Company: AUST
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001410578-25-000509
Chunk: 152

Company: Austin Gold Corp.
Filing Date: 2025-03-27
Form: 20-F
Item: Item 19
Chunk 152
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82,825 602,755 1,111,404 - - 1,796,984
Balance - December 31, 2024 $719,533 1,379,437 1,978,504 - - 4,077,474
Acquisition costs include pre-production payments, lease payments and advanced royalty payments in accordance with the terms of the property agreements.
(a) Kelly Creek Project (Nevada, USA)
The Company entered into an agreement with Pediment Gold LLC (“ Pediment”), a subsidiary of URZ(formerly NGE), for an option to earn up to a70 interest in a joint venture on the Kelly Creek Project.

F-17

Table of Contents

  AUSTIN GOLD CORP.                                          
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS             
  For the years ended December 31, 2024, 2023 and 2022       
  Expressed in United States dollars, except for share data  

10. E& E ASSETS (Continued)
On June 3, 2024, the Company and Pediment agreed to amend the terms of the option to enter joint venture agreement. Under this third amendment, the Company may exercise the option to earn a51 interest in the project by incurring a cumulative total of C$ 2,500,000(in progress) of E& E expenditures on the project by June 30, 2027. The cumulative total includes E& E expenditures incurred on the project as of June 3, 2024 in the amount of$ 923,757.
The Company has the option to increase its participating interest by an additional19 to a total of70 by incurring an additional C$ 2,500,000 on E& E expenditures with no time limit, although the Company must continue to pay the underlying property lease payments and the United States Department of the Interior Bureau of Land Management (“ BLM”) and county fees to keep the properties subject to the joint venture in good standing.
There are minimum annual royalty payments required by the Company as part of an underlying agreement within the Kelly Creek Project. On June 6, 2024, the Company and Julian Tomera Ranches, Inc. agreed to amend the terms of the mining lease agreement (the “ Hot Pot Agreement”). Under this sixth amendment, the Company is subject to the following minimum payments:
September 16, 2021 $30,000 Paid
September 16, 2022 $30,000 Paid