Company: AUST
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001410578-25-000509
Chunk: 52

Company: Austin Gold Corp.
Filing Date: 2025-03-27
Form: 20-F
Item: Item 5
Chunk 52
---
 of $5,250,000, an increase in expenditures on E& E assets of $532,926 and a decrease in interest received of $131,519. This was partially offset by a decrease in short-term investments purchased of $5,900,000.

For the year ended December 31, 2024, the Company did not have any cash flows generated by or used in financing activities.

Year ended December 31, 2023 compared to the year ended December 31, 2022

For the year ended December 31, 2023, cash flows used in operating activities were $1,686,043, a decrease of $105,769 compared to the comparable period in 2022. The decrease was primarily due to changes in non-cash working capital items partially offset by higher corporate administrative costs.

For the year ended December 31, 2023, cash flows generated by investing activities were $1,961,008, an increase of $14,478,283 compared to the comparable period in 2022. The increase was due to the redemption of short-term investments of $14,000,000, a decrease in short-term investments purchased of $500,000 and an increase of interest received in the amount of $475,280. This was partially offset by an increase in expenditures on E& E assets in the amount of $496,997.

For the year ended December 31, 2023, cash flows generated by financing activities were nil, a decrease of $13,853,420 compared to the comparable period in 2022. The Company completed its IPO in 2022 for gross proceeds of $15,019,000, offset by cash share issuance costs of $1,165,580.

Table of Contents

Liquidity, capital resources and going concern

The Company has not generated revenue or cash flows from its operations to date. As at December 31, 2024, the Company has an accumulated deficit of $10,099,253 since inception and has a working capital (current assets less current liabilities) surplus of $5,184,549 (December 31, 2023 - $9,039,896). The operations of the Company have primarily been funded by the issuance of Common Shares.

The continuing operations of the Company are dependent upon obtaining necessary financing to meet the Company’s commitments as they come due and to finance future exploration and development of mineral interests, secure and maintain title to properties, and upon future profitable production.

Management regularly reviews