Core Viewpoint - Austin Gold Corp. is advancing its exploration activities at the Stockade Mountain Project in Oregon and the Lone Mountain Project in Nevada, with new geophysical and drilling plans aimed at enhancing gold discovery potential [2][3]. Project Update - At the Stockade Mountain Project, a review of a historical gradient-array IP-resistivity survey indicated it was inadequate for imaging vein-hosting structures at target depths of 200-300 meters. A Controlled Source Audio-frequency Magnetotellurics (CSAMT) survey has been designed to improve imaging of these structures, expected to be completed in 2025, subject to conditions [3][8]. - The reverse circulation drilling program planned for 2025 has been deferred to 2026 to incorporate CSAMT results into drill targeting [3]. - The Company has received permission to drill a water well for exploration drilling, with plans to commence in Q4 2025 [4]. - At the Lone Mountain Project, exploration continues with geological mapping, geochemical sampling, and gravity geophysics [4][8]. Soil and Sampling Results - A soil and stream sediment sampling program was completed, consisting of 2,027 soil and 122 stream sediment samples. Analysis revealed unusual patterns in elements not typically associated with Carlin-type gold deposits [5][6]. - Re-assay results showed minimal overall change in elements useful for targeting Carlin-type gold deposits, but significant enrichments of arsenic, antimony, and thallium were found, associated with gold anomalies in soils up to 0.128 g/t [6][8]. - Despite significant historical exploration at Lone Mountain, large areas remain untested or minimally tested by drilling [7]. Corporate Update - On September 26, 2025, the Company entered a marketing agreement with i2i Marketing Group, LLC, for marketing services aimed at increasing investor awareness. The agreement has an initial term of two months at a cost of $250,000, with no securities issued as compensation [9].

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION](index=2&type=section&id=CONDENSED%20INTERIM%20CONSOLIDATED%20STATEMENTS%20OF%20FINANCIAL%20POSITION) Presents the company's financial position, including assets, liabilities, and equity, as of June 30, 2025, and December 31, 2024 Condensed Interim Consolidated Statements of Financial Position | | June 30, 2025 | December 31, 2024 | | :--------------------------------- | :------------ | :---------------- | | **ASSETS** | | | | Cash and cash equivalents | $448,765 | $381,899 | | Short-term investments | $3,813,219 | $4,914,382 | | Receivables and other | $189,031 | $116,966 | | Total Current Assets | $4,451,015 | $5,413,247 | | Marketable securities | $13,736 | $12,404 | | Exploration and evaluation ("E&E") assets | $4,312,762 | $4,077,474 | | Property and equipment | $8,356 | $9,745 | | **Total assets** | **$8,785,869** | **$9,512,870** | | **LIABILITIES** | | | | Accounts payable and accrued liabilities | $95,892 | $228,698 | | **Total Current Liabilities** | **$95,892** | **$228,698** | | **SHAREHOLDERS' EQUITY** | | | | Share capital | $16,568,175 | $16,568,175 | | Other reserves | $3,591,014 | $3,390,199 | | Accumulated other comprehensive income (loss) | $(574,949) | $(574,949) | | Deficit | $(10,894,263) | $(10,099,253) | | **Total shareholders' equity** | **$8,689,977** | **$9,284,172** | | **Total liabilities and shareholders' equity** | **$8,785,869** | **$9,512,870** | CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS](index=3&type=section&id=CONDENSED%20INTERIM%20CONSOLIDATED%20STATEMENTS%20OF%20LOSS%20AND%20COMPREHENSIVE%20LOSS) Details the company's financial performance, including net loss and comprehensive loss, for the three and six months ended June 30, 2025 and 2024 Condensed Interim Consolidated Statements of Loss and Comprehensive Loss | | For the three months ended June 30, 2025 | For the three months ended June 30, 2024 | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | :------------------------------------- | :------------------------------------- | | Management salaries and consulting fees | $155,619 | $156,155 | $312,634 | $321,768 | | Share-based compensation | $40,171 | $210,885 | $180,368 | $565,363 | | Operating loss | $(350,223) | $(717,627) | $(895,102) | $(1,599,557) | | Interest and finance income | $45,569 | $95,701 | $95,845 | $204,174 | | Loss before taxes | $(295,501) | $(615,126) | $(794,860) | $(1,390,645) | | Net loss and comprehensive loss for the period | $(295,501) | $(615,126) | $(795,010) | $(1,390,795) | | Loss per share - basic and diluted | $(0.02) | $(0.05) | $(0.06) | $(0.10) | | Weighted average number of shares | 13,271,750 | 13,271,750 | 13,271,750 | 13,271,750 | CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS](index=4&type=section&id=CONDENSED%20INTERIM%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Summarizes the cash inflows and outflows from operating, investing, and financing activities for the periods ended June 30, 2025 and 2024 Condensed Interim Consolidated Statements of Cash Flows | | For the three months ended June 30, 2025 | For the three months ended June 30, 2024 | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | :------------------------------------- | :------------------------------------- | | Net cash used in operating activities | $(481,901) | $(749,490) | $(809,211) | $(1,147,118) | | Net cash generated by investing activities | $312,018 | $62,194 | $872,217 | $1,449,752 | | Increase (decrease) in cash and cash equivalents for the period | $(169,883) | $(687,296) | $63,006 | $302,634 | | Cash and cash equivalents, beginning of period | $614,892 | $1,895,612 | $381,899 | $907,551 | | Cash and cash equivalents, end of period | $448,765 | $1,207,937 | $448,765 | $1,207,937 | CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY](index=5&type=section&id=CONDENSED%20INTERIM%20CONSOLIDATED%20STATEMENTS%20OF%20CHANGES%20IN%20SHAREHOLDERS%27%20EQUITY) Outlines changes in share capital, other reserves, accumulated other comprehensive income, and deficit for the periods ended June 30, 2025 and 2024 Condensed Interim Consolidated Statements of Changes in Shareholders' Equity | | Number of common shares | Share capital | Other reserves | AOCI | Deficit | Total | | :--------------------------------------- | :---------------------- | :------------ | :------------- | :--------- | :------------ | :------------ | | Balance - December 31, 2023 | 13,271,750 | $16,568,175 | $2,355,931 | $(574,949) | $(7,020,522) | $11,328,635 | | Net loss for the period (6 months ended June 30, 2024) | — | — | — | — | $(1,390,795) | $(1,390,795) | | Balance - June 30, 2024 | 13,271,750 | $16,568,175 | $3,002,864 | $(574,949) | $(8,411,317) | $10,584,773 | | Balance - December 31, 2024 | 13,271,750 | $16,568,175 | $3,390,199 | $(574,949) | $(10,099,253) | $9,284,172 | | Net loss for the period (6 months ended June 30, 2025) | — | — | — | — | $(795,010) | $(795,010) | | Balance - June 30, 2025 | 13,271,750 | $16,568,175 | $3,591,014 | $(574,949) | $(10,894,263) | $8,689,977 | NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS](index=6&type=section&id=NOTES%20TO%20THE%20UNAUDITED%20CONDENSED%20INTERIM%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Provides detailed explanations and disclosures supporting the condensed interim consolidated financial statements, covering accounting policies, risks, and specific financial items [1. NATURE OF OPERATIONS AND GOING CONCERN](index=6&type=section&id=1.%20NATURE%20OF%20OPERATIONS%20AND%20GOING%20CONCERN) Austin Gold Corp. is a Canadian-incorporated company focused on mineral resource property acquisition, exploration, and evaluation primarily in the western USA. The company's financial statements are prepared on a going concern basis, despite ongoing losses and an accumulated deficit, with management expecting current working capital to fund activities for at least the next twelve months. The company's continued operation is dependent on discovering economically recoverable reserves and securing necessary financing - The Company focuses on **acquisition, exploration, and evaluation of mineral resource properties** primarily in the western USA[8](index=8&type=chunk) - The Company has not yet determined if its mineral resource properties contain **economically recoverable mineral reserves**[9](index=9&type=chunk) Key Financials related to Going Concern (Six months ended June 30) | Metric | 2025 ($) | 2024 ($) | | :-------------------------------- | :----------- | :----------- | | Net loss | $(795,010) | $(1,390,795) | | Cash used in operating activities | $(809,211) | $(1,147,118) | | Cash and cash equivalents (as of June 30) | $448,765 | N/A (Dec 31, 2024: $381,899) | | Working capital surplus (as of June 30) | $4,355,123 | N/A (Dec 31, 2024: $5,184,549) | | Accumulated deficit (as of June 30) | $(10,894,263) | N/A (Dec 31, 2024: $10,099,253) | - Management estimates **current working capital will fund activities for at least the next twelve months**[12](index=12&type=chunk) [(a) Nature of operations](index=6&type=section&id=(a)%20Nature%20of%20operations) Describes the primary business activities of Austin Gold Corp., focusing on mineral resource property exploration and evaluation [(b) Going concern assumption](index=6&type=section&id=(b)%20Going%20concern%20assumption) Explains the basis for preparing financial statements under the assumption of continued operations, despite financial challenges [2. MATERIAL ACCOUNTING POLICY INFORMATION](index=6&type=section&id=2.%20MATERIAL%20ACCOUNTING%20POLICY%20INFORMATION) The interim financial statements comply with IAS 34 and IFRS Accounting Standards, using consistent policies with prior annual statements. Significant accounting estimates and judgments include the fair value of share options, the going concern assessment, and impairment of E&E assets. New standards like IFRS 18 (effective Jan 2027) are being assessed for their potential impact on financial statement presentation and disclosure - These unaudited condensed interim consolidated financial statements adhere to **IAS 34, Interim Financial Reporting**, and **IFRS Accounting Standards**[13](index=13&type=chunk) - Significant judgments include **going concern assessment** and **E&E asset impairment**, with **share option fair value** as a key estimation uncertainty[18](index=18&type=chunk)[20](index=20&type=chunk) - **IFRS 18**, effective January 1, 2027, will replace IAS 1, focusing on profit or loss statement updates, with impact assessment ongoing[22](index=22&type=chunk) [(a) Statement of compliance](index=6&type=section&id=(a)%20Statement%20of%20compliance) Confirms adherence to International Accounting Standard 34 and IFRS Accounting Standards for interim financial reporting [(b) Significant accounting estimates and judgments](index=8&type=section&id=(b)%20Significant%20accounting%20estimates%20and%20judgments) Highlights key areas requiring management's judgment and estimation, such as share option valuation and asset impairment [(c) New accounting standards and recent pronouncements](index=8&type=section&id=(c)%20New%20accounting%20standards%20and%20recent%20pronouncements) Discusses the impact assessment of recently issued or amended accounting standards, including IFRS 18 [3. CASH AND CASH EQUIVALENTS](index=9&type=section&id=3.%20CASH%20AND%20CASH%20EQUIVALENTS) As of June 30, 2025, the Company's cash and cash equivalents totaled $448,765, an increase from $381,899 at December 31, 2024. The company does not hold any short-term deposits with original maturities less than three months Cash and Cash Equivalents | Date | Amount ($) | | :--- | :----------- | | June 30, 2025 | $448,765 | | December 31, 2024 | $381,899 | [4. SHORT-TERM INVESTMENTS](index=9&type=section&id=4.%20SHORT-TERM%20INVESTMENTS) Short-term investments decreased to $3,813,219 as of June 30, 2025, from $4,914,382 at December 31, 2024, primarily due to a reduction in term deposits, which mature between August and December 2025 Short-Term Investments | Type | June 30, 2025 ($) | December 31, 2024 ($) | | :-------------------------------- | :----------- | :----------- | | Term deposits | $3,033,704 | $4,150,487 | | Redeemable short - term investment certificates ("RSTICs") | $779,515 | $763,895 | | **Total** | **$3,813,219** | **$4,914,382** | - As at June 30, 2025, the term deposits mature between August 18, 2025 and December 8, 2025 and the RSTICs mature on July 22, 2025[24](index=24&type=chunk) [5. RECEIVABLES AND OTHER](index=9&type=section&id=5.%20RECEIVABLES%20AND%20OTHER) Receivables and other assets increased to $189,031 at June 30, 2025, from $116,966 at December 31, 2024, driven mainly by an increase in prepaid expenses and deposits Receivables and Other | Type | June 30, 2025 ($) | December 31, 2024 ($) | | :------------------------ | :----------- | :----------- | | Prepaid expenses and deposits | $178,549 | $100,898 | | Tax receivables | $10,482 | $16,068 | | **Total** | **$189,031** | **$116,966** | [6. E&E ASSETS](index=10&type=section&id=6.%20E%26E%20ASSETS) Total Exploration and Evaluation (E&E) assets increased to $4,312,762 as of June 30, 2025, from $4,077,474 at December 31, 2024, reflecting ongoing expenditures across its Kelly Creek, Lone Mountain, and Stockade Mountain projects. The company has various option agreements, minimum expenditure requirements, and royalty obligations for these properties, and holds surety bonds for reclamation E&E Assets by Property and Expenditure (June 30, 2025) | Category | Kelly Creek ($) | Lone Mountain ($) | Stockade Mountain ($) | Fourmile Basin ($) | Total ($) | | :-------------------------- | :---------- | :------------ | :-------------- | :------------- | :----------- | | Balance - Dec 31, 2024 | $719,533 | $1,379,437 | $1,978,504 | $— | $4,077,474 | | Acquisition costs | — | — | $25,000 | — | $25,000 | | Consulting | — | $106,551 | $55,247 | $650 | $162,448 | | Share-based compensation | $6,815 | $6,816 | $6,816 | — | $20,447 | | Write-off of E&E assets | — | — | — | $(770) | $(770) | | **Balance - June 30, 2025** | **$726,348** | **$1,509,017** | **$2,077,397** | **$—** | **$4,312,762** | - For Kelly Creek, the Company can earn a **51% interest** by incurring **C$2,500,000 in E&E expenditures by June 30, 2027**, and an additional **19% for C$2,500,000** with no time limit[28](index=28&type=chunk)[29](index=29&type=chunk) - The Lone Mountain Project requires **minimum E&E expenditures**, with **$250,000 completed by September 1, 2025**[32](index=32&type=chunk) - As of June 30, 2025, the Company holds **surety bonds totaling $38,863 for BLM** and **$43,252 for Oregon Department of Geology** for reclamation requirements[36](index=36&type=chunk) [(a) Kelly Creek Project (Nevada, USA)](index=10&type=section&id=(a)%20Kelly%20 Creek%20Project%20(Nevada,%20USA)) Details the Kelly Creek Project, including option agreements, expenditure requirements, and potential royalty obligations [(b) Lone Mountain Project (Nevada, USA)](index=12&type=section&id=(b)%20Lone%20Mountain%20Project%20(Nevada,%20USA)) Outlines the Lone Mountain Project's minimum expenditure requirements and royalty structure [(c) Stockade Mountain Project (Oregon, USA)](index=12&type=section&id=(c)%20Stockade%20Mountain%20Project%20(Oregon,%20USA)) Describes the Stockade Mountain Project, including acquisition costs and royalty agreements [(d) Project reclamation requirements](index=13&type=section&id=(d)%20Project%20reclamation%20requirements) Addresses the company's obligations and surety bonds for environmental reclamation of its mineral projects [7. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES](index=13&type=section&id=7.%20ACCOUNTS%20PAYABLE%20AND%20ACCRUED%20LIABILITIES) Accounts payable and accrued liabilities significantly decreased to $95,892 at June 30, 2025, from $228,698 at December 31, 2024, primarily due to a reduction in trade payables Accounts Payable and Accrued Liabilities | Type | June 30, 2025 ($) | December 31, 2024 ($) | | :------------------------ | :----------- | :----------- | | Trade payables | $81,618 | $183,717 | | Accrued liabilities | $14,274 | $44,981 | | **Total** | **$95,892** | **$228,698** | [8. SHARE CAPITAL AND OTHER RESERVES](index=13&type=section&id=8.