Company: AUST
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001410578-25-000509
Chunk: 77

Company: Austin Gold Corp.
Filing Date: 2025-03-27
Form: 20-F
Item: Item 6
Chunk 77
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                                    $20,000      Paid  
  November 1, 2024                                    $30,000      Paid  
 ─────────────────────────────────────────────────────────────────────────
  November 1, 2025 and every year thereafter (1)      $30,000            

  (1)      Pre-production payments increase by $10,000 every year after November 1, 2025 to a maximum of $200,000.  

Each cash pre-production payment shall be credited against the purchase price until the purchase price is paid in full, then the pre-production payments will be credited against the future production royalties as an advance royalty.

Table of Contents

Effective April 29, 2021 and August 3, 2022, the parties signed amendments to the Lone Mountain definitive agreement. Pursuant to the amended agreement, the Company will be required to pay the annual claim maintenance fees, and fulfil 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  
 ────────────────────────────────────────────────────────

  (1)      The work commitment terminates when $1,800,000 has been spent on the property.  

In November 2023 and 2024, the Company located a total of 497 additional lode mining claims at Lone Mountain which are not subject to the NAMMCO mineral lease and option agreement.

Geology

Lone Mountain is comprised of a broadly folded sequence of Paleozoic lithologies that are cored by a Tertiary age (36-42 Ma) multi-phase intrusive complex. Silurian to Devonian shelf carbonates form the lower plate and Ordovician off-shelf siliciclastic rocks form the upper plate of the low angle Roberts Mountain thrust fault.

Erosion plus basin and range block faulting has created the “ Lone Mountain window”, which is now a broad west-plunging, antiform with an east-west trending axis. This window is similar to other gold mineralized windows in Nevada such as the Carlin Window - Gold Quarry Mine