Company: AUST
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001410578-25-000509
Chunk: 155

Company: Austin Gold Corp.
Filing Date: 2025-03-27
Form: 20-F
Item: Item 19
Chunk 155
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 requirement of2,000 meters of drilling by May 16, 2024.
BMR will retain a2.0 net smelter return royalty on claims owned by BMR and0.25 net smelter return royalty on third-party claims acquired within the area of influence around the property. Payments to BMR totaling$ 10,000,000 in any combination of pre-production payments, production or minimum royalties will reduce the production royalties on wholly owned claims from2.0 to1.0.
(d) Miller Project (Nevada, USA)
The Company entered into a mineral lease agreement with an option to purchase the Miller Project with Shea Clark Smith and Gregory B. Maynard on February 1, 2021.
The Miller Project was recommended to the Company by BMR. As a result, the Company was required to make finders’ fee payments in accordance with the introductory agent agreement (refer to Note 18).

F-19

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 December 18, 2023, the Company terminated the mineral lease and option agreement for the Miller Project. As a result of the termination of the mineral lease and option agreement, for the year ended December 31, 2024, the Company incurred a write-off of E& E assets of$ 897(2023 -$ 1,015,468) which was recorded in the consolidated statement of loss and comprehensive loss.

(e) Fourmile Basin Property (Nevada, USA)

The Company entered into a mineral lease and option agreement with La Cuesta International, Inc. on the Fourmile Basin Property on June 18, 2020.

On April 13, 2023, the Company terminated the mineral lease and option agreement for the Fourmile Basin Property. As a result of the termination of the mineral lease and option agreement, for the year ended December 31, 2024, the Company incurred a write-off of E& E assets of$ 3,393(2023 -$ 883,862) which was recorded in the consolidated statement of loss and comprehensive loss.

(f) Project reclamation requirements

As at December 31, 2024, the Company holds total surety bonds