%20SHARE%20CAPITAL%20AND%20OTHER%20RESERVES) Share capital remained unchanged, while other reserves increased to $3,591,014 at June 30, 2025, mainly due to the value assigned to share options. The number of outstanding share options decreased slightly due to forfeitures, and warrants remained stable with a weighted average remaining life of 0.34 years - At June 30, 2025, **13,271,750 common shares** were outstanding from an unlimited authorized share capital[6](index=6&type=chunk)[38](index=38&type=chunk) Other Reserves | Type | June 30, 2025 ($) | December 31, 2024 ($) | | :------------------------ | :----------- | :----------- | | Other reserve - Share options | $3,527,786 | $3,326,971 | | Other reserve - Warrants | $63,228 | $63,228 | | **Total** | **$3,591,014** | **$3,390,199** | Changes in Share Options (Six months ended June 30) | Metric | 2025 | 2024 | | :------------------------ | :----------- | :----------- | | Outstanding, January 1 | 3,621,666 | 3,463,333 | | Forfeited | (62,500) | — | | Expired | — | (66,667) | | **Outstanding, June 30** | **3,559,166** | **3,396,666** | - Share-based compensation expense for share options was **$200,815** for the six months ended June 30, 2025, with **$180,368 expensed** and **$20,447 capitalized** to E&E assets[41](index=41&type=chunk) - At June 30, 2025, outstanding warrants have a **weighted average exercise price of $0.81** and a **remaining life of 0.34 years**[42](index=42&type=chunk) [(a) Share capital](index=13&type=section&id=(a)%20Share%20capital) Details the authorized and outstanding common shares, which remained unchanged during the period [(b) Other reserves](index=13&type=section&id=(b)%20Other%20reserves) Explains the components of other reserves, primarily related to share options and warrants [(c) Share options](index=13&type=section&id=(c)%20Share%20options) Provides information on the company's share option plan, including changes in outstanding options and related compensation expense [(d) Warrants](index=14&type=section&id=(d)%20Warrants) Details the outstanding warrants, their exercise price, and remaining life [9. RELATED PARTY TRANSACTIONS AND BALANCES](index=14&type=section&id=9.%20RELATED%20PARTY%20TRANSACTIONS%20AND%20BALANCES) Key management compensation, including salaries, consulting fees, and share-based compensation, decreased significantly for the six months ended June 30, 2025, compared to the prior year. The Company has ongoing transactions with P2 Gold Inc. for CFO shared services and a joint venture with Pediment (a URZ subsidiary), where some directors serve on both boards, indicating intertwined relationships Directors and Key Management Compensation (Six months ended June 30) | Category | 2025 ($) | 2024 ($) | | :-------------------------------- | :----------- | :----------- | | Management salaries and consulting fees | $344,423 | $353,115 | | Share-based compensation | $187,510 | $623,285 | | Directors' fees | $36,866 | $36,566 | | **Total** | **$568,799** | **$1,012,966** | - As of June 30, 2025, **$30,698** in accounts payable and accrued liabilities is owed to **related parties**[46](index=46&type=chunk) - The Company has a **joint venture with Pediment (URZ subsidiary)** for Kelly Creek, with shared directors indicating intertwined relationships[47](index=47&type=chunk) [10. FINANCIAL RISK MANAGEMENT](index=16&type=section&id=10.%20FINANCIAL%20RISK%20MANAGEMENT) The Company is exposed to market risk (currency and interest rate), credit risk, and liquidity risk. It manages currency risk without hedging instruments, credit risk by investing with Canadian Tier 1 financial institutions, and liquidity risk by monitoring cash flows. Financial instruments are measured using a fair value hierarchy, with marketable securities valued at Level 1 based on quoted prices - A **10% increase in USD:CAD exchange rate** would impact pre-tax loss by **$6,842 for cash**, **$1,415 for receivables**, **$1,374 for marketable securities**, and **$(3,388) for payables**[49](index=49&type=chunk)[50](index=50&type=chunk) - The Company mitigates credit risk by investing cash and short-term investments with **Canadian Tier 1 financial institutions**[55](index=55&type=chunk) Maximum Credit Exposure (Carrying Amount of Financial Assets) | Asset | June 30, 2025 ($) | December 31, 2024 ($) | | :------------------------ | :----------- | :----------- | | Cash and cash equivalents | $448,765 | $381,899 | | Short-term investments | $3,813,219 | $4,914,382 | | **Total** | **$4,261,984** | **$5,296,281** | - Marketable securities are fair valued using **URZ's TSX Venture Exchange share price**, classified as **Level 1** in the fair value hierarchy[61](index=61&type=chunk)[62](index=62&type=chunk) [(a) Market risk](index=16&type=section&id=(a)%20Market%20risk) Identifies exposure to currency and interest rate risks, and the company's approach to managing them [(b) Credit risk](index=17&type=section&id=(b)%20Credit%20risk) Describes the company's management of credit risk, primarily through investments with highly-rated financial institutions [(c) Liquidity risk](index=17&type=section&id=(c)%20Liquidity%20risk) Explains how the company manages its liquidity risk by monitoring cash flows and maintaining sufficient working capital [(d) Fair value estimation](index=17&type=section&id=(d)%20Fair%20value%20estimation) Outlines the methodology for estimating the fair value of financial instruments, particularly marketable securities [11. COMMITMENTS](index=18&type=section&id=11.%20COMMITMENTS) The Company has an introductory agent agreement with BMR, outlining fees for mineral properties recommended by BMR if acquired, along with potential net smelter return royalties. However, as of June 30, 2025, this agreement is not in effect for any of the Company's current mineral projects - The Company has an introductory agent agreement with BMR for **escalating fees upon property acquisition** and a potential **0.5% net smelter return royalty**[63](index=63&type=chunk) - As of June 30, 2025, the **BMR Agreement is not active** for any current mineral projects[64](index=64&type=chunk) [12. SEGMENTED INFORMATION](index=18&type=section&id=12.%20SEGMENTED%20INFORMATION) The Company operates as a single business segment focused exclusively on the exploration and development of mineral projects, with all its Exploration and Evaluation assets located within the USA - The Company operates as a **single business segment** focused on mineral project exploration and development[65](index=65&type=chunk) - All of the Company's **E&E assets are located in the USA**[65](index=65&type=chunk)

[Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents Austin Gold Corp.'s financial position, performance, and cash flows for the interim period ended March 31, 2025, highlighting key changes in assets, liabilities, equity, and operational results [Condensed Interim Consolidated Statements of Financial Position](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) Austin Gold Corp.'s total assets decreased to **$9,047,041** by March 31, 2025, driven by reduced short-term investments, while total liabilities significantly decreased | Item | March 31, 2025 | December 31, 2024 | | :--------------------------------- | :------------- | :---------------- | | **ASSETS** | | | | Cash and cash equivalents | $614,892 | $381,899 | | Short-term investments | $4,200,240 | $4,914,382 | | Receivables and other | $53,394 | $116,966 | | Total Current Assets | $4,868,526 | $5,413,247 | | Exploration and evaluation ("E&E") assets | $4,161,085 | $4,077,474 | | Total assets | $9,047,041 | $9,512,870 | | **LIABILITIES** | | | | Accounts payable and accrued liabilities | $109,087 | $228,698 | | Total Current Liabilities | $109,087 | $228,698 | | **SHAREHOLDERS' EQUITY** | | | | Total shareholders' equity | $8,937,954 | $9,284,172 | | Total liabilities and shareholders' equity | $9,047,041 | $9,512,870 | [Condensed Interim Consolidated Statements of Loss and Comprehensive Loss](index=3&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) The Company reported a net loss of **$499,509** for Q1 2025, a substantial improvement from the prior year, mainly due to reduced administrative expenses | Item | March 31, 2025 | March 31, 2024 | | :----------------------------------- | :------------- | :------------- | | Management salaries and consulting fees | $157,015 | $165,613 | | Share-based compensation | $140,197 | $354,478 | | Professional fees | $66,962 | $114,021 | | Investor relations and marketing | $20,179 | $77,149 | | Operating loss | $(544,879) | $(881,930) | | Interest and finance income | $50,276 | $108,473 | | Net loss and comprehensive loss | $(499,509) | $(775,669) | | Loss per share - basic and diluted | $(0.04) | $(0.06) | - Net loss decreased by **35.6%** from $775,669 in Q1 2024 to **$499,509** in Q1 2025[4](index=4&type=chunk) - Loss per share improved from **$(0.06)** in Q1 2024 to **$(0.04)** in Q1 2025[4](index=4&type=chunk) [Condensed Interim Consolidated Statements of Cash Flows](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents increased by **$232,889** in Q1 2025, primarily from investing activities offsetting operating cash outflows | Cash Flow Activity | March 31, 2025 | March 31, 2024 | | :----------------------------------- | :------------- | :------------- | | Net cash used in operating activities | $(327,310) | $(397,628) | | Net cash generated by investing activities | $560,199 | $1,387,558 | | Increase in cash and cash equivalents | $232,889 | $989,930 | | Cash and cash equivalents, beginning of period | $381,899 | $907,551 | | Cash and cash equivalents, end of period | $614,892 | $1,895,612 | - Cash used in operating activities decreased by **17.7%** from $397,628 in Q1 2024 to **$327,310** in Q1 2025[5](index=5&type=chunk) - Net cash generated by investing activities decreased significantly from $1,387,558 in Q1 2024 to **$560,199** in Q1 2025, mainly due to lower redemption of short-term investments[5](index=5&type=chunk) [Condensed Interim Consolidated Statements of Changes in Shareholders' Equity](index=5&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity decreased to **$8,937,954** by March 31, 2025, mainly due to the net loss, partially mitigated by vested share options and warrants | Item | December 31, 2024 | March 31, 2025 | | :----------------------------------- | :---------------- | :--------------- | | Share capital | $16,568,175 | $16,568,175 | | Other reserves | $3,390,199 | $3,543,490 | | Accumulated other comprehensive income (loss) | $(574,949) | $(574,949) | | Deficit | $(10,099,253) | $(10,598,762) | | Total Shareholders' Equity | $9,284,172 | $8,937,954 | | Net loss for the period | - | $(499,509) | | Value assigned to share options and warrants vested | - | $153,291 | [Notes to the Unaudited Condensed Interim Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Interim%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures for the unaudited interim financial statements, covering accounting policies, risk management, and specific financial line items [1. Nature of Operations and Going Concern](index=6&type=section&id=1.%20NATURE%20OF%20OPERATIONS%20AND%20GOING%20CONCERN) This section details the Company's mineral exploration operations in the western USA and affirms the going concern assumption despite ongoing losses, supported by sufficient working capital - The Company focuses on the acquisition, exploration, and evaluation of mineral resource properties, primarily in the western USA[8](index=8&type=chunk) - The Company has incurred a net loss of **$499,509** for the three months ended March 31, 2025, and used **$327,310** in operating activities[10](index=10&type=chunk) - As of March 31, 2025, the Company had a working capital surplus of **$4,759,439** and an accumulated deficit of **$10,598,762**[10](index=10&type=chunk) - Management estimates current working capital will fund activities for at least the next twelve months, supporting the going concern assumption[12](index=12&type=chunk) [1. (a) Nature of operations](index=6&type=section&id=1.%20(a)%20Nature%20of%20operations) This subsection describes Austin Gold Corp.'s core business of mineral resource exploration and evaluation, primarily in the western United States - Austin Gold Corp. was incorporated on April 21, 2020, in British Columbia, Canada, and its common shares are traded on the NYSE American stock exchange under the symbol 'AUST'[7](index=7&type=chunk) - The Company's core business is the acquisition, exploration, and evaluation of mineral resource properties, primarily located in the western United States[8](index=8&type=chunk) - Continued operation is dependent on discovering economically recoverable reserves, securing necessary financing for exploration and development, and future profitable production or disposition of properties[9](index=9&type=chunk) [1. (b) Going concern assumption](index=6&type=section&id=1.%20(b)%20Going%20concern%20assumption) This subsection addresses the Company's ability to continue operations, noting net losses and cash usage but affirming sufficient working capital for the next twelve months - The financial statements are prepared on a going concern basis, assuming the Company can meet commitments and continue operations for at least twelve months from March 31, 2025[10](index=10&type=chunk) - The Company incurred a net loss of **$499,509** in Q1 2025 (compared to $775,669 in Q1 2024) and used **$327,310** in operating activities (compared to $397,628 in Q1 2024)[10](index=10&type=chunk) - As of March 31, 2025, the Company had cash and cash equivalents of **$614,892**, a working capital surplus of **$4,759,439**, and an accumulated deficit of **$10,598,762**[10](index=10&type=chunk) - Management believes current working capital is sufficient to fund activities for at least the next twelve months[12](index=12&type=chunk) [2. Material Accounting Policy Information](index=6&type=section&id=2.%20MATERIAL%20ACCOUNTING%20POLICY%20INFORMATION) This section outlines compliance with IAS 34 and IFRS, details significant accounting estimates and judgments, and discusses the impact assessment of new standards like IFRS 18 - The financial statements are prepared in accordance with IAS 34, Interim Financial Reporting, using accounting policies consistent with IFRS Accounting Standards[13](index=13&type=chunk) - Significant accounting estimates and judgments include the fair value of share options, the going concern assessment, and impairment of E&E assets[17](index=17&type=chunk)[19](index=19&type=chunk) - IFRS 18, Presentation and Disclosure in Financial Statements, issued in April 2024, will replace IAS 1 and is effective for periods beginning on or after January 1, 2027; the Company is assessing its impact[20](index=20&type=chunk) [2. (a) Statement of compliance](index=6&type=section&id=2.%20(a)%20Statement%20of%20compliance) This subsection confirms the financial statements' compliance with IAS 34 and IFRS Accounting Standards, specifying the functional currency as USD - The unaudited condensed interim consolidated financial statements comply with International Accounting Standard (IAS) 34, Interim Financial Reporting, and IFRS Accounting Standards[13](index=13&type=chunk) - The functional and presentation currency of the Company and its subsidiary is the United States dollar (USD)[15](index=15&type=chunk) [2. (b) Significant accounting estimates and judgments](index=7&type=section&id=2.%20(b)%20Significant%20accounting%20estimates%20and%20judgments) This subsection identifies key accounting judgments and estimation uncertainties, including going concern, E&E asset impairment, and fair value of share options - Key judgments include the assessment of the Company's ability to continue as a going concern and the application of the impairment policy for E&E assets[19](index=19&type=chunk) - Significant estimation uncertainty relates to the determination of the fair value of share options issued by the Company[17](index=17&type=chunk) - Management concluded that no impairment indicators exist for E&E assets as of March 31, 2025[19](index=19&type=chunk) [2. (c) New accounting standards and recent pronouncements](index=7&type=section&id=2.%20(c)%20New%20accounting%20standards%20and%20recent%20pronouncements) This subsection discusses recent IFRS amendments and the upcoming IFRS 18, outlining their effective dates and the Company's assessment of their potential impact - Amendments to IFRS 9 and IFRS 7 (Classification and Measurement of Financial Instruments) were issued in May 2024, effective January 1, 2026, and are not expected to have a material impact[18](index=18&type=chunk)[20](index=20&type=chunk) - IFRS 18, Presentation and Disclosure in Financial Statements, issued in April 2024, will replace IAS 1, focusing on updates to the statement of profit or loss, effective January 1, 2027. The Company is assessing its impact[20](index=20&type=chunk) [3. Cash and Cash Equivalents](index=8&type=section&id=3.%20CASH%20AND%20CASH%20EQUIVALENTS) Cash and cash equivalents increased to **$614,892** by March 31, 2025, consisting entirely of cash with no short-term deposits - Cash and cash equivalents amounted to **$614,892** as of March 31, 2025, up from $381,899 at December 31, 2024[21](index=21&type=chunk) - The Company does not hold any term deposits with an original maturity date of less than three months[21](index=21&type=chunk) [4. Short-Term Investments](index=8&type=section&id=4.%20SHORT-TERM%20INVESTMENTS) Short-term investments decreased to **$4,200,240** by March 31, 2025, comprising term deposits and RSTICs maturing between April and August 2025 Short-Term Investments Composition | Item | March 31, 2025 | December 31, 2024 | | :----------------------------------- | :------------- | :---------------- | | Term deposits | $3,428,579 | $4,150,487 | | Redeemable short-term investment certificates | $771,661 | $763,895 | | Total Short-Term Investments | $4,200,240 | $4,914,382 | - Term deposits mature between April 21, 2025, and August 18, 2025, while RSTICs mature on July 22, 2025[22](index=22&type=chunk) [5. Receivables and Other](index=9&type=section&id=5.