Company: AUST
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001410578-25-000509
Chunk: 63

Company: Austin Gold Corp.
Filing Date: 2025-03-27
Form: 20-F
Item: Item 6
Chunk 63
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, 2024, the Company incurred a write-off of E& E assets of $897 (2023 - $1,015,468) which was recorded in the consolidated statement of loss and comprehensive loss.

Fourmile Basin Project, Nevada, USA

On June 18, 2020, the Company entered into a mineral lease agreement with La Cuesta International, Inc. (“LCI”) for exploration and mining rights and access to certain mineral claims on the Fourmile Basin Project situated in Nye County, Nevada.

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During the fourth quarter of 2022, the Company received approval from the BLM to drill exploration holes in the southern portion of the project area. The exploration target was the hypothesized buried source of gold and silver mineralized boulders and float that are concentrated in a 5.5 mile (8.9 kilometer) long zone along the east side of Fourmile Basin. The Company completed its initial drilling program in January 2023 which consisted of five holes totaling 4,580 feet (1,396 meters). Analytical results for gold were received, with high values being 0.106 and 0.065 g/t gold.

On April 13, 2023, the Company terminated the mineral lease and option agreement for the Fourmile Basin Property. As a result of the termination of the mineral lease and option agreement, for the year ended December 31, 2024, the Company incurred a write-off of E& E assets of $3,393 (2023 - $883,862) which was recorded in the consolidated statement of loss and comprehensive loss.

C. Organizational Structure

The Company has the following organizational structure as at March 27, 2025:

Austin NV

On June 29, 2020, Austin NV was incorporated in Nevada, USA for operation of its mineral projects in the USA.

D. Property, Plant and Equipment and E& E Assets

Summary of Mineral Properties

The Company is an exploration stage issuer and currently has interests in three gold exploration properties, two located in the state of Nevada, including the Kelly Creek Project and the Lone Mountain Project, and one located in the state of Oregon, the Stockade Mountain Project.

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Mineral Property Locations

Figure 1:

Ownership Interests

  The Company holds its interests in the Kelly Creek Project through Austin NV under the JV Agreement dated July 7, 2020 and as amended March 3, 2021, May 3,