Company: AUST
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001410578-25-000509
Chunk: 154

Company: Austin Gold Corp.
Filing Date: 2025-03-27
Form: 20-F
Item: Item 19
Chunk 154
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 dollars, except for share data  

10. E& E ASSETS (Continued)
The Company is required to incur the following minimum E& E expenditures on the property:
September 1, 2024 $150,000 Completed
September 1, 2025 $250,000 Completed
September 1, 2026 $300,000 In progress
September 1, 2027 $300,000 In progress
September 1, 2028 $400,000 In progress
September 1, 2029 (1) $400,000 In progress
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(1) The work commitment terminates when $ 1,800,000 has been spent on the property.
Any mineral production on the claims is subject to a3.0 net smelter return royalty. The net smelter return royalty can be reduced from3.0 to2.5 for$ 2,000,000. The Company has the option to purchase the entire interest in the project, except for the royalty, once there is a discovery of at least500,000 ounces of gold (or equivalent in other metals) or a pre-feasibility study has been completed. The Company may exercise this option by payment of$ 2,000,000, reduced by the pre-production payments paid to the date of purchase.
(c) Stockade Mountain Project (Oregon, USA)
The Company entered into a mineral lease and option agreement with Bull Mountain Resources, LLC (“ BMR”) to lease a100 interest in the Stockade Mountain Project. Under the terms of the agreement, the Company is subject to the following pre-production payments:
May 16, 2022 $15,000 Paid
November 16, 2022 $10,000 Paid
May 16, 2023 $10,000 Paid
November 16, 2023 $15,000 Paid
May 16, 2024 $15,000 Paid
November 16, 2024 $25,000 Paid
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May 16, 2025 $25,000
November 16, 2025 and every six months thereafter $25,000
The Company is required to incur minimum E& E expenditures on the property of$ 30,000 by May 16, 2023 (completed). On February 28, 2024, the Company executed an amendment to the mineral lease and option agreement with BMR eliminating the