%20RECEIVABLES%20AND%20OTHER) Receivables and other current assets decreased to **$53,394** by March 31, 2025, mainly due to reduced prepaid expenses and deposits Receivables and Other Composition | Item | March 31, 2025 | December 31, 2024 | | :------------------------ | :------------- | :---------------- | | Prepaid expenses and deposits | $47,866 | $100,898 | | Tax receivables | $5,528 | $16,068 | | Total Receivables and Other | $53,394 | $116,966 | [6. E&E Assets](index=9&type=section&id=6.%20E%26E%20ASSETS) E&E assets increased to **$4,161,085** by March 31, 2025, reflecting expenditures on Kelly Creek, Lone Mountain, and Stockade Mountain projects, with detailed option and lease terms E&E Assets Balances and Expenditures | Property | Balance - December 31, 2024 | Total E&E expenditures (Q1 2025) | Balance - March 31, 2025 | | :----------------- | :-------------------------- | :------------------------------- | :----------------------- | | Kelly Creek | $719,533 | $4,364 | $723,897 | | Lone Mountain | $1,379,437 | $45,979 | $1,425,416 | | Stockade Mountain | $1,978,504 | $33,268 | $2,011,772 | | Fourmile Basin | $- | $- | $- | | Total E&E Assets | $4,077,474 | $83,611 | $4,161,085 | - Total E&E expenditures for Q1 2025 amounted to **$83,611**, with the largest portions allocated to Lone Mountain (**$45,979**) and Stockade Mountain (**$33,268**)[24](index=24&type=chunk) [6. (a) Kelly Creek Project (Nevada, USA)](index=9&type=section&id=6.%20(a)%20Kelly%20Creek%20Project%20(Nevada,%20USA)) This subsection details the option agreement for the Kelly Creek Project, including expenditure commitments to earn a 51% interest and subsequent royalty payments - The Company has an option to earn a **51%** interest in the Kelly Creek Project by incurring C$2,500,000 in E&E expenditures by June 30, 2027, including **$923,757** incurred as of June 3, 2024[25](index=25&type=chunk)[26](index=26&type=chunk) - An additional **19%** interest (total **70%**) can be earned by incurring another C$2,500,000 in E&E expenditures with no time limit[27](index=27&type=chunk) Minimum Annual Royalty Payments (Hot Pot Agreement) | Date | Payment | | :----------------- | :------ | | September 16, 2024 | $20,000 | | September 16, 2025 | $20,000 | | September 16, 2026 | $25,000 | | September 16, 2027 | $30,000 | - Mineral production is subject to a **3.0%** net smelter return royalty, reducible to **2.0%** upon payment of **$2,000,000**[28](index=28&type=chunk) [6. (b) Lone Mountain Project (Nevada, USA)](index=10&type=section&id=6.%20(b)%20Lone%20Mountain%20Project%20(Nevada,%20USA)) This subsection outlines pre-production payments, minimum E&E expenditures, and royalty terms for the Lone Mountain Project Pre-production Payments (Lone Mountain Project) | Date | Payment | | :----------------- | :------ | | November 1, 2024 | $30,000 | | November 1, 2025 | $30,000 | | (and every year thereafter, increasing by $10,000 annually to a max of $200,000) | | Minimum E&E Expenditures (Lone Mountain Project) | Date | Commitment | | :----------------- | :--------- | | September 1, 2025 | $250,000 | | September 1, 2026 | $300,000 | | September 1, 2027 | $300,000 | | September 1, 2028 | $400,000 | | September 1, 2029 | $400,000 | | (Work commitment terminates at $1,800,000 spent) | | - Mineral production is subject to a **3.0%** net smelter return royalty, reducible to **2.5%** for **$2,000,000**[31](index=31&type=chunk) - The Company has an option to purchase the entire interest (except royalty) for **$2,000,000** (reduced by pre-production payments) upon discovery of **500,000 ounces of gold** or completion of a pre-feasibility study[31](index=31&type=chunk) [6. (c) Stockade Mountain Project (Oregon, USA)](index=11&type=section&id=6.%20(c)%20Stockade%20Mountain%20Project%20(Oregon,%20USA)) This subsection specifies pre-production payments and royalty terms for the Stockade Mountain Project, noting a recent amendment to drilling requirements Pre-production Payments (Stockade Mountain Project) | Date | Payment | | :----------------- | :------ | | November 16, 2024 | $25,000 | | May 16, 2025 | $25,000 | | November 16, 2025 | $25,000 | | (and every six months thereafter) | | - The requirement for **2,000 meters of drilling** by May 16, 2024, was eliminated by an amendment on February 28, 2024[32](index=32&type=chunk) - BMR retains a **2.0%** net smelter return royalty on BMR-owned claims, reducible to **1.0%** upon total payments of **$10,000,000**[33](index=33&type=chunk) [6. (d) Project reclamation requirements](index=11&type=section&id=6.%20(d)%20Project%20reclamation%20requirements) This subsection details the surety bonds held by the Company for reclamation requirements with the BLM and Oregon Department of Geology and Mineral Industries - As of March 31, 2025, the Company holds surety bonds totaling **$38,863** in favor of the BLM and **$43,252** in favor of the Oregon Department of Geology and Mineral Industries for reclamation requirements[34](index=34&type=chunk) [7. Accounts Payable and Accrued Liabilities](index=11&type=section&id=7.%20ACCOUNTS%20PAYABLE%20AND%20ACCRUED%20LIABILITIES) Accounts payable and accrued liabilities significantly decreased to **$109,087** by March 31, 2025, primarily due to a reduction in trade payables Accounts Payable and Accrued Liabilities Composition | Item | March 31, 2025 | December 31, 2024 | | :-------------------------- | :------------- | :---------------- | | Trade payables | $78,195 | $183,717 | | Accrued liabilities | $30,892 | $44,981 | | Total Accounts Payable and Accrued Liabilities | $109,087 | $228,698 | [8. Share Capital and Other Reserves](index=12&type=section&id=8.%20SHARE%20CAPITAL%20AND%20OTHER%20RESERVES) This section details the Company's share capital structure and the increase in other reserves to **$3,543,490** by March 31, 2025, including share-based compensation expense - The authorized share capital includes an unlimited number of common shares and preferred shares without par value[36](index=36&type=chunk) Other Reserves | Item | March 31, 2025 | December 31, 2024 | | :---------------------- | :------------- | :---------------- | | Other reserve - Share options | $3,480,262 | $3,326,971 | | Other reserve - Warrants | $63,228 | $63,228 | | Total Other Reserves | $3,543,490 | $3,390,199 | - Share-based compensation expense related to share options for Q1 2025 was **$153,291**, with **$140,197** expensed and **$13,094** capitalized to E&E assets[38](index=38&type=chunk) [8. (a) Share capital](index=12&type=section&id=8.%20(a)%20Share%20capital) This subsection describes the Company's authorized share capital, comprising an unlimited number of common and preferred shares without par value - The Company's authorized share capital consists of an unlimited number of common shares and an unlimited number of preferred shares, both without par value[36](index=36&type=chunk) [8. (b) Other reserves](index=12&type=section&id=8.%20(b)%20Other%20reserves) This subsection details the composition of other reserves, including share options and warrants, as of March 31, 2025, and December 31, 2024 Composition of Other Reserves | Item | March 31, 2025 | December 31, 2024 | | :---------------------- | :------------- | :---------------- | | Other reserve - Share options | $3,480,262 | $3,326,971 | | Other reserve - Warrants | $63,228 | $63,228 | | Total Other Reserves | $3,543,490 | $3,390,199 | [8. (c) Share options](index=12&type=section&id=8.%20(c)%20Share%20options) This subsection provides a summary of changes in share options, including outstanding numbers, weighted average exercise prices, and share-based compensation expense Changes in Share Options (Three Months Ended March 31) | Item | 2025 (Number of share options) | 2025 (Weighted average exercise price) | 2024 (Number of share options) | 2024 (Weighted average exercise price) | | :------------------------ | :----------------------------- | :------------------------------------- | :----------------------------- | :------------------------------------- | | Outstanding, January 1 | 3,621,666 | $1.01 | 3,463,333 | $1.06 | | Expired | - | - | (66,667) | $2.25 | | Outstanding, March 31 | 3,621,666 | $1.01 | 3,396,666 | $1.03 | Share Options Outstanding and Exercisable (March 31, 2025) | Exercise prices | Number of share options outstanding | Weighted average years to expiry | Number of share options exercisable | Weighted average exercise price | | :-------------- | :---------------------------------- | :------------------------------- | :---------------------------------- | :------------------------------ | | $0.51 - $1.00 | 3,055,003 | 3.37 | 1,701,253 | $0.82 | | $2.01 - $2.50 | 566,663 | 4.91 | 566,663 | $2.09 | | Total | 3,621,666 | 3.61 | 2,267,916 | $1.13 | - Share-based compensation expense for Q1 2025 was **$153,291**, a decrease from $401,759 in Q1 2024[38](index=38&type=chunk) [8. (d) Warrants](index=13&type=section&id=8.%20(d)%20Warrants) This subsection details changes in warrants, including the number outstanding, warrant reserve, weighted average exercise price, and remaining life Changes in Warrants (Three Months Ended March 31) | Item | 2025 (Number of warrants) | 2025 (Warrant reserve) | 2024 (Number of warrants) | 2024 (Warrant reserve) | | :------------------------ | :------------------------ | :--------------------- | :------------------------ | :--------------------- | | Outstanding, January 1 | 100,000 | $63,228 | 100,000 | $59,702 | | Transactions during the period | - | - | - | $2,630 | | Outstanding, March 31 | 100,000 | $63,228 | 100,000 | $62,332 | - As of March 31, 2025, the weighted average exercise price for outstanding warrants is **$0.81**, with a weighted average remaining life of **0.59 years**[39](index=39&type=chunk) [9. Related Party Transactions and Balances](index=13&type=section&id=9.%20RELATED%20PARTY%20TRANSACTIONS%20AND%20BALANCES) Related party transactions include key management compensation, which decreased to **$336,117** in Q1 2025, and shared-services expenditures with P2 Gold Inc Directors and Key Management Compensation (Three Months Ended March 31) | Item | 2025 | 2024 | | :-------------------------------- | :----- | :----- | | Management salaries and consulting fees | $173,391 | $181,170 | | Share-based compensation | $144,495 | $388,614 | | Directors' fees | $18,231 | $18,337 | | Total Compensation | $336,117 | $588,121 | - The Company incurred **$16,156** in Q1 2025 (2024 - $17,029) with P2 Gold Inc. for CFO shared-services[41](index=41&type=chunk) - Accounts payable and accrued liabilities include **$38,903** owed to related parties as of March 31, 2025[42](index=42&type=chunk) - The Company has a joint venture agreement with Pediment (a subsidiary of URZ) for the Kelly Creek Project, and its VP Business Development and a director also serve as directors of URZ[43](index=43&type=chunk) [10. Financial Risk Management](index=14&type=section&id=10.%20FINANCIAL%20RISK%20MANAGEMENT) This section details the Company's management of market, credit, and liquidity risks, including currency exposure, investment strategies, and fair value estimation - The Company is exposed to market risk (currency and interest rate), credit risk, and liquidity risk[44](index=44&type=chunk) - The Company mitigates credit risk by investing cash and short-term investments with Canadian Tier 1 chartered financial institutions[50](index=50&type=chunk) - Liquidity risk is managed by monitoring cash flows and matching the maturity profile of financial assets and liabilities[51](index=51&type=chunk) [10. (a) Market risk](index=14&type=section&id=10.%20(a)%20Market%20risk) This subsection describes the Company's exposure to currency and interest rate risks, detailing the potential impact of exchange rate fluctuations on pre-tax loss - The Company is exposed to currency risk on financial instruments denominated in CAD, with a **10%** change in USD:CAD exchange rate having a potential impact on pre-tax loss[45](index=45&type=chunk)[46](index=46&type=chunk) Impact of 10% Change in USD:CAD Exchange Rate on Pre-Tax Loss (March 31, 2025) | Item | 10% increase | 10% decrease | | :--------------------------------- | :----------- | :----------- | | Cash and cash equivalents | $5,915 | $(5,915) | | Receivables and other | $901 | $(901) | | Marketable securities | $838 | $(838) | | Accounts payable and accrued liabilities | $(6,386) | $6,386 | - The impact of a **1%** change in variable interest rates on pre-tax loss as of March 31, 2025, would be nominal[48](index=48&type=chunk) [10. (b) Credit risk](index=14&type=section&id=10.%20(b)%20Credit%20risk) This subsection explains the Company's credit risk exposure, primarily from cash and short-term investments, and its mitigation strategies through investing with Tier 1 financial institutions - The Company's maximum credit exposure is represented by the carrying amount of its financial assets, primarily cash and cash equivalents and short-term investments[49](index=49&type=chunk)[50](index=50&type=chunk) Maximum Credit Exposure (Carrying Amount of Financial Assets) | Item | March 31, 2025 | December 31, 2024 | | :---------------------- | :------------- | :---------------- | | Cash and cash equivalents | $614,892 | $381,899 | | Short-term investments | $4,200,240 | $4,914,382 | | Total | $4,815,132 | $5,296,281 | - Credit risk is mitigated by investing with Canadian Tier 1 chartered financial institutions, with management believing there is a nominal expected credit loss[50](index=50&type=chunk) [10. (c) Liquidity risk](index=15&type=section&id=10.%20(c)%20Liquidity%20risk) This subsection addresses the Company's liquidity risk management through monitoring cash flows and matching the maturity profiles of financial assets and liabilities - Liquidity risk is managed by monitoring cash flows and matching the maturity profile of financial assets and liabilities[51](index=51&type=chunk) Contractual Undiscounted Cash Flow Requirements (March 31, 2025) | Item | Carrying amount | Contractual cash flows | Due within 1 year | | :--------------------------------- | :-------------- | :--------------------- | :---------------- | | Accounts payable and accrued liabilities | $109,087 | $109,087 | $109,087 | [10. (d) Fair value estimation](index=15&type=section&id=10.%20(d)%20Fair%20value%20estimation) This subsection describes the fair value hierarchy used for financial instruments, categorizing them into Level 1, Level 2, and Level 3 based on input observability - Financial assets and liabilities are measured using a fair value hierarchy with three levels: Level 1 (quoted prices in active markets), Level 2 (observable inputs other than Level 1), and Level 3 (unobservable inputs)[53](index=53&type=chunk) Financial Assets Measured at Fair Value (March 31, 2025) | Item | Carrying value | Level 1 | Level 2 | Level 3 | | :------------------ | :------------- | :------ | :------ | :------ | | Marketable securities | $8,380 | $8,380 | $- | $- | Financial Assets Measured at Fair Value (December 31, 2024) | Item | Carrying value | Level 1 | Level 2 | Level 3 | | :------------------ | :------------- | :------ | :------ | :------ | | Marketable securities | $12,404 | $12,404 | $- | $- | - Marketable securities are fair valued using URZ's share price on the TSX Venture Exchange[56](index=56&type=chunk) [11. Commitments](index=16&type=section&id=11.%20COMMITMENTS) This section details the BMR introductory agent agreement, outlining potential fees and royalties for acquired properties, though it is not currently active for any projects Introductory Agent Fees (BMR Agreement, if property acquired) | Payment Schedule | Fee | | :----------------------- | :------ | | Within 15 days of acquisition | $5,000 | | 6 months after acquisition | $5,000 | | 12 months after acquisition | $5,000 | | 18 months after acquisition | $5,000 | | 24 months after acquisition | $7,500 | | 30 months after acquisition | $7,500 | | 36 months after acquisition | $10,000 | | 42 months after acquisition | $10,000 | | 48 months after acquisition | $15,000 | | (and every six months thereafter) | | - If commercial production is achieved on a BMR-recommended property, the Company will pay a **0.5%** net smelter return royalty, reducible to **0.25%** after **$1,000,000** in total payments (fees + royalties)[57](index=57&type=chunk) - As of March 31, 2025, the BMR Agreement is not in effect for any of the Company's mineral projects[58](index=58&type=chunk) [12. Segmented Information](index=17&type=section&id=12.%20SEGMENTED%20INFORMATION) The Company operates as a single business segment focused on mineral project exploration and development, with all E&E assets located in the USA - The Company considers the exploration and development of mineral projects as its single business segment[59](index=59&type=chunk) - All of the Company's E&E assets are located in the USA[59](index=59&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR Dennis Higgs, +1 (604) 644-6579, dennis.higgs@austin.gold 1021 West Hastings Street, 9th Floor ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT ...

