Greetings! Welcome to the U.S. Gold Corp. update call on recent and upcoming developments. I will now turn the call over to Eric Alexander, Chief Financial Officer.
Thank you, operator, and welcome to the U.S. Gold Corp. update call on recent and upcoming developments. Good morning. I am Eric Alexander, Chief Financial Officer of U.S. Gold Corp. On the webcast today, we will provide a report on our progress and performance and discuss plans and objectives looking forward into 2022. On the call today with me is our President, Chief Executive Officer, and Chairman of U.S. Gold Corp., George Bee. Following the company's prepared remarks, we will conduct a question and answer session. I'd like to take a moment now to remind you that certain statements made during the call today constitute forward-looking statements made pursuant to and within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995, as amended.
Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements. These risks and uncertainties are described in the press release that we issued this morning regarding the pre-feasibility study and in our filings with the SEC. The forward-looking statements made today are as of the date of this call, we do not undertake any obligation to update the forward-looking statements. With that, I'd like to turn the call over to our President, Chief Executive Officer, and Chairman of U.S. Gold Corp., Mr. George Bee. George?
Thanks, Eric. After being involved with the U.S. Gold Corp. for just over a year, I'm pleased to report that we've now released our pre-feasibility study on our CK Gold Project in southeast Wyoming. It's been a busy time, the work continues as we drive forward feasibility, permit applications, and towards project development. Let me just give you a few highlights of the PFS, and the details are available on our website and also in the press release that Eric has mentioned. The NPV of the project is $323 million, with an IRR of 39.4%. This comes in with a two-year payback, and during the course of the project, we've got an $800 All-in Sustaining Cost. We're mining 1.44 million ounces of proven and probable reserves of gold equivalent.
The study was done at $1,625 gold and $3.25 per pound of copper. These, at the current spot prices, the NPV jumps to $580 million and the IRR to 60%. This shows the leverage that this project has to rising metal prices and also its robustness on the downside. In the PFS, we have included a tremendous amount of engineering, and we continue to advance rapidly towards a production decision. To this end, in 2021 field season, which we just concluded, we are advancing to full feasibility. The feasibility study should be out in the first half of 2022.
We're also collecting the data and finalizing a permit application, that application should be presented to the authorities in the first half of 2022, there's potential for that permit to be approved by mid-2023. We should be able to construct a project in 12 months timeframe, there's a potential for us to be in full production toward the end of 2024 and into 2025, we're assuming a 10-year mine life. There are many aspects of the study which we're still continuing to move forward into feasibility, one of those aspects is the aggregates that could be associated with the mining of the copper and gold mineralization. We tested the rock, it is a very suitable source of aggregate material. Rather than being waste, it could be serving the local market, which is developing rapidly.
The deposit is open at depth and to the southeast. While we've announced our proven and probable reserves, there are resources yet to be fully identified. We believe that this project has substantial economic upside, and it's our intent to continue to refine the project as we move forward and maximize the value for our shareholders. With that, I will move on to a question and answer session for questions that have been submitted to us. The first question: When does U.S. Gold plan to file a mine permit application, and how long does that take? Well, we plan to file a permit application just as soon as it's ready, probably in the later, latter part of the first half of next year, in 2022.
We understand that the application can be in, can be approved in as little as a year under Wyoming State Regulation Regulatory Framework. We received a notice from the U.S. Army Corps of Engineers in February, informing us that the project is non-jurisdictional. We see a clear path to permit within the local jurisdiction. The second question came in: How long will it take to construct the project? Well, this is dependent on the supply of equipment and the seasons, but it should be about a year. Third question: Can you expand on the aggregate potential for the project? Well, yes. We have verified that almost all of the non-mineralized rock is suitable as a source of aggregate. It remains for us to do additional studies to assess the market value and the price that we might be able to realize.
These values will be added to and included potentially in our feasibility study as we move forward. Another question came in, we got related to the stock market. The question is: Most mining stocks are listed in Canadian Exchanges. U.S. Gold is listed on the Nasdaq. Will you be listing on the Canadian Exchanges? The answer to that is, with the publishing of our pre-feasibility study, we are seriously considering a listing on Canadian Exchange, which would open up the shares to Canadian investors and potential coverage from some of the analysts, very much more familiar with mining operations. With that, I want to thank everyone for being on the call today. This study confirms the potential that we see in the CK Gold Project, and we are excited to proceed to the next steps of the project, and stay tuned for additional news.
This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.