Karr as Chief Executive Officer.