[Management's Responsibility for Financial Statements](index=2&type=section&id=Management's%20Responsibility%20for%20Financial%20Statements) Management is responsible for preparing the consolidated financial statements in accordance with IFRS, ensuring integrity, fairness, and maintaining internal controls [Management's Responsibility](index=2&type=section&id=Management's%20Responsibility) Management is responsible for preparing the consolidated financial statements in accordance with IFRS, ensuring integrity, fairness, and maintaining internal controls - Management is responsible for preparing consolidated financial statements in accordance with IFRS Accounting Standards[2](index=2&type=chunk) - Management designs and maintains accounting systems and internal controls to ensure reliable financial records[3](index=3&type=chunk) - The Board of Directors, through an Audit Committee of independent directors, oversees management's financial reporting responsibilities[4](index=4&type=chunk) [Report of Independent Registered Public Accounting Firm](index=3&type=section&id=REPORT%20OF%20INDEPENDENT%20REGISTERED%20PUBLIC%20ACCOUNTING%20FIRM) Manning Elliott LLP audited Austin Gold Corp.'s consolidated financial statements for 2022-2024, expressing an unqualified opinion that they present fairly the financial position, results of operations, and cash flows in conformity with IFRS [Opinion on the Consolidated Financial Statements](index=3&type=section&id=Opinion%20on%20the%20Consolidated%20Financial%20Statements) Manning Elliott LLP audited Austin Gold Corp.'s consolidated financial statements for 2022-2024, expressing an unqualified opinion that they present fairly the financial position, results of operations, and cash flows in conformity with IFRS - Manning Elliott LLP audited the consolidated financial statements for the years ended December 31, 2024, 2023, and 2022[8](index=8&type=chunk) - The auditors expressed an unqualified opinion, stating the financial statements present fairly in all material respects, in conformity with IFRS Accounting Standards[9](index=9&type=chunk) - Audits were conducted in accordance with the standards of the PCAOB[11](index=11&type=chunk) [Consolidated Financial Statements](index=4&type=section&id=CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section presents Austin Gold Corp.'s consolidated financial statements, including statements of financial position, loss and comprehensive loss, cash flows, and changes in shareholders' equity [Consolidated Statements of Financial Position](index=4&type=section&id=AUSTIN%20GOLD%20CORP.%20CONSOLIDATED%20STATEMENTS%20OF%20FINANCIAL%20POSITION) Austin Gold Corp.'s total assets decreased from $12.01 million in 2023 to $9.51 million in 2024, primarily due to a significant reduction in current assets, particularly short-term investments and cash | Metric | Dec 31, 2024 | Dec 31, 2023 | | :-------------------------------- | :----------- | :----------- | | Total assets | $9,512,870 | $12,005,240 | | Current assets | $5,413,247 | $9,716,501 | | Cash and cash equivalents | $381,899 | $907,551 | | Short-term investments | $4,914,382 | $8,618,386 | | Total liabilities | $228,698 | $676,605 | | Shareholders' equity | $9,284,172 | $11,328,635 | | Deficit | $(10,099,253) | $(7,020,522) | - Total assets decreased by **$2.49 million (20.8%)** from 2023 to 2024[14](index=14&type=chunk) - Current assets decreased by **$4.30 million (44.3%)** from 2023 to 2024, largely due to reductions in short-term investments and cash[14](index=14&type=chunk) [Consolidated Statements of Loss and Comprehensive Loss](index=5&type=section&id=AUSTIN%20GOLD%20CORP.%20CONSOLIDATED%20STATEMENTS%20OF%20LOSS%20AND%20COMPREHENSIVE%20LOSS) Austin Gold Corp. reported a net loss of $3.08 million in 2024, an improvement from $4.00 million in 2023, but still significantly higher than $1.07 million in 2022 | Metric | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | | :-------------------------------- | :----------- | :----------- | :----------- | | Operating loss | $(3,412,440) | $(2,237,072) | $(1,717,294) | | Loss for the year | $(3,078,731) | $(4,000,671) | $(1,068,391) | | Comprehensive loss for the year | $(3,078,731) | $(4,000,671) | $(1,787,312) | | Loss per share - basic and diluted | $(0.23) | $(0.30) | $(0.09) | | Investor relations and marketing | $1,119,666 | $233,355 | $145,245 | | Share-based compensation | $911,261 | $481,394 | $162,628 | | Interest and finance income | $338,912 | $493,743 | $183,213 | - Net loss improved by **23.1%** from **$4.00 million** in 2023 to **$3.08 million** in 2024, but operating loss increased by **52.5%** from **$2.24 million** to **$3.41 million**[15](index=15&type=chunk) - Investor relations and marketing expenses increased significantly by **380%** from **$233,355** in 2023 to **$1.12 million** in 2024[15](index=15&type=chunk) [Consolidated Statements of Cash Flows](index=6&type=section&id=AUSTIN%20GOLD%20CORP.%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) In 2024, Austin Gold Corp. used $2.45 million in operating activities, an increase from $1.69 million in 2023, with investing activities generating $1.94 million, primarily from short-term investment redemptions | Metric | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | | :-------------------------------- | :----------- | :----------- | :----------- | | Net cash used in operating activities | $(2,454,547) | $(1,686,043) | $(1,791,812) | | Net cash generated by (used in) investing activities | $1,935,563 | $1,961,008 | $(12,517,275) | | Net cash generated by financing activities | $- | $- | $13,853,420 | | Cash and cash equivalents, end of year | $381,899 | $907,551 | $630,623 | | Expenditures on E&E assets | $(2,096,354) | $(1,563,428) | $(1,066,431) | | Redemption of short-term investments | $11,250,000 | $16,500,000 | $2,500,000 | | Purchase of short-term investments | $(7,600,000) | $(13,500,000) | $(14,000,000) | - Cash used in operating activities increased by **45.6%** from **$1.69 million** in 2023 to **$2.45 million** in 2024[17](index=17&type=chunk) - Cash and cash equivalents decreased by **57.9%** from **$907,551** at the end of 2023 to **$381,899** at the end of 2024[17](index=17&type=chunk) [Consolidated Statements of Changes in Shareholders' Equity](index=7&type=section&id=AUSTIN%20GOLD%20CORP.%20CONSOLIDATED%20STATEMENTS%20OF%20CHANGES%20IN%20SHAREHOLDERS'%20EQUITY) Shareholders' equity decreased from $11.33 million at December 31, 2023, to $9.28 million at December 31, 2024, primarily due to the net loss for the year, partially offset by an increase in other reserves | Metric | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | | :-------------------------------- | :----------- | :----------- | :----------- | | Total Shareholders' Equity | $9,284,172 | $11,328,635 | $14,779,850 | | Share capital | $16,568,175 | $16,568,175 | $16,329,958 | | Other reserves | $3,390,199 | $2,355,931 | $2,044,692 | | Accumulated other comprehensive income (loss) | $(574,949) | $(574,949) | $(574,949) | | Deficit | $(10,099,253) | $(7,020,522) | $(3,019,851) | | Loss for the year | $(3,078,731) | $(4,000,671) | $(1,068,391) | | Value assigned to share options and warrants vested | $1,034,268 | $549,456 | $182,422 | - Shareholders' equity decreased by **$2.04 million (18.0%)** from 2023 to 2024[18](index=18&type=chunk) - The accumulated deficit increased by **$3.08 million (43.9%)** from 2023 to 2024, reflecting the net loss for the year[18](index=18&type=chunk) [Notes to the Consolidated Financial Statements](index=8&type=section&id=NOTES%20TO%20THE%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section provides detailed explanations of the company's accounting policies, significant estimates, financial risks, and specific financial statement line items [1. Nature of Operations and Going Concern](index=8&type=section&id=1.%20Nature%20of%20Operations%20and%20Going%20Concern) Austin Gold Corp. is a Canadian-incorporated company focused on mineral resource property acquisition, exploration, and evaluation in the western USA - Austin Gold Corp. is focused on the acquisition, exploration, and evaluation of mineral resource properties primarily in the western United States of America[21](index=21&type=chunk) - The company has incurred ongoing losses and expects further losses, with a net loss of **$3.08 million** in 2024 and cash used in operating activities of **$2.45 million**[23](index=23&type=chunk) - The going concern assumption is dependent on the discovery of economically recoverable reserves and the ability to obtain necessary financing[22](index=22&type=chunk) [1. (a) Nature of operations](index=8&type=section&id=1.%20(a)%20Nature%20of%20operations) Austin Gold Corp. is a Canadian-incorporated company focused on mineral resource property acquisition, exploration, and evaluation in the western USA - Austin Gold Corp. was incorporated on April 21, 2020, in British Columbia, Canada, and its common shares are traded on the NYSE American stock exchange under the symbol 'AUST'[20](index=20&type=chunk) - The Company's primary focus is the acquisition, exploration, and evaluation of mineral resource properties, mainly in the western USA[21](index=21&type=chunk) [1. (b) Going concern assumption](index=8&type=section&id=1.%20(b)%20Going%20concern%20assumption) The company's ability to continue as a going concern is dependent on discovering economically recoverable reserves and securing future financing, as it has incurred ongoing losses and expects further losses - The consolidated financial statements are prepared on a going concern basis, assuming the Company can meet commitments and continue operations for at least twelve months from December 31, 2024[23](index=23&type=chunk) | Metric | Dec 31, 2024 | Dec 31, 2023 | | :-------------------------------- | :----------- | :----------- | | Net loss for the year | $(3,078,731) | $(4,000,671) | | Cash used in operating activities | $(2,454,547) | $(1,686,043) | | Cash and cash equivalents | $381,899 | $907,551 | | Working capital surplus | $5,184,549 | $9,039,896 | | Accumulated deficit | $(10,099,253) | $(7,020,522) | - Management estimates current working capital will be sufficient to fund activities for at least the next twelve months[24](index=24&type=chunk) [2. Basis of Preparation](index=8&type=section&id=2.%20Basis%20of%20Preparation) The consolidated financial statements are prepared in accordance with IFRS Accounting Standards, on a historical cost basis, except for financial instruments classified as fair value through profit or loss (FVTPL) - Consolidated financial statements are prepared in accordance with IFRS Accounting Standards as issued by the IASB[25](index=25&type=chunk) - Statements are prepared on a historical cost basis, except for FVTPL financial instruments which are stated at fair value[25](index=25&type=chunk) [3. Material Accounting Policy Information](index=9&type=section&id=3.%20Material%20Accounting%20Policy%20Information) This section details the company's significant accounting policies, including basis of consolidation, foreign currency translation, and classification and measurement of financial instruments - The consolidated financial statements include Austin American Corporation, a 100% owned subsidiary in Nevada, USA, which holds interests in exploration projects[28](index=28&type=chunk) - The functional and presentation currency for the Company and its subsidiary is the United States dollar (USD)[30](index=30&type=chunk) - Financial assets are classified at initial recognition as measured at amortized cost, FVTPL, or FVOCI, depending on the business model and contractual cash flows[32](index=32&type=chunk) [3. (a) Basis of consolidation](index=9&type=section&id=3.%20(a)%20Basis%20of%20consolidation) The consolidated financial statements include Austin Gold Corp. and its 100% owned US subsidiary, Austin American Corporation, which holds interests in exploration projects in Nevada - Consolidated financial statements include Austin Gold Corp. and its 100% owned subsidiary, Austin American Corporation, which holds interests in exploration projects in Nevada, USA[28](index=28&type=chunk) [3. (b) Foreign currency translation](index=9&type=section&id=3.%20(b)%20Foreign%20currency%20translation) The functional and presentation currency of the Company and its subsidiary is the United States dollar (USD), with foreign exchange gains and losses recognized in the consolidated statement of loss - The functional and presentation currency of the Company and its subsidiary is the United States dollar (USD)[30](index=30&type=chunk) - Foreign exchange gains and losses are recognized in the consolidated statement of loss and comprehensive loss[31](index=31&type=chunk) [3. (c) Financial instruments](index=9&type=section&id=3.%20(c)%20Financial%20instruments) Financial assets are classified at initial recognition as measured at amortized cost, FVTPL, or FVOCI, with cash and cash equivalents at amortized cost and marketable securities at FVTPL - Financial assets are classified at initial recognition as measured at amortized cost, FVTPL, or FVOCI[32](index=32&type=chunk) - Cash and cash equivalents are classified at amortized cost[41](index=41&type=chunk) - Marketable securities are recorded at FVTPL, with changes in fair value recognized in the consolidated statement of loss and comprehensive loss[43](index=43&type=chunk) [3. (d) Property and equipment](index=12&type=section&id=3.%20(d)%20Property%20and%20equipment) Property and equipment is measured at cost less accumulated depreciation and impairment losses, with depreciation commencing when the asset is available for intended use - Property and equipment is measured at cost less accumulated depreciation and impairment losses[46](index=46&type=chunk) - Depreciation commences when the asset is available for intended use, calculated using declining balance rates (15% to 30%) or straight-line method[47](index=47&type=chunk) [3. (e) Mineral properties](index=12&type=section&id=3.%20(e)%20Mineral%20properties) Mineral properties are measured at cost less accumulated depletion and impairment losses, including fair value attributable to mineral reserves and resources, mine development, and capitalized E&E expenditures - Mineral properties are measured at cost less accumulated depletion and impairment losses, including fair value attributable to mineral reserves and resources, mine development, and capitalized E&E expenditures[50](index=50&type=chunk) [3. (f) E&E assets](index=12&type=section&id=3.%20(f)%20E%26E%20assets) All E&E expenditures are capitalized, except for those incurred before obtaining legal rights to explore an area, and are tested for impairment and reclassified to mineral properties once technical feasibility is determined - All E&E expenditures are capitalized, except for those incurred before obtaining legal rights to explore an area[51](index=51&type=chunk) - Exploration expenditures involve initial search for mineral deposits, while evaluation expenditures establish technical feasibility and commercial viability[52](index=52&type=chunk)[53](index=53&type=chunk) - Once technical feasibility and commercial viability are determined, expenditures are tested for impairment and reclassified to mineral properties[54](index=54&type=chunk) [3. (g) Impairment of non-financial assets](index=13&type=section&id=3.