Austin Gold (AUST) - 2024 Q2 - Quarterly Report

Financial Statements 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 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 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] - 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] Condensed Interim Consolidated Statements of Cash Flows 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] Condensed Interim Consolidated Statements of Changes in Shareholders' Equity 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] - The deficit increased by $1,390,795 for the six months ended June 30, 2024, reflecting the loss incurred during the period[11] Notes to the Unaudited Condensed Interim Consolidated Financial Statements 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 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] - 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][17] 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 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] - 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] - 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] (b) Going concern assumption This subsection