Company: AUST
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001410578-25-000509
Chunk: 66

Company: Austin Gold Corp.
Filing Date: 2025-03-27
Form: 20-F
Item: Item 6
Chunk 66
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 mineral resources or reserves on the project. It is uncertain if further exploration will result in the estimation of a mineral resource. Historical exploration has been conducted on the property.

Table of Contents

Local Resources and Infrastructure

The Kelly Creek property is situated in southeast Humboldt County, Nevada with significant resources in place to support the mining industry. Humboldt County itself is entirely rural, with one population center, Winnemucca, the county seat, located in the southeastern part of the county. Winnemucca is a historic ranching community which grew to support regional large-scale mining following the discovery of several substantial gold deposits in the 1980s.

The nearby towns of Winnemucca and Battle Mountain host the majority of the local workforce and have well developed infrastructure of stores and shops for supplies, restaurants, and motels. Contractor support, transportation, and general suppliers are all readily available in these communities as well as in Elko, which is located approximately 88 miles (142 kilometers) east of the project area and serves as a major hub for mining operations in northern Nevada.

There is no material infrastructure located on the property. There are a number of unimproved and 4-wheel drive vehicle accessible roads available to enable sufficient access to the entire project area.

There is no readily available year-round source of fresh water on the Kelly Creek property. Seasonal surface water may be available from the local drainages during the rainy season, but these sources are dry for most of the year. Fresh water required for future exploration may be pumped from surface and/or groundwater sources provided through purchase agreements with nearby ranches. The Company’s and previous drilling campaigns utilized water from the Marigold mine, and another possible water source is the fire station in Valmy.

Property Claims and Option

The Kelly Creek Project comprises 99 unpatented lode mining claims held directly by Pediment covering approximately 2.77 mi2(7.16 km2); and approximately 5.49 mi2(14.2 km2) of private land leased by Pediment.

The Company holds its interests in the Kelly Creek Project through its Nevada subsidiary Austin NV under the JV Agreement with Pediment dated July 7, 2020 and as amended March 3, 2021, May 3, 2023 and June 3, 2024. Under this third amendment, the Company may exercise the option to earn a 51% interest in the project by incurring a cumulative total of C$2,500,000 (in progress) of