%20(g)%20Impairment%20of%20non-financial%20assets) Carrying amounts of E&E assets and property and equipment are assessed for impairment at each reporting period or when circumstances suggest non-recoverability, with the recoverable amount being the higher of fair value less costs of disposal and value in use - Carrying amounts of E&E assets and property and equipment are assessed for impairment at each reporting period or when circumstances suggest non-recoverability[54](index=54&type=chunk) - Recoverable amount is the higher of fair value less costs of disposal and value in use[54](index=54&type=chunk) [3. (h) Decommissioning and restoration provision](index=14&type=section&id=3.%20(h)%20Decommissioning%20and%20restoration%20provision) Decommissioning and restoration provisions are recognized when there is significant disturbance from E&E activities and the provision can be reliably estimated, with costs estimated, discounted, and capitalized to the related asset - Decommissioning and restoration provisions are recognized when there is significant disturbance from E&E activities and the provision can be reliably estimated[58](index=58&type=chunk) - Costs are estimated, discounted to net present value, and capitalized to the related asset with a corresponding liability[59](index=59&type=chunk) [3. (i) Income taxes](index=14&type=section&id=3.%20(i)%20Income%20taxes) Income tax is recognized in the consolidated statement of loss and comprehensive loss, unless it relates to items recognized directly in equity, with deferred tax provided for temporary differences between carrying amounts for financial reporting and taxation purposes - Income tax is recognized in the consolidated statement of loss and comprehensive loss, unless it relates to items recognized directly in equity[61](index=61&type=chunk) - Deferred tax is provided for temporary differences between carrying amounts of assets/liabilities for financial reporting and taxation purposes[62](index=62&type=chunk) [3. (j) Share capital](index=14&type=section&id=3.%20(j)%20Share%20capital) Common shares are classified as equity, with directly attributable transaction costs deducted from equity, and the residual value method is applied for common shares and warrants issued as a unit - Common shares are classified as equity, with directly attributable transaction costs deducted from equity[64](index=64&type=chunk) - The residual value method is applied for common shares and warrants issued as a unit, allocating value first to common shares and then to warrants[66](index=66&type=chunk) [3. (k) Share-based payment transactions](index=15&type=section&id=3.%20(k)%20Share-based%20payment%20transactions) Share options are measured at fair value at grant date using the Black-Scholes option pricing model and recognized as an expense over the vesting period - Share options are measured at fair value at grant date using the Black-Scholes option pricing model and recognized as an expense over the vesting period[67](index=67&type=chunk)[69](index=69&type=chunk) [3. (l) Loss per share](index=15&type=section&id=3.%20(l)%20Loss%20per%20share) Loss per share is calculated by dividing the loss attributable to common shareholders by the weighted average number of common shares outstanding, with diluted loss per share adjusting for potentially dilutive common shares - Loss per share is calculated by dividing the loss attributable to common shareholders by the weighted average number of common shares outstanding[71](index=71&type=chunk) - Diluted loss per share adjusts for the effects of all potentially dilutive common shares, including share options and warrants[71](index=71&type=chunk) [3. (m) Related party transactions](index=15&type=section&id=3.%20(m)%20Related%20party%20transactions) Parties are considered related if one party has the ability to control or exercise significant influence over the other - Parties are considered related if one party has the ability to control or exercise significant influence over the other[72](index=72&type=chunk) [4. Significant Accounting Estimates and Judgments](index=16&type=section&id=4.%20SIGNIFICANT%20ACCOUNTING%20ESTIMATES%20AND%20JUDGMENTS) The preparation of financial statements involves significant accounting estimates and judgments, particularly concerning the company's ability to continue as a going concern, the impairment assessment of E&E assets, and the fair value determination of share options - Significant accounting policy judgments include the assessment of the Company's ability to continue as a going concern and the application of the impairment policy for E&E assets[76](index=76&type=chunk) - A significant source of material estimation uncertainty is the determination of the fair value of share options issued by the Company[74](index=74&type=chunk) - Management assessed impairment indicators for E&E assets and concluded that no impairment indicators exist as of December 31, 2024[76](index=76&type=chunk) [5. New Accounting Standards and Recent Pronouncements](index=16&type=section&id=5.%20NEW%20ACCOUNTING%20STANDARDS%20AND%20RECENT%20PRONOUNCEMENTS) The IASB issued amendments to IFRS 9 and IFRS 7 in May 2024, effective January 1, 2026, clarifying financial instrument classification, measurement, and disclosure, which are not expected to materially impact the Company - Amendments to IFRS 9 and IFRS 7 were issued in May 2024, effective January 1, 2026, clarifying financial instrument classification and measurement; not expected to have a material impact[75](index=75&type=chunk) - IFRS 18, replacing IAS 1, was issued in April 2024, effective January 1, 2027, focusing on updates to the statement of profit or loss[77](index=77&type=chunk) - The Company is in the process of assessing the impact of IFRS 18[77](index=77&type=chunk) [6. Cash and Cash Equivalents](index=17&type=section&id=6.%20CASH%20AND%20CASH%20EQUIVALENTS) As of December 31, 2024, cash and cash equivalents totaled $381,899, a decrease from $907,551 in 2023 | Metric | Dec 31, 2024 | Dec 31, 2023 | | :---------------------- | :----------- | :----------- | | Cash and cash equivalents | $381,899 | $907,551 | - Cash and cash equivalents decreased by **$525,652 (57.9%)** from 2023 to 2024[78](index=78&type=chunk) - The Company does not hold any term deposits with an original maturity date of less than three months[78](index=78&type=chunk) [7. Short-term Investments](index=17&type=section&id=7.%20SHORT-TERM%20INVESTMENTS) Short-term investments, comprising term deposits and RSTICs, decreased from $8.62 million in 2023 to $4.91 million in 2024 | Metric | Dec 31, 2024 | Dec 31, 2023 | | :---------------------- | :----------- | :----------- | | Term deposits | $4,150,487 | $7,084,482 | | RSTICs | $763,895 | $1,533,904 | | Total Short-term investments | $4,914,382 | $8,618,386 | - Short-term investments decreased by **$3.70 million (43.0%)** from 2023 to 2024[79](index=79&type=chunk) - Term deposits mature between January 8, 2025, and August 18, 2025, and RSTICs mature on July 22, 2025[79](index=79&type=chunk) [8. Receivables and Other](index=17&type=section&id=8.%20RECEIVABLES%20AND%20OTHER) Receivables and other current assets decreased from $190,564 in 2023 to $116,966 in 2024, primarily due to reductions in prepaid expenses and deposits, and tax receivables | Metric | Dec 31, 2024 | Dec 31, 2023 | | :---------------------- | :----------- | :----------- | | Prepaid expenses and deposits | $100,898 | $156,234 | | Tax receivables | $16,068 | $34,330 | | Total Receivables and other | $116,966 | $190,564 | - Receivables and other decreased by **$73,598 (38.6%)** from 2023 to 2024[80](index=80&type=chunk) [9. Marketable Securities](index=18&type=section&id=9.%20MARKETABLE%20SECURITIES) Marketable securities, consisting of common shares in URZ3 Energy Corp., increased in value from $7,422 in 2023 to $12,404 in 2024, driven by an unrealized fair value gain of $4,982 | Metric | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | | :-------------------------------- | :----------- | :----------- | :----------- | | Ending balance | $12,404 | $7,422 | $16,473 | | Unrealized fair value gain (loss) | $4,982 | $(9,051) | $(174,634) | - The Company holds **89,240 common shares** in URZ3 Energy Corp. (formerly Nevada Exploration Inc.)[81](index=81&type=chunk) - Warrants in URZ (formerly NGE) expired unexercised on January 7, 2023[81](index=81&type=chunk) [10. E&E Assets](index=18&type=section&id=10.%20E%26E%20ASSETS) Total Exploration and Evaluation (E&E) assets significantly increased from $2.28 million in 2023 to $4.08 million in 2024, primarily due to substantial expenditures on the Stockade Mountain and Lone Mountain projects | Project | Dec 31, 2024 | Dec 31, 2023 | | :------------------ | :----------- | :----------- | | Kelly Creek | $719,533 | $636,708 | | Lone Mountain | $1,379,437 | $776,682 | | Stockade Mountain | $1,978,504 | $867,100 | | Miller | $- | $- | | Fourmile Basin | $- | $- | | Total E&E assets | $4,077,474 | $2,280,490 | - Total E&E assets increased by **$1.80 million (78.8%)** from 2023 to 2024[82](index=82&type=chunk)[83](index=83&type=chunk) - The Company incurred write-offs of E&E assets totaling **$4,290** in 2024 (vs. **$2.25 million** in 2023) due to the termination of the Miller Project and Fourmile Basin Property agreements[82](index=82&type=chunk)[83](index=83&type=chunk)[96](index=96&type=chunk)[99](index=99&type=chunk) [10. (a) Kelly Creek Project (Nevada, USA)](index=19&type=section&id=10.%20(a)%20Kelly%20Creek%20Project%20(Nevada,%20USA)) The Company has an option to earn up to a 70% interest in a joint venture on the Kelly Creek Project with Pediment Gold LLC, requiring C$2,500,000 in E&E expenditures by June 30, 2027 - The Company has an option to earn up to a **70% interest** in a joint venture on the Kelly Creek Project with Pediment Gold LLC[84](index=84&type=chunk) - To earn a **51% interest**, the Company must incur **C$2,500,000** in E&E expenditures by June 30, 2027[85](index=85&type=chunk) - Minimum annual royalty payments are required, increasing from **$20,000** in 2024 to **$30,000** by 2027 and thereafter[87](index=87&type=chunk)[88](index=88&type=chunk) [10. (b) Lone Mountain Project (Nevada, USA)](index=20&type=section&id=10.%20(b)%20Lone%20Mountain%20Project%20(Nevada,%20USA)) The Company has a mineral lease agreement with an option to purchase the Lone Mountain Project with NAMMCO, requiring pre-production payments and minimum E&E expenditures totaling $1,800,000 - The Company has a mineral lease agreement with an option to purchase the Lone Mountain Project with NAMMCO[90](index=90&type=chunk) - Pre-production payments are required, increasing to **$30,000** annually from November 1, 2024, and further by **$10,000** annually after November 1, 2025, to a maximum of **$200,000**[90](index=90&type=chunk) - Minimum E&E expenditures are required, totaling **$1,800,000**, with commitments of **$300,000** for 2026 and 2027, and **$400,000** for 2028 and 2029[91](index=91&type=chunk) [10. (c) Stockade Mountain Project (Oregon, USA)](index=21&type=section&id=10.%20(c)%20Stockade%20Mountain%20Project%20(Oregon,%20USA)) The Company leases a 100% interest in the Stockade Mountain Project from Bull Mountain Resources, LLC (BMR), requiring pre-production payments and BMR retaining a 2.0% net smelter return royalty - The Company leases a **100% interest** in the Stockade Mountain Project from Bull Mountain Resources, LLC (BMR)[93](index=93&type=chunk) - Pre-production payments are required, increasing to **$25,000** every six months from May 16, 2025[93](index=93&type=chunk) - BMR retains a **2.0% net smelter return royalty** on claims owned by BMR and **0.25%** on third-party claims[94](index=94&type=chunk) [10. (d) Miller Project (Nevada, USA)](index=21&type=section&id=10.%20(d)%20Miller%20Project%20(Nevada,%20USA)) The mineral lease and option agreement for the Miller Project was terminated on December 18, 2023, resulting in a write-off of E&E assets of $897 in 2024 - The mineral lease and option agreement for the Miller Project was terminated on December 18, 2023[96](index=96&type=chunk) - As a result of the termination, the Company incurred a write-off of E&E assets of **$897** in 2024 (vs. **$1.02 million** in 2023)[96](index=96&type=chunk) [10. (e) Fourmile Basin Property (Nevada, USA)](index=22&type=section&id=10.%20(e)%20Fourmile%20Basin%20Property%20(Nevada,%20USA)) The mineral lease and option agreement for the Fourmile Basin Property was terminated on April 13, 2023, leading to a write-off of E&E assets of $3,393 in 2024 - The mineral lease and option agreement for the Fourmile Basin Property was terminated on April 13, 2023[99](index=99&type=chunk) - A write-off of E&E assets of **$3,393** was recorded in 2024 (vs. **$883,862** in 2023) due to the termination[99](index=99&type=chunk) [10. (f) Project reclamation requirements](index=22&type=section&id=10.%20(f)%20Project%20reclamation%20requirements) As of December 31, 2024, the Company holds surety bonds totaling $38,863 in favor of the BLM and $43,252 in favor of the Oregon Department of Geology and Mineral Industries for reclamation requirements - As of December 31, 2024, the Company holds surety bonds totaling **$38,863** in favor of the BLM and **$43,252** in favor of the Oregon Department of Geology and Mineral Industries for reclamation requirements[100](index=100&type=chunk) [11. Property and Equipment](index=22&type=section&id=11.%20PROPERTY%20AND%20EQUIPMENT) Property and equipment, consisting of exploration equipment and IT hardware, increased to $9,745 in 2024 from $827 in 2023, primarily due to $11,000 in additions, partially offset by depreciation | Metric | Dec 31, 2024 | Dec 31, 2023 | | :---------------------- | :----------- | :----------- | | Net book value | $9,745 | $827 | | Additions | $11,000 | $- | | Depreciation | $(2,082) | $(354) | - Net book value of property and equipment increased by **$8,918 (1078%)** from 2023 to 2024, driven by **$11,000** in additions[101](index=101&type=chunk) - Property and equipment consists of exploration equipment and information technology hardware[101](index=101&type=chunk) [12. Accounts Payable and Accrued Liabilities](index=22&type=section&id=12.%20ACCOUNTS%20PAYABLE%20AND%20ACCRUED%20LIABILITIES) Accounts payable and accrued liabilities significantly decreased from $676,605 in 2023 to $228,698 in 2024, mainly driven by a reduction in trade payables | Metric | Dec 31, 2024 | Dec 31, 2023 | | :-------------------------------- | :----------- | :----------- | | Trade payables | $183,717 | $638,671 | | Accrued liabilities | $44,981 | $37,934 | | Total Accounts payable and accrued liabilities | $228,698 | $676,605 | - Total accounts payable and accrued liabilities decreased by **$447,907 (66.2%)** from 2023 to 2024[102](index=102&type=chunk) [13. Share Capital and Other Reserves](index=23&type=section&id=13.