Company: AUST
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001410578-25-000509
Chunk: 39

Company: Austin Gold Corp.
Filing Date: 2025-03-27
Form: 20-F
Item: Item 4
Chunk 39
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  On September 30, 2024, the Company provided an update on exploration activities at the Lone Mountain, Stockade Mountain and Kelly Creek projects.  
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Project Spending

As of December 31, 2024, the Company has $4,077,474 (2023 - $2,280,490) of capitalized E& E expenditures on its mineral projects.

Available Information

The SEC maintains an internet site ( http://www. sec. gov) that contains report, proxy and information statements and other information regarding issuers that file electronically with the SEC. Such information can also be found on the Company’s website (https://austin. gold).

B. Business Overview

Description of Our Business

The Company is a gold exploration company focused on gold targets and making district-scale gold discoveries in Nevada, USA and Oregon, USA. The Company’s Kelly Creek Project (as described herein) is a mineral exploration project located on the Battle Mountain-Eureka (Cortez) gold trend in Humboldt County, Nevada, USA. Upon developing an understanding of the prospect of discovering deposits of precious or base metals on the property, the Company entered into the Kelly Creek letter of intent on May 29, 2020. Thereafter, as described further herein, we entered into an Exploration and Option to Enter Joint Venture Agreement (“ JV Agreement”).

Table of Contents

To increase the opportunity for economic success, the Company obtained options to acquire four additional mineral exploration projects, two of which were subsequently drilled and the option agreements terminated (i. e. Fourmile Basin and Miller projects). The two projects retained and currently being explored by the Company are the Lone Mountain Project, located on the Independence-Jerritt Canyon gold trend in Elko County, Nevada and the Stockade Mountain Project, located in Malheur County, Oregon.

Competitive Conditions

The mining business is competitive in all phases of exploration, development and production. The Company competes with a number of other exploration and mining companies in the search for, and acquisition of, mineral properties, many of whom have greater financial resources. As a result of this competition, the Company may be unable to acquire attractive mineral properties in the future on terms it considers acceptable. The Company also competes for financing with other resource companies, many of whom have greater financial resources and/or more advanced properties. There