Company: AUST
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001410578-25-000509
Chunk: 51

Company: Austin Gold Corp.
Filing Date: 2025-03-27
Form: 20-F
Item: Item 5
Chunk 51
---
,051, a decrease of $165,583 compared to the comparable period in 2022. The decrease was due to a smaller change in the share price of URZ(formerly NGE) in which the Company holds 89,240 common shares (post 25:1 share consolidation completed on February 15, 2023).

Table of Contents

Foreign exchange gain

For the year ended December 31, 2023, foreign exchange gain was $4,650, a decrease of $635,674 compared to the comparable period in 2022. The decrease in foreign exchange gain was primarily related to the Company’s change in functional currency from CAD to USD as of December 31, 2022. The foreign exchange gain in 2022 was primarily related to the translation of USD denominated term deposits as the CAD weakened against the USD.

Interest and finance income

For the year ended December 31, 2023, interest and finance income was $493,743, an increase of $310,530 compared to the comparable period in 2022. The increase was primarily due to higher interest rates on reinvestment of short-term investments. Interest and finance income is earned from the investment in short-term investments at fixed interest rates using the proceeds generated by the Company’s IPO.

Net loss and comprehensive loss

For the year ended December 31, 2023, net loss and comprehensive loss was $4,000,671, an increase of $2,932,280 compared to the comparable period in 2022. The increase was primarily driven by the write-off of E& E assets, a decrease in foreign exchange gain and higher corporate administrative expenses partially offset by a lower unrealized fair value loss on marketable securities and interest and finance income.

B. Liquidity and Capital Resources

Cash flows

Year ended December 31, 2024 compared to the year ended December 31, 2023

For the year ended December 31, 2024, cash flows used in operating activities were $2,454,547, an increase of $768,504 compared to the comparable period in 2023. The increase was primarily due to higher corporate administrative costs and changes in non-cash working capital items.

For the year ended December 31, 2024, cash flows generated by investing activities were $1,935,563, a decrease of $25,445 compared to the comparable period in 2023. The decrease was due to a decrease in the redemption of short-term investments