%20SHARE%20CAPITAL%20AND%20OTHER%20RESERVES) The company's share capital remained unchanged at $16.57 million in 2024, while other reserves increased to $3.39 million, primarily due to the value assigned to share options and warrants vested | Metric | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | | :-------------------------------- | :----------- | :----------- | :----------- | | Share capital | $16,568,175 | $16,568,175 | $16,329,958 | | Other reserves | $3,390,199 | $2,355,931 | $2,044,692 | | Outstanding share options | 3,621,666 | 3,463,333 | 1,093,333 | | Total share-based compensation expense (options) | $1,030,742 | $515,133 | $157,043 | | Outstanding warrants | 100,000 | 100,000 | 362,833 | | Total share-based compensation expense (warrants) | $3,526 | $34,323 | $26,480 | - Other reserves increased by **$1.03 million (44.0%)** from 2023 to 2024, mainly from share options and warrants vested[106](index=106&type=chunk)[109](index=109&type=chunk)[111](index=111&type=chunk) - Total share-based compensation expense for share options nearly doubled from **$515,133** in 2023 to **$1.03 million** in 2024[109](index=109&type=chunk) [13. (a) Share capital](index=23&type=section&id=13.%20(a)%20Share%20capital) As of December 31, 2024, authorized share capital consists of an unlimited number of common and preferred shares without par value, with the Company issuing 3,754,750 shares at $4.00 for gross proceeds of $15,019,000 during its IPO on May 6, 2022 - As of December 31, 2024, authorized share capital consists of an unlimited number of common and preferred shares without par value[104](index=104&type=chunk) - On May 6, 2022, the Company issued **3,754,750 shares** at **$4.00** for gross proceeds of **$15,019,000** during its IPO[105](index=105&type=chunk) [13. (b) Other reserves](index=23&type=section&id=13.%20(b)%20Other%20reserves) Other reserves increased by $1.03 million (43.9%) from 2023 to 2024, primarily due to an increase in share options | Metric | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | | :---------------------- | :----------- | :----------- | :----------- | | Other reserve - Share options | $3,326,971 | $2,296,229 | $1,781,096 | | Other reserve - Warrants | $63,228 | $59,702 | $263,596 | | Total Other reserves | $3,390,199 | $2,355,931 | $2,044,692 | - Other reserves increased by **$1.03 million (43.9%)** from 2023 to 2024[106](index=106&type=chunk) [13. (c) Share options](index=23&type=section&id=13.%20(c)%20Share%20options) The Company's stock incentive plan allows for granting non-transferable equity awards, with common shares reserved not exceeding 3,827,175, and total share-based compensation expense for share options was $1.03 million in 2024 - The Company's stock incentive plan allows for granting non-transferable equity awards, with common shares reserved not exceeding **3,827,175**[107](index=107&type=chunk) | Metric | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | | :---------------------- | :----------- | :----------- | :----------- | | Outstanding, January 1, | 3,463,333 | 1,093,333 | 716,663 | | Granted | 225,000 | 2,370,000 | 460,003 | | Expired | (66,667) | - | (83,333) | | Outstanding, December 31, | 3,621,666 | 3,463,333 | 1,093,333 | | Weighted average exercise price | $1.01 | $1.06 | $1.67 | - Total share-based compensation expense for share options was **$1.03 million** in 2024, with **$907,735** expensed and **$123,007** capitalized to E&E assets[109](index=109&type=chunk) [13. (d) Warrants](index=24&type=section&id=13.%20(d)%20Warrants) The Company issued 100,000 warrants to an investor relations consultant on November 1, 2022, vesting over tranches at an exercise price of $0.81 and expiring November 1, 2025 | Metric | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | | :---------------------- | :----------- | :----------- | :----------- | | Outstanding, January 1, | 100,000 | 362,833 | - | | Warrants issued - IPO | - | - | 262,833 | | Warrants issued - consultants | - | - | 100,000 | | Warrants expired | - | (262,833) | - | | Outstanding, December 31, | 100,000 | 100,000 | 362,833 | | Weighted average exercise price | $0.81 | $0.81 | $3.41 | | Weighted average remaining life | 0.84 years | 1.84 years | 1.40 years | - The Company issued **100,000 warrants** to an investor relations consultant on November 1, 2022, vesting over tranches at an exercise price of **$0.81** and expiring November 1, 2025[113](index=113&type=chunk) - **262,833 underwriter warrants** issued in connection with the IPO expired unexercised on November 6, 2023[114](index=114&type=chunk) [14. Related Party Transactions and Balances](index=25&type=section&id=14.%20RELATED%20PARTY%20TRANSACTIONS%20AND%20BALANCES) Key management compensation, including share-based compensation, salaries, and directors' fees, increased to $1.76 million in 2024 from $1.09 million in 2023 | Metric | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | | :-------------------------------- | :----------- | :----------- | :----------- | | Total Directors and key management compensation | $1,761,332 | $1,089,451 | $740,119 | | Share-based compensation | $993,611 | $472,236 | $136,148 | | Management salaries and consulting fees | $694,074 | $544,352 | $559,591 | | Directors' fees | $73,647 | $72,863 | $44,380 | - Total key management compensation increased by **$671,881 (61.7%)** from 2023 to 2024[116](index=116&type=chunk) - The Company incurred **$67,072** in expenditures with P2 Gold Inc. for CFO shared-services in 2024[118](index=118&type=chunk) - The Company purchased **$11,000** of exploration equipment from URZ (formerly NGE), a related party where some Company directors also serve[120](index=120&type=chunk) [15. Supplemental Cash Flow Information](index=26&type=section&id=15.%20SUPPLEMENTAL%20CASH%20FLOW%20INFORMATION) Non-cash items within investing activities related to E&E assets included $418,087 from accounts payable and accrued liabilities and $123,007 from share-based compensation in 2024, totaling $541,094 | Metric | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | | :-------------------------------- | :----------- | :----------- | :----------- | | Accounts payable and accrued liabilities | $418,087 | $(532,752) | $(37,130) | | Share-based compensation | $123,007 | $68,062 | $26,173 | | Total net change in non-cash items | $541,094 | $(464,690) | $(10,957) | - The net change in non-cash items within investing activities related to E&E assets was a positive **$541,094** in 2024, a significant shift from a negative **$464,690** in 2023[121](index=121&type=chunk) [16. Financial Risk Management](index=26&type=section&id=16.%20FINANCIAL%20RISK%20MANAGEMENT) The company is exposed to market risk (currency and interest rate), credit risk, and liquidity risk, which are managed by investing cash with Canadian Tier 1 financial institutions, monitoring cash flows, and maintaining capital through equity - The Company is exposed to market risk (currency risk and interest rate risk), credit risk, and liquidity risk[122](index=122&type=chunk)[124](index=124&type=chunk) - Risk management is overseen by the Board of Directors and regularly discussed with the Audit Committee[123](index=123&type=chunk) - The Company mitigates credit risk by investing cash and short-term investments with Canadian Tier 1 chartered financial institutions[130](index=130&type=chunk) [16. (a) Market risk](index=26&type=section&id=16.%20(a)%20Market%20risk) Market risk includes currency risk and interest rate risk, affecting cash flows or financial instrument values, with the Company exposed to currency risk on CAD-denominated financial instruments - Market risk includes currency risk and interest rate risk, affecting cash flows or financial instrument values[124](index=124&type=chunk) - The Company is exposed to currency risk on CAD-denominated financial instruments; a **10% change** in USD:CAD exchange rate would have a minor impact on pre-tax loss[125](index=125&type=chunk)[126](index=126&type=chunk) - The impact of a **1% change** in variable interest rates on pre-tax loss would be nominal[128](index=128&type=chunk) [16. (b) Credit risk](index=27&type=section&id=16.%20(b)%20Credit%20risk) Credit risk is the potential loss if a counterparty fails to meet contractual obligations, primarily from cash and cash equivalents and short-term investments, mitigated by investing with Canadian Tier 1 financial institutions - Credit risk is the potential loss if a counterparty fails to meet contractual obligations, primarily from cash and cash equivalents and short-term investments[129](index=129&type=chunk) | Metric | Dec 31, 2024 | Dec 31, 2023 | | :---------------------- | :----------- | :----------- | | Cash and cash equivalents | $381,899 | $907,551 | | Short-term investments | $4,914,382 | $8,618,386 | | Total maximum credit exposure | $5,296,281 | $9,525,937 | - Credit risk is mitigated by investing with Canadian Tier 1 chartered financial institutions, with management believing expected credit loss is nominal[130](index=130&type=chunk) [16. (c) Liquidity risk](index=28&type=section&id=16.%20(c)%20Liquidity%20risk) Liquidity risk is managed by monitoring actual and projected cash flows and matching the maturity profile of financial assets and liabilities - Liquidity risk is managed by monitoring actual and projected cash flows and matching the maturity profile of financial assets and liabilities[131](index=131&type=chunk) | Metric | Carrying amount | Contractual cash flows | Due within 1 year | | :-------------------------------- | :-------------- | :--------------------- | :---------------- | | Accounts payable and accrued liabilities | $228,698 | $228,698 | $228,698 | [16. (d) Capital management](index=28&type=section&id=16.%20(d)%20Capital%20management) Capital management objectives are to safeguard the ability to continue as a going concern and provide financial capacity for strategic objectives, with the capital structure consisting of equity attributable to common shareholders - Capital management objectives are to safeguard the ability to continue as a going concern and provide financial capacity for strategic objectives[133](index=133&type=chunk) - The capital structure consists of equity attributable to common shareholders, comprising share capital, other reserves, AOCI, and deficit[134](index=134&type=chunk) [16. (e) Fair value estimation](index=28&type=section&id=16.%20(e)%20Fair%20value%20estimation) Financial assets and liabilities are measured using a fair value hierarchy (Level 1, 2, 3) that prioritizes observable inputs, with marketable securities fair valued using URZ's share price on the TSX Venture Exchange (Level 1) - Financial assets and liabilities are measured using a fair value hierarchy (Level 1, 2, 3) that prioritizes observable inputs[136](index=136&type=chunk)[137](index=137&type=chunk) | As at December 31, 2024 | Carrying value | Fair value Level 1 | Fair value Level 2 | Fair value Level 3 | | :---------------------- | :------------- | :----------------- | :----------------- | :----------------- | | Marketable securities | $12,404 | $12,404 | $- | $- | | As at December 31, 2023 | Carrying value | Fair value Level 1 | Fair value Level 2 | Fair value Level 3 | | :---------------------- | :------------- | :----------------- | :----------------- | :----------------- | | Marketable securities | $7,422 | $7,422 | $- | $- | - Marketable securities are fair valued using URZ's share price on the TSX Venture Exchange (Level 1)[139](index=139&type=chunk) [17. Taxation](index=30&type=section&id=17.%20TAXATION) The company has significant tax loss carryforwards in Canada ($4.86 million) and the USA ($2.39 million) as of December 31, 2024, with no deferred tax asset recognized due to the improbability of sufficient future taxable earnings | Metric | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | | :-------------------------------- | :----------- | :----------- | :----------- | | Tax loss carry forwards (Canada) | $4,855,399 | $2,477,382 | $1,191,205 | | Tax loss carry forwards (USA) | $2,390,768 | $78,452 | $50,427 | | Deferred income taxes not recognized | $(1,985,518) | $(1,405,289) | $(694,982) | | Current income tax expense | $150 | $155 | $- | - The Company has significant tax loss carryforwards in Canada (expiring 2040-2044) and the USA[140](index=140&type=chunk) - A deferred tax asset has not been recognized as it is not probable that sufficient future taxable earnings will be available[141](index=141&type=chunk) [17. (a) Deferred income taxes](index=30&type=section&id=17.%20(a)%20Deferred%20income%20taxes) Deferred income taxes arise from temporary differences between accounting and tax amounts, with the Company having significant tax loss carryforwards in Canada ($4.86 million) and the USA ($2.39 million) as of December 31, 2024 - Deferred income taxes arise from temporary differences between accounting and tax amounts[140](index=140&type=chunk) - The Company has tax loss carryforwards of approximately **$4.86 million** in Canada and **$2.39 million** in the USA as of December 31, 2024[140](index=140&type=chunk) - No deferred tax asset has been recognized due to the improbability of sufficient future taxable earnings[141](index=141&type=chunk) [17. (b) Income tax expense](index=30&type=section&id=17.%20(b)%20Income%20tax%20expense) The current income tax expense was $150 in 2024, consistent with $155 in 2023 | Metric | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | | :-------------------------------- | :----------- | :----------- | :----------- | | Expected income tax recovery | $(831,217) | $(1,080,139) | $(288,466) | | Deferred income taxes not recognized | $580,229 | $710,308 | $553,402 | | Current income tax expense | $150 | $155 | $- | - The current income tax expense was **$150** in 2024, consistent with **$155** in 2023[142](index=142&type=chunk) [18. Commitments](index=31&type=section&id=18.%20COMMITMENTS) The company has an introductory agent agreement with BMR for mineral properties, requiring escalating agent fees upon acquisition and a 0.5% net smelter return royalty if commercial production is achieved - The Company has an introductory agent agreement with BMR, requiring escalating agent fees upon mineral property acquisition and a **0.5% net smelter return royalty** if commercial production is achieved[143](index=143&type=chunk) - The BMR Agreement was in effect for the Miller Project until its termination on December 18, 2023, during which **$35,000** in introductory agent fees were paid[144](index=144&type=chunk) - As of December 31, 2024, the BMR Agreement is not in effect for any of the Company's mineral projects[144](index=144&type=chunk) [19. Segmented Information](index=31&type=section&id=19.%20SEGMENTED%20INFORMATION) The company operates as a single business segment: exploration and development of mineral projects, all of which are located in the USA - Exploration and development of mineral projects is considered the Company's single business segment[145](index=145&type=chunk) - All of the Company's E&E assets are located in the USA[145](index=145&type=chunk)

