Company: AUST
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001410578-25-000509
Chunk: 102

Company: Austin Gold Corp.
Filing Date: 2025-03-27
Form: 20-F
Item: Item 10
Chunk 102
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 PFIC stock indirectly through another PFIC, separate QEF Elections must be made for the PFIC in which the U. S. Holder is a direct shareholder and the Subsidiary PFIC for the QEF rules to apply to both PFICs.

A QEF Election will apply to the tax year for which such QEF Election is made and to all subsequent tax years, unless such QEF Election is invalidated or terminated or the IRS consents to revocation of such QEF Election. If a U. S. Holder makes a QEF Election and, in a subsequent tax year, we cease to be a PFIC, the QEF Election will remain in effect (although it will not be applicable) during those tax years in which we were not a PFIC. Accordingly, if we become a PFIC in another subsequent tax year, the QEF Election will be effective and the U. S. Holder will be subject to the QEF rules described above during any subsequent tax year in which we qualify as a PFIC.

U. S. Holders should be aware that there can be no assurances that we will satisfy the record keeping requirements that apply to a QEF, or that we will supply U. S. Holders with a PFIC Annual Information Statement or other information that such U. S. Holders are required to report under the QEF rules, in the event that we are a PFIC. Thus, U. S. Holders may not be able to make a QEF Election with respect to their Common Shares. Each U. S. Holder should consult its own tax advisors regarding the availability of, and procedure for making, a QEF Election.

A U. S. Holder makes a QEF Election by attaching a completed IRS Form 8621, including a PFIC Annual Information Statement, to a timely filed U. S. federal income tax return. However, if we do not provide the required information with regard to us or any Subsidiary PFICs, U. S. Holders will not be able to make a QEF Election for such entity and will continue to be subject to the rules of Section 1291 of the Code discussed above that apply to Non-Electing U. S. Holders with respect to the taxation of gains and excess distributions.

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Mark-to-Market Election

A U. S. Holder may make a Mark-to-Market Election with respect to Common Shares only if the Common Shares are marketable stock. The Common Shares generally