Company: AUST
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001410578-25-000509
Chunk: 82

Company: Austin Gold Corp.
Filing Date: 2025-03-27
Form: 20-F
Item: Item 6
Chunk 82
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Table of Contents

Figure 4:

Project Stage

The project is an exploration stage project. There are no known mineral resources or reserves on the project at this time. There has been insufficient exploration on the project to estimate a mineral resource. It is uncertain if further exploration will result in the estimation of a mineral resource. Historical exploration has been conducted on the property. The Company is pursuing an exploration program including additional drilling, sampling, assaying, environmental monitoring, review of historical data and related activities described below.

Local Resources and Infrastructure

Stockade Mountain is located in a rural area used extensively for ranching and farming. The nearby community of Burns, Oregon is a commercial center for these businesses and can supply the necessary accommodation, food, fuels, supplies, and some of the contractors and workforce for exploration and development. Ontario, Oregon, located 70 miles (113 kilometers) to the northeast is another significant commercial center in southeastern Oregon. The cities of Boise, Nampa, Caldwell and others in the “ Treasure Valley” in adjacent Idaho can provide all necessary goods and services, including the international airport in Boise.

Table of Contents

Property Claims and Option

The Stockade Mountain Project originally consisted of a total of 261 unpatented lode mining claims that covered an area of over 6,790 acres (2,748 hectares) on land administered by the BLM. In November 2024, the Company located an additional 77 unpatented lode mining claims which brings the total area of the property to approximately 10.5 mi2(27.22 km2)

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  
 ────────────────────────────────────────────────────────────────────────────
  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