Company: AUST
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001410578-25-000509
Chunk: 8

Company: Austin Gold Corp.
Filing Date: 2025-03-27
Form: 20-F
Item: Item 3
Chunk 8
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 the PFIC rules and the acquisition, ownership, and disposition of the Common Shares.

A limited number of our officers and directors own a majority of our Common Shares and exercise control over us.

As at March 25, 2025, our officers and directors, including Dennis Higgs (President and Director), Darcy Higgs (VP Business Development), Joseph Ovsenek (Chairman and Director), Kenneth McNaughton (Director) and Robert Hatch (VP Exploration) hold, directly or indirectly, or have control or direction over, 6,650,668 Common Shares, approximately 50.11% of the issued and outstanding Common Shares, and our largest shareholder group. Each of these individuals serve as an officer and/or director, which may give rise to conflicts of interest. As a result, these persons have the ability to influence the outcome of matters submitted to our shareholders for approval, which could include the election and removal of directors, amendments to our corporate governing documents and business combinations. Our interests and those of these persons may at times conflict, and this conflict might be resolved against our interests. The concentration of approximately 50.11% of the issued and outstanding Common Shares in the hands of these shareholders may discourage an unsolicited bid for the Common Shares, and this may adversely impact the value and trading price of the Common Shares. Joseph Ovsenek and Kenneth McNaughton have decided to not stand for re-election as directors at our next AGM scheduled for May 7, 2025.

We do not currently insure against all the risks and hazards of mineral exploration, development and mining operations.

Our business is subject to a number of risks and hazards generally, including adverse environmental conditions, industrial accidents, labor disputes, unusual or unexpected geological conditions, ground or slope failures, cave-ins, changes in the regulatory environment, natural phenomena such as inclement weather conditions, floods and earthquakes. Such occurrences could result in damage to mineral properties or production facilities, personal injury or death, environmental damage to our properties or the properties of others, delays in the ability to undertake exploration, monetary losses and possible legal liability.

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Although we may maintain insurance to protect against certain risks in such amounts as we consider to be reasonable, our insurance will not cover all the potential risks associated with our operations. We may also be unable to maintain insurance to cover these risks at economically feasible premiums. Insurance coverage may not continue to be available or may not be adequate to cover any resulting liability. Moreover, insurance against risks such as environmental pollution