Company: AUST
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001410578-25-000509
Chunk: 49

Company: Austin Gold Corp.
Filing Date: 2025-03-27
Form: 20-F
Item: Item 5
Chunk 49
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,290, a decrease of $2,248,496 compared to the comparable period in 2023. For the year ended December 31, 2024, this was related to reclamation expenditures incurred on the Fourmile Basin and Miller projects. The mineral lease and option agreements on both projects were terminated in 2023. For the year ended December 31, 2023, this was related to the termination of the Fourmile Basin and Miller project mineral lease and option agreements, in the amount of $1,899,330 and the notice to Pediment that the Company will drop certain leases and claim holdings within the Kelly Creek Project, in the amount of $353,456.

Interest and finance income

For the year ended December 31, 2024, interest and finance income was $338,912, a decrease of $154,831 compared to the comparable period in 2023. The decrease was primarily due to lower principal amounts invested and lower interest rates on reinvestment of short-term investments. Interest and finance income is primarily earned from the investment in short-term investments at fixed interest rates using the proceeds generated by the Company’s IPO in May 2022.

Net loss and comprehensive loss

For the year ended December 31, 2024, net loss and comprehensive loss was $3,078,731, a decrease of $921,940 compared to the comparable period in 2023. The decrease was primarily driven by a lower write-off on E& E assets partially offset by higher corporate administrative expenses and lower interest and finance income.

Table of Contents

Year ended December 31, 2023 compared to the year ended December 31, 2022

Administrative expenses

For the year ended December 31, 2023, total administrative expenses were $2,237,072, an increase of $519,778 compared to the comparable period in 2022. The increase was the result of the Company operating as a publicly listed entity for the entire fiscal year in 2023 compared to the comparable period in 2022, in which the Company completed its IPO in May 2022.

Share-based compensation

For the year ended December 31, 2023, share-based compensation expense was $481,394, an increase of $318,766 compared to the comparable period in 2022. The movement in share-based compensation expense is the result of the timing and number of share options and warrants granted during the periods and the vesting conditions and fair value attributed to those options and