Company: AUST
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001410578-25-000509
Chunk: 153

Company: Austin Gold Corp.
Filing Date: 2025-03-27
Form: 20-F
Item: Item 19
Chunk 153
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September 16, 2023 $30,000 Paid
September 16, 2024 $20,000 Paid
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September 16, 2025 $20,000
September 16, 2026 $25,000
September 16, 2027 and every year thereafter $30,000
Any mineral production on the claims is subject to a3.0% net smelter return royalty which can be reduced to2.0 upon payment of$ 2,000,000. The Hot Pot lease and any additional property within2.5 miles of the original boundary of the claims is also subject to1.25 net smelter return royalty in favour of Battle Mountain Gold Exploration Corporation.
On June 1, 2023, the Company gave notice to Pediment that it would drop certain leases and claim holdings within the Kelly Creek Project, as permitted by the option to enter joint venture agreement with amendments. The claims dropped represented approximately60 of the original claim holdings and included the claims under the Genesis agreement. As a result of the termination of certain leases and claim holdings, the Company incurred a write-off of E& E assets of$ 353,456 which was recorded in the consolidated statement of loss and comprehensive loss for the year ended December 31, 2023.
(b) Lone Mountain Project (Nevada, USA)
The Company entered into a mineral lease agreement with an option to purchase the Lone Mountain Project with NAMMCO. Under the terms of the agreement, the Company is subject to the following pre-production payments:
Signing of the lease $80,000 Paid
November 1, 2021 $30,000 Paid
November 1, 2022 $20,000 Paid
November 1, 2023 $20,000 Paid
November 1, 2024 $30,000 Paid
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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.

F-18

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