Company: AUST
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001410578-25-000509
Chunk: 48

Company: Austin Gold Corp.
Filing Date: 2025-03-27
Form: 20-F
Item: Item 5
Chunk 48
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 expenses

For the year ended December 31, 2024, total administrative expenses were $3,412,440, an increase of $1,175,368 compared to the comparable period in 2023. The increase was due to higher investor relations and marketing, share-based compensation and management salaries and consulting fees. This was partially offset by lower listing and filing fees, insurance costs and professional fees.

Table of Contents

Investor relations and marketing

For the year ended December 31, 2024, investor relations and marketing was $1,119,666, an increase of $886,311 compared to the comparable period in 2023. The increase was due to increased promotion, social media campaigns and marketing of the Company. In particular, the Company incurred $750,000 related to a direct mail and digital marketing campaign completed by i2i.

Share-based compensation

For the year ended December 31, 2024, share-based compensation expense was $911,261, an increase of $429,867 compared to the comparable period in 2023. The movement in share-based compensation expense is the result of the timing and number of share options and warrants granted during the periods and the vesting conditions and fair value attributed to those share options and warrants.

Management salaries and consulting fees

For the year ended December 31, 2024, management salaries and consulting fees were $631,476, an increase of $40,780 compared to the comparable period in 2023. The increase was primarily due to higher management salaries and consulting fees for its senior executives and increased headcount within the corporate function of the Company.

Listing and filing fees

For the year ended December 31, 2024, listing and filing fees were $68,359, a decrease of $88,399 compared to the comparable period in 2023. The decrease in fees was primarily due to the costs incurred with the NYSE American for the Company’s equity incentive plan and F-3 shelf prospectus filings in 2023.

Insurance

For the year ended December 31, 2024, insurance costs were $291,965, a decrease of $68,085 compared to the comparable period in 2023. The decrease in insurance costs was due to a lower premium for directors and officers insurance upon renewal of the Company’s policy.

Write-off of E& E assets

For the year ended December 31, 2024, the Company recognized a write-off of E& E assets in the amount of $4