Financial Statements [Condensed Interim Consolidated Statements of Financial Position](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) The Company's financial position as of September 30, 2024, shows a decrease in total assets and working capital compared to December 31, 2023, primarily driven by reductions in cash and short-term investments, alongside a significant increase in accumulated deficit | Metric | September 30, 2024 | December 31, 2023 | Change (2024 vs 2023) | | :-------------------------------- | :------------------- | :------------------ | :-------------------- | | Total assets | $9,956,783 | $12,005,240 | -$2,048,457 | | Current assets | $6,173,682 | $9,716,501 | -$3,542,819 | | Cash and cash equivalents | $555,712 | $907,551 | -$351,839 | | Short-term investments | $5,165,001 | $8,618,386 | -$3,453,385 | | Exploration and evaluation ("E&E") assets | $3,762,497 | $2,280,490 | +$1,482,007 | | Total liabilities | $111,196 | $676,605 | -$565,409 | | Current liabilities | $111,196 | $676,605 | -$565,409 | | Total shareholders' equity | $9,845,587 | $11,328,635 | -$1,483,048 | | Accumulated deficit | $(9,359,360) | $(7,020,522) | -$2,338,838 | - Working capital (current assets less current liabilities) decreased from **$9,039,896** as of December 31, 2023, to **$6,062,486** as of September 30, 2024[2](index=2&type=chunk)[9](index=9&type=chunk) [Condensed Interim Consolidated Statements of Loss and Comprehensive Loss](index=3&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) The Company reported an increased net loss for both the three and nine months ended September 30, 2024, compared to the prior year, primarily due to higher administrative expenses, particularly in investor relations and share-based compensation | Metric | 3 Months Ended Sep 30, 2024 | 3 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2023 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net loss for the period | $(948,043) | $(292,112) | $(2,338,838) | $(2,297,717) | | Operating loss | $(1,017,414) | $(420,417) | $(2,616,971) | $(1,433,701) | | Loss per share - basic and diluted | $(0.07) | $(0.02) | $(0.18) | $(0.17) | | Investor relations and marketing | $548,200 | $37,695 | $821,669 | $104,100 | | Share-based compensation | $184,026 | $39,875 | $749,389 | $179,762 | | Management salaries and consulting fees | $156,839 | $154,476 | $478,607 | $427,232 | - For the nine months ended September 30, 2024, the net loss increased slightly to **$2,338,838** from **$2,297,717** in the same period of 2023[3](index=3&type=chunk)[9](index=9&type=chunk) - Operating loss for the nine months ended September 30, 2024, significantly increased to **$2,616,971** from **$1,433,701** in the prior year, driven by higher administrative expenses[3](index=3&type=chunk) [Condensed Interim Consolidated Statements of Cash Flows](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) The Company experienced a significant increase in cash used in operating activities for the nine months ended September 30, 2024, while cash generated by investing activities decreased, leading to an overall decrease in cash and cash equivalents | Metric | 3 Months Ended Sep 30, 2024 | 3 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2023 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net cash used in operating activities | $(1,040,590) | $(322,639) | $(2,187,708) | $(1,259,503) | | Net cash generated by investing activities | $387,986 | $1,843,736 | $1,837,738 | $3,792,960 | | (Decrease) increase in cash and cash equivalents for the period | $(652,604) | $1,521,097 | $(349,970) | $2,533,457 | | Cash and cash equivalents, end of period | $555,712 | $3,164,187 | $555,712 | $3,164,187 | - Cash used in operating activities for the nine months ended September 30, 2024, increased by approximately **73.7%** to **$2,187,708** from **$1,259,503** in the same period of 2023[4](index=4&type=chunk) - Net cash generated by investing activities for the nine months ended September 30, 2024, decreased by approximately **51.5%** to **$1,837,738** from **$3,792,960** in the prior year[4](index=4&type=chunk) [Condensed Interim Consolidated Statements of Changes in Shareholders' Equity](index=5&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity decreased from $11,328,635 at December 31, 2023, to $9,845,587 at September 30, 2024, primarily due to the net loss incurred during the period, partially offset by an increase in other reserves from vested share options and warrants | Metric | December 31, 2023 | September 30, 2024 | | :-------------------------------- | :------------------ | :------------------- | | Total Shareholders' Equity | $11,328,635 | $9,845,587 | | Share capital | $16,568,175 | $16,568,175 | | Other reserves | $2,355,931 | $3,211,721 | | Accumulated other comprehensive income (loss) | $(574,949) | $(574,949) | | Deficit | $(7,020,522) | $(9,359,360) | - The accumulated deficit increased by **$2,338,838** for the nine months ended September 30, 2024, reflecting the loss for the period[5](index=5&type=chunk) - Value assigned to share options and warrants vested contributed **$855,790** to other reserves during the nine months ended September 30, 2024[5](index=5&type=chunk) Notes to the Unaudited Condensed Interim Consolidated Financial Statements [1. Nature of Operations and Going Concern](index=6&type=section&id=1.%20NATURE%20OF%20OPERATIONS%20AND%20GOING%20CONCERN) Austin Gold Corp. is focused on the acquisition, exploration, and evaluation of mineral resource properties primarily in the western USA. The Company's ability to continue as a going concern is dependent on securing financing and discovering economically recoverable reserves, as it has incurred ongoing losses and expects further losses - The Company's primary business is the acquisition, exploration, and evaluation of mineral resource properties, mainly in the western USA[7](index=7&type=chunk) - For the nine months ended September 30, 2024, the Company incurred a net loss of **$2,338,838** and used **$2,187,708** in operating cash[9](index=9&type=chunk) - As of September 30, 2024, the Company had cash and cash equivalents of **$555,712** and an accumulated deficit of **$9,359,360**[9](index=9&type=chunk) - Management estimates current working capital will be sufficient to fund activities for at least the **next twelve months**[11](index=11&type=chunk) [2. Material Accounting Policy Information](index=6&type=section&id=2.%20MATERIAL%20ACCOUNTING%20POLICY%20INFORMATION) The financial statements are prepared in accordance with IAS 34 and IFRS Accounting Standards, with the USD as the functional and presentation currency. Significant accounting judgments include the going concern assessment and impairment of E&E assets. The Company is assessing the impact of IFRS 18, effective January 1, 2027 - Unaudited condensed interim consolidated financial statements are prepared in accordance with IAS 34, Interim Financial Reporting, using IFRS Accounting Standards[12](index=12&type=chunk) - The functional and presentation currency of the Company is the United States dollar (USD)[14](index=14&type=chunk) - Significant accounting judgments include the assessment of the Company's ability to continue as a going concern and the application of the impairment policy for E&E assets[18](index=18&type=chunk) - **IFRS 18** – Presentation and Disclosure in Financial Statements, effective **January 1, 2027**, will replace **IAS 1** and focuses on updates to the statement of profit or loss; the Company is assessing its impact[17](index=17&type=chunk) [3. Cash and Cash Equivalents](index=8&type=section&id=3.%20CASH%20AND%20CASH%20EQUIVALENTS) As of September 30, 2024, the Company's cash and cash equivalents totaled $555,712, a decrease from $907,551 at December 31, 2023 | Metric | September 30, 2024 | December 31, 2023 | | :------------------------ | :------------------- | :------------------ | | Cash and cash equivalents | $555,712 | $907,551 | [4. Short-Term Investments](index=9&type=section&id=4.%20SHORT-TERM%20INVESTMENTS) Short-term investments decreased to $5,165,001 as of September 30, 2024, from $8,618,386 at December 31, 2023, consisting of term deposits and redeemable short-term investment certificates (RSTICs) with maturities extending to June and July 2025 | Investment Type | September 30, 2024 | December 31, 2023 | | :----------------------------------- | :------------------- | :------------------ | | Term deposits | $4,409,046 | $7,084,482 | | Redeemable short-term investment certificates ("RSTICs") | $755,955 | $1,533,904 | | **Total Short-term investments** | **$5,165,001** | **$8,618,386** | | Term deposits maturity | Nov 12, 2024 - Jun 9, 2025 | N/A | | RSTICs maturity | Jul 22, 2025 | N/A | [5. Receivables and Other](index=9&type=section&id=5.%20RECEIVABLES%20AND%20OTHER) Receivables and other current assets increased to $452,969 at September 30, 2024, from $190,564 at December 31, 2023, primarily due to a rise in prepaid expenses and deposits | Category | September 30, 2024 | December 31, 2023 | | :----------------------- | :------------------- | :------------------ | | Prepaid expenses and deposits | $439,637 | $156,234 | | Tax receivables | $13,332 | $34,330 | | **Total Receivables and other** | **$452,969** | **$190,564** | [6. E&E Assets](index=9&type=section&id=6.%20E%26E%20ASSETS) Total Exploration and Evaluation (E&E) assets increased to $3,762,497 as of September 30, 2024, from $2,280,490 at December 31, 2023, with significant expenditures on drilling, consulting, and government payments across the Kelly Creek, Lone Mountain, and Stockade Mountain projects. Project agreements include specific expenditure commitments and royalty payments | Metric | September 30, 2024 | December 31, 2023 | | :------------------- | :------------------- | :------------------ | | Total E&E assets | $3,762,497 | $2,280,490 | | Total E&E expenditures (9 months) | $1,482,007 | N/A | | Drilling expenditures (9 months) | $543,613 | N/A | | Consulting expenditures (9 months) | $258,955 | N/A | | Government payments (9 months) | $239,058 | N/A | - For the Kelly Creek Project, the Company can earn a **51%** interest by incurring **C$2,500,000** in E&E expenditures by **June 30, 2027**, and an additional **19%** by incurring another **C$2,500,000**[23](index=23&type=chunk)[24](index=24&type=chunk) - The Lone Mountain Property requires minimum E&E expenditures totaling **$1,800,000** by **September 1, 2029**, with **$150,000** completed by **September 1, 2024**[28](index=28&type=chunk) - For the Stockade Mountain Project, the Company executed an amendment eliminating the requirement of **2,000 meters** of drilling by **May 16, 2024**[30](index=30&type=chunk) [7. Property and Equipment](index=12&type=section&id=7.%20PROPERTY%20AND%20EQUIPMENT) The net book value of property and equipment increased to $10,357 at September 30, 2024, from $827 at December 31, 2023, primarily due to $11,000 in additions, offset by depreciation | Metric | Amount | | :-------------------------- | :------- | | Net book value - Dec 31, 2023 | $827 | | Additions | $11,000 | | Depreciation | $(1,470) | | Net book value - Sep 30, 2024 | $10,357 | - Property and equipment consists of exploration equipment and information technology hardware[32](index=32&type=chunk) [8. Accounts Payable and Accrued Liabilities](index=12&type=section&id=8.%20ACCOUNTS%20PAYABLE%20AND%20ACCRUED%20LIABILITIES) Accounts payable and accrued liabilities significantly decreased to $111,196 at September 30, 2024, from $676,605 at December 31, 2023, driven by a reduction in trade payables | Category | September 30, 2024 | December 31, 2023 | | :----------------------------- | :------------------- | :------------------ | | Trade payables | $97,862 | $638,671 | | Accrued liabilities | $13,334 | $37,934 | | **Total Accounts payable and accrued liabilities** | **$111,196** | **$676,605** | [9. Share Capital and Other Reserves](index=12&type=section&id=9.%20SHARE%20CAPITAL%20AND%20OTHER%20RESERVES) The Company's share capital remained unchanged, while other reserves increased due to vested share options and warrants. Share options outstanding increased, and share-based compensation expense for the nine months ended September 30, 2024, was $852,264 - The authorized share capital consists of an unlimited number of common and preferred shares without par value[34](index=34&type=chunk) | Category | September 30, 2024 | December 31, 2023 | | :----------------------- | :------------------- | :------------------ | | Other reserve - Share options | $3,148,493 | $2,296,229 | | Other reserve - Warrants | $63,228 | $59,702 | | **Total Other reserves** | **$3,211,721** | **$2,355,931** | | Share Options Activity (9 months) | 2024 | 2023 | | :-------------------------------- | :--------- | :--------- | | Outstanding, January 1 | 3,463,333 | 1,093,333 | | Granted | 225,000 | — | | Expired | (66,667) | — | | Outstanding, September 30 | 3,621,666 | 1,093,333 | | Weighted average exercise price (Sep 30) | $1.03 | $1.67 | | Share-based compensation expense (9 months) | $852,264 | $179,379 | - As of September 30, 2024, **1,619,166 share options** were exercisable with a weighted average exercise price of **$1.32**[37](index=37&type=chunk) - The weighted average exercise price for outstanding warrants at September 30, 2024, was **$0.81**, with a remaining life of **1.09 years**[39](index=39&type=chunk) [10. Related Party Transactions and Balances](index=14&type=section&id=10.%20RELATED%20PARTY%20TRANSACTIONS%20AND%20BALANCES) Key management compensation, including share-based compensation, management salaries, consulting fees, and directors' fees, significantly increased for the nine months ended September 30, 2024. The Company also engaged in transactions with P2 Gold Inc. and URZ (formerly NGE), including a CFO shared-services agreement and equipment purchases | Compensation Type | 9 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2023 | | :-------------------------------- | :-------------------------- | :-------------------------- | | Share-based compensation | $824,555 | $149,483 | | Management salaries and consulting fees | $525,071 | $365,125 | | Directors' fees | $55,418 | $54,648 | | **Total Key Management Compensation** | **$1,405,044** | **$569,256** | - The Company incurred **$50,762** with P2 Gold Inc. for CFO shared-services during the nine months ended September 30, 2024[42](index=42&type=chunk) - Accounts payable and accrued liabilities included **$52,532** owed to related parties as of September 30, 2024[43](index=43&type=chunk) - The Company purchased **$11,000** of exploration equipment from URZ (formerly NGE) during the nine months ended September 30, 2024, and has directors serving on both companies' boards[44](index=44&type=chunk) [11. Financial Risk Management](index=14&type=section&id=11.%20FINANCIAL%20RISK%20MANAGEMENT) The Company is exposed to market risk (currency and interest rate), credit risk, and liquidity risk. It does not use hedging instruments for currency risk, and interest rate risk impact is nominal. Credit risk is mitigated by investing with Canadian Tier 1 financial institutions. Liquidity risk is managed by monitoring cash flows, with contractual obligations primarily short-term. Financial instruments are fair valued using a hierarchy, with marketable securities valued at Level 1 - The Company is exposed to market risk (currency and interest rate), credit risk, and liquidity risk[45](index=45&type=chunk) | Financial Instrument (CAD) | Impact of 10% increase in USD:CAD | Impact of 10% decrease in USD:CAD | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Cash and cash equivalents | $3,500 | $(3,500) | | Receivables and other | $1,704 | $(1,704) | | Marketable securities | $1,025 | $(1,025) | | Accounts payable and accrued liabilities | $(3,965) | $3,965 | - The impact of a **1%** change in variable interest rates on pre-tax loss would be nominal[50](index=50&type=chunk) | Financial Asset | September 30, 2024 | December 31, 2023 | | :------------------------ | :------------------- | :------------------ | | Cash and cash equivalents | $555,712 | $907,551 | | Short-term investments | $5,165,001 | $8,618,386 | | **Maximum Credit Exposure** | **$5,720,713** | **$9,525,937** | - Marketable securities are fair valued at each reporting period using quoted prices in active markets (**Level 1**)[56](index=56&type=chunk)[58](index=58&type=chunk) [12. Commitments](index=18&type=section&id=12.%20COMMITMENTS) The Company has an introductory agent agreement with BMR, which outlines agent fees payable upon mineral property acquisition and a net smelter return royalty if commercial production is achieved. As of September 30, 2024, this agreement is not in effect for any of the Company's current mineral projects | Payment Schedule (BMR Agreement) | Amount | | :--------------------------------------- | :------- | | Within 15 days of acquisition | $5,000 | | 6 months after acquisition | $5,000 | | 12 months after acquisition | $5,000 | | 18 months after acquisition | $5,000 | | 24 months after acquisition | $7,500 | | 30 months after acquisition | $7,500 | | 36 months after acquisition | $10,000 | | 42 months after acquisition | $10,000 | | 48 months after acquisition and every six months thereafter | $15,000 | - If commercial production is achieved on a BMR-recommended property, the Company will pay a **0.5%** net smelter return royalty, reducible to **0.25%** after **$1,000,000** in payments[59](index=59&type=chunk) - As of September 30, 2024, the BMR Agreement is not in effect for any of the Company's mineral projects[60](index=60&type=chunk) [13. Segmented Information](index=18&type=section&id=13.%20SEGMENTED%20INFORMATION) The Company operates as a single business segment, focusing on the exploration and development of mineral projects, all of which are located in the USA - Exploration and development of mineral projects is considered the Company's single business segment[61](index=61&type=chunk) - All of the Company's Exploration and Evaluation (E&E) assets are located in the USA[61](index=61&type=chunk)

Group 1 - Austin Gold Corp. is a gold exploration company focused on making district-scale gold discoveries in the southwestern United States [2] - The company has two projects in Nevada: the Kelly Creek Project and the Lone Mountain Project, covering approximately 78.9 km² of unpatented lode mining claims and private property [2] - In Oregon, the Stockade Mountain Project consists of approximately 21.5 km² of unpatented mining claims situated in a geological environment similar to the nearby Grassy Mountain Deposit [2] Group 2 - The passing of director Ben Leboe is announced, highlighting his experience as a certified accountant, business valuator, and management consultant [1] - Ben Leboe served as Chief Financial Officer for various organizations and held multiple directorships, valued for his calm wisdom and mentorship [1] - The company expresses gratitude for Ben's contributions and notes he will be missed dearly [1]

Corporate Governance - Austin Gold Corp. has appointed Sandra R. MacKay to its Board of Directors, bringing over 30 years of corporate commercial legal experience [1][2] - MacKay has held senior legal positions in various companies, including Copperleaf Technologies Inc., Uranerz Energy Corporation, and Chevron Canada Limited, and has expertise in securities law, employment law, and intellectual property law [2] Marketing Strategy - The Company has entered into a Marketing Agreement with i2i Marketing Group, LLC to enhance investor awareness through various online platforms and direct mailing campaigns, with a contract value of up to $750,000 [3] - The agreement is on a month-to-month basis, and the Company will not issue any securities to i2i as compensation for its services [3] Project Overview - Austin Gold Corp. is focused on gold exploration in the southwestern United States, with two projects in Nevada: the Kelly Creek Project and the Lone Mountain Project, covering approximately 78.9 km² [5] - The Stockade Mountain Project in Oregon consists of approximately 21.5 km² of unpatented mining claims situated in a geological environment similar to the nearby Grassy Mountain Deposit [5] Corporate Changes - The Company has terminated its previous marketing agreement with Savvy Social Management Corp. [4]

[Financial Statements](index=2&type=section&id=Financial%20Statements) This section presents Austin Gold Corp.'s core financial statements, detailing its financial position, performance, and cash flows [Condensed Interim Consolidated Statements of Financial Position](index=2&type=section&id=CONDENSED%20INTERIM%20CONSOLIDATED%20STATEMENTS%20OF%20FINANCIAL%20POSITION) This section presents a snapshot of Austin Gold Corp.'s financial health, detailing its assets, liabilities, and shareholders' equity as of June 30, 2024, compared to December 31, 2023. Key changes include a decrease in total assets and current assets, a significant reduction in current liabilities, and an increase in exploration and evaluation (E&E) assets | Metric | June 30, 2024 | December 31, 2023 | | :---------------------- | :------------ | :---------------- | | Total Assets | $10,671,539 | $12,005,240 | | Current Assets | $7,357,851 | $9,716,501 | | Cash and cash equivalents | $1,207,937 | $907,551 | | Short-term investments | $5,910,104 | $8,618,386 | | E&E assets | $3,288,375 | $2,280,490 | | Current Liabilities | $86,766 | $676,605 | | Total Shareholders' Equity| $10,584,773 | $11,328,635 | | Deficit | $(8,411,317) | $(7,020,522) | [Condensed Interim Consolidated Statements of Loss and Comprehensive Loss](index=3&type=section&id=CONDENSED%20INTERIM%20CONSOLIDATED%20STATEMENTS%20OF%20LOSS%20AND%20COMPREHENSIVE%20LOSS) This statement outlines the company's financial performance for the three and six months ended June 30, 2024 and 2023, highlighting administrative expenses, operating loss, and the overall net loss. The company reported a reduced net loss for the six-month period compared to the previous year, despite an increase in operating loss and share-based compensation | Metric | For the six months ended June 30, 2024 | For the six months ended June 30, 2023 | | :-------------------------------------- | :------------------------------------- | :------------------------------------- | | Operating loss | $(1,599,557) | $(1,013,284) | | Share-based compensation | $565,363 | $139,887 | | Write-off of E&E assets | $(1,050) | $(1,223,658) | | Loss before taxes | $(1,390,645) | $(2,005,450) | | Loss and comprehensive loss for the period| $(1,390,795) | $(2,005,605) | | Loss per share - basic and diluted | $(0.10) | $(0.15) | - The net loss for the six months ended June 30, 2024, improved to **$(1,390,795)** from **$(2,005,605)** in the prior year, primarily due to a significantly lower write-off of E&E assets[6](index=6&type=chunk) - Share-based compensation expense for the six months ended June 30, 2024, increased substantially to **$565,363** from **$139,887** in the same period of 2023[6](index=6&type=chunk) [Condensed Interim Consolidated Statements of Cash Flows](index=4&type=section&id=CONDENSED%20INTERIM%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) This statement details the cash inflows and outflows across operating, investing, and financing activities for the three and six months ended June 30, 2024 and 2023. It shows an increased use of cash in operating activities and a decrease in cash generated from investing activities for the six-month period | Metric | For the six months ended June 30, 2024 | For the six months ended June 30, 2023 | | :-------------------------------------- | :------------------------------------- | :------------------------------------- | | Net cash used in operating activities | $(1,147,118) | $(936,864) | | Net cash generated by (used in) investing activities | $1,449,752 | $1,949,224 | | Expenditures on E&E assets | $(1,451,704) | $(294,446) | | Redemption of short-term investments | $5,500,000 | $10,000,000 | | Increase (decrease) in cash and cash equivalents for the period | $302,634 | $1,012,360 | | Cash and cash equivalents, end of period| $1,207,937 | $1,644,336 | - Expenditures on E&E assets significantly increased to **$(1,451,704)** for the six months ended June 30, 2024, compared to **$(294,446)** in the prior year[8](index=8&type=chunk) [Condensed Interim Consolidated Statements of Changes in Shareholders' Equity](index=5&type=section&id=CONDENSED%20INTERIM%20CONSOLIDATED%20STATEMENTS%20OF%20CHANGES%20IN%20SHAREHOLDERS'%20EQUITY) This statement tracks the changes in the components of shareholders' equity, including share capital, other reserves, accumulated other comprehensive income (loss), and deficit, for the periods ended June 30, 2024 and 2023. It shows a decrease in total shareholders' equity driven by the loss for the period, partially offset by an increase in other reserves | Metric | June 30, 2024 | December 31, 2023 | | :-------------------------------------- | :------------ | :---------------- | | Number of common shares | 13,271,750 | 13,271,750 | | Share capital | $16,568,175 | $16,568,175 | | Other reserves | $3,002,864 | $2,355,931 | | Accumulated other comprehensive income (loss) | $(574,949) | $(574,949) | | Deficit | $(8,411,317) | $(7,020,522) | | Total Shareholders' Equity | $10,584,773 | $11,328,635 | - Other reserves increased by **$646,933** from December 31, 2023, to June 30, 2024, primarily due to the value assigned to share options and warrants vested[11](index=11&type=chunk) - The deficit increased by **$1,390,795** for the six months ended June 30, 2024, reflecting the loss incurred during the period[11](index=11&type=chunk) [Notes to the Unaudited Condensed Interim Consolidated Financial Statements](index=6&type=section&id=NOTES%20TO%20THE%20UNAUDITED%20CONDENSED%20INTERIM%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section provides detailed explanations and disclosures for the financial statements, covering accounting policies, financial risks, and key asset and liability details [1. Nature of Operations and Going Concern](index=6&type=section&id=1.%20NATURE%20OF%20OPERATIONS%20AND%20GOING%20CONCERN) This note describes Austin Gold Corp.'s core business of acquiring, exploring, and evaluating mineral resource properties in the western USA. It also addresses the company's ability to continue as a going concern, acknowledging ongoing losses but affirming sufficient working capital for the next twelve months - Austin Gold Corp. is focused on the acquisition, exploration, and evaluation of mineral resource properties primarily in the western United States of America[14](index=14&type=chunk) - The company has incurred ongoing losses and expects further losses, but management estimates current working capital will be sufficient to fund activities for at least the next twelve months[16](index=16&type=chunk)[17](index=17&type=chunk) Financial Metrics | Metric | June 30, 2024 | December 31, 2023 | | :-------------------------------------- | :------------ | :---------------- | | Net loss (six months) | $(1,390,795) | $(2,005,605) | | Cash used in operating activities (six months) | $(1,147,118) | $(936,864) | | Cash and cash equivalents | $1,207,937 | $907,551 | | Working capital surplus | $7,271,085 | $9,039,896 | | Accumulated deficit | $(8,411,317) | $(7,020,522) | [ (a) Nature of operations](index=6&type=section&id=1.%20(a)%20Nature%20of%20operations) This subsection details the company's incorporation, stock exchange listing, and primary business focus on mineral resource property acquisition, exploration, and evaluation - Austin Gold Corp. was incorporated on April 21, 2020, in British Columbia, Canada, and its common shares are traded on the NYSE American stock exchange under the symbol "AUST"[14](index=14&type=chunk) - The Company's primary focus is the acquisition, exploration, and evaluation of mineral resource properties, mainly located in the western United States of America[14](index=14&type=chunk) - The Company has not yet determined if its mineral resource properties contain economically recoverable mineral reserves, and its continued operation depends on securing financing for exploration, evaluation, and development[15](index=15&type=chunk) [ (b) Going concern assumption](index=6&type=section&id=1.%20(b)%20Going%20concern%20assumption) This subsection

Core Insights - Austin Gold Corp. is advancing exploration activities at its Lone Mountain, Stockade Mountain, and Kelly Creek projects, with significant sampling and drilling programs planned for the upcoming summer and winter seasons [2][4][5]. Lone Mountain Project - A comprehensive soil and stream sediment sampling program is set to commence at the Lone Mountain Project, located near the Carlin gold district in Elko County, Nevada, with fieldwork scheduled for early summer [1][2]. - The project area is characterized by lower-plate carbonate windows, which are associated with major gold deposits in the region, including over 90 million ounces produced in the Carlin Trend [3][4]. - Historical exploration has identified areas with anomalous arsenic, antimony, and mercury, prompting Austin to expand on these findings to target promising mineralization zones [4]. Stockade Mountain Project - At the Stockade Mountain Project in Malheur County, Oregon, Austin plans to follow up on positive results from the 2023-2024 winter drilling program, which revealed significant gold grades, including intercepts of 8.19 grams/tonne over 4 feet and 9.32 grams/tonne over 2.7 feet [5][6]. - The company is implementing a "Plan of Operations" to enhance flexibility in drill site placement due to regulatory constraints [5][6]. Kelly Creek Project - Austin has renegotiated the Option to Joint Venture Agreement for the Kelly Creek Project, extending the timeline to earn a 51% interest by two years, with a total expenditure requirement of C$2.5 million by June 30, 2027 [7][8]. - The company must also incur an additional C$2.5 million to increase its interest to 70%, with no time limit for this expenditure [7][8]. Funding Status - The company is fully funded for all planned exploration programs across its projects, ensuring the continuation of its exploration activities [1][8].