Company: AUST
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001410578-25-000509
Chunk: 110

Company: Austin Gold Corp.
Filing Date: 2025-03-27
Form: 20-F
Item: Item 10
Chunk 110
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 TAX ADVISORS AS TO THE TAX CONSIDERATIONS APPLICABLE TO THEM IN THEIR OWN PARTICULAR CIRCUMSTANCES.

Certain Canadian Federal Income Tax Considerations for U. S. Residents

The following summarizes certain Canadian federal income tax consequences generally applicable under theIncome Tax Act(Canada) and the regulations enacted thereunder (collectively, the “ Canadian Tax Act”) and the Canada-U. S. Income Tax Convention (1980)(the “ Canada-U. S. Tax Convention”), in respect to the holding and disposing of Common Shares.

Comment is restricted to holders of Common Shares each of whom, at all material times for the purposes of the Canadian Tax Act and the Convention:

  (i)      is resident solely in the USA;  

  (ii)      is entitled to the benefits of the Convention;  

  (iii)      holds all Common Shares as capital property;  

  (iv)      only holds Common Shares that are not “taxable Canadian property” (as defined in the Canadian Tax Act) of the holder;  

  (v)      deals at arm’s length with and is not affiliated with the Company;  

  (vi)      does not and is not deemed to use or hold any Common Shares in a business carried on in Canada; and  

  (vii)      is not an insurer that carries on business in Canada and elsewhere;  

(each such holder, a “ U. S. Resident Holder”).

Certain U. S.-resident entities that are fiscally transparent for U. S. federal income tax purposes (including limited liability companies) are generally not themselves entitled to the benefits of the Convention. However, members of or holders of an interest in such entities that hold Common Shares may be entitled to the benefits of the Convention for income derived through such entities. Such members or holders should consult their own tax advisors in this regard.

Generally, a holder’s Common Shares will be considered to be capital property of the holder provided that the holder is not a trader or dealer in securities, did not acquire, hold or dispose of the Common Shares in one or more transactions considered to be an adventure or concern in the nature of trade and does not hold the Common Shares as inventory in the course of carrying on a business.

Table of Contents

This summary is based on the current provisions of the Canadian Tax Act and the Convention in effect on the date hereof, all specific proposals to amend the Canadian Tax Act and Convention publicly announced by or on behalf of the Minister of Finance